. Virtual Meeting Information Village of Glencoe public hearings and meetings are currently being held virtually due to Section 7(e) of the Open Meetings Act. Please be advised that if, prior to the scheduled public meeting date, Governor Pritzker rescinds, or does not extend, his current disaster declaration, the Village will be required to conduct the public meeting in the traditional in-person format only, at Village Hall, 675 Village Court, Glencoe, IL 60022. This will be the only notice of the meeting, and where and how the meeting will be conducted. Information regarding the location of the public meeting and instructions for participating in the public meeting will be posted on the Village’s website and will include updates as needed. Please contact Jordan Lester at (847) 461- 1100 for confirmation of meeting location. Individuals may call the following to participate in the meeting: By Telephone: By Zoom Video Conference: Phone Number: (312) 626 6799 Zoom video conference link – click here Webinar ID: 936 0421 6954 Video conference participants using a computer will be prompted to install the Zoom client; participants using smart phones or tablets must download the Zoom app from their app store. Public Comment Submittal Options Option 1: Submit Comments by E-Mail Prior to Meeting Public comments can be submitted in advance of the meeting by e-mail to [email protected]. Public comments received by 4:30 p.m. for Committee of the Whole meeting or 6 p.m. for the Village Board meeting will be read during the meeting under Public Comment. Any comments received during the meeting may be read at the end of the meeting. All e-mails received will be acknowledged. Public comment is limited to 400 words or less. E-mailed public comments should contain the following: • The Subject Line of the e-mail should include the following text: “June 17 Committee of the Whole” or “June 17 Village Board Meeting Public Comment” • Name of person submitting comment (address can be provided, but is not required) • Organization or agency person is submitting comments on behalf of, if applicable • Topic or agenda item number of interest, or indicate if the public comment is on a matter not listed on the Commission meeting agenda
Transcript
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Virtual Meeting Information
Village of Glencoe public hearings and meetings are currently being held virtually due to Section 7(e) of the Open Meetings Act. Please be advised that if, prior to the scheduled public meeting date, Governor Pritzker rescinds, or does not extend, his current disaster declaration, the Village will be required to conduct the public meeting in the traditional in-person format only, at Village Hall, 675 Village Court, Glencoe, IL 60022.
This will be the only notice of the meeting, and where and how the meeting will be conducted. Information regarding the location of the public meeting and instructions for participating in the public meeting will be posted on the Village’s website and will include updates as needed. Please contact Jordan Lester at (847) 461-1100 for confirmation of meeting location.
Individuals may call the following to participate in the meeting:
By Telephone: By Zoom Video Conference: Phone Number: (312) 626 6799 Zoom video conference link – click here Webinar ID: 936 0421 6954 Video conference participants using a computer will be prompted to install the Zoom client; participants using smart phones or tablets must download the Zoom app from their app store. Public Comment Submittal Options
Option 1: Submit Comments by E-Mail Prior to Meeting Public comments can be submitted in advance of the meeting by e-mail to [email protected]. Public comments received by 4:30 p.m. for Committee of the Whole meeting or 6 p.m. for the Village Board meeting will be read during the meeting under Public Comment. Any comments received during the meeting may be read at the end of the meeting. All e-mails received will be acknowledged.
Public comment is limited to 400 words or less. E-mailed public comments should contain the following:
• The Subject Line of the e-mail should include the following text: “June 17 Committee of the Whole” or “June 17 Village Board Meeting Public Comment”
• Name of person submitting comment (address can be provided, but is not required) • Organization or agency person is submitting comments on behalf of, if applicable • Topic or agenda item number of interest, or indicate if the public comment is on a matter not listed on
Option 2: Submit Comments by Phone Prior to Meeting Individuals without access to e-mail may submit their comments through a voice message by calling (847) 461-1100. Verbal public comments will be read aloud during the meeting and will be limited to three minutes.
AGENDA VILLAGE OF GLENCOE BOARD OF TRUSTEES REGULAR MEETING
Virtual Meeting
Online Thursday, June 17, 2021 – 7:00 PM
I. CALL TO ORDER AND ROLL CALL
Honorable Howard Roin, Village President Joe Halwax, Trustee Gail Lissner, Trustee Peter Mulvaney, Trustee Dudley Onderdonk, Trustee Gary Ruben, Trustee Jonathan Vree, Trustee
II. CONSIDERATION OF MINUTES
a. Board of Trustees - Regular Meeting - May 20, 2021 7:00 PM
III. PUBLIC COMMENT
Individuals interested in addressing the Village Board on non-agenda items may do so during this time.
IV. "CULTURE OF CARING" MOMENT
V. REPORTS OF COMMITTEES
a. Committee of the Whole b. Finance Committee c. Plan Commission d. Golf Advisory Committee e. Sustainability Task Force f. Community Relations Forum g. Historic Preservation Commission
VI. REPORTS OF OFFICERS
a. Reports of the Village Manager b. Reports of the Village President
a. Consideration of the Extension of the Village President's Declaration of Emergency b. Consideration of a Resolution Honoring Former Trustee Barbara Miller c. Consideration of a Proclamation Declaring June 2021 as Pride Month in the Village of Glencoe
Board of Trustees Regular Meeting Agenda June 17, 2021
d. Consideration of a Proclamation Declaring June 19, 2021 as Juneteenth in the Village of Glencoe
VII. CONSENT AGENDA
a. May 2021 Village Treasurer's Report and Golf Financial Report b. May 2021 Check Register for the Village of Glencoe and Glencoe Golf Club c. Ratification of the May 2021 Early Check Register List d. Consideration of the Comprehensive Annual Financial Report and Management Letter from
Lauterbach & Amen, LLP for the Stub Year ending December 31, 2020 e. Consideration of a Resolution Authorizing the Village Manager to Execute a Contract with Atlas
Bobcat, of Elk Grove, Illinois for Purchase Two (2) Bob Compact Track Loaders, for a Not-to-Exceed Cost of $114,944
VIII. REGULAR BUSINESS
a. Consideration and Action on an Ordinance Providing for the Issue of Approximately $7,000,000 General Obligation Bonds, Series 2021, for the Purpose of Paying the Cost of Storm Sewer Improvements, Sanitary Sewer Upgrades, Street Resurfacing and Lighting, and Sidewalk Installation and Replacement, within the Boundaries of the Village and for the Payment of the Expenses Incident Thereto, Providing for the Levy and Collection of Taxes to Pay Said Bonds, and Authorizing the Sale of Said Bonds to the Purchaser Thereof
b. Consideration and Action on a Resolution Expressing Official Intent Regarding Certain Capital Expenditures to be Reimbursed from Proceeds of One or More Obligations to be Issued by the Village of Glencoe, Cook County, Illinois
IX. OTHER BUSINESS
X. CLOSED SESSION (IF NECESSARY)
XI. ADJOURN The Village of Glencoe is subject to the requirements of the Americans with Disabilities Act of 1990. Individuals with disabilities who plan to attend this meeting and who require certain accommodations in order to allow them to observe and/or participate in this meeting, or who have questions regarding the accessibility of the meeting or the facilities, are requested to contact the Village of Glencoe at least 72 hours in advance of the meeting at (847) 835-4114, or the Illinois Relay Center at (800) 526-0844, to allow the Village of Glencoe to make reasonable accommodations for those persons.
MINUTES VILLAGE OF GLENCOE BOARD OF TRUSTEES REGULAR MEETING
Virtual Meeting
Thursday, May 20, 2021 – 7:00 PM
I. CALL TO ORDER AND ROLL CALL
The regular meeting of the Board of Trustees of the Village of Glencoe conducted virtually in accordance with Governor Pritzker’s Executive Order 2021-06 was called to order by the Village President of the Village of Glencoe, Illinois, at 7:01 p.m. on the 20th day of May, 2021. Prior to roll call, President Levin stated that pursuant to adopted amendments to the Illinois Open Meetings Act (OMA) included in Public Act 101-0640, the Village Board meeting was being conducted as a virtual meeting via Zoom video conferencing software and also being audio recorded and simulcast on the Village’s Facebook page as the Village continues to support social distancing to try to prevent the spread of COVID-19. He stated that a quorum of members of the Board was present via remote access and that he was physically present in the Village Hall Council Chambers, along with Village Manager Philip Kiraly and Village Attorney Steven Elrod, as required by OMA. The following were in attendance:
Attendee Name Title Status
Lawrence Levin Village President Present
Joe Halwax Trustee Present
Gail Lissner Trustee Present
Barbara Miller Trustee Absent
Peter Mulvaney Trustee Present
Gary Ruben Trustee Present
Jonathan Vree Trustee Present
Village Staff
Philip Kiraly Village Manager Present
Steven Elrod Village Attorney Present
David Mau Public Works Director Present
Sharon Tanner Assistant Village Manager Present
Stella Nanos Glencoe Golf Club General Manager
Present
Cary Lewandowski Public Safety Director Present
Nikki Larson Finance Director Present
Don Kirk General Superintendent Present
Taylor Baxter Development Services Manager
Present
Megan Olson Management Analyst Present
Jordan Lester Assistant to the Village Manager
Present
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II. CONSIDERATION OF MINUTES
Trustee Halwax moved, seconded by Trustee Ruben, to approve the following meeting minutes: a. Board of Trustees - Committee of the Whole – April 15, 2021, 5 p.m. b. Board of Trustees - Regular Meeting – April 15, 2021, 7 p.m. The motion was approved with the following roll call vote:
APPROVED
AYES: Halwax, Lissner, Mulvaney, Ruben, Vree (5)
NAYS: None (0)
ABSENT: Miller (1)
III. PUBLIC COMMENT
President Levin outlined the process for receiving public comments for both non-agenda and agenda-related items and asked Assistant to the Village Manager Jordan Lester if any public comments pertaining to non-agenda items were submitted prior to the meeting. Assistant to the Village Manager Lester reported that three public comments on non-agenda items were received. President Levin invited residents to submit comments during the meeting via the e-mail address provided, and any such comments will be read at the end of the meeting. He requested that comments be limited to no more than 400 words. Assistant to the Village Manager Lester read the public comments on non-agenda items as follows:
• David Ellzey, 373 Hazel Avenue, expressed his concerns regarding the proposed restaurant at 668 Vernon Avenue and its impact to residential neighbors.
• John Byrne, 693 Greenwood Avenue, expressed his concerns with the proposed restaurant and its impact to residential neighbors.
• Nicole Downie expressed her concerns with the proposed restaurant and its impact to residential neighbors.
IV. CULTURE OF CARING MOMENT
Trustee Halwax said that the theme of his Culture of Caring Moment is Coming Together and it involved a mother duck and her eight ducklings. He explained that recently, a mother duck who was nesting in his yard decided to walk down the street with her ducklings, so he followed them in his car to make sure they did not get run over by another vehicle. Unfortunately, some of the ducklings fell into a sewer, which was observed by some residents who immediately called the Village for help. He thanked Community Safety Officer Katie Sweeney and Maintenance Equipment Operator Juan Carillo for their assistance in rescuing the birds and safely guiding them to the Skokie Lagoons. Trustee Halwax said he observed concerned people from different parts of the community coming together and that incidents such as this show that Glencoe is a caring community. President Levin and Trustees thanked Trustee Halwax for his presentation, and Trustee Mulvaney volunteered to present the Culture of Caring Moment at the June Board Meeting.
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V. REPORTS OF COMMITTEES
a. Committee of the Whole President Levin reported that there was no Committee of the Whole meeting in May. The next Committee of the Whole meeting is Thursday, June 17 at 5:30 p.m. b. Finance Committee Trustee Vree stated that the Finance Committee met on May 16. He said that the Village is off to a great start in 2021 and is rebounding from the COVID-19 pandemic nicely. He noted that Glencoe voters approved the Village’s April 6 bond referendum and that the Committee started discussions on how to use the funds. He also noted that the Village should be receiving its first installment of American Recovery Plan Act Funding soon, and the Committee discussed how these funds can also support Village capital projects. The next Finance Committee meeting is Tuesday, June 15 at 6 p.m.
c. Plan Commission In Trustee Miller’s absence, Village Manager Kiraly reported that the next Commission meeting is Wednesday, May 26 at 7 p.m. and all agenda items relate to the downtown area and a new proposed restaurant at 668 Vernon Avenue. The next Plan Commission meeting is Wednesday, May 26 at 7 p.m. Village Manager Kiraly read a note into the record from Trustee Miller, in which she stated that it has been a privilege to serve with outgoing Village President Levin. She stated that the Village of Glencoe has been fortunate to have had such a wonderful and capable individual as President. President Levin thanked Trustee Miller for her comments. d. Golf Advisory Committee Trustee Halwax reported that the Golf Advisory Committee met on Monday, May 17. He stated that there were 1,800 rounds of golf played at the Glencoe Golf Club in April, which exceeds the Golf Club’s previous all-time high by 1,000 rounds. He noted that the Golf Club’s Centennial Outing will be held on Friday, August 13. Last, he stated that the Friends of the Glencoe Golf Club has been meeting monthly and working with fundraising consultant Campbell & Company. The next Golf Advisory Committee meeting is Monday, June 21 at 5:30 p.m. e. Sustainability Task Force Trustee Mulvaney reported that the Sustainability Task Force last met on Tuesday, April 27. He
reported that the Task Force’s Donate and Recycle Day took place on May 15 and that 220 households
participated in the event. He shared details on the significant number of items collected and thanked
the community for participating. In addition, Trustee Mulvaney reported that the Task Force is
working on a No-Idling Campaign and also an Im-PECK-able Bird Campaign for to choose a Glencoe
community bird. He stated that residents can go to the Village’s website and make their choice from
10 different birds and that this will serve as a reminder to residents to protect the community’s
natural resources.
The next Sustainability Task Force meeting is Tuesday, May 25 at 7 p.m.
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f. Community Relations Forum Trustee Ruben reported that the Community Relations Forum held its first Town Hall Meeting on April 21 and that four panelists discussed diversity, equity and inclusion. He stated that the Forum’s next Town Hall Meeting will be held at the end of summer. Last, Trustee Ruben reported that the Forum is continuing its ongoing review of the Glencoe Human Relations Ordinance. The next Community Relations Forum meeting is Wednesday, June 2 at 5 p.m.
VI. REPORTS OF OFFICERS
a. Reports of the Village Manager Village Manager Kiraly began by reporting that last week, the U.S. Centers for Disease Control and Prevention (CDC) updated its guidance for use of face masks for vaccinated individuals. He said internally, staff will be updating Village policies and mask requirements to reflect new CDC and State of Illinois guidance. He reported that over 50% of residents of Glencoe are vaccinated. Manager Kiraly further stated that the vaccination clinic at New Trier High School’s Northfield Campus and the partnership events with Jewel-Osco have ended because vaccines are now more readily available at local pharmacies. Almost 12,000 people were vaccinated through these events. Village Manager Kiraly thanked the entire Village staff for their participation in these events. Village Manager Kiraly then recognized Finance Department employees Margie Ziegler and Denise Joseph, who are leaving Village employment. He also thanked outgoing President Levin and Trustee Miller on behalf of the Village staff for their many years of exceptional service to the Glencoe community. a. Reports of the Village President
Trustee Mulvaney moved, seconded by Trustee Halwax, to approve a Proclamation Declaring May 22-28, 2021 as National Safe Boating Week in the Village of Glencoe. The motion was approved with the following roll call vote:
APPROVED
AYES: Halwax, Lissner, Mulvaney, Ruben, Vree (5)
NAYS: None (0)
ABSENT: Miller (1)
Trustee Ruben moved, seconded by Trustee Lissner, to approve a Resolution supporting restoration of Local Government Distributive Fund (LGDF) Funding. The motion was approved with the following roll call vote:
APPROVED
AYES: Halwax, Lissner, Mulvaney, Ruben, Vree (5)
NAYS: None (0)
ABSENT: Miller (1)
President Levin briefly reflected on his years of service as Village President and in various other volunteer capacities. He expressed his gratitude to the residents for giving him the opportunity to
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serve as Village President and his pride in the Glencoe community. He enthusiastically thanked the current and past Village Boards, the residents who have served on numerous committees and commissions and the entire Village staff.
