Hinsdale - GO (Sales Tax ARS) 2017A OS - GO (Sales Tax ARS) 2017A O… · 1986, as amended. See “...

New Issue Investment Rating: Date of Sale: Tuesday, July 11, 2017 S&P Global Ratings … AAA (Stable) Between 9:45 and 10:00 A.M., C.D.T. Fitch Ratings … AAA (Stable) (Open Speer Auction)

Official Statement

Subject to compliance by the Village with certain covenants, in the opinion of Chapman and Cutler LLP, Chicago, Illinois (“Bond Counsel”), under present law, interest on the Bonds is excludable from gross income of the owners thereof for federal income tax purposes and is not included as an item of tax preference in computing the federal alternative minimum tax for individuals and corporations, but such interest is taken into account in computing an adjustment used in determining the federal alternative minimum tax for certain corporations. Interest on the Bonds is not exempt from present State of Illinois income taxes. See “TAX EXEMPTION” herein for a more complete discussion. The Bonds are “qualified tax-exempt obligations” under Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. See “QUALIFIED TAX-EXEMPT OBLIGATIONS” herein.

$9,900,000* VILLAGE OF HINSDALE

DuPage and Cook Counties, Illinois General Obligation Bonds (Sales Tax Alternate Revenue Source), Series 2017A

Dated Date of Delivery Book-Entry Bank Qualified Due Serially December 15, 2018-2037 The $9,900,000* General Obligation Bonds (Sales Tax Alternate Revenue Source), Series 2017A (the “Bonds”) are being issued by the Village of Hinsdale, DuPage and Cook Counties, Illinois (the “Village”). Interest is payable semiannually on June 15 and December 15 of each year, commencing June 15, 2018. Interest is calculated based on a 360-day year of twelve 30-day months. The Bonds will be issued using a book-entry system. The Depository Trust Company (“DTC”), New York, New York, will act as securities depository for the Bonds. The ownership of one fully registered Bond for each maturity will be registered in the name of Cede & Co., as nominee for DTC and no physical delivery of Bonds will be made to purchasers. The Bonds will mature on December 15 in the following years and amounts.

AMOUNTS*, MATURITIES, INTEREST RATES, YIELDS OR PRICES AND CUSIP NUMBERS

Principal Due Interest Price or CUSIP Principal Due Interest Price or CUSIP

Amount* Dec. 15 Rate Yield Number(1) Amount* Dec. 15 Rate Yield Number(1)

$225,000 ..... 2018 ______% ______% __________ $500,000 ...... 2028 ______% ______% __________

370,000 ..... 2019 ______% ______% __________ 520,000 ...... 2029 ______% ______% __________

380,000 ..... 2020 ______% ______% __________ 535,000 ...... 2030 ______% ______% __________

395,000 ..... 2021 ______% ______% __________ 555,000 ...... 2031 ______% ______% __________

405,000 ..... 2022 ______% ______% __________ 575,000 ...... 2032 ______% ______% __________

420,000 ..... 2023 ______% ______% __________ 595,000 ...... 2033 ______% ______% __________

435,000 ..... 2024 ______% ______% __________ 615,000 ...... 2034 ______% ______% __________

450,000 ..... 2025 ______% ______% __________ 635,000 ...... 2035 ______% ______% __________

465,000 ..... 2026 ______% ______% __________ 660,000 ...... 2036 ______% ______% __________

485,000 ..... 2027 ______% ______% __________ 680,000 ...... 2037 ______% ______% __________

Any consecutive maturities may be aggregated into term bonds at the option of the bidder, in which case the mandatory redemption provisions shall be on the same schedule as above.

OPTIONAL REDEMPTION

Bonds due December 15, 2018-2025, inclusive, are not subject to optional redemption. Bonds due December 15, 2026-2037, inclusive, are callable in whole or in part on any date on or after December 15, 2025, at a price of par and accrued interest. If less than all the Bonds are called, they shall be redeemed in such principal amounts and from such maturities as determined by the Village and within any maturity by lot. See “OPTIONAL REDEMPTION” herein.

PURPOSE, LEGALITY AND SECURITY

Bond proceeds will be used to finance certain capital improvements within the Village and to pay the costs of issuing the Bonds. See “THE PROJECT” herein.

In the opinion of Bond Counsel, Chapman and Cutler LLP, Chicago, Illinois, the Bonds will constitute valid and legally binding obligations of the Village payable as to principal and interest from: (a) ratably and equally with the Village’s outstanding General Obligation Bonds (Alternate Revenue Source), Series 2012A (the “Series 2012A Bonds”) and General Obligation Bonds (Alternate Revenue Source), Series 2014B (the “Series 2014B Bonds”), revenues from collections distributed to the Village from those taxes imposed by the State of Illinois (the “State”) pursuant to the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, the Retailers’ Occupation Tax Act, the Non-Home Rule Municipal Retailers’ Occupation Tax Act and the Non-Home Rule Municipal Service Occupation Tax Act, each as supplemented and amended from time to time, or substitute taxes therefor as provided by the State in the future, and (b) ad valorem taxes levied against all taxable property within the Village without limitation as to rate or amount, except that the rights of the owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditors’ rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion. The Bonds are being issued on a parity with the Village’s outstanding Series 2012A Bonds and Series 2014B Bonds. See “DESCRIPTION OF THE BONDS” herein.

This Official Statement is dated June 28, 2017, and has been prepared under the authority of the Village. An electronic copy of this Official Statement is

available from the www.speerfinancial.com web site under “Debt Auction Center/Competitive Official Statement Sales Calendar”. Additional copies may be obtained from Mr. Darrell Langlois, Assistant Village Manager/Finance Director, Village of Hinsdale, 19 East Chicago Avenue, Hinsdale, Illinois 60521, or from the Municipal Advisors to the Village:

*Subject to change.

(1)CUSIP numbers appearing in this Official Statement have been provided by the CUSIP Service Bureau, which is managed on behalf of the American Bankers Association by S&P Global Ratings. The Village is not responsible for the selection of CUSIP numbers and makes no representation as to their correctness on the Bonds or as set forth on the cover of this Official Statement.

For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, this document, as the

same may be supplemented or corrected by the Village from time to time (collectively, the “Official Statement”), may be treated as an Official Statement with respect to the Bonds described herein that is deemed near final as of the date hereof (or the date of any such supplement or correction) by the Village.

The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates,

principal amounts and interest rates of the Bonds, together with any other information required by law or deemed appropriate by the Village, shall constitute a “Final Official Statement” of the Village with respect to the Bonds, as that term is defined in Rule 15c2-12. Any such addendum or addenda shall, on and after the date thereof, be fully incorporated herein and made a part hereof by reference. Alternatively, such final terms of the Bonds and other information may be included in a separate document entitled “Final Official Statement” rather than through supplementing the Official Statement by an addendum or addenda.

No dealer, broker, salesman or other person has been authorized by the Village to give any information or to make

any representations with respect to the Bonds other than as contained in the Official Statement or the Final Official Statement and, if given or made, such other information or representations must not be relied upon as having been authorized by the Village. Certain information contained in the Official Statement and the Final Official Statement may have been obtained from sources other than records of the Village and, while believed to be reliable, is not guaranteed as to completeness. THE INFORMATION AND EXPRESSIONS OF OPINION IN THE OFFICIAL STATEMENT AND THE FINAL OFFICIAL STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF THE OFFICIAL STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE UNDER EITHER SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE VILLAGE SINCE THE RESPECTIVE DATES THEREOF.

