Title
RESOLUTION EXPRESSING OFFICIAL INTENT REGARDING CERTAIN CAPITAL EXPENDITURES TO BE REIMBURSED FROM PROCEEDS OF ONE OR MORE OBLIGATIONS TO BE ISSUED BY THE VILLAGE OF ORLAND PARK, COOK AND WILL COUNTIES, ILLINOIS.
Body
Whereas, the President and Board of Trustees (the “Board”) of the Village of Orland Park, Cook and Will Counties, Illinois (the “Village”), has developed a list of capital projects described in Exhibit A hereto (the “Projects”); and
Whereas, all or a portion of the expenditures relating to the Projects (the “Expenditures”) (i) have been paid within the 60 days prior to the passage of this Resolution or (ii) will be paid on or after the passage of this Resolution; and
Whereas, the Village reasonably expects to reimburse itself for the Expenditures with the proceeds of one or more obligations:
Now, Therefore, Be It and It Is Hereby Resolved by the President and Board of Trustees of the Village of Orland Park, Cook and Will Counties, Illinois, as follows:
SECTION 1
Incorporation of Preambles. The Board hereby finds that all of the recitals contained in the preambles to this Resolution are full, true and correct and does incorporate them into this Resolution by this reference.
SECTION 2
Intent to Reimburse. The Village reasonably expects to reimburse the Expenditures with proceeds of one or more obligations.
SECTION 3
Maximum Amount. The maximum aggregate principal amount of the obligations expected to be issued for the Projects is $7,800,000.
SECTION 4
Separate Action Required to Pursue Project and Expend Funds. This Resolution does not and shall not be construed to obligate the Village in any manner to pursue any identified Project or expend any funds for the completion of any identified Project, and the Board shall retain full discretion to approve such Project and any expenditure of funds relating thereto, and such approval shall be by separate action of the Board.
SECTION 5
Ratification. All actions of the officers,...
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