VII. CONSENT AGENDA
Before a vote was called on the Consent Agenda, Trustee Mulvaney asked for clarification regarding Item F. Village Manager Kiraly responded that the proposed Tyler Technologies contract funding had been budgeted in prior fiscal years but was not expended due to unresolved issues with Tyler’s billing schedule. Finance Director Larson stated that due to delays in software implementation, some software modules did not “go live” according to the agreed-upon implementation schedule; as a result, a dispute between the Village and software company took place over invoiced services. She added that to resolve the issue, Tyler Technologies issued the Village accounting credits. The budget adjustment provides the Village with the legal authority to pay off the prior outstanding invoices in the current fiscal year, rather than the prior fiscal years as approved. Trustee Mulvaney moved, seconded by Trustee Ruben, to approve the following consent agenda items: a. April 2021 Village Treasurer’s Report and Golf Financial Report b. April 2021 Check Register for the Village of Glencoe and Glencoe Golf Club c. Ratification of the April 2021 Early Check Register List d. Consideration of a Resolution Approving an Intergovernmental Agreement for Coronavirus Relief Funds
with Cook County. e. Consideration of a Resolution Authorizing the Illinois Public Reserves Investment Management Trust as
an Authorized Financial Institution for Village Funds. f. Consideration of a Resolution Authorizing the Village Manager to Accept an Accounting Credit from
Tyler Technologies, Inc. and Increasing the Calendar Year 2021 Authorized SaaS Fee Contract Amount to $191,874, and an Ordinance Making Supplemental Appropriations and Amending the General Fund Budget in the Amount of $112,000 for the Calendar Year 2021 Budget
g. Consideration of a Resolution Authorizing the Village Manager to Execute an Engineering Services Agreement with Baxter & Woodman, Inc. for the Deli/Longwood Sanitary Sewer Analysis
h. Consideration of a Resolution Authorizing the Village Manager to Execute a Seven-Month Extension of the Professional Services Agreement with HR Green of McHenry, Illinois for Plan Review and Inspection Services
i. Consideration of an Ordinance Establishing Certified Landmark Designation of the Structure at 336 Washington Avenue, as recommended by the Historic Preservation Commission
The motion was approved with the following roll call vote:
APPROVED
AYES: Halwax, Lissner, Mulvaney, Ruben, Vree (5)
NAYS: None (0)
ABSENT: Miller (1)
St. Paul AME Pastor Reverend Dwayne Gary thanked the Board on behalf of the St. Paul community for establishing the St. Paul AME Church structure as a certified Glencoe landmark. He emphasized the importance of this recognition for the St. Paul community and the Glencoe community as a whole. Last, he also thanked President Levin for his service to the community and his friendship.
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VIII. REGULAR BUSINESS
There were no items.
IX. OTHER BUSINESS
There were no items.
X. ADJOURN SINE DIE
President Levin asked for a motion to adjourn sine die.
Trustee Halwax moved, seconded by Trustee Lissner, to adjourn the meeting sine die.
APPROVED
AYES: Halwax, Lissner, Mulvaney, Ruben, Vree (5)
NAYS: None (0)
ABSENT: Miller (1)
INSTALLATION OF VILLAGE PRESIDENT HOWARD ROIN
Village Manager/Clerk Philip Kiraly administered the oath of office to Village President-Elect Howard Roin. President Roin then executed a new Declaration of Emergency arising from the COVID-19 pandemic and his determination that in-person meetings of the Village Board of Trustees were not practical nor prudent at this time.
INSTALLATION OF VILLAGE TRUSTEES GAIL LISSNER, DUDLEY ONDERDONK AND GARY RUBEN President Roin issued the oath of office to Village Trustees Gail Lissner, Dudley Onderdonk and Gary Ruben.
I. CALL TO ORDER
Honorable Howard Roin, Village President Joe Halwax, Trustee Gail Lissner, Trustee Peter Mulvaney, Trustee Dudley Onderdonk, Trustee Gary Ruben, Trustee Jonathan Vree, Trustee President Roin explained that this meeting of the Board of Trustees of the Village of Glencoe was being conducted virtually and the meeting is being audio recorded and simulcast on the Village’s Facebook page. He stated that a quorum of members of the Board was present via remote access and that he was physically present in Village Hall as required by the Illinois Open Meetings Act along with Village Manager Philip Kiraly and Village Attorney Steven Elrod.
II. PUBLIC COMMENT President Roin outlined the process for receiving public comments for both non-agenda and agenda-related items and asked Assistant to the Village Manager Jordan Lester if any public comments pertaining to non-agenda items were submitted prior to the meeting. Assistant to the Village Manager Lester reported that there was one non-agenda comment submitted by Andre Lerman, 244 Hazel Avenue, who congratulated newly elected President Roin, Trustee
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Onderdonk and returning Board members. Mr. Lerman thanked President Levin and Trustee Miller for their leadership and described Trustee Onderdonk’s longtime service in the Glencoe community.
III. REPORTS OF THE VILLAGE PRESIDENT President Roin expressed his gratitude for the accomplishments of the Village Board and stated that he is honored to serve with the Trustees. He further expressed his gratitude to the volunteers who serve on the various Village committees and commissioners. President Roin stated that he is excited to begin his work as Village President and will serve the residents with respect and maintain the Village of Glencoe’s excellent staff. Trustee Halwax moved, seconded by Trustee Mulvaney to approve an Extension of the Village President’s Declaration of Emergency. The motion was approved with the following roll call vote:
Trustee Ruben moved, seconded by Trustee Halwax, to approve the Village President Appointments to Official Village Positions and Village Commissioners, as follows: Appointments to Official Village Positions (one-year terms):
• Village Clerk: Philip Kiraly
• Deputy Village Clerk: Jordan Lester
• Village Attorney: Steven Elrod
• Village Treasurer: Nikki Larson
• Village Collector: Nikki Larson
• Village Marshal: Cary Lewandowski
• Street Commissioner: David Mau
Appointments of Village Board Representatives to Village Committees (two-year terms):
• Sustainability Task Force: Trustee Peter Mulvaney
Appointments to the following standing Committees (two-year terms):
• Finance: Trustee Jonathan Vree-Chair, Trustee Joe Halwax, Trustee Gary Ruben
• Golf: Trustee Joe Halwax
Appointments/Re-appointments to Committees and Commissions
• Community Relations Forum o Reverend Dwayne Gary (re-appointment, three-year term expiring May 2024) o John Bjork (new appointment, three-year term expiring May 2024) o Rafel Guzman (new appointment, three-year term expiring May 2024) o Vivek Mali (new appointment, three-year term expiring May 2024)
• Golf Advisory Committee
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o Matt Siebert (re-appointment, four-year term expiring May 2025) o Greg Turner (new appointment, four-year term expiring May 2025)
• Plan Commission o Appointments from other Glencoe government bodies:
▪ Marc Gale (new appointment, District 35 School Board Representative, four-year term expiring May 2025)
▪ Michael Pope (new appointment, Glencoe Public Library Representative, four-year term expiring May 2025)
▪ Bart Schneider (new appointment, Glencoe Park District Representative, four-year term expiring May 2025)
• Police Pension Fund Board (staggered terms) o Eric Birkenstein (re-appointment, two-year term expiring May 2023) o MacAdam Glinn (new appointment, one-year term expiring May 2022)
• Sustainability Task Force o Laurie Tuchman (new appointment, three-year term expiring May 2024) o Appointments from other Glencoe government bodies:
▪ Lisa Brooks (new appointment, Glencoe Park District Representative, three-year term expiring May 2024)
▪ Joshua Markus (new appointment, District 35 School Board Representative, three-year term expiring May 2024)
• Zoning Board of Appeals o Scott Novak (appointment as Chair, five-year term expiring May 2026) o Sara Elsasser (re-appointment, five-year term expiring May 2026) o Michael Kuppersmith (appointment, five-year term expiring May 2026) o Debbie Ruderman (appointment, five-year term expiring May 2026)
In addition, the Village Board confirmed the appointment of Philip Kiraly as Village Manager in accordance with the employment agreement dated July 16, 2020, and appointment of Steven Elrod as Village Attorney in accordance with the engagement letter with Elrod Friedman LLP dated February 18, 2020 and approved February 20, 2020.
President Roin read a Resolution honoring former Village President Lawrence R. Levin into the record. Trustee Ruben moved, seconded by Trustee Mulvaney to approve the Resolution Honoring Former Village President Lawrence R. Levin. The motion was approved with the following roll call vote.
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President Roin informed former President Levin that the Village has dedicated a bench in his honor on the Green Bay Trail. Village Manager Kiraly read two public comments for agenda-related items into the record as follows:
• Former Village President and Trustee Scott Feldman thanked outgoing Village President Levin and Trustee Miller and also welcomed the incoming Village President and Trustees.
• Caren and Dale Thomas, former Plan Commission Chair and Village Trustee, respectively, thanked President Levin for his many years of service for the Glencoe community.
V. CLOSED SESSION At 8:38 p.m., Trustee Mulvaney moved, seconded by Trustee Halwax, to convene into closed session pursuant to Open Meetings Act section 2(c)(1) employment matters, and 2(c)(11) pending litigation. The motion was approved with the following roll call vote:
At 10:19 p.m., President Roin reported that the Board has voted to adjourn from closed session back into open session and authorized him to announce they have closed the meeting.
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Date: June 17, 2021
Staff Contact: Philip Kiraly, Village Manager, Village Manager's Office
Agenda
Item:
6.b.a.1. – Consideration of an Extension of the Village President's
Declaration of Emergency
Strategic Priority Addressed:
Financial Sustainability, Commercial Vitality, Operational Effectiveness, Community Engagement
BACKGROUND AND ANALYSIS
At its meeting on March 17, 2020, the Board of Trustees approved Ordinance No. 2020-13-3479,
granting special powers and authority in the event of a declaration of civil emergency. For these
purposes, a “civil emergency” is defined as a disaster, which would include, but not be limited to, fire,
flood, earthquake, telecommunications failure or the appearance of an infectious agent or biological
toxin. With the emergence of the COVID-19 pandemic, the Board of Trustees determined that such a
situation was imminent and approved the Ordinance granting these emergency powers to the Village
President.
Immediately following Board approval of the said ordinance, former Village President Lawrence R. Levin
then issued a Declaration of Emergency arising from the COVID-19 pandemic, which was extended at
each Village Board meeting through President Levin's leaving of office on May 20, 2021.
President Howard J. Roin, immediately following his swearing-in on May 20, signed a new Declaration of
Emergency as Village President. At that same meeting, the Village Board voted to extend the Declaration
to expire at the end of the next regular, special or emergency meeting of the Board of Trustees. As such,
this new Declaration will expire at the adjournment of the Board’s June 17, 2021 meeting. The Board of
Trustees may choose to extend the duration of the Declaration of Emergency. As a reminder, should the
Village President determine that the Declaration of Emergency is no longer needed, a special meeting of
the Board of Trustees would be called to consider ending the term of the Declaration.
RECOMMENDATION:
In consultation with the Village President, staff recommends that the Village Board consider a motion to
extend the Village President’s Declaration of Emergency through and until the adjournment of the next
regular, special or emergency meeting of the Board of Trustees.
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MOTION:
Move to approve the extension of the Village President's Declaration of Emergency until the
adjournment of the next regular, special or emergency meeting of the Board of Trustees.
ATTACHMENTS:
1. Roin Declaration of Emergency 5.20.2021
6.b.a.1
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VILLAGE OF GLENCOE PROCLAMATION
PROCLAMATION DECLARING JUNE 2021
AS PRIDE MONTH IN THE VILLAGE OF GLENCOE
WHEREAS, the Village of Glencoe values and respects all individuals, and is deeply committed
to fostering a welcoming and inclusive community; and
WHEREAS, the month of June is celebrated and proclaimed throughout the United States as
Lesbian, Gay, Bisexual, Transgender and Queer Pride Month in commemoration of the June
1969 Stonewall Uprising and in recognition of the impact that members of the LGBTQ+
community and allies have had on history locally, nationally and internationally; and
WHEREAS, the Village of Glencoe joins cities, states and the federal government in recognizing
the resilience and determination of the many individuals who continue working tirelessly to
support inclusive communities in which all can live freely and authentically; and
WHEREAS, the Village celebrates that many of the residents, employees, business community
members, faith community members and visitors who contribute to the enrichment of the
Village of Glencoe are part of the LGBTQ+ community; and
WHEREAS, the Village of Glencoe is committed to standing with and supporting the LGBTQ+
community and working to ensure that all individuals are welcomed and treated with respect
and dignity.
NOW, THEREFORE, BE IT RESOLVED that I, Howard J. Roin, Village President of the Village
of Glencoe, do hereby proclaim June 2021 as LGBTQ+ Pride Month in the Village of Glencoe
and encourage all to celebrate the spirit of Pride Month year-round with acts of kindness and
harmony.
Dated this 17th day of June A. D., 2021, at the Village of Glencoe, Cook County, Illinois.
Village President
Village Clerk
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VILLAGE OF GLENCOE PROCLAMATION
PROCLAMATION DECLARING JUNE 19, 2021
AS JUNETEENTH IN THE VILLAGE OF GLENCOE
WHEREAS, on June 19, 1865, the freedom of all people was announced when Major General
Gordon Granger read General Order Number 3 in Galveston, Texas, nearly two and a half years
after the Emancipation Proclamation was issued and nearly six months after the 13th
Amendment was passed by both houses of Congress; and
WHEREAS, this momentous day is remembered as “Juneteenth,” honoring that declaration of
emancipation and is today marked by celebrations, reflection and rejoicing; and
WHEREAS, Juneteenth is an important day commemorating independence in the United States
and has been declared a State holiday in Illinois and in states throughout the country in
celebration of freedom and emphasizing education and achievement; and
WHEREAS, the Village of Glencoe is proud to join cities and states across the country in
celebrating Juneteenth, honoring Black history, art and culture, and heritage in our community;
and
WHEREAS, the Village of Glencoe’s commitment to growing as a welcoming and inclusive
community in which all are valued, respected and welcomed remains steadfast.
NOW, THEREFORE, BE IT RESOLVED that I, Howard J. Roin, Village President of the Village
of Glencoe, do hereby proclaim June 19, 2021 as Juneteenth in the Village of Glencoe and
encourage all celebrate the day and learn about this important day in our country’s history.
Dated this 17th day of June A. D., 2021, at the Village of Glencoe, Cook County, Illinois.
8 Permits 770,834 1,347,500 507,416 Positive Positive 1 Please note, the prior year column has been updated to reflect the prior calendar year (January-December), not the fiscal year (March-December).
Expenditures Current month and year-to-date performance for expenditures is generally as expected. Expenditures
are approximately $2,552 less than prior year-to-date of $8,139,159 and represents 38.6% of budget.
This spending pattern is in line with budgetary expectations.
Item CY YTD
Budget Prior CY
YTD1 Current Month Year to Date
General Fund Total Expenditures 8,136,608 21,086,641 8,139,159 Expected Expected
1 Capital 76,400 2,126,502 410,147 Expected Expected
Fund on Target? Expected Expected 1 Please note, the prior year column has been updated to reflect the prior calendar year (January-December),
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not the fiscal year (March-December).
WATER FUND
Revenues
Revenue performance in the Water Fund is generally as expected. Total revenues are $79,270 higher than prior year-to-date revenue of $1,013,139. This is partially due to one-time revenues of approximately $19,000 received this calendar year from the recycling of the Village’s old water meters and more accurate measurement of usage for the majority of water customers with the new water meters.
Item CY YTD
Budget Prior CY
YTD1 Current Month Year to Date
Water Fund Total Revenue 1,092,409 4,630,850 1,013,139 Expected Expected
2 Water Sales – Volumetric Charge 884,572 2,727,080 734,793 Positive Positive 1 Please note, the prior year column has been updated to reflect the prior calendar year (January-December), not the fiscal year (March-December).
Receipt of volumetric water charges are directly tied to water usage and is therefore highly subject to volatility as it relates to weather and corresponding irrigation patterns.
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Expenditures Expenditure performance in the Water Fund is generally as expected. Expenditures are $159,331 higher than prior year and are at 34.5% of budget. This is primarily due to timing of purchases and expenditures related to the Village’s system-wide meter replacement program.
Item CY YTD
Budget Prior CY
YTD1 Current Month Year to Date
Water Fund Total Expenditures 1,306,590 3,789,067 1,147,259 Expected Expected
1 Capital 251,100 869,257 96,724 Expected Expected 1 Please note, the prior year column has been updated to reflect the prior calendar year (January-December), not the fiscal year (March-December).
GOLF CLUB FUND
This is the fourth month in which the Golf Club fund has been integrated into this report. The Golf Club
revenues and expenditures have been added at a summary level to reflect activity in the attached cash
statement, income statement, revenue detail report and departmental expenditure report. Additional
trend information will be reported at the Finance Committee Meeting.
REMAINING FUNDS
The Debt Service Fund and the Motor Fuel Tax (MFT) Funds are within expected respective budgetary
range of performance at this time.