References herein to laws, rules, regulations, ordinances, resolutions, agreements, reports and other documents do

not purport to be comprehensive or definitive. All references to such documents are qualified in their entirety by reference to the particular document, the full text of which may contain qualifications of and exceptions to statements made herein. Where full texts have not been included as appendices to the Official Statement or the Final Official Statement, they will be furnished on request. This Official Statement does not constitute an offer to sell, or solicitation of an offer to buy, any securities to any person in any jurisdiction where such offer or solicitation of such offer would be unlawful.

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TABLE OF CONTENTS Page

BOND ISSUE SUMMARY ...................................................................................................................................................................................................................................................................... 1 VILLAGE OF HINSDALE – Board of Trustees ...................................................................................................................................................................................................................................... 2 DESCRIPTION OF THE BONDS ............................................................................................................................................................................................................................................................ 2

Security: Alternate Revenue Sources and Tax Levy ......................................................................................................................................................................................................................... 2 Highlights of Alternate Bonds ............................................................................................................................................................................................................................................................ 3 Abatement of Pledged Taxes .............................................................................................................................................................................................................................................................. 5 Bond Fund........................................................................................................................................................................................................................................................................................... 5 Additional Bonds ................................................................................................................................................................................................................................................................................ 5 Treatment of Bonds as Debt ............................................................................................................................................................................................................................................................... 5 Certain Risk Factors ........................................................................................................................................................................................................................................................................... 5

RISK FACTORS ....................................................................................................................................................................................................................................................................................... 6 Payment of the Bonds from the Pledged Revenues............................................................................................................................................................................................................................ 6 Construction Risks .............................................................................................................................................................................................................................................................................. 6 Finances of the State of Illinois .......................................................................................................................................................................................................................................................... 6 Local Economy ................................................................................................................................................................................................................................................................................... 7 Declining Equalized Assessed Valuations ......................................................................................................................................................................................................................................... 7 Loss or Change of Bond Rating ......................................................................................................................................................................................................................................................... 7 Secondary Market for the Bonds ........................................................................................................................................................................................................................................................ 7 Continuing Disclosure ........................................................................................................................................................................................................................................................................ 7 Suitability of Investment..................................................................................................................................................................................................................................................................... 8 Future Changes in Laws ..................................................................................................................................................................................................................................................................... 8 Bankruptcy .......................................................................................................................................................................................................................................................................................... 8

THE VILLAGE ......................................................................................................................................................................................................................................................................................... 8 Overview ............................................................................................................................................................................................................................................................................................. 8 Village Organization and Services ..................................................................................................................................................................................................................................................... 8 Transportation ..................................................................................................................................................................................................................................................................................... 9 Community Life .................................................................................................................................................................................................................................................................................. 9

SOCIOECONOMIC INFORMATION ..................................................................................................................................................................................................................................................... 9 Employment ........................................................................................................................................................................................................................................................................................ 9 Unemployment Rates ........................................................................................................................................................................................................................................................................ 11 Building Permits ............................................................................................................................................................................................................................................................................... 12 Housing ............................................................................................................................................................................................................................................................................................. 12 Income .............................................................................................................................................................................................................................................................................................. 13 Retail Activity ................................................................................................................................................................................................................................................................................... 14

THE PROJECT ........................................................................................................................................................................................................................................................................................14 DEFAULT RECORD ..............................................................................................................................................................................................................................................................................15 DEBT INFORMATION ..........................................................................................................................................................................................................................................................................16 PROPERTY ASSESSMENT AND TAX INFORMATION ..................................................................................................................................................................................................................18 REAL PROPERTY ASSESSMENT, TAX LEVY AND COLLECTION PROCEDURES ..................................................................................................................................................................20

Cook County Real Property Assessment .......................................................................................................................................................................................................................................... 20 Cook County Equalization ................................................................................................................................................................................................................................................................ 22 Cook County Exemptions ................................................................................................................................................................................................................................................................. 22 Cook County Tax Levy .................................................................................................................................................................................................................................................................... 24 Cook County Extensions .................................................................................................................................................................................................................................................................. 24 Cook County Collections .................................................................................................................................................................................................................................................................. 24 DuPage County Tax Levy and Collection Procedures ..................................................................................................................................................................................................................... 26 DuPage County Exemptions ............................................................................................................................................................................................................................................................. 26 Property Tax Extension Limitation Law .......................................................................................................................................................................................................................................... 27 Truth in Taxation Law ...................................................................................................................................................................................................................................................................... 28

FINANCIAL INFORMATION ...............................................................................................................................................................................................................................................................28 Financial Reports .............................................................................................................................................................................................................................................................................. 28 No Consent or Updated Information Requested of the Auditor ....................................................................................................................................................................................................... 28 Investment Policy ............................................................................................................................................................................................................................................................................. 29 Summary Financial Information ....................................................................................................................................................................................................................................................... 29

EMPLOYEE RETIREMENT AND OTHER POSTEMPLOYMENT BENEFITS OBLIGATIONS ...................................................................................................................................................34 REGISTRATION, TRANSFER AND EXCHANGE .............................................................................................................................................................................................................................34 TAX EXEMPTION .................................................................................................................................................................................................................................................................................35 QUALIFIED TAX-EXEMPT OBLIGATIONS .....................................................................................................................................................................................................................................37 CONTINUING DISCLOSURE ..............................................................................................................................................................................................................................................................37 THE UNDERTAKING ...........................................................................................................................................................................................................................................................................38

Annual Financial Information Disclosure ........................................................................................................................................................................................................................................ 38 Reportable Events Disclosure ........................................................................................................................................................................................................................................................... 38 Consequences of Failure of the Village to Provide Information ...................................................................................................................................................................................................... 39 Amendment; Waiver ......................................................................................................................................................................................................................................................................... 39 Termination of Undertaking ............................................................................................................................................................................................................................................................. 40 Additional Information ..................................................................................................................................................................................................................................................................... 40 Dissemination of Information; Dissemination Agent ...................................................................................................................................................................................................................... 40

OPTIONAL REDEMPTION...................................................................................................................................................................................................................................................................40 LITIGATION ...........................................................................................................................................................................................................................................................................................41 CERTAIN LEGAL MATTERS ..............................................................................................................................................................................................................................................................41 OFFICIAL STATEMENT AUTHORIZATION ....................................................................................................................................................................................................................................42 INVESTMENT RATINGS .....................................................................................................................................................................................................................................................................42 UNDERWRITING ..................................................................................................................................................................................................................................................................................42 MUNICIPAL ADVISOR ........................................................................................................................................................................................................................................................................42 CERTIFICATION ...................................................................................................................................................................................................................................................................................43 APPENDIX A - FISCAL YEAR 2016 AUDITED FINANCIAL STATEMENTS APPENDIX B - DESCRIBING BOOK-ENTRY-ONLY ISSUANCE APPENDIX C - PROPOSED FORM OF OPINION OF BOND COUNSEL APPENDIX D - EXCERPTS OF FISCAL YEAR 2016 AUDITED FINANCIAL STATEMENTS RELATING TO THE VILLAGE’S PENSION PLANS OFFICIAL BID FORM OFFICIAL NOTICE OF SALE EXHIBIT A - Example Issue Price Certificate

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Village of Hinsdale, DuPage and Cook Counties, Illinois General Obligation Bonds (Sales Tax Alternate Revenue Source), Series 2017A

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BOND ISSUE SUMMARY

This Bond Issue Summary is expressly qualified by the entire Official Statement, including the Official Notice of Sale and the Official Bid

Form, which are provided for the convenience of potential investors and which should be reviewed in their entirety by potential investors.

