{"id":7280,"date":"2017-10-06T13:22:05","date_gmt":"2017-10-06T18:22:05","guid":{"rendered":"http:\/\/odell-il.com\/?p=7280"},"modified":"2017-10-06T13:22:05","modified_gmt":"2017-10-06T18:22:05","slug":"ordinance-proposal-for-clearwell","status":"publish","type":"post","link":"https:\/\/odell-il.com\/ordinance-proposal-for-clearwell\/","title":{"rendered":"Ordinance proposal for Clearwell"},"content":{"rendered":"
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\u00a0<\/strong><\/p>\n AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION (LIMITED TAX) NOTES, SERIES 2017A, TO FINANCE MUNICIPAL FACILITIES FOR THE VILLAGE OF ODELL, LIVINGSTON COUNTY, ILLINOIS, AND PROVIDING THE DETAILS OF SUCH NOTES, AND RELATED MATTERS<\/strong><\/p>\n \u00a0<\/strong><\/p>\n \u00a0<\/strong><\/p>\n WHEREAS, <\/strong>the President and Board of Trustees (the \u201cCorporate Authorities\u201d<\/strong>) of the Village of Odell, Livingston County, Illinois (the \u201cMunicipality\u201d<\/strong>), hereby determines that it is advisable, necessary and in the Municipality\u2019s best interests to provide for the acquisition, construction and installation of rehabilitation to the 75,000 gallon concrete clearwell, which is used in connection with the Municipality\u2019s potable water system, and related facilities, improvements and costs (collectively, the \u201cProject<\/strong>\u201d); and<\/p>\n <\/p>\n WHEREAS<\/strong>, the Municipality has the authority under the Illinois Municipal Code (Section 5\/1-1- 1 et seq<\/em>. of Chapter 65 of the Illinois Compiled Statutes (and particularly, but without limitation, provisions for borrowing for up to 10 years from any bank or other financial institution (Section 8-1-3.1)), as supplemented and amended, including by the Registered Bond Act, the Bond Replacement Act, the Bond Authorization Act, the Local Government Debt Reform Act (collectively, the \u201cAct\u201d<\/strong>); and<\/p>\n <\/p>\n WHEREAS, <\/strong>pursuant to and in accordance with the Act and this ordinance, the Municipality is authorized to issue its General Obligation (Limited Tax) Notes, Series 2017A, to be issued and\/or drawn upon from time to time in the aggregate principal amount of up to $250,000 (including as a single instrument in installment form, the \u201cNotes\u201d<\/strong>) for the purpose of providing funds to finance the Project, which Notes under the Act are only to evidence a borrowing from a bank or other financial institution, and not otherwise; and<\/p>\n <\/p>\n WHEREAS, <\/strong>pursuant to an offer to purchase the Notes to effect a bank loan the Municipality proposes to accept a purchase arrangement for the Notes (which when executed and delivered or the Notes issued, as applicable, shall constitute the \u201cPurchase Agreement\u201d<\/strong>) submitted by the State bank of Graymont, Pontiac, Illinois (the \u201cBank Purchaser\u201d<\/strong>); and<\/p>\n <\/p>\n WHEREAS, <\/strong>for convenience of reference only this ordinance is divided into numbered sections with headings, which shall not define or limit the provisions hereof, as follows:<\/p>\n Page<\/u><\/p>\n <\/p>\n <\/p>\n \u00a0<\/strong><\/p>\n Section 1<\/u>. Authority and Purpose<\/u><\/strong>. This ordinance is adopted pursuant to the Act for the purpose of financing the Project. Proceeds of the Notes are hereby appropriated for that purpose. The matters set forth above in the preambles to this ordinance are incorporated herein by this reference thereto. Notes shall be issued or drawn upon as funds are necessary for the Project.<\/p>\n <\/p>\n Section 2<\/u><\/strong>. Authorization and Terms of Notes<\/u>. <\/strong>For the purposes described above in Section 1<\/u>, there is hereby allocated the sum of the principal amount of the Notes to be issued and\/or drawn upon, up to an aggregate principal amount of $250,000, to be derived from the proceeds of the Notes. For the purpose of financing the Project, and to evidence the obligations and debt under this ordinance, Notes of the Municipality may be issued and\/or drawn upon and sold, but only to a bank or other financial institution, and not otherwise, at one time or from time to time, in an aggregate principal amount not to exceed the aggregate principal amount above set forth, shall each be designated \u201cGeneral Obligation (Limited Tax) Note, Series 2017A\u201d<\/strong>, and shall be issuable in the denominations of $0.01 each or any authorized integral multiple thereof. The Notes shall be numbered consecutively from 1 upwards in order of their issuance and may bear such identifying numbers or letters as shall be useful to facilitate the registration, transfer and exchange of the Notes. Unless otherwise determined by the Municipality in an Authenticating Order (defined in (d) below) for the Notes, not inconsistent herewith, each Note shall be dated as of or before the date of issuance thereof, or, as applicable the initial draw thereon, as the Bank Purchaser approves or accepts.