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HomeMy WebLinkAboutResolution #0733_ ~: r RESOLUTION NO . ~ ,;: RESOLUTION designating LaSalle National Bank, Chicago, Illinois, as paying agent for $900,000 Waterworks and Sewerage Revenue Refunding Bonds, Series 1977, of the City of Canton, Fulton County, Illinois, authorized by Ordinance No. 580; approving the form, .terms and provisions of a Refunding Trust Agreement relating to certain outstanding bonds of said City and designating Community Bank and Trust Company, Canton, Illinois, as the Trustee thereunder; electing a Mayor pro tem. for the purpose of effecting the consummation of the financing authorized by Ordinance No. 580; and prescrib- ing other matters pertaining thereto. WHEREAS, the City of Canton, Fulton County, Illinois (the "Issuer"), is authorized to issue $900,000 principal amount of Waterworks and Sewerage Revenue Refunding Bonds, Series 1977 (the "Bonds"), in accordance with the provisions of Ordinance No. 580 entitled: "AN ORDINANCE authorizing and providing for the issuance of $900,000 principal amount of Water- works and Sewerage Revenue Refunding Bonds, Series 1977, of the City of Canton, Fulton County, Illinois; prescribing the form and other details and confirming the sale of said bonds; providing for the collection and disposi- tion of the revenues to be derived from the municipal waterworks and sewerage system of said city; making other provisions with respect to the operation of said system and the issu- ance of said bonds; providing for the security and payment of said bonds; providing for the payment of certain outstanding bonds; and prescribing other matters pertaining thereto." (the "Bond Ordinance") adopted by the City Council of the Issuer on April 12, 1977, and duly published in the Canton Daily Ledger on April 14, 1977; and WHEREAS, Section 4 of the Bond Ordinance provides, among other things, that•-the Bonds shall be payable, both principal and interest, in lawful money of the United States of America at such bank or trust company as might be agreed upon between the Issuer and Stern Brothers & Co., Denver, Colorado, as purchaser of the Bonds (the "Original Purchaser") and designated by resolution of this City Council; and -3- .~ WHEREAS, the Issuer and the Original Purchaser have agreed that LaSalle National Bank, Chicago, Illinois, shall be designated to act as such paying agent; and WHEREAS, Section 16 of the Bond Ordinance provides, among other things, for the deposit of a portion of the proceeds of the Bonds in trust for the payment of the Outstanding Bonds (as defined in the Bond Ordinance) pursuant to a Refunding Trust Agreement (the "Refunding Trust Agreement") to be approved by resolution of this City Council; and WHEREAS, Section 2(j) of the Bond Ordinance provides, among other things, for the designation by resolution of this City Council of such bank or trust company to act as Trustee under the Refunding Trust Agreement as might be agreed upon between the Issuer and the Original Purchaser; and WHEREAS, the Issuer and the Original Purchaser have agreed that Community Bank and Trust Company, Canton, Illinois, shall be designated to act as such Trustee; and WHEREAS, the issuance and delivery of the Bonds to the Original Purchaser has been scheduled for April 28, 1977; and WHEREAS, pursuant to the terms and provisions of the Bond Ordinance and in compliance with the provisions of the Uniform Facsimile Signature of Public Officials Act, the facsi- mile official signature of Mayor Robert F. Jennings has been printed on each of the Bonds and the coupons appurtenant thereto; and WHEREAS, in order to consummate the timely issuance and delivery of the Bonds it will be necessary for the Mayor to execute the Refunding Trust Agreement and various other certifi- Cates and closing papers; and -4- ~: WHEREAS, Mayor Robert F. Jennings is currently hospi- talized and recuperating from surgery, and is accordingly dis- abled and incapacitated from the performance of his duties; and WHEREAS, Section 3-11-7 of the Illinois Municipal Code provides that if a temporary absence or disability of the mayor incapacitates him from the performance of his duties but does not create a vacancy in the office, the city council shall elect one of its members to act as mayor pro tem., and that the mayor pro tem., during this absence or disability, shall perform the duties and possess all the rights and powers of the mayor: NOW, THEREFORE, Be It Resolved by the City Council of the City of Canton, Fulton County, Illinois, as follows: Section 1. LaSalle National Bank, Chicago, Illinois, is hereby designated as paying agent for the Bonds pursuant to the terms and provisions of Section 4 of the Bond Ordinance. Section 2. The form, terms and provisions of the Re- funding Trust Agreement presented to this meeting and attached hereto as Exhibit "A" are hereby approved, ratified and confirmed. The execution and delivery of the Refunding Trust Agreement by the Mayor pro tem. and the City Clerk, in substantially the form presented to this meeting and hereby approved, is hereby author- ized and approved. Section 3. Community Bank and Trust Company, Canton, Illinois, is hereby designated as Trustee under the Refunding Trust Agreement. Section 4. Upon the execution of the Refunding Trust Agreement and the issuance and delivery of the Bonds, the Issuer shall deposit the sum of $1,198,100 consisting of (a) $900,000 from the principal proceeds of the Bonds, and (b) $298,100 from other available funds of the Issuer, with the Trustee under the Refunding Trust Agreement for deposit to the credit of the -5- ~_ -- Trust Fund created thereunder. As provided in the Refunding Trust Agreement, the sum of $20,400 shall be disbursed from the Trust Fund for the payment of expenses relating to the establishment of the Trust Fund, with the balance of the expenses relating to the issuance of the Bonds to be paid by the Original Purchaser. Section 5. Pursuant to the provisions of Section 3-11-7 of the Illinois Municipal Code, Alderman is hereby elected to act as Mayor pro tem. during the disability of Mayor Robert F. Jennings, with full power and authority, as provided by law, to perform the duties and to possess all the rights and powers of the Mayor, including particularly the power and authority to do all things necessary to effect the issuance and delivery of the Bonds. Section 6. This resolution shall be in full force and effect immediately upon its passage and approval. PASSED, APPROVED and FILED in the office of the City Clerk this 26th day of April, 1977. ~~ ~~.~~ Mayor pro tem. (SEAL ) Attest: ~, , City Clerk -6-