AN ORDINANCE
GRANTING A SPECIAL USE
FOR UNIQUE USE
LOCATED IN
NORTHFIELD TOWNSHIP
AS AUTHORIZED BY
THE COOK COUNTY ZONING ORDINANCE
WHEREAS, the owner of certain property located in Northfield Township described in Section 1, herein, has petitioned the Cook County Board of Commissioners for a Special Use for Unique Use permit in the R-4 Single Family Residence District for the operation of a landscape business and office, and
WHEREAS, the said petition was received by the Zoning Board of Appeals of Cook County as Docket #7203 and a public hearing was held in regard to said request after due notice, all in accordance with the Cook County Zoning Ordinance and the Statutes of the State of Illinois, and
WHEREAS, the Zoning Board of Appeals entered detailed findings in accordance with the standards set forth in the Ordinance recommending that the Cook County Board of Commissioners grant said applications for a Special Use for Unique Use permit, and
WHEREAS, it is the determination that said request be granted in accordance with the recommendations of the Zoning Board of Appeals.
NOW, THEREFORE, BE IT ORDAINED by the Board of Commissioners of Cook County, Illinois:
Section 1: That a Special Use for Unique Use for the operation of a landscape business and office is hereby authorized as set forth in the Findings and Recommendations of the Zoning Board of Appeals.
LEGAL
DESCRIPTION
Legal Description of Entire Property: The N. 264.0 ft. of the S. 528.0 ft. of the W. 330.0 ft. of the SE 1/4 of Section 20, being a part of Lot 3 of the Superior Court Partition of the S. 3/4's of the SE 1/4 and the S. 1261.0 ft. of the E. 351.50 ft. of the SW 1/4 of Section 20, Township 42 North, Range 12, East of the Third Principal Meridian (excepting the N. 30 ft. for use as a public road), all in Cook County, Illinois
Lease Site Legal Description: The S. 55 ft. of the E. 70 ft. of the N. 264 ft. of the S. 528 ft. of the W. 330 ft. of the SE 1/4 of Section 20, being a part of Lot 3 of Superior Court Partition of the S. 3/4's of the SE 1/4 and the S. 1,261 ft. of the E. 351.50' of the SW 1/4 of Section 20, Township 42 North, Range 12 (except the North 30 ft. for use as a public road), all in Cook County, Illinois.
commonly described as approximately 1.9116 acres, located on the East side of Landwehr Road, approximately 102 ft. North of Hampton Court in Northfield Township.
Section 2: That the Special Use for Unique Use located in the R-4 Single Family Residence District as mentioned in Section l of this Ordinance is hereby authorized.
Section 3: That this Ordinance under the provisions of Section 13.10-7 of the Cook County Zoning Ordinance be in full force and effect from and after its passage and approval, except that if said use is not established within one year as provided in Section 13.10-11, said Special Use for Unique Use shall be null and void. That said property be developed and constructed pursuant to the detailing set forth in the testimony and contained in the exhibits and Findings of the Cook County Zoning Board of Appeals hereby incorporated by reference into this ordinance, as provided by law.
This Ordinance adopted by the Cook County Board of Commissioners this 21st day of February 2002.
JOHN H. STROGER, JR., President
Cook County Board of Commissioners
(S E A L)
Attest: DAVID ORR, County Clerk
ORDINANCE
An
Ordinance providing for the issuance of one or more series of
General
Obligation Bonds, Series 2002, of The County of Cook, Illinois.