<\/p>\n <\/p>\n <\/p>\n Each Note shall bear interest from the later of its dated date or the most recent interest payment date to which interest has been paid, computed on the basis of a year of 365\/366 days, as applicable. The principal of and premium, if any, and interest on the Notes shall be payable in lawful money of the United States of America on each payment date by the paying agent for the Notes (including its successors, the \u201cPaying Agent\u201d<\/strong>). The payment dates shall be monthly on the dates that principal and interest is payable. Monthly installments of principal and interest on the Notes shall be payable on each payment date, at maturity or prior redemption, to the registered owners of record appearing on the registration books maintained by the entity or financial institution or officer to be designated as note registrar, at its designated office, the Note Registrar for such purpose (including its successors, the \u201cNote Registrar\u201d<\/strong>), at the designated office of the Note Registrar as of the close of business on the fifth (5th) day (whether or not a business day) next preceding the applicable monthly payment date. Monthly installments of principal and interest on the Notes shall be paid by check or draft of the Paying Agent from the general sources as herein described mailed to such registered owners at their addresses appearing on the registration books therefor at the close of business on the fifth (5th) day (whether or not a business day) next preceding the monthly payment date. The Note Registrar shall not be required to transfer or exchange any Note during the period from the fifth (5th) day next preceding each interest payment date and ending on such interest payment date, nor to transfer or exchange any Note after notice calling such Note has been mailed nor during a period of five (5) days next preceding the mailing of a notice of redemption of any Note, which could designate all or a part of any Notes for redemption.<\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n At its option before the 5th day (or such lesser time acceptable to the Note Registrar) next preceding any mandatory sinking fund redemption date in connection with Term Notes the Municipality by furnishing the Note Registrar and the Paying Agent an appropriate certificate of direction and authorization executed by the Village President or Village Treasurer may: (i) <\/strong>deliver to the Note Registrar for cancellation Term Notes in any authorized aggregate principal amount desired; or (ii) <\/strong>furnish the Paying Agent funds for the purpose of purchasing any of such Term Notes as arranged by the Municipality; or (iii) <\/strong>receive a credit (not previously given) with respect to the mandatory sinking fund redemption obligation for such Term Notes which prior to such date have been redeemed and cancelled. Each such Note so delivered, previously purchased or redeemed shall be credited at 100% of the principal amount thereof, and any excess shall be credited with regard to future mandatory sinking fund redemption obligations for such Notes in chronological order, and the principal amount of Notes to be so redeemed as provided shall be accordingly reduced. In the event Notes being so redeemed are in a denomination greater than $0.01, a portion of such Notes may be so redeemed, but such portion shall be in the principal amount of<\/p>\n $0.01 or any authorized integral multiple thereof.<\/p>\n <\/p>\n <\/p>\n The Municipality shall, at least 15 days prior to an optional redemption date (unless a shorter time shall be satisfactory to the Note Registrar), notify the Note Registrar of the optional redemption date and of the principal amount of Notes to be redeemed (no such notice shall be required in the case of any mandatory sinking fund redemption of Term Notes). In the event that less than all of the Notes of a particular series or maturity are called for redemption as aforesaid, as necessary, the particular Notes or portions of Notes to be redeemed shall be selected by lot not more than sixty (60) days or less than thirty (30) days prior to the redemption date by the Note Registrar by such method of lottery as the Note Registrar shall deem fair and appropriate; provided, that such lottery shall provide for the selection for redemption of Notes or portions thereof so that any $0.01 Note or $0.01 portion of a Note shall be as likely to be called for redemption as any other such $0.01 Note or $0.01 portion. The Note Registrar shall promptly notify the Municipality in writing of the Notes or portions of Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed.<\/p>\n <\/p>\n Unless waived by the registered owner of Notes to be redeemed, presentment for payment being conclusively such a waiver, notice of any such redemption shall be given by the Note Registrar on behalf of the Municipality by mailing the redemption notice by first class mail not less than thirty (30) days and not more than sixty (60) days prior to the date fixed for redemption to each registered owner of the Note or Notes to be redeemed at the address shown on the Note Register or at such other address as is furnished in writing by each such registered owner to the Note Registrar.