HomeMy WebLinkAboutORDINANCES-1986-090-O-86I
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ORDINANCE NO. 90-0-86
AN ORDINANCE of the City of Evanston, Cook
County, Illinois, Authorizing and Directing
the Execution of a Refunding Escrow Agreement
in Connection with the Issuance of $9,160,000
Corporate Purpose Bonds, Series 1986.
WHEREAS the City of Evanston, Cook County, Illinois
(the "City") has provided by Ordinance Number79-D-?6, heretofore
adopted by the City Council (the."City Council") of the City on
the 28th day of July 1986, for the issuance of an aggregate prin-
cipal amount. of $9,160,000 Corporate Purpose Bonds, Series 1986,
dated August 1, 1986 (the "Bonds"); and
WEMREAS part of the proceeds of the Bonds will be used
to refund in advance of maturity $5,125,000 bonds of the City
• consisting of the callable portions (only) of the bonds described
as follows:
Corporate Purpose Bonds, Series 1981-A (the "1981A
Bonds") dated January 1, 1981, issued on January 5,
1981, in the original aggregate principal amount of
$10,000,000, of the denomination of $5,000 each, num-
bered from 1 to 2000, inclusive, of which $8,300,000
are currently outstanding, due serially on January 1 of
the years and in the amounts and bearing interest at
the rates percent per annum as follows:
•
• Year
Amount ($)
Rate (%)
1987
425,000
10.40
1988
425,000
9.20
1989
950,000
8.60
1990
950,000
8.60
1991
950,000
8.70
1992
975,000
8.80
1993
300,000
8.90
1994
300,000
9.00
1995
300,000
9.20
1996
300,000
9.40
1997
300,000
9.50
1998
300,000
9.60
1999
300,000
9.70
2000
300,000
9.80
2001
300,000
9.80
2002
300,000
9.90
2003
125,000
10.00
2004
125,000
10.00
2005
125,000
10.00
2006
125,000
10.00
2007
125,000
10.00
of which bonds, those due on or after January 11 1993,
in the aggregate principal amount of $3,625,000, are
redeemable prior to maturity at the option of the City,
• in whole or in part, on any interest payment date on or
after January 1, 1992, in inverse order of their matu-
rity, at the redemption price of 102% from January 1,
1992, through January 1, 2000; 101% from July 1, 2000,
through July 1, 2006, plus accrued interest; and
Corporate Purpose Bonds, Series 1981-B (the "1981B
Bonds") dated October 1, 1981, issued on October 21,
1981, in the original aggregate principal amount of
$5,100,000, of the denomination of $5,000 each, num-
bered from 1 to 1020, inclusive, of which $3,775,000
are currently outstanding, due serially. on January 1 of
the years and in the amounts and bearing interest at
the rates percent per annum as follows:
Year
Amount ($)
Rate (%)
1987
375,000
9.60
1988
375,000
9.80
1989
375,000
10.00
1990
375,000
10.25
1991
375,000
10.50
1992
400,000
10.75
1993
500,000
11.00
1994
500,000
11.10
1995
500,000
11.20
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• of which bonds, those due on or after January 1, 1993,
in the aggregate principal amount of $1,500,000, are
redeemable prior to maturity at the option of the City,
,in whole or in part, on any interest payment date on or
after January 1, 1992,.in inverse order of their matu-
rity, at the redemption price of 102% plus accrued
interest;
(the callable portions (only) of which bonds, collectively, may
be referred to as the "Outstanding Bonds"); and
WWHEREREAS in order to properly provide for the refunding
of the Outstanding Bonds, it will be necessary to place proceeds
of the Bonds in trust with an escrow agent to be invested by such
escrow agent, on behalf of the City, in U.S. Treasury Certifi-
cates of Indebtedness, Notes or Bonds, State and Local Government
Series (the "Government Securities"); and
WSEBEAS the Government Securities must be of amount and
• kind such that'the principal thereof and interest thereon will be
sufficient, when added to such beginning deposit on demand as may
be necessary, to pay when due all interest on and to pay at matu-
rity or upon redemption all principal of and applicable premium
on the Outstanding Bonds; and
WHEREAS in accordance with the terms of the Outstanding
Bonds and with the provisions of the escrow agreement, certain of
the Outstanding Bonds are to be called for redemption prior to
maturity, and it is necessary to make such call and provide for
the giving of proper notice to holders or registered owners of
such Outstanding Bonds; and
WHEREAS it is necessary that the City Council of the
City authorize the form of agreement with an escrow agent and
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• direct the execution of such escrow agreement by officers of the
City;
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NOW THEREFORE Be It Ordained by the City Council of the
City of Evanston, Cook County, Illinois, as follows:
Section 1. Definitions. The words and terms used in
this ordinance shall have the definitions set forth for them in
the form of refunding escrow agreement provided herein, unless
the context or use of same shall clearly indicate that another
meaning is intended.