Issuer: Village of Hinsdale, DuPage and Cook Counties, Illinois. Issue: $9,900,000* General Obligation Bonds (Sales Tax Alternate Revenue Source), Series 2017A. Dated Date: Date of delivery, expected to be on or about July 26, 2017. Interest Due: Each June 15 and December 15, commencing June 15, 2018. Principal Due: Serially each December 15, commencing December 15, 2018 through 2037, as detailed on the front page

of this Official Statement. Optional Redemption: Bonds maturing on or after December 15, 2026, are callable at the option of the Village on any date on

or after December 15, 2025, at a price of par plus accrued interest. See “OPTIONAL REDEMPTION” herein

Authorization: The Bonds are authorized by adoption of an authorizing ordinance and adoption of a bond ordinance by

the President and Board of Trustees of the Village and pursuant to the Illinois Municipal Code, as amended, and Section 15 of the Local Government Debt Reform Act of the State of Illinois, as amended.

Security: The Bonds will constitute valid and legally binding obligations of the Village payable as to principal and

interest from: (a) ratably and equally with the Village’s outstanding General Obligation Bonds (Alternate Revenue Source), Series 2012A (the “Series 2012A Bonds”) and General Obligation Bonds (Alternate Revenue Source), Series 2014B (the “Series 2014B Bonds”), revenues from collections distributed to the Village from those taxes imposed by the State of Illinois pursuant to the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, the Retailers’ Occupation Tax Act, the Non-Home Rule Municipal Retailers’ Occupation Tax Act and the Non-Home Rule Municipal Service Occupation Tax Act, each as supplemented and amended from time to time, or substitute taxes therefor as provided by the State in the future, and (b) ad valorem taxes levied against all taxable property within the Village without limitation as to rate or amount, except that the rights of the owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditors’ rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion. The Bonds are being issued on a parity with the Village’s outstanding Series 2012A Bonds and Series 2014B Bonds. See “DESCRIPTION OF THE BONDS” herein.

Credit Rating: The Bonds have been rated “AAA (Stable)” by S&P Global Ratings, a Division of the McGraw-Hill

Companies and Fitch Ratings, New York, New York. Purpose: The Bonds are being issued to finance certain capital improvements within the Village and to pay the

costs of issuing the Bonds. See “THE PROJECT” herein. Tax Exemption: Chapman and Cutler LLP, Chicago, Illinois, will provide an opinion as to the federal tax exemption of

the interest on the Bonds as discussed under “TAX EXEMPTION” in this Official Statement. Interest on the Bonds is not exempt from present State of Illinois income taxes.

Bank Qualification: The Bonds are “qualified tax-exempt obligations” under Section 265(b)(3) of the Internal Revenue Code

of 1986, as amended. See “QUALIFIED TAX-EXEMPT OBLIGATIONS” herein. Bond Registrar/Paying Agent: Amalgamated Bank of Chicago, Chicago, Illinois. Delivery: The Bonds are expected to be delivered on or about July 26, 2017. Book-Entry Form: The Bonds will be registered in the name of Cede & Co. as nominee for The Depository Trust Company

(“DTC”), New York, New York. DTC will act as securities depository of the Bonds. See APPENDIX B herein.

Denomination: $5,000 or integral multiples thereof. Municipal Advisor: Speer Financial, Inc., Chicago, Illinois. *Subject to change.


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VILLAGE OF HINSDALE

DuPage and Cook Counties, Illinois

Board of Trustees

Thomas K. Cauley, Jr. Village President

Neale Byrnes Gerald J. Hughes Michael Ripani Chris Elder Matthew Posthuma Luke Stifflear

__________________________________ Kathleen Gargano Christine Bruton Village Manager Village Clerk Darrell J. Langlois Klein, Thorpe and Jenkins, Ltd. Assistant Village Manager/Finance Director Chicago, Illinois Village Attorney

DESCRIPTION OF THE BONDS Security: Alternate Revenue Sources and Tax Levy

The Bonds will constitute valid and legally binding obligations of the Village payable as to principal and interest from: (a) ratably and equally with the Village’s outstanding General Obligation Bonds (Alternate Revenue Source), Series 2012A (the “Series 2012A Bonds”) and General Obligation Bonds (Alternate Revenue Source), Series 2014B (the “Series 2014B Bonds”), revenues from collections distributed to the Village from those taxes imposed by the State of Illinois (the “State”) pursuant to the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, the Retailers’ Occupation Tax Act, the Non-Home Rule Municipal Retailers’ Occupation Tax Act and the Non-Home Rule Municipal Service Occupation Tax Act, each as supplemented and amended from time to time, or substitute taxes therefor as provided by the State in the future, (the “Pledged Revenues”) and (b) ad valorem taxes levied against all taxable property within the Village without limitation as to rate or amount, except that the rights of the owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditors’ rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion (the “Pledged Taxes”). The Bonds are being issued on a parity with the Village’s outstanding Series 2012A Bonds and Series 2014B Bonds.

In the ordinance authorizing the issuance of the Bonds (the “Bond Ordinance”) to be adopted by the President of

the Board of Trustees of the Village (the “Board”), on the 11th day of July, 2017, the Village covenants and agrees with the purchasers and the owners of the Bonds that so long as any of the Bonds remain outstanding, the Village will take no action or fail to take any action which in any way would adversely affect the ability of the Village to collect the Pledged Revenues or, except for abatement of tax levies as permitted in the Bond Ordinance, to levy and collect the Pledged Taxes. The Village and its officers will comply with all present and future applicable laws in order to assure that the Pledged Revenues will be available and that the Pledged Taxes will be levied, extended and collected as provided in the Bond Ordinance and deposited in the bond fund created under the Bond Ordinance in connection with the Bonds (the “Bond Fund”).


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The Bond Ordinance provides for the levy of ad valorem taxes, unlimited as to rate or amount, upon all taxable

property within the Village in amounts sufficient to pay, as and when due, all principal of and interest on the Bonds. Such Bond Ordinance will be filed with the County Clerks of DuPage and Cook Counties, Illinois (the “County Clerks”), and will serve as authorization to the County Clerks to extend and collect the property taxes as set forth in such Bond Ordinance to pay the Bonds.

For the purpose of providing funds required to pay the interest on the Bonds promptly when and as the same falls due, and to pay and discharge the principal thereof at maturity, the Village covenants and agrees with the purchasers and the owners of the Bonds that the Village will deposit the Pledged Revenues into the Bond Fund. The Pledged Revenues are pledged to the payment of the Bonds and the Board covenants and agrees to provide for, budget, collect and apply the Pledged Revenues to the payment of the Bonds and the provision of not less than an additional .25 times debt service. Highlights of Alternate Bonds

Section 15 of the Debt Reform Act provides that whenever there exists for a governmental unit (such as the Village) a revenue source, the Village may issue its general obligation bonds payable from any revenue source, and such general obligation bonds may be referred to as "alternate bonds." Such bonds are general obligation debt payable from the pledged revenues with the general obligation of the Village as back-up security. The Debt Reform Act prescribes several conditions that must be met before alternate bonds payable from a revenue source may be issued.

First, alternate bonds must be issued for a lawful corporate purpose. If issued payable from a revenue source, which revenue source is limited in its purposes or applications, then the alternate bonds can only be issued for such limited purposes or applications. Second, the question of issuance must be submitted to referendum if, within the time provided by law following publication of an authorizing ordinance and notice of intent to issue alternate bonds, a petition signed by the requisite number of registered voters in the governmental unit is filed.

