HomeMy WebLinkAboutORDINANCES-1995-028-O-95ORDINANCE NUMBER 28-0-95
AN ORDINANCE providing for the issuance of $10,835,000 General
Obligation Corporate Purpose Bonds, Series 1995, of the City of
Evanston, Cook County, Illinois, and providing for the levy and
collection of a direct annual tax for the payment of the principal of
and interest on said bonds.
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362358.01.03
2020972-TVMcg-3/ 15/95
Adopted by the City Council
on the g'="�7 day of March 1995.
Published in Pamphlet Form by the
Authority of the City Council on the
jeL*day of March, 1995.
TABLE OF CONTENTS
PAGE
SECTION 1.
DEFINITIONS................................................................................3
SECTION 2.
INCORPORATION OF PREAMBLES....................................................5
SECTION 3.
DETERMINATION TO ISSUE BONDS.................................................5
SECTION 4.
BOND DETAILS............................................................................. 5
SECTION 5.
BOOK ENTRY PROVISIONS.............................................................7
SECTION6.
EXECUTION.................................................................................
9
SECTION 7.
OPTIONAL REDEMPTION..............................................................
10
SECTION 8.
REDEMPTION PROCEDURE...........................................................
10
SECTION 9.
REGISTRATION OF BONDS...........................................................
14
SECTION 10.
FORM OF BOND..........................................................................
16
SECTION11.
TAX LEVY.................................................................................
23
SECTION 12.
FILING WITH COUNTY CLERK ......................................................
24
SECTION 13.
SALE OF BONDS; BOND ORDER ....................................................
25
SECTION 14.
CREATION OF FUNDS AND APPROPRIATIONS .................................
26
SECTION 15.
NOT PRIVATE ACTIVITY BONDS ...................................................
28
SECTION 16.
GENERAL ARBITRAGE COVENANTS ..............................................
29
SECTION 17. -
REGISTERED FORM.....................................................................
31
SECTION 18.
FURTHER TAX COVENANTS.........................................................
32
SECTION 19.
REIMBURSEMENT.......................................................................
32
SECTION 20.
OPINION OF COUNSEL EXCEPTION ...............................................
32
SECTION 21.
PERTAINING TO THE BOND REGISTRAR .........................................
33
SECTION 22.
DEFEASANCE.............................................................................
35
SECTION 23.
PUBLICATION OF ORDINANCE......................................................
35
SECTION 24.
SUPERSEDER AND EFFECTIVE DATE .............................................
36
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ORDINANCE NUMBER 28-0-95
AN ORDINANCE providing for the issuance of $10,835,000 General
Obligation Corporate Purpose Bonds, Series 1995, of the City of
Evanston, Cook County, Illinois, and providing for the levy and
collection of a direct annual tax for the payment of the principal of
and interest on said bonds.
WHEREAS the City of Evanston, Cook County, Illinois (the "City"), has a population
in excess of 25,000 as determined by the last official census and, accordingly, pursuant to the
provisions of the 1970 Constitution of the State of Illinois and particularly Article VII,
Section 6(a) thereof, the City is a home rule unit and as such may exercise any power or
perform any function pertaining to its government and affairs, including, but not limited to,
the power to tax and to incur debt; and
WHEREAS pursuant to the provisions of said Section 6 of Article VII of the 1970
• Constitution, the City has the power to incur debt payable from ad valorem tax receipts
maturing within 40 years from the time it is incurred and without prior referendum
approval; and
WHEREAS the City has a Capital Improvement Plan (the "Plan"), which has been
reviewed and revised annually, and is currently in effect for the years 1995 through 1999;
and
WHEREAS pursuant to a previous plan, the City has previously borrowed money and
issued its $46,820,000 General Obligation Bond Anticipation Bonds, Series 1993 (the"Series
1993 Bond Anticipation Bonds"), to obtain funds to pay a portion of the costs of certain
capital projects as set forth in such plan, more particularly itemized as follows: (A) Phase III
Sewer Improvements (Main Street Tunnel) ( "Phase III Sewer"); (B) Completion of the
• Evanston Public Library ("Library"); and (C) redevelopment project costs in the
Howard/Hartrey Redevelopment Project Area; and
WHEREAS it is deemed by the City Council to be necessary and advisable and in the _
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best interests of the inhabitants of the City to refund and provide long-term financing for a
portion of the Series 1993 Bond Anticipation Bonds in the amount of $3,635,000
(representing the Library); and
WHEREAS it is deemed by the City Council to be necessary and advisable and in the
best interests of the inhabitants of the City to obtain funds to pay a portion of the costs of (a)
certain capital projects set forth in the current Plan at an estimated cost of $4,810,000, (b)
improvement of alleyways at an estimated cost of $450,000, and (c) the purchase of fleet
vehicles at an estimated cost of $1,940,000 (collectively, the "1995 Bonds Capital
Improvements ") and subject to amendment for such other corporate purposes as the City
Council may determine as hereinafter provided; and
WHEREAS the estimated cost to the City of the 1995 Bonds Capital Improvements is
the sum of $7,200,000 plus the estimated available amount of interest earnings on said sum •
prior to its expenditure; and
WHEREAS it is necessary for the refunding of the Series 1993 Bond Anticipation
Bonds and for the payment of the costs of the 1995 Bonds Capital Improvements that money
be borrowed at this time and in evidence of such borrowing, general obligation bonds of the
City be issued in the principal amount of $10,835,000, and that such indebtedness be
incurred in accordance with the home rule powers of the City, as aforesaid, and without
submitting the question of incurring such indebtedness to the electors of said City for their
approval;
.NOW THEREFORE Be It Ordained by the City Council of the City of Evanston, Cook
County, Illinois, in the exercise of its home rule powers, as follows:
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Section 1. Definitions. In addition to such other words and terms used and defined
in this ordinance, the following words and terms used in this ordinance shall have the fol-
lowing meanings, unless, in either case, the context or use clearly indicates another or dif-
ferent meaning is intended:
"Act" means the Illinois Municipal Code, as supplemented and amended, and the
home rule powers of the City under Section 6 of Article VII of the Illinois
Constitution of 1970; and in the event of conflict between the provisions of said code
and home rule powers, the home rule powers shall be deemed to supersede the
provisions of said code.
"Bond" or "Bonds" means one or more, as applicable, of the $10,835,000
General Obligation Corporate Purpose_Bonds, Series 1995, authorized to be issued by
• this Ordinance.
"Bond Moneys" means the Pledged Taxes and any other moneys deposited into
the Debt Service Fund and investment income earned in the Bond Fund.
"Bond Order" means the Bond Order as authorized to be executed by the
Designated Officials of the City as set forth in Section 13 of this Ordinance and by
which the final terms of the Bonds will be established.
"Bond Register" means the books of the City kept by the Bond Registrar to evi-
dence the registration and transfer of the Bonds.
"Bond Registrar" means American National Bank and Trust Company of
Chicago, Chicago, Illinois, a bank having trust powers, or a successor thereto or a
successor designated as bond registrar hereunder.
• "City" means the City of Evanston, Cook County, Illinois.
"City Council" means the City Council of the City.
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"Code" means the Internal Revenue Code of 1986.
"Debt Service Fund" means the Debt Service Fund established and defined in
Section 14 of this Ordinance.
"Depository" means Midwest Securities Trust Company, an Illinois limited trust
company, its successors, or a successor depository qualified to clear securities under
applicable state and federal laws.
"Designated Officials" means the City Manager and Finance Director of the
City, acting together.
"Financial Advisor" means R.V. Norene & Associates, Inc., the financial
advisor to the City for the sale of the Bonds.
"Ordinance" means this Ordinance, numbered 28-0-95, and passed by the City
Council on the 27th day of March 1995.
