RESOLUTION A RESOLUTION AUTHORIZING THE ACCEPTANCE OF A LETTER OF by club33

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									                                   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

								
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