WHEREAS,
Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois
provides that “a County which has a Chief Executive Officer elected by the
electors of the County ... (is) a Home Rule Unit” and The County of Cook,
Illinois (the “County”), has a Chief
Executive Officer elected by the electors of the County and is therefore a Home
Rule Unit and may, under the power granted by said Section 6(a) of Article VII
of the Constitution of 1970, as supplemented by the Local Government Debt
Reform Act, as amended, and the other Omnibus Bond Acts, as amended
(collectively, the “Act”), exercise
any power and perform any function pertaining to its government and affairs,
including, but not limited to, the power to tax and to incur debt; and
WHEREAS,
pursuant to the provisions of the Act, the County has the power to incur debt
payable from ad valorem property tax receipts or from any other lawful source
and maturing within 40 years from the time it is incurred without prior
referendum approval; and
WHEREAS,
the Board of Commissioners of the County (the “Corporate Authorities”) has not adopted any ordinance, resolution,
order or motion or provided any County Code provisions which restrict or limit
the exercise of the home rule powers of the County in the issuance of general
obligation bonds without referendum for corporate purposes or which provides
any special rules or procedures for the exercise of such power; and
WHEREAS,
the County, by its Corporate Authorities, has previously made and does now
affirm the determination that it is desirable and in the public interest of the
County to undertake certain County construction, acquisition and equipment
projects, being the Public Safety Funds Project, the Health Fund Project, the
Corporate Fund Project and the Capital Equipment Project, each as hereinafter
further itemized, to create certain reserves for tort immunity and
self-insurance purposes, being the Insurance Reserve Project, and to increase
the working cash fund of the County, being the Cash Management Project; and
WHEREAS, the
Public Safety Funds Project includes, but is not limited to the construction,
equipping, renovation and replacement of court, jail and related facilities;
and
WHEREAS, the
Health Fund Project includes, but is not limited to the construction,
equipping, renovation and reconstruction of various County health facilities,
including but not limited to, the new Cook County Hospital and County health
clinics; and
WHEREAS, the
Corporate Fund Project includes the improvement and renovation of county
facilities, including but not limited to the County Building, the Cook County
Administration Building, elevator modification and telecommunication wiring;
and
WHEREAS, the
Capital Equipment Project includes the purchase of capital equipment for use by
various County departments; and
WHEREAS,
the Insurance Reserve Project includes, but is not limited to, the
establishment of reserves for expected losses for liability or any liability
for which the County is authorized to purchase insurance, including the payment
of any tort judgment or settlement for compensatory damages for which the
County or an employee while acting within the scope of his or her employment is
liable; and
WHEREAS,
the Cash Management Project includes the establishment of a fund for the
purpose of enabling the County to have in its treasury at all times sufficient
money to meet demands thereon for ordinary and necessary expenditures for
general corporate purposes; and
WHEREAS,
the aggregate costs of the Public Safety Fund Project, the Health Fund Project,
the Corporate Fund Project, and the Capital Equipment Project, including
landscaping and improvement of grounds, the acquisition of real property or
rights therein and such personalty or rights therein as may be necessary for
the efficient acquisition, construction or operation of the projects, operating
costs, legal, financial, consulting, engineering, architectural and related
professional services, and such appurtenances as shall be necessary, together
with the aggregate costs of the Insurance Reserve Project and the Cash Management
Project (collectively, the “Projects”),
are in excess of funds lawfully available and on hand and anticipated to be on
hand from time to time; and
WHEREAS,
the Corporate Authorities do hereby determine that it is advisable and in the
best interests of the County to borrow from time to time for the purpose of
paying the costs of the Projects, and to pay costs of issuance, and, in
evidence of such borrowing, to issue one or more series of full faith and
credit bonds (collectively, the “Bonds”)
of the County as hereinafter authorized, provided that at any given time the
aggregate principal amount of the Bonds outstanding shall not exceed the amount
of $600,000,000:
NOW THEREFORE Be
It Ordained by the Board of Commissioners of The County of Cook, Illinois, as
follows:
SECTION 1. DEFINITIONS.
The following
words and terms used in this ordinance shall have the following meanings unless
the context or use indicates another or different meaning:
“Act” means Section 6(a) of Article VII of the
1970 Constitution of the State of Illinois, as supplemented and amended by the
Local Government Debt Reform Act of the State of Illinois, as amended, and the
other Omnibus Bond Acts, as amended.
“Agency
Obligation” means
obligations issued or guaranteed by any of the following agencies, provided that such obligations are
backed by the full faith and credit of the United States of America: Export-Import Bank of the United States
direct obligations or fully guaranteed certificates of beneficial ownership; Federal
Financing Bank; Farmers Home Administration certificates of beneficial
ownership; Federal Housing Administration Debentures; Government National
Mortgage Association guaranteed mortgage-backed bonds; General Services
Administration participation certificates; United States Maritime
Administration obligations guaranteed under Title XI; New Communities
Debentures; United States Public Housing Notes and Bonds; and United States
Department of Housing and Urban Development Project Notes and Local Authority
Bonds.
“Authorized
Denomination” means (i)
for Current Interest Bonds, $5,000 or any integral multiple thereof, (ii) for
Capital Appreciation Bonds, Original Principal Amounts of such Capital
Appreciation Bonds or any integral multiple thereof, and (iii) for Variable
Rate Bonds, the amounts as provided in an Indenture executed by the County in
connection therewith.
“Bond
Fund” means the account
of that name established and further described in Section 12 of this Ordinance.
“Bond
Order” means each
written Bond Order and Notification of Sale signed by the Designated Officers
and setting forth certain details of the Bonds as hereinafter provided.
“Bond
Register” means the
books for the registration and transfer of the Bonds to be kept by the Trustee
on behalf of the County.
“Bonds” means the bonds authorized under this
Ordinance and to be issued in one or more series pursuant to this Ordinance and
one or more Bond Orders. Any reference
in this Ordinance to “Series 2002A Bonds,” “Series 2002B Bonds,” or “Series 2002C
Bonds” shall mean one of such series of Bonds as so designated.
“Book
Entry Form” means the
form of the Bonds as fully registered and available in physical form only to
the Depository.