<\/p>\n <\/p>\n All notices of redemption shall include at least the information as follows: (1) <\/strong>the identification of the particular Notes to be redeemed; (2) <\/strong>the redemption date; (3) <\/strong>the redemption price; (4) <\/strong>if less than all of the Notes of a particular maturity are to be redeemed, the identification (and, in the case of partial redemption, the respective principal amounts) of the Notes to be redeemed; (5) <\/strong>a statement that on the redemption date the redemption price will become due and payable upon each such Note or portion thereof called for redemption and that interest thereon shall cease to accrue from and after such date; and (6) <\/strong>the place where such Notes are to be surrendered for payment of the redemption price, which place of payment shall be the principal corporate trust office of the Paying Agent.<\/p>\n <\/p>\n Prior to any redemption date, the Municipality shall deposit with the Paying Agent an amount of money sufficient to pay the redemption price of all the Notes or portions of Notes which are to be redeemed on that date.<\/p>\n <\/p>\n Notice of redemption having been given as aforesaid, the Notes or portions of Notes so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, together with accrued interest, and from and after such date (unless the Municipality shall default in the payment of the redemption price) such Notes or portions of Notes shall cease to bear interest. Neither the failure to mail such redemption notice nor any defect in any notice so mailed to any particular registered owner of a Note shall affect the sufficiency of such notice with respect to any other registered owner. \u00a0Notice having been properly given, failure of a registered owner of a Note to receive such notice shall not be deemed to invalidate, limit or delay the effect of the notice or the redemption action described in the notice. Such notice may be waived in writing by a registered owner of a Note, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice shall be filed with the Note Registrar, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.<\/p>\n <\/p>\n Upon surrender of such Notes for redemption in accordance with such notice, such Notes shall be paid from available funds therefor by the Paying Agent at the redemption price. Interest due on or prior to the redemption date shall be payable as herein provided for payment of interest. Upon surrender for the partial redemption of any Note, there shall be prepared for the registered owner a new Note or Notes of the same maturity in the amount of the unpaid principal.<\/p>\n <\/p>\n If any Note or portion of Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal, and premium, if any, shall, until paid, bear interest from the redemption date at the rate borne by the Note or portion of Note so called for redemption. All Notes which have been redeemed shall be marked cancelled by the Note Registrar and shall not be reissued.<\/p>\n <\/p>\n The following three ((i), (ii) and (iii)) paragraphs shall apply only in the event paragraph (c)(ii) below applies, and not otherwise.<\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n which is hereby constituted and appointed the Note Registrar of the Municipality. The Municipality is authorized to prepare, and the Note Registrar shall keep custody of, multiple Note blanks executed by the Municipality for use in the issuance from time to time of the Notes and in the transfer and exchange of Notes.<\/p>\n <\/p>\n Upon surrender for transfer of any Note at the designated office of the Note Registrar, duly endorsed by, or accompanied by a written instrument or instruments of transfer in form satisfactory to the Note Registrar and duly executed by the registered owner or such owner\u2019s attorney duly authorized in writing, the Municipality shall execute and the Note Registrar shall authenticate, date and deliver in the name of the transferee or transferees a new fully registered Note or Notes of the same series and maturity of authorized denominations, for a like aggregate principal amount. Any fully registered Note or Notes may be exchanged at the designated office of the Note Registrar for a like aggregate principal amount of Note or Notes of the same series and maturity of other authorized denominations. The execution by the Municipality of any fully registered Note shall constitute full and due authorization of such Note, and the Note Registrar shall thereby be authorized to authenticate, date and deliver such Note.<\/p>\n <\/p>\n The Note Registrar shall not be required to transfer or exchange any Note during the period from the fifth (5th) day next preceding any monthly payment date on such Note and ending on such payment date, nor to transfer or exchange any Note after notice calling such Note for prepayment has been mailed, nor during a period of five (5) days next preceding mailing of a notice of prepayment and redemption of any Notes.<\/p>\n <\/p>\n The person in whose name any Note shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of the principal of, premium (if any) or interest on any Note shall be made only to or upon the order of the registered owner thereof or such registered owner\u2019s legal representative. \u00a0All such payments shall be valid and effectual to satisfy and discharge the liability upon such Note to the extent of the sum or sums so paid.