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)
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