HomeMy WebLinkAboutORDINANCES-1983-099-O-83. •. (Revisions)
(`RPIr.r.ANCF NO. 99-0-83
4N ,1RnTr.TAric'F of the City ('ounci 1 of the
City of F•vanston, Cook County, Illinois,
authorizing a.na directing the exPcuti on ,
of an Fscrow Avreement.
WHEREAS, the City of Evanston, Cool: llbunt.v, Illinois (the
'City"), has provided by Ordinance rdo. .98-0-83 heret,orore adopted
by the City Council (the "Cornnrate Authorities") of the City, on.
Sentemher �`1, ��•��. for the issuance of tl ,R?S,nnn- Cornorate T),I--
;)ose Bonds, Series 1g83, dated Octoher 1, 108-� (the "Bonds"); and
1-T4FR7AS, part of the proceeds of the -onds wi111 �A us-1
• to .refund in advance of maturity certain bonds of the C't.v described
as follows:
,Aries 1982 Bonds:
t6,50n,no0 cornora.te Ournose �n*lds, series 10,42,
dated July 1, 10R�), n,�,;,hored from 1 to l?nn, ir-
clusive, of the denomination of -)5,f?nn each, daze
in va.rvin-- amounts or January 1 of eactfb
years l9g5 to 1096, inclusivA, and c" Ih;_ch bnnds
due on or after 10Pti are re(9eemahle at the nnt,_nn
of the City in whole or in hart or. any interest
payment date on or after January 1, 1�0;
price of 101`" of the nri nc; na' amo int to he re-
_
ljeeme,r pl�l acr '+jod ;nter+est
(hereinafter designated the ,nutstand-*-n7 ponds" , and
i'17,RFAS, in order to nrnnerly nrovide 'or the re'ur�_
of the Outstanding Ronds, it will he necessary to *dace nr .o ends,
of the bonds, tnz-"etl"'et'+ ;7_`.`1 certp _n fur.J.9 of the ^it•,% nn ha'."i ?11
l w'u 11v ?`7? 1?hie for `h-e nmzrnose .an. 1.-
nC _n , h'7 h1�
agent, on behalf of the City, in direct .ob!Lzations of the T1n; red
States of America, which investments must he of the amount and
kind so that the principal +;hereof anti interest ther-e6ri will he
sufficient, when added to such beginning Aenosit on demand with
the escrow agent as may he necessary,..to pay at maturity or as
palled for redemption,all interest and redemption premium on and
principal of the Outstanding Ronds; and,
I�TH>~R.FAS, it is necessary that the Cornorate ,Authorities
of the City authorize the form of agreement with an escrow went
and direct the execution of such escrow aw.reement by officers n`'
the City:
•
rTOt>> muF.R�F�nF, Re It Ordained by the City Council of the
%ity of Fvanston, Cook County, Illinnis, as follows:
Section 1. Definitions. The words and terms used in
this ordinance shall have the definitions set forth in the form
of escrow agreement provided herein, unless the context or use of
same shall clearly indicate that another meanincy is intended.
Section 2. `�'undind of the Escrow. As orovirded in the
Rona Ordinance, so much of the proceeds of the Ronc?s as may be
necessary, not in excess of d;7, 432 ,OCO, together w_th i.gn to
NONE fiends of the City on hand aT' 1 awfull,r availa'ole "^r
the nurpose, shall be used to acquire the Government Securities
and create a beginning deposit on deman:.rl so as to nrovide for the
• payment o" all interest and re<demnt' on premium_ on and princ _na_,
)r `he nutstardin.g 7nnds when fide or for „e(9e ,r" nn
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Such money will be deposited in trust in.the Fscrow Account with
the Fscrow Agent as provided in this ordinance. , ^'he amounts
the.reo.f necessary to be deposited into the Fscrow Acco.un.t s.ba.11 ,.
be conclusively established under the terms of the Fscrow Agree-
ment by the execution thereof by desi7.nated officers of the City.