"Paying Agent" means American National Bank and Trust Company of •
Chicago, Chicago, Illinois, a bank having trust powers, or a successor thereto or a
successor designated as paying agent hereunder.
"Pledged Taxes" means the taxes levied on the taxable property within the cor-
porate limits of the City to pay principal of and interest on the Bonds as provided in
Section 11 hereof.
"Project Fund" means the Project Fund as established and defined in Section 14
of this ordinance.
"Rebate Fund" means the Rebate Fund authorized to be established and as
defined in Section 16 of this Ordinance.
"Series 1993 Bond Anticipation Bonds" means the City's General Obligation
Bond Anticipation Bonds, Series 1993.
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• "Tax-exempt" means, with respect to the Bonds, the status of interest paid and _
received thereon as not includible in the gross income of the owners thereof under the
Code for federal income tax purposes except to the extent that such interest will be
taken into account in computing an adjustment used in determining the alternative
minimum tax for certain corporations, in computing the environmental tax imposed
on certain corporations and in computing the "branch profits tax" imposed on certain
foreign corporations.
"1995 Bonds Capital Improvements" means such improvements as described and
defined as such in the preambles to this Ordinance.
Section 2. Incorporation of Preambles. The City Council hereby finds that all of
the recitals contained 'in the preambles to this Ordinance are true, correct and complete and
does incorporate them into this Ordinance by this reference.
Section 3. Determination To Issue Bonds. It is necessary and in the best interests
of the City to refund the designated portion of the Series 1993 Bond Anticipation Bonds and
to acquire and construct the 1995 Bonds Capital Improvements for the public health, safety
and welfare, and to pay all related costs and expenses incidental thereto, and to borrow
money and issue the Bonds for such purposes. It is hereby found and determined that such
borrowing of money is for a proper public purpose or purposes and is in the public interest,
and is authorized by Article VII, Section 6 of the Illinois Constitution.
Section 4. Bond Details. There shall be issued and sold the Bonds in the aggregate
principal amount of $10,835,000. The Bonds shall each be designated "General Obligation
Corporate Purpose Bond, Series 1995"; be dated April 15, 1995 (the "Dated Date"); and
• shall also bear the date of authentication thereof. The Bonds shall be in fully registered
book -entry form (hereinafter "Book Entry Form"), shall be in denominations of $5,000 or
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integral multiples thereof (but no single Bond shall represent principal maturing on more 0-
than one date), shall be numbered consecutively in such fashion as shall be determined by the
Bond Registrar, and shall mature serially on December 1 of the years and in the amounts as
follows (subject to the right of prior redemption hereinafter stated):
YEAR
AMOUNT ($)
YEAR
AMOUNT ($)
1996
265,000
2006
415,000
1997
470,000
2007 -
435,000
1998
490,000
2008
460,000
1999
520,000
2009
490,000
2000
540,000
2010
515,000
2001
565,000
2011
545,000
2002
605,000
2012
575,000
2003
630,000
2013
615,000
2004
665,000
2014
650,000
2005
700,000
2015
685,000
Each Bond shall bear interest, at a rate not to exceed 9% per annum, from the later of
its Dated Date as herein provided or from the most recent interest payment date to which
interest has been paid or duly provided for, until the principal amount of such Bond is paid
or duly provided for, such interest (computed upon the basis of a 360-day year of twelve 30-
day months) being payable on June 1 and December 1 of each year, commencing on
December 1, 1995. So long as the Bonds are held in Book Entry Form as hereinafter more
specifically set forth, interest on each Bond shall be paid to the Depository by check or draft
or electronic funds transfer as may be agreed by the Finance Director, Paying Agent and the
Depository; in the event the Bonds should ever become available in physical form to
registered owners other than the Depository, interest on each Bond shall be paid by check or
draft of the Paying Agent, payable upon presentation thereof in lawful money of the United
States of America, to the person in whose name such Bond is registered at the close of
business on the applicable record date, and mailed to the address of the registered owner as •
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• it appears in the Bond Register or at such other address a _ pp g s is furnished to writing by the
registered owner to the Bond Registrar. The applicable record date is the 15th day of the
month preceding any regular interest payment date and the 15th day preceding any other
interest payment date which may be occasioned by a redemption of Bonds on a day other
than a regular interest payment date. The principal of -the Bonds shall be payable in lawful
money of the United States of America upon presentation thereof at the principal corporate
trust office of the Paying Agent or at successor Paying Agent and address.
Section 5. Book Entry Provisions. The Bonds shall be initially issued in the form
of a separate single fully registered Bond for each of the maturities of the Bonds. Upon
initial issuance, the ownership of each such Bond shall be registered in the Bond Register in
the name of "Kray & Co.", or any successor thereto, as nominee of the Depository. All of
• the outstanding Bonds from time to time shall be registered in the Bond Register in the name
of Kray & Co., as nominee of the Depository. The Finance Director and the Paying Agent
and Bond Registrar are authorized to execute and deliver on behalf of the City such letters. to
or agreements with the Depository as shall be necessary to effectuate such book -entry system
(any such letter or agreement being referred to herein as the "Representation Letter").
Without limiting the generality of the authority given with respect to entering into such
Representation Letter, it may contain provisions relating to (a) payment procedures, (b)
transfers of the Bonds or of beneficial interests therein, (c) redemption notices and
procedures unique to the Depository, (d) additional notices or communications, and (e)
amendment from time to time to conform with changing customs and practices with respect
to securities industry transfer and payment practices.
• With respect to Bonds registered in the Bond Register in the name of Kray & Co., as
nominee of the Depository, the Finance Director and the Paying Agent and Bond Registrar
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shall have no responsibility or obligation to any broker -dealer, bank or other financial •
institution for which the Depository holds Bonds from time to time as securities depository
(each such broker -dealer, bank or other financial institution being referred to herein as a
"Depository Participant") or to any person on behalf of whom such a Depository Participant
holds an interest in the Bonds. Without limiting the meaning of the immediately preceding
sentence, the City and the Paying Agent and Bond Registrar shall have no responsibility or
obligation with respect to (a) the accuracy of the records of the Depository, Kray & Co., or
any Depository Participant with respect to any ownership interest in the Bonds, (b) the
delivery to any Depository Participant or any other person, other than a registered owner of
a Bond as shown in the Bond Register, of any notice with respect to the Bonds, including any
notice of redemption, or (c) the payment to any Depository Participant or any other person,
other than a registered owner of a Bond as shown in the Bond Register, of any amount with
respect to principal of or interest on the Bonds. No person other than a registered owner of •
a Bond as shown in the Bond Register shall receive a Bond certificate with respect to any
Bond. Upon delivery by the Depository to the Bond Registrar of written notice to the effect
that the Depository has determined to substitute a new nominee in place of Kray & Co., and
subject to the provisions hereof with respect to the payment of interest to the registered
owners of Bonds at the close of business on the applicable record date, the name "Kray &
Co. " in this Ordinance shall refer to such new nominee of the Depository.
In the event that (a) the City determines that the Depository is incapable of
discharging its responsibilities described herein and in the Representation Letter, (b) the
agreement among the City, the Paying Agent and Bond Registrar and the Depository
evidenced by the Representation Letter shall be terminated for any reason or (c) the City
determines that it is in the best interests of the City or of the beneficial owners of the Bonds
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• that they be able to obtain certificated Bonds, the City shall notify the -Depository and the
Depository Participants of the availability of Bond certificates, and the Bonds shall no longer
be restricted to being registered in the Bond Register in the name of Kray & Co., as
nominee of the Depository. The City may determine that the Bonds shall be registered in the
name of and deposited with a successor depository operating a book -entry system, as may be
acceptable to the City, or such depository's agent or designee, but if the City does not select
such alternate book -entry system, then the Bonds shall be registered in whatever name or
names registered owners of Bonds transferring or exchanging Bonds shall designate, in
accordance with the provisions hereof. Notwithstanding any other provision of this
Ordinance to the contrary, so long as any Bond is registered in the name of Kray & Co., as
nominee of the Depository, all payments with respect to principal of and interest on such
• Bond and all notices with respect to such Bond shall be made and given, respectively, in the
manner provided in the Representation Letter.