Third, an issuer must demonstrate that the pledged revenues are sufficient in each year to provide an amount not less than 1.25 times debt service on the alternate bonds payable from such revenue source previously issued and outstanding and the alternate bonds proposed to be issued. The sufficiency of the revenue source must be supported by the most recent audit of the governmental unit. The audit must be for a fiscal year ending not earlier than 18 months prior to the issuance of the alternate bonds. If the audit does not adequately show such revenue source or if such source of revenue is shown to be insufficient, then the determination of sufficiency must be supported by the report of an independent accountant or feasibility analyst, the latter having a national reputation for expertise in such matters. Such report must demonstrate the sufficiency of the revenue and explain how the revenues will be greater than those shown in the audit. Whenever such sufficiency is demonstrated by reference to a schedule of higher rates or charges for enterprise revenues or a higher tax imposition for a revenue source, such higher rates, charges or taxes must be imposed by a Bond Ordinance or resolution adopted prior to the delivery of the alternate bonds.

Fourth, the revenue source must be pledged to the payment of the alternate bonds.

Last, the governmental unit must covenant to provide for, collect and apply the revenue source to the payment of the alternate bonds and to provide for an amount equal to not less than an additional .25 times debt service.

The Village will comply with all of the aforementioned conditions prior to the issuance of the Bonds, including demonstrating that the Pledged Revenues are sufficient in each year to make debt service payments on the Bonds by reference to the Village’s audit for the fiscal year ending 2016.


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Debt Service Coverage Non-Home Rule Municipal Pledged Series Series The Mandatory Remainder

Year Sales Tax(1) Sales Tax(1) Revenues 2012A 2014B Bonds(4) Coverage(4) Coverage(2)(4) Available(3)(4)

2018 .... $1,645,300 $3,079,280 $4,724,580 $320,163 $361,783 $705,288 3.41 X $1,734,041 $2,990,539

2019 .... 1,645,300 3,079,280 4,724,580 320,463 357,183 708,625 3.41 X 1,732,838 2,991,743

2020 .... 1,645,300 3,079,280 4,724,580 320,663 357,583 705,675 3.41 X 1,729,900 2,994,680

2021 .... 1,645,300 3,079,280 4,724,580 325,763 357,883 707,375 3.40 X 1,738,775 2,985,805

2022 .... 1,645,300 3,079,280 4,724,580 325,663 357,843 703,550 3.41 X 1,733,819 2,990,761

2023 .... 1,645,300 3,079,280 4,724,580 325,463 357,330 704,375 3.41 X 1,733,959 2,990,621

2024 .... 1,645,300 3,079,280 4,724,580 325,163 356,080 704,675 3.41 X 1,732,397 2,992,183

2025 .... 1,645,300 3,079,280 4,724,580 329,763 359,578 704,450 3.39 X 1,742,238 2,982,343

2026 .... 1,645,300 3,079,280 4,724,580 329,163 357,290 703,700 3.40 X 1,737,691 2,986,889

2027 .... 1,645,300 3,079,280 4,724,580 332,750 359,190 707,425 3.38 X 1,749,206 2,975,374

2028 .... 1,645,300 3,079,280 4,724,580 336,113 360,790 705,450 3.37 X 1,752,941 2,971,639

2029 .... 1,645,300 3,079,280 4,724,580 339,250 361,800 707,950 3.35 X 1,761,250 2,963,330

2030 .... 1,645,300 3,079,280 4,724,580 336,375 362,200 704,750 3.37 X 1,754,156 2,970,424

2031 .... 1,645,300 3,079,280 4,724,580 343,375 359,800 706,025 3.35 X 1,761,500 2,963,080

2032 .... 1,645,300 3,079,280 4,724,580 0 357,000 706,600 4.44 X 1,329,500 3,395,080

2033 .... 1,645,300 3,079,280 4,724,580 0 358,800 706,475 4.44 X 1,331,594 3,392,986

2034 .... 1,645,300 3,079,280 4,724,580 0 0 705,650 6.70 X 882,063 3,842,518

2035 .... 1,645,300 3,079,280 4,724,580 0 0 704,125 6.71 X 880,156 3,844,424

2036 .... 1,645,300 3,079,280 4,724,580 0 0 706,900 6.68 X 883,625 3,840,955

2037 .... 1,645,300 3,079,280 4,724,580 0 0 703,800 6.71 X 879,750 3,844,830

Notes: (1) Based on the Village's 2016 Comprehensive Annual Financial Report.

(2) Equal to the mandatory 125% rate covenant

(3) Remainder available after deducting mandatory coverage amount.

(4) Subject to change.


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Abatement of Pledged Taxes

As provided in the Debt Reform Act, whenever funds are available to pay any principal of or interest on the Bonds when due, so as to enable the abatement of the Pledged Taxes levied for the same, the Board or the officers of the Village acting with proper authority, will direct the abatement of the Pledged Taxes, and proper notification of such abatement will be filed with the County Clerks in a timely manner to effect such abatement. The Village pledges to abate the levy for the Bonds only upon the full funding of the Pledged Revenues Account of the Bond Fund for the Bonds, in the appropriate levy amount. Bond Fund The Village will deposit the appropriate Pledged Revenues and the Pledged Taxes into a separate Bond Fund, which is a trust fund established for the purpose of carrying out the covenants, terms and conditions imposed upon the Village by the Bond Ordinance. The Bonds are secured by a pledge of all of the monies on deposit in the Bond Fund, and such pledge is irrevocable until the Bonds have been paid in full or until the obligations of the Village are discharged under the Bond Ordinance. Additional Bonds

The Village is authorized to issue from time to time additional bonds payable from the Pledged Revenues as permitted by law and such additional bonds may share ratable and equally in the Pledged Revenues with the Bonds, the Series 2012A Bonds and the Series 2014B Bonds; provided, however, that no such additional bonds shall be issued except in accordance with the provisions of the Debt Reform Act. Treatment of Bonds as Debt

The Bonds will be payable from the Pledged Revenues and will not constitute an indebtedness of the Village within the meaning of any constitutional or statutory limitation, unless the Pledged Taxes will have been extended pursuant to the general obligation, full faith and credit promise supporting the Bonds, in which case the amount of the outstanding Bonds will be included in the computation of indebtedness of the Village for purposes of all statutory provisions or limitations until such time as an audit of the Village shows that the Bonds have been paid from the Pledged Revenues for a complete fiscal year, in accordance with the Debt Reform Act. Certain Risk Factors The ability of the Village to pay the Bonds from the Pledged Revenues may be limited by circumstances beyond the control of the Village. There is no guarantee that the Pledged Revenues will continue to be available at current levels. To the extent that Pledged Revenues may be insufficient to pay the Bonds, the Bonds are to be paid from the Pledged Taxes. If the Pledged Taxes are ever extended for the payment of the Bonds, the amount of the Bonds then outstanding will be included in the computation of indebtedness of the Village for purposes of all statutory provisions or limitations until such time as an audit of the Village shows that the Bonds have been paid from the Pledged Revenues for a complete fiscal year.


6

RISK FACTORS The purchase of the Bonds involves certain investment risks. Accordingly, each prospective purchaser of the Bonds should make an independent evaluation of the entirety of the information presented in this Official Statement and its appendices and exhibits in order to make an informed investment decision. Certain of the investment risks are described below. The following statements, however, should not be considered a complete description of all risks to be considered in the decision to purchase the Bonds, nor should the order of the presentation of such risks be construed to reflect the relative importance of the various risks. There can be no assurance that other risk factors are not material or will not become material in the future. Payment of the Bonds from the Pledged Revenues

The ability of the Village to pay the Bonds from the Pledged Revenues may be limited by circumstances beyond the control of the Village. There is no guarantee that the Pledged Revenues will continue to be available at current levels.