V
Section . Form and Authorization,of. Agreement. "'he
Agreement and all of the terms thereof, in the form provided
hereby, and the Fscrow Agent as named -therein, are herebv anoroved,
and the T7ayor and City Clerk are hereby authorize(? "and directed
to execute the Agreement in the name of the City. mhe Azreement
shall be in substantially the f.ollowiri- Form:
•
G
ESCRO14 ?T
-,.his B'scrow Agreement, elated' as of Octoher- 1— 19R3, but
actually executed on the date witnessed hereinhelow, by and between
the City of Fvanston, Cook County, Illinois, and La Salle Mational
Rank, in the City of Chicago, Illinois, a banking corporation
organized and operating under the laws of the tlnite.d ,S•tatPs of
America, with its principal office located in the City of Chicago,
Illinois, not individually but in the capacity as hereinafter '9e-
scribed, in consideration of the mutual promises and agreements
herein set forth:
51 I T TT T7 c C F m T?
AR.mICLE' I. DT7Tr1TTInmS
The following words and terms, used in this Agreement
shall have the `'ollowing meanings unless the context or rise clearly
indicates another or different meaning:
Section 1.01. "Agreement" this escrow Agreement, late:9
as of October 1, 19R3.
Section 1.02. "Bonds" - t11,R29,C00 principal amoixnt or
Corporate Purpose Ronds, Series 1983, dated October 1, 1945, nf the
City, a part of the proceeds of which are to be used for the gerund=
ing of the Cu`stan�iina Bonds.
Section 1.03.
"Bond Ordinance" - Ordinance "?o.
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passed September 25,.1983, by the Corporate Authorities, authoriz-
ing the Ronds.
Section 1.04. "City" - the City of Fvanston, Cook County,
Illinois.
Section 1.05. "Corporate Authorities." - the City Council,
which is the governing body of the Cite.
Section 1.05. "Escrow Accoiint" - the trust find created
under the terms of this AarePment with the M,scrow Agent and cnm-
prised of the Government Securities and a certain heg.inn inc- dPnosit,
as more fully stated in Section ?.02 hPreof.
• Section 1.07. s, e ow .Ap�nt' �a Salle rJ t �
��Fcn � _ T a .lnna�
Chicago, Illinois, a hankinq cornnration ormanized and onera`,irv-
under the laws of the ITni tPd States of .Arneri ca, with its pri_ncinal
office located in the City of Chicago; `Illinois, not ind ividiia.7.1y
but in .the capacity for the uses and ourposes hereinafter mentioned,
or any successor thereto.
Section 1.OR. "Escrow ,SLG's" - the United States
Treasury Certificates or Indebtedness,,,?IT
otes and/or 7Ronds, gta.te .
and Local Government .Series, purchased with Rona proceeds, and
deposited hereunder, as more narticularly descrihed in .Sectinn
2.02.
Section 1.00. "-PinancP Director" - the �in?nce ')'rector
• of the Citv:•
Section 1.10. "Government Securities" - the Escrow SLV s
and Open Markets together.
Section 1.11. "Open Markets" - the direct obligations
of the United States of America, purchased with funds,of the City
on hand and legally available for such purpose and not derived from
any borrowing, as more particularly described in Section 2.02.
Section 1.12. "Outstanding Bonds" - the following de-
scribed bonds of the City:
Series 1982 Bonds:
$6,500,000 Corporate Purpose'Bonds, Series 19b2,
• dated July 1, 1982, numbered from 1 to 1300, in-
clusive, of the denomination 01'-$5,000 each, due
in varying amounts on January 1 of each of the
years 1985 to 1996, inclusive, and of which bonds
due on or after 1994 are redeemable at the option
of the City in whole or in part on any interest
payment date on or after January 1, 1993 at a
price of 101% of the principal amount to be re-
deemed plus accrued interest.
Section 1.13. "Paying Agent" - the paying agent for the
Outstanding Bonds, as follows:
American National Bank and Trust Company of Chicago,
in the City of Chicago, Illinois.
