HomeMy WebLinkAboutORDINANCES-1992-079-O-92I
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ORDINANCE NUMBER 79-0-92
AN ORDINANCE providing for the issuance of not to exceed
$28,500,000 General Obligation Corporate Purpose Bonds, Series
1992A, 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 pursuant to the provisions of
Section 6 of Article VII of the Constitution of the State of Illinois, the City is a home rule
unit and 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, the City has the power to incur
debt payable from ad valorem property tax receipts or from any other lawful source and
maturing within 40 years from the time it is incurred without prior referendum approval;
and
WHEREAS the City has heretofore issued and there are now outstanding the following
legal and validly binding and subsisting obligations of the City:
A. Corporate Purpose Bonds, Series 1986
$9,160,000 Series 1986 Bonds. issued on August 19, 1986; bearing a dated date
of August 1, 1986: of which $7,970,000 are still outstanding, due serially on
January 1 of the years and in the amounts and bearing interest at the rates percent per
annum as follows:
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YEAR
AMOUNT ($)
RATE (%)
1992
385,000
6.40
1993
1,225,000
6.40
1994
1,225,000
6.60
1995
1,245,000
6.75
1996
740,000
6.90
1997
750,000
7.00
1998
535,000
7.00
1999
350,000
7.00
2000
340,000
7.00
2001
340,000
7.00
2002
330,000
7.00
2003
155,000
7.00
2004
150,000
7.00
2005
145,000
7.00
2006
55,000
7.00
of which bonds, those due on or after January 1, 1998 (the "1986 Prior Bonds"), are
redeemable on January 1, 1997 (or any interest payment date thereafter) at the •
redemption price of par plus accrued interest.
B. Corporate Purpose Bonds, Series 1987
$10,030,000 Series 1987 Bonds, issued on October 14, 1987; bearing a dated
date of October 1, 1987; of which $9,275,000 are still outstanding, due serially on
December 1 of the years and in the amounts and bearing interest at the rates percent
per annum as follows:
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YEAR
AMOUNT ($)
RATE
1992
330,000
8.50
1993
345,000
8.50
1994
365,000
8.50
1995
385,000
7.75
1996
405,000
6.80
1997
435,000
7.00
1998
420,000
7.10
1999
450,000
7.30
2000
480,000
7.40
2001
515,000
7.50
2002
550.000
7.60
2003
590,000
7.70
2004
630,000
7.75
2005
675,000
7.75
2006
720,000
7.75
2007
780,000
7.75
2008
580.000
7.75
2009
620.000
7.75
of which bonds,
those due on or after December 1,
1998 (the "1987 Prior Bonds"),
are redeemable on June 1, 1997 (or any interest payment date thereafter) at the
redemption price of par plus a premium of 29c of the principal amount plus accrued
interest.
C. Corporate Purpose Bonds, Series 1988
$2,650,000 Series 1988 Bonds, issued on September 13, 1988; bearing a dated
date of September 1, 1988; of which $2,550,000 are still outstanding, due serially on
December 1 of the years and in the amounts and bearing interest at the rates percent
per annum as follows:
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YEAR
AMOUNT ($)
RATE (%)
1992
50,000
8.50
1993
50,000
9.50
1994
50,000
8.50
1995
235,000
7.75
1996
275,000
6.50
1997
290,000
6.60
1998
300,000
6.70
1999
300,000
6.80
2000
250,000
6.90
2001
250.000
7.00
2002
250,000
7.10
2003
250,000
7.10
of which bonds. those due on or after December. 1, 1997 (the "1988 Prior Bonds"),
are redeemable on December 1, 1996 (or any interest payment date thereafter) at the
redemption price of par plus a premium of 1.50% of the principal amount plus
accrued interest. •
D. Corporate Purpose Bonds, Series 1989
$6,235,000 Series 1989 Bonds, issued on October 2, 1989; bearing a dated date
of October 1, 1989, of which $5,925,000 are still outstanding, due serially on
December 1 of the years and in the amounts and bearing interest at the rates percent
per annum as follows:
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YEAR
AMOUNT ($)
RATE (%)
1992
200,000
6.70
1993
225,000
6.70
1994
225,000
6.70
1995
250,000
6.70
1996
275,000
6.70
1997
275,000
6.70
1998
300,000
6.70
1999
300.000
6.70
2000
275,000
6.70
2001
300,000
6.70
2002
325,000
6.70
2003
350,000
6.70
2004
375,000
6.70
2005
400.000
6.70
2006
425,000
6.75
2007
450,000
6.80
2008
475,000
6.80
2009
500,000
6.80
of which bonds, those due on or after December 1, 1997 (the "1989 Prior Bonds"),
are redeemable on December 1, 1996 (or any date thereafter) at the redemption price
of par plus a premium of 0.75% of the principal amount plus accrued interest.
E. Corporate Purpose Bonds, Series 1990
$15,155.000 Series 1990 Bonds, issued on October 24, 1990; bearing a dated
date of October 1, 1990; of which $15,105,000 are still outstanding, due serially on
December 1 of the years and in the amounts and bearing interest at the rates percent
per annum as follows:
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YEAR
AMOUNT ($)
RATE (%)
1992
180,000
8.250
1993
180,000
8.250
1994
770,000
8.250
1995
765,000
7.400
1996
825,000
6.500
1997
885,000
6.875
1998
915,000
6.875
1999
935,000
6.875
2000
1.015,000
6.875
2001
900,000
6.875
2002
970,000
7.000
200 3
1,040,000
7.000
2004
1,095,000
7.000
2005
1,200.000
7.000
2006
1,275.000
7.125
2007
1,380,000
7.125
2008
410,000
7.125
2009
175,000
7.125
2010
190,000
7.125
of which bonds, those due on or after December 1, 1998 (the "1990 Prior Bonds"),
are redeemable on December 1, 1997 (or any date thereafter) at the redemption price.
of par plus a premium of 0.75(Ic of the principal amount plus accrued interest.
(the 1986 Prior Bonds, 1987 Prior Bonds, 1988 Prior Bonds, 1989 Prior Bonds, and 1990
Prior Bonds being, collectively, the "Prior Bonds" ); and
WHEREAS the City Council of the City has considered and determined that interest
rates available in the bond market are currently more favorable for the City than they were
at the various tunes when the Prior Bonds were issued and that it is possible, proper and
advisable to refund all or a portion of such bonds at this time to take advantage of the debt
service savings which will result from such lower interest rates (which refunding may
hereinafter be referred to as the "Refunding"); and
WHEREAS the City Council does hereby determine that it is advisable and in the best
interests of the City to borrow not to exceed $28,500.000 at this time pursuant to the Act as
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hereinafter defined for the purpose of paying the costs of the Refunding and, in evidence of
such borrowing, issue its full faith and credit bonds in the principal amount of not to exceed
$28,500,000;
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:
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
following meanings, unless, in either case, the context or use clearly indicates another or
different 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.
• 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 not to exceed
$28,500,000 General Obligation Corporate Purpose Bonds, Series 1992A, 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 Debt Service Fund.
"Bond Order" means the Bond Order as authorized to be executed by the Designated
Officials of the City as set forth in Section 14 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 evidence
the registration and transfer of the Bonds.
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"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.
"Code" means the Internal Revenue Code of 1986.
"Comptroller" means the Comptroller and Director of Finance of the City.
"County Clerk" means the Count}, Clerk of The County of Cook, Illinois.
"Debt Service Fund" means the Debt Service Fund as defined in Section 15 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 Comptroller of the City, acting
together.
"Escrow 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 Escrow Agent hereunder.
"Escrow Agreement" means the agreement by and between the City and the Escrow
Agent as authorized in Section 15 hereof and set forth as Exhibit B.
"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 as set forth on the title page hereof, and
passed by the City Council on the _ day of September 1992.
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"Paving 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 City to pay
principal of and interest on the Bonds as made in Section 12 hereof.
"Prior Bonds" means the bonds of the City described and defined as such in the
preambles to this Ordinance.
"Refunding" means the refunding of all or a portion of the Prior Bonds from
proceeds of the Bonds and such other lawfully available funds of the City as necessary.
"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.
"Term Bonds" means Bonds subject to mandatory redemption by operation of the
Debt Service Fund and designated as term bonds in the Bond Order.
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 provide for the Refunding to achieve a net debt service savings, 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
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necessary for the welfare of the government and affairs of the City, is for a proper public
purpose or purposes and is in the public interest, and is authorized pursuant to the Act; and
these findings and determinations shall be deemed conclusive.
Section 4. Bond Details. For the purpose of providing for the payment of the
costs of the Refunding and to pay all related costs and expenses incidental thereto, there shall
be issued and sold the Bonds in the principal amount of not to exceed $28,500,000. The
Bonds shall each be designated "General Obligation Corporate Purpose Bond, Series
1992A"; shall be dated such date (as of or prior to issuance) as shall be set forth in the Bond
Order (the "Dated Date"); and shall also bear the date of authentication thereof. The Bonds
shall be in fully registered form. The Bonds shall mature on December I of such years
from 1993 and up to and including the year 2010 as shall be set forth in the Bond Order,
and in such principal amounts as shall be set forth therein; provided, however, that the sum •
of the principal of and interest on the Bonds due (or subject to mandatory redemption) -in
any given annual period from December 2 to the following December 1 shall not exceed the
sum of the principal of and interest on the Prior Bonds during such period. The Bonds shall
bear interest at a rate not exceeding six and one -quarter percent (6.25%) per annum.