To the extent that Pledged Revenues are insufficient to pay the Bonds, the Bonds are to be paid from the Pledged Taxes. If the Pledged Taxes are ever extended for the payment of the Bonds, the amount of the Bonds then outstanding will be included in the computation of indebtedness of the Village for purposes of all statutory provisions or limitations until such time as an audit of the Village shows that the Bonds have been paid from the Pledged Revenues for a complete fiscal year. See “Treatment of Bonds as Debt” under “DESCRIPTION OF THE BONDS” herein. Construction Risks There are potential risks that could affect the ability of the Village to timely complete the Project (as hereinafter defined). While preliminary costs have been projected by the Village, not all of the construction contracts have been let by the Village. No assurance can be given that the cost of completing the Project will not exceed available funds. Completion of the Project involves many risks common to large construction projects such as shortages or delays in the availability of materials and labor, work stoppages, labor disputes, contractual disputes with contractors or suppliers, weather interferences, construction accidents, delays in obtaining legal approvals, unforeseen engineering, archeological or environmental problems and unanticipated cost increases, any of which could give rise to significant delays or cost overruns. Finances of the State of Illinois The State of Illinois (the “State”) has experienced adverse fiscal conditions resulting in significant shortfalls between the State’s general fund revenues and spending demands. In addition, the underfunding of the State’s pension systems has contributed to the State’s poor financial health. The State has also been operating since July 1, 2015, without a fully enacted budget for the fiscal year ending June 30, 2016 (“Fiscal Year 2016”), and has not enacted a budget for the fiscal year ending June 30, 2017 (“Fiscal Year 2017”). Certain Fiscal Year 2016 appropriations, however, were enacted, including the approval of spending for elementary and secondary education, and other certain Fiscal Year 2016 spending occurred through statutory transfers, statutory continuing appropriations, court orders and consent decrees. With respect to Fiscal Year 2017 spending for purposes other than education, the General Assembly approved a stopgap six-month budget, which authorized spending through December 31, 2016. Nonetheless, even with this partial-year budget, there continues to be delays in payments of bills and the State’s backlog of unpaid bills continues to grow.


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The State’s general fiscal condition, the underfunding of the State’s pension systems and the State’s continuing budget impasse have materially adversely affected the State’s financial condition and may result in decreased or delayed State appropriations to the Village. The Village cannot predict the effect the State’s ongoing financial problems may have on the Village’s future finances. Local Economy The financial health of the Village is in part dependent on the strength of the local economy. Many factors affect the local economy, including rates of employment and economic growth and the level of residential and commercial development. It is not possible to predict to what extent any changes in economic conditions, demographic characteristics, population or commercial and industrial activity will occur and what impact such changes would have on the finances of the Village. Declining Equalized Assessed Valuations The amount of property taxes extended for the Village is determined by applying the various operating tax rates and the bond and interest tax rate levied by the Village to the Village’s Equalized Assessed Valuation (“EAV”). The Village’s EAV could decrease for a number of reasons including, but not limited to, a decline in property values or large taxpayers moving out of the Village. Declining EAVs and increasing tax rates (certain of which may reach their rate ceilings) could reduce the amount of taxes the Village is able to receive. Loss or Change of Bond Rating The Bonds have received a credit rating from S&P Global Ratings, a Division of the McGraw-Hill Companies, and Fitch Ratings, New York, New York. The rating can be changed or withdrawn at any time for reasons both under and outside the Village’s control. Any change, withdrawal or combination thereof could adversely affect the ability of investors to sell the Bonds or may affect the price at which they can be sold. Secondary Market for the Bonds No assurance can be given that a secondary market will develop for the purchase and sale of the Bonds or, if a secondary market exists, that such Bonds can be sold for any particular price. The Underwriter is not obligated to engage in secondary market trading or to repurchase any of the Bonds at the request of the owners thereof. Prices of the Bonds as traded in the secondary market are subject to adjustment upward and downward in response to changes in the credit markets and other prevailing circumstances. No guarantee exists as to the future market value of the Bonds. Such market value could be substantially different from the original purchase price. Continuing Disclosure

A failure by the Village to comply with the Undertaking for continuing disclosure (see “CONTINUING DISCLOSURE” and “THE UNDERTAKING” herein) will not constitute an event of default on the Bonds. Any such failure must be reported in accordance with Rule 15c2-12 (the “Rule”) adopted by the Securities and Exchange Commission (the “Commission”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and may adversely affect the transferability and liquidity of the Bonds and their market price.


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Suitability of Investment The interest rate borne by the Bonds is intended to compensate the investor for assuming the risk of investing in the Bonds. Each prospective investor should carefully examine this Official Statement and its own financial condition to make a judgment as to its ability to bear the economic risk of such an investment, and whether or not the Bonds are an appropriate investment for such investor. Future Changes in Laws Various state and federal laws, regulations and constitutional provisions apply to the Village and to the Bonds. The Village can give no assurance that there will not be a change in, interpretation of, or addition to such applicable laws, provisions and regulations which would have a material effect, either directly or indirectly, on the Village, or the taxing authority of the Village. For example, many elements of local government finance, including the issuance of debt and the levy of property taxes, are controlled by state government. Future actions of the State may affect the overall financial conditions of the Village, the taxable value of property within the Village, and the ability of the Village to levy property taxes or collect revenues for its ongoing operations. Bankruptcy The rights and remedies of the Bondholders may be limited by and are subject to the provisions of federal bankruptcy laws, to other laws or equitable principles that may affect the enforcement of creditors’ rights, to the exercise of judicial discretion in appropriate cases and to limitations on legal remedies against local governments. The various opinions of counsel to be delivered with respect to the Bonds will be similarly qualified.

THE VILLAGE

Overview

The Village, a non-home rule municipality under the Illinois Constitution, is located approximately 20 miles west-southwest of downtown Chicago and encompasses approximately 4.86 square miles. Approximately 90% of the Village's 2015 Equalized Assessed Valuation is in DuPage County and the remainder is in Cook County. The Village is bordered principally by the Village of Oak Brook on the north; the Village of Clarendon Hills on the west; the Village of Western Springs on the east; and the Villages of Burr Ridge and Willowbrook on the south. The Village was incorporated in 1873, and has grown into a mature, principally residential community.

The Village population was recorded at 16,816 at the time of the 2010 U.S. Census. The population has been fairly stable within the past decade.

Village Organization and Services

The Village is governed by an elected President and six trustees, which collectively comprise the Village Board. The President and trustees serve staggered four year terms. The governing body is elected on a non-partisan, at-large basis. Day to day operation of Village affairs are directed by the Village Manager who is appointed by the Village Board.

Currently, the Village budgets for 123 persons, of which 96 are full-time. This employment figure includes 28

full-time police personnel and 23 full-time fire fighting personnel. Besides police and fire, Village departments include public works, public services, park and recreation, administrative, finance, and water and sewer.


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Utilities servicing the Village include Northern Illinois Gas Company and Commonwealth Edison Company. The

Water and Sewer Department of the Village operates a water system that is supplied by Lake Michigan water from the City of Chicago through the DuPage Water Commission. In the portion of the Village within Cook County, the Flagg Creek Sanitary District collects all of the sewage and treats all but a small portion of the sewage (with such small portion treated by Metropolitan Water Reclamation District). In the portion of the Village within DuPage County, the Village Water and Sewer Department collects a majority of the sewage (approximately 75%) and the Flagg Creek Sanitary District treats the sewage.