Section 6. Execution; Authentication. The Bonds shall be executed on behalf of
the City by the manual or duly authorized facsimile signature of its Mayor and attested by
the manual or duly authorized facsimile signature of its City Clerk, as they may determine,
and shall have impressed or imprinted thereon the corporate seal or facsimile thereof of the
City. In case any such officer whose signature shall appear on any Bond shall cease to be
such officer before the delivery of such Bond, such signature shall nevertheless be valid and
sufficient for all purposes, the same as if such officer had remained in office until delivery.
All Bonds shall have thereon a certificate of authentication, substantially in the form here-
inafter set forth, duly executed by the Bond Registrar as authenticating agent of the City and
• showing the date of authentication. No Bond shall be valid or obligatory for any purpose or
be entitled to any security or benefit under this Ordinance unless and until such certificate of
authentication shall have been duly executed by the Bond Registrar by manual signature, and 0-
such certificate of authentication upon any such Bond shall be conclusive evidence that such
Bond has been authenticated and delivered under this Ordinance. The certificate of authenti-
cation on any Bond shall be deemed to have been executed by it if signed by an authorized
officer of the Bond Registrar, but -it shall not be necessary that the same officer sign the cer-
tificate of authentication on all of the Bonds issued hereunder.
Section 7. Optional Redemption. The Bonds due on or after December 1, 2005,
are subject to redemption prior to maturity at the .option of the City, from any available
funds, in whole or in part on any date on or after December 1, 2004, and if in part, in such
order of maturity as the City may determine, and if less than an entire maturity, in integral
multiples of $5,000, selected by lot by the Bond Registrar as hereinafter provided, at the
redemption price of par plus accrued interest to the date fixed for redemption.
Section 8. Redemption Procedure. The City shall, at least 45 days prior to the •
redemption date (unless a shorter time period shall be satisfactory to the Bond Registrar),
notify the Bond Registrar of such redemption date and of the principal amount of Bonds of
each maturity to be redeemed. For purposes of any redemption of less than all of the Bonds
of a single maturity, the particular Bonds or portions of Bonds to be redeemed shall be
selected by lot not more than 60 days prior to the redemption date by the Bond Registrar for
the Bonds of such maturity by such method of lottery as the Bond Registrar shall deem fair
and appropriate; provided, that such lottery shall provide for the selection for redemption of
Bonds or portions thereof so that any $5,000 Bond or $5,000 portion of a Bond shall be as
likely to be called for redemption as any other such $5,000 Bond or $5,000 portion.
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0 The Bond Registrar shall promptly notify the City
and the Paying- Agent in writing of
the Bonds or portions of Bonds selected for redemption and, in the case of any Bond selected
for partial redemption, the principal amount thereof to be redeemed.
Unless waived by the registered owner of Bonds to be redeemed, official notice of any
such redemption shall be given by the Bond Registrar -on behalf of the City by mailing the
redemption notice by registered or certified mail not less than 30 days and not more than 60
days prior to the date fixed for redemption to each registered owner of the Bond or Bonds
to be redeemed at the address shown on the Bond Register or at such other address as is
furnished in writing by such registered owner to the Bond Registrar.
All official notices of redemption shall include the name of the Bonds and at least the
information as follows:
(a) the redemption date;
(b) the redemption price;
(c) if less than all of the outstanding Bonds of a particular maturity are to be
redeemed, the identification (and, in the case of partial redemption of Bonds within
such maturity, the respective principal amounts) of the Bonds to be redeemed;
(d) a statement that on the redemption date the redemption price will become
due and payable upon each such Bond or portion thereof called for redemption and
that interest thereon shall cease to accrue from and after said date; and
(e) the place where such Bonds are to be surrendered for payment of the
redemption price, which place of payment shall be the principal corporate trust office
of the Paying Agent.
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Prior to any redemption date, the City shall deposit with the Paying Agent an amount -
of money sufficient to pay the redemption price of all the Bonds or portions of Bonds which
are to be redeemed on that date.
Official notice of redemption having been given as aforesaid, the Bonds or portions of
Bonds so to be redeemed shall, on the redemption date, become due and payable at the
redemption price therein specified, and from and after such date (unless the City shall
default in the payment of the redemption price) such Bonds or portions of Bonds shall cease
to bear interest. Neither the failure to mail such redemption notice, nor any defect in any
notice so mailed, to any particular registered owner of a Bond, shall affect the sufficiency of
such notice with respect to other registered owners. Notice having been properly given,
failure of a registered owner of a Bond to receive such notice shall not be deemed to invali-
date, limit or delay the effect of the notice or redemption action described in the notice.
Such notice may be waived in writing by a registered owner of a Bond entitled to receive •
such notice, either before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by registered owners shall be filed with the Bond Registrar, but
such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver.
Upon surrender of such Bonds for redemption in accordance with said notice, such
Bonds shall be paid by the Paying Agent at the redemption price. The procedure for the
payment of interest due as part of the redemption price shall be as herein provided for pay-
ment of interest otherwise due. Upon surrender for any partial redemption of any Bond,
there shall be prepared for the registered owner a new Bond or Bonds of like tenor, of
authorized denominations, of the same maturity, and bearing the same rate of interest in the
amount of the unpaid principal.
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If any Bond or portion of Bond called for redemption shall not be so paid upon sur-
render thereof for redemption, the principal shall, until paid or duly provided for, bear
interest from the redemption date at the rate borne by the Bond or portion of Bond so called
for redemption. All Bonds which have been redeemed shall be cancelled and destroyed by
the Bond Registrar and shall not be reissued.
In addition to the foregoing notice, further notice shall be given by the Bond Registrar
on behalf of the City as set out below, but no defect in said further notice nor any failure to
give all or any portion of such further notice shall in any manner defeat the effectiveness of
a call for redemption if notice thereof is given as above prescribed.
Each further notice of redemption given hereunder shall contain the information
required above for an official notice of redemption plus (a) the CUSIP numbers of all Bonds
• being redeemed; (b) the date of issue of the Bonds as originally issued; (c) the rate of inter-
est borne by each Bond being redeemed; (d) the maturity date of each Bond being redeemed;
and (e) any other descriptive information needed to identify accurately the Bonds being
redeemed.
Each further notice of redemption shall be sent at least 35 days before the redemption
date by registered or certified mail or overnight delivery service to all registered securities
depositories then in the business of holding substantial amounts of obligations of types com-
prising the Bonds (such depositories now including Depository Trust Company of New
York, New York, Midwest Securities Trust Company of Chicago, Illinois and Depository
Trust Company of Philadelphia, Pennsylvania) and to one or more national information
services, chosen in the discretion of the Bond Registrar, that disseminate notice of
redemption of obligations such as the Bonds.
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Such additional notice and information as may be agreed upon with the Depository 0-
shall also be given so long as the Bonds are held by the Depository.
Upon the payment of the redemption price of Bonds being redeemed, each check or
other transfer of funds issued for such purpose shall bear the CUSIP number identifying, by
issue and maturity, the Bonds being redeemed with 'the proceeds of such check or other
transfer.
As part of their respective duties hereunder, the Bond Registrar and Paying Agent
shall prepare and forward to the City a statement as to notice given ,with respect to each
redemption together with copies of the notices as mailed and published.
