HomeMy WebLinkAboutResolutions - RS-93-32 - 12/01/1993 - Water Sewer BondsRS-93-32
RESOLUTION approving the Official Statement of
the City of McHenry, McHenry County, Illinois and
directing distribution of the Official Statement
for the sale of $5,300,000 Waterworks and Sewerage
Revenue Refunding Bonds, Series 1993 of said City
WHEREAS, the City Council of the City of McHenry, McHenry
County, Illinois has directed that the outstanding Waterworks and
Sewerage Revenue Bonds of the City, Series 1986A and Series 1988 in a
combined total amount of $5,550,000 maturing on May 1 of each of the
years 1994 to 2006 inclusive, be refunded in advance of their maturity
by the issuance of $5,300,000 Refunding Bonds, Series 1993 and the
deposit of cash funds held in the Bond Account and Project Assessment
Account in an amount sufficient to complete the balance of funds
required for the advance refunding purpose; and
WHEREAS, it is necessary that said refunding bonds in the
amount of $5,300,000 be advertised for public sale and in this
connection an Official Statement describing said issue has been
prepared for distribution to interested bidders.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of McHenry, McHenry County, Illinois as follows:
Section 1: That the City Clerk and Warren Associates are hereby
authorized to provide for the advertisement for the sale of said bonds
and distribution of the Official Statement prepared in connection with
the sale of bonds and to make application to Moody's Investors
Service, Inc., New York, New York, for review of rating to be assigned
to this issue of bonds.
Section 2: That the date for receipt of sealed bids for the sale
of bonds shall be Wednesday, December 15, 1993. The Notice of Sale
shall further direct that sealed bids shall be received at The
Northern Trust Company, (12th Floor Conference Room) 50 South LaSalle
Street, Chicago, Illinois and all bids so submitted shall be presented
for further action at a legally convened meeting of the City Council
of said City to be held at 6:00 P.M. on the same day and at said
meeting the award will be made by the City Council to the successful
bidder.
The Notice in describing the said bonds, their maturity schedule
and other pertinent information, shall also provide that no bid will
be considered for less than a price of 99-1/2 ($5,273,500) plus
accrued interest to date of delivery or bearing interest at a rate or
rates exceeding the greater of 9% per annum or 125% of the rate shown
as the 20 General Obligation Bond Index as published in the most
recent edition of The Bond Buyer, published in New York, New York at
the time the contract is made for the sale of bonds.
Section 3: That in connection with the sale of said bonds the
Preliminary Official Statement of the City describing the bonds, dated
December 1, 1993 prepared by Warren Associates, Financial Consultants
to the City, be approved and that the Official Statement be mailed to
all interested bidders and investment institutions requesting the same.
Section 4: This Resolution shall be in full force and effect
from and after its passage and approval as provided by law.
PASSED this 1st day of December, 1993.
AYES: Baird, Bates, Locke, Bolger
NAYS: None
ABSENT: Lawson
NOT VOTING:
ABSTAINED:
APPROVED this 1st day of December, 1993.
Ile Mayor
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