Loading...
HomeMy WebLinkAboutResolutions - R-86-24 - 12/18/1986 - Water & Sewer BondsR-86-24 RESOLUTION confirming sale of and fixing the interest rates for $4,200,000 Waterworks and Sewerage Revenue Bonds, Series 1986A, of the City of McHenry, McHenry County, Illinois. WHEREAS, the City Council (the "Corporate Authorities") of the City of McHenry, McHenry County, Illinois (the "City"), by an ordinance (the "Bond Ordinance") adopted on the 30th day of July, 1986, authorized and provided for the issue of $5,500,000 Waterworks and Sewerage Revenue Bonds, Series 1986A, of the City (the "Bonds"); and WHEREAS, on the 7th day of August, 1986, the Bond Ordi- nance was duly and properly published in The Northwest Herald, being a newspaper published in and having a general circulation in the City; and WHEREAS, No petition asking that the question of issuing the Bonds be submitted to the electors of the City has been filed with the City Clerk; and WHEREAS, by the terms of the Bond Ordinance, $5,500,000 principal amount of Bonds were authorized; and WHEREAS, the Corporate Authorities find that $4,200,000 principal amount of the Bonds authorized shall be sold at this time; and WHEREAS, it is now desired to confirm the sale of, designate the principal amounts at maturity and fix the interest rates for the Bonds: NOW, THEREFORE, Be It Resolved by the City Council of the City of McHenry, McHenry County, Illinois, as follows: Section 1. That the sale of the Bonds to Blunt Ellis & Loewi Incorporated, Chicago, Illinois, at the price of not less than $ 4,137,000.00 and accrued interest from December 1, 1986, to the date of delivery thereof, in accordance with the Bond Pur- chase Agreement (the "Bond Purchase Agreement") attached hereto as Exhibit A is hereby approved and that it is hereby found and determined that the Bond Purchase Agreement is in the best inter- ests of the City, that no person holding any office of the City, either by election• or appointment, is in any manner interested, either directly or indirectly, in his own name or in the name of any other person, association, trust or corporation, in the Bond Purchase Agreement for the purchase and sale of the Bonds. The Mayor is hereby authorized and directed to sign the Bond Purchase Agreement on behalf of the City. Section 2. That the Bonds shall mature serially on May 1 in each of the years and in the amounts and bearing inter- est at the rates as follows: -2- Year of Principal Rate of Maturity Amount Interest 1988 $125,000 4.50% 1989 125,000 4.75% 1990 125,000 5.00% 1991 125,000 5.20% 1992 125,000 5.40% 1993 125,000 5.60% 1994 150,000 5.80% 1995 150,000 6.00% 1996 150,000 6.15% 1997 200,000 6.30% 1998 200,000 6.45% 1999 250,000 6.60% 2000 250,000 6.70% 2001 300,000 6,80% 2002 300,000 7.00% 2003 350,000 7.10% 2004 350,000 7.20% 2005 400,000 7.25% 2006 400,000 7.25% Section 3. That the Preliminary Official Statement dated December 11, 1986 is hereby approved and that the Mayor of the City be and he is hereby authorized and directed to sign a final Official Statement. Section 4. That all resolutions and orders, or parts thereof, in conflict herewith, are to the extent of such conflict hereby repealed, and that this resolution be in full force and effect forthwith upon its adoption and approval. PASSED: December 18, 1986 AYES: William J. Bolger, Frank McClatchey, Cecilia Serritella, Raymond Smith, Gary E. Snell, Michael R. Teta NAYS: None ABSENT: Elizabeth Nolan, Gary W. Lieder APPR VED• Dec-ep 18, 1986 Mayor - 3 . �- Attest: wgg RECORDED in the City Records on December 18, 1986. (SEAL) -4-