83-47 AUTHORIZING AND DIRECTING THE EXECUTION OF AN ESCROW AGREEMENT

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. . ,��`1Sr - ' „�: � � newspaper of general circulation published in Chicago, Illinois and in New York, New York. *Subject to change 1`HE BONDS Authority and Purpose The Bonds are being issued pursuant to the home rule powers of the City granted by Article VII, Section 6 (a) of the Constitution of the State of Illinois. The proceeds of this Bond issue will be used to advance refund $10,750,000 general obligation bonds dated March 1, 1982 and to fund c�ertain costs The Bonds which are being advance refunded are being issued for the purpose of . providing funds to finance continuation of the City's program of repair and improvement of its surface water drainage system. Terms The Bonds will be dated , 1983 and will mature on January 1 in each of the years and in the amounts set f orth below: Due Due Amount* Jan. 1 Amount* Jan. 1 $175,000 1986 $1,065,000 I994 185,000 1987 1,145,000 " 1995 200,000 1988 1,240,000 1996 215,000 1989 I,350,000 1997 235,000 1990 1,450,000 1998 850,000 1991 1,575,000 1999 920,000 1992 1,710,000 2000 985,000 2993 Znterest will be evidenced by coupons payable October l , 1984 and each subsequent April 1 and October 1 until maturity. The Bonds will be issued in coupon form, registrable as to principal only. The Bonds are redeemable prior to maturity (See optional redemption). Security and Repayment The Bonds are direct general obligations of the City whose fu21 faith and credit has been pledged for the punctual payment of principal of and interest on the Bonds. Prior to the delivery of the Bonds, taxes will be levied upon all taxable property in the City, sufficient to pay principal of and interest on the Bonds. Such taxes are unlimited as to rate or amount. The ordinance authorizing the Bonds and the taxes for payment thereof provides that the tax levy for the Bonds shall be for the sole benefit of the Bondholders and such Bondholders shall have a claim against such levy until the principal of and interest on the Bonds are pafd in full. In addition, the City has pledged its full faith and credit for the prompt payment of the Bonds and the interest thereon. Should there be insufficient funds on hand from the proceeds of applicable taxes levied at any principal or interest payment date, ' the City is obligated to pay such amount promptly from any monies of the City , 2 �I