HomeMy WebLinkAboutResolutions - R-88-18 - 08/08/1988 - Waterworks & Sewage BondsRESOLUTION approving the Official Statement of the
City of McHenry, McHenry County, Illinois and
directing distribution of the Official Statement
for the sale of $2,700,000 Waterworks and Sewerage
Revenue Bonds, Series 1988 of said City.
WHEREAS, the City Council of the City of McHenry, McHenry County,
Illinois, is authorized to issue $2,700,000 Waterworks and Sewerage Revenue
Bonds, Series 1988, pursuant to Ordinance Number
City Council of said City on June 1, 1988; and
0-88-456 adopted by the
WHEREAS, it is necessary that said authorized issue in the amount
of $2,700,000 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 is hereby directed to cause a condensed
Notice of Sale of such bonds to be published in The Bond Buyer, the same being a
financial newspaper published in the City of New York, New York.
Section 2: Said Notice of Sale shall provide that sealed bids for the
purchase of $2,700,000 Waterworks and Sewerage Revenue Bonds, Series 1988 will
be received on the 29th day of August, 1988 at The Northern Trust Company, 12th
Floor -Conference Room, 50 South LaSalle Street, Chicago, Illinois.
Said Notice in further describing said bonds, their maturity schedule
and other pertinent information, shall also provide that no bid will be con-
sidered for less than a price of 98 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 the bonds.
That said bids for the purchase of bonds will be opened and publicly
read at the Northern Trust Company, 12th Floor -Conference Room, 50 South
LaSalle Street, Chicago, Illinois on the 29th day of August, 1988 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 8:00 P.M. on
the said day and at said meeting the award will be made by the City Council
of said City to the successful bidder.
Section 3: That in connection with the sale of said bonds the Official
Statement of the City describeing the bonds, dated August 8, 1988, 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 its
passage and approval as provided by law.
PASSED and APPROVED: August 8, 1988.
AYES: Gary Lieder, Elizabeth Nolan, Randy Patterson, Cecilia
Serritella, Raymond Smith, Michael Teta
NAYS: William Bolqer
ABSENT: Frank McClatchey
"0*4ay
ATTEST:
,ty
-2-