<\/p>\n <\/p>\n No service charge shall be made for any transfer or exchange of Notes, but the Municipality or the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes exchanged in the case of the issuance of a Note or Notes for the outstanding portion of a Note surrendered for redemption.<\/p>\n <\/p>\n The Village President or Village Treasurer may, in his or her discretion at any time, designate a bank with trust powers or trust company, duly authorized to do business as a registrar, paying agent, or both, to act in one or both such capacities hereunder, in the event the Village President or Village Treasurer shall determine it to be advisable. Notice shall be given to the registered owners of any such designation in the same manner, as near as may be practicable, as for a notice of redemption of Notes, and as if the date of such successor taking up its duties were the redemption date.<\/p>\n <\/p>\n <\/p>\n With respect to Notes registered in the Note Register in the name of a nominee of the Depository, the Municipality and the Note Registrar shall have no responsibility or obligation to any broker-dealer, bank or other financial institution for which the Depository holds Notes from time to time as securities depository (each such broker-dealer, bank or other financial institution being referred to herein as a \u201cDepository Participant\u201d<\/strong>) or to any<\/p>\n <\/p>\n person on behalf of whom such a Depository Participant or an Indirect Participant holds an interest in the Notes (an \u201cIndirect<\/strong> Participant\u201d <\/strong>or a \u201cBeneficial Owner\u201d<\/strong>). Without limiting the meaning of the foregoing, the Municipality and the Note Registrar shall have no responsibility or obligation with respect to (a) <\/strong>the accuracy of the records of the Depository, the nominee, or any Depository Participant, Indirect Participant or Beneficial Owner, with respect to any ownership interest in the Notes, (b) <\/strong>the delivery to any Depository Participant or any other person, other than a registered owner of a Note as shown in the Note Register, of any notice with respect to the Notes, including any notice of redemption, or (c) <\/strong>the payment to any Depository Participant or any other person, other than a registered owner of a Note as shown in the Note Register, of any amount with respect to principal of or interest on the Notes.<\/p>\n <\/p>\n As long as the Notes are held in a book-entry-only system, no person other than the nominee of the Depository, or any successor thereto, as nominee for the Depository, shall receive a certificate with respect to any Notes. Upon delivery by the Depository to the Note Registrar of written notice to the effect that the Depository has determined to substitute a new nominee in place of the prior nominee, and subject to the provisions hereof with respect to the payment of interest to the registered owners of Notes as of the close of business on the fifteenth (15th) day (whether or not a business day) next preceding the applicable interest payment date, the reference herein to nominee in this ordinance shall refer to such new nominee of the Depository.<\/p>\n <\/p>\n In the event that (a) <\/strong>the Municipality determines that the Depository is incapable of discharging its responsibilities described herein and in the Representation Letter, (b) <\/strong>the agreement between the Municipality and the Depository evidenced by the Representation Letter shall be terminated for any reason or (c) <\/strong>the Municipality determines that it is in the best interests of the beneficial owners of the Notes that they be able to obtain certificated Notes, the Municipality shall notify the Depository and the Depository Participants of the availability of notes, and the Notes shall no longer be restricted to being registered in the Note Register in the name of a nominee of the Depository. At that time, the Municipality may determine that the Notes shall be registered in the name of and deposited with a successor depository operating a book-entry system, as may be acceptable to the Municipality, or such depository\u2019s agent or designee, and if the Municipality does not select such alternate book-entry system, then the Notes may be registered in whatever name or names registered owners of Notes transferring or exchanging Notes shall designate, in accordance with the provisions hereof. Notwithstanding any other provision of this ordinance to the contrary, so long as any Note is registered in the name of a nominee of the Depository, all payments with respect to principal of and interest on such Note and all notices with respect to such Note shall be made and given, respectively, in the manner provided in the Representation Letter.<\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n Section 3<\/u>.