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AN ORDINANCE AUTHORIZING AND DIRECTING THE EXECUTION OF AN ESCROW AGREEMENT IN CONNECTION WITH THE ISSUE OF $18,925,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2010, OF THE VILLAGE OF ORLAND PARK, COUNTIES OF COOK AND WILL, ILLINOIS (THE “VILLAGE”) AND THE ADVANCE REFUNDING OF THE VILLAGE’S GENERAL OBLIGATION BONDS, SERIES 2002A
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WHEREAS, the Village of Orland Park, Counties of Cook and Will, Illinois (the “Village”), is a municipal corporation of the State of Illinois; and
WHEREAS, the Village has a population in excess of 25,000 as determined by the last official census, and pursuant to the provisions of Section 6 of Article VII of the Constitution of the State of Illinois, the Village is a home rule unit and may exercise any power or perform any function pertaining to its government and affairs including, but not limited to, the powers to tax and incur debt; and
WHEREAS, pursuant to the provisions of said Section 6, the Village has the power to incur debt payable from ad valorem 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 Village has heretofore issued the Village’s General Obligation Bonds, Series 2002A (the “Prior Bonds”), in the original principal amount of $20,000,000, of which $14,385,000 aggregate principal amount of the Prior Bonds are presently outstanding and unpaid; and
WHEREAS, the Village, has provided by ordinance adopted by the President and Board of Trustees of the Village (the “Board”) on the 1st day of February, 2010 (the “Bond Ordinance”), for the issuance of its General Obligation Refunding Bonds, Series 2010, in an aggregate principal amount of $18,925,000 (the “Bonds”), for the purpose of refunding in advance of their maturity a portion of the Prior Bonds (the “Refunded Bonds”); and
WHEREAS, in order to p...
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