“Capital
Appreciation Bonds”
means Bonds payable in one payment on only one fixed date.
“Chief
Financial Officer” means
the Chief Financial Officer of the County.
“Code” means the Internal Revenue Code of 1986,
as amended.
“Commitment” means (i) a commitment to issue a
financial guaranty or municipal bond insurance policy issued by an Insurer and
relating to a series of Bonds and (ii) any separate insurance agreement between
the County and an Insurer executed in connection with the issuance by such
Insurer of its insurance policy with respect to the Bonds.
“Compound
Accreted Value” means, for any Capital Appreciation
Bond, on any date of determination, an amount equal to the Original Principal
Amount of such Bond (or integral multiple thereof) plus an investment return
accrued to the date of such determination at a semiannual compounding rate
which is necessary to produce the approximate yield to maturity borne by such
Bond.
“Convertible
CABs” means Bonds issued
initially as Capital Appreciation Bonds containing provisions for the
conversion of the Compound Accreted Value of such Bonds into Current Interest
Bonds at such time following the issuance thereof as shall be approved by the
Chief Financial Officer.
“Corporate
Authorities” means the
Board of Commissioners of the County.
“County” means The County of Cook, Illinois, and
its successors and assigns.
“County
Clerk” means the County
Clerk of the County.
“County
Collector” means the
County Treasurer, acting ex-officio
as the Collector for the County.
“Credit
Facility” means any
letter of credit, bank bond purchase agreement, revolving credit agreement,
surety bond, bond insurance policy or other agreement or instrument under which
any person (other than the County) undertakes to make or provide funds to make
payment of the principal or premium, if any (if at the election of the County
the Credit Facility secures premium payable upon an optional redemption of
Bonds supported by such Credit Facility), and interest on Bonds, delivered to
and received by the Trustee.
“Current
Interest Bonds” means
Bonds bearing interest at fixed rates and paying interest semiannually (which
may have a first odd period for interest not greater than one year).
“Defeasance
Obligation” means any
Federal Obligation or any Agency Obligation, in each case not subject to
redemption at the option of the issuer.
“Depository” means The Depository Trust Company, a
New York limited trust company, its successor or a successor depository
qualified to clear securities under applicable state and federal law.
“Designated
Officer” means the
President, Chief Financial Officer or any other officer or employee of the
County so designated by a written instrument signed by the President or the
Chief Financial Officer and filed with the Trustee.
“Federal
Obligation” means any
direct obligation of, or any obligation the timely payment of principal of and
interest on which is fully and unconditionally guaranteed by, the United States
of America.
“Indenture” means a trust indenture by and between
the County and the Trustee as authorized herein for the issuance of Variable
Rate Bonds.
“Insurer” means any recognized issuer of a
municipal bond insurance policy insuring one or more series of Bonds as
selected by the Chief Financial Officer and so designated in a Bond Order.
“Maturity
Amount” means, for
Capital Appreciation Bonds, Compound Accreted Value at maturity.
“Ordinance” means this ordinance as originally
introduced and adopted and as the same may from time to time be amended or
supplemented in accordance with the terms hereof.
“Outstanding
Bonds” means Bonds which
are outstanding and unpaid; provided,
however, such term shall not include Bonds (a) which have matured and
for which monies are on deposit with proper paying agents or are otherwise
properly available sufficient to pay all principal thereof and interest
thereon; or (b) the provision for payment of which has been made by the
County pursuant to Section 20 of this Ordinance.
“Pledged
Taxes” means the
unlimited ad valorem taxes levied herein and pledged hereunder by the County as
security for the Bonds, any additional taxes as may be hereafter levied for any
Variable Rate Bonds pursuant to the covenant contained in Section 9 of
this Ordinance and any accrued interest received upon the sale of the Bonds and
deposited into the Bond Fund.
“Project
Fund” means each fund
included in the Project Funds established and further described in
Section 12 of this Ordinance.
“Projects” means, collectively, the Public Safety
Fund Project, the Health Fund Project, the Corporate Fund Project, the Capital
Equipment Project, the Insurance Reserve Project and the Cash Management
Project described in the preambles hereto.
“Purchase
Price” means the price
for the Bonds as provided in a Bond Order.