ARTICLE II. CREATION OF ESCROW
Section 2.01. The Outstanding Bonds, described above in
Section 1.10, are. hereby refunded by the deposit with the Escrow
Agent of moneys sufficient to purchase the Government Securities
• described i!T Section 2.02 hereof, which (-.aith the beginninC deposit
EA-
also described therein) will provide all moneys necessary to pay
all interest and redemntion nremiizm on ;nd principal of the Out-
stanc frig' R:oiids when due or as called for redemption.""
Section 2.02. The City has'deposited with the Fscrow
Agent at the execution, -and delivery of this Escrow Agreement the
sum of $ derived from Rond proceed's for. -the purchase
of the escrow SLG's and $ for a beginning deposit. 'he
city has also deposited 141_th `be 7scrow.A!Tent the sum of
'or the ourchase of the Open 14arlCets. "'he Fscrow Agent nnw holds
Government Securities and a deposit described as follows:
• P_4?I
SL ^' ,S
Dated: 1c�3
Pate lgatilrity T)ate of
Description Amount (°') Hate First Snunnn
Reg_nning escrow Deno'sit from Rnnd oroneeds =
J1 Jni .,.,d•• S mates _ reasur,7 ob__;•a tinn o. the State and .'nCa_
Government Seri es"
Description
U.S. Treasury
Face Amount
PART II
OPEN MARKETS
Coupon Total
Rate or Date of Purchase
Yield Maturity Price
$
Principal - $
• Accrued Interest or Discount -
Beginning Escrow Deposit from cash on hand = $
The beginning deposit and the Government Securities
are held in an irrevocable trust for the City to the benefit of
the holders of the Outstanding Bonds to pay the principal of and
interAst and redemption premium on the..Outstanding*Bonds as the
same mature or are called for redemption and fall due on each
principal maturity or redemption and interest payment date.
Section 2.03. The Escrow Agent and the City have each
received the report of Alexander Grant•.& Co., Denver, Colorado,
indicating that the principal of and income and profit to be re-
ceived from the Government Securities when paid at maturity, and
the cash held in accordance with Section 2.02 hereof, will be suf
• ficient at all times pending the final payment of the Outstanding
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Ponds to pay all interest and redemption premium on and principal
of the Outstanding Ponds when daze or as -called for redemption.
ARTICLF III. COVFi`1ANTS OF 'ESCROW Ar,FNT'
The Escrow Agent covenants and agrees with the City as
follows:
Section 9.Cl. The Escrow Agent will hold the GnvArn-
ment Securities and all income and nrof'it derived there"rnm and
all uninvested cash in a sea-reaa.ted and separate trust fund
account for the snle and eXclusi17e henefit of the rit,v for the
purposes for which escrowed.
• Section �.C?_. The Fscrow Agent will invest and ^-invest
available uninvested balances in the Fscrow Account, on denosit
from time to time as follows:
(a) 171e7inninP Deposit on Demand. The 7scrow Agent
shall not invest the heginnina denosit on demand.
.f
(h) Open Markets. The Open *4arkets will all mature
on 198 and will he applied to the f:illest extent
i - -
possible to the payment of the interes' on the nutstandina Ponds
i .
idue on January 1, 1QQC,. 'hereafter, -t wi.11 remain as
receipts From the Open markets, The Fscrow .went shall Invest
I
such 'sum in any 'available direct oblizAt-ions of the TTnited States
of America purchased on . the open market and lue on or as shortly
as possible before J111y 1, 1OP4. Said so rPinveste.1
A-5
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shall be fully applied to the payment of interest on the Outstand-
ing Bonds due on July 1, 1984. Any income or interest received as
a re.s.ult-=af such reinvestment shall first be applied ...yp .:any fees „
or commissions of the Escrow Agent due solely on account of the
reinvestment and then be disbursed promptly by check of the Escrow
Agent to the City fo?" deposit in the .corporate fund thereof.
(c) Escrow SLG's. The Escrow SLG's receipts are as of
and of each year. Such receipts are first
applied to the payment of principal of and interest on the Out-
-stand-ing Bonds on the following January 1 or July 1. After such api;li-
cation, various ending balances derived from the Escrow SLs's occur
as shown in Schedule , Column of the report described in
Section 2.03 hereof. To the extent these ending balances exceed
$1,000, they shall be invested in zero -yield obligations issued
directly by the Bureau of Public Debt of the Department of the
Treasury of the United States of America (currently knovrn as "U.S.