Section 9. Registration of Bonds; Persons Treated as Owners. The City shall cause
books (the "Bond Register") for the registration and for the transfer of the Bonds as pro-
vided in this Ordinance to be kept at the principal corporate trust office of the Bond
Registrar in the City of Chicago, Illinois, which is hereby constituted and appointed the reg- •
istrar of the City for the Bonds. The City is authorized to prepare, and the Bond Registrar
or such other agent as the City may designate shall keep custody of, multiple Bond blanks
executed by the City for use in the transfer and exchange of Bonds.
Subject to the provisions of this Ordinance relating to the Bonds in Book Entry Form,
any Bond may be transferred or exchanged, but only in the manner, subject to the
limitations, and upon payment of the charges as set forth in this Ordinance. Upon surrender
for transfer or exchange of any Bond at the principal corporate trust office of the Bond
Registrar, duly endorsed by or accompanied by a written instrument or instruments of trans-
fer or exchange in form satisfactory to the Bond Registrar and duly executed by the regis-
tered owner or an attorney for such owner duly authorized in writing, the City shall execute
and the Bond Registrar shall authenticate, date and deliver in the name of the transferee or
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transferees or, in the case of an exchange, the registered owner, •a new fully registered Bond -
or Bonds of like tenor, of the same maturity, bearing the same interest rate, of authorized
denominations, for a like aggregate principal amount.
The Bond Registrar shall not be required to transfer or exchange any Bond during the
period from the close of business on the Record Date for an interest payment to the opening
of business on such interest payment date or during the period of 15 days preceding the
giving of notice of redemption of Bonds or to transfer or exchange any Bond all or a
portion of which has been called for redemption.
The execution by the City of any fully registered Bond shall constitute full and due
authorization of such Bond, and the Bond Registrar shall thereby be authorized to authenti-
cate, date and deliver such Bond; provided, however, the principal amount of Bonds of each
• maturity authenticated by the Bond Registrar shall not at any one time exceed the authorized
principal amount of Bonds for such maturity less the amount of such Bonds which have been
paid.
The person in whose name any Bond shall be registered shall be deemed and regarded
as the absolute owner thereof for all purposes, and payment of the principal of or interest on
any Bond shall be made only to or upon the order of the registered owner thereof or his
legal representative. All such payments shall be valid and effectual to satisfy and discharge
the liability upon such Bond to the extent of the sum or sums so paid.
No service charge shall be made to any registered owner of Bonds for any transfer or
exchange of Bonds, but the City or the Bond Registrar may require payment of a sum suffi-
dent to cover any tax or other governmental charge that may be imposed in connection with
• any transfer or exchange of Bonds.
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Section 10. Form of Bond. The Bonds shall be in substantially the form hereinafter 0-
set forth; provided, however, that if the text of the Bond is to be printed in its entirety on
the front side of the Bond, then the second paragraph of the front side of the Bond and the
legend "See Reverse Side for Additional Provisions" shall be omitted and paragraphs on the
reverse side of the Bond shall be inserted immediately after the first paragraph on the front
side.
[Form of Bond - Front Side]
REGISTERED REGISTERED
NO. $
UNITED STATES OF AMERICA
STATE -OF ILLINOIS AND COUNTY OF COOK
CITY OF EVANSTON
GENERAL OBLIGATION CORPORATE PURPOSE BOND
SERIES 1995
See Reverse Side
for Additional
Provisions.
Interest Maturity Dated
Rate: Date: Date: April 15, 1995 CUSIP:
Registered Owner:
Principal Amount Dollars
KNOW ALL PERSONS BY THESE PRESENTS that the City of Evanston, Cook County,
Illinois, a municipality, home rule unit and political subdivision of the State of Illinois (the
"City"), hereby acknowledges itself to owe and for value received promises to pay to the
Registered Owner identified above, or registered assigns as hereinafter provided, on the •
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Maturity Date identified above (subject to right of prior redemption as- hereinafter stated), -
the Principal Amount identified above and to pay interest (computed on the basis of a 360-
day year of twelve 30-day months) on such Principal Amount from the later of the Dated
Date of this Bond identified above or from the most recent interest payment date to which
interest has been paid or duly provided for, at the Interest Rate per annum identified above,
such interest to be payable on June 1 and December 1 of each year, commencing
December 1, 1995, until the Principal Amount is paid or duly provided for. The principal
of this Bond is payable in lawful money of the United States of America upon presentation
hereof at the principal corporate trust office of American National Bank and Trust Company
of Chicago, in the City of Chicago, Illinois, as paying agent (the "Paying.. Agent"). Payment
of interest shall be made to the Registered Owner hereof as shown on the registration books
0 of the City maintained by American National Bank and Trust Company of Chicago, in the
City of Chicago, Illinois, as bond registrar (the "Bond Registrar"), at the close of business
on the applicable Record Date (the "Record Date"). The applicable record date is the 15th
day of the month preceding any regular interest payment date and the 15th day preceding
any other interest payment date which may be occasioned by a redemption of Bonds on a day
other than a regular interest payment date. Interest shall be paid by check or draft of the
Paying Agent, payable upon presentation in lawful money of the United States of America,
mailed to the address of such Registered Owner as it appears on such registration books or at
such other address furnished in writing by such Registered Owner to the Bond Registrar, or
as otherwise agreed by the City and Kray & Co., as nominee, or successor for so long as this
Bond is held by Midwest Securities Trust Company, Chicago, Illinois, the Depository, or
• nominee, in book -entry only form as provided for same.
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Reference is hereby made to the further provisions of this Bond set forth on the • -
reverse hereof, and such further provisions shall for all purposes have the same effect as if
set forth at this place.
It is hereby certified and recited that all conditions, acts and things required by the
Constitution and Laws of the State of Illinois to exist *or to be done precedent to and in the
issuance of this Bond, have existed and have been properly done, happened and been per-
formed in regular and due form and time as required by law; that the indebtedness of the
City, represented by the Bonds, and including all other indebtedness of the City, howsoever
evidenced or incurred, does not exceed any constitutional or statutory or other lawful limi-
tation; and that provision has been made for the collection of a direct annual tax, in addition
to all other taxes, on all of the taxable property in the City sufficient to pay the interest
hereon as the same falls due and also to pay and discharge the principal hereof at maturity.
This Bond shall not be valid or become obligatory for any purpose until the certificate •
of authentication hereon shall have been signed by the Bond Registrar.
E
in
,7
IN WITNESS WHEREOF the City of Evanston, Cook County, Illinois, by its City
Council, has caused this Bond to be executed by the manual or duly authorized facsimile sig-
nature of its Mayor and attested by the manual or duly authorized facsimile signature of its
City Clerk and its corporate seal or a facsimile thereof to be impressed or reproduced
hereon, all as appearing hereon and as of the Dated Datd j4entified above.