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Personnel
Personnel costs across all funds (including the Golf Club Fund) are $232,979 more than the prior year of
$6,942,850 and is at 42.4% of budget. As noted last month, overtime increased this year based on the
number of winter storms that occurred in January and February.
Grand Total 7,175,829 6,942,850 232,979 16,934,435 1 Please note, the prior year column has been updated to reflect the prior calendar year (January-December), not the fiscal year (March-December).
CASH FLOW PROJECTIONS, REVENUE AND RESERVE MONITORING
As discussed at the Village Board and Finance Committee Meetings, staff created financial reporting and
projection tools to ensure that the Village is able to respond appropriately and promptly to any declining
revenue streams or irregularities in the frequency of collection. Based on feedback from the Village
Board, the cash flow projections, revenue and reserve monitoring reflect actual and projected activity in
the General, Water, Motor Fuel Tax and Capital Projects Funds. Also included are performance against
budget and the prior year and the resulting impact of current revenues and expenditures on projected
reserve balances.
The Total Revenue Impact row on the General, Water and Motor Fuel Tax revenue projection charts
reflects the overall projected impact of revenue fluctuations (based on both actual receipts and
projections) for the year. As mentioned earlier, we have updated the calculation of this row to reflect
the true cash flow impact to Village reserves. Based on the most current information available, a
revenue surplus of $248,012 over budget is projected. The overall projection of both revenues and
expenditures anticipates a drawdown of fund reserves of approximately $1.2 million, which is consistent
with the Calendar Year 2021 budget plan.
For the month of May, there are a few other items to note:
• Sales Taxes for the month of May (February 2021 collections) are higher for both the prior year
and expected monthly budget. The Village has received the information from IDOR for the
planned distribution for June (March purchases) and is noted below. The table below reflects
the difference between receipts from this year and prior year. The June receipt is significantly
higher than last year, which is a reflection of both the beginning of COVID-19 shutdowns this
time in March last year (when comparing year to year) and increased spending in March 2021
with the delivery of stimulus checks.
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Sales Tax Month Actual Receipts Prior Year % Change
June (March sales) $ 116,343 $ 157,085 -25.94%
July (April sales) 75,059 165,934 -54.77%
August (May sales) 119,601 184,136 -35.05%
September (June sales) 165,437 175,412 -5.69%
October (July sales) 178,424 164,010 8.8%
November (August sales) 180,685 173,231 4.1%
December (September sales) 170,242 172,491 -1.3%
January 2021 (October sales) 174,268 156,961 9.9%
February 2021 (November sales) 137,547 187,965 -26.8%
March 2021 (December sales) 185,219 181,212 2.2%
April 2021 (January sales) 165,028 131,196 20.5%
May 2021 (February sales) 142,069 141,518 0.39%
June 2021 (March sales) 212,833 116,343 83%
• Income Taxes have remained relatively steady throughout the pandemic and even saw a small
surge this month. April’s receipt is more than the monthly budget and above last year’s April
receipt. The Village has received information from IDOR for the planned distribution for May
and it is $58,837 more than last year’s May receipt.
• Use Taxes continue to perform well as consumer behavior changed and shifted to more out-of-
state, online retailers than usual. May’s receipt is more than the monthly budget and above last
year’s May receipt. The Village has received the information from IDOR for the planned
distribution for June and it is $1,420 more than last year’s receipts.
In January 2021, the Leveling the Playing Field for Illinois Retail Act took effect, which will
require retailers headquartered outside of Illinois to pay State and local sales tax in lieu of use
tax. The ultimate impact to Glencoe will be difficult to predict without the consumer purchasing
history (since sales tax is currently distributed per capita), however, we will likely see a decline in
use taxes and an increase in sales taxes in mid-to-late calendar year 2021.
• Volumetric Water Revenue continues to perform strong compared to actual receipts this time
last year and it is $66,800 more than the year-to-date budget target. The progress on the water
meter replacement program more accurately captures water usage that may not have
previously registered on the old equipment, which has positively impacted revenues along with
new Calendar Year 2021 rates.
• Building Permit Revenue is above both budget and last year’s revenue at this time. This revenue
is largely dependent on the timing of permit activity. Staff expects this revenue to continue
strong performance in the coming months.
• Parking Fees dropped drastically after the Governor’s initial stay at home order and have
remained at record-low levels. We saw a slight increase in revenue for the month of April, which
continued to climb in the month of May as additional COVID-19 restrictions have been lifted.
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This revenue will remain extremely difficult to predict as we are unsure when (or if) many
workers will return to public transit.
• The Village has received information from IDOR for the planned distribution of Personal
Property Replacement Tax for the month of June. Both May and June receipts are more than
the monthly budget and above last year’s receipts. This revenue continues to perform strong
despite dim predictions last year and year to date receipts already exceed the full year’s budget.
We will continue to monitor and report on this revenue as we see additional changes.
• Beginning Cash Reserves in the General, Water, Motor Fuel Tax and Capital Projects Funds
reflect projected balances as of December 31, 2020. Please note, these will be updated again
following the formal approval of the Comprehensive Annual Financial Report. Given the
current estimates and actual receipts for May, all reserves are projected to remain positive and
well above fund balance targets and are within stipulated ranges.
ATTACHMENTS:
1. May 2021 Village Treasurer's Report 2. May 2021 Golf Financial Report
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Village of Glencoe
Institution Beginning Balance Ending Balance ChangeGeneral Fund
General Deposits North Shore Community Bank 3,979,164 4,310,317 331,153 General Investment US Bank/PMA Investment 5,133,503 5,133,503 - Disbursement Fund North Shore Community Bank 110,000 110,000 - MaxSafe Mutual Fund North Shore Community Bank 1,068,779 1,068,809 29 Treasurer's Pool Illinois Funds 13,783 336,346 322,563 Investment Pool Illinois Metropolitan Investment Fd 1,904,084 1,899,896 (4,189)
- - Water Fund - -
General Deposits North Shore Community Bank 750,438 686,463 (63,975) Investment Pool Illinois Metropolitan Investment Fd 764,520 764,642 122
- - Debt Service Fund - -
- - General Deposits North Shore Community Bank 1,176,033 1,152,161 (23,871)
- - Capital Projects Fund - -
Investment Pool Illinois Metropolitan Investment Fd 545,350 545,437 87 General Deposits North Shore Community Bank (324,968) (32,496,840) (32,171,872)
- - Motor Fuel Tax Fund - -
General Deposits North Shore Community Bank 1,249,494 1,342,369 92,875 Treasurer's Pool Illinois Funds 9,657 39,997 30,339
- - Foreign Fire Insurance - -
General Deposits North Shore Community Bank 141,742 201,185 59,443 -
Washington Place Special Service Area - General Deposits North Shore Community Bank 9,091 8,319 (772)
- Glencoe Golf Club -
General Deposits North Shore Community Bank 2,076,102 2,233,126 157,024 Investment Pool Illinois Metropolitan Investment Fd 224,825 224,331 (494)
- Grand Total 18,831,597$ (12,439,940)$ (31,271,538)$
May-21
FINANCIAL REPORTCASH BALANCES
For Calendar Year 2021 Period Ending: 05/31/2021
General Fund$12,858,870
Water Fund$1,451,104
Debt Service Fund$1,152,161
Motor Fuel Tax Fund$1,382,366
Foreign Fire Insurance$201,185
Glencoe Golf Club$2,233,126
P1
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9,364,254 895,196 214,490
63,228 3,538,441 1,142,891
12,935 15,231,436
13,345,762 1,676,503
155,000 75,290
2,517,355 1,798,650
21,255 19,589,814
Fund100 - GENERAL FUND120 - DEBT SERVICE FUND130 - CAPITAL PROJECTS FUND140 - MOTOR FUEL TAX FUND200 - WATER FUND270 - GLENCOE GOLF CLUB300 - SPECIAL SERVICE AREA FUND
304 - Utility Tax 1,112,305 1,112,305 129,275 470,161 305 - State Income Tax 854,855 854,855 146,783 511,897
Fund: 100 - GENERAL FUND301 - Property Tax 10,773,926 10,773,926 591,693 5,561,943 303 - Other Tax 406,445 406,445 37,787 222,246
Revenue Income StatementVillage of Glencoe Group Summary
For Fiscal: Calendar Year 2021 Period Ending: 05/31/2021
Original Total Budget
Current Total Budget MTD Activity YTD Activity
Budget RemainingAcctSubClass
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1,300 11,635 12,935
Fund100 - GENERAL FUND120 - DEBT SERVICE FUND130 - CAPITAL PROJECTS FUND140 - MOTOR FUEL TAX FUND200 - WATER FUND270 - GLENCOE GOLF CLUB300 - SPECIAL SERVICE AREA FUND
Budget RemainingAcctSubClass
Total Surplus (Deficit): 28,187,043 28,187,043 2,318,173 12,955,607
*Please note, this category includes the categories of Manufacturing, Furniture, Household & Radio, and other miscellenous categories with less than 4 taxpayers.
FINANCIAL REPORTSALES TAX REVENUEVillage of Glencoe
For Calendar Year: 2021 Period Ending: 5/31/2021
Food6% Drinking and Eating Places
5%
Apparel2%
Lumber, Building & Hardware1%
Automotive & Filling Stations63%
Drugs & Misc Retail17%
Agriculture & All Others *6%
Sales Tax by Category2021|Q1
-
50,000
100,000
150,000
200,000
250,000
March April May June July August September October November December January February
EXPENDITURES For Fiscal: Calendar Year 2021 Period Ending: 05/31/2021 Original
Total Budget Current
Total Budget MTD Activity YTD Activity Budget
Remaining AcctClass
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Fund100 - GENERAL FUND120 - DEBT SERVICE FUND130 - CAPITAL PROJECTS FUND140 - MOTOR FUEL TAX FUND200 - WATER FUND270 - GLENCOE GOLF CLUB300 - SPECIAL SERVICE AREA F
270-000-000-20141 ICMA 457 PLAN 623 270-000-000-20151 ROTH IRA WITHHELD 125 270-500-000-20201 ACCOUNTS PAYABLE 35,780
270-000-000-20128 SUPPLEMENTAL VISION INSURANCE 33 270-000-000-20130 DENTAL PLAN 294 270-000-000-20131 IMRF LIFE INSURANCE (24)
Division: 000 - GENERAL GOVERNMENT270-000-000-20120 PPO HEALTH INSURANCE 1,925 270-000-000-20121 HMO HEALTH INSURANCE 3,564 270-000-000-20125 HEALTH FLEXIBLE SPENDING 31
270-500-000-25305 ACCUMULATED DEPRECIATION (1,636,102) Total Division 000 - GENERAL GOVERNMENT: 4,999,539
Total Assets: 4,999,539 4,999,539
Liability
270-500-000-15350 GOLF CLUB EQUIPMENT 769,826 270-500-000-16301 DEFERRED OUTFLOWS - IMRF 124,997 270-500-000-16320 DEFERRED OUTFLOW FOR OPEB 20,837
Section 8.J.1 of the Village's Purchasing Policy grants the Village Manager discretion to approve and
release checks for certain payments without prior Board approval for amounts that fall within his or her
statutory authority (payments for less than $25,000). All other payments, regardless of amounts, shall
require Board approval prior to being released.
Included in the agenda packet for ratification are the Village of Glencoe and Glencoe Golf Club early
check list for the month of May.
The early check register provides a report for each check run that is completed in the financial software
system by the date the checks are processed and printed, which typically occurs on a weekly basis.
Please note, the Village early check list is larger than normal this month due to interest paid on the
General Obligation Bonds Series 2015A, 206B, 2019, 2020 Refunding Bonds and 2020 Alternate
Revenue Water Bonds, in a total amount of $303,662.50. In addition, payment in the amount of
$111,467.60 was made to Tyler Technologies, Inc. for SAAS fees (spanning from 2018-2020) per a
dispute resolution with the vendor. Expenditures and a budget amendment in the amount of $112,000
were approved by the Village Board at the May 20, 2021 Village Board meeting.
RECOMMENDATION: Staff recommends Village Board ratification of the May 2021 Early Check Register List in the total amount of $450,535.42 for the Village of Glencoe and $35,546.15 for the Glencoe Golf Club. MOTION:
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Move to approve the ratification of the Village of Glencoe and Glencoe Golf Club Early Check Register List for the month of May 2021.
ATTACHMENTS:
1. May 2021 Ratification of Early Check Register - Village 2. May 2021 Ratification of Early Check Register - Golf Club
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MAY 2021
R A T I F I C A T I O N O F EA R L Y C H E C K L I S T C a l e n d a r Y e a r 2 0 2 1
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Check RegisterVillage of Glencoe Packet: APPKT00983 - VOG 05 07 2021 EARLY CHECKS
By Vendor Name
Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount
Bank Code: VILLAGE AP-VILLAGE AP
6062-V AMAZON CAPITAL SERVICES, INC. 05/10/2021 483764.75EFT 0.00
Note: The negative fund balance in the Golf Fund is largely attributable to loan that is outstanding to the
Village. This is currently on a forgiveness schedule.
The General Fund ending balance has increased from 3.7 months of operations in Fiscal Year 2017 to 7.7
months of operation during Stub Year 2020. This factor represents how long the Village could operate if
all General Fund revenue were to stop. The following table provides information about the change in
ending fund balances from Fiscal Year 2017 as compared to Stub Year 2020.
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Unassigned Fund Balance Percentage - Current and Five Years Ago
Fund Ending
Balance
2/28/2017
FY 2017
Operating
Exp.
Fund Bal
as a % of
Exp.
Ending
Balance
12/29/2020
SY 2020
Operating
Exp.
Fund Bal
as a % of
Exp.
General Fund 4,757,578 15,363,376 30.97% 10,025,067 15,582,497 64.34%
Water Fund 1,148,351 2,041,845 56.24% 1,770,475 1,818,458 97.36%
Golf Club -676,303 1,716,833 -39.39% -106,587 1,744,429 -6.11%
TOTAL 5,229,626 19,122,054 27.35% 11,688,955 19,145,384 61.05%
Other Communications:
Attached to this memorandum is a letter from the Village’s auditors that summarizes the audit process
for the Village Board. Also attached are the following communications:
· Management Letter - A letter including any comments or suggestions from auditors that arose
during the audit. There are two comments related to work that was delayed during the
implementation of the Village’s new ERP financial software. Unfortunately, these delays were
not avoidable in the Stub Year due to the workload and staffing involved in the software
transition, but we do not anticipate this repeating in the future. One comment regarding the
Village’s budgetary practices was repeated this year and will be a subject of budget discussions
this fall. Staff will continue to work with the Finance Committee to address this issue.
· Representation Letter - A letter to the auditors making representations about Village duties,
responsibilities and acknowledgements related to the December 31, 2020 financial position of
the Village.
At the time of this report, the Stub Year 2020 Popular Annual Financial Report (PAFR) remains in draft
form and will be presented to the Village Board at a later date.
RECOMMENDATION: Staff recommends that the Village Board accept the Stub Year 2020 Comprehensive Annual Financial
Report and Management Letter.
MOTION: Move to receive and accept the Stub Year 2020 Comprehensive Annual Financial Report and
Management Letter from Lauterbach & Amen, LLP.
ATTACHMENTS:
1. Audit Communication to the Village Board 2. Management Letter 3. Management Representation Letter
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May 24, 2021
The Honorable Village President
Members of the Board of Trustees
Village of Glencoe, Illinois
We have audited the financial statements of the governmental activities, the business-type activities, the
discretely presented component unit, each major fund, and the aggregate remaining fund information of
the Village of Glencoe, Illinois for the ten-months ended December 31, 2020. Professional standards
require that we provide you with information about our responsibilities under generally accepted auditing
standards (and, if applicable, Government Auditing Standards and the Uniform Guidance), as well as
certain information related to the planned scope and timing of our audit. We have communicated such
information in our letter to you dated May 24, 2021. Professional standards also require that we
communicate to you the following information related to our audit.
Significant Audit Findings
Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. The significant
accounting policies used by the Village are described in the Note 1 to the financial statements. No new
accounting policies were adopted and the application of existing policies was not changed during the ten-
months ended December 31, 2020. We noted no transactions entered into by the Village during the year
for which there is a lack of authoritative guidance or consensus. All significant transactions have been
recognized in the financial statements in the proper period.
Accounting estimates are an integral part of the financial statements prepared by management and are
based on management’s knowledge and experience about past and current events and assumptions about
future events. Certain accounting estimates are particularly sensitive because of their significance to the
financial statements and because of the possibility that future events affecting them may differ
significantly from those expected. The most sensitive estimate affecting the governmental and business-
type activities’ financial statements was:
Management’s estimate of the depreciation expense on capital assets is based on assumed useful
lives of the underlying capital assets. We evaluated the key factors and assumptions used to
develop the depreciation expense estimate in determining that it is reasonable in relation to the
financial statements taken as a whole.