Section 2. The Funding of the Escrow. As provided in
the Bond Ordinance, so much of the proceeds of the Bonds as may
be necessary, as appropriated in the Bond Ordinance, shall be
used to acquire the Government Securities and to establish such
beginning deposit on demand as may be necessary to pay all inter-
est on and all principal of and applicable redemption premium on
the Outstanding Bonds when due at maturity and as called for
redemption. Such moneys will be deposited in trust in the Escrow
Account with the Escrow Agent as provided in this ordinance. The
amount thereof .necessary. .to ..be deposited in the .Escrow Account
shall be conclusively established under the terms of the Agree-
ment by the execution thereof by designated officers of the City.
Section 3. Call of the Outstanding Bonds. In accord-
ance with the redemption provisions of the ordinances authorizing
the issuance of the Outstanding Bonds, the City by the City Coun-
cil does hereby make provision for the payment of and does hereby
call (subject only to the delivery of the Bonds) the Outstanding
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• Bonds of the series and in the manner as provided by the terms of
the Agreement.
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Section 4. Form and Authorization of Agreement. The
Agreement and all the terms thereof, in the form provided hereby,
and the Escrow Agent as named therein is hereby approved, and the
Mayor and City Clerk are hereby authorized and directed to exe-
cute the Agreement in the name of the City. The Agreement shall
be in substantially the following form:
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REFUNDING ESCROW AGREEMENT
This Refunding Escrow Agreement dated as of August 1,
1986, but actually executed on the date witnessed hereinbelow, by
and between. the City of Evanston, Cook County, Illinois, and
American National Bank and Trust Company of Chicago, a national
banking association, having trust powers, with principal offices
located in the City of Chicago, Illinois, not individually but in
the capacity as hereinafter described, for and in consideration
of Ten Dollars ( $10.00 ) duly paid by the City to said Bank, the
receipt whereof is hereby acknowledged:
W I T N E S S E T H
• Article 1. 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.
1.01. Agreement - "Refunding Escrow Agreement dated as
of August 1, 1986, by and between the City and the Escrow Agent."
1.02. Bonds - "$9,160,000 principal amount of Corpo-
rate Purpose Bonds, Series 1986, dated August 1, 1986, of the
City, a part of the proceeds of which are to be used for the
refunding of the Outstanding Bonds."
1.03. Bond Ordinance - "Ordinance Number
passed July 28, 1986, by the City Council authorizing the Bonds."
1.04. City - "City of Evanston, Cook County,
Illinois."
• 1.05. City Comptroller - "Comptroller of the City."
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1.06. City Council - "City Council of the City."
1.07. Defeasance Report - "report of Grant Thornton,
Minneapolis, Minnesota, certified public accountants, that the
principal of, interest on and profit received from the Government
Securities, when received, and the beginning deposit on demand
held hereunder will be sufficient at all times to pay all prin-
cipal of and interest and applicable redemption premium on the
Outstanding Bonds when due at maturity and as called for
redemption."
1.08. Escrow Account - "trust fund created under the
terms of this Agreement with the Escrow Agent and comprised of
the Government Securities and a certain beginning deposit as more
• fully described in Section 2.02 hereof."
1.09. Escrow Agent - "American National Bank and Trust
Company of Chicago, a national banking association, having trust
powers, with principal offices located in the City of Chicago,
Illinois, not individually but in the capacity for the uses and
purposes1hereinafter mentioned, or any successor thereto."