\u00a0 Sale and Delivery<\/u>. <\/strong>All acts and things done\u00a0 or to\u00a0 be done\u00a0 by officers of the Municipality in connection with and related to the sale from time to time of the Notes shall be and they are hereby in all respects authorized, ratified, confirmed and approved. Subject to the restrictions of this ordinance, the Village President and Village Treasurer are given full power and authority to negotiate the terms of sale and\/or a Purchase Agreement with the Bank Purchaser in connection with the Notes, and to execute and deliver such Purchase Agreement a Purchase Agreement shall not be required. Alternatively, a Purchase Agreement shall not be required and the Bank Purchaser shall be deemed to have agreed upon the terms of sale upon the acceptance of the Notes.<\/p>\n <\/p>\n The Village President, Village Clerk, Village Treasurer, Village Attorney and other officials of the Municipality are hereby authorized and directed to do and perform, or cause to be done or performed, for or on behalf of the Municipality each and every thing necessary for the issuance by the Municipality of Notes, including the due and proper execution, delivery and performance of this ordinance, and any Purchase Agreement for Notes, in substantially the forms thereof to be approved by the Village President\u2019s execution and the delivery thereof, and all related and incidental agreements, certificates, receipts and opinions, upon payment of the full purchase price of the applicable issue of Notes, an amount as set forth in an applicable Purchase Agreement therefor. The Municipality hereby agrees to provide the owners of any Notes upon request with copies of the Municipality\u2019s most recent audited financial statements and financial information and operating data for the Municipality which is<\/p>\n <\/p>\n customarily prepared by the Municipality and is publicly available. Proceeds received upon sale of the Notes shall be deposited in and\/or credited to a separate account designated the \u201cProceeds Account\u201d <\/strong>and applied from time to time to costs of the Project.<\/p>\n <\/p>\n Section 4<\/u>. Execution and Authentication<\/u>. <\/strong>Each Note shall be executed in the name of the Municipality by the manual or authorized facsimile signature of its Village President and the corporate seal of the Municipality, or a facsimile thereof, shall be thereunto affixed or otherwise placed thereon and attested by the manual or authorized facsimile signature of the Village Clerk.<\/p>\n <\/p>\n In case any officer whose signature, or a facsimile of whose signature, shall appear on any Note shall cease to hold such office before the issuance of such Note, such Note shall nevertheless be valid and sufficient for all purposes, the same as if the person whose signature, or a facsimile thereof, appears on such Note had not ceased to hold such office. Any Note may be signed, sealed or attested on behalf of the Municipality by any person who, on the date of such act, shall hold the proper office or position, notwithstanding that at the date of such Note such person may not hold such office or position.<\/p>\n <\/p>\n No recourse shall be had for the payment of any Notes against the Village President, Village Clerk, Village Treasurer or any member of the Corporate Authorities or any other officer or employee of the Municipality (past, present or future).<\/p>\n <\/p>\n Each Note shall bear thereon a certificate of authentication executed manually by the Note Registrar. No Note shall be entitled to any intended right or benefit under this ordinance until such certificate of authentication shall have been duly executed by the Note Registrar. Such certificate of authentication shall have been duly executed by the Note Registrar by manual signature, and such certificate of authentication upon any such Note shall be conclusive evidence that such Note has been authorized under this ordinance. The certificate of authentication on any Note shall be deemed to have been executed by the Note Registrar if signed by an authorized officer or signer of the Note Registrar, but it shall not be necessary that the same officer sign the certificate of authentication on all of the Notes.<\/p>\n <\/p>\n Section 5<\/u><\/strong>. Transfer<\/u>, Exchange and Registration<\/u>. <\/strong>The Notes shall be negotiable, subject to the provisions for registration of transfer contained herein. Each Note all be transferable only upon the registration books maintained by the Note Registrar for that purpose at the designated office of the Note Registrar, by the registered owner thereof in person or by such registered owner\u2019s attorney duly authorized in writing, upon surrender thereof together with a written instrument of transfer satisfactory to the Note Registrar and duly executed by the registered owner or such registered owner\u2019s duly authorized attorney. Upon the surrender for transfer of any such Note (but subject to the limitation that they may be held only by a bank or any other financial institution under applicable law), the Municipality shall execute and the Note Registrar shall authenticate and deliver a new Note or Notes registered in the name of the transferee, of the same aggregate principal amount, maturity and interest rate as the surrendered Note. Notes, upon surrender thereof at the designated office of the Note Registrar, with a written instrument satisfactory to the Note Registrar, duly executed by the registered owner or such registered owner\u2019s attorney duly authorized in writing, may be exchanged for an equal aggregate principal amount of Notes of the same maturity and interest rate and of the denominations of $0.01 each or any authorized integral multiple thereof, less previous retirements.