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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 4 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. 4 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 5 • L 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 • u • 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. • • 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. i '`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� . • • • -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 • 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