Residents are served by street maintenance services. The Village has approximately 78 miles of paved streets. Recreational opportunities are provided through the Village's Park and Recreation Department and the DuPage County and Cook County Forest Preserve Districts. The Village has 19 parks that are located within the boundaries of the Village which include the Katherine Legge Memorial Lodge Park (52 acres), a swimming pool, tennis courts, ball fields, playgrounds and winter ice skating facilities. Transportation

Interstate 294 (the Tri-State Tollway) borders the eastern edge of the Village and Illinois Highway 83 borders the western edge of the Village. Interstate 55 to the south and Interstate 88 (the East-West Tollway) to the north are located approximately three miles from the Village. These major roadways provide the community access to both metropolitan and national highway systems. Ogden Avenue, Chicago Avenue (47th Street) and 55th Street are the primary east-west roadways in the Village. Illinois Highway 83 is the primary north-south roadway serving the Village. Commuter rail service is available to Chicago's downtown by the Burlington Northern Santa Fe Line, and there are three commuter stations in Hinsdale. Travel time to Chicago's downtown by commuter train is approximately 40 minutes. Community Life

The Hinsdale Board of Library Trustees operates the public library system in the Village. The current facility was renovated in 2008 and houses approximately 114,000 items. The Hinsdale Library circulates over 300,000 items annually and provides education and cultured programming.

The Village is also served by 16 churches and annual cultural art fairs and programs. Health care facilities

include Adventist Hinsdale Hospital which has 276 beds; RML Specialty Hospital which has 87 beds; and the Robert Crown Center for Health Education, a teaching center specializing in educational programs for the general public.

Educational facilities in Hinsdale include four public elementary schools, three private elementary schools, one public middle high school and one public high school.

SOCIOECONOMIC INFORMATION Employment Substantial employment is available in surrounding communities, the “Research and Development Corridor” immediately north of the Village, and throughout the Chicago metropolitan area. Numerous employers are located within the Village and in surrounding communities. The following employment data shows a consistently diverse and strong growth trend for employment in DuPage County. This data is NOT comparable to similar U.S. Census statistics, which would include government employment, and establishments not covered by the Illinois Unemployment Insurance Program, and could classify employment categories differently.


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DuPage County Private, Non-Agricultural Employment Covered by the Illinois Unemployment Insurance Act(1)

(Data as of March for each Year) 2012 2013 2014 2015 2016

Farm, Forestry, Fisheries ........................... 342 322 341 316 448

Mining and Quarrying ................................ 96 253 269 276 278

Construction ........................................ 18,558 19,459 21,631 23,613 25,510

Manufacturing ....................................... 52,024 53,073 53,269 55,224 55,017

Transportation, Communications, Utilities ........... 34,992 35,232 34,486 34,863 35,981

Wholesale Trade ..................................... 47,015 49,281 51,638 51,530 49,888

Retail Trade ........................................ 61,120 61,834 62,292 59,960 60,072

Finance, Insurance, Real Estate ..................... 38,220 40,012 39,785 39,882 39,934

Services(2) ......................................... 257,521 270,266 278,525 278,699 287,722

Total ............................................. 509,888 529,732 542,236 543,363 554,850

Notes: (1) Source: Illinois Department of Employment Security.

(2) Includes unclassified establishments.

Following are lists of large employers located in the Village and in the surrounding area. Major Village Employers(1)

Approximate

Name Product/Service Employment

Adventist Hinsdale Hospital ................................... Hospital .................................................. 1,555

RML Specialty Hospital ........................................ Hospital .................................................. 400

Coldwell Banker ............................................... Real Estate Agency ........................................ 150

Remas Signature Home .......................................... Real Estate Agency ........................................ 60

Hinsdale Surgical Center, LLC ................................. Outpatient Surgical Center ................................ 53

Hinsdale Bank & Trust Co. ..................................... Commercial Bank ........................................... 50

Rowell Chemical Corp. ......................................... Corporate Headquarters, Industrial Chemicals .............. 46

Alfred Koplin Co., Inc. ....................................... Property Management ....................................... 45

Mavon & Co., G.A. ............................................. Insurance ................................................ 40

Normandy Construction Co., Inc. ............................... Home Modeling Contractors ................................. 40

Note: (1) Source: 2017 Illinois Manufacturers Directory, 2017 Illinois Services Directory and a selective telephone survey.

Major Area Employers(1)

Approximate

Location Name Business or Product Employment

Downers Grove ........... The HAVI Group, L.P. ...................... Management Consulting .............................. 9,000

Downers Grove ........... DuPage Medical Group ...................... Physical Care Medical Group ......................... 3,200

Downers Grove ........... Advocate Good Samaritan Hospital .......... Hospital & Health Care Services ..................... 2,700

Oak Brook ............... Mc Donalds Corp. .......................... Corporate Headquarters ............................. 2,100

La Grange ............... Electro-Motive Diesel, Inc. ............... Diesel & Electric Locomotives & Engines ............. 1,300

La Grange ............... Adventist La Grange Memorial Hospital ..... Surgical & Medical Services ......................... 1,300

Downers Grove ........... DeVry, Inc. ............................... Vocational School Corporate Headquarters ............ 1,074

Oak Brook ............... Ace Hardware Corp. ........................ Wholesale Hardware Corporate Headquarters ........... 900

Oak Brook ............... Advocate Home Health Services ............. Home Health Care ................................... 800

Downers Grove ........... Ambitech Engineering Corp. ................ Engineering Services ............................... 750

La Grange ............... Grayhill, Inc. ............................ Relays & Industrial Controls Corporate Headquarters . 600

Oak Brook ............... Newell Rubbermaid Writing &

Creative Expressions Group .............. Art Materials ...................................... 600

Downers Grove ........... Advocate Health Care ...................... Company Headquarters ............................... 600

Downers Grove ........... FTD, Inc. ................................. Direct Flower & Gift Marketing ...................... 509

Oak Brook ............... Crowe Horwath LLP ......................... Accounting Services ................................ 500

Oak Brook ............... Continental Electrical Construction Co. ... Company Headquarters ............................... 500

Oak Brook ............... Hub Group, Inc. ........................... Transportation Services............................. 500

Oakbrook Terrace ........ Joint Commission on Accreditation of

Health Care Organizations ............... Health Care Facility Accreditation Agency ........... 500

Note: (1) Source: 2017 Illinois Manufacturers Directory, 2017 Illinois Services Directory and a selective telephone survey.


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The following tables show employment by industry and by occupation for the Village, DuPage County (the “County”) and the State of Illinois (the “State”) as reported by the U.S. Census Bureau 2011-2015 American Community Survey 5-year estimated values. Employment By Industry(1)

The Village The County The State

Classification Number Percent Number Percent Number Percent

Agriculture, Forestry, Fishing and Hunting, and Mining ..... 0 0.0% 972 0.2% 64,380 1.1%

Construction ............................................... 124 1.8% 21,945 4.6% 313,232 5.1%

Manufacturing .............................................. 547 8.0% 61,565 12.8% 765,301 12.6%

Wholesale Trade ............................................ 215 3.2% 18,598 3.9% 184,522 3.0%

Retail Trade ............................................... 447 6.6% 50,107 10.4% 668,523 11.0%

Transportation and Warehousing, and Utilities .............. 166 2.4% 26,747 5.6% 358,122 5.9%

Information ................................................ 158 2.3% 12,697 2.6% 123,286 2.0%

Finance and Insurance, and Real Estate and Rental

and Leasing ............................................... 1,175 17.2% 43,315 9.0% 446,219 7.3%

Professional, Scientific, and Management,

and Administrative and Waste Management Services .......... 1,878 27.5% 68,809 14.3% 695,791 11.4%

Educational Services and Health Care and Social Assistance . 1,461 21.4% 99,662 20.8% 1,396,976 23.0%

Arts, Entertainment and Recreation and Accommodation

and Food Services ......................................... 366 5.4% 41,189 8.6% 551,219 9.1%

Other Services, Except Public Administration ............... 167 2.4% 22,695 4.7% 288,602 4.7%

Public Administration ...................................... 118 1.7% 11,291 2.4% 230,053 3.8%

Total .................................................... 6,822 100.0% 479,592 100.0% 6,086,226 100.0%

Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2011 to 2015.