The Bonds shall be in fully registered book -entry form (hereinafter "Book Entry
Form"), shall be in denominations of $5,000 or integral multiples thereof (but no single such
Bond shall represent principal maturing on more than one date); shall be numbered
consecutively in such reasonable fashion as shall be determined by the Bond Registrar, and
shall become due and payable (subject to right of prior redemption herein stated) as
provided in the Bond Order.
Each Bond shall bear interest from the later of its Dated Date or from the most recent
interest payment date to which interest has been paid or duly provided for, until the
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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 semiannually on June 1
and December 1 of each year, commencing on the date as set forth in the Bond Order. 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 Comptroller, 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. The ,applicable record date (the. "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 the first day of any month. The principal of and redemption premium, if any, due on
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 Proi sions. 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 "Kra), & 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 Comptroller and the Paying Agent and
Bond Registrar are authorized to execute and deliver on behalf of the City such letters to or
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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 Comptroller and the Paying Agent and Bond Registrar 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
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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
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.
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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
hereinafter 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 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 authentication 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 certificate of authentication on all of the Bonds issued hereunder.
Section 7. Term Bonds, Mandatory Redemption and Covenants. The Bonds may
be subject to mandatory redemption (as Term Bonds) as provided in the Bond Order;
provided, however, that in such event the amounts due as provided for under such
mandator), redemption shall be the amounts used to satisfy the test set forth in Section 4 of
this Ordinance for the maximum amounts of principal and interest due on the Bonds in any
given period.
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Bonds designated as Term Bonds shall be made subject to mandatory redemption by
operation of the Debt Service Fund at a price of not to exceed par and accrued interest,
without premium, on a given date of the years and in the amounts as shall be determined in
the Bond Order. The City covenants that it will redeem any Term Bonds pursuant to the
mandatory redemption requirement for such Term Bonds and levy taxes accordingly.
The Bonds may be subject to redemption prior to maturity at the option of the City,
from any available funds, in whole or in part on any date as provided in the Bond Order,
and if in part, in such order of maturities as shall be specified in the Bond Order, 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 (expressed as a percentage of the
principal amount being redeemed) of not to exceed 10390 of par plus accrued interest to the
• date fixed for redemption, as provided in the Bond Order.
Notwithstanding any other provision of this Ordinance, the Bond Order may provide
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for non -callable Bonds.
Section 8. Term Bonds Purchase or Redemption. If the City redeems pursuant to
optional redemption as hereinabove provided or purchases Term Bonds of any maturity and
cancels the same from Bond Moneys as hereinafter lescribed, then an amount equal to the
principal amount of Term Bonds so redeemed or purchased shall be deducted from the
mandatory redemption requirements provided for Term Bonds of such maturity, first, in the
current year of such requirement, until the requirement for the current year has been fully
met, and then in any order of such Term Bonds as due at maturity or subject to mandatory
redemption in any year, as the City shall determine. If the City redeems pursuant to
optional redemption or purchases Term Bonds of any maturity and cancels the same from
moneys other than Bond Moneys, then an amount equal to the principal amount of Term
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Bonds so redeemed or purchased shall be deducted from the amount of such Term Bonds as
due at maturity or subject to mandatory redemption requirement in any year, as the City
shall determine.
Section 9. Redemption Procedure. For a mandatory redemption, the Bond
Registrar shall proceed to redeem Bonds without any further order or direction from the
City whatsoever. For an optional redemption, the City shall, at least 45 days prior to a
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 maturities (and, if applicable,
the scheduled mandatory redemption affected) and principal amounts of Bonds 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.
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
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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 names 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
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redemption price. which place of payment shall be the principal corporate trust office
of the Paying Agent.
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
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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. 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
payment 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.
If any Bond - or portion of a Bond called for redemption shall not be so paid upon
surrender 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.
Such additional notice and information as may be agreed upon with the Depository
shall also be given so long as the Bonds are held by the Depository.
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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 10. Registration and Exchange or Transfer 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 provided in this Ordinance to be kept at the principal corporate
trust office of the Bond Registrar, which is hereby constituted and appointed the registrar 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
transfer or exchange in form satisfactory to the Bond Registrar and duly executed by the
registered owner or an attorney for such owner dully 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
of business on such interest payment date or during the period of 15 days preceding the
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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
authenticate, 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 for any transfer or exchange of Bonds, but the City
or the Bond Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any transfer or exchange of
Bonds.
Section 11. Form of Bond. The Bonds shall be in substantially the form hereinafter
set forth; provided, however, that if the text of the Bonds is to be printed in its entirety on
the front side of the Bonds, then the second paragraph on the front side and the legend "See
Reverse Side for Additional Provisions" shall be omitted and the text of paragraphs set forth
for the reverse side shall be inserted immediately after the first paragraph.
•
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.7
[FORM OF BOND - FRONT SIDE]
REGISTERED
NO.
REGISTERED
UNITED STATES OF AMERICA
STATE OF ILLINOIS
COUNTY OF COOK
CITY OF EVANSTON
GENERAL OBLIGATION CORPORATE PURPOSE BOND, SERIES 1992A
See Reverse Side for
Additional Provisions.
Interest Maturity Dated
Rate: Date: December 1, Date: October 1, 1992 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
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
1, 19_, until said Principal Amount is paid or duly provided for. The principal of or
redemption price on this Bond is payable in lawful money of the United States of America
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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 of the City maintained by said 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
Record Date shall be the 15th day of the month preceding any regular or other interest
payment date occurring on the first day of any month and 15 days preceding any interest
payment date occasioned by the redemption of Bonds on other than the first day of a month.
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 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.
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, including the authorizing Act in issuing this Bond, have existed and
have been properly done, happened and been performed 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 orother lawful limitation; 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.
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
signature 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 Date identified above.
Mayo , City of Evanston
Cook County, Illinois
ATTEST:
.rrJ�i!
Cjt� Clerk, City of Evanston
Cook County, Illinois
[SEAT.]
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Date of Authentication:
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds described in the within -mentioned Ordinance and is one
of the General Obligation Corporate Purpose Bonds, Series 1992A, having a Dated Date of
October 1, 1992, of the City of Evanston, Cook County, Illinois.
Bond Registrar and Paying Agent:
AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO
Chicago. Illinois
AMERICAN NATIONAL BANK AND TRUST
COMPANY OF CHICAGO, as Bond Registrar
Authorized Officer
• ,
•
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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 $28,500,000 issued by the City for the purpose of paying the costs of that certain
Refunding, and of paying expenses incidental thereto, all as described and defined in the
ordinance 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 passed by the City Council, signed by the Mayor, and
published, in all respects as by law required.
• Subject to the provisions relating to this Bond remaining in Book Entry Form, this
Bonds 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
•
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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 December 1 of the years 200* and 20** are Term Bonds and are
subject to mandatory redemption by operation of the Debt Service Fund at a price of par and
accrued interest, without premium, on December 1 of the years and in the amounts as
follows:
For the Term Bonds due December 1. 200*:
YEAR AMOUNT ($)
200*
200*
with $ remaining to be paid at maturity in 200*.
For the Term Bonds due December 1. 20**: •
YEAR AMOUNT ($)
20 *
20**
20**
with $ remaining to be paid at maturity in 20**
Those of the Bonds due on or after December. 1, 20**, 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, 20**, and if in part, in any order of maturity (and, if
applicable, any order of mandatory redemption payment) as selected by the City, 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.
•
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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. Notice of redemption having
0
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. 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 payment 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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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.
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
Here insert Social Security Number,
Employer Identification Number or other
Identifying Number
(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:
Signature guaranteed:
NOTICE: The signature to this transfer and 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 12. 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 and as subject to mandatory redemption, 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 sufficient for that purpose; and there is hereby levied on all
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of the taxable property in the City, in addition to all other taxes, in the City, in addition to
all other taxes, the following direct annual taxes (the "Pledged Taxes"):
FOR THE YEAR A TAX SUFFICIENT TO PRODUCE THE DOLLAR SUM OF
1992
$1,789,385.00
for principal and interest up to and
including December 1, 1993
1993
1,789,385.00
for principal and interest
1994
1,789,385.00
for principal and interest
1995
1,789,385.00
for principal and interest
1996
2,889,385.00
for principal and interest
1997
3,084,370.00
for principal and interest
1998
3,009,850.00
for principal and interest
1999
3,297,700.00
for principal and interest
2000
3,693,142.50
for principal and interest
2001
3,486,942.50
for principal and interest
2002
3,456,867.50
for principal and interest
2003
3,151,937.50
for principal and interest
2004
3,076,187.50
for principal and interest
2005
2,999,225.00
for principal and interest
• 2006
3,013,893.75
for principal and interest
2007
1,679,518.75
for principal and interest
2008
1,403,056.25
for principal and interest
2009
203,537.50
for principal and interest
Such levy shall
be subject to reduction
as provided in the Bond Order.