“Qualified
Investments” means:
(a) Federal
Obligations;
(b) Deposits
in interest-bearing accounts or certificates of deposit or similar arrangements
issued by any bank, trust company, national banking association, savings bank
or savings and loan association, including the Trustee, which deposits are
(i) insured or secured as required by Section 12(E) or
(ii) insured by an insurance policy or surety bond issued by an insurance
company rated in the highest rating category by Fitch, Moody’s and S&P, or
by any two of said rating agencies;
(c) Bonds
or notes issued by any State of the United States of America, or any political
subdivision thereof, that are rated in either of the two highest rating
categories by Fitch, Moody’s and S&P, or by any two of said rating
agencies;
(d) Bonds,
debentures, notes or other evidences of indebtedness issued or guaranteed by
any of the following: Federal Home Loan
Bank System senior debt obligations; Federal Home Loan Mortgage Corporation
participation certificates and senior debt obligations; Federal National
Mortgage Association mortgage backed securities and senior debt obligations;
and the interest component of Resolution Funding Corporation obligations in
book-entry form, which have been stripped by request of the Federal Reserve
Bank of New York;
(e) Agency
Obligations;
(f) Repurchase
agreements entered into with financial institutions that are either
(i) banks, trust companies or national banking associations that are rated
“A” or higher by Moody’s, Fitch and S&P, or by any two of said rating
agencies, or (ii) a government bond dealer reporting to, trading with, and
recognized as a primary dealer by the Federal Reserve Bank of New York,
provided that each such repurchase agreement is secured as provided in
Section 12(F);
(g) Money
market funds registered under the Federal Investment Company Act of 1940, whose
shares are registered under the Federal Securities Act of 1933 and having a
rating by S&P of “AAAm-G,” “AAAm” or “Aam”;
(h) Commercial
paper rated, at the time of purchase, “Prime-1” by Moody’s, “F-1” or better by
Fitch, and “A-1” or better by S&P, or by any two of said rating agencies;
(i) The
Public Treasurers’ Investment Pool of the State of Illinois;
(j) Federal
Funds or bankers’ acceptances, with a maximum term of one year, of any bank
that has an unsecured, uninsured and unguaranteed obligation rating of
“Prime-1” or “A-3” or better from Moody’s, “F-2” or “A” or better by Fitch, and
“A-1” or “A” or better by S&P, or by any two of said rating agencies; and
(k) Investment
agreements, including without limitation repurchase agreements not described in
clause (f) above, with a bank, investment bank, financial institution or
insurance company provided that such bank, investment bank, financial
institution or insurance company maintains an office in the United States and
such bank, investment bank, financial institution or insurance company or whose
guarantor is rated in one of the three highest rating categories by Moody’s,
Fitch, and S&P, or by any two of said rating agencies, or if such
institution is not so rated, that the agreement is collateralized by securities
described in clauses (a), (d) or (e) above, having a market value at all times
(exclusive of accrued interest, other than accrued interest paid in connection
with the purchase securities) at least equal to the principal amount invested
pursuant to the agreement.
“Regular
Record Date” means, for
any Current Interest Bonds or Capital Appreciation Bonds, the 1st day of the
month in which any regularly scheduled interest payment date occurs on the 15th
day of such month and, in the event of a payment occasioned by a redemption of
Bonds on other than a regularly scheduled interest payment date on the 15th day
of a month, means the 15th day next preceding such payment date and, for
Variable Rate Bonds, has the meaning set forth in a relevant Indenture.
“Representations
Letter” means such
letter to or agreement, by and among the County, the Trustee and the Depository
as shall be necessary to effectuate a book-entry system for the Bonds, and
includes the Blanket Letter of Representations previously executed by the
County and the Depository.
“Stated
Maturity” means with
respect to any Bond or any interest thereon the date specified in such Bond as
the fixed date on which the principal of such Bond or such interest is due and
payable, whether by maturity or otherwise.
“Tax
Exempt” means, with
respect to the Bonds, the status of interest paid and received thereon as not
includible in the gross income of the owners thereof under the Code for federal
income tax purposes, except to the extent that such interest is taken into
account in computing an adjustment used in determining the alternative minimum
tax for certain corporations and in computing the “branch profits tax” imposed
on certain foreign corporations.
“Trustee”
means Amalgamated Bank
of Chicago, Chicago, Illinois, as bond registrar, paying agent and trustee, and
successors and assigns.
“Underwriters” means (i) for the Series 2002A Bonds,
collectively, Jackson Securities, Inc., George K. Baum & Co., Podesta &
Co., and Lehman Brothers, (ii) for the Series 2002B Bonds, collectively,
William Blair & Company and SBK Brooks Investment Corp., and (iii) for the
Series 2002C Bonds, collectively, LaSalle Capital Markets, Inc., A Division of
ABN AMRO Financial Services, Inc., Salomon Smith Barney, Loop Capital, Apex
Securities, Banc One Capital Markets, Inc., and Siebert, Brandford & Shank.
“Variable
Rate Bonds” means Bonds
which are issued at rates subject to change from time to time, payable from
time to time, and subject to various options for payment by the owners thereof,
as more fully provided for herein.
“Yield
to Maturity” means, for
any Capital Appreciation Bond, the approximate yield to maturity borne by such
Bond.
SECTION 2. FINDINGS.