The financial statement disclosures are neutral, consistent, and clear.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our
audit.
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Village of Glencoe, Illinois
May 24, 2021
Page 2
Significant Audit Findings – Continued
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during the
audit, other than those that are clearly trivial, and communicate them to the appropriate level of
management. Any material misstatements detected as a result of audit procedures were corrected by
management.
Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or
auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial
statements or the auditor’s report. We are pleased to report that no such disagreements arose during the
course of our audit.
Management Representations
We have requested certain representations from management that are included in the management
representation letter dated May 24, 2021.
Management Consultations with Other Independent Auditors
In some cases, management may decide to consult with other accountants about auditing and accounting
matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application
of an accounting principle to the Village’s financial statements or a determination of the type of auditor’s
opinion that may be expressed on those statements, our professional standards require the consulting
accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge,
there were no such consultations with other accountants.
Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles and auditing
standards, with management each year prior to retention as the Village’s auditors. However, these
discussions occurred in the normal course of our professional relationship and our responses were not a
condition to our retention.
Other Matters
We applied certain limited procedures to the required supplementary information (RSI) that supplements
the basic financial statements. Our procedures consisted of inquiries of management regarding the
methods of preparing the information and comparing the information for consistency with management’s
responses to our inquiries, the basic financial statements, and other knowledge we obtained during our
audit of the basic financial statements. We did not audit the RSI and do not express an opinion or provide
any assurance on the RSI.
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Village of Glencoe, Illinois
May 24, 2021
Page 3
Other Matters – Continued
We were engaged to report on the other supplementary information and supplemental schedules, which
accompany the financial statements but are not RSI. With respect to this supplementary information, we
made certain inquiries of management and evaluated the form, content, and methods of preparing the
information to determine that the information complies with the accounting principles generally accepted
in the United States of America, the method of preparing it has not changed from the prior period, and the
information is appropriate and complete in relation to our audit of the financial statements. We compared
and reconciled the supplementary information to the underlying accounting records used to prepare the
financial statements or to the financial statements themselves.
We were not engaged to report on the introductory section and statistical section, which accompany(ies)
the financial statements but are(is) not RSI. Such information has not been subjected to the auditing
procedures applied in the audit of the basic financial statements, and accordingly, and we do not express
an opinion or provide any assurance on it.
Restrictions on Use
This information is intended solely for the use of the Board of Trustees and management of the Village
and is not intended to be, and should not be, used by anyone other than these specified parties.
We wish to express our gratitude to the Board of Trustees and staff (in particular the Finance Department)
of the Village of Glencoe, Illinois for their valuable cooperation throughout the audit engagement.
Lauterbach & Amen, LLP LAUTERBACH & AMEN, LLP
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VILLAGE OF GLENCOE, ILLINOIS MANAGEMENT LETTER
FOR THE TEN MONTHS ENDED
DECEMBER 31, 2020
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May 24, 2021
The Honorable Village President
Members of the Board of Trustees
Village of Glencoe, Illinois
In planning and performing our audit of the financial statements of the Village of Glencoe (the Village),
Illinois, for the ten-months ended December 31, 2020, we considered its internal control structure in order to
determine our auditing procedures for the purpose of expressing our opinion on the financial statements and
not to provide assurance on the internal control structure.
We do not intend to imply that our audit failed to disclose commendable aspects of your system and structure.
For your consideration we herein submit our comments and suggestions which are designed to assist in
effecting improvements in internal controls and procedures. Those less significant matters, if any, which arose
during the course of the audit, were reviewed with management as the audit field work progressed.
The accompanying comments and recommendations are intended solely for the information and use of the
Board of Trustees, management, and others within the Village of Glencoe, Illinois.
We will review the status of these comments during our next audit engagement. We have already discussed
many of these comments and suggestions with various Village personnel. We would be pleased to discuss
our comments and suggestions in further detail with you at your convenience, to perform any additional study
of these matters, or to review the procedures necessary to bring about desirable changes.
We commend the finance department for the well-prepared audit package and we appreciate the courtesy and
assistance given to us by the entire Village staff.
Lauterbach & Amen, LLP LAUTERBACH & AMEN, LLP
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CURRENT RECOMMENDATIONS
1. BANK RECONCILIATIONS – NOT PERFORMING MONTHLY
Comment
During our current year-end audit procedures, we found that the bank reconciliations were not
being performed on a monthly basis. One of the most important internal control features over
cash receipts and disbursements is the preparation of the monthly bank reconciliation. During our
review of the Village’s receipts and disbursement records, it was noted that the Village does not
prepare monthly bank reconciliations. By not preparing monthly bank reconciliations, errors and
omissions may occur and not be detected on a timely basis. The result would be actual cash
balances, which did not agree to the books and records of the Village.
Internal control is most effective when bank reconciliations are prepared immediately upon
receipt of the monthly bank statement. The bank statement should be received unopened by an
individual not responsible for writing checks or recording cash receipts and disbursement
transactions. Internal control is stronger when someone not responsible for entries in the receipts
and disbursements records prepares the bank reconciliation.
Recommendation
We recommend as a means of better control, that bank reconciliations be performed each month
and any variances be investigated and adjusted immediately.
Managements Response
The Village recognizes the need to reconcile bank statements on a timely basis. During the Stub
Year, staff encountered substantial difficulties in completing these reconciliations as a result of
the transition to a newly built financial and utility billing software system. Delays in the
finalization of configuration of the software and ensuring the proper set-up of electronic bank
reconciliation led to unusual delays in our normal process. The Village does not anticipate this
being an issue in future years.
2. COMMINGLED CASH
Comment
During our current year-end audit procedures, we noted that the Village’s commingled cash
allocations between various funds resulted in significant positive and negative cash balances. For
example, as of December 31, 2020, the Commingled Illinois Funds E-Pay Account (#3454) had a
book balance of $21,900. This was allocated to the funds as follows:
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CURRENT RECOMMENDATIONS – Continued
2. COMMINGLED CASH – Continued
Cash
Balance
12/31/2020
General $ (496,845)
Water 518,745
Total 21,900
Fund
There are many advantages to cash commingling, such as increasing the funds available for
investment opportunities. However, the allocation process should represent accurately each funds’
percentage ownership of the cash balance.
Recommendation
We recommend that the Village review the process for allocation of the commingled cash balances
and adjust the balances as appropriate.
Managements Response
The reconciliation of these accounts was also delayed by the transition to a new financial software,
which included an entirely new chart of accounts. These balances have been corrected in the current
year. Now that the transition has been completed, staff does not anticipate this being an issue in the
future.
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PRIOR RECOMMENDATION
1. FUNDS OVER BUDGET
Comment
Previously, we noted that the following funds have an excess of actual expenditures over budget for
the fiscal year:
Fund
Police Pension $ 56,745
Firefighters' Pension 1,406
Excess
During the current year audit, we noted that the following fund have an excess of actual
expenditures over budget for the fiscal year:
Fund
General Obligation Bonds $ 3,216
Washington Place Special Service Area 3,904
Excess
Recommendation
Although the Village did not have expenditures in excess of the Village’s appropriation, the above
funds had expenditures in excess of the Village’s budget. We recommended the Village investigate
the causes of the funds over budget and adopt appropriate future funding budgeting measures
accordingly.
Status
This matter will continue to be a subject of budget policy discussion in the coming year. The
Village has implemented a mid-year budget review process to better ensure that appropriations
are tracking in accordance with the approved budget.
Managements Response
The expenditures of funds noted above from the Debt Service Fund was actually part of a
transfer of funds utilized to refund the Village’s outstanding General Obligation Bond Series
2012A. This expenditure transaction was explicitly authorized by the Village Board via the
adoption of Bond Ordinance 2020-20-3486 on September 17, 2020. This expenditure was offset
by a corresponding inflow of funding which was utilized to refund the outstanding bonds at a
savings to the Village of over $400,000. The excess of expenditures in the Washington Place
Special Service area are related to year-end adjustments to correctly reflect the outstanding
liability in the fund and do not reflect an outflow of cash.
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1
May 24, 2021 Lauterbach & Amen, LLP Certified Public Accountants 668 N. River Road Naperville, IL 60563 This representation letter is provided in connection with your audit of the financial statements of the Village of Glencoe (the Village), Illinois, which comprise the respective financial position of the governmental activities, the business‐type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information as of December 31, 2020, and the respective changes in financial position and, where applicable, cash flows for the year then ended, and the disclosures (collectively, the “financial statements”), for the purpose of expressing opinions as to whether the financial statements are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Certain representations in this letter are described as being limited to matters that are material. Items are considered material, regardless of size, if they involve an omission or misstatement of accounting information that, in light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would be changed or influenced by the omission or misstatement. An omission or misstatement that is monetarily small in amount could be considered material as a result of qualitative factors. We confirm, to the best of our knowledge and belief, as of May 24, 2021, the following representations made to you during your audit. Financial Statements
1. We have fulfilled our responsibilities, as set out in the terms of the audit engagement letter, including our responsibility for the preparation and fair presentation of the financial statements in accordance with U.S. GAAP and for preparation of the supplementary information in accordance with the applicable criteria.
2. The financial statements referred to above are fairly presented in conformity with U.S. GAAP and include
all properly classified funds and other financial information of the primary government and all component units required by generally accepted accounting principles to be included in the financial reporting entity.
3. We acknowledge our responsibility for the design, implementation, and maintenance of internal control
relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
4. We acknowledge our responsibility for the design, implementation, and maintenance of internal control
to prevent and detect fraud.
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Date: June 17, 2021
Staff Contact: David Mau, Director of Public Works, Public Works
Agenda
Item:
7.e.1. – Consideration of a Resolution Authorizing the Village Manager
to Execute a Contract with Atlas Bobcat, of Elk Grove, Illinois for
Purchase Two (2) Bob Compact Track Loaders, for a Not-to-Exceed
Cost of $114,944
Purpose and
Action Requested
Staff requests Village Board consideration of a Resolution authorizing the Village
Manager to execute a contract with Atlas Bobcat, of Elk Grove, Illinois for the
Purchase of two (2) Bobcat Compact Track Loaders for a total cost not-to-exceed
$114,944.
Strategic Priority Addressed:
Infrastructure Replacement
BACKGROUND AND ANALYSIS:
At the April 15 Committee of the Whole meeting, staff presented the Village Board with a summary of
the 2020-2021 sidewalk snow removal pilot program, and after much discussion staff was directed to
resume the Village-wide residential sidewalk snow removal program service with the next snow season.
To that end, staff initiated a comprehensive review of suitable equipment capable of providing this level
of snow removal service. As presented with the report at the meeting in April, the Village-wide
residential sidewalk snow removal service requires three tractor units to adequately cover the 60 miles
of existing sidewalk within the targeted eight to 10 hours following a qualifying snow event.
The existing sidewalk tractor units #54 and #55 were purchased in 2001 and 2004 (20 and 17 years old).
As part of the annual Community Investment Program (CIP) review process, a detailed qualitative and
quantitative review was completed by the Fleet Division staff, and the replacement of units #54 and #55
was recommended based on several factors including the significant wear of the engines and electrical
systems as well as the structural condition of the snow blower attachments.
Budget
Impact:
Fund Account Budget Encumbered Request Remaining
Budget
Within
Budget
General 100-300-250-
80405
100-300-210-
80405
$280,000
$50,000
$196,638
$0
$83,362
$31,582
$0
$18,418
Yes
Yes
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Following a comprehensive review of replacement equipment options, staff is recommending moving
away from the sidewalk tractor models historically used for this service to a skid steer model. The
sidewalk tractors are costly ($150,000 per unit with all attachments) and fairly one-dimensional, so they
are typically only used three or four months of the year. The skid steer track loaders are much more
economical ($57,500 per unit with all attachments) and much more versatile for use for other
department operations throughout the year. Several neighboring communities including the Village of
Northbrook and City of Lake Forest use skid steer equipment for their sidewalk snow removal programs,
and their experience has been very positive. In preparation to have three fully functional tractor units
for this coming winter season, staff has secured Sourcewell pricing for two (2) Bobcat Compact Track
Loader units with attachments for a total cost of $114,944. Sourcewell is a cooperative purchasing
platform that offers competitively solicited purchase contract pricing for local government units. The CY
2021 Village Budget includes a total of $130,000 for the replacement of one sidewalk tractor and one
leaf vacuum trailer unit. Staff is proposing to defer the purchase of the leaf vacuum unit until 2022.
Purchasing the two Bobcat track loader units now should result in delivery of the equipment by
December for use in this coming winter season.
RECOMMENDATION:
Staff recommends Village Board consideration of a Resolution authorizing the Village Manager to
execute a contract with Atlas Bobcat, of Elk Grove, Illinois for the purchase of two (2) Bobcat Compact
Track Loaders for a total cost not-to-exceed $114,944.
MOTION:
Move to approve a resolution authorizing the Village Manager to execute a contract with Atlas
Bobcat, of Elk Grove, Illinois for Purchase of two (2) Bobcat Compact Track Loaders for a total cost not-
Ship to Bobcat Dealer Bill To Village of Glencoe Public Works Attn: Joe Sojer 675 Village Ct. Glencoe, IL 60022 Phone: (847) 561-7110
Atlas Bobcat, Elk Grove Village, IL 1160 MCCABE AVE ELK GROVE VILLAGE IL 60007 Phone: (847) 678-3633 Fax: (847) 678-3587 --------------------------- Contact: Todd Swartz Phone: 847-678-3633 Fax: 847-678-3587 Cellular: 847-529-1191 E Mail: [email protected]
Village of Glencoe Public Works Attn: Joe Sojer 675 Village Ct. Glencoe, IL 60022 Phone: (847) 561-7110
Description Part No Qty Price Ea. Total T450 T4 V2 Bobcat Compact Track Loader M0209 2 $35,189.00 $70,378.00 55.0 HP Tier 4 Turbo Diesel V2 Engine Auxiliary Hydraulics: Variable Flow Backup Alarm Bob-Tach Bobcat Interlock Control System (BICS) Controls: Bobcat Standard Cylinder Cushioning - Lift, Tilt Engine/Hydraulic Performance De-rate Protection Glow Plugs (Automatically Activated) Horn Instrumentation: Engine Temperature & Fuel Gauges, Hour meter, RPM and Warning Indicators. Includes maintenance interval notification, fault display, job codes, quick start, and security lockouts. Lift Arm Support
Lift Path: Radial Lights, Front & Rear Operator Cab Includes: Adjustable Suspension Seat, Top & Rear Windows, Parking Brake, Seat Bar & Seat Belt Roll Over Protective Structure (ROPS) meets SAE-J1040 & ISO 3471 Falling Object Protective Structure (FOPS) meets SAE-J1043 & ISO 3449, Level I; (Level II is available through Bobcat Parts) Parking Brake: Spring Applied, Pressure Released (SAPR) Solid Mounted Carriage with 3 Rollers Tracks: Rubber, 11.8"" Wide Warranty: 2 years, or 2000 hours whichever occurs first"
60 Month Protection Plus (2000 Hours) 9986213 2 $1,300.00 $2,600.00 P26 Performance Package M0209-P06-P26 2 $2,307.00 $4,614.00 Power Bob-Tach Attachment Control
Notes: Discount per the Sourcewell - NJPA Contract #040319-CEC. Effective thru 05-31-2023 All prices subject to change without prior notice or obligation. This price quote supersedes all preceding price quotes.
Asset Description: The Sidewalk Tractor Unit #54 is one of three pieces of equipment utilized during snow & ice control operations to clear Village sidewalks.
Replacement Recommendation: The existing unit #54 was purchased in 2001 and has 1,821 engine hours. As part of the CIP review process, a detailed qualitative and quantitative review was completed by the Fleet Division staff, and the replacement of Unit #54 is recommended based on the following:
• Snow blower carriage requires a completerebuild
• Snow blower requires a partial rebuild• Vehicle needs new tires• Engine is showing significant wear due to age
Public Works operations will be rolling out a sidewalk snow removal pilot program that will reduce the overall scope of this service. Snow removal efforts will focus on main thoroughfares, connecting routes to the downtown and around schools. The pilot program will require a minimum of two functioning machines, but staff recommends three to ensure efficient operations. This piece of equipment may or may not be replaced this budget year but if it is not it will require replacement in CY2022. All repairs are challenging due to the age of this vehicle. Replacement parts are hard to find and, in some cases, non-existent and need to be fabricated. Staff’s recommendation is to replace this vehicle with a unit similar to unit #56 which is an Avant 750 Series Tractor. This vehicle is more versatile than a traditional sidewalk tractor in that it can be used outside of the winter season to move material in confined work areas. As mentioned above, efficient sidewalk snow removal requires three working machines to accomplish the modified sidewalk snow removal plan. Currently the department has two fully functioning machines and one that can only be used as a drag plow due to the fact that the snow blower is inoperable.