�� I
The Pledged Taxes and other" moneys on deposit (collectively, the "Bond Moneys") in
the Debt Service Fund and allocable to the Bonds shall be applied to pay principal of and
interest on the Bonds as follows:
A. Bond Moneys shall be applied to the payment of interest when due and
principal or redemption price when due at maturity or as redeemed pursuant to
mandatory redemption from the Debt Service Fund, or
B. On or before 65 days preceding a mandatory redemption date, and
provided notice is given to the Bond Registrar on or before said 65th day preceding a
mandatory redemption date. Bond Moneys up to the amount of the redemption
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requirement on such mandatory redemption date plus interest due on Term Bonds on
such date may be applied (1) to the purchase of Term Bonds of the maturity for which
such mandatory redemption requirement was established at prices (including
commissions and charges, if any) not exceeding par and accrued interest to such
mandatory redemption date or (2) to the redemption of such Bonds, without premium,
pursuant to optional redemption provisions applicable thereto. Upon the purchase or
redemption of Term Bonds of any maturity pursuant to this paragraph (B), an amount
equal to the principal amount of such Bonds or applicable portion thereof so
purchased or redeemed shall be deducted from the mandatory redemption
requirement as provided for Term Bonds of such maturity, first, in the current year
of such requirement, until the requirement for the current year has been fully met,
and then in any order of payment on the Term Bonds as due at maturity or subject to
mandatory redemption in any year as the City shall at such time determine. •
Interest or principal coming due at any time when there are insufficient funds on hand
from the Pledged Taxes to pay the same shall be paid promptly when due from current
funds on hand in advance of 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. 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 Debt Service Fund.
Is
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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 Debt Service Fund and further shall direct the abatement
of the taxes by the amount so deposited. A certified copy or other notification of any such
proceedings abating taxes may then be filed with the County Clerk of The County of Cook,
Illinois, in a timely manner to effect such abatement.
Section 13. 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 the County Clerk shall in and for each of
the years 1992 to 2009, inclusive, ascertain the rate percent required to produce the
aggregate tax hereinbefore provided to be levied in each of said years; and the County Clerk
• -shall extend the same for collection on the tax books in connection with other taxes 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
manner as taxes for general corporate purposes for said years are levied and collected, and
in addition to and in excess of all other taxes.
Section 14. Sale of Bonds; Bond Order. The Designated Officials are hereby
authorized to proceed, without any further authorization or direction whatsoever from the
City Council of the City, to sell and deliver the Bonds upon the terms as prescribed in this
Section.
The Bonds shall be sold and delivered to First Chicago Capital Markets, Inc. (the
"Underwriters"), at the price of not less than 99.2517c of the par value (not including within
said 0.75r7c discount any original issue discount) of the principal amount thereof, plus
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accrued interest to the date of delivery; provided, however, that the maximum original issue
discount on the Bonds shall not exceed 10% of the original aggregate principal amount
thereof. Such sale shall be made upon the advice (in the form of a written certificate or
report) of the Financial Advisor that the terms of the Bonds are fair and reasonable in view
of current conditions in the bond markets.
As an additional limitation on the sale of the Bonds, the Financial Advisor's certificate
or report (as hereinabove described) must set forth that the Refunding will provide a present
value debt service savings to the City in an amount not less than 3.50C/. of the original
aggregate principal amount of the Bonds.
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, a Direction for Abatement of Taxes, Preliminary
Official Statement, Official Statement, Bond Purchase Contract (as hereinafter defined), and
closing documents. The City Council hereby finds and determines 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, association, trust
or corporation in said Contract with the Underwriters for the purchase of the. Bonds.
•
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The distribution by the Underwriters of a Preliminary Official Statement relating to
the Bonds as shall be approved by the Designated Officials 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") in substantially the form attached hereto as Exhibit A to this Ordinance
(with such changes to be made as shall be approved by the Designated Officials) is hereby in
all respects authorized and approved.
Upon the sale of the Bonds, the Designated Officials shall execute and file the Bond
Order with the City Clerk and such shall be entered into the records of the City and made
available to all Aldermen at the next succeeding public meeting of the City Council; but such
• action shall be for information purposes only, and the City Council of the City shall have no
right or authority at such time to approve or reject such sale as evidenced in the Bond
Order.
•
The Designated Officials shall also file with the County Clerk the Bond Order or like
document including a statement of abatement of taxes, if appropriate, from the amounts as
levied herein.
Section 15. Creation of Funds and Appropriations.
A. There is hereby created the "General Obligation Corporate Purpose Bonds,
Series 1992A, Debt Service Fund" (the "Debt Service Fund"), which shall be the fund for
the payment of principal of and interest on the Bonds. Except as may be necessary to
accomplish the Refunding, accrued interest received at delivery of the Bonds shall be
deposited into the Bond Fund and applied to pay first interest coming due on the Bonds.
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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. is
C. The amount necessary from the proceeds of the Bonds shall be used to pay costs
of issuance of the Bonds and shall to the fullest extent possible be totally paid by the
Underwriters from Bond proceeds at closing or (if and only if necessary) deposited into a
separate fund, hereby created, designated the "Expense Fund". Such payments by the
Underwriters or any disbursements from such fund shall be made from time to time as
necessary. Any excess in said fund shall be deposited into the Debt Service Fund hereinafter
created after six months from the date of issuance of the Bonds.
D. The amount necessary from the proceeds of the Bonds, together with such
money in the debt service funds for the Prior Bonds as may be advisable for the purpose,
shall be used to provide for the Refunding, and the payment of such expenses as may be
designated, pursuant to the provisions of an Escrow Agreement with the Escrow Agent as is
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designated, all in accordance with the provisions of the Escrow Agreement, substantially in
the form attached hereto as Exhibit B to this Ordinance, made a part hereof by this
reference, and hereby approved; the officers appearing signatory to such Escrow Agreement
are hereby authorized and directed to execute same, their execution to constitute conclusive
proof of action in accordance with this Ordinance, and approval of all completions or
revisions necessary or appropriate to effect the Refunding.
Section 16. Not Private Activiry. 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.. None of the proceeds of the Bonds is to be used, directly or indirectly,
and none of the proceeds of the Prior Bonds was used, directly or indirectly, in any
trade or business carried on by any person other than a state or local governmental
• unit. The Prior Bonds (and all bonds refunded with proceeds of the Prior Bonds)
were issued for the purpose, and the Prior Bonds and further refunded bond proceeds
(except refunding proceeds) have been (or will be) properly and fully expended for
the purpose of paying the costs of capital improvements to the essential governmental
purpose systems of the City, including water, sewer, street, lighting, parks and
recreation, police and fire prevention systems (collectively, such systems being the
"Infrastructure").
B. No direct or indirect payments are to be made on any Bond with respect
to any private business use by any person other than a state or local governmental
unit.
0
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C. None of the proceeds of the Bonds is to be used, and none of the Proceeds
of the Prior Bonds (or further refunded bonds) was 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 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 the
Infrastructure as a result of (i) ownership or (ii) actual or beneficial use pursuant to a
lease, a management or incentive payment contract, or (iii) any other arrangement.
Section 17. General Arbitrage Covenants. The City represents and certifies as
follows with respect to the Bonds:
A. Except for the Debt Service 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 Debt Service 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 Debt Service Fund will be spent within a 13-month period beginning on the
date of deposit, and investment earnings in the Debt Service Fund will be spent or
withdrawn from the Debt Service Fund within a one-year period beginning on the
date of receipt.
B. 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
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issuance of the Bonds, shall be so invested; and appropriate City officers are hereby
authorized to make such investments.
C. 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:
D. Unless an applicable exception to the Rebate Requirement is available to
the City, the City will meet the Rebate Requirement.
E. Relating to applicable exceptions, the City Comptroller or the Mayor is
• hereby authorized to make such elections under the Code as either such officer shall
9
deem reasonable and in the best interests of the City.
J. The Comptroller shall cause to be established, at such time and in such
manner as he or she may deem necessary or appropriate hereunder, a "General
Obligation Corporation Purpose Bonds, Series 1992A, Rebate Fund" (the "148
Compliance Fund") for the Bonds, and such officer shall further, not less frequently
than annually, cause to be transferred to the 148 Compliance Fund the amount
determined to be the accrued liability under the Rebate Requirement. Said officer
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.
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K. Interest earnings in the Debt Service Fund are hereby authorized to be
transferred, without further order or direction from the City Council, from time to
time as required, to the 148 Compliance 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, 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. 0
Section 18. 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.
Section 19. Further Tax Covenants. The City agrees to comply with all provisions
of the 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 generality,
the City agrees: (a) through its officers, to make such further specific covenants,
representations as shall be truthful, and assurances as may be necessary or advisable; (b) to
comply 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
0
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•
•
•
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 advisable by its officers, to employ and pay fiscal agents, financial advisors,
attorneys and other persons to assist the City in such compliance.
Section 20. Opinion of Counsel Exception. The City reserves the right to use or
invest moneys in connection with the Bonds in any manner, notwithstanding the tax -related
covenants set forth in Sections 16 through 19 herein, provided it shall first have received an
opinion from Bond Counsel for the City approving the Bonds, or if unable to act, an
attorney or a firm of attorneys of nationally recognized standing as bond counsel, to the
effect that use or investment of such moneys as contemplated is valid and proper under
applicable law and this Ordinance and, further, will not adversely affect the Tax-exempt
status of the Bonds.
