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Print Ordinance from attachments due to formatting issues
An Ordinance providing for a not to exceed $10,000,000 Revolving Tax-Exempt General Obligation Line of Credit Agreement and Note to pay the costs of necessary capital expenditures for road construction projects, and a not to exceed $10,000,000 Non-Revolving Tax-Exempt General Obligation Line of Credit Agreement and Note to pay the costs of necessary capital expenditures for storm water management projects, of the Village of Orland Park, Cook and Will Counties, Illinois, and providing for the security for the Village’s obligations under such agreements and payment of said notes
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WHEREAS The Village of Orland Park, Cook and Will Counties, Illinois (the “Village”), is a duly organized municipality under the laws of the State of Illinois, operating generally under the Illinois Municipal Code, as amended; by virtue of its population, is a home rule unit pursuant to the provisions of Section 6 of Article VII of the Constitution of the State of Illinois, and as a home rule unit, the Village may exercise any power or perform any function pertaining to its government and affairs, including, but not limited to, the power to tax and to incur debt (the Illinois Municipal Code as supplemented and, where in conflict, superseded by said constitutional powers being the “Act”).
WHEREAS Pursuant to the provisions of the Act, the Village 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.
WHEREAS The President and Board of Trustees of the Village (the “Village Board”) have considered the needs of the Village and its residents and has determined and does hereby determine that it is desirable and in the best interests of the Village to pay the costs of necessary capital expenditures for certain road reconstruction improvements in and for the Village (the “Necessary Roa...
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