RESOLUTION 2008-004
A RESOLUTION AUTHORIZING THE ACCEPTANCE OF A LETTER OF ENGAGEMENT WITH CHAPMAN & CUTLER IN AN AMOUNT NOT TO EXCEED $23,000 PLUS REIMBURSABLE EXPENSES FOR BOND COUNSEL SERVICES FOR THE ISSUANCE OF A $3,637,000 TAX INCREMENT REVENUE NOTE WHEREAS, Chapman & Cutler LLP is the most experienced bond council in Illinois; and WHEREAS, their skills will be of great value in working on the 2008 Tax Increment Revenue Note; and WHEREAS, all professional service engagements, which require the expenditure of over $20,000, require Board of Trustee approval; WHEREAS, Chapman & Cutler’s fee for a tax increment revenue bond is about half a percent to a percent of the par amount but that will depend on the structure, timing and tax questions that arise. NOW THEREFORE BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF VERNON HILLS, LAKE COUNTY, ILLINOIS: THAT the Village Manager is authorized to sign a letter of engagement with Chapman & Cutler for an amount not to exceed $23,000 plus reimbursable expenses for work associated with the issuance of a $3,637,000 Tax Increment Revenue Note. Dated the 8th of January, 2008 Adopted by roll call votes as follows: AYES: 6-Koch, Marquardt, Schultz, Schwartz, Williams, Hebda NAYS: 0-None ABSENT AND NOT VOTING: 0-None
______________________________________ Roger L. Byrne, Village President PASSED: 1/08/2008 APPROVED: 1/08/2008 ATTEST: __________________________________ Linda Pelletier, Village Clerk