Section 21. Rights and Duties of Bond Registrar and Paying Agent. If requested by
the Bond Registrar or the Paying Agent, or both, any officer of the City is authorized to
execute standard forms of agreements between the City and the Bond Registrar or Paying
Agent with respect to the obligations and duties of ,the Bond Registrar or Paying Agent
hereunder. In addition to the terms of such agreements and subject to modification thereby,
the Bond Registrar and Paying Agent by acceptance of duties hereunder agree:
(a) to act as bond registrar, paying agent, authenticating agent, and transfer
agent as provided herein;
(b) as to the Bond Registrar, 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 extent permitted by law;
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(c) as to the Bond Registrar, to cancel and/or destroy Bonds which have been
paid at maturity or upon redemption or submitted for exchange or transfer;
(d) as to the Bond Registrar, 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; and
(f) to perform its duties with respect to the Policy as incorporated herein or
any authorized document.
The City Clerk of the City is hereby directed to file a certified copy of this Ordinance
with the Bond Registrar and the Paying Agent.
Section 22. Taxes Previously Levied. The taxes previously levied to pay principal
of and interest on the Prior Bonds, to the extent such principal and interest is provided for
from the proceeds of the Bonds or from the Escrow Account under the Escrow Agreement
as hereinabove described, shall be abated. The filing of a certificate of abatement with the
County Clerk of The County of Cook, Illinois, shall constitute authority and direction for
the County Clerk to make such abatement. Taxes previously levied which are either on hand
or cannot be abated (already in the process of extension) shall be used for lawful corporate
capital projects identified in the City's current Capital Improvement Plan and for which
funds are otherwise not currently available, thus decreasing the City's need to borrow for
such purposes in the future.
Section 23. 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 U.S. funds and direct
U.S. Treasury obligations have been deposited with the Paying Agent or similar institution
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is
•
to pay, 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 or Pledged Taxes 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; payment, registration, transfer, and exchange; and with
respect to the Bond Insurer, are expressly continued for all Bonds whether outstanding
Bonds or not.
Section 24. 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.
Section 25. 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 Moran. Wollin. Engelman. Rainev. Lanvon. Feldman.
Warshaw, Fiske, Newman, Paden, Davis, Brady, Heydemann,
-j'&zhingtm u..d Nalz&r_
NAYS: None
ABSENT: Aldermen Drummer, Esch, Kent
ADOPTED: September 8, 1992
APPROVED: September 1 , 1992
Ma r, City of Evanston
Cook County, Illinois
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Recorded In City Records: September L7, 1992.
Published in pamphlet form by authority of the City Council at 0.1r' c�.m. on
September / , 1992.
ATTEST: -
Ci Clerk, City of Evanston
ook County, Illinois
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Exhibit A
FORM OF BOND PURCHASE AGREEMENT
City of Evanston
, 1992
First Chicago Capital Markets, Inc. ("FCCM" or the "Underwriter"), hereby offers to
enter into this Bond Purchase Agreement (the "Agreement") with the City of
Evanston, Cook County, Illinois (the "City") which, upon the execution of this
Agreement by the City as hereinafter provided, will become a binding agreement
between the City and FCCM.
1. Purchase and Sale of the Bonds. In reliance upon the representations,
warranties and agreements herein contained, but subject to the terms and conditions
herein set forth, FCCM agrees to purchase from the City, and the City agrees to sell
to FCCM $ principal amount of the General Obligation Corporate Purpose
Bonds, Series 1992A (the "Bonds"), at a purchase price equal to $ (plus
• accrued interest from the dated date to the date of delivery) in accordance with the
provisions of an Ordinance adopted by the City Council on , 1992 (the
"Ordinance"). FCCM agrees to make a bona fide offering of the Bonds at the initial
public offering prices or yields set forth on the cover page of the Official Statement
(as hereinafter defined).
2. Reoresentations. Warranties and Covenants of the City,. The City
represents, warrants and covenants that:
(a) The City hereby authorizes and ratifies the Preliminary Official
Statement dated , 1992, the final Official Statement to be delivered
as described in Section 4(c) hereof (the "Official Statement") and the
information contained therein to be used in connection with the offer and sale
of the Bonds by the Underwriter.
(b) The Preliminary Official Statement is, and at the time of its
delivery to the Underwriter the Official Statement will be, and at the Closing
Date the Official Statement will be, accurate in all material respects; and the
Official Statement, as of such date or dates, will not, and the Preliminary
Official Statement, as of its date, did not include any untrue statement of a
material fact or omit to state any material fact necessary to make the
statements made therein, in the light of the circumstances under which they
are or were made, not misleading.
E
(c) The Bonds are authorized by virtue of the Ordinance.
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(d) No action, suit, inquiry, investigation or other proceeding is
pending, or to the knowledge of the City, threatened, in or before any court,
governmental agency, authority, body or arbitrator in any way affecting the
existence of the City or the title of any official of the City (including any
member of the City Council) to his or her office, or seeking to restrain, enjoin
or challenge the issuance, sale or delivery of the Bonds, or the collection of tax
receipts or other available moneys of the City to pay principal of or interest on
the Bonds, or in any way contesting or affecting the validity or enforceability
of this Agreement, the Ordinance or the Bonds or contesting in any way the
completeness or accuracy of the Official Statement or the powers or authority
of the City with respect to this Agreement, the Ordinance, the Bonds or the
exemption of interest on the Bonds from Federal income taxation.
3. Delivery of the Bonds. Payment of the purchase price for the Bonds as
set forth 'in Section 1 hereof shall be made by wire transfer in immediately available
funds drawn to the order of the City at 10:00 a.m., Chicago time, on ,
1992 (the "Closing Date"), at the offices of Chapman and Cutler, Attorneys, Chicago,
Illinois or at such other time or place as the Underwriter and the City determine,
against delivery of the Bonds in permanent form duly executed, and delivery of the
other instruments and documents required to be delivered hereunder to the
Underwriter.
4. Additional Covenants of the Citv. 0
(a) Unless (1) the amount of savings produced from this financing is
unacceptable to the City or (2) the Underwriter fails to fulfill any of its
obligations, covenants or representations hereunder, then if the obligations of
the Underwriter under this Agreement shall be terminated for any reason by the
City, the City will reimburse the Underwriter for all reasonable out-of-pocket
expenses incurred by them.
(b) The City will not amend or supplement the Official Statement
without the consent of the Underwriter.
(c) The Preliminary Official Statement is deemed by the City to be in
"nearly final form" for purposes of Rule 15c2-12 of the Securities and
Exchange Commission. In accordance with Rule 15c2-12, the City agrees that
copies of the Official Statement, in an amount sufficient to provide one copy
to each initial bond purchaser, will be delivered to the Underwriter within seven
business days of the City's acceptance of this Agreement.
5. Conditions of the Oblioations of the Underwriter. The obligation of the
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5. Conditions of the Obliaations of the Underwriter. The obligation of the
Underwriter to purchase and pay for the Bonds will be subject to the accuracy,
completeness and correctness on the date hereof and at all times hereafter up to and
including the Closing Date of the representations, warranties and covenants on the
part of the City herein, to the accuracy of the statements of the officials of the City
made pursuant to the provisions hereof, to the performance by the City of its
obligations hereunder and to the following additional conditions precedent:
(a) The Bonds, this Agreement, the Escrow Agreement, the Ordinance
and the Official Statement shall have been duly authorized and executed or
adopted by the City; all necessary action of the City relating to this Agreement,
the Escrow Agreement, the Bonds, the Ordinance and the Official Statement
shall be in full force and effect and shall not have been amended, modified or
supplemented; and there shall have been taken in connection with the issuance
of the Bonds and with the transactions contemplated hereby and thereby all
such actions as, in the opinion of Chapman and Cutler, Bond Counsel, are
necessary and appropriate.
(b) Subsequent to the date of this Agreement and on and prior to the
Closing Date:
(i) The marketability of the Bonds or the contemplated offering
• price thereof shall not, in the opinion of the Underwriter, have been
materially adversely affected by an amendment to the Constitution of the
United States of America, the State of Illinois, or any Federal or Illinois
legislation, pending or effective, or by any decision of any Federal or
Illinois court or by any order, ruling or regulation (final, temporary or
proposed) of the Treasury Department of the United States of America,
the Internal Revenue Service or other Federal or Illinois authority or
regulatory body, affecting the status of the City, its property or income,
the City's securities (including the Bonds) or the interest thereon, or any
tax exemption with respect to the City's securities (including the Bonds),
or the interest thereon, granted or authorized by the Internal Revenue
Code of 1986, as amended.
(ii) No stop order, ruling, regulation or official statement by, or
on behalf of, any governmental agency having jurisdiction shall have
been issued or made to the effect that the issuance, offering or sale of
the obligations of the general character of the Bonds, or the issuance,
offering or sale of the Bonds, as contemplated hereby or by the Official
Statement, is in violation or would be in violation of any provision of
Federal or Illinois securities laws.
(iii) No legislation shall have been enacted by the Congress of •
the United States of America, no decision by a court of the United
States of America shall have been rendered, and the Securities and
Exchange Commission shall have taken no action to the effect that the
obligations of the general character of the Bonds, or the Bonds, are not
exempt from registration or qualification under requirements of the
Federal securities laws.
(iv) No additional material restrictions not in force as of the date
hereof shall have been imposed upon the trading in securities generally
by any governmental authority or by any national securities exchange.
(v) No rating of any of the City's securities (including the
Bonds) shall have been downgraded or withdrawn by a national rating
service, the effect of which, in the opinion of the Underwriter, is to
materially adversely affect the market price of the Bonds or the
Underwriter's ability to underwrite the Bonds.