Treasury Certificates of Indebtedness, Votes or Bonds of the State
and Local Goverrunent Series".) . Inves t;Yients so made shall oe
scheduled to mature not more than five (5) nor less than two (2)
days prior to the next interest payment.date on the Outstanding
Bonds determined as of the time of investment. '
The Escrow Agent shall hold balances not so invested in
the'Escrow Account on demand and in trust for the purposes hereof
and shall secure samne in accordance with applicable Illinois lava
for the sec.urina of public funds.
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Section 3.03. The Escrow Agent will take no action
in the investment or securing of the pr6ceeds of the Government
Securities -which would cause -.the Bonds 'to be classifiei�-as
"arbitrage bonds" under Section 10�(c) of.the Internal Reveni,te
'ode of 1994, as amended, and all lawful regulations promulgated
thereunder; provided, it shall be under no deity to af" _rmatively
inquire whether the government ,Securities as deposited are
properly invested under said section; and, provided further, it
may rely on all specific directions in this Agreement for the
investment or reinvestment of balances 'held hereunder.
Section 3.04. The Escrow Agent will promptly collect
the principal, income and profit from the government Securities
and nromptl.y apply the same solely and only to the payment of the
principal of and interest and rede nnt;_on nre^rs_um on the Outstand-
ing Bonds as the same become due 'or a2 called for redemption.
Section S . nS . The Fsc .row Agent will remit to thA
ing Agent, in good funds on or before each principalmaturit,,l or
redemntion or interest payment date o.f.the nutstandin7 Ponds,
moneys sufficient to pav such principal, interest and redemn*,=nn
oremium as will meet the renuirements for the timely payment of
said outstanding Ponds as set out in the rernort described in
.erection 2.n5 hereof, and each such remittance shall ''ully release
and rischarge.the Escrow Agent from any .further duty or oblimation
thereto under this A7- reement.
7xceot as exnressl.,i nr-nv'ded in Section
3.02 hereof,.the Escrow Agent will make no payment of fees,. due
o_r to become due, of the Paying Agent or Escrow Agent, from the
Fscrow Account, and the City covenants to pay the same''as they
become due. The Escrow Agent shall charge such fees f:or its ser-
vices which are reasonable and usual for like services rendered
by similar institutions.
Section 3.07. The Escrow Agent has all the powers and
duties herein set forth with no liability in correction with any
actor 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 Agree-
• dent, or to enter any appearance in any suit, action or proceeding
in which it may be a defendant, or to take any steps in the enforce-
ment of its, or any, rights and powers hereunder, nor shall it 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
disbursements, including its own reasonable fees, and if any judg-
ment, decree or recovery be obtained by the Escrow Agent, payment
of all sums due it, as aforesaid, shall be a first charge against
CD
the amount of any such judgment, decree or recovery.
Section 3.08. The Escrow Agent may in good faith buy,
sell or hold and deal in any of.the Bonds or Outstanding Bonds.
Section 3.O9. The Escrow Agent will submit to the
Finance Dire -nor a statement within ten (10) days after July 1 and
January 1 of each calendar year, commencing January 1, 1984, item4.
-
izing all moneys received by it and all payments made by it under
the..pno.visions of this Agreement during the preceding s,ix (6)
months' period, and also listing the Government Securities on de-
posit therewith on the date of said report, including all moneys
held by it received as interest on or profit from the collection
of said Government Securities.
Section 3.10. If at any time it shall appear to the
Escrow Agent that the available proceeds of the Government Secur-
ities and deposits on demand in the Escrow Account will not be
sufficient to make any payment due to the holders of any of the
• . Outstanding Bonds, the Escrow Agent shall notify the City not less
than fifteen (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.
Section 3.11. All of the Outstanding Bonds maturing
on or after January 1, 1994, shall be redeemed in full or. January
1, 1993. The Escrow Agent will provide for and give a timely
notice of the call for redemption of the Outstanding Bonds. The
form, manner and time of the giving of such notice shall be as
specified in Section. 3.12 hereof.