<\/p>\n <\/p>\n For every such exchange or registration of transfer\u00a0 of Notes, the Municipality or the Note Registrar may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to such exchange or transfer, which sum or sums shall be paid by the person requesting such exchange or transfer as a condition precedent to the exercise of the privilege of making such exchange or transfer. No other charge shall be made for the privilege of making such transfer or exchange. The provisions of the Bond Replacement Act shall govern the replacement of lost, destroyed or defaced Notes.<\/p>\n <\/p>\n The Municipality, the Note Registrar and the Paying Agent may deem and treat the person in whose name any Note shall be registered upon the registration books as the absolute owner of such Note, whether such Note shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of,<\/p>\n <\/p>\n 8<\/p>\n <\/p>\n premium, if any, or interest thereon and for all other purposes whatsoever, and all such payments so made to any such registered owner or upon such registered owner\u2019s order shall be valid and effectual to satisfy and discharge the liability upon such Note to the extent of the sum or sums so paid, and neither the Municipality nor the Note Registrar or the Paying Agent shall be affected by any notice to the contrary.<\/p>\n <\/p>\n Section 6<\/u>. Note Registrar and Paying Agent<\/u>. <\/strong>The Municipality shall at all times retain a Note Registrar and Paying Agent with respect to the Notes and shall cause to be maintained at the office of the Note Registrar a place where Notes may be presented for registration of transfer or exchange, that it will maintain at the designated office of the Paying Agent a place where Notes may be presented for payment, that it shall require that the Note Registrar maintain proper registration books and that it shall require the Note Registrar and Paying Agent to perform the other duties and obligations imposed upon them by this ordinance in a manner consistent with applicable standards, customs and practices.<\/p>\n <\/p>\n The Note Registrar and Paying Agent shall signify their acceptances of the duties and obligations imposed upon them by this ordinance. The Note Registrar by executing the certificate of authentication on any Note shall be deemed to have certified that it has all requisite power to accept, and has accepted, including as Paying Agent, in the case of the Note Registrar and Paying Agent being the same entity or financial institution, such duties and obligations not only with respect to the Note so authenticated but with respect to all of the Notes.<\/p>\n <\/p>\n Unless otherwise specified in an Authenticating Order, the Note Registrar and Paying Agent shall be the State Bank of Graymont, Pontiac, Illinois.<\/p>\n <\/p>\n Section 7<\/u><\/strong>. Direct General Obligation and Debt<\/u>. <\/strong>The Notes shall be direct general obligations and debt of the Municipality, and the payment when due of the principal thereof and the interest thereon shall be payable from general funds of the Municipality and such other sources of payment as are otherwise lawfully available without any requirement of a prior appropriation or budget therefor. Under Section 13 of the Local Government Debt Reform Act, the Municipality pledges to the debt service payments under the Notes, subject to any prior pledge, all general funds on hand and to be received from time to time, and for purposes of the foregoing and this ordinance \u201cGeneral Funds\u201d <\/strong>means all moneys and investments thereof constituting all or a part of the Municipality\u2019s general funds (howsoever styled), but such term shall not restrict or prohibit the use of any other special or otherwise legally available funds therefor.<\/p>\n <\/p>\n Section 8<\/u><\/strong>. Form of Notes<\/u>. <\/strong>The Notes shall be issued in fully registered form conforming to the industry customs and practices of printing, including part on the front and part on the reverse of the notes, as appropriate, the blanks to be appropriately completed when the Notes are delivered; and the Notes shall be prepared in compliance with the National Standard Specifications for Fully Registered Municipal Securities prepared by the American National Standards Institute and, with appropriate insertions and modifications, shall be in substantially the form thereof in Exhibit A <\/u>hereto. In lieu thereof, Notes may be issued in typewritten form, conforming as nearly as practicable to the foregoing. Notwithstanding any provision of this ordinance to the contrary, in lieu of issuing Notes in serial form the Notes may be issued as a single installment or term instrument in a principal amount equal to the aggregate principal amount of the Notes actually issued with a final maturity conforming to Section 2<\/u>, payable at maturity as to principal and to interest (subject to adjustment in an Authenticating Order or other supplemental proceedings), with an appropriate payment schedule therein or thereon or annexed, and otherwise substantially complying with this ordinance. \u00a0The form for the Notes set forth below shall be appropriately modified with respect to any Note in installment form, Taxable or Tax-Exempt, and an applicable Authenticating Order, the sufficiency of which shall be conclusively approved by the delivery of nationally recognized bond counsel\u2019s (\u201cBond<\/strong> Counsel\u201d<\/strong>) approving opinion upon issuance thereof. Notes in serial or installment form may be interchanged from time to time, in whole or in part.