.NO None of the following events shall have occurred: (A) the
engagement by the United States of America in hostilities which have
resulted in a declaration of war or national emergency, or the occurrence
of any other outbreak of hostilities or local, national or international
calamity, crisis, financial or otherwise, the effect of such outbreak,
calamity or crisis on the financial and securities markets of the United •
States of America being such as, in the opinion of the Underwriter,
would materially adversely affect the ability of the Underwriter to market
the Bonds; (B) a general suspension of trading on the New York Stock
Exchange, the American Stock Exchange or other national securities
exchange or any similar impediment in the markets for securities of the
general character of the Bonds; or (C) the declaration of a banking
moratorium either by Federal, New York State or Illinois authorities shall
have occurred which, in the opinion of the Underwriter, requires an
amendment or supplement to the Official Statement.
(vii) Nothing shall have come to the attention of the Underwriter
giving it reason to believe that the Official Statement is incomplete or
inaccurate in any material respect for the purposes for which it is
intended.
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(c) At the Closing Date, no litigation shall be pending, or to the
knowledge of the City, threatened, in any court, nor any proceeding before or
by any governmental authority, body or arbitrator shall be pending, or, to the
knowledge of the City, threatened: (i) seeking to restrain or enjoin the
issuance, sale or delivery of any of the Bonds or the payment, collection or
application of the proceeds thereof or the tax receipts or other moneys pledged
or to be pledged under the Ordinance for the payment of the Bonds; (ii) in any
way questioning or affecting the validity of the Bonds or any provisions of this
Agreement, the Escrow Agreement, the Ordinance, or any proceedings taken
by the 'City or the Underwriter with respect to any of the foregoing; (iii)
questioning the City's creation, organization or existence or the titles to office
of any of its officers or its power to engage in any of the transactions
contemplated by this Agreement or the Ordinance or (iv) questioning the
exemption of interest on the Bonds from Federal income taxation.
If any of the conditions specified in this Section have not been fulfilled when
and as required by the Agreement, or'if any of the opinions, instruments, letters, legal
opinions, documents, proceedings or certificates mentioned above or elsewhere in this
Agreement shall not be in all material, respects reasonably satisfactory in form and
substance to the Underwriter, this Agreement and all obligations of the Underwriter
hereunder -may be cancelled by the Underwriter at, or at any time prior to, the Closing
Date. Notice of such cancellation shall be given to the City in writing, or by telecopier
• confirmed' in writing.
6. Certain Costs and Expenses
(a) The Underwriter shall be under no obligation to pay, and the City
shall pay, all expenses incident to the performance of the City's obligations
hereunder, including but not limited to: (i) the cost of the preparation and
printing of the Ordinance and the Official Statement in preliminary and final
form (including any amendments or supplements thereto); (ii) the cost of the
preparation, printing and delivery to the Underwriter of the Bonds (including any
temporary Bonds); (iii) the fees and disbursements of Chapman and Cutler,
Bond Counsel, the City's accountants and financial advisers, the Escrow Agent,
and of any other experts, accountants or consultants retained in connection
with the issuance and sale of the Bonds; (iv) rating agency fees; (v) premium
for municipal bond insurance; and (vi) any other expenses not enumerated in
the paragraph immediately below incurred in connection with the issuance of
the Bonds.
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(b) The Underwriter shall pay: (i) the cost of the preparation and '
printing of this Agreement; (ii) all advertising expenses in connection with the
public offering of the Bonds; and (iii) all other expenses incurred by them
(which the City is not obligated to pay under this Agreement) in connection
with the public offering and distribution of the Bonds.
7. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Illinois, including, without limitation, those
laws applicable to contracts made and to be performed in that State.
8. Survival of Certain Representations and Obliaations. The respective
agreements, representations, warranties, covenants and other statements of the City
and its officers and of the Underwriter set forth in or made pursuant to this
Agreement will remain in full force and effect, regardless of any investigation or
statement as to the results thereof made by or on behalf of the Underwriter, the City
or any of their officers or controlling persons and will survive delivery of and payment
for the Bonds.
9. Successors. This Agreement will inure to the benefit of and be binding
upon the parties hereto and their respective successors, officers and controlling
persons, and no other person will have any right or obligation hereunder.
10. Counteroarts. This Agreement may be executed in several counterparts,
each of which shall be an original and all of which shall constitute but one and the •
same instrument.
11. Notice. All communications hereunder will be in writing and if sent to
the Underwriters will be mailed, delivered or telegraphed and confirmed to First
Chicago Capital Markets, Inc., One First National Plaza, Suite 0826, Chicago, Illinois
60670, Attention: Public Finance Department or if sent to the City will be mailed,
delivered or telegraphed and confirmed to the address set forth above.
12. Effective Date. This Agreement shall become effective upon the
execution of the acceptance hereof by an authorized official of the City and shall be
valid and enforceable as of the time of such acceptance.
Accepted and Agreed:
as of the date first
above written
CITY OF EVANSTON CITY
COOK COUNTY, ILLINOIS
•
FIRST CHICAGO CAPITAL MARKETS, INC.
By
Vice President
Chicago, Illinois
•
EXHIBIT B
ESCROW AGREEMENT
This Escrow Agreement, dated as of October 1, 1992, but actually executed and
delivered the date last hereinbelow written, by and between the City of Evanston, Cook
County, Illinois, and American National Bank and Trust Company of Chicago, a national
banking association, with principal offices located in the City of Chicago, Illinois, not
individually but in the capacity as hereinafter described, for and in consideration of mutual
covenants set forth:
W ITNESSETH:
ARTICLE I
DEFINITIONS
The following words and terms used in this Agreement shall have the following •
meanings unless the context or use clearly indicates another or different meaning.
"Aggregate Payment Requirement" means the aggregate payment requirement
intended to be met from the Escrow Account under this Agreement: and, more particularly,
means the sum of the payment of all interest on and principal of and redemption premium
(as applicable) on the Prior Bonds from the date hereof through the respective Call Date for
each series of the Prior Bonds.
"Agreement" means this Escrow Agreement dated as of October 1, 1992.
"Bond Ordinance" means the ordinance passed by the City Council on September _,
1992, numbered and entitled:
AN ORDINANCE providing for the issuance of not to exceed
$28,500,000 General Obligation Corporate Purpose Bonds, Series
1992A, of the City of Evanston, Cool: County, Illinois, and
53531.01.03
74619afTVM
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providing for the levy and collection of a direct annual tax for the
payment of the principal of and interest on said bonds.
authorizing the Bonds.
"Bond Registrar" means the bond registrar for the Prior Bonds, namely, American
National Bank and Trust Company of Chicago.
"Bonds" means the General Obligation Corporate Purpose Bonds, Series 1992A, of
the City, dated October 1, 1992, a part of the proceeds of which are to be used for the
refunding of the Prior Bonds.
"Call Dare" means, with respect to each series of the Prior Bonds, the earliest date of
redemption, as follows:
REFUNDED BONDS SERIES
Series 1986
Series 1987
Series 1988
Series 1989
Series 1990
CA1_I_ DATE
January 1, 1997
June 1, 1997
December 1, 1996
December 1, 1996
December 1, 1997
"Cite" means the City of Evanston, Cook County, Illinois.
"Cin� Council" means the City Council which is the governing body of the City.
"Comptroller" means the Comptroller of the City.
"Defeasance Report" means the report of Jerry L. Lacy, certified public accountant,
Cave Creek, Arizona, attached hereto as Exhibit A, that the principal of, interest on and
profit realized from the Government Obligations, when received, and the beginning deposit
on demand held hereunder will be sufficient at all times to pay the Aggregate Payment
Requirement.
"Escrow Account" means the trust fund created under the terms of this Agreement
with the Escrow Agent and comprised of the Government Obligations and a certain
beginning deposit as more fully described in 2.02 hereof.
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"Escrow Agent" means American National Bank and Trust Company of Chicago, a
national banking association, with principal offices located in the City of Chicago, Illinois,
not individually but in the capacity for the uses and purposes hereinafter mentioned, or any
successor thereto.
"Government Obligations" means direct obligations of the United States of America
(being United States Bills, Notes, Bonds or STRPS or SLGS) deposited hereunder.
"Paying Agent" means the paying agent on the Prior Bonds, namely, American
National Bank and Trust Company of Chicago.
"Prior Bonds" means the bonds described as follows:
A. Corporate Purpose Bonds, Series 1986
$9,160,000 Series 1986 Bonds, issued on August 19, 1986; bearing a dated date
of August 1, 1986; of which $7,970,000 are still outstanding, due serially on
0
January 1 of the years and in the amounts and bearins, interest at the rates percent per
annum as follows:
YEAR
AMOUNT ($)
RATE (`/ )
1992
385,000
6.40
1993
1,225,000
6.40
1994
1,225,000
6.60
1995
1,245,000
6.75
1996
740,000
6.90
1997
750,000
7.00
1998
535,000
7.00
1999
350,000
7.00
2000
340,000
7.00
2001
340,000
7.00
2002
330,000
7.00
2003
155,000
7.00
2004
150,000
7.00
2005
145,000
7.00
2006
55,000
7.00
•
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of which bonds, those due on or after January 1, 1998 (the "1986 Prior Bonds"), are
redeemable on January 1, 1997 (or any interest payment date thereafter) at the
redemption price of par plus accrued interest.