Attest:
CitY"'Clerk, City of Evanston
Cook County, Illinois
[SEAL]
Date of Authentication:
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds de-
scribed in the within mentioned Ordinance
and is one of the General Obligation
Corporate Purpose Bonds, Series 1995,
having a Dated Date of April 15, 1995, of
the City of Evanston, Cook County, Illinois
American National Bank and Trust
Company of Chicago
as Bond Registrar
By
Authorized Officer
•
May , City of Evanston
Cook ounty, Illinois
Bond Registrar and Paying Agent:
American National Bank and Trust
Company of Chicago
Chicago, Illinois
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[Form of Bond - Reverse Side]
This bond is one of a series of bonds (the "Bonds") in the aggregate principal amount •
of $10,835,000 issued by the City for the purpose of paying the costs of refunding certain
General Obligation Bond Anticipation Bonds, Series 1993, of the City, and of the 1995
Bonds Capital Improvements, and of paying expenses incidental thereto, all as described and
defined in the Ordinance Number 28-0-95, duly adopted by the City Council on the 27th
day of March 1995, authorizing the Bonds (the "Ordinance"), pursuant to and in all respects
in compliance with the applicable provisions of the Illinois Municipal Code, as supplemented
and amended, and as further supplemented and, where necessary, superseded, by the powers
of the City as a home rule unit under the provisions of Section 6 of Article VII of the
Illinois Constitution of 1970 (such code and powers being the "Act"), and with the
Ordinance, which has been duly approved by the Mayor of the City, and published, in all
respects as by law required. •
This Bond may be transferred or exchanged, but only in the manner, subject to the
limitations, and upon payment of the charges as set forth in the Ordinance. Upon surrender
for transfer or exchange of this Bond at the principal corporate trust office of the Bond
Registrar in the City of Chicago, Illinois, duly endorsed by or accompanied by a written
instrument or instruments of transfer or exchange in form satisfactory to the Bond Registrar
and duly executed by the Registered Owner or an attorney for such owner duly authorized
in writing, the City shall execute and the Bond Registrar shall authenticate, date and deliver
in the name of the transferee or transferees or, in the case of an exchange, the Registered
Owner, a new fully registered Bond or Bonds of like tenor, of the same maturity, bearing
the- same interest rate, of authorized denominations, for a like aggregate principal amount.
The Bond Registrar shall not be required to transfer or exchange any Bond during the
period from the close of business on the Record Date for an interest payment to the opening
will!
of business on such interest payment date or during the period of 15 -days preceding the -
giving of notice of redemption of Bonds or to transfer or exchange any Bond all or a
portion of which has been called for redemption.
The Bonds due on or after December 1, 2005, are subject to redemption prior to
maturity, at the option of the City, from any available funds, in whole or in part on any date
on or after December 1, 2004, and if in part, in such order of maturity as the City. shall
determine, and if less than an entire maturity, in integral multiples of $5,000, selected by lot
by the Bond Registrar, at the redemption price of par plus accrued interest to the date of
redemption. -
Unless waived by the Registered Owner of Bonds to be redeemed, notice of any such
redemption shall be given by the Bond Registrar on behalf of the City by mailing the
• redemption notice by registered or certified mail not less than 30 days and not more than 60
days prior to the date fixed for redemption to each Registered Owner of the Bond or Bonds
to be redeemed at the address shown on the Bond Register or at such other address as is
furnished in writing by such Registered Owner to the Bond Registrar. Neither the failure to
mail such redemption notice, nor any defect in any notice so mailed, to any particular
Registered Owner of a Bond, shall affect the sufficiency of such notice with respect to other
Registered Owners. Notice having been properly given, failure of a Registered Owner of a
Bond to receive such notice shall not be deemed to invalidate, limit or delay the effect of the
notice or redemption action described in the notice. Such notice may be waived in writing by
a Registered Owner of a Bond entitled to receive such notice, either before or after the
event, and such waiver shall be the equivalent of such notice.
is Notice of redemption having been given as aforesaid, the Bonds or portions of Bonds
so to be redeemed shall, on the redemption date, become due and payable at the redemption
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price therein specified, and from and after such date (unless the City -shall default in the
payment of the redemption price) such Bonds or portions of Bonds shall cease to bear inter-
est. Upon surrender of such Bonds for redemption in accordance with said notice, such
Bonds shall be paid by the Bond Registrar at the redemption price. The procedure for the
payment of interest due as part of the redemption price shall be as herein provided for pay-
ment of interest otherwise due. Upon surrender for any partial redemption of any Bond,
there shall be prepared for the Registered Owner a new Bond or Bonds of like tenor, of
authorized denominations, of the same maturity, and bearing the same rate of interest in the
amount of the unpaid principal.
The City, the Bond Registrar and the Paying Agent may deem and treat the Registered
Owner hereof as the absolute owner hereof for the purpose of receiving payment of or on
account of principal hereof and interest due hereon and for all other purposes, and the City,
the Bond Registrar and the Paying Agent shall not be affected by any notice to the contrary. •
•
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:7
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
[Here insert identifying number such as
TID, SSN, or other]
(Name and Address of Assignee)
the within Bond and does hereby irrevocably constitute and appoint
as attorney to transfer the said Bond on the books kept for registration thereof with full
power of substitution in the premises.
Dated:
is Signature guaranteed:
NOTICE: The signature to this assignment must correspond with the name of the Registered
Owner as it appears upon the face of the within Bond in every particular, without
alteration or enlargement or any change whatever.
Section 11. Tax Levy. For the purpose of providing funds required to pay the
interest on the Bonds promptly when and as the same falls due, and to pay and discharge the
principal thereof at maturity, there is hereby levied upon all of the taxable property within
the City, in the years for which any of the Bonds are outstanding, a direct annual tax suffi-
cient for that purpose. Such levy shall be fully set forth in the Bond Order.
The Pledged Taxes and other moneys on deposit (collectively, the "the Bond Moneys")
in the Bond Fund shall be applied to pay principal of and interest on the Bonds.
Interest or principal coming due at any time when there are insufficient Bond Moneys
• to pay the same shall be paid promptly when due from current funds on hand in advance of
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the collection of the Pledged Taxes herein levied; and when the Pledged Taxes shall have • -
been collected, reimbursement shall be made to said funds in the amount so advanced.
Whenever other funds from any lawful source are made available for the purpose of
paying any principal of or interest on the Bonds so as to enable the abatement of the taxes
levied herein for the payment of same, the City Council shall, by proper proceedings, direct
the deposit of such funds into the Bond Fund and further shall direct the abatement of the
taxes by the amount so deposited. A certified copy or other notification of any such pro-
ceedings abating taxes may then be filed with the County Clerk of The County of Cook,
Illinois, in a timely manner to effect such abatement.
The City covenants and agrees with the purchasers and registered owners of the Bonds
that so long as any of the Bonds remain outstanding, the City will take no action or fail to
take any action which in any way would adversely affect the ability of the City to levy and
collect the foregoing tax levy. The City and its officers will comply with all present and •
future applicable laws in order to assure that the Pledged Taxes may be levied, extended and
collected as provided herein and deposited into the Bond Fund.
Section 12. Filing with County Clerk. Promptly, as soon as this Ordinance becomes
effective, a copy hereof, certified by the City Clerk of the City, shall be filed with the
County Clerk of The County of Cook, Illinois; and said County Clerk shall in and for each
of the years required, being 1995 to 2014, inclusive, ascertain the rate percent required to
produce the aggregate tax hereinbefore provided to be levied in each of said years; and said
County Clerk shall (to the extent said tax has not been abated as provided herein) extend the
same for collection on the tax books in connection with any other taxes that may be levied in
said years in and by the City for general corporate purposes of the City; and in said years
such annual tax shall be levied and collected by and for and on behalf of the City in like •
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manner as provided by law for the levy and collection of taxes for general corporate
purposes for said years, without limit as to either rate or amount, and in addition to and in
excess of all other taxes.
Section 13. Sale of Bonds; Bond Order. The Designated Officials are hereby
authorized to proceed, without any further authorization or direction whatsoever from the
City Council, to sell and deliver the Bonds upon the terms as prescribed in this Section.
The Bonds shall be sold and delivered to the best bidder at public sale (the
"Underwriters") at the price of not less than $10,726,650, plus accrued interest to the date of
delivery. Such sale shall be made upon the advice (in the form of a written certificate or
report) of the Financial Advisor that the net interest cost rate on the Bonds, calculated in
accordance with customary market practice, does not exceed 7.00% and that the terms of the
iBonds are fair and reasonable in view of current conditions in the bond markets.