1.10. Government Securities - "United States Treasury
Certificates of Indebtedness, Notes and/or Bonds, State and Local
Government Series, purchased with Bond proceeds, and deposited
hereunder."
1.11. Outstanding Bonds - "the following described
bonds of the City:
that portion of the Corporate Purpose Bonds, Series
1981-A (the "1981A Bonds") dated January 1, 1981,
issued on January 5, 1981, in the original aggregate
principal amount of $10,000,000, of the denomination
• of $5,000 each, numbered from 1276 to 2000, inclusive,
in the aggregate principal amount of $3,625,000, due
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serially on January 1 of the years and in the amounts
and bearing interest at the rates percent per annum as
follows:
Year Amount ($) Rate ($)
1993 300,000 8.90
1994 300,000 9.00
1995 300,000 9.20
1996 300,000 9.40
1997 300,000 9.50
1998 300,000 9.60
1999 300,000 9.70
2000 300,000 9.80
2001 300,000 9.80
2002 300,000 9.90
2003 125,000 10.00
2004 125,000 10.00
2005 125,000 10.00
2006 125,000 10.00
2007 125,000 10.00
redeemable prior to maturity at the option of the
City, in whole or in part, on any interest payment
• date on or after January 1, 1992, in inverse order of
their maturity, at the redemption price of 102% on
January 1, 1992, plus accrued interest; and
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that portion of the Corporate Purpose Bonds, Series
1981-B (the "1981B Bonds") dated October 1, 1981,
issued on October 21, 1981, in the original aggregate
principal amount of $5,100,000, of the denomination of
$5,000 each, numbered from 721 to 1020, inclusive, in
the aggregate principal amount of $1,500,000, due
serially on January 1 of the years and in the amounts
and bearing interest at the rates percent per annum as
follows:
Year Amount ($) Rate (%)
1993 500,000 11.00
1994 500,000 11.10
1995 500,000 11.20
redeemable prior to maturity at the option of the
City, in whole or in part, on any interest payment
date on or after January 1, 1992, in inverse order of
their maturity, at the ..redemption price of 102% plus
accrued interest."
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1.12. Paying Agents - "the paying agents on the Out-
s,tandin.g.Bonds, as .follows:
For the Series Name of
of Bonds Payinq Aqent
1981A Bonds Harris Trust and Savings
Bank
Chicago, Illinois
1981E Bonds BankAmerica Securities
Services Company of
New York, a limited
purpose trust company,
New York, New York
1.13. 1981A Bonds - "the 11981A Bonds' as defined at
1.11 above."
1.14. 1981B Bonds - "the '1981B Bonds' as defined at
1.11 above."
• ARTICLE II. CREATION OF ESCROW
2.01. All of the Outstanding Bonds are hereby refunded
by the deposit with the Escrow Agent of moneys sufficient to pur-
chase the Government Securities described in 2.02 hereof, which
Government Securities (together with the beginning deposit on
demand as described herein) will provide all moneys necessary to
pay all principal of and interest and applicable premium on the
Outstanding Bonds when due at maturity and as called for
redemption.
2.02. The City has deposited with the Escrow Agent at
the execution and delivery of this Refunding Escrow Agreement the
sum of $ derived from Bond proceeds. Of said
amount, $5,988,-400 has been used for the purchase of the Govern-
ment Securities and $ for a beginning deposit on
• demand. The Escrow Agent now holds the Government Securities and
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the beginning deposit on demand as described on Exhibit A
attached to this Agreement and incorporated into the text hereof
by this reference as if set out in full.
2.03. The Escrow Agent and the City have each received
the Defeasance Report.
follows:
ARTICLE III. COVENANTS OF ESCROW AGENT
The Escrow Agent covenants and agrees with the City as
3.01. The Escrow Agent will hold the Government
Securities 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 to the
purposes for which escrowed.
• 3.02. The Escrow Agent will reinvest ending balances
available from time to time in the Escrow Account, rounded to an
even $100, whenever said balances exceed $1,000, in zero -yield
obligations issued directly by the Bureau of Public Debt of the
United States Treasury and currently designated "United States
Treasury Certificates of Indebtedness, Notes, or Bonds of the
State and Local Government Series." Investments so made shall be
scheduled to mature not later than the day of nor more than two
days prior to the next succeeding interest payment date on the
Outstanding Bonds when such balances are needed. The Escrow
Agent shall not invest the beginning deposit on demand.
