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AN ORDINANCE PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2010 (THE “BONDS”), OF THE VILLAGE OF ORLAND PARK, COUNTIES OF COOK AND WILL, ILLINOIS, AND PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS ALL FOR THE PURPOSE OF ADVANCE REFUNDING A PORTION OF THE VILLAGE’S GENERAL OBLIGATION BONDS, SERIES 2002A (THE “SERIES 2002A BONDS”) AND A PORTION OF THE VILLAGE’S GENERAL OBLIGATION BONDS, SERIES 2002B (THE “SERIES 2002B BONDS” AND, TOGETHER WITH THE SERIES 2002A BONDS, THE “PRIOR BONDS”) AND TO PAY THE COSTS OF ISSUING THE BONDS.
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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 President and Board of Trustees of the Village (the “Board”), on the 4th day of November, 2002, adopted Ordinance No. 3705 authorizing the issuance of the Series 2002B Bonds in an amount not to exceed $9,500,000, and Ordinance No. 3706 authorizing the issuance of the Series 2002A Bonds in an amount not to exceed $20,000,000; and
WHEREAS, the Village has heretofore issued the Series 2002A Bonds, in the original principal amount of $20,0...
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