Employment By Occupation(1)


Classification Number Percent Number Percent Number Percent

Management, Business, Science and Arts ................... 4,533 66.4% 214,705 44.8% 2,241,849 36.8%

Service .................................................. 472 6.9% 62,683 13.1% 1,057,682 17.4%

Sales and Office ........................................ 1,540 22.6% 125,463 26.2% 1,493,597 24.5%

Natural Resources, Construction, and Maintenance ......... 43 0.6% 26,154 5.5% 444,435 7.3%

Production, Transportation, and Material Moving ........... 234 3.4% 50,587 10.5% 848,663 13.9%

Total ................................................... 6,822 100.0% 479,592 100.0% 6,086,226 100.0%


Unemployment Rates

Annual Average Unemployment Rates(1)

Calendar The DuPage State of Year Village County Illinois

2008 ............ 4.0% 5.0% 6.4% 2009 ............ 6.7% 8.4% 10.0% 2010 ............ 6.9% 8.5% 10.5% 2011 ............ 6.4% 8.0% 9.8% 2012 ............ 5.8% 7.3% 8.9% 2013 ............ 7.1% 7.5% 9.2% 2014 ............ 5.3% 5.7% 6.2% 2015 ............ 4.6% 4.7% 5.3% 2016 ............ 4.8% 4.8% 5.9% 2017(2) ......... N/A 3.4% 4.7%

Notes: (1) Source: Illinois Department of Employment Security.

(2) Preliminary rates through March 2017.


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Building Permits The following shows the total number and dollar amount of building permits issued in the Village. Village Building Permits(1) (Excludes the Value of Land)

Calendar Year Total Number Total Value

2007................... 1,663 $ 58,046,814 2008................... 1,434 45,182,575 2009................... 1,259 36,129,904 2010................... 1,238 85,643,137 2011................... 1,251 42,555,000 2012(2) ................ 1,335 48,561,536 2013(2) ................ 1,409 38,395,652 2014(2) ................ 1,321 117,836,390 2015(2) ................ 1,066 94,203,697 2016(2) ................ 987 42,073,474

Notes: (1) Source: the Village. (2) Beginning in 2012, there is new criteria on how

building permits are counted.

Housing

The U.S. Census Bureau 5-year estimated values reported that the median value of the Village’s owner-occupied homes was $834,700. This compares to $278,500 for the County and $173,800 for the State. The following table represents the five year average market value of specified owner-occupied units for the Village, the County and the State at the time of the 2011-2015 American Community Survey.

Home Values(1)


Value Number Percent Number Percent Number Percent

Under $50,000 ............ 57 1.2% 5,534 2.2% 240,110 7.6%

$50,000 to $99,999 ....... 36 0.8% 9,999 4.0% 518,898 16.3%

$100,000 to $149,999 ..... 38 0.8% 19,782 8.0% 533,593 16.8%

$150,000 to $199,999 ..... 65 1.4% 33,018 13.3% 527,923 16.6%

$200,000 to $299,999 ..... 271 5.7% 70,512 28.4% 648,006 20.4%

$300,000 to $499,999 ..... 569 12.0% 73,233 29.5% 473,931 14.9%

$500,000 to $999,999 ..... 1,925 40.6% 29,329 11.8% 188,536 5.9%

$1,000,000 or more ....... 1,779 37.5% 7,101 2.9% 46,708 1.5%

Total .................. 4,740 100.0% 248,508 100.0% 3,177,705 100.0%


Mortgage Status(1)


Value Number Percent Number Percent Number Percent

Housing Units with a Mortgage ............ 3,279 69.2% 177,055 71.2% 2,104,166 66.2%

Housing Units without a Mortgage ......... 1,461 30.8% 71,453 28.8% 1,073,539 33.8%

Total .................................. 4,740 100.0% 248,508 100.0% 3,177,705 100.0%



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Income

Per Capita Personal Income for the Highest Income Counties in the State(1)

Rank 2011 to 2015 1 ..................... DuPage County ............ $39,336

2 ..................... Lake County ............... 39,299

3 ..................... McHenry County ............ 33,735

4 ..................... Monroe County ............. 32,889

5 ..................... Piatt County .............. 32,724

6 ..................... Will County ............... 31,310

7 ..................... McLean County ............. 31,305

8 ..................... Kane County ............... 31,056

9 ..................... Kendall County ............ 31,053

10 .................... Sangamon County ........... 31,024

11 .................... Cook County .............. 31,013

Note: (1) Source: U.S. Bureau of the Census. 2011 to 2015

American Community 5-Year Estimates.

The following shows a ranking of median family income for the Chicago metropolitan area from the 2011-2015 American Community Survey.

Ranking of Median Family Income(1) Family

County Income Rank

DuPage County .......... $96,751 1

Lake County ............ 93,668 2

Kendall County ......... 91,612 3

McHenry County ......... 89,768 4

Will County ............ 87,950 5

Kane County ............ 81,718 8

Cook County ............ 67,324 23

Note: (1) Source: U.S. Bureau of the Census 2011

to 2015 American Community Survey 5-Year

Estimates.

The U.S. Census Bureau 5-year estimated values reported that the Village had a median family income of $194,879. This compares to $96,751 for the County and $71,546 for the State. The following table represents the distribution of family incomes for the Village, the County and the State at the time of the 2011-2015 American Community Survey.

Family Income(1)


Income Number Percent Number Percent Number Percent

Under $10,000 ............ 175 3.7% 5,059 2.1% 137,468 4.4%

$10,000 to $14,999 ....... 26 0.6% 2,886 1.2% 83,523 2.7%

$15,000 to $24,999 ....... 69 1.5% 9,181 3.8% 219,861 7.0%

$25,000 to $34,999 ....... 84 1.8% 12,182 5.1% 247,041 7.9%

$35,000 to $49,999 ....... 144 3.1% 21,961 9.2% 372,279 11.9%

$50,000 to $74,999 ....... 385 8.2% 37,072 15.5% 572,734 18.3%

$75,000 to $99,999 ....... 377 8.0% 35,647 14.9% 460,502 14.7%

$100,000 to $149,999 ..... 612 13.0% 53,308 22.3% 554,220 17.7%

$150,000 to $199,999 ..... 507 10.8% 27,978 11.7% 234,835 7.5%

$200,000 or more ......... 2,312 49.3% 34,272 14.3% 242,220 7.8%

Total .................. 4,691 100.0% 239,546 100.0% 3,124,683 100.0%



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The U.S. Census Bureau 5-year estimated values reported that the Village had a median household income of $162,722. This compares to $79,658 for the County and $57,574 for the State. The following table represents the distribution of household incomes for the Village, the County and the State at the time of the 2011-2015 American Community Survey.