3.03. The Escrow Agent shall hold all balances not so
invested or reinvested as hereinabove described and on deposit in
• the Escrow Account on demand and in trust for the purposes hereof
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and shall secure same in accordance with 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 Securi-
ties which would cause the Bonds or the Outstanding Bonds to be
classified as "arbitrage bonds" under Section 103(c) of the
Internal Revenue Code of 1954, as amended, and all lawful regula-
tions promulgated thereunder; provided, it shall be under no duty
to affirmatively inquire whether the Government Securities as
deposited are properly invested under said section; and, pro-
vided, 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 prin-
cipal of, interest on and income and profit from the Government
Securities and promptly apply the same solely and only to the
payment of the principal of and applicable redemption premium of
and interest on the Outstanding Bonds as the same mature and are
due at applicable redemption date and to such other purposes as
are herein expressly stated.
3.06. The Escrow Agent will remit to each Paying
Agent, respectively, in good funds on or before each principal
maturity or redemption date and interest payment date of the
Outstanding Bonds moneys sufficient to pay such principal,
premium and interest as will meet the requirements for the timely
payment of said Outstanding Bonds as set out in the Defeasance
• Report, and each such remittance shall fully release and dis-
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• charge the Escrow Agent from any further duty or obligation
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thereto under this Agreement.
3.07. The Escrow Agent will make no payment of fees,
due or to become due, of any Paying Agent.
3.08. The costs and expenses of the Escrow Agent will
be paid by the City from funds other than those deposited here-
under. The Escrow Agent shall have no lien or right of setoff 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 Outstanding Bonds shall be redeemed as
follows:
• (a) The 1981A Bonds are to be redeemed in whole on
January 1, 1992, at the redemption price of 102%
of par, plus accrued interest.
(b) The 1981B Bonds are to be redeemed in whole on
January 1, 1992, at the redemption price of 102%
of par, plus accrued interest.
The Escrow Agent will provide for and give or cause to be given a
timely, -notice of the redemption of the Outstanding Bonds. The
form and time of the giving of such notice shall be as specified
in 3.10 hereof. The Escrow Agent shall give due notice to the
Paying Agents on such bonds of such redemption.
3.10. The time, manner and form of giving notice of
the call for redemption of the Outstanding Bonds shall be as
follows:
(A) Time and Manner:
Notice of intended -redemption shall be given by regis-
tered or certified mail to the registered owner of each bond
• which shall then be registered as to principal on the books of
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• the City Comptroller at the address of such owner shown on the
bond register. Notice shall be given by the publication of an
appropriate notice one time in The Bond Buyer, published in the
City of New York, New York, or in the event it ceases publication
then in a financial newspaper published either in the City of
Chicago, Illinois, or in the City of New York, New York. Notice
shall also be filed with the Paying Agents for the Bonds. All
such redemption notices shall be given and published not less
than 30 days nor more than 60 days prior to the date fixed for
redemption.
(B) Form:
(1) 1981A Bonds
Notice of Redemption
of
$3,625,000 Aggregate Principal Amount
•
of
Corporate Purpose Bonds, Series 1981-A
Dated January 1, 1981
of the
City of Evanston
Cook County, Illinois
Notice is hereby given to the owners and holders of the
bonds named in the above.capti.on, numbered from 1276 to 2000,
inclusive, of the denomination of $5,000 each, and maturing on
January 1 of the years 1993 to 2007, inclusive, that the City of
Evanston, Cook County, Illinois, has exercised its option to call
for redemption and payment said bonds in the aggregate principal
amount of $3,625,000 prior to their maturity, and such bonds will
be paid on January 1, 1992, upon surrender of said bonds with all
interest coupons pertaining thereto, and such payment will be at
a redemption price of 102% of par, plus accrued interest to the
• date of redemption.
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•
The owners and holders of said bonds are directed to
present the same for payment at Harris Trust and Savings Bank,
Chicago, Illinois, where such bonds and interest will be paid.
Notice is further given that said bonds shall cease to
bear interest from and after said date of January 1, 1992.
