NOTICE OF INTENT TO ISSUE BONDS
AND RIGHT TO FILE PETITION
Notice is hereby given that pursuant to a resolution adopted on
the 15th day of July, 2013 (the "Resolution"), Community High
School District Number 404, Logan, DeWitt, Mason and Menard
Counties, Illinois (the "District"), intends to issue general
obligation alternate bonds in an aggregate principal amount not
to exceed $1,050,000 to improve the sites of and alter, repair
and equip school buildings and facilities of the District (the
"Bonds"). The Bonds will be payable from collections distributed
to the District from taxes imposed by The County of Logan,
Illinois, pursuant to the County School Facility Occupation Tax
Law of the State of Illinois, as amended. If such revenue source
is insufficient to pay the Bonds, ad valorem property taxes upon
all taxable property in the District without limitation as to
rate or amount are authorized to be extended to pay the
principal of and interest on the Bonds. A complete copy of the
Resolution
follows this notice.
Notice is hereby further given that a petition signed by 1,028
or more electors of the District, said number of electors being
equal to the greater of (i) 7.5% of the number of registered
voters in the District or (ii) 200 of those registered voters or
15% of those registered voters, whichever is less, may be
submitted to the Secretary of the Board of Education of the
District (the "Secretary") within thirty (30) days of
publication of this notice and the Resolution asking that the
question of the issuance of the Bonds be submitted to
referendum. If such petition is filed with the Secretary within
thirty (30) days after the date of publication of this notice
and the Resolution, an election on the proposition to issue the
Bonds shall be held on the 18th day of
March, 2014. The Circuit Court may declare that an emergency
referendum should be held prior to said election date pursuant
to the provisions of Section 2A-1.4 of the Election Code of the
State of Illinois, as amended (the "Election Code"). If no such
petition is filed with the Secretary within said 30-day period,
the Bonds shall be authorized to be issued.
By order of the Board of Education of the District.
DATED this 15th day of July, 2013.
Marianne Krusz
Secretary, Board of Education,
Community High School District Number 404,
Logan, De Witt, Mason and Menard Counties,
Illinois
RESOLUTION authorizing the issuance of general obligation
alternate bonds of Community High School District Number 404,
Logan, De Witt, Mason and Menard Counties, Illinois, in an
aggregate principal amount not to exceed $1,050,000 for the
purpose of improving the sites of and altering, repairing and
equipping school buildings and facilities of said School
District
pursuant to the Local Government Debt Reform Act of the State of
Illinois.
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* *
WHEREAS, Community High School District Number 404,
Logan, De Witt, Mason and Menard Counties, Illinois (the
"District"), is a duly organized and existing school district
created under the provisions of the laws of the State of
Illinois, and is now operating under the provisions of the
School Code of the State of Illinois, as amended; and
WHEREAS, the Board of Education of the District (the
"Board"), has considered the existing school buildings and
facilities and the improvements necessary to be made thereto in
order that the same will adequately serve the educational needs
of the District; and
WHEREAS, the Board has determined that it is advisable,
necessary and in the best interests of the District to improve
the sites of and alter, repair and equip school buildings and
facilities of the District (the "Project"), all in accordance
with the preliminary estimate of cost heretofore approved by the
Board and now on file in the office of the Secretary of the
Board (the "Secretary"); and
WHEREAS, the estimated cost of the Project, including
legal, financial, bond discount, capitalized interest, printing
and publication costs and other expenses, is not less than
$1,050,000, and there are insufficient funds on hand and
lawfully available to pay such costs; and
WHEREAS, the Board has further determined that it is
advisable, necessary and in the best interests of the District
that the Project be undertaken and, in order to raise the funds
required for such purpose, it will be necessary for the District
to borrow an amount not to exceed $1,050,000 and, in evidence
thereof, issue alternate bonds in an aggregate principal amount
not to exceed $1,050,000 (the "Bonds"), all in accordance with
the Local Government Debt Reform Act of the State of Illinois,
as amended (the "Act"); and
WHEREAS, the proceeds of the Bonds will be used for
"school facility purposes" within the meaning of the County
School Facility Occupation Tax Law of the State of Illinois, as
amended (the "Sales Tax Law"); and
WHEREAS, the principal of and interest on the Bonds will
be payable from collections distributed to the District from
taxes imposed by The County of Logan, Illinois, pursuant to the
Sales Tax Law (the "Pledged Revenues"); and
WHEREAS, if the Pledged Revenues are insufficient to pay
the Bonds, ad valorem property taxes upon all taxable property
in the District without limitation as to rate or amount are
authorized to be extended to pay the principal of and interest
on the Bonds:
Now, THEREFORE, Be It and It Is Hereby Resolved by the
Board of Education of Community High School District Number 404,
Logan, De Witt, Mason and Menard 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. Determination to Issue Bonds. It is advisable,
necessary and in the best interests of the District to undertake
the Project, and that for the purpose of paying the cost of the
Project, the Bonds are hereby authorized to be issued and sold
in an aggregate principal amount not to exceed $1,050,000.
Section 3. Publication. This Resolution, together with a
notice in the statutory form, shall be published in the Lincoln
Courier, the same being a newspaper of general circulation in
the District. If no petition, signed by 1,028 electors, the same
being equal to the greater of
(i) 7.5% of the number of registered voters in the District or
(ii) 200 of those registered voters or 15% of those registered
voters, whichever is less, asking that the issuance of the Bonds
be submitted to referendum, is filed with the Secretary within
thirty (30) days after the date of the publication of this
Resolution and said notice, then the Bonds shall be authorized
to be issued.
Section 4. Additional Resolutions. If no petition meeting
the requirements of applicable law is filed during the petition
period hereinabove referred to, then the Board may adopt
additional resolutions or proceedings supplementing or amending
this Resolution
providing for the issuance and sale of the Bonds and prescribing
all the details of the Bonds, so long as the maximum amount of
the Bonds as set forth in this Resolution is not exceeded and
there is no material change in the Project or the purposes
described herein. Such additional resolutions or proceedings
shall in all instances become effective immediately without
publication or posting or any further act or requirement. This
Resolution, together with such additional resolutions or
proceedings, shall constitute complete authority for the
issuance of the Bonds under applicable law.
Section 5. Severability. If any section, paragraph,
clause or provision of this Resolution shall be held invalid or
unenforceable, the invalidity or unenforceability of such
section, paragraph, clause or provision shall not affect any of
the other provisions of this Resolution.
Section 6. Repealer. All resolutions or orders, or parts
thereof, in conflict herewith be and the same are hereby
repealed and that this Resolution be in full force and effect
forthwith upon its adoption.
Adopted July 15,2013.
Jim Mammen
President, Board of
Education
Marianne Krusz
Secretary,
Board of Education |