Calendar Year 2021 Budget | Page 214
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The table below provides recent maintenance history and projected costs for this vehicle.
Vehicle #54 - 2001 Holder C9700 Tractor In Service Date 1/10/2001
Purchase Price $60,350 Current Value $9,000 Replacement
Price $80,000
Total Repair Costs $27,361 Total P&M Costs $3,516 Hours 1,821
Strategic Plan: Replacement of a Sidewalk Tractor is an action item directly related to the goal of employing best practices to deliver high-quality services and maintain infrastructure and supports the strategic priority of operational effectiveness.
Segment: N/A Replacement of: Sidewalk Tractor – Unit #54 Expected useful life: 15 years
President, Village of Glencoe Cook County, Illinois
ATTEST:
__________________________________
Village Clerk, Village of Glencoe
Cook County, Illinois
[SEAL]
Published in pamphlet form by authority of the President and Board of Trustees on
June __, 2021.
Recorded in the Village Records on June 17, 2021.
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STATE OF ILLINOIS )
) SS
COUNTY OF COOK )
CERTIFICATION OF MINUTES AND ORDINANCE
I, the undersigned, do hereby certify that I am the duly qualified and acting Village
Clerk of the Village of Glencoe, Cook County, Illinois (the “Village”), and as such official I am
the keeper of the official journal of proceedings, books, records, minutes and files of the Village and of the President and Board of Trustees (the “Board”) thereof.
I do further certify that the foregoing is a full, true and complete transcript of that
portion of the minutes of the meeting of the Board held on the 17th day of June, 2021, insofar as the same relates to the adoption of Ordinance No. _______ entitled:
AN ORDINANCE providing for the issuance of $[7,000,000] General
Obligation Bonds, Series 2021, of the Village of Glencoe, Cook
County, Illinois, for the purpose of paying the cost of storm sewer
improvements, sanitary sewer upgrades, street resurfacing and lighting, and sidewalk installation and replacement, within the
boundaries of the Village and for the payment of the expenses
incident thereto, providing for the levy and collection of a direct annual tax sufficient for the payment of the principal of and
interest on said bonds, and authorizing the sale of said bonds to
the purchaser thereof.
a true, correct and complete copy of which said ordinance as adopted at said meeting appears
in the foregoing transcript of the minutes of said meeting.
I do further certify that the deliberations of the Board on the adoption of said ordinance
were conducted openly, that the vote on the adoption of said ordinance was taken openly, that
said meeting was held at a specified time and place convenient to the public, that notice of said meeting was duly given to all of the news media requesting such notice, that an agenda for said
meeting was posted at the location where said meeting was held and at the principal office of
the Board at least 48 hours in advance of the holding of said meeting, that at least one copy of said agenda was continuously available for public review during the entire 48-hour period
preceding said meeting, that said agenda contained a separate specific item concerning the
proposed adoption of said ordinance, a true, correct and complete copy of the agenda as so posted being attached hereto as Exhibit A, that said meeting was called and held in strict
compliance with the provisions the Open Meetings Act of the State of Illinois, as amended, and
with the provisions of the Illinois Municipal Code, as amended, and that the Board has complied with all of the applicable provisions of said Act and said Code and its procedural
rules in the adoption of said ordinance.
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IN WITNESS WHEREOF I hereunto affix my official signature and the seal of the Village
this 17th day of June, 2021.
_________________________________________
Village Clerk
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[SEAL]
[Attach Agenda as Exhibit A] STATE OF ILLINOIS )
) SS
COUNTY OF COOK )
CERTIFICATE OF PUBLICATION IN PAMPHLET FORM
I, the undersigned, do hereby certify that I am the duly qualified and acting Village
Clerk of the Village of Glencoe, Cook County, Illinois (the “Village”), and as such official I am
the keeper of the official journal of proceedings, books, records, minutes, and files of the Village
and of the President and Board of Trustees (the “Corporate Authorities”) thereof.
I do further certify that on the ____ day of June, 2021, there was published in pamphlet
form, by authority of the Corporate Authorities, a true, correct and complete copy of Ordinance
No. ______ of the Village entitled:
AN ORDINANCE providing for the issuance of $[7,000,000] General
Obligation Bonds, Series 2021, of the Village of Glencoe, Cook
County, Illinois, for the purpose of paying the cost of storm sewer
improvements, sanitary sewer upgrades, street resurfacing and
lighting, and sidewalk installation and replacement, within the
boundaries of the Village and for the payment of the expenses
incident thereto, providing for the levy and collection of a direct
annual tax sufficient for the payment of the principal of and
interest on said bonds, and authorizing the sale of said bonds to
the purchaser thereof.
as adopted by the Corporate Authorities on the 17th day of June, 2021, providing for the
issuance of $[7,000,000] General Obligation Bonds, Series 2021, of the Village, and that said
ordinance as so published was on said date readily available for public inspection and
distribution, in sufficient number to meet the needs of the general public, at my office as Village
Clerk located in the Village.
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IN WITNESS WHEREOF I have affixed hereto my official signature and the seal of the
Village this ____ day of June, 2021.
_________________________________________
Village Clerk
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[SEAL]
STATE OF ILLINOIS )
) SS
COUNTY OF COOK )
CERTIFICATE OF FILING
I, the undersigned, do hereby certify that I am the duly qualified and acting County
Clerk of The County of Cook, Illinois, and as such officer I do hereby certify that on the ____
day of June, 2021 there was filed in my office a duly certified copy of Ordinance No. _________
entitled:
AN ORDINANCE providing for the issuance of $[7,000,000] General
Obligation Bonds, Series 2021, of the Village of Glencoe, Cook
County, Illinois, for the purpose of paying the cost of storm sewer improvements, sanitary sewer upgrades, street resurfacing and
lighting, and sidewalk installation and replacement, within the
boundaries of the Village and for the payment of the expenses incident thereto, providing for the levy and collection of a direct
annual tax sufficient for the payment of the principal of and
interest on said bonds, and authorizing the sale of said bonds to the purchaser thereof.
duly adopted by the President and Board of Trustees of the Village of Glencoe, Cook County,
Illinois, on the 17th day of June, 2021, and approved by the President, and that the same has
been deposited in (and all as appearing from) the official files and records of my office.
IN WITNESS WHEREOF I have hereunto affixed my official signature and the seal of The
County of Cook, Illinois, this ____ day of June, 2021.
_________________________________________
County Clerk of The County of Cook, Illinois
[SEAL]
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New Issue Investment Rating: Date of Sale: Thursday, June 17, 2021 S&P Global Ratings … AAA (Stable Outlook) Between 9:45 and 10:00 A.M., C.D.T. (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. 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.
$7,000,000* VILLAGE OF GLENCOE
Cook County, Illinois General Obligation Bonds, Series 2021
Dated Date of Delivery Book-Entry Bank Qualified Due Serially December 15, 2022-2040 The $7,000,000* General Obligation Bonds, Series 2021 (the “Bonds”) are being issued by the Village of Glencoe, Cook County, Illinois (the “Village”). Interest is payable semiannually on June 15 and December 15 of each year, commencing June 15, 2022. 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, New York, New York (“DTC”), 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.
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
The Bonds due December 15, 2022-2030, inclusive, are not subject to optional redemption. The Bonds due December 15, 2031-2040, inclusive, are callable in whole or in part on any date on or after December 15, 2030, 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 (i) to finance storm sewer improvements, sanitary sewer upgrades, street resurfacing and lighting, and sidewalk installation and
replacement, within the boundaries of the Village and (ii) to pay the costs of issuing the Bonds. See “THE PROJECT” herein. In the opinion of Bond Counsel, the Bonds are valid and legally binding upon the Village and are payable from any funds of the Village legally available for such
purpose, and all taxable property of the Village is subject to the levy of taxes to pay the same 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 Village intends to designate the Bonds as “qualified tax-exempt obligations” pursuant to the small issuer exception provided by Section 265(b)(3) of the Internal
Revenue Code of 1986, as amended. This Official Statement is dated June 7, 2021, 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 Ms. Nikki Larson, Finance Director, Village of Glencoe, 675 Village Court, Glencoe, Illinois 60022, or from the Municipal Advisor 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.
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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(s) 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 this 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 this 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 THIS OFFICIAL STATEMENT AND THE FINAL OFFICIAL STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF THIS 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.
This Official Statement should be considered in its entirety and no one factor considered more or less important than
any other by reason of its position in this Official Statement. Where statutes, reports or other documents are referred to herein, reference should be made to such statutes, reports or other documents for more complete information regarding the rights and obligations of parties thereto, facts and opinions contained therein and the subject matter thereof.
Any statements made in this Official Statement, including the Exhibits and Appendices, involving matters of opinion or
estimates, whether or not so expressly stated, are set forth as such and not as representations of fact, and no representation is made that any of such estimates will be realized. This Official Statement contains certain forward looking statements and information that are based on the Village’s beliefs as well as assumptions made by and information currently available to the Village. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected.
The Underwriter has reviewed the information in this Official Statement in accordance with, and as part of, its
responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information.
IN CONNECTION WITH THE OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT
TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE SECURITIES OFFERED HEREBY AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
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TABLE OF CONTENTS
Page BOND ISSUE SUMMARY ...................................................................................................................................................................................................................................................................... 1 VILLAGE OF GLENCOE ........................................................................................................................................................................................................................................................................ 2 INTRODUCTION ..................................................................................................................................................................................................................................................................................... 2 AUTHORIZATION, SECURITY AND GENERAL DESCRIPTION .................................................................................................................................................................................................... 2 SOURCES AND USES ............................................................................................................................................................................................................................................................................. 3 RISK FACTORS ....................................................................................................................................................................................................................................................................................... 3
Construction Risks ............................................................................................................................................................................................................................................................................... 4 Finances of the State of Illinois ........................................................................................................................................................................................................................................................... 4 Potential Impact of COVID-19 ............................................................................................................................................................................................................................................................ 5 Future Pension Plan Funding Requirements ....................................................................................................................................................................................................................................... 5 Cybersecurity ....................................................................................................................................................................................................................................................................................... 6 Local Economy .................................................................................................................................................................................................................................................................................... 6 Secondary Market for the Bonds ......................................................................................................................................................................................................................................................... 6 Suitability of Investment ...................................................................................................................................................................................................................................................................... 7 Future Changes in Laws ...................................................................................................................................................................................................................................................................... 7 Factors Relating to Tax Exemption ..................................................................................................................................................................................................................................................... 7 Bankruptcy ........................................................................................................................................................................................................................................................................................... 8
THE VILLAGE ......................................................................................................................................................................................................................................................................................... 8 Location ............................................................................................................................................................................................................................................................................................... 8 History and Population ........................................................................................................................................................................................................................................................................ 8 Village Government and Services ....................................................................................................................................................................................................................................................... 9 Transportation ...................................................................................................................................................................................................................................................................................... 9 Community Life ................................................................................................................................................................................................................................................................................... 9 Education ........................................................................................................................................................................................................................................................................................... 10
SOCIOECONOMIC INFORMATION .................................................................................................................................................................................................................................................. 10 Building Permits ................................................................................................................................................................................................................................................................................ 12 Housing .............................................................................................................................................................................................................................................................................................. 12 Income ................................................................................................................................................................................................................................................................................................ 13 Retail Activity .................................................................................................................................................................................................................................................................................... 14
THE PROJECT ........................................................................................................................................................................................................................................................................................14 DEFAULT RECORD ..............................................................................................................................................................................................................................................................................15 SHORT-TERM BORROWING ..............................................................................................................................................................................................................................................................15 DEBT INFORMATION ..........................................................................................................................................................................................................................................................................15 PROPERTY ASSESSMENT AND TAX INFORMATION ..................................................................................................................................................................................................................17 REAL PROPERTY ASSESSMENT, TAX LEVY AND COLLECTION PROCEDURES ..................................................................................................................................................................19
Summary of Property Assessment, Tax Levy and Collection Procedures ........................................................................................................................................................................................ 19 Real Property Assessment ................................................................................................................................................................................................................................................................. 19 Equalization ....................................................................................................................................................................................................................................................................................... 21 Exemptions ........................................................................................................................................................................................................................................................................................ 21 Tax Levy ............................................................................................................................................................................................................................................................................................ 23 Property Tax Extension Limitation Law ........................................................................................................................................................................................................................................... 23 Extensions .......................................................................................................................................................................................................................................................................................... 24 Collections ......................................................................................................................................................................................................................................................................................... 25 Truth in Taxation Law ....................................................................................................................................................................................................................................................................... 26
FINANCIAL INFORMATION ...............................................................................................................................................................................................................................................................26 No Consent or Updated Information Requested of the Auditor ........................................................................................................................................................................................................ 26 Summary Financial Information ........................................................................................................................................................................................................................................................ 27
EMPLOYEE RETIREMENT AND OTHER POSTEMPLOYMENT BENEFITS OBLIGATIONS ...................................................................................................................................................30 REGISTRATION, TRANSFER AND EXCHANGE .............................................................................................................................................................................................................................30 TAX EXEMPTION .................................................................................................................................................................................................................................................................................30 QUALIFIED TAX-EXEMPT OBLIGATIONS .....................................................................................................................................................................................................................................32 CONTINUING DISCLOSURE ..............................................................................................................................................................................................................................................................33 THE UNDERTAKING ...........................................................................................................................................................................................................................................................................33
Annual Financial Information Disclosure ......................................................................................................................................................................................................................................... 33 Reportable Events Disclosure ............................................................................................................................................................................................................................................................ 34 Consequences of Failure of the Village to Provide Information ....................................................................................................................................................................................................... 34 Amendment; Waiver .......................................................................................................................................................................................................................................................................... 35 Termination of Undertaking .............................................................................................................................................................................................................................................................. 35 Future Changes to the Rule ................................................................................................................................................................................................................................................................ 35 Additional Information ...................................................................................................................................................................................................................................................................... 35 Dissemination of Information; Dissemination Agent ........................................................................................................................................................................................................................ 36
OPTIONAL REDEMPTION...................................................................................................................................................................................................................................................................36 LITIGATION ...........................................................................................................................................................................................................................................................................................36 CERTAIN LEGAL MATTERS ..............................................................................................................................................................................................................................................................37 OFFICIAL STATEMENT AUTHORIZATION ....................................................................................................................................................................................................................................37 INVESTMENT RATING ........................................................................................................................................................................................................................................................................37 UNDERWRITING ..................................................................................................................................................................................................................................................................................37 MUNICIPAL ADVISOR ........................................................................................................................................................................................................................................................................38 CERTIFICATION ...................................................................................................................................................................................................................................................................................38 APPENDIX A - STUB YEAR 2020 AUDITED FINANCIAL STATEMENTS APPENDIX B - DESCRIBING BOOK-ENTRY ONLY ISSUANCE APPENDIX C - PROPOSED FORM OF OPINION OF BOND COUNSEL APPENDIX D - EXCERPTS OF STUB YEAR 2020 AUDITED FINANCIAL STATEMENTS RELATING TO THE VILLAGE’S PENSION PLANS OFFICIAL BID FORM OFFICIAL NOTICE OF SALE
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Village of Glencoe, Cook County General Obligation Bonds, Series 2021
1
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 is provided for the convenience of potential investors and which should be reviewed in its entirety by potential investors.
Issuer: Village of Glencoe, Cook County, Illinois. Issue: $7,000,000* General Obligation Bonds, Series 2021. Dated Date: Date of delivery, expected to be on or about July 1, 2021. Interest Due: Each June 15 and December 15, commencing June 15, 2022. Principal Due: Serially each December 15, commencing December 15, 2022 through December 15, 2040, as
detailed on the front page of this Official Statement. Optional Redemption: The Bonds maturing on or after December 15, 2031, are callable at the option of the Village
on any date on or after December 15, 2030, at a price of par plus accrued interest. See “OPTIONAL REDEMPTION” herein.
Authorization: A Bond Ordinance to be adopted by the President and Board of Trustees of the Village on
June 17, 2021 (the "Bond Ordinance") and pursuant to a successful referendum held on April 6, 2021.
Security: The Bonds are valid and legally binding obligations of the Village payable both as to principal
and interest from ad valorem taxes levied against all taxable property therein without limitation as to rate or amount.