Nothing in this Section shall require the Designated Officials to sell the Bonds if in
their judgment, aided by the Financial -Advisor, the conditions in the bond markets shall have
markedly deteriorated from the time of adoption thereof, but the Designated Officials shall
have the authority to sell the Bonds in any event so long as the limitations set forth in this
Ordinance and the conditions of this Section shall have been met.
Upon the sale of the Bonds, the Designated Officials and any other officers of the City
as shall be appropriate, shall be and are hereby authorized and directed to -approve or
execute, or both, such documents of sale of the Bonds as may be necessary, including,
without limitation, the Bond Order, Preliminary Official Statement, Official Statement,
Bond Purchase Contract (as hereinafter defined), and closing documents. Prior to the
• execution and delivery of any such Bond Purchase Contract, the Designated Officials shall
find and determine that no person holding any office of the City either by election or
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appointment, is in any manner interested either directly or indirectly, in -his own name or in 0-
the name of any other person, association, trust or corporation in said Contract with the
Underwriters for the purchase of the Bonds.
The distribution of the Preliminary Official Statement relating to the Bonds presented
before this meeting is hereby in all respects authorized and approved, and the proposed use
by the Underwriters of an Official Statement (in substantially the form of the Preliminary
Official Statement but with appropriate variations to reflect the final terms of the Bonds) is
hereby approved.
A bond purchase contract for the sale of the Bonds to the Underwriters (the "Bond
Purchase Contract's), as comprised of the Official Notice of Sale and Official Bid Form, is
hereby in all respects authorized and approved.
Upon the sale of the Bonds, the Designated Officials shall prepare a Bond Order,
which shall include the pertinent details of sale as provided herein, and such shall be entered •
into the records of the City and made available to all City Council members at the next
public meeting thereof.
The Designated Officials shall also file with the County Clerk the Bond Order or like
document including a statement of taxes.
Section 14. Creation of Funds and Appropriations. Bond proceeds and other funds
of the City as noted are hereby appropriated as follows;
A. Accrued interest and premium, if any, on the Bonds, together with such
additional sum which, with investment earnings, shall be sufficient to pay interest due on the
Bonds on December 1, 1995, shall be and is hereby appropriated for the purpose of paying
the first interest due on the Bonds and to such end is hereby ordered to be deposited into the
"General Obligation Corporate Purpose Bonds, Series 1995, Debt Service Fund" (the "Debt is
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•
Service Fund"), hereby created, which shall be the fund for the payment of principal of and -
interest on the Bonds.
B. The Pledged Taxes shall either be deposited into the Debt Service Fund and used
solely and only for paying the principal of and interest on the Bonds or be used to reimburse
a fund or account from which advances to the Debt Service Fund may have been made to
pay principal of or interest on the Bonds prior to receipt of Pledged Taxes. Interest income
or investment profit earned in the Debt Service Fund shall be retained in the Debt Service
Fund for payment of the principal of or interest on the Bonds on the interest payment date
next after such interest or profit is received or, to the extent lawful and as determined by the
City Council, transferred to such other fund as may be determined. The City hereby pledges,
as equal and ratable security for the Bonds, all present and future proceeds of the Pledged
• Taxes for the sole benefit of the registered owners of the Bonds, subject to the reserved
right of the City Council to transfer certain interest income or investment profit earned in
the Debt Service Fund to other funds of the City, as described in the preceding sentence.
C. A sum sufficient to refund the designated amount of the Series 1993 Bond
Anticipation Bonds next coming due shall be set aside by the Comptroller of the City and
held in a special fund solely and only for that purpose.
D. The remaining proceeds of the Bonds shall be set aside in a separate fund,
hereby created, and designated as the "Series 1995 Capital Project Fund" (the "Project
Fund"), hereby created, and be used to pay costs of the 1995 Bonds Capital Improvements,
including costs of issuance of the Bonds. Alternatively, the Comptroller may allocate such
proceeds to one or more related project funds of the City already in existence; provided,
• however, that this shall not relieve the Comptroller of the duty to account for the proceeds
as herein provided. (Any such one or more funds shall also be referred to hereinafter,
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collectively, as the "Project Fund".) The City Council reserves the right, as it becomes • -
necessary from time to time, to revise the list of projects hereinabove set forth, to change
priorities, to revise cost allocations between projects and to substitute projects, in order to
meet current needs of the City; subject, however, to limitations of the Act and to the tax
covenants set forth herein.
Section 15. Not Private Activity Bonds. None of the Bonds is a "private activity
bond" as defined in Section 141(a) of the Code. In support of such conclusion, the City
certifies, represents and covenants as follows:
A. Not more than 5% of the net proceeds of the Bonds is to be used, directly
or indirectly, in any trade or business carried on by any person other than a state or
local governmental unit.
B. Not more than 5% of the amounts necessary to pay the principal of and
interest on the Bonds will be derived, directly or indirectly, from payments with •
respect to any private business use by any person other than a state or local
governmental unit.
C. None of the proceeds of the Bonds is to be used, directly or indirectly, to
make or finance loans to persons other than a state or local governmental unit.
D. No user of the infrastructure of the City to be improved as part of the
1995 Capital Improvement Plan and no user of the improved alleyways or the fleet
vehicles, to be financed with proceeds of the Bonds, other than the City or another
governmental unit, will use the same on any basis other than the same basis as the
general public; and no person, other than the City or another governmental unit, will
be a user of such infrastructure as a result of (i) ownership or (ii) actual or beneficial
is
M.
•
use pursuant to a lease, a management or incentive payment contract, or (iii) any other -
arrangement.
Section 16. General Arbitrage Covenants. The City represents and certifies as
follows with respect to the Bonds:
A. With respect to the 1995 Bonds Capital Improvements (hereinafter also
referred to as the "Project"), the City has heretofore incurred, or within six months
after delivery of the Bonds expects to incur, substantial binding obligations to be paid
for with money received from the sale of the Bonds, said binding obligations
comprising binding contracts for the Project in not less than the amount of $360,000.
B. More than $6,120,000 of the proceeds of the Bonds for the Project will
be expended on or before April 15, 1998, for the purpose of paying the costs of the
Project, said date being within three years following the date of issue of the Bonds.
C. All of the principal proceeds of the Bonds, and investment earnings
thereon, will be used, needed and expended for the purpose of paying the costs of the
refunding and the Project, including expenses incidental thereto.
D. Work on the Project is expected to proceed with due diligence to
completion.
E. Except for the Bond Fund, the City has not created or established and will
not create or establish any sinking fund, reserve fund or any other similar fund to
provide for the payment of the Bonds. The Bond Fund has been established and will
be funded in a manner primarily to achieve a proper matching of revenues and debt
service, and will be depleted at least annually to an amount not in excess of 1/12th the
• particular annual debt service on the Bonds. Money deposited into the Bond Fund will
be spent within a 13-month period beginning on the date of deposit, and investment
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earnings in the Bond Fund will be spent or withdrawn from the Bond Fund within a 0-
one-year period beginning on the date of receipt.
F. Amounts of money related to the Bonds required to be invested at a yield
not materially higher than the yield on the Bonds, as determined pursuant to such tax
certifications or agreements as the City officers may make in connection with the
issuance, of the Bonds, shall be so invested; and appropriate City officers are hereby
authorized to make such investments.
G. The City has not been notified of any disqualification or proposed
disqualification of it by the Commissioner of the Internal Revenue Service as a bond
issuer which may certify bond issues under Treasury Regulations Section 1.103-13
(a)(2)(ii) (1979).