Section 3.12. The time, manner and form of giving notice
of the call for redemption of the Outstanding Bonds shall be as
• follows:
EA-10
(a) Mime and Planner:
'he Escrow Agent shall give written notice of the re-
demotion of all of the Outstandine• ';onds called for redemption to
any registered holder thereof by first class mail not less than
thirty (30) days prior.to the date of*redemption. Such notice
shall be published at least once not less than thirty (30) days
prior to the date of redemption in '"he 9ond Ruu7er, published in
New York, New York: provided, if such piihlicat- ion shall cease to
exist, such notice shill —I he n1ahlished ?t least once, in a rewsnaner
-uhlished. and of general ciin the !'ity of Chicago,
T1linois, or .I.n a newsnaner nlzhl_shed and of general ci r^llla`;.nn
• in the City of rTew Ynrl!, Ne`a York., in addition, such notice shall
1-P filed at the place of navment, of princinal or' and interest on
the Ponds not less than thirty (10� days prior to such designated
redemption date. '"he notice of redemntion shall desi(:nate t"e .
serial numbers and the a�z-regale nrincinal a-inunt of the pones to
he redeemed and shall indicate that on the desi,7nat,ed date of re-
demotion such Rands will he redeemed h.v oa..vment of the nri ncinal
thereof and accrued interest thereon, plus the annlicahle rPde-nn-
j tion nremium, and that from and after the designated rede-nt_on
date, interest in respect of the -ones so called for redernnttnn
shall cease.
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'`inTICE OF RFDT MPTION OF
CORPORATE PURPOSE PONDS, SFRIES 19�2
DA 7F,D JULY 1, lA R 2
nF mHF
CITY_ OP EVANSTON,
COOK COTINTY , ILLINOIS
Notice is hereby given to the owners and holders of
1 the .bonds named in the above caption, numhered from'151 to 1�00,
i
inclusive, of the denomination of t5,nnn each, and maturin? on
'Tanuary 1 of the years 1Q94 to 1Q96, inclusive, that the r�lty of
Fvan•ston, Cook nounty, Illinois, has exercised its option to call
i
.-'or redemption and payment said bonds in the a,ggrec�a+' principal
amount of t5,?50,nnn, pr�_nr, to r}hei_r maturity, and such honds
• will be paid on January 1, 1QQ3, upon surrender of said bonds
with all interest coupons pertaining thereto, and such payment
will be at a price of par and accrued interest un to and includ-
ing said last mentioned date plus a nre'Mium of 11 of "'he nrincina.l
amount thereof.
The owners and holders of sai`ZI ,bonds are directed to
present the same for pavment at the American National Rank and
'..rust Company of Chicago, in the City of Chicago, Illinois, where
.such bonds and interest, and redemption nrem;um will'be paid.
Notice is .further given that saki bonds shall to
hear "interest from and after said da.te.of January 1, 19Q?.
Ry order of the Ci tv Council 'nf the rite of Fvanstrn,
7A.-1?
Cook County, Illinois, dated the day of
CITY' OF FVANSrr0N
Cook County, Illinois
Ry LA SALLF NATIONAL RANK,
0hicago, Illinois,
Its Alzthorized• Arzent
v .
/s /
Trust Officer
ARTICLF I`r. CO�T7NAT.T71S OIT rTmv
?'re City covenants and a?rees with the F:sc^ow Agent as
follows:
• Section 4.01. 'he Escrow A7ent shall have no resonn-
sihility 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 Rond Ordinance, and
(c) any undertaking or statement of the City hereunder or under
said Fond Ordinance.
Section 4.02. The City will promot,l,y and without delay
remit to the Fscrow Agent, within ten (10) days after receint of
its written reeuest, such sum or sums o.f money as are necessary
-to make the nayments reouired under Section '�.10 herenf and to
^ully pay and dischar e any oblization -or obit rations or rlla"c^c�s,
fees, or expenses incurrer? by the. Fscrow Agent in carn,vinp: out any
of the duties, terms or provisions of this Agreement, that are.in
excess of the sums expressiv denosited hereunder. The City will
• prompt-ly Dal --all Paving; Ao-ent's and Fscrow Ag7ent's fees when due.