Investment Rating: The Bonds have received a rating of AAA (Stable Outlook) from S&P Global Ratings, a
business unit of Standard & Poor’s Financial Services LLC, New York, New York. Purpose: The Bonds are being issued (i) to finance storm sewer improvements, sanitary sewer
upgrades, street resurfacing and lighting, and sidewalk installation and replacement, within the boundaries of the Village and (ii) 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: Zions Bancorporation, National Association, Chicago, Illinois. Delivery: The Bonds are expected to be delivered on or about July 1, 2021. Book-Entry Form: The Bonds will be registered in the name of Cede & Co., as nominee for The Depository
Trust Company, New York, New York (“DTC”). 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 GLENCOE Cook County, Illinois
Howard Roin President
Board of Trustees
Joe Halwax Dudley Onderdonk Gary RubenGail Lissner Peter Mulvaney Jonathan Vree
__________________________________
Officials
Phil Kiraly Village Manager
Nikki Larson Finance Director
INTRODUCTION
The purpose of this Official Statement is to set forth certain information concerning the Village of Glencoe, Cook County, Illinois (the “Village”), in connection with the offering and sale of its General Obligation Bonds, Series 2021 (the “Bonds”).
This Official Statement contains “forward-looking statements” that are based upon the Village’s current
expectations and its projections about future events. When used in this Official Statement, the words “project,” “estimate,” “intend,” “expect,” “scheduled,” “pro-forma” and similar words identify forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and factors that are outside of the control of the Village. Actual results could differ materially from those contemplated by the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Neither the Village nor any other party plans to issue any updates or revisions to these forward-looking statements based on future events.
AUTHORIZATION, SECURITY AND GENERAL DESCRIPTION
The Bonds are issued pursuant to the Illinois Municipal Code, as amended (the “Municipal Code”), and the Local Government Debt Reform Act of the State of Illinois (the “Debt Reform Act”), and all laws amendatory thereof and supplementary thereto, a bond ordinance to be adopted by the President and Board of Trustees of the Village (the “Village Board”) on the 17th day of June, 2021 (the “Bond Ordinance”). The issuance of bonds in the amount of $10,000,000 to pay for the Project (as hereinafter defined), was approved by the voters of the Village at the general election held on April 6, 2021. At such election, 734 votes (82%) were cast in favor of the proposition and 159 votes (18%) were cast in opposition. Proceeds of the Bonds will be used (i) to finance storm sewer improvements, sanitary sewer upgrades, street resurfacing and lighting, and sidewalk installation and replacement, within the boundaries of the Village and (ii) to pay the costs of issuing the Bonds. See “THE PROJECT” herein.
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The Bonds are valid and legally binding obligations of the Village and are payable from any funds of the Village legally available for such purpose, and all taxable property in the Village is subject to the levy of taxes to pay the same without limitation as to rate or amount. 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. The Bond Ordinance will be filed with the County Clerk of Cook County, Illinois (the “County Clerk”), and will serve as authorization to the County Clerk to extend and collect the property taxes as set forth in the Bond Ordinance to pay the Bonds.
The Bonds will be dated the date of issuance thereof, will be in fully registered form, without coupons, and will be in denominations of $5,000 or any integral multiple thereof under a book-entry only system operated by The Depository Trust Company, New York, New York (“DTC”). Principal of and interest on the Bonds will be payable by Zions Bancorporation, National Association, Chicago, Illinois (the “Registrar”).
The Bonds will mature as shown on the inside cover page hereof. Interest on the Bonds will be payable each June
15 and December 15, beginning June 15, 2022. The Bonds will bear interest from their dated date, or from the most recent interest payment date to which interest has been paid or provided for, computed on the basis of a 360-day year consisting of twelve 30-day months. The principal of the Bonds will be payable in lawful money of the United States of America upon presentation and surrender thereof at the principal corporate trust office of the Registrar. Interest on each Bond will be paid by check or draft of the Registrar payable upon presentation in lawful money of the United States of America to the person in whose name such Bond is registered at the close of business on the first day of the month in which an interest payment date occurs on such Bond.
SOURCES AND USES The sources and uses of funds resulting from the Bonds are shown below: SOURCES: Principal Amount ....................................................................... $_________ Original Issue Premium ............................................................. _________ Total Sources .......................................................................... $_________ USES: Pay Costs of the Project ............................................................ $_________ Costs of Issuance(1) ................................................................. _________ Total Uses ............................................................................... $_________
Note: (1) Includes estimated costs including underwriter’s discount, fixed costs of issuance and contingencies.
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 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.
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Construction Risks There are potential risks that could affect the ability of the Village to timely complete the Project. While preliminary costs have been projected by the Village’s consulting architects, 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 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. The State’s long-term general obligation bonds are rated at the lowest investment grade rating level and are the lowest bond ratings among the states. The State failed to enact a full budget for the State fiscal years ending June 30, 2016, and June 30, 2017, which had a significant, negative impact on the State’s finances, although certain spending occurred through statutory transfers, statutory continuing appropriations, court orders and consent decrees, including spending for elementary and secondary education. The State enacted full budgets for the State fiscal years ending June 30, 2018 (the “Fiscal Year 2018 Budget”), June 30, 2019 (the “Fiscal Year 2019 Budget”), June 30, 2020 (the “Fiscal Year 2020 Budget”) and June 30, 2021 (the “Fiscal Year 2021 Budget”). Under current law, the State shares a portion of sales tax, income tax and motor fuel tax revenue with municipalities, including the Village. The State’s general fiscal condition and the underfunding of the State’s pension systems have materially adversely affected the State’s financial condition and may result in decreased or delayed revenues allocated to the Village. In addition, the Fiscal Year 2018 Budget, the Fiscal Year 2019 Budget and the Fiscal Year 2020 Budget contained a provision reducing the amount of income tax revenue to be deposited into the Local Government Distributive Fund for distribution to municipalities, like the Village, by 10% for State Fiscal Year 2018 and by 5% for State Fiscal Year 2019 and State Fiscal Year 2020. The Fiscal Year 2021 Budget did not include any such reduction. The Fiscal Year 2018 Budget, the Fiscal Year 2019 Budget, the Fiscal Year 2020 Budget and the Fiscal Year 2021 Budget also include a service fee for collection and processing of local-imposed sales taxes. Such fee was 2% of such sales taxes for State Fiscal Year 2018 and was reduced to 1.5% of such sales taxes for State Fiscal Year 2019, State Fiscal Year 2020 and State Fiscal Year 2021. The Fiscal Year 2021 Budget was predicated on, among other things, on Illinois voters approving a referendum to change in the State income tax from a flat to a progressive income tax. The referendum was not approved by Illinois voters in the November 3, 2020 election. The effect on State aid to municipalities due to the failure to pass the progressive income tax is unknown at this time. The Village cannot determine at this time the financial impact of these provisions on its overall financial condition, but such provisions may result in lower income tax revenues and sales tax revenues distributed to the Village. The Village can give no assurance that there will not be additional changes in applicable law modifying the manner in which local revenue sharing is allocated by the State, nor can the Village predict the effect the State’s financial problems, including those caused by the continued spread of the Novel Coronavirus 2019 (“COVID-19”) or the various governmental or private actions in reaction thereto, may have on the Village’s future finances. Despite moneys the State has received and is expected to receive from the federal government, the spread of COVID-19 and the actions taken in response thereto have had, and are expected to continue to have, a significant impact on the State’s economy. See “Potential Impact of COVID-19” below.
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Potential Impact of COVID-19 The COVID-19 pandemic, along with various governmental measures taken to protect public health in light of the pandemic, has had an adverse impact on global economies, including economic conditions in the United States. The impact of the COVID-19 pandemic on the U.S. economy is expected to be broad based and to negatively impact national, state and local economies. In response to such expectations, former President Trump declared a “national emergency” and designated the State as part of a national disaster area, which, among other effects, allows the executive branch to disburse disaster relief funds to address the COVID-19 pandemic and related economic dislocation. Federal legislation, particularly (i) the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), signed into law on March 27, 2020, and (ii) the federal American Rescue Plan Act of 2021, which was signed into law on March 12, 2021 (the “American Rescue Plan” and, together with the Supplemental CARES Act, the “Federal COVID-19 Legislation”), are each directed at mitigating the economic downturn and health care crisis caused by COVID-19. The CARES Act allocates approximately $4.9 billion to the State for expenditures incurred due to the public health emergency with respect to COVID-19, split between the State ($2.7 billion) and local governments (the City of Chicago and Illinois counties with populations that exceed 500,000) ($2.2 billion). The American Rescue Act provides additional federal money for states and local government to combat the COVID-19 including, but not limited to, funds to replace revenues lost as a result of the pandemic. The Village has not yet been informed of the amount of American Rescue Act money it will receive. In addition to the federal COVID-19 response, Governor Pritzker (the “Governor”) signed various executive orders (each with 30-day periods of effectiveness which have been extended several times) to prevent the further spread of COVID-19 that have called for social distancing and masking and imposed restrictions on personal mobility, business operations and congregate activities. The Governor implemented a five-phase approach to reopening the State’s businesses, with each successive phase easing certain of the restrictions previously imposed by such prior executive orders. The State is currently in the fourth phase of this reopening plan. In addition, the Governor’s reopening plan divides the State into regions, which allows for public health restrictions and mitigations to be lifted or imposed, as necessary on a region-by-region basis depending on factors such as COVID-19 test positivity rates, hospital admissions and capacity. Under the Governor’s current executive orders, most businesses are open, but some businesses, such as bars and restaurants, have restrictions on the number of indoor patrons they can serve. The development and deployment of three COVID-19 vaccines nationwide is expected to allow for a more rapid reopening and recovery of the economy, including the State. The State has opened vaccination sites around the State. President Biden recently indicated increased supplies should be sufficient for all adults to receive COVID-19 vaccinations by the end of May. The Village cannot predict the effect the spread of COVID-19 or the various governmental or private actions in reaction thereto will have on its finances or operations, including receipt of sales, income and utility tax revenue and real estate tax collections. If there is a negative impact on the receipt of such revenues and/or extension and collection of real estate taxes, the Village may have difficulty paying debt service on the Bonds. Future Pension Plan Funding Requirements The Village participates in the Police Pension Plan and the Fire Pension Plan, both as hereinafter defined. Under the Illinois Pension Code, as amended (the “Pension Code”), the Village is required to contribute to each plan in order to achieve a Funded Ratio of 90% by 2040. In order to achieve the 90% Funded Ratio for both plans by 2040, it is expected that the annual employer contributions required by the Village will increase over time. The Village also participates in the Illinois Municipal Retirement Plan (the “IMRF Plan”), which is a defined benefit pension plan administered by the Illinois Municipal Retirement Fund (“IMRF”); employer contributions are projected by the IMRF to increase over time. Increasing annual required employer contributions for the Village could have a material adverse effect on the finances of the Village.
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The Pension Code allows the State Comptroller, after proper procedures have taken place, to divert State payments intended for the Village to the Police Pension Plan and the Fire Pension Plan to satisfy contribution shortfalls by the Village. If the Village does not make 100% of its annual required contributions to the Police Pension Plan and Fire Pension Plan, the Village may have revenues withheld by the State Comptroller. Such withholdings by the State Comptroller could adversely affect the Village’s financial health and operations. See “EMPLOYEE RETIREMENT PLANS” herein for a more complete discussion. Cybersecurity Computer networks and data transmission and collection are vital to the efficient operation of the Village. Despite the implementation of network security measures by the Village, its information technology and infrastructure may be vulnerable to deliberate attacks by hackers, malware, ransomware or computer virus, or may otherwise be breached due to employee error, malfeasance or other disruptions. Any such breach could compromise networks and the information stored thereon could be disrupted, accessed, publicly disclosed, lost or stolen. Although the Village does not believe that its information technology systems are at a materially greater risk of cybersecurity attacks than other similarly situated governmental entities, any such disruption, access, disclosure or other loss of information could have an adverse effect on the Village’s operations and financial health. Further, as cybersecurity threats continue to evolve, the Village may be required to expend significant additional resources to continue to modify and strengthen security measures, investigate and remediate any vulnerabilities, or invest in new technology designed to mitigate security risks. 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. Loss or Change of Bond Rating
The Bonds have received a credit rating of “AAA (Stable Outlook)” from S&P Global Ratings, a business unit of Standard & Poor’s Financial Services LLC, New York, New York (“S&P”). 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 hereinafter-defined 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.
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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.
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. Furthermore, the tax-exempt feature of the Bonds is currently more valuable to high tax bracket investors than to investors that are in low tax brackets. As such, the value of the interest compensation to any particular investor will vary with individual tax rates and circumstances. 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. Factors Relating to Tax Exemption
As discussed under “TAX EXEMPTION” herein, interest on the Bonds could become includible in gross income for purposes of federal income taxation, retroactive to the date the Bonds were issued, as a result of future acts or omissions of the Village in violation of its covenants in the Bond Ordinance. Should such an event of taxability occur, the Bonds are not subject to any special redemption.
There are or may be pending in the Congress of the United States (“Congress”) legislative proposals relating to
the federal tax treatment of interest on the Bonds, including some that carry retroactive effective dates, that, if enacted, could affect the market value of the Bonds. It cannot be predicted whether or in what form any such proposal might be enacted or whether, if enacted, it would apply to Bonds issued prior to enactment. Finally, reduction or elimination of the tax-exempt status of obligations such as the Bonds could have an adverse effect on the Village’s ability to access the capital markets to finance future capital or operational needs by reducing market demand for such obligations or materially increasing borrowing costs of the Village.
The tax-exempt bond office of the Internal Revenue Service (the “Service”) is conducting audits of tax-exempt bonds, both compliance checks and full audits, with increasing frequency to determine whether, in the view of the Service, interest on such tax-exempt obligations is includible in the gross income of the owners thereof for federal income tax purposes. It cannot be predicted whether the Service will commence any such audit. If an audit is commenced, under current procedures the Service may treat the Village as a taxpayer and the Bondholders may have no right to participate in such proceeding. The commencement of an audit with respect to any tax-exempt obligations of the Village could adversely affect the market value and liquidity of the Bonds, regardless of the ultimate outcome.
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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 opinions of Bond Counsel to be delivered with respect to the Bonds will be similarly qualified.
THE VILLAGE Location The Village of Glencoe (the "Village") is located approximately 21 miles north of downtown Chicago in New Trier Township. It is one of eight Chicago suburban communities north of Chicago fronting on Lake Michigan and collectively referred to as "the North Shore." Its municipal neighbors include Winnetka to the south, Northbrook and Northfield to the west and Highland Park to the north. In contrast to the flat terrain of downtown Chicago where it fronts on Lake Michigan, Glencoe’s shoreline has 85-foot high bluffs with long green ravines penetrating and separating the residential areas leading down to the beaches at water’s edge. Separating the Village from Northbrook and Northfield to the west are the Skokie Lagoons, which were constructed by the U.S. Government in the mid-1930's to provide better drainage and flood control for the entire area. Dredgings from the marsh were used to construct a series of islands, ponds and channels and to provide additional buildable land for western Glencoe. The lagoon area is part of an 800-acre public open space area owned and maintained by the Cook County Forest Preserve District, with over 300 acres included in the Chicago Botanic Gardens. There are also three golf courses in the Village: the Skokie Country Club, the Glencoe Golf Club (owned and operated by the Village), and the Lake Shore Country Club. Including the Forest Preserve land areas and the golf courses, approximately 32% of the Village is open space. History and Population The first settlers came to the Glencoe area in 1835. By 1855, a railroad line from Chicago (now the Union Pacific Railroad with commuter service to Chicago) had been constructed through the area. Platted in 1868, the Village of Glencoe was incorporated on March 29, 1869 by an act of the Illinois Legislature. From the time of its settlement until today, the citizens of Glencoe have had a commitment to keep the community residential. Only two areas of the Village have any commercial development - around the train station where the Village Hall, Library and Public Works Building form the nucleus of a commercial service area, and at the southern edge of the Village where a small retailing area serves as an extension of a shopping area in Winnetka. From 1912, when the Glencoe Park District (the "Park District") was created, until 1931, the Park District aggressively acquired property in the Village that threatened, or was expected, to be commercially developed. The Park District is a municipal corporation separate from the Village. At the Census of 1900, Glencoe’s population totaled 1,020. Between 1920 and 1930, the Village’s population grew from 3,381 to 6,295. The catalyst for the growth from 6,980 at the 1950 Census to 10,472 at the 1960 Census was the opening in the early 1950's of Chicagoland’s first expressway (the Edens Expressway running immediately west of the Skokie Lagoons) which ended its expressway configuration at the Lake-Cook County line. At the 1970 Census, the population count of 10,542 was only slightly higher than in 1960. The Village’s population was 9,200 at the 1980 Census and 8,499 at the 1990 Census, reflecting the national trend toward smaller family sizes. At the 2000 Census, the Village’s population was 8,762, an increase of 3.1% over the 1990 Census. The 2010 Census shows the population was 8,723.