The City further certifies and covenants as follows with respect to the requirements of
Section 148(f) of the Code, relating to the rebate of "excess arbitrage profits" (the "Rebate •
Requirement") to the United States:
H. Unless an applicable exception to the Rebate Requirement is available to
the City, the City will meet the Rebate Requirement.
I. Relating to applicable exceptions, either of the Designated Officers is
hereby authorized to make such elections under the Code as either such officer shall
deem reasonable and in the best interests of the City. If such election may result in a
"penalty in lieu of rebate" as provided in the Code, and such penalty is incurred (the
"Penalty"), then the City shall pay such Penalty.
J. The officers of the City shall cause to be established, at such time and in
such manner as they may deem necessary or appropriate hereunder, a "General
Obligation Corporate Purpose Bonds, Series 1995, Rebate [or Penalty, if applicable] •
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•
Fund" (the "Rebate Fund") for the Bonds, and such officers shall further, not less -
frequently than annually, cause to be transferred to the Rebate Fund the amount
determined to be the accrued liability under the Rebate Requirement or Penalty. Said
officers shall cause to be paid to the U.S., without further order or direction from the
City Council, from time to time as required, amounts sufficient to meet the Rebate
Requirement or to pay the Penalty.
K. Interest earnings in the Project Fund and the Bond Fund are hereby
authorized to be transferred, without further order or direction from the City
Council, from time to time as required, to the Rebate Fund for the purposes herein
provided; and proceeds of the Bonds and other funds of the City are also hereby
authorized to be used to meet the Rebate Requirement or to pay the Penalty, but only
if necessary after application of investment earnings as aforesaid and only as
appropriated by the City Council.
The City also certifies and further covenants with the purchasers and registered
owners of the Bonds from time to time outstanding that moneys on deposit in any fund or
account in connection with the Bonds, whether or not such moneys were derived from the
proceeds of the sale of the Bonds or from any other source, will not be used in a manner
which will cause the Bonds to be "arbitrage bonds" within the meaning of Code Section 148
and any lawful regulations promulgated thereunder, as the same presently exist or may from
time to time hereafter be amended, supplemented or revised.
Section 17. Registered Form. The City recognizes that Section 149 of the Code
requires the Bonds to be issued and to remain in fully registered form in order to be and
• remain Tax-exempt. In this connection, the City agrees that it will not take any action to
permit the Bonds to be issued in, or converted into, bearer or coupon form.
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Section 18. Further Tax Covenants. The City agrees to comply with all provisions •
of the present Code which, if not complied with by the City, would cause the Bonds not to be
Tax-exempt. In furtherance of the foregoing provisions, but without limiting their general-
ity, the City agrees: (a) through its officers, to make such further specific covenants, repre-
sentations as shall be truthful, and assurances as may be necessary or advisable; (b) to com-
ply with all representations, covenants and assurances contained in certificates or agreements
as may be prepared by counsel approving the Bonds; (c) to consult with such counsel and to
comply with such advice as may be given; (d) to file such forms, statements and supporting
documents as may be required and in a timely manner; and (e) if deemed necessary or advis-
able by its officers, to employ and pay fiscal agents, financial advisors, attorneys and other
persons to assist the City in such compliance.
Section 19. Reimbursement. None of the proceeds of the Bonds will be used to pay,
directly or indirectly, in whole or in part, for an expenditure that has been paid by the City •
prior to the date hereof except architectural or engineering costs- incurred prior to
commencement of any of the 1995 Bonds Capital Improvements or expenditures for which
an intent to reimburse it as properly declared under Treasury Regulations Section 1.103-18.
This Ordinance is in itself a declaration of official intent under Treasury Regulations Section
1.103-18 as to all costs of the 1995 Bonds Capital Improvements paid after the date hereof
and prior to issuance of the Bonds.
Section 20. Opinion of Counsel Exception. The City reserves the right to use or
invest moneys in connection with the Bonds in any manner, or to make changes in the 1995
Bonds Capital Improvements list, or to use the City infrastructure acquired, constructed or
improved as part of the 1995 Bonds Capital Improvements in any manner, notwithstanding
the representations and covenants in Sections 15 through 19 herein, provided it shall first •
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•
have received an opinion from an attorney or a firm of attorneys of nationally recognized
standing in matters pertaining to Tax-exempt bonds to the effect that use or investment of
such moneys or the changes in or use of such infrastructure as contemplated will not result
in loss or impairment of Tax-exempt status for the Bonds.
Section 21. Pertaining to the Bond Registrar. If requested by the Bond Registrar or
the Paying Agent, or both, the Designated Officers or the Mayor and City Clerk are
authorized to execute the Bond Registrar's or the Paying Agent's standard form of
agreement between the City and the Bond Registrar (Paying Agent) with respect to the
obligations and duties of such parties hereunder. Subject to modification by the express
terms of any such agreement, the Bond Registrar and Paying Agent for their respective
capacities agree as follows:
• A. to act as bond registrar, authenticating agent, paying agent and transfer
agent as provided herein;
B. to maintain a list of Bondholders as set forth herein and to furnish such
list to the City upon request, but otherwise to keep such list confidential to the fullest
extent permitted by law;
C. to cancel and/or destroy Bonds which have been paid at maturity, upon
redemption or submitted for transfer or exchange;
D. to furnish the City at least annually a certificate with respect to Bonds .
cancelled and/or destroyed; and
E. to furnish the City at least annually an audit confirmation of Bonds paid,
Bonds outstanding and payments made with respect to interest on the Bonds.
• The City Clerk of the City is hereby directed to file a copy of this Ordinance with the
Bond Registrar and Paying Agent.
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The City covenants that it shall at all times retain a Bond Registrar and Paying Agent 40-
with respect to the Bonds, that it will maintain at the designated office(s) of such Bond
Registrar and Paying Agent a place or places where Bonds may be presented for payment or
registration of transfer or exchange, and that it shall require that the Bond Registrar
properly maintain the Bond Register and perform the other duties and obligations imposed
upon it by this Ordinance in a manner consistent with the standards, customs and practices of
the municipal securities industry.
The Bond Registrar shall signify its acceptance of the duties and obligations imposed
upon it by this Ordinance by executing the certificate of authentication on any Bonds, and by
such execution the Bond Registrar shall be deemed to have certified to the City that it has all
requisite power to accept and has accepted such duties and obligations not only with respect
to the Bond so authenticated but with respect to all the Bonds. The Bond Registrar and
Paying Agent are the agents of the City and shall not be liable in connection with the •
performance of duties except for their own negligence or willful wrongdoing. The Bond
Registrar shall, however, be responsible for any representation in its certificate of
authentication on the Bonds.
The City may remove the Bond Registrar or the Paying Agent at any time. In case at
any time the Bond Registrar or Paying Agent shall resign, shall be removed, shall become
incapable of acting, or shall be adjudged a bankrupt or insolvent, or if a receiver, liquidator,
or conservator of the Bond Registrar or Paying Agent or of the the property thereof shall be
appointed, or if any public officer shall take charge or control of the Bond Registrar or
Paying Agent or of the property or affairs thereof, the City covenants and agrees that it will
thereupon appoint a successor Bond Registrar or Paying Agent, or both, as may be
applicable. The City shall mail notice of any such appointment made by it to each registered •
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0
•
•
Section 24. Superseder and Effective Date. All ordinances, resolutions and orders,
or parts thereof, in conflict herewith, are to the extent of such conflict hereby superseded;
and this Ordinance shall be in full force and effect immediately upon its passage, approval
and publication.
AYES Aldermen Feldman, Newman, Drummer, Guthrie, Heydemann, Kent, Moran
and Engelman
NAYS: Nnna
ABSENT: Alderman Holsman
ADOPTED: March ;�, 1995
APP ED: March d ! , 1995
ayor, City of Evanston
Cook County, Illinois
RECORDED In City Records: March_ZIgt1995.
