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File #: ORD21-1722    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 8/26/2021 In control: Village Board
On agenda: 9/1/2021 Final action: 9/1/2021
Title: AN ORDINANCE providing for the issuance of not to exceed $2,500,000 General Obligation Refunding Bonds, Series 2021A, of the Village of Romeoville, Will County, Illinois, for the purpose of refunding certain outstanding bonds of the Village, authorizing the execution of a bond order and an escrow agreement in connection therewith, providing for the levy and collection of a direct annual tax sufficient for the payment of the principal of and interest on said bonds, and authorizing the sale of said bonds to the purchaser thereof.
Sponsors: Christi Jacobson
Attachments: 1. ORD21-1722 Romeoville 21A - 13B Refunding PRLM 6.21.21 (003), 2. Ordinance 21-1722 and Support Documents, 3. RVBA Ord 21-1722
TITLE
AN ORDINANCE providing for the issuance of not to exceed $2,500,000 General Obligation Refunding Bonds, Series 2021A, of the Village of Romeoville, Will County, Illinois, for the purpose of refunding certain outstanding bonds of the Village, authorizing the execution of a bond order and an escrow agreement in connection therewith, providing for the levy and collection of a direct annual tax sufficient for the payment of the principal of and interest on said bonds, and authorizing the sale of said bonds to the purchaser thereof.
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WHEREAS, by virtue of its population, the Village of Romeoville, Will County, Illinois (the "Village"), is a home rule unit pursuant to Section 6 of Article VII of the 1970 Constitution of the State of Illinois, and as such is empowered to perform any function pertaining to its government and affairs, including the power to incur debt; and
WHEREAS, pursuant to the provisions of said Section 6, 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; and
WHEREAS the Village has heretofore issued and there are now outstanding certain General Obligation Bonds, Series 2013B, dated July 30, 2013 (the "Prior Bonds"); and
WHEREAS, the President and Board of Trustees of the Village (the "Corporate Authorities") have heretofore and it hereby is determined that it is advisable and necessary and in the best interests of the Village that some or all of the Prior Bonds (said Prior Bonds selected to be refunded by the hereinafter defined Designated Officers, with the advice of the Village's municipal advisor, and as set forth in the hereinafter defined Escrow Agreement or Bond Order, being the "Refunded Bonds") be refunded (the "Refunding") in order to achieve debt service savings for the Village; and
WHEREAS the estimated cost to the Village of the Refunding ...

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