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Village Government and Services The governing and legislative body for the Village consists of the Village President and Board of six Trustees, all of whom are elected on an at-large basis and all of whom serve without compensation. In 1914, when the Village Board adopted an ordinance providing for the Council-Manager form of government, Glencoe became the first municipality in the State of Illinois and only the eleventh in the United States, to adopt that form of government. In 1921, the Village adopted zoning and building code regulations, in 1941 the plan commission was formed, and in 1945 a subdivision control ordinance was adopted.
As a non-home rule, special charter municipality, the Village provides a wide breadth of services. Glencoe is one of two municipalities in the State with a fully consolidated and cross trained Public Safety Department (police, fire and EMS). Additionally, the Public Works Department includes all public infrastructure management, operation of the Water Treatment Plant and all building, zoning and planning functions. The administrative arm of the Village includes the functions of the office of the Village Manager/Clerk, human resources management, financial administration and Golf operations. While the first water mains were laid in 1892 to connect to the then new Winnetka water works and bring Lake Michigan water to Glencoe residents, Glencoe did not directly access Lake Michigan water until 1928. The Glencoe water filtration plant was enlarged in the 1950's to a daily pumping capacity of approximately 8 million gallons (and a storage capacity of 3,150,000 gallons), which is well in excess of average daily consumption of approximately 1,640,000 gallons. The Village’s 1982 Annual Financial Report was awarded the Certificate of Conformance for financial reporting by the Municipal (now Governmental) Finance Officers’ Association (GFOA) of the United States and Canada. A supplemental Certificate of Conformance (beginning January 1, 1986 it is called the Certificate of Achievement) was awarded for the Village’s 1983-2019 reports. The significance of the GFOA’s award is emphasized by their statement that ... "The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting and its attainment represents a significant accomplishment by a governmental unit and its management." To receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, an operations guide, a financial plan, and a communications medium. In addition, the Village has maintained a long range financial forecast and capital improvement plan, since fiscal year 1995. These plans project financial activity in the Village for the next ten years. The Village has also received GFOA's Distinguished Budget Award for each fiscal year since 2007, and GFOA's Popular Annual Financial Report Award for each fiscal year since 2009. Transportation Village residents have easy access to Interstate 94, which borders the Village to the west. The Village is located approximately 10 miles from O’Hare International Airport. Commuter rail service to downtown Chicago is provided by the Metra. Travel time to downtown Chicago is approximately 30 minutes. Community Life The Glencoe Park District owns 95 acres of park land with 44 park sites. The District offers a variety of recreation programs for all ages, including programs in the areas of arts and crafts, athletics, fitness, early childhood education, and performing arts. Special events and trips are also offered. Among the many Park District facilities available to residents are a nature preserve, two gymnasiums, and an outdoor skating rink. In 2006, the Park District issued $13,755,000 in bonds to finance the expansion and renovation of its community center, including construction of a 14,000 square foot gymnasium.
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The Glencoe Public Library, which was organized in 1909, is on the same site as the Village Hall. The Library underwent a $1,000,000 interior renovation in 1993-94, funded by a $500,000 line of credit payable entirely from Library funds and Library reserve funds. The Village of Glencoe is home to the nationally renowned Writers Theatre, which completed a $30 million, 350-seat facility in 2016. With multiple shows each year, the presence of Writers Theatre provides critical support for the downtown business and restaurant economy. Education Elementary and secondary education is provided by Glencoe School District Number 35 and New Trier Township High School District Number 203. Pre-K education is offered at Glencoe Junior Kindergarten and Nursery School. Oakton Community College ("Oakton") offers a number of two-year degrees, as well as a wide range of certificate programs. In addition, Oakton offers a variety of special interest, vocational and continuing education classes.
SOCIOECONOMIC INFORMATION
Following are lists of large employers located in the Village and in the surrounding area. Major Village Employers(1)
Approximate Name Product/Service Employment Glencoe Park District ............................................................................. Park District .............................................................................................. 249 Cook County Forest Preserve District ................................................... Chicago Botanic Garden .......................................................................... 240 Glencoe School District #35 .................................................................. School District .......................................................................................... 200 Carmax .................................................................................................. Auto Dealership ....................................................................................... 100 Village of Glencoe ................................................................................. Municipal Corporation .............................................................................. 96 Fields Infinity .......................................................................................... Auto Dealership ....................................................................................... 70 Coldwell Banker ..................................................................................... Realtor ..................................................................................................... 67 Optima, Inc. ........................................................................................... Real Estate Development ........................................................................ 45 Grand Foods Center .............................................................................. Food Store ............................................................................................... 38 North Shore Congregation Israel ........................................................... Congregation ........................................................................................... 38 Note: (1) Source: 2021 Illinois Manufacturers Directory, 2021 Illinois Services Directory, the Village's 2020 CAFR and a selective telephone survey. The
COVID-19 pandemic, and the response thereto, has negatively impacted businesses throughout the State and may have had an adverse impact on these employers. The Village makes no prediction as to the effect of COVID-19 on the information set forth in this table. See “RISK FACTORS - Potential Impact of COVID-19” herein.
Major Area Employers(1)
Approximate Location Name Product/Service Employment Unincorporated Cook County ... The Allstate Corporation ......................... Corporate Headquarters; Insurance ..................................... 8,000 Deerfield ................................... Walgreen's Boots Alliance ...................... Holding Company ................................................................. 6,500 Northfield .................................. Medline Industries, Inc. ........................... Corporate Headquarters; Surgical and Medical Instruments............................................................. 5,000 Deerfield ................................... Walgreen Co. .......................................... Company Headquarters; Pharmacy & Drugstore ................. 2,500 Deerfield ................................... Baxter Healthcare Corp. ......................... Corporate Headquarters; Pharmaceutical Products ............. 2,500 Deerfield ................................... Alera Group, Inc. .................................... Management Consulting ....................................................... 1,900 Northbrook ............................... UL, LLC .................................................. Laboratories .......................................................................... 1,700 Glenview .................................. Abt Electronics, Inc. ................................ Consumer Electronics & Appliances .................................... 1,600 Highland Park ........................... Highland Park Hospital .......................... General Hospital ................................................................... 1,200 Northbrook ............................... Astellas Pharma US, Inc. ........................ Corporate Headquarters; Pharmaceutical Research Laboratories ........................................................ 1,150 Glenview .................................. Kraft Heinz Foods Company .................. Food Products ...................................................................... 1,000 Glenview .................................. Anixter, Inc. ............................................. Corporate Headquarters; Telecommunications Products ..... 1,000 Note: (1) Source: 2021 Illinois Manufacturers Directory, 2021 Illinois Services Directory, and a selective telephone survey. The COVID-19
pandemic, and the response thereto, has negatively impacted businesses throughout the State and may have had an adverse impact on these employers. The Village makes no prediction as to the effect of COVID-19 on the information set forth in this table. See “RISK FACTORS - Potential Impact of COVID-19” herein.
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The following tables show employment by industry and by occupation for the Village, Cook County, and the State as reported by the U.S. Census Bureau 2015-2019 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, Hunting, and Mining .......................... 7 0.2% 4,425 0.2% 65,484 1.0% Construction ...................................................................................... 49 1.3% 119,785 4.7% 333,807 5.3% Manufacturing ................................................................................... 156 4.1% 247,161 9.6% 749,476 12.0% Wholesale Trade ............................................................................... 117 3.1% 70,291 2.7% 187,923 3.0% Retail Trade ....................................................................................... 144 3.8% 243,740 9.5% 663,163 10.6% Transportation and Warehousing, and Utilities ................................. 89 2.3% 188,355 7.3% 409,516 6.6% Information ........................................................................................ 31 0.8% 53,821 2.1% 113,822 1.8% Finance, Insurance, Real Estate, and Rental and Leasing ............... 910 23.8% 208,169 8.1% 453,306 7.3% Professional, Scientific, Management, Administrative, and Waste Management Services ................................................... 1,177 30.8% 378,949 14.8% 743,209 11.9% Educational, Health and Social Services .......................................... 732 19.2% 586,136 22.8% 1,441,934 23.1% Entertainment and Recreation Services, Accommodation and Food Services ........................................................................... 210 5.5% 248,616 9.7% 566,907 9.1% Other Services (except Public Administration) .................................. 102 2.7% 126,368 4.9% 292,957 4.7% Public Administration ......................................................................... 98 2.6% 91,514 3.6% 229,358 3.7% Total ................................................................................................ 3,822 100.0% 2,567,330 100.0% 6,250,862 100.0% Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2015 to 2019.
Employment by Occupation(1)
The Village The County The State Classification Number Percent Number Percent Number Percent Management, Business, Science and Arts .................................... 2,840 74.3% 1,052,071 41.0% 2,421,993 38.7% Service ........................................................................................... 130 3.4% 454,594 17.7% 1,073,272 17.2% Sales and Office .............................................................................. 701 18.3% 551,604 21.5% 1,366,039 21.9% Natural Resources, Construction, and Maintenance ...................... 42 1.1% 151,272 5.9% 451,379 7.2% Production, Transportation, and Material Moving ........................... 109 2.9% 357,789 13.9% 938,179 15.0% Total .............................................................................................. 3,822 100.0% 2,567,330 100.0% 6,250,862 100.0% Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2015 to 2019.
Note: (1) Source: The Village Based on valuations per building permits issued by the Village's Development Department.
Housing
The U.S. Census Bureau 5-year estimated values reported that the median value of the Village’s owner-occupied homes was $953,700. This compares to $246,600 for the County and $194,500 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 2015-2019 American Community Survey.
Home Values(1)
The Village The County The State Value Number Percent Number Percent Number Percent Less than $50,000 ................ 19 0.6% 36,885 3.3% 198,619 6.2% $50,000 to $99,999 ............... 0 0.0% 83,703 7.5% 456,773 14.3% $100,000 to $149,999 ........... 6 0.2% 131,697 11.7% 483,504 15.1% $150,000 to $199,999 ........... 84 2.8% 175,062 15.6% 508,852 15.9% $200,000 to $299,999 ........... 211 6.9% 270,535 24.1% 693,104 21.6% $300,000 to $499,999 ........... 155 5.1% 262,380 23.4% 570,203 17.8% $500,000 to $999,999 ........... 1,153 37.9% 126,736 11.3% 234,153 7.3% $1,000,000 or more .............. 1,414 46.5% 35,586 3.2% 57,507 1.8% Total .................................... 3,042 100.0% 1,122,584 100.0% 3,202,715 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2015 to 2019.
Mortgage Status(1)
The Village The County The State Value Number Percent Number Percent Number Percent Housing Units with a Mortgage ......................... 1,847 60.7% 728,538 64.9% 2,027,640 63.3% Housing Units without a Mortgage .................... 1,195 39.3% 394,046 35.1% 1,175,075 36.7% Total ................................................................ 3,042 100.0% 1,122,584 100.0% 3,202,715 100.0% Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2015 to 2019.
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Income
Per Capita Personal Income for the Highest Income Counties in the State(1)
Rank 2015 to 2019 1 ............................................ DuPage County ...................... $46,272 2 ............................................ Lake County ............................ 45,766 3 ............................................ Monroe County ....................... 42,152 4 ............................................ McHenry County ..................... 39,006 5 ............................................ Cook County ......................... 37,552 6 ............................................ Woodford County .................... 37,170 7 ............................................ Will County .............................. 36,524 8 ............................................ Kendall County ....................... 36,382 9 ............................................ Kane County ........................... 36,270 10 ........................................... Sangamon County .................. 35,509
Note: (1) Source: U.S. Bureau of the Census, American
Community Survey 5-Year estimates 2015 to 2019.
The following shows the median family income for counties in the Chicago metropolitan area.
Ranking of Median Family Income(1)
Family County Income Rank DuPage County .................. $114,001 1 Lake County ....................... 108,478 2 Kendall County ................... 105,313 3 Will County ......................... 101,880 4 Monroe County ................... 101,294 5 McHenry County ................ 100,294 6 Kane County ...................... 95,005 7 Cook County ..................... 80,744 17 Note: (1) Source: U.S. Bureau of the Census,
American Community Survey 5-Year estimates 2015 to 2019.
The U.S. Census Bureau 5-year estimated values reported that the Village had a median family income of over $250,000. This compares to $80,744 for the County and $83,279 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 2015-2019 American Community Survey.
Family Income(1)
The Village The County The State
Income Number Percent Number Percent Number Percent Under $10,000 ...................... 20 0.8% 49,816 4.2% 109,130 3.5% $10,000 to $14,999 ............... 0 0.0% 27,177 2.3% 63,897 2.1% $15,000 to $24,999 ............... 0 0.0% 79,538 6.7% 176,771 5.7% $25,000 to $34,999 ............... 11 0.4% 89,568 7.6% 207,138 6.7% $35,000 to $49,999 ............... 49 2.0% 126,729 10.7% 328,081 10.6% $50,000 to $74,999 ............... 88 3.6% 181,815 15.4% 515,217 16.6% $75,000 to $99,999 ............... 123 5.0% 151,200 12.8% 441,395 14.2% $100,000 to $149,999 ........... 263 10.6% 213,984 18.1% 617,199 19.8% $150,000 to $199,999 ........... 187 7.5% 113,578 9.6% 304,305 9.8% $200,000 or more ................. 1,736 70.1% 149,867 12.7% 346,629 11.1% Total .................................... 2,477 100.0% 1,183,272 100.0% 3,109,762 100.0% Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2015 to 2019.
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The U.S. Census Bureau 5-year estimated values reported that the Village had a median household income of $248,851. This compares to $64,660 for the County and $65,886 or the State. The following table represents the distribution of household incomes for the Village, the County and the State at the time of the 2015-2019 American Community Survey.
Household Income(1)
The Village The County The State
Income Number Percent Number Percent Number Percent Under $10,000 ...................... 118 3.7% 144,492 7.3% 302,966 6.3% $10,000 to $14,999 ............... 81 2.5% 79,117 4.0% 185,043 3.8% $15,000 to $24,999 ............... 71 2.2% 177,486 9.0% 417,135 8.6% $25,000 to $34,999 ............... 40 1.2% 166,358 8.4% 405,504 8.4% $35,000 to $49,999 ............... 115 3.6% 219,867 11.1% 563,757 11.6% $50,000 to $74,999 ............... 191 5.9% 310,795 15.8% 809,343 16.7% $75,000 to $99,999 ............... 199 6.2% 240,315 12.2% 622,330 12.8% $100,000 to $149,999 ........... 339 10.6% 301,087 15.3% 778,079 16.1% $150,000 to $199,999 ........... 240 7.5% 147,525 7.5% 360,394 7.4% $200,000 or more ................. 1,818 56.6% 185,066 9.4% 401,583 8.3% Total .................................... 3,212 100.0% 1,972,108 100.0% 4,846,134 100.0% Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2015 to 2019.
Retail Activity
The table below shows the distribution of the municipal portion and Home Rule portion of the Retailer's Occupation, Service Occupation and Use Tax (“Sales Tax”) collected by the State Department of Revenue from retailers within the Village. The table indicates the level of retail activity in the Village.
Retailer's Occupation, Service Occupation and Use Tax(1)
State Fiscal Year Ending Municipal Annual Percentage June 30 Tax Change + or (-)
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 Retailer's 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.
THE PROJECT The Bond proceeds will be used to finance storm sewer improvements, sanitary sewer upgrades, street resurfacing and lighting, and sidewalk installation and replacement, within the boundaries of the Village. The Village expects to complete the Project within three years.
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DEFAULT RECORD
The Village has no record of default and has met its debt repayment obligations promptly.
SHORT-TERM BORROWING The Village has not issued tax anticipation warrants or revenue anticipation notes during the last five years to meet its short-term current year cash flow requirements.
DEBT INFORMATION
After issuance of the Bonds, the Village will have outstanding $25,620,000* principal amount of general obligation debt. The Village also has outstanding $192,901 of Special Service Area bonds. Except for the Bonds, the Village does not intend to issue any debt in calendar year 2021.
Washington Place Special Service Area Bonded Debt(1) (Principal Only)
Series Total Cumulative
Calendar 2016A Principal Principal Retired(2) Year (12/15) Outstanding Amount Percent
General Obligation Bonded Debt(1) (Principal Only)
Series Series Series Series Series The Total Cumulative Calendar 2015A 2016B 2019 2020 2020A Bonds(2) Principal Principal Retired(2) Year (12/15) (12/15) (12/15) (12/15) (12/15) (12/15) Debt(2) Amount Percent
Notes: (1) Source: The Village. (2) Subject to change.