Household Income(1)


Income Number Percent Number Percent Number Percent

Under $10,000 ............ 241 4.4% 12,571 3.7% 343,101 7.2%

$10,000 to $14,999 ....... 104 1.9% 8,237 2.4% 217,426 4.5%

$15,000 to $24,999 ....... 221 4.0% 21,401 6.3% 477,279 10.0%

$25,000 to $34,999 ....... 147 2.7% 23,475 6.9% 449,729 9.4%

$35,000 to $49,999 ....... 285 5.1% 37,576 11.1% 610,069 12.7%

$50,000 to $74,999 ....... 536 9.7% 56,810 16.8% 851,656 17.8%

$75,000 to $99,999 ....... 455 8.2% 47,261 14.0% 609,496 12.7%

$100,000 to $149,999 ..... 620 11.2% 62,654 18.5% 676,505 14.1%

$150,000 to $199,999 ..... 537 9.7% 30,932 9.1% 272,382 5.7%

$200,000 or more ......... 2,388 43.2% 37,166 11.0% 278,745 5.8%

Total .................. 5,534 100.0% 338,083 100.0% 4,786,388 100.0%


Retail Activity

Following is a summary of the Village's sales tax receipts as collected and disbursed by the State of Illinois.

Retailers' Occupation, Service Occupation and Use Tax(1)

State Fiscal Year State Sales Tax Non-Home Rule Annual Percent

Ending June 30 Distributions(2) Sales Tax Total Change + (-)

2008 .................... $2,449,518 $ 0 $2,449,518 3.22%(3)

2009 .................... 2,203,948 0 2,203,948 (10.03%)

2010 .................... 2,238,112 0 2,238,112 1.55%

2011 .................... 2,404,047 0 2,404,047 7.41%

2012 .................... 2,589,879 1,235,759 3,825,638 59.13%

2013 .................... 2,696,582 1,645,118 4,341,700 13.49%

2014 .................... 2,795,430 1,703,941 4,499,371 3.63%

2015 .................... 2,845,232 1,636,156 4,481,388 (0.40%)

2016 .................... 2,717,868 1,599,661 4,317,529 (3.66%)

2017 .................... 2,698,448 1,546,476 4,244,924 (1.68%)

Growth from 2008 to 2017 ................................................................... 73.30%

Notes: (1) Source: Illinois Department of Revenue.

(2) Tax distributions are based on records of the Illinois Department of Revenue relating to the 1%

municipal portion of the Retailers' Occupation, Service Occupation and Use Tax, collected on behalf

of the Village, less a State administration fee. The municipal 1% includes tax receipts from the

sale of food and drugs which are not taxed by the State.

(3) The 2008 percentage is based on a 2007 sales tax of $2,373,161.

THE PROJECT Bond proceeds will be used to finance certain public infrastructure projects, including, but not limited to, acquiring and constructing improvements to municipal roads and streets, access roads, bridges, and sidewalks; waste disposal systems; and water and sewer line extensions, water distribution and purification facilities, storm water drainage and retention facilities, and sewerage treatment facilities and construction of a parking deck structure within the Village (the “Project”) and to pay the costs of issuing the Bonds.


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Preliminary Sources and Uses of Funds(1)

Sources:

Par Amount ............................ $__________

[Net] Reoffering Premium .............. __________

Uses:

Underwriter’s Discount ............... $__________

Cost of Issuance ...................... __________

Deposit to Capital Project Fund ........ __________

Total Uses .......................... $__________

Note: (1) Subject to change.

DEFAULT RECORD The Village has no record of default and has met its debt repayment obligations promptly.


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DEBT INFORMATION

After issuance of the Bonds the Village will have outstanding $26,010,000* principal amount of general obligation debt, $205,693 principal amount of debt certificates, and $1,020,000 principal amount of special service area bonds.

General Obligation Bonded Debt(1) (Principal Only)

Total Cumulative

Calendar Series Series Series Series Series Series Series The Outstanding Principal Retired(5)

Year 2008C(2) 2009(3) 2011(2) 2012A(2) 2013A(4) 2014A(2) 2014B(2) Bonds(2)(5) Debt(5) Amount Percent

2017 ... $ 440,000 $ 110,000 $275,000 $ 235,000 $ 175,000 $ 120,000 $ 225,000 $ 0 $ 1,580,000 $1,580,000 6.07%

2018 ... 455,000 115,000 0 235,000 185,000 120,000 230,000 225,000 1,565,000 3,145,000 12.09%

2019 ... 475,000 115,000 0 240,000 200,000 125,000 230,000 370,000 1,755,000 4,900,000 18.84%

2020 ... 0 120,000 0 245,000 210,000 125,000 235,000 380,000 1,315,000 6,215,000 23.89%

2021 ... 0 125,000 0 255,000 220,000 130,000 240,000 395,000 1,365,000 7,580,000 29.14%

2022 ... 0 130,000 0 260,000 240,000 135,000 245,000 405,000 1,415,000 8,995,000 34.58%

2023 ... 0 135,000 0 265,000 245,000 135,000 250,000 420,000 1,450,000 10,445,000 40.16%

2024 ... 0 140,000 0 270,000 265,000 140,000 255,000 435,000 1,505,000 11,950,000 45.94%

2025 ... 0 145,000 0 280,000 280,000 145,000 265,000 450,000 1,565,000 13,515,000 51.96%

2026 ... 0 150,000 0 285,000 290,000 150,000 270,000 465,000 1,610,000 15,125,000 58.15%

2027 ... 0 155,000 0 295,000 0 150,000 280,000 485,000 1,365,000 16,490,000 63.40%

2028 ... 0 160,000 0 305,000 0 155,000 290,000 500,000 1,410,000 17,900,000 68.82%

2029 ... 0 0 0 315,000 0 165,000 300,000 520,000 1,300,000 19,200,000 73.82%

2030 ... 0 0 0 320,000 0 0 310,000 535,000 1,165,000 20,365,000 78.30%

2031 ... 0 0 0 335,000 0 0 320,000 555,000 1,210,000 21,575,000 82.95%

2032 ... 0 0 0 0 0 0 330,000 575,000 905,000 22,480,000 86.43%

2033 ... 0 0 0 0 0 0 345,000 595,000 940,000 23,420,000 90.04%

2034 ... 0 0 0 0 0 0 0 615,000 615,000 24,035,000 92.41%

2035 ... 0 0 0 0 0 0 0 635,000 635,000 24,670,000 94.85%

2036 ... 0 0 0 0 0 0 0 660,000 660,000 25,330,000 97.39%

2037 ... 0 0 0 0 0 0 0 680,000 680,000 26,010,000 100.00%

Total $1,370,000 $1,600,000 $275,000 $4,140,000 $2,310,000 $1,795,000 $4,620,000 $9,900,000 $26,010,000

Notes: (1) Source: the Village.

(2) Alternate revenue source bonds payable by Village resources.

(3) Limited tax bonds.

(4) Alternate revenue source bonds payable by library resources.

(5) Subject to change.

*Subject to change.

Village of Hinsdale, DuPage and Cook Counties General Obligation Bonds (Sales Tax Alternate Revenue Source), Series 2017A

17

General Obligation Limited Tax Debt Certificates(1) (Principal Only)

Cumulative Calendar Series Series Total Principal Retired

Year 2008A 2008B Debt Amount Percent

2017 ........ $ 0 $ 50,000 $ 50,000 $ 50,000 24.31%

2018 ........ 105,693 50,000 155,693 205,693 100.00%

Total ..... $105,693 $100,000 $205,693

Detailed Overlapping Bonded Debt(1) (As of May 19, 2017)

Outstanding Applicable to Village Debt Percent(2) Amount

Schools: School District Number 60 ............................ $ 13,760,000 0.24% $ 33,024 School District Number 101 ........................... 21,215,000 0.02% 4,243 School District Number 106 ........................... 1,800,000 0.48% 8,640 School District Number 181 ........................... 49,700,000 70.37% 34,973,890 High School District Number 86 ....................... 16,485,000 32.78% 5,403,783 High School District Number 204 ...................... 15,565,000 0.06% 9,339 Community College District N

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