B. Corporate Purpose Bonds, Series 1987
$10,030,000 Series 1987 Bonds, issued on October 14, 1987; bearing a dated
date of October 1, 1987; of which $9,275,000 are still outstanding, due serially on
December 1 of the years and in the amounts and bearing interest at the rates percent
per annum as follows:
YEAR
AMOUNT ($)
RATE
1992
330,000
8.50
1993
345,000
8.50
1994
365,000
8.50
1995
385,000
7.75
1996
405,000
6.80
1997
435,000
7.00
1998
420,000
7.10
1999
450,000
7.30
2000
480,000
7.40
2001
515,000
7.50
2002
550,000
7.60
2003
590,000
7.70
2004
630,000
7.75
2005
675,000
7.75
2006
720,000
7.75
2007
780,000
7.75
2008
580,000
7.75
2009
620,000
7.75
•
of which bonds, those due on or after December 1, 1998 (the "1987 Prior Bonds"),
are redeemable on June 1, 1997 (or any interest payment date thereafter) at the
redemption price of par plus a premium of 2(/: of the principal amount plus accrued
interest.
EA4
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C. Corporate Purpose Bonds, Series 1988
$2,650,000 Series 1988 Bonds, issued on September 13, 1988; bearing a dated
date of September 1, 1988; of which $2,550,000 are still outstanding, due serially on
December 1 of the years and in the amounts and bearing interest at the rates percent
per annum as follows:
YEAR
AMOUNT ($)
RATE (%)
1992
50,000
8.50
1993
50,000
8.50
1994
50,000
8.50
1995
235,000
7.75
1996
275,000
6.50
1997
290,000
6.60
1998
300,000
6.70
1999
300,000
6.80
2000
250,000
6.90
2001
250,000
7.00
2002
250,000
7.10
2003
250,000
7.10
of which bonds, those due on or after December 1, 1997 (the "1988 Prior Bonds"),
are redeemable on December 1. 1996 (or any interest payment date thereafter) at the
redemption price of par plus a premium of 1.50c/. of the principal amount plus
accrued interest.
D. Corporate Purpose Bonds, Series 1989
$6,235,000 Series 1989 Bonds, issued on October 2, 1989; hearing a dated date
of October 1, 1989; of which $5,925,000 are still outstanding, due serially on
December 1 of the years and in the amounts and hearing interest at the rates percent
per annum as follows:
•
EA5
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YEAR
AMOUNT ($)
RATE (%r;)
1992
200,000
6.70
1993
225,000
6.70
1994
225,000
6.70
1995
250,000
6.70
1996
275,000
6.70
1997
275,000
6.70
1998
300,000
6.70
1999
300,000
6.70
2000
275,000
6.70
2001
300,000
6.70
2002
325,000
6.70
2003
350,000
6.70
2004
375,000
6.70
2005
400,000
6.70
2006
425,000
6.75
2007
450.000
6.80
2008
475,000
6.80
• 2009 500,000 6.80
of which bonds, those due on or after December 1, 1997 (the "1989 Prior Bonds"),
are redeemable on December 1, 1996 (or any date thereafter) at the redemption price
of par plus a premium of 0.759. of the principal amount plus accrued interest.
E. Corporate Purpose Bonds, Series 1990
$15,155,000 Series 1990 Bonds, issued on October 24, 1990; bearing a dated
date of October 1, 1990; of which $15,105,000 are still outstandin" due serially on
December 1 of the years and in the amounts and bearing interest at the rates percent
per annum as follows:
•
EA6
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YEAR
AMOUNT (S)
RATE (%)
1992
180,000
8.250
1993
180,000
8.250
1994
770,000
8.250
1995
765,000
7.400
1996
825,000
6.500
1997
885,000
6.875
1998
915,000
6.875
1999
935,000
6.875
2000
1,015,000
6.875
2001
900,000
6.875
2002
970,000
7.000
2003
1,040,000
7.000
2004
1,095,000
7.000
2005
1,200,000
7.000
2006
1,275,000
7.125
2007
1,380,000
7.125
2008
410,000
7.125
2009
175,000
7.125
2010
190,000
7.125
of which bonds, those due on or after December 1, 1998 (the "1990 Prior Bonds"),
are redeemable on December 1, 1997 (or any date thereafter) at the redemption price
of par plus a premium of 0.759 of the principal amount plus accrued interest.
"SLGS" means U.S. Treasury Obligations of the State and Local Government Series.
ARTICLE 11
CREATION OF ESCROW
2.01. The Prior Bonds are hereby refunded, to and including the respective Call Date
for each series, by the deposit with the Escrow Agent of moneys sufficient to purchase the
Government Obligations described in 2.02 hereof, which Government Obligations (together
with the beginning deposit of funds as described herein) will provide all moneys necessary to
pay the Aggregate Payment Requirement.
•
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•
•
2.02. The City has deposited with the Escrow Agent at the execution and delivery of
this Escrow Agreement the sum of $
("Proceeds") and the sum of $
derived from proceeds of the Bonds
derived from funds of the City on hand and
lawfully available for the purpose ("City Funds"). The Proceeds and the City Funds have
been used to acquire the Government Obligations and to establish a beginning cash balance
( "Beginning Cash ").
The Escrow Agent now holds the Government Obligations and the Beginning Cash as
follows:
SLGS DUE
TYPE DATED DATE
ARTICLE III
AM0UNT ($) RATE ((k)
COVENANTs OF ESCROW AGENT
The Escrow Agent covenants and agrees with the City as follows:
3.01. The Escrow Agent will hold the Government Obligations and all interest,
income and profit derived therefrom and all uninvested cash in a segregated and separate
trust fund account for the sole and exclusive benefit of the City and of the holders and
registered owners of the Prior Bonds and the Bonds, all to the purposes for which escrowed.
3.02. The Beginning Cash in the Escrow Account shall remain uninvested and be
applied to the payment of first interest due therefrom. Thereafter, from time to time at each
interest or principal payment date, certain ending balances may exist. The Escrow Agent
EAR
•
agrees, without further order or direction whatever, to reinvest such ending balances in
accordance with the terms of this section.
[Investment directions here.]
The Escrow Agent expressly recognizes that all SLGS, under current regulations of
issuance, must be subscribed for not less than 15 days prior to date of issuance, and
undertakes to file such subscriptions in a timely manner so as to effect immediate
reinvestment of the ending balances.
The Escrow Agent acknowledges that the schedule of amounts available for •
reinvestment appears in the cash flow tables as such appear in the schedules and columns of
the Defeasance Report.
3.03. The Escrow Agent shall hold all balances not invested or reinvested as
hereinabove described and on deposit in the Escrow Account on demand and in trust for the
purposes hereof and shall secure same in accordance witli applicable Illinois law for the
securing of public funds.
3.04. The Escrow Agent will take no action in the investment or securing of the
proceeds of the Government Obligations which would cause the Bonds or the Prior Bonds to
be classified as "arbitrage bonds" under applicable sections of the Internal Revenue Code,
and all lawful regulations promulgated thereunder; proviclecl, it shall be under no duty to
affirmatively inquire whether the Government Obligations as deposited are properly
EA9
.•
•
•
invested under said section; and, provided, further, it may rely on all specific directions in
this Agreement in the investment or reinvestment of balances held hereunder.
3.05. The Escrow Agent will promptly collect the principal of, interest on and
income and profit from the Government Obligations and promptly apply the same solely and
only to pay the Aggregate Payment Requirement.
3.06. The Escrow Agent will remit to the Paying Agent for the benefit of the Prior
Bonds, in good funds on or before each interest or principal payment date (Call Date),
moneys sufficient timely to pay the Aggregate Payment Requirement, as set out in the
Defeasance Report, and each such remittance shall fully release and discharge the Escrow
Agent from any further duty or obligation thereto under this Agreement.
3.07. The Escrow Agent will make no payment of fees, due or to become due, of the
Bond Registrar or the Paying Agent.
3.08. The costs and expenses of the Escrow Agent will be paid by the City from funds
other than those deposited hereunder. The Escrow Agent shall have no lien or right of set-
off of any kind on the Escrow Account and shall look solely to the City and its other funds
for payment. The Escrow Agent shall charge such fees for its services as are reasonable and
usual for like services rendered by similar institutions.
3.09. The Escrow Agent has all the powers and duties herein set forth with no
liability in connection with any act or omission to act hereunder, except for its own
negligence or willful breach of trust, and shall be under no obligation to institute any suit or
action or other proceeding under this Agreement or to enter any appearance in any suit,
action or proceeding in which it may be defendant or to take any steps in the enforcement of
its, or any, rights and powers hereunder, nor shall be deemed to have failed to take any such
action, unless and until it shall have been indemnified by the Cit} to its satisfaction against
EA 10
•
any and all costs and expenses, outlays, counsel fees and other disbursements, including its
own reasonable fees, and if any judgment, decree or recovery be- obtained by the Escrow
Agent, payment of all sums due it, as aforesaid, shall be a first charge against the amount of
any such judgment, decree or recovery.
3.10. The Escrow Agent may in good faith buy, sell or hold and deal in any of the
Bonds or Prior Bonds.
3.11. The Prior Bonds are hereby called for redemption on the respective Call Dates
for each series of Prior Bonds at the redemption price therefor, stated again as follows:
SERIES
AMOUNT ($)
CALL DATE
PREMIUM (�/.)