<\/p>\n <\/p>\n Section 9<\/u><\/strong>. No Levy and Extension of Taxes<\/u>. <\/strong>For the purpose of providing the money required to pay debt service on the Notes, when and as the same falls due and to pay and discharge the principal thereof as the same shall mature, there shall not be levied upon taxable property in the Municipality in each year while any of the Notes shall be outstanding, any direct annual tax sufficient for that purpose. The Notes are payable solely and only from General Funds of the Municipality (and such other funds as are otherwise lawfully available) as<\/strong><\/p>\n \u00a0<\/strong><\/p>\n 9<\/p>\n <\/p>\n \u00a0<\/strong><\/p>\n The Notes are payable solely from General Funds of the Municipality (and such other funds as are otherwise lawfully available) as, when and if the same are received by the Paying Agent, which revenues are to be held in trust by the Paying Agent for such purposes in the manner, and the amounts payable under the Notes constitute a debt and limited direct general obligation of the Municipality payable from general funds (but subject to the limitation that they may be held only by a bank or any other financial institution under applicable law), without any requirement of a prior appropriation or budget therefor.<\/p>\n <\/p>\n Section 10<\/u><\/strong>. Debt Service Fund<\/u>. <\/strong>Moneys constituting General Funds of the Municipality (and such other funds as are otherwise lawfully available) are to be set aside for the sole purpose of paying principal of and interest on the Notes when and as the same come due. All of such moneys, and all other moneys to be used for the payment of the principal of and interest on Notes, shall be deposited by the Municipality\u2019s Village Treasurer, or other authorized financial officer, without any other required authority than this ordinance in the \u201cDebt Service Fund\u201d <\/strong>(the \u201cDebt Service Fund\u201d<\/strong>), which is hereby established by the Municipality as a special fund of the Municipality and as to tax-exempt Notes shall be administered as a bona fide debt service fund under the Internal Revenue Code of 1986, as amended. At the time of issuance of the Notes any accrued interest received upon the issuance of the Notes shall be deposited in the Debt Service Fund and applied to pay interest on the Notes. The Municipality\u2019s Village Treasurer or other authorized financial officer, without any further authority than this ordinance, shall timely deposit to and withdraw funds from the Debt Service Fund \u00a0to pay directly as Paying Agent or otherwise to pay such funds over to any other Paying Agent to pay debt service on the Notes.<\/p>\n <\/p>\n Section 11<\/u><\/strong>. Note Proceeds<\/u>. <\/strong>All of the proceeds of the sale of Notes (exclusive of accrued interest as provided above in Section 10 <\/u>and the underwriting discount under Section and any issuance costs otherwise paid directly by the Purchaser, which is hereby authorized) shall be deposited in a \u201cProceeds<\/strong> Account\u201d<\/strong>, which is hereby recognized as a special fund of the Municipality. Moneys in the Proceeds Account shall be used for the purposes specified in Section 1 <\/u>of this ordinance, including for the payment of costs of issuance of the Notes, but may thereafter be reappropriated and used for other lawful purposes of the Municipality. Before any such appropriation shall be made, there shall be filed with the Municipality an opinion of Bond Counsel to the effect that such reappropriation is in compliance with this ordinance and will not adversely affect the tax-exempt status of tax- exempt Notes under Section 103 of the Internal Revenue Code of 1986, as amended. Funds in the Proceeds Account shall be applied at the times, in the manner and with the effect as set forth herein. All income derived from such investments in respect of moneys or securities in any fund or account shall be credited in each case to the fund or account in which such moneys or securities are held. All investments shall comply with the Investment of Public Funds Act (30 ILCS 235\/0.01 et seq<\/em>.).