The
Corporate Authorities hereby find that it is necessary and in the best
interests of the County that the County provide for the Projects; that each of
the Projects is expressly authorized under the Act, and that the Bonds be
issued to enable the County to pay the costs of Projects. The Corporate Authorities hereby find that
all of the recitals contained in the preambles to this Ordinance are full, true
and correct and do hereby incorporate them into this Ordinance by this
reference. It is hereby found and
determined that the Corporate Authorities have been authorized by law to borrow
not less than the aggregate sum of $600,000,000 upon the credit of the County
and as evidence of such indebtedness to issue at this time Bonds in the
aggregate principal amount of $600,000,000, more or less, as herein provided,
in order to pay the costs of the Projects.
The Bonds shall be issued pursuant to the Act.
SECTION 3. BOND DETAILS.
There
shall be borrowed on the credit of and for and on behalf of the County the sum
of not to exceed $600,000,000 plus an amount equal to the amount of any
original issue discount used in the marketing of the Bonds for the purposes
aforesaid; the Bonds shall be issued from time to time in said aggregate
amount, or such lesser amount, in one or more series, all as may be determined
by the Chief Financial Officer, and shall be designated substantially as
“General Obligation [Variable Rate Demand] Bonds, Series 2002__,” with such
additions or modifications as shall be determined to be necessary by the Chief
Financial Officer at the time of the sale of the Bonds to reflect the purpose
of the issue, the order of sale of the Bonds, whether the Bonds are Current
Interest Bonds, Variable Rate Bonds, Capital Appreciation Bonds or Convertible
CABs, and any other authorized features of the Bonds determined by the Chief
Financial Officer as desirable to be reflected in the title of the Bonds being
issued and sold. Any Bonds issued as
Current Interest Bonds shall be dated as of March 1, 2002, or such later
date at or prior to the date of issuance thereof as may be provided in the
relevant Bond Order. Any Bonds issued
as Capital Appreciation Bonds shall be dated the date of issuance thereof. Any Bonds issued as Variable Rate Bonds
shall be dated such date not earlier than March 1, 2002, and not later than the
date of issuance thereof as shall be provided in the Indenture. All Bonds shall also bear the date of
authentication, shall be in fully registered form, shall be in Authorized
Denominations as provided in the relevant Bond Order (but no single Bond shall
represent installments of principal or Compound Accreted Value maturing on more
than one date), shall be numbered 1 and upward within each series, shall
bear interest at the rates percent per annum and shall become due and payable (subject
as hereinafter provided with respect to prior redemption) on November 15 (or
such other date as may be provided in the relevant Bond Order) of the years as
provided in the relevant Bond Order, subject to the limitations set forth
below.
All
or any portion of the Bonds may be issued as Current Interest Bonds.
All
or any portion of the Bonds may be issued as Capital Appreciation Bonds. Each Original Principal Amount of Capital
Appreciation Bonds shall represent a Maturity Amount of $5,000 or any integral
multiple thereof.
All
or any portion of the Bonds may be initially issued as Convertible CABs. While in the form of Capital Appreciation
Bonds, Bonds issued as Convertible CABs shall be subject to all of the
provisions and limitations of this Ordinance relating to Capital Appreciation
Bonds, and while in the form of Current Interest Bonds, Bonds issued as
Convertible CABs shall be subject to all of the provisions and limitations of
this Ordinance relating to Current Interest Bonds. In particular, when Convertible CABs are in the form of Capital
Appreciation Bonds prior to their conversion to Current Interest Bonds, the
transfer, exchange and replacement provisions of this Ordinance with respect to
Capital Appreciation Bonds shall apply to such Convertible CABs; provided that the Convertible CABs
delivered in the form of Capital Appreciation Bonds in connection with any such
transfer, exchange or replacement shall have identical provisions for
conversion to Current Interest Bonds as set forth in the Convertible CABs being
transferred, exchange or replaced. In
connection with the issuance and sale of any Convertible CABs, the terms and
provisions relating to the conversion of the Compound Accreted Value of such
Convertible CABs into Current Interest Bonds shall be as approved by the Chief
Financial Officer at the time of sale of such Convertible CABs.
All
or any portion of the Bonds may be issued as Variable Rate Bonds. Any Variable Rate Bonds shall be subject to
the provisions of the Indenture for same, to be by and between the County and
the Trustee. The President or the Chief
Financial Officer is hereby authorized to enter into any Indenture on behalf of
the County. Any Indenture shall be in
substantially the form of trust indentures previously entered into by the
County in connection with the sale of variable rate general obligation bonds or
notes, but with such revisions in text as the President or the Chief Financial
Officer shall determine are necessary or desirable, the execution thereof by the
President or the Chief Financial Officer to evidence the approval by the
Corporate Authorities of all such revisions.
All
or any portion of the Bonds may be issued as Tax Exempt or not Tax Exempt as
the Designated Officers shall determine upon consultation with counsel and as
shall be provided in a relevant Bond Order.
All
Bonds shall become due and payable as provided in the relevant Bond Order, provided, however, that no Bond shall
have a Stated Maturity which is later than November 15, 2032.