PREMIUM ($)
TOTAL ($)
1986
2,400,000
1/l/97
0.00
-U-
2,400,000
1987
7,010,000
'6/l/97
2.00
140,200
7,150,200
1988
1,890,000
12/1/96
1.50
28,350
1,918,350
1989
4,750,000
12/1/96
0.75
35,625
4,785,625
1990
9,065,000
12/1/97
0.75
67,987.50
9,132,987.50
•
The
form and time of
the giving of
the notice of redemption
shall he as specified in
3.12 hereof.
3.12. A. Time, Form, Manner. The time, manner and form of giving notice of
the call for redemption of the Prior Bonds shall be as follows:
1. Time and Manner:
Notice of redemption of the Prior Bonds shall he given by registered or certified
mail, mailed not less than 30 nor more than 60 days prior to the redemption date, to each
registered owner of a bond or bonds to he redeemed, at the address appearing in the bond
register for such bonds, or at such other address as may have been furnished in writing by a
registered owner to the Bond Registrar.
All notices of redemption shall state the name of the Prior Bonds to he redeemed and
at least the information as follows:
is
EAl 1
•
(a) the redemption date;
(b) the redemption price;
(c) the principal amount of Prior Bonds to be redeemed;
(d) that on the redemption date, the redemption price of each of the Prior
Bonds to be redeemed will become due and payable and that the interest thereon shall
cease to accrue from and after said redemption date; and
(e) the place or places where the bonds to be redeemed are to be surrendered
for payment of the redemption price, which shall be the principal corporate trust
office of the Bond Registrar.
2. Form:
NOTICE OF REDEMPTION
CORPORATE PURPOSE BONDS
SERIES 19
DATED 1, 19_
• OF THE
CITY OF EVANSTON, COOK COUNTY, ILLINOIS
•
Notice is hereby given to the registered owners and holders of the bonds named in the
above caption, maturing on 1 of the years 19 to inclusive, that the
aforesaid City has called all of said bonds, in the aggregate principal amount of $ ,
for redemption and payment prior to maturity and said bonds will be paid and redeemed on
1, . The redemption price is c/ of the amount redeemed plus accrued
interest to the redemption date. Such interest is payable to the record owner of the
redeemed bonds as of the regular record date.
The aforesaid bonds will be redeemed upon presentation and surrender at the
principal corporate trust offices of American National Bank and Trust Company of Chicago,
Chicago, Illinois, as bond registrar and paying agent for said bonds.
EA12
•
On the redemption date, said bonds will become due and payable at the redemption
price, and interest in respect of such bonds shall cease to accrue from and after the
redemption date.
By order of the City Council of the City of Evanston, Cook County, Illinois, dated the
day of , 19_.
AMERICAN NATIONAL BANK AND TRUST
COMPANY OF CHICAGO
Bond Registrar and Paying Agent
Authorized Officer
B. Additional Redemption Ditties. The Escrow Agent shall act as agent for the
City in performing all acts, giving or causing to be given all notices, and providing such is
directions to the Bond Register or the Paying Agent, or both, to effect the payment and
redemption of the Prior Bonds as aforesaid. The Escrow Agent acknowledges receipt of a
certified copy of each ordinance of the City authorizing and providing for each of the series
of the Prior Bonds.
C. Additional Duries and Notice. The Escrow Agent shall give or cause the Bond
Registrar or the Paying Agent, or both, as appropriate, to give such further notices of
redemption as may be required by any applicable rule of the Securities and Exchange
Commission, the Municipal Securities Rulemaking Board, the Comptroller of the Currency,
or any other agency or person having appropriate jurisdiction; but the giving of any such
notice shall be directory only, and any failure or defect with respect to such notice shall not
•
EA1 3
invalidate or diminish in any way the validity of the redemption of the Prior Bonds as
provided herein upon the giving of official notice of redemption.
3.13. The Escrow Agent will submit to the Comptroller a statement within 30 days
after June 1 and December 1 of each year, commencing December 1, 1992, itemizing all
moneys received by it and all payments made by it under the provisions of this Agreement
during the six month period ending on such June 1 or December 1.
3.14. If at any time it shall appear to the Escrow Agent that the available proceeds of
the Government Obligations and funds on deposit in the Escrow Account will not be
sufficient to make any payment (whether principal, interest or premium) due to the holders
or registered owners of any of the Prior Bonds, as and to the extent provided herein, the
Escrow Agent shall notify the City not less than 15 days prior to such date, and the City
agrees that it will from any funds lawfully available for such purpose make up the
anticipated deficit so that no default in the making of any such payment will occur:
ARTICLE IV
COVENANTS OF CITY
The City covenants and agrees with the Escrow Agent as follows:
4.01. The Escrow Agent shall have no responsibility or liability whatsoever for (a)
any of the recitals of the City herein, (b) the performance of or compliance with any
covenant, condition, term or provision of the Bond Ordinance, and (c) any undertaking or
statement of the City hereunder or under said Bond Ordinance.
4.02. To the fullest extent it is required under the terms of' the. Prior Bonds, the City
will promptly and without delay remit to the Escrow Agent, within ten days after receipt of
its written request, such sum or sums of money as are necessary to make the payments
• required under 3.14 hereof and to fully pay and discharge any obligation or obligations or
EA 14
•
charges, fees or expenses incurred by the Escrow Agent in carrying out any of the duties,
terms or provisions of this Agreement. The City will promptly pay all Paying Agent and
Bond Registrar fees.
4.03. The City does hereby waive any right to pay at maturity or redeem on any
other date than as herein specified any of the Prior Bonds.
ARTICLE V
AMENDMENTS AND IRREVOCABILITY OF AGREEMENT
5.01. This Agreement may be amended or supplemented to provide that the
Government Obligations or any portion thereof may be sold or redeemed, and moneys
derived therefrom invested, reinvested (but only in other direct full faith and credit
obligations of the U.S. Treasury which are not redeemable by the Treasury prior to
maturity) or disbursed in any manner provided (any such amendment, supplement, direction
to sell or redeem or invest, reinvest or disburse to be referred to as a "Subsequent Action
upon submission to the Escrow Agent of each of the following:
A. Certified copy of proceedings of the City Council of the City authorizing
the Subsequent Action and copy of the document effecting the Subsequent Action
signed by duly designated officers of the City.
B. An opinion of nationally recognized bond counsel or tax counsel
nationally recognized as having an expertise in the area of tax-exempt municipal bonds
that the Subsequent Action will not cause the interest on the Bonds or any of the Prior
Bonds to become includible in the gross income of the owners for federal income tax
purposes and not exempt .from federal income taxes of such owners under the laws of
the United States of America providing for taxation of income as and to the extent
contemplated when such bonds were issued and that the Subsequent Action does not
•
EA15
materially adversely affect the legal rights of the registered owners or holders of the
Bonds or any of the Prior Bonds.
C. An opinion of a firm of nationally recognized independent certified
public accountants that the amounts, which will consist of funds or receipts from
direct full faith and credit obligations of the United States of America, not subject to
redemption prior to maturity, all of which shall be held hereunder, available or to be
available for payment of the Prior Bonds will remain sufficient after the Subsequent
Action to pay when due the Aggregate Payment Requirement then remaining to be
paid.
5.02. The City and the Escrow Agent may amend or add to the terms of this
Agreement to correct errors, clarify ambiguities or insert inadvertently omitted material but
• only if any such correction, clarification or insertion has absolutely no adverse impact on the
holders or registered owners of the Bonds or any of the Prior Bonds. Tile -City may
•
supplement this Agreement by providing for notice prior to any amendment to such parties
as it may name in any such supplement, which will he elfective upon filing with the Escrow
Agent.
5.03. Except as provided in 5.01 and 5.02 hereof, all of the rights, powers, duties and
obligations of the Escrow Agent hereunder shall he irrevocable and shall not he subject to
amendment by the Escrow Agent and shall be binding on any successor to the Escrow Agent
during the term of this Agreement.
5.04. Except as provided in 5.01 and 5.02 hereof, all of the rights, powers, duties and
obligations of the City hereunder shall be irrevocable and shall not be subject to amendment
by the City and shall be binding on any successor to the officials now comprising the City
Council of the City during the term of this Agreement.
EAl6
4
•
5.05. Except as provided in 5.01 and 5.02 hereof, all of the rights, powers, duties and
obligations of the Comptroller hereunder shall be irrevocable and shall not be subject to
amendment by the Comptroller and shall be binding on any successor to said official now in
office during the term of this Agreement.
5.06. In the event the Prior Bonds, with the consent and approval of the City, are
rerated by any nationally known service which rates securities such as the Prior Bonds based
upon the additional security provided by this Agreement, then the City and the Escrow
Agent will provide such reasonable prior notice of any further amendment to this
Agreement as may be requested by such service pursuant to its rerating.
ARTICLE VI
NOTICr
6.01. All notices and communications to the City and the City Council shall be •
addressed in writing to:
City Clerk
City of Evanston
2100 Ridge Avenue -
Evanston, Illinois 60201
or at such other address as is furnished from time to time by the City.
6.02. All notices and communications to the Escrow Agent shall be addressed in
writing to:
American National Bank and Trust Company
of Chicago
Corporate Trust Division
30 North LaSalle Street
Chicago, Illinois 60690
or at such other address as is furnished from time to time by the Escrow Agent.
•
EA 17
.•
to:
6.03. All notices and communications to the Comptroller shall be addressed in writing
City Comptroller
City of Evanston
2100 Ridge Avenue
Evanston, Illinois 60201
It
or at such other address as is furnished from time to time by the Comptroller.