By order of the City Council of the City of Evanston,
Cook County, Illinois, dated the 28th day of July 1986.
City of Evanston
Cook County, Illinois
`By:'American National Bank and
Trust Company of Chicago
Authorized Agent
/s/
Trust Officer
• (2) 1981E Bonds
Notice of Redemption
of
$1,500,000 Aggregate Principal Amount
of
Corporate Purpose Bonds, Series 1981-B
of the
City of Evanston
Cook County, Illinois
Notice is hereby given to the owners and holders of the
bonds named in the above caption, numbered from 721 to 1020,
inclusive, of the denomination of $5,000 each, and maturing on
January 1 of the years 1993 to 1995, inclusive, that the City of
Evanston, Cook County, Illinois, has exercised its option to call
for redemption and payment said bonds in the aggregate principal
amount of $1,500,000, prior to their 'maturity, and such bonds
will be paid on January 1, 1992, upon surrender of said bonds,
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and such payment will be at a price of 102% of par, plus accrued
interest to the date of redemption.
The owners and holders of said bonds are directed to
present the same for payment at BankAmerica Securities Services
Company of New York, New York, New York, where such bonds will be
paid.
Notice is further given that said bonds shall cease to
bear interest from and after said date of January 1, 1992.
By order of the City Council of the City of Evanston,
Cook County, Illinois, dated the 28th day of July 1986.
City of Evanston
Cook County, Illinois
By: American National Bank and
• Trust Company of Chicago
Authorized Agent
/s/
Trust Officer
3.11. 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 will-
ful breach of trust, and shall be under no obligation to insti-
tute 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 City to its satisfaction against any
and all costs and expenses, outlays, counsel fees and other dis-
bursements, including its own reasonable fees, and if any judg-
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ment, 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.
3.12. The Escrow Agent may in good faith buy, sell or
hold and deal in any of the Bonds or Outstanding Bonds.
3.13. The Escrow Agent will submit to the City Comp-
troller a statement within 15 days after January 2 and July 1 of
each calendar year, commencing January 2, 1987, itemizing all
moneys received by it and all payments made by it under the
provisions of this Agreement during the preceding six-month
period, and also listing the Government Securities, the secur-
ities derived from reinvestments, if any (and identified as
• such), on deposit and all moneys held by it received as interest
on or profit from the collection of said securities.
3.14. If at any time it shall appear to the Escrow
Agent that the available proceeds of the Government Securities
and deposits on demand in the Escrow Account will not be suffi-
cient to make any payment (whether principal, interest or
premium) due to the holders or owners of any of the Outstanding
Bonds, 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.
• follows:
.ARTICLE IV. COVENANTS OF CITY
The City covenants and agrees with the Escrow Agent as
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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. 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 dis-
charge any obligations or 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 Agents' fees as submitted.
4.03. The City and the City Comptroller will promptly
and without delay supply to the Escrow Agent, within five days
after receipt of its written request, the names and addresses of
the holders of the 'Outstanding Bonds registered as to principal
upon the books of registration in the office of the City Comp-
troller under the provisions of the ordinances authorizing the
Outstanding Bonds or otherwise known to the City.
4.04. All payments to be made by, and all acts and
things required to be done by, the Escrow Agent under the terms
and provisions hereof shall be made and done by said Escrow Agent
without any further direction or authority of the City or the
City Comptroller.
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ARTICLE V. IRREVOCABILITY
5.01. This Agreement may be amended or supplemented,
the Government Securities or any portion thereof sold or
redeemed, and moneys derived therefrom invested, reinvested 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 desig-
nated 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 Outstanding 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 pro-
viding for taxation of income or violate the covenants of the
City not to cause the Bonds or Outstanding Bonds to become "arbi-
trage bonds" under §103(c) of the Internal Revenue Code of 1954,
and that the Subsequent Action does not materially adversely
affect the legal rights of the holders of the Bonds and Outstand-
ing Bonds.
(c) An opinion of a firm of nationally recognized
• independent certified public accountants that the amounts (which
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will consist of funds or receipts from direct full faith and
credit obligations of the United States of America, all of which
shall be held hereunder) available br to be available for payment
of the Outstanding Bonds will remain sufficient to pay when due
all principal of and applicable redemption premium and interest
on the Outstanding Bonds after the taking of the Subsequent
Action.