The
Current Interest Bonds and the Variable Rate Bonds shall bear interest at a
rate or rates percent per annum and any Capital Appreciation Bonds shall have
Yields to Maturity not to exceed ten percent (10.0%) per annum and no Capital
Appreciation Bond shall have a Yield to Maturity in excess of ten percent
(10.0%) per annum. The Current Interest
Bonds and the Variable Rate Bonds shall bear interest at the rate or rates
percent per annum and the Capital Appreciation Bonds shall have Yields to
Maturity as provided in the relevant Bond Order or Indenture.
Each
Current Interest Bond shall bear interest from the later of its dated date or
the most recent interest payment date to which interest has been paid or duly
provided for, until the principal amount of such Bond is paid, such interest
(computed upon the basis of a 360-day year of twelve 30-day months) being
payable, subject to the provisions of any Bond Order, on each May 15 and
November 15, commencing on such May 15 or November 15 as determined by the
Chief Financial Officer in the Bond Order therefor.
Each
Capital Appreciation Bond shall bear interest from its dated date at the rate
percent per annum compounded semiannually, subject to the provisions of any
Bond Order, on each May 15 and November 15, commencing on such May 15 or
November 15 as determined by the Chief Financial Officer in the Bond Order
therefor, which will produce the Yield to Maturity until the Stated Maturity
thereof or conversion date to Current Interest Bonds. Interest on the Capital Appreciation Bonds shall be payable only
at Stated Maturity.
Each
Variable Rate Bond shall bear interest (computed from time to time on such
basis and payable in such manner as shall be set forth in the Indenture
therefor) payable on such dates as shall be set forth in the Indenture
therefor. Any Variable Rate Bonds may
be made subject to optional or mandatory tender for purchase by the owners
thereof at such times and at such prices (not to exceed 103 percent of the principal
amount thereof) as shall be set forth in the Indenture therefor. In connection with the remarketing of any
Variable Rate Bonds so tendered for purchase under the terms and conditions so
specified by the Chief Financial Officer, the President and the Chief Financial
Officer are each hereby authorized to execute on behalf of the County a
remarketing agreement in customary form at customary fees used for variable
rate financings of the County with appropriate revisions to reflect the terms
and provisions of the Bonds sold as Variable Rate Bonds and such other
revisions in text as the Chief Financial Officer shall determine are necessary
or desirable in connection with the sale of the Bonds as Variable Rate Bonds.
So
long as the Bonds are held in Book Entry Form, interest on each Bond shall be
paid to the Depository by check or draft or electronic funds transfer, in
lawful money of the United States of America, as may be agreed in the
Representations Letter; in the event the Bonds should ever become available in
physical form to registered owners other than the Depository, interest on each
Bond shall be paid by check or draft of the Trustee, payable upon presentation
thereof in lawful money of the United States of America, or by electronic funds
transfer of lawful money of the United States of America, as may be provided,
to the person in whose name such Bond is registered at the close of business on
the applicable Regular Record Date, and mailed to the address or transferred to
such account of such registered owner as it appears on the Bond Register or at
such other address or account as may be furnished in writing to the Trustee.
Principal
of and premium (if any) on each Current Interest Bond and Variable Rate Bond
and the Compound Accreted Value of each Capital Appreciation Bond shall be paid
upon surrender in lawful money of the United States of America, at the
principal corporate trust office of the Trustee or its proper agent.
The
Bonds shall have impressed or imprinted thereon the corporate seal or facsimile
thereof of the County and shall be signed by the manual or duly authorized
facsimile signatures of the President and County Clerk, as they shall
determine, and in case any officer whose signature shall appear on any Bond
shall cease to be such officer before the delivery of such Bond, such signature
shall nevertheless be valid and sufficient for all purposes, the same as if
such officer had remained in office until delivery.
All
Bonds shall have thereon a certificate of authentication substantially in the
form hereinafter set forth duly executed by the Trustee as authenticating agent
of the County and showing the date of authentication. No Bond shall be valid or obligatory for any purpose or be
entitled to any security or benefit under this Ordinance unless and until such
certificate of authentication shall have been duly executed by the Trustee by
manual signature, and such certificate of authentication upon any such Bond
shall be conclusive evidence that such Bond has been authenticated and
delivered under this Ordinance. The
certificate of authentication on any Bond shall be deemed to have been executed
by the Trustee if signed by an authorized officer of the Trustee, but it shall
not be necessary that the same officer sign the certificate of authentication
on all of the Bonds issued hereunder.
SECTION 4. BOOK-ENTRY PROVISIONS.