A-1� .
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-Section 4.03. The City and'the Finance Director will
promptly without delay notify the Escrow Agent, within five (5)
days. af.-e. ..receipt of request, of the names and, addresses, of the
holders of Outstanding Ronds who have registered their bonds as
to principal on the books of the Treasurer.
Section 4.04. All payments to he made by, and all acts
and things required to be done by, the escrow AP-ent under the terms
and orovisions hereof shall he made ands done by said Escrow Arent
without any further di-rection or authority of the City or ;,,inance
nirector.
ARTICLE V. .AM7,J1YaFNmS , R71IrJVFSmrIEr,im OL- ViirrnS
ATJn JRRFITC)CARTLIr v n ' AC:RFvP4r,Nm
Section 5.01.. "_'his Agreement may be amended or sunnle-
mented, and the Government Securities or an,v nortion thereof sold
or redeemed, or invested or reinvested 'or dishursed in any -runner
provided (any such amendment, sunpl_ement, direction to sell or
redeem.or invest or disburse to be referred to as a "Subsequent
Action")., unon suhmission to.,the 7scrpw Arent of each of the fol-
lowing:
(1) Certified cony of nroceedings of the'(7orporate
Authorities of the rit,y autborizing: the .Subsecuent' Action
and copy of the document effect-inc the SubsPnuent Action
signed by the dul designated officers of the rite.
(2.). An opinion of a. natinnally- recognized hand
counse.'.or tax counsel nationally recognized as having
s
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 taxable
under the laws of the united States of America provid-
ing for taxation of income, nor violate the covenants
of the City not to cause the Bonds -or Outstanding Bonds
to become "arbitrage bonds" under Section 103(c) of the
Internal Revenue Code of 1954, and that the•Subse.quent
Action does, not materially adversely affect the legal
rights of the holders of the Bonds and Outstanding Bonds.
(3) *An opinion of a firm of nationally recognized inde-
pendent certified public accountants.tha.t the amounts (which
• will consist of cash or deposits on demand held in trust or
receipts from direct full faith and credit obligations of
the United States of America) all of which shall be held here-
under available or to be available for payment of the Out-
standing Bonds will remain sufficient to pay when due or as
called for redemption all principal of and interest and
redemption premium on the Outstanding Bonds after the taking
of the Subsequent Action.
Section 5.02. The City and the Escrow Agent may change
and alter the terms of this Agreement to correct errors, clarify
ambiguities or insert inadvertently omitted material.
Section 5.03. Except as provided in Sections 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 amendment by the Escrow Agent -an d shall be binding on
any successor the Escrow Agent during the term of this Agree-
. •.
ment.
EA
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Section 5.04, Except as provided in Sections 5:01 and
5.02 hereof, all of the rights, powers, -duties and obli7ations of
the .City..he.reunder shall be .irrevocable and shall not ,be ..suh,ject
to amendment by the City and shall he hind.ing on any successor
to the officials now comprising the Corporate Authorities of the
City during; the term o`f this A7reement.
Section 5.05. Fx.cept as provided in Sections I-).Cl and
5.02 hereof, all of the rights, powers; duties and oblizations of
the 'Pinance Director hereunder shall he irrevocable'and shall not
be suh,ient to amen(9ment by the T'inance Director, a.nd shall he h7.nd-
inz on any successor to said official now in office, during the
• term of this Agreement.
4R''ICLE VI. ^1CTICFS' TC 717 ="Y. , mR'E FiNjA'tr,v.
DTnv,CTOR AND Tug ESCROW A(ITFrIT
•
Section 6.01. All notices anM communications to the City
and the Corporate .Authorities shall be addressed in writ'= to:
City Council
City of 'Evanston
Civic Center
• 2100 Ridge Avenue
Evanston, Illinois �02')a
Attn: City Clerl�
Section �.02. All notices and communications to the
'Escrow Agent shall he addressed in writing to:
LaSalle National yank
151� youth La.qalle Street
ChicaTo, Illinois r)n5Q0
Attn:
A-l5
Sectinn 6.03. All notices•and communications to the
Finance Director shall be addressed in -writing to:
Finance. nirector :.