5.02. City and the Escrow Agent may amend or supple-
ment the terms of this Agreement to correct errors, clarify ambi-
guities or insert inadvertently omitted material but only to the
extent such action has no adverse effect on the Bonds or Out-
standing Bonds.
• 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 be irrevocable and shall not be subject to amend-
ment 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 here-
under shall be irrevocable and shall not be subject to amendment
by the City and shall be binding on any successors to the
officials now comprising the City Council during the term of this
Agreement.
5.05. Except as provided in 5.01 and 5.02 hereof, all
of the rights, powers, duties and obligations of the City Comp-
troller hereunder shall be irrevocable and shall not be subject
• to amendment by the City Comptroller and shall be binding on any
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successor to said official now in office during the term of this
Agreement.
ARTICLE VI. NOTICES
6.01. All notices and communications to the City and
the City Council shall be addressed in writing to:
City Clerk
City of Evanston
Civic Center
2100 Ridge Avenue
Evanston, Illinois 60204
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
33 North LaSalle Street
Chicago, Illinois 60690
or at such other address as is furnished from time to time by the
Escrow Agent.
6.03. All notices and communications to the City
Comptroller shall be addressed in writing to:
City Comptroller
City of Evanston, Illinois
Civic Center
2100 Ridge Avenue
Evanston, Illinois 60204
or at such other address as is furnished from time to time by the
City Comptroller.
ARTICLE VII. RESIGNATION OF ESCROW AGENT
The Escrow
Agent may at
any time resign as Escrow Agent
•
under this Agreement
by repaying
a pro rata portion of its fee
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hereunder, based upon the term of this Agreement, and 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 City may select as successor Escrow Agent any finan-
cial institution with capital, surplus and undivided profits of
at least $100,000,000 and located within the State of Illinois,
or the Borough of Manhattan, City and State of New York, and
which is authorized to maintain trust accounts under federal or
Illinois law.
ARTICLE VIII. TERMINATION OF AGREEMENT
Upon the final disbursement for the payment of the
Outstanding Bonds as hereinabove provided for, the Escrow Agent
• will transfer any balance remaining in the Escrow Account to the
Treasurer with due notice thereof mailed to the City, and there-
•
upon this Agreement shall terminate.
IN WITNESS WHEREOF the City of Evanston, Cook County,
Illinois, has caused this Agreement to be signed in its name by
its Mayor, to be attested by the City Clerk of the City under its
municipal seal hereunto affixed; and American National Bank and
Trust Company of Chicago, not individually, but in the capacity
as hereinabove described, has caused this Agreement to be signed
in its corporate name by one of its
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I
and to be attested by one of its
under its corporate seal hereunto affixed, all this 19th day of
August 1986.
CITY OF EVANSTON
COOK COUNTY, ILLINOIS
By. P�M�'
• u Mayor
Attest:
J
/ City Clerk
(SEAL)
AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO
Attest:
Its
(SEAL)
By
Its
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•
Refunding Escrow Agreement
Exhibits Required
A. List of Government Securities
B. Defeasance Report
•
0
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0 Section 5. Severability. If any section, paragraph,
clause or provision of this ordinance shall be held invalid, the
invalidity of such section, paragraph, clause or provision shall
not affect any of the other provisions of this ordinance.
Section 6. Superseder. All ordinances, resolutions,
motions or orders or parts thereof in conflict with the provi-
sions of this ordinance are to the extent of such conflict hereby
superseded.
Section 7. Effective.Date. This ordinance shall be in
effect immediately upon its passage by the City Council and
signing and approval by the Mayor of the City.
Ayes: Aldermen Raden, Korshak, Morton, Summers, Nelson, Bleveans, Collens,
Rainey, Larson, Ream, Warshaw, Rudy, Juliar, Thiel, Drummer, Davis
and Brady
Nays: None.
Absent: Alderman Wold
Adopted: July 28, 1986.
Approved: July 28, 1986
�r--
Mayor
Recorded In City Records: July28 , 1986.
Attest:
i City -.Clerk
Ap'roved as t egality and Form:
City Attorney
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