The
Bonds shall be initially issued in the form of a separate single fully
registered Bond for each of the maturities of the Bonds. Upon initial issuance, the ownership of each
such Bond shall be registered in the Bond Register in such name as may be
provided by the Depository (the “Book
Entry Owner”) and, accordingly, in Book Entry Form as provided and defined
herein. Any Designated Officer is
authorized to execute a Representations Letter or to utilize the provisions of
an existing Representations Letter.
Without limiting the generality of the authority given with respect to
entering into the Representations Letter for the Bonds, it may contain
provisions relating to (a) payment procedures, (b) transfers of the Bonds or of
beneficial interests therein, (c) redemption notices and procedures unique to
the Depository, (d) additional notices or communications, and (e) amendment
from time to time to conform with changing customs and practices with respect
to securities industry transfer and payment practices. With respect to Bonds registered in the Bond
Register in the name of the Book Entry Owner, neither the County nor the
Trustee shall have any responsibility or obligation to any broker-dealer,
bank, or other financial institution for which the Depository holds Bonds from
time to time as securities depository (each such broker-dealer, bank, or other
financial institution being referred to herein as a “Depository Participant”) or to any person on behalf of whom such a
Depository Participant holds an interest in the Bonds. Without limiting the meaning of the
immediately preceding sentence, neither the County nor the Trustee shall have
any responsibility or obligation with respect to (a) the accuracy of the records
of the Depository, the Book Entry Owner, or any Depository Participant with
respect to any ownership interest in the Bonds; (b) the delivery to any
Depository Participant or any other person, other than a registered owner of a
Bond as shown in the Bond Register or as expressly provided in the
Representations Letter, of any notice with respect to the Bonds, including any
notice of redemption; or (c) the payment to any Depository Participant or any
other person, other than a registered owner of a Bond as shown in the Bond
Register, of any amount with respect to principal of or interest on the
Bonds. No person other than a
registered owner of a Bond as shown in the Bond Register shall receive a Bond
certificate with respect to any Bond.
In the event that (a) the County determines that the Depository is
incapable of discharging its responsibilities described herein or in the
Representations Letter, (b) the agreement among the County and the Depository
evidenced by the Representations Letter shall be terminated for any reason, or
(c) the County determines that it is in the best interests of the County or of
the beneficial owners of the Bonds that they be able to obtain certificated
Bonds; the County shall notify the Depository of the availability of Bond certificates,
and the Bonds shall no longer be restricted to being registered in the Bond
Register to the Book Entry Owner. The
County may determine at such time that the Bonds shall be registered in the
name of and deposited with a successor depository operating a book entry only
system, as may be acceptable to the County, or such depository’s agent or
designee, but if the County does not select such successor depository, then the
Bonds shall be registered in whatever name or names registered owners of Bonds
transferring or exchanging Bonds shall designate, in accordance with the
provisions hereof.
SECTION 5. REDEMPTION.
If
so provided in the relevant Bond Order or Indenture, any Bonds may be
redeemable prior to maturity at the option of the County, in whole or in part
on any date, at such times and at such redemption prices (to be expressed as a
percentage of the principal amount of Current Interest Bonds or Variable Rate
Bonds to be redeemed and as a percentage of the Compound Accreted Value of
Capital Appreciation Bonds to be redeemed) not to exceed one hundred three
percent (103.00%), plus, in the case of Current Interest Bonds or Variable Rate
Bonds, accrued interest to the date of redemption, as determined by the Chief
Financial Officer at the time of the sale thereof. If less than all of the outstanding Bonds of a series are to be
optionally redeemed, the Bonds to be called shall be called from such series,
in such principal amounts and from such maturities as may be determined by the
County and within any maturity by lot within a maturity in the manner
hereinafter provided. Any Current
Interest Bonds or Variable Rate Bonds may be made subject to mandatory
redemption, at par and accrued interest to the date fixed for redemption, as
determined by the Chief Financial Officer at the time of the sale thereof and
as set forth in the relevant Bond Order or Indenture. The terms and provisions for any redemption of Variable Rate
Bonds shall be as determined by the Chief Financial Officer at the time of sale
of the Bonds and as set forth in a relevant Indenture, provided that such terms shall be within the limitations set forth
in this Section.
In
connection with any mandatory redemption of Bonds as authorized above, the
principal amounts of such Bonds to be mandatorily redeemed in each year may be
reduced through the earlier optional redemption thereof, with any partial
optional redemptions of such Bonds credited against future mandatory redemption
requirements in such order of the mandatory redemption dates as the Chief
Financial Officer may determine. In the
absence of such determination, partial optional redemptions of such Bonds shall
be credited against future mandatory redemption requirements in inverse
chronological order of such payments beginning with the amount scheduled to
become due at Stated Maturity, then the amount subject to mandatory redemption
in the year preceding Stated Maturity, and so on. In addition, on or prior to the 60th day preceding any mandatory
redemption date, the Trustee may, and if directed by the Chief Financial
Officer shall, purchase Bonds of such maturities in an amount not exceeding the
amount of such Bonds required to be retired on such mandatory redemption date
and at a price not exceeding par plus accrued interest. Any such Bonds so purchased shall be
cancelled and the principal amount thereof shall be credited against the
payment required on such next mandatory redemption date.