City of Evanston
Civic Center
210n Ridge Avenue'
Evanston, Illinois 60204
ARTICLE VII . RESIrnTATIOTj OF FSCROlJ AnT7,17
mhe Escrow A�Tent may at any time resign as Fscrow. Anent
under this Agreement by givincr thirty (,fin) days' written notice to
the •City, and such resip'nation shall t�.L-e effect Anon the a.nonint-
ment of a successor Escrow Anent by the r.ity. '^he nit,y may set ect
as successor Escrow Agent any financial institution with cpnital,
• surplus and undivided profits of at least t50,non,nnn and located
within the City or the City of Chicago, Illinois, and which is
authorized to maintain trust accounts under "ederal or Illinois
law.
ARTICLE VTII . TFR',11 `1AmI0N OF AGFET ^4 ATM
I1pon the final disbursement.' to the DP71mz .47ent for th.e
Cutstanding Ponds as hereinab.ove Provided for, the 7scrow Anent
will transfer any balance remaininp- in'the Tscrow Account to the
Finance nirector with due notice thereof mailed to th'e rity, and
thereupon this Agreement shall terminate.
WIT"TFSS (7L.4TT9.F
ITNT. WIMN17S'C T,TT47R7r)V, the. city n" Dvanstnn, rook r.ounty,
LP.-17
Illinois, ha,s
caused this
Agreement to be signed in its name by '
its Mayor and
to be attested
by the Ci:v Clerk cinder the Seal of.
the City hereunto
affixed;
and LaSalle. National pank, Chicago,
Illinois, not
individually
but in the canacity 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 duly authorized
under its corporate
seal hereunto
affixed; all
as of this da.y of n.ctnher,
"Imv OP F1TApTsTnrT,
.
r,nnu r,nUNTv ILLIMnI S
i
,
Attest:
"ay or
•
City Clerk
i
[SEAL]
LA SAT,1,7, NTATInNAL 'SANK, .
1'hice,�zn, Illinois,
Ry
Attest:
Its
Its
F SFAL 1
.:
This
Escrow Agreement received and acknowledged b.,i -,F
this (I ay
of1Qa�.
T�InAnce T�irector, ('ity of '',,,anston
Civ' c•."enter, 2100 71-dze Avenue
•.
E:rAnston, Illinois h()?CL
E'{uIPTT TO RE AmmACHFD :
•(-I)--'Report of Alexander Grant -Co. , Denver, Col-oradn,
as to income and disbursements..
Section 4. The Outstandina'Ronds.due January 1, 1994,
through January 1, 1996, are hereby called for redemption as nro-
videu.-in,the Escrow Agreement. ;.
Section 5. Severability. Tf any section; na.ragranh,
clause or provision of this ordinance'shall he held invalid, tre
invalidity of such section, paragraph, clause.or provision shall
not affect any of the other provisions of this ordinance.
Section h. Repealer. All ordinances, resolutions or
orders, or narts thereof, in conflict with the provisions of this
ordinance are to the extent of such conflict hereby revealed.
• Section 7. effective Date, '"his ordinance sh?.11 he it
effect immediately upon its passac*,e by the rornorate Authorities,
and the si;mino and annrova.l by the 'favor.
PASSFT) this 17th day of
`T(77 .
October
CIr;PJT-T) ANTr) a1) nVT~.R .:
October 24 l o R
nv XRa for
A YFS : Aldermen Davis, Raden, Morton, Wold, Bleveans, Collens,
Rainey, Romain, Ream, Borah, Pabst, Juliar, Barr, and Neems.
MAYS: NONE
ABS7HT : Aldermen Korshak . Summers, Nelson, and -Heaston.
A717ST : AP ROVED AS TO FORRII :
• �y:�G.e2�f��-^/:l�' i�7 Gam/ � . .
pity �'lerk Corporation Counse