ARTICLE VII
RESIGNATION OF ESCROW AGENT
The Escrow Agent may at any time resign as Escrow Arent under this Agreement by
giving 30 days written notice to the City, and such resignation shall take effect upon the
appointment of a successor Escrow Agent by the City. The Cite may select as successor
• Escrow Agent any financial institution with capital, surplus and undivided profits of at least
$50,000,000 and located within the City of Chicago, Illinois, or in the Borough of
Manhattan of the City of New York, New York, and whicli is authorized to maintain trust
accounts for corporations in Illinois under applicable law.
ARTICLE VI11
TERMINATION OF AGREEMENT
Upon the final disbursement for the payment of the Prior Bonds as hereinabove
provided for, the Escrow Agent will transfer any balance remaining in the Escrow Account
to the Comptroller with due notice thereof mailed to the City, and thereupon this Agreement
shall terminate.
•
EA 18
IN WITNESS WHEREOF the City has caused this Agreement to be signed in its name by
its Mayor, to be attested by the City Clerk under its corporate seal hereunto affixed; and the
Escrow Agent, not individually, but in the capacity as hereinabove described, has caused this
Agreement to be signed in its corporate name by one of its and to be
attested by one of its under its corporate seal hereunto affixed, all this
day of October 1992.
CITY OF EVANSTON
COOK COUNTY, ILLINOIS
B
Mayer
•
ATTEST:
•
City Clerk
[SEAL]
ATTEST:
Its
[SEAL]
AN 4E--RICAN NATIONAL: BANK AND TRUST
COMPANY OI= CHICAGO
Its
•
EA1 9
•
The foregoing Escrow Agreement has been received and acknowledged by me as of
the date last written.
•
Comptroller
City of Evanston
Cook County, Illinois
EA20
1
TABLE A
01-Sep-92 CtTY OF EVANSTON, IWNOIS
Outstanding General Obligation Bonds Redemption Features
Issue CALLED CALL DETAILS
Amount
•
15-Dec-80
$10,000,000
YES
Yes -by Series 1986
Escrowed for Redemption on 1H/92
W-Oct-81
$5,000,000
YES
Yes -by Series 19W
Escrowed for Redemption on 1/1/92
14-Jun-82
$8,500,000
YES
Yes -by Series 1983
Escrowed for Redemption on 111/93
26Sep-83
$11.825,000
YES
Yes -by Series 1990
Escrowed for Redemption on 1h194
03-Dec-84
$1,750,000
NO
-
-
28-Oct-85
$Z240,000
NO
-
-
28- Jul-86
$9,160,000
YES
NO
Callable 1/1/97 Q 100 (1)
14-Sep-87
$10,030,000
YES
NO
Callable 8/1197 0102 (2)
22-Aug-88
$2,650,000
YES
NO
Callable 12/1/96 Q 101.5 (3)
18Sep-89
$6,235,000
YES
NO
Callable 12h196 0101 (4)
24Sep-90
$15,155,000
YES
NO
Callable 1211/97 @ 100.75(5)
Call Details - Callable Maturities Coupons
Current
G.O.
G.O.
G.O.
G.O.
G.O.
Aaa
1986
1987
1988
1989
1990
Non
Series
Series
Series
Series
Series
Year
B.Q.
(1)
(2)
(3)
(4)
(5)
1997
-
-
-
6.60%
6.70%
-
1998
4.80%
7.00%
7.10%
8.70%
8.70%
6.875%
1999
5.00%
7.00%
7.30%
6.80%
6.70%
6.875%
2000
5.20%
7.00%
7.40%
6.90%
6.70%
6.875%
2001
5.35%
7.00%
7.50%
7.00%
6.70%
6.875%
2002
5.45%
7.00%
7.60%
7.10%
6.70%
7.000%
2003
5.55%
7.00%
7.70%
7.10%
6.70%
7.000%
2004
5.65%
7.00%
7.75%
-
6.70%
7.000%
2005
5.75%
7.00%
7.75%
-
6.70%
7.000%
2006
5.85%
7.00%
7.75%
-
6.75%
7.125%
2007
5.95%
-
7.75%
-
6.80%
7.125%
2008
6.00%
-
7.75%
-
6.80%
7.125%
2009
6.05%
-
7.75%
-
6.80%
7.125%
2010
6.10%
-
-
-
-
7.125%
•
is
ytjni ,r. 0 — rr*_L. �
CITY OF EVANSTON, IL
• SERIES -1992 GENERAL OBLIGATION REFUNDING BONDS--
S O U R C E S A N D U S E S O F F U N D S
-------------------------------- -
DELIVERY DATE: 10/ 1/92
•
is
Sources of Funds
PAR AMOUNT OF BONDS ................... $27,900,000.00
+PREMIUM /-DISCOUNT ................... s0.00
BOND PROCEEDS ........................................... 27,900,000.00
............•......
S27,900,000.00
Uses of Funds
arras==a=
ESTIMATED COST OF ESCROW SECURITIES ..................... 27,473,904.62
Underwriters Discount (% or S).......... ( 0.750000%)... 209,250.00
Cost of Issuance ........................0 0.750000%)... 209,250.00
CONTINGENCY ............................................. 2,595.38
$27,900,000.00
FIRST CHICAGO CAPITAL MARKETS, INC.
RUNDATE: 09-01-1992 8 09:23:02 FILENAME: EVANSTON KEY: REF
Wu
D - 'rtkkjl1 4.
CITY OF
EVANSTON, IL
SERIES
1992 GENERAL
OBLIGATION REFUNDING BONDS
SAVINGS REPORT
- - - - - - - -
PROPOSED
DEBT SERVICE - -
- - - - - -
PRIOR
CUMULATIVE
DATE
PRINCIPAL
COUPON
INTEREST
TOTAL
O/S
--------------
SAVINGS
--------------
SAVINGS
--------
12/
--------------
1/92
----------
-------------- --------------
253,455.00
--------------
253,455.00
894,692.50
641,237.50
641,237.50
12/
1/93
235,000.00
2.800000
1,520,730.00
1,755,730.00
1,789,385.00
33,655.00
674,892.50
12/
1/94
240,000.00
3.600000
1,514,150.00
1,754,150.00
1,789,385.00
35,235.00
710,127.50
12/
1/95
250,000.00
4.000000
1,505,510.00
1,755,510.00
1,789,385.00
33,875.00
744,002.50
12/
1/96
260,000.00
4.300000
1,495,510.00
1,755,510.00
1,789,385.00
33,875.00
777,877.50
12/
1/97
1,370,000.00
4.600000
1,484,330.00
2,854,330.00
2,889,385.00
35,055.00
812,932.50
12/
1/98
1,625,000.00
4.800000
1,421,310.00
3,046,310.00
3,084,370.00
38,060.00
850,992.50
12/
1/99
1,630,000.00
5.000000
1,343,310.00
2,973,310.00
3,009,850.00
36,540.00
887,532.50
12/
1/ 0
2,000,000.00
5.200000
1,261,810.00
3,261,810.00
3,297,700.00
35,890.00
923,422.50
12/
1/ 1
2,500,000.00
5.350000
1,157,810.00
3,657,810.00
3,693,142.50
35,332.50
958,755.00
12/
1/ 2
2,430,000.00
5.450000
1,024,060.00
3,454,060.00
3,486,942.50
32,882.50
991,637.50
12/
1/ 3
2,530,000.00
5.550000
891,625.00
3,421,625.00
3,456,867.50
35,242.50
1,026,880.00
12/
1/ 4
2,365,000.00
5.650000
751,210.00
3,116,210.00
3,151,•?37.50
35,727.50
1,062,607.50
12/
1/ 5
2,425,000.00
5.750000
617,587.50
3,042,587.50
3,076,187.50
-3,600.00
1,096,207.50
12/
1/ 6
2,485,000.00
5.850000
473,150.00
2,963,150.00
2,999, = .00
36,075.00
1,132,282.50
12/
1/ 7
2,645,000.00
5.950000
332,777.50
2,977,777.50
3,013,893.7:
36,116.25
1,168,398.75
12/
1/ 8
1,470,000.00
6.000000
175,400.00
1,645,400.00
1,679,518.75
34.118.75
1,202,517.50
12/
1/ 9
1,280,000.00
6.050000
87,200.00
1,367,200.00
1,403,056.25
35,856.25
1,238,373.75
12/
1/10
160,000.00
6.100000
9,760.00
169,760.00
203,537.50
33,777.50
,272,151.25
27,900,000.00
ACCRUED
27,900,000.00
_==_====� ====
17,325,695.00 45,225,695.00 46,497,846.25 1,272,151.25
17,325,695.00 45,225,695.00 46,497,846.25
Dated 10/ 1/92 with Delivery of 10/ 1/92
Bond Years 308.325.000
Average Coupon 5.619296
Average Life 11.051075
N I C % 5.619296 % Using 100.0000000
T I C % S.588327 % From Delivery Date
Net Present Value Savings at: 5.5900% Equals
FIRST CHICAGO CAPITAL MARKETS, INC.
1,272,151.25
1,041,556.68 or 3.7332% of Par of the Current Issue
or 4.1471% of Par of the Prior Issue
RUNDATE: 09-01-1992 2 09:24:52 FILENAME: EVANSTON KEY: REF
0
Ff-'-