PUBLISHED in pamphlet form by authority of the City Council on March Fj&,*,-l995.
Attest:—
.rtYG1� .
Ci Clerk, City of Evanston
ook County, Illinois
0
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owner of any Bond within twenty days after such appointment. Any- Bond Registrar or -
Paying Agent appointed under the provisions of this Section shall be a bank, trust company,
or national banking association maintaining its principal corporate trust office in the City of
Chicago, Illinois, or the Borough of Manhattan, City and State of New York.
Section 22. Defeasance. Any Bond or Bonds' -which (a) are paid and cancelled, (b)
which have matured and for which sufficient sums been deposited with the Paying Agent to
pay all principal and interest due thereon, or (c) for which sufficient United States funds and
direct United States Treasury obligations have been deposited with a bank or trust company
authorized to keep trust accounts, taking into account- investment earnings on such
obligations, all principal of and interest on such Bond or Bonds when due at maturity or as
called for redemption, pursuant to an irrevocable escrow or trust agreement, shall cease to
have any lien on or right to receive or be paid from the Bond Moneys hereunder and shall
no longer have the benefits of any covenant for the registered owners of outstanding Bonds •
as set forth herein as such relates to lien and security of the outstanding Bonds. All covenants
relative to the Tax-exempt status of the Bonds; and payment, registration, transfer, and
exchange; are expressly continued for all Bonds whether deemed outstanding Bonds or not.
Section 23. Publication of Ordinance. A full, true and complete copy of this
Ordinance shall be published within ten days after passage in pamphlet form by authority of
the City Council.
•
IRN2
• STATE OF ILLINOIS )
) SS
COUNTY OF COOK )
CERTIFICATION OF MINUTES AND ORDINANCE
I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk
of the City of Evanston, Cook County, Illinois (the "City"), and as such official I am the
keeper of the official journal of proceedings, books, records, minutes, and files of the City
and of the City Council (the "City Council") thereof.
I do further certify that the foregoing is a full, true and complete transcript of that
portion of the minutes of the meeting of the City Council held on the ;7 day of March 1995
insofar as the same relates to the adoption of an ordinance numbered 28-0-95 and entitled:
AN ORDINANCE providing for the issuance of $10,835,000 General
Obligation Corporate Purpose Bonds, Series 1995, of the City of
Evanston, Cook County, Illinois, and providing for the levy and
collection of a direct annual tax for the payment of the principal of
and interest on said bonds.
a true, correct and complete copy of which said ordinance as adopted at said meeting appears
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in the foregoing transcript of the minutes of said meeting.
I do further certify that the deliberations of the City Council on the adoption of said
ordinance were taken openly; that the vote on the adoption of said ordinance was taken
openly; that said meeting was held at a specified time and place convenient to the public; that
notice of said meeting was duly given to all newspapers, radio or television stations and
other news media requesting such notice; and that said meeting - was called and held in strict
compliance with the provisions of the Open Meetings Act of the State of Illinois, as
amended, and the Illinois Municipal Code, as amended, and that the City Council has com-
plied with all of the provisions of said Act and said Code and with all of the procedural rules
of the City Council in the adoption of said ordinance.
IN WITNESS WHEREOF I hereunto affix my official signature and the seal of the City
this day of 1995.
City Clerk
[SEAL]
STATE OF ILLINOIS )
)SS - .-
COUNTY OF COOK )
CERTIFICATE OF PUBLICATION IN PAMPHLET FORM
I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk
of the City of Evanston, Cook County, Illinois (the "City"), and as such official I am the
keeper of the official journal of proceedings, books, records, minutes, and files of the City
and of the City Council (the "City Council") thereof.
I do further certify that on the day of March 1995 there was published in
pamphlet form, by authority of the City Council, a true, correct and complete copy of
Ordinance Number 28-0-95 of the City providing for the issuance of $10,835,000 General
Obligation Corporate Purpose Bonds, Series 1995, dated April 15, 1995, of the City and.
that said ordinance as so published was on said date readily available for public inspection
and distribution, in sufficient number to meet the needs of the general public, at my office as •
City Clerk located in the City.
IN WITNESS WHEREOF I have affixed hereto my official signature and the seal of the
City this 3141- day of2LAaz�1995.
City Clerk
[SEAL]
0
• STATE OF ILLINOIS )
) SS
COUNTY OF COOK )
SERIES 1995 BONDS ORDER
We, Eric A. Anderson and Robert A. Shonk, do hereby certify that we are,
respectively, the City Manager and the Finance Director and Comptroller of the City of
Evanston, Cook County, Illinois (the "City"); and as such officers, we have reviewed the
books, records, minutes and files of the City, and from such review and based on our
authority, we do further certify as follows:
1. On March 27, 1995, the City Council adopted Ordinance Number 20-0-
95 of the City entitled:
AN ORDINANCE providing for the issuance of $10,835,000 General
Obligation Corporate Purpose Bonds, Series 1995, of the City of
Evanston, Cook County, Illinois, and providing for the levy and
• collection of a direct annual tax for the payment of the principal of
and interest on said bonds.
r�
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(the "Bond Ordinance").
2. The Bond Ordinance, in accordance with delegated limits, authorizes us
to establish a final maturity and rate schedule for the Bonds (as authorized and defined in the
Bond Ordinance), to calculate the tax levy for the Bonds, and to advise the County Clerk of
the determinations so made.
3. The Bonds have been sold to
362358.01.03
2020972-TVMcg-3/ 15/95
at a price of $
4. The final schedule for the Bonds is as follows:
Principal Amount: $10,835,000
Dated: April 15, 1995.
Due: Serially, on December 1 of the years, in the amounts, and bearing interest
at the rates percent per annum as follows:
YEAR AMOUNT ($) RATE (%) YEAR AMOUNT ($) RATE (%)
1996
265,000
2006
415,000
1997
470,000
2007
435,000
1998
490,000
2008
460,000
1999
520,000
2009
490,000
2000
540,000
2010
515,000
2001
565,000
2011
545,000
2002
605,000
2012
575,000
2003
630,000
2013
615,000
2004
665,000
2014
650,000
2005
700,000
2015
685,000
5. The levy amounts to be provided to pay principal of and interest on the •
Bonds are as follows:
FOR THE YEAR
A TAX SUFFICIENT TO PRODUCE THE DOLLAR SUM
OF:
1995
$
for interest and principal up to
and including December 1, 1996
1996
$
for interest and principal
1997
$
for interest and principal
1998
$
for interest and principal
1999
$
for interest and principal
2000
$
for interest and principal
2001
$
for interest and principal
2002
$
for interest and principal
2003
$
for interest and principal
2004
$
for interest and principal
2005
$
for interest and principal
2006
$
for interest and principal
2007
$
for interest and principal •
2008
$
for interest and principal
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• 2009 $ for interest and principal
2010
$
for interest and- principal -
2011
$
for interest and principal
2012
$
for interest and principal
2013
$
for interest and principal
2014
$
for interest. and principal
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6. All other terms are as provided in the Bond Ordinance.
7. Please be further advised that we find and determine that no person holding any
office of the City either by election or appointment, is in any manner interested, either
directly or indirectly, in his own name or in the name of any other person, associate, trust
or corporation, in the Bond Purchase Contract with the Underwriters.
8. Finally, please be advised that this Bond Order shall be entered into the records
of the City and made available to all Aldermen.
IN WITNESS WHEREOF we have hereunto affixed our official signatures this day
of April 1995.
Eric A. Anderson
City Manager
Robert A. Shonk
Finance Director and Comptroller
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