<\/p>\n <\/p>\n Section 12<\/u><\/strong>. Arbitrage Rebate<\/u>. <\/strong>This Section shall only apply with respect to \u201ctax-exempt\u201d<\/strong> Notes, and Notes in this Section shall mean tax-exempt Notes. The Municipality does not reasonably expect to issue more than $5,000,000 of tax-exempt obligations in the calendar year of the execution and delivery of the Notes within the meaning of the small issuer exception under Section 148(f)(4)(D) of the Internal Revenue Code of 1986, as amended, but if exceeded the proceedings applicable to the Notes (and other obligations in the same calendar year) shall be subject to an applicable arbitrage regulation agreement and arbitrage rebate under Section 148(f) of the Code. The Municipality shall comply with the provisions of Section 148(f) of the Internal Revenue Code of 1986, as amended, relating to the rebate of certain investment earnings at periodic intervals to the United States of America, and yield reduction payments under Section 1.148-5(a) of the Income Tax Regulations (the \u201cRegulations\u201d<\/strong>), to the extent that such compliance is necessary to preserve the exclusion from gross income for federal income tax purposes of interest on tax-exempt Notes under Section 103 of the Internal Revenue Code of 1986, as amended.<\/p>\n <\/p>\n Section 13<\/u><\/strong>. Investment Regulations<\/u>. <\/strong>This Section shall only apply with respect to \u201ctax-<\/strong> exempt\u201d<\/strong> Notes, and Notes in this Section shall mean tax-exempt Notes. No investment shall be made of any moneys in the Debt Service Fund or the Proceeds Account except in accordance with the tax covenants and other covenants set forth in Section 14 <\/u>of this ordinance.<\/p>\n <\/p>\n <\/p>\n Any moneys in any fund or account that are subject to investment yield restrictions may be invested in United States Treasury Securities, State and Local Government Series, pursuant to the regulations of the United States Treasury Department, Bureau of Public Debt. The Municipality\u2019s Village President or Village Clerk or Village Treasurer and agents designated by such officers are hereby authorized to submit, on behalf of the Municipality, subscriptions for such United States Treasury Securities and to request redemption of such United States Treasury Securities.<\/p>\n <\/p>\n For purposes of determining the purchase price of investments (for either yield restriction or rebate purposes), Proceeds that are invested in certificates of deposit or in guaranteed investment contracts (\u201cGICs<\/strong>\u201d) shall be invested only in accordance with the following provisions:<\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n Notes;<\/p>\n\n\n
\n Preambles<\/td>\n …………………………………………………………………………………………………………………………….<\/td>\n 1<\/td>\n<\/tr>\n \n Section 1.<\/td>\n Authority and Purpose …………………………………………………………………………………………….<\/td>\n 2<\/td>\n<\/tr>\n \n Section 2.<\/td>\n Authorization and Terms of Notes …………………………………………………………………………….<\/td>\n 2<\/td>\n<\/tr>\n \n Section 3.<\/td>\n Sale and Delivery ……………………………………………………………………………………………………<\/td>\n 7<\/td>\n<\/tr>\n \n Section 4.<\/td>\n Execution and Authentication …………………………………………………………………………………..<\/td>\n 8<\/td>\n<\/tr>\n \n Section 5.<\/td>\n Transfer, Exchange and Registration …………………………………………………………………………<\/td>\n 8<\/td>\n<\/tr>\n \n Section 6.<\/td>\n Note Registrar and Paying Agent………………………………………………………………………………<\/td>\n 9<\/td>\n<\/tr>\n \n Section 7.<\/td>\n Direct General Obligation and Debt ………………………………………………………………………….<\/td>\n 9<\/td>\n<\/tr>\n \n Section 8.<\/td>\n Form of Notes ………………………………………………………………………………………………………..<\/td>\n 9<\/td>\n<\/tr>\n \n Section 9.<\/td>\n No Levy and Extension of Taxes ………………………………………………………………………………<\/td>\n 9<\/td>\n<\/tr>\n \n Section 10.<\/td>\n Debt\u00a0 \u00a0Service\u00a0\u00a0 \u00a0Fund…………………………………………………………………………………………………..<\/td>\n 10<\/td>\n<\/tr>\n \n Section 11.<\/td>\n Note\u00a0\u00a0 \u00a0Proceeds\u00a0 \u00a0………………………………………………………………………………………………………..<\/td>\n 10<\/td>\n<\/tr>\n \n Section 12.<\/td>\n Arbitrage\u00a0\u00a0 \u00a0Rebate\u00a0 \u00a0…………………………………………………………………………………………………….<\/td>\n 10<\/td>\n<\/tr>\n \n Section 13.<\/td>\n Investment\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0Regulations……………………………………………………………………………………………<\/td>\n 10<\/td>\n<\/tr>\n \n Section 14.<\/td>\n Non-Arbitrage and Tax-Exemption …………………………………………………………………………..<\/td>\n 12<\/td>\n<\/tr>\n \n Section 15.<\/td>\n Bank\u00a0\u00a0 \u00a0Qualified \u00a0……………………………………………………………………………………………………….<\/td>\n 15<\/td>\n<\/tr>\n \n Section 16.<\/td>\n Ordinance a Contract; Severability ……………………………………………………………………………<\/td>\n 15<\/td>\n<\/tr>\n \n Section 17.<\/td>\n Supplemental Documents and Instruments …………………………………………………………………<\/td>\n 15<\/td>\n<\/tr>\n \n Section 18.<\/td>\n Conflict\u00a0 \u00a0and\u00a0\u00a0 \u00a0Repeal…………………………………………………………………………………………………<\/td>\n 16<\/td>\n<\/tr>\n \n Section 19.<\/td>\n Effective\u00a0\u00a0 \u00a0Date\u00a0 \u00a0………………………………………………………………………………………………………..<\/td>\n 16<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF ODELL, LIVINGSTON COUNTY, ILLINOIS, as follows:<\/h1>\n
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described herein, without any requirement of a prior budget or appropriation therefor, to pay debt service on the Notes.<\/h1>\n
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