The
County shall, at least 45 days prior to the redemption date (unless a shorter
time shall be satisfactory to the Trustee), notify the Trustee of such
redemption date, the years of maturity and principal amounts of Bonds to be
redeemed and, if applicable, the mandatory redemption payment so affected. Current Interest Bonds shall be redeemed only
in the principal amount of $5,000 each and integral multiples thereof, and
Capital Appreciation Bonds shall be redeemed only in amounts representing
$5,000 Maturity Amount and integral multiples thereof. In the event of the redemption of less than
all the Bonds of a series of like maturity, the aggregate principal amount or
Maturity Amount (as appropriate) thereof to be redeemed shall be $5,000 or an
integral multiple thereof, and the Trustee shall assign to each such Bond of
such maturity a distinctive number for each $5,000 principal amount or Maturity
Amount (as appropriate) of such Bond and shall select by lot from the numbers
so assigned as many numbers as, at $5,000 for each number, shall equal the
principal amount or Maturity Amount (as appropriate) of such Bonds to be
redeemed. The Bonds to be redeemed
shall be those to which were assigned numbers so selected; provided that only so much of the principal amount or Maturity
Amount (as appropriate) of each Bond shall be redeemed as shall equal $5,000
for each number assigned to it and so selected.
The
Trustee shall promptly notify the County in writing of the Bonds or portions of
Bonds selected for redemption and, in the case of any Bond selected for partial redemption, the principal amount
thereof to be redeemed.
Unless
waived by the owner of Bonds to be redeemed or as otherwise provided in an
Indenture for Variable Rate Bonds, notice of any such redemption shall be given
by the Trustee on behalf of the County by mailing the redemption notice by first
class mail not less than 30 days and not more than 60 days prior to the date
fixed for redemption to each registered owner of the Bond or Bonds to be
redeemed at the address shown on the Bond Register or at such other address as
is furnished in writing by such registered owners to the Trustee.
All
notices of redemption shall include at least the information as follows:
(1) the
redemption date;
(2) the
redemption price;
(3) if
less than all of the Bonds of a particular series are to be redeemed, the
identification (and, in the case of partial redemption, the respective
principal amounts) of the Bonds to be redeemed;
(4) a
statement that on the redemption date the redemption price will become due and
payable upon each such Bond or portion thereof called for redemption and that
interest thereon shall cease to accrue from and after said date; and
(5) the
place where such Bonds are to be surrendered for payment of the redemption
price, which place of payment shall be the principal corporate trust office of
the Trustee.
Such
additional notice as may be agreed upon with the Depository shall also be given
so long as the Bonds are held by the Depository.
On
or prior to any redemption date, the County shall deposit with the Trustee an
amount of money sufficient to pay the redemption price of all the Bonds or
portions of Bonds which are to be redeemed on that date.
Notice
of redemption having been given as provided therefor, the Bonds or portions of
Bonds so to be redeemed shall, on the redemption date, become due and payable
at the redemption price therein specified, and from and after such date (unless
the County shall default in the payment of the redemption price) such Bonds or
portions of Bonds 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 Bond shall
affect the sufficiency of such notice with respect to other registered
owners. Notice having been properly
given, failure of a registered owner of a Bond 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 Bond,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice shall be
filed with the Trustee, but such filing shall not be a condition precedent to
the validity of any action taken in reliance upon such waiver. Upon surrender of such Bonds for redemption
in accordance with said notice, such Bonds shall be paid by the Trustee 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 any partial redemption of any Bond, there
shall be prepared for the registered owner a new Bond or Bonds of the same
Stated Maturity in the amount of the unpaid principal or Maturity Amount.
With
respect to any redemption of Bonds, unless moneys sufficient to pay the
redemption price of the Bonds to be redeemed shall have been received by the
Trustee prior to the giving of the notice of redemption, such notice may, at
the option of the County, state that such redemption shall be conditional upon
the receipt of such moneys by the Trustee on or prior to the date fixed for
redemption. If such moneys are not
received, such notice shall be of no force and effect, the Trustee shall not
redeem such Bonds, and the Trustee shall give notice, in the same manner in
which the notice of redemption shall have been given, that such moneys were not
so received and that such Bonds will not be redeemed.
If any Bond or portion of Bond called for redemption shall not be so paid upon surrender thereof for redemption, in the case of Current Interest Bonds, the principal shall, until paid, bear interest from the redemption date at the rate borne by the Bond or portion of Bond so called for redemption; in the case of Variable Rate Bonds, the principal shall, until paid, bear interest as provided in a relevant Indenture; and, in the case of Capital Appreciation Bonds, the Compound Acc