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Detailed Overlapping Bonded Debt(1) (As of April 13, 2021)
Outstanding Applicable to the Village Debt Percent(2) Amount Schools: School District Number 29 .................................................................................. $ 4,870,000 1.87% $ 91,023 School District Number 35 .................................................................................. 17,105,000 100.00% 17,105,000 School District Number 36 .................................................................................. 1,105,000 1.87% 20,624 New Trier Township High School District Number 203 ....................................... 75,730,000 16.87% 12,775,079 Community College Number 535 ........................................................................ 47,200,000 3.80% 1,793,025 Total Schools ........................................................................................................................................................................................ $31,784,750 Others: Cook County ....................................................................................................... $2,663,661,750 0.58% $15,472,350 Cook Forest Preserve District ............................................................................. 151,925,117 0.58% 882,484 Metropolitan Water Reclamation District ............................................................. 2,800,782,000 0.59% 16,552,744 Glencoe Park District .......................................................................................... 9,055,000 99.02% 8,965,947 Winnetka Park District ......................................................................................... 14,550,000 1.51% 219,420 Washington Place Special Service Area ............................................................. 192,901 100.00% 192,901 Total Others .......................................................................................................................................................................................... $42,285,846 Total School and Other Overlapping Bonded Debt ............................................................................................................................... $74,070,596 Notes: (1) Source: Cook County Clerk. (2) Overlapping debt percentages based on 2019 EAV, the most current available.
Statement of Bonded Indebtedness Ratio To Per Capita Amount Equalized Estimated (2010 Census Applicable Assessed Actual Pop. 8,723 ) Assessed Valuation of Taxable Property, 2019 .................................. $ 970,461,640 100.00% 33.33% $111,253.20 Estimated Actual Value, 2019 ............................................................. $2,911,384,920 300.00% 100.00% $333,759.59 Village Direct Bonded Debt(2) ............................................................. $ 25,620,000 2.64% 0.88% $ 2,937.06 Overlapping Debt:(3) Schools ............................................................................................. $ 31,784,750 3.28% 1.09% $ 3,643.79 All Others .......................................................................................... 42,285,846 4.36% 1.45% 4,847.63 Total Overlapping Bonded Debt .......................................................... $ 74,070,596 7.63% 2.54% $ 8,491.41 Total Net Direct & Overlapping Debt(2)(3) .......................................... $ 99,690,596 10.27% 3.42% $ 11,428.48 Notes: (1) Source: The Village. (2) Includes the Bonds. Subject to change. (3) As of April 13, 2021.
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Legal Debt Margin(1)
2019 Village Equalized Assessed Valuation ............................................................................................................ $970,461,640 Statutory Debt Limitation (10% of EAV)(2) .............................................................................................................. $ 97,046,164 General Obligation Bonded Debt: Series 2015A .......................................................................... $ 5,000,000 Series 2016B .......................................................................... 3,130,000 Series 2019 ............................................................................. 1,395,000 Series 2020(3) ........................................................................ 2,845,000 Series 2020A .......................................................................... 6,250,000 The Bonds(4) .......................................................................... 7,000,000 Total (4) ................................................................................... $25,620,000 Less: Self Supporting(3) ......................................................... $ (2,845,000) Total Applicable Debt(4) .......................................................................................................................................... $ 22,775,000 Legal Debt Margin (4) .............................................................................................................................................. $ 74,271,164 Notes: (1) Source: The Village. (2) The Village is a special charter community and has the authority to issue bonds in an amount that does not exceed
10% of the assessed valuation of the property within the limits of the Village. (3) As general obligation "alternate bonds" under Illinois Statutes, the Bonds do not count against the Village's 8.625%
of EAV statutory debt limit, so long as the debt service levy for such bonds is abated annually and not extended. (4) Subject to change.
PROPERTY ASSESSMENT AND TAX INFORMATION For the 2019 levy year, the Village's EAV was comprised of 94.93% residential, 4.98% commercial, and less than 1% railroad property valuations.
Notes: (1) Source: Cook County Clerk. (2) Triennial assessment year. (3) Percentage change based on 2014 EAV of $796,595,180.
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Representative Tax Rates(1) (Per $100 EAV)
Levy Years 2015 2016(2) 2017 2018 2019 Village Rates: General .......................................................................................................... $1.0780 $0.8900 $0.9000 $0.9655 $0.9468 Bonds and Interest ......................................................................................... 0.2150 0.2240 0.2300 0.1992 0.1903 Police Pension ............................................................................................... 0.1520 0.1250 0.1270 0.1347 0.1320 Fire Pension ................................................................................................... 0.0010 0.0010 0.0010 0.0006 0.0006 Limited Bonds ................................................................................................ 0.0000 0.0000 0.0000 0.0000 0.0211 Total Village Rate .......................................................................................... $1.4450 $1.2400 $1.2580 $1.3000 $1.2910 Cook County ................................................................................................... 0.5520 0.5330 0.4960 0.4890 0.4540 Cook County Forest Preserve ......................................................................... 0.0690 0.0630 0.0620 0.0600 0.0590 Consolidated Elections .................................................................................... 0.0340 0.0000 0.0310 0.0000 0.0300 Metropolitan Water Reclamation Dist. ............................................................. 0.4260 0.4060 0.4020 0.3960 0.3890 North Shore Mosquito Abatement District ....................................................... 0.0120 0.0100 0.0100 0.0100 0.0090 New Trier Township(3) .................................................................................... 0.0660 0.0560 0.0570 0.0610 0.0590 Glencoe Park District ...................................................................................... 0.7100 0.5850 0.5940 0.6330 0.6210 School District Number 35 .............................................................................. 3.5560 2.9310 2.9550 3.1630 3.0620 High School District No. 203 ........................................................................... 2.3800 1.9740 1.9930 2.1110 2.0280 Community College District Number 535 ........................................................ 0.2710 0.2310 0.2320 0.2460 0.2210 Village of Glencoe Library ............................................................................... 0.2940 0.2430 0.2460 0.2640 0.2580 Total(4) .......................................................................................................... $9.8150 $8.2720 $8.3360 $8.7330 $8.4810 Notes: (1) Source: Cook County Clerk (2) Reassessment year. (3) Includes Road and Bridge and General Assistance. (4) Representative tax rate is for Tax Code No 23006 which represents the largest tax code of the Village's 2018 EAV; the latest
data available.
Tax Extensions and Collections(1) (Includes Road and Bridge Levy)
Levy Coll. Taxes Total Collections(3) Year Year Extended(2) Amount Percent 2015................ 2016 ......................... $11,139,365 $10,818,302 97.12% 2016................ 2017 ......................... 11,721,012 11,463,982 97.81% 2017................ 2018 ......................... 12,153,771 11,849,221 97.49% 2018................ 2019 ......................... 12,062,038 11,656,468 96.64% 2019................ 2020 ......................... 12,528,660 12,161,364 97.09% Note: (1) Source: the Village.
Principal Taxpayers(1)
Taxpayer Name Business/Service 2019 EAV(2) United Investors Inc. ............................................................................... Real Property ................................................................................. $ 5,539,708 50 Glade LLC .......................................................................................... Real Property ................................................................................. 5,132,157 Lake Shore Country Club ........................................................................ Golf Course .................................................................................... 4,654,314 Skokie Country Club ............................................................................... Golf Course .................................................................................... 4,330,851 Individual ................................................................................................. Real Property ................................................................................. 4,218,073 Glencoe Building LLC ............................................................................. Real Property ................................................................................. 3,418,663 Individual ................................................................................................. Real Property ................................................................................. 3,367,149 Three Waukegan Rd. LLC ...................................................................... Real Property ................................................................................. 3,341,593 Individual ................................................................................................. Real Property ................................................................................. 2,839,888 Individual ................................................................................................. Retail Store .................................................................................... 2,383,855 Total ................................................................................................................................................................................................................ $39,226,251 10 Largest Taxpayers as Percent of Total ...................................................................................................................................................... 4.04% Notes: (1) Source: Cook County Clerk. (2) Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers listed contain multiple
parcels and it is possible that some parcels and their valuations have been overlooked. The 2019 EAV is the most current available.
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REAL PROPERTY ASSESSMENT, TAX LEVY AND COLLECTION PROCEDURES Summary of Property Assessment, Tax Levy and Collection Procedures A separate tax to pay the principal of and interest on the Bonds will be levied on all taxable real property within the Village. The information under this caption describes the current procedures for real property assessments, tax levies and collections in the County. There can be no assurance that the procedures described herein will not change. Real Property Assessment
The County Assessor (the “Assessor”) is responsible for the assessment of all taxable real property within the
County, including such property located within the boundaries of the Village, except for certain railroad property, pollution control facilities and low sulfur dioxide emission coal-fueled devices, which are assessed directly by the Department. For triennial reassessment purposes, Cook County is divided into three Districts: west and south suburbs (the “South Tri”), north and northwest suburbs (the “North Tri”), and the City of Chicago (the “City Tri”). The Village is located in the North Tri and was last reassessed for the 2019 tax levy year. The Village will next be reassessed for the 2022 levy year.
Real property in the County is separated into classes for assessment purposes. After the Assessor establishes the
fair market value of a parcel of property, that value is multiplied by the appropriate classification percentage to arrive at the assessed valuation (the “Assessed Valuation”) for the parcel. Such classification percentages range from 10% for certain residential, commercial and industrial property to 25% for other industrial and commercial property.
Property is classified for assessment into six basic categories, each of which is assessed at various percentages of
fair market value as follows: Class 1 - unimproved real estate (10%); Class 2 - residential (10%); Class 3 - rental-residential (16% in tax year 2009, 13% in tax year 2010, and 10% in tax year 2011 and subsequent years); Class 4 - not-for-profit (25%); Class 5a - commercial (25%); and Class 5b - industrial (25%).
In addition, property may be temporarily classified into one of eight additional assessment classification
categories. Upon expiration of such classification, property so classified will revert to one of the basic six assessment classifications described above. The additional assessment classifications are as follows:
The remainder of this page was left intentionally blank.
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CLASS DESCRIPTION OF QUALIFYING PROPERTY ASSESSMENT PERCENTAGE REVERTS TO
CLASS
6b Newly constructed industrial properties or substantially rehabilitated sections of existing industrial properties
10% for first 10 years and any 10 year renewal; if not renewed, 15% in year 11, 20% in year 12
5b
C
Industrial property that has undergone environmental testing and remediation
10% for first 10 years, 15% in year 11, 20% in year 12
5b
Commercial property that has undergone environmental testing and remediation
10% for first 10 years, 15% in year 11, 20% in year 12
5a
7a/7b Newly constructed or substantially rehabilitated commercial properties in an area in need of commercial development
10% for first 10 years, 15% in year 11, 20% in year 12
5a
7c Newly constructed or rehabilitated commercial buildings and acquisition of abandoned property and rehabilitation of buildings thereon including the land upon which the buildings are situated and the land related to the rehabilitation
10% for first 3 years and any 3 year renewal; if not renewed, 15% in year 4, 20% in year 5
5a
8
Industrial properties in enterprise communities or zones in need of substantial revitalization
10% for first 10 years and any 10-year renewal; if not renewed, 15% in year 11, 20% in year 12
5b
Commercial properties in enterprise communities or zones in need of substantial revitalization
10% for first 10 years, 15% in year 11, 20% in year 12
5a
9 New or substantially rehabilitated multi-family residential properties in target areas, empowerment or enterprise zones
10% for first 10 years and any 10 year renewal
As Applicable
S Class 3 properties subject to Section 8 contracts renewed under the “Mark up to Market” option
10% for term of Section 8 contract renewal and any subsequent renewal
3
L
Substantially rehabilitated Class 3, 4 or 5b properties qualifying as “Landmark” or “Contributing” buildings
10% for first 10 years and any 10-year renewal; if not renewed, 15% in year 11, 20% in year 12
3, 4, or 5b
Substantially rehabilitated Class 5a properties qualifying as “Landmark” or “Contributing” buildings
10% for first 10 years, 15% in year 11, 20% in year 12
5a
The Assessor has established procedures enabling taxpayers to contest their proposed Assessed Valuations. Once the Assessor certifies its final Assessed Valuations, a taxpayer can seek review of its assessment by appealing to the Cook County Board of Review (the “Board of Review”), which consists of three commissioners elected by the voters of Cook County. The Board of Review has the power to adjust the Assessed Valuations set by the Assessor.
Owners of residential property having six or fewer units are able to appeal decisions of the Board of Review to
the Illinois Property Tax Appeal Board (the “PTAB”), a statewide administrative body. The PTAB has the power to determine the Assessed Valuation of real property based on equity and the weight of the evidence. Taxpayers may appeal the decision of PTAB to either the Circuit Court of Cook County (the “Circuit Court”) or the Illinois Appellate Court under the Illinois Administrative Review Law.
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As an alternative to seeking review of Assessed Valuations by PTAB, taxpayers who have first exhausted their
remedies before the Board of Review may file an objection in the Circuit Court. The procedure under this alternative is similar to the judicial review procedure described in the immediately preceding paragraph, however, the standard of proof differs. In addition, in cases where the Assessor agrees that an assessment error has been made after tax bills have been issued, the Assessor can correct any factual error, and thus reduce the amount of taxes due, by issuing a Certificate of Error. Certificates of Error are not issued in cases where the only issue is the opinion of the valuation of the property. Equalization
After the Assessor has established the Assessed Valuation for each parcel for a given year, and following any revisions by the Board of Review or PTAB, the Department is required by statute to review the Assessed Valuations. The Department establishes an equalization factor (the “Equalization Factor”), commonly called the “multiplier,” for each county to make all valuations uniform among the 102 counties in the State. Under State law, the aggregate of the assessments within each county is to be equalized at 33-1/3% of the estimated fair cash value of real property located within the county prior to any applicable exemptions. One multiplier is applied to all property in the County, regardless of its assessment category, except for certain farmland property and wind energy assessable property, which are not subject to equalization.
Once the Equalization Factor is established, the Assessed Valuation, as revised by the Board of Review or PTAB,
is multiplied by the Equalization Factor to determine the EAV of that parcel. The EAV for each parcel is the final property valuation used for determination of tax liability. The aggregate EAV for all parcels in any taxing body’s jurisdiction, plus the valuation of property assessed directly by the Department, constitute the total real estate tax base for the taxing body, which is used to calculate tax rates (the “Assessment Base”). The following table sets forth the Equalization Factor for the County for the last 10 tax levy years. TAX LEVY YEAR EQUALIZATION FACTOR 2010 3.3000 2011 2.9706 2012 2.8056 2013 2.6621 2014 2.7253 2015 2.6685 2016 2.8032 2017 2.9627 2018 2.9109 2019 2.9160 Exemptions
The Illinois Property Tax Code, as amended (the “Property Tax Code”), exempts certain property from taxation.
Certain property is exempt from taxation on the basis of ownership and/or use, including, but not limited to, public parks, not-for-profit schools, public schools, churches, not-for-profit hospitals and public hospitals. In addition, the Property Tax Code provides a variety of homestead exemptions, which are discussed below.
An annual General Homestead Exemption provides that the EAV of certain property owned and used for
residential purposes (“Residential Property”) may be reduced by the amount of any increase over the 1977 EAV, up to a maximum reduction of $10,000 for tax year 2017 and thereafter.
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The Long-Time Occupant Homestead Exemption limits the increase in EAV of a taxpayer’s homestead property
to 10% per year if such taxpayer has owned the property for at least 10 years as of January 1 of the assessment year (or 5 years if purchased with certain government assistance) and has a household income of $100,000 or less (“Qualified Homestead Property”). If the taxpayer’s annual income is $75,000 or less, the EAV of the Qualified Homestead Property may increase by no more than 7% per year. There is no exemption limit for Qualified Homestead Properties.
The Homestead Improvement Exemption applies to Residential Property that has been improved or rebuilt in the
two years following a catastrophic event, as defined in the Property Tax Code. The exemption is limited to an annual maximum amount of $75,000 for up to four years, to the extent the Assessed Valuation is attributable solely to such improvements or rebuilding.
The Senior Citizens Homestead Exemption annually reduces the EAV on residences owned and occupied by
senior citizens. Beginning with tax year 2017, the maximum exemption is $8,000. The Senior Citizens Assessment Freeze Homestead Exemption freezes property tax assessments for homeowners
who are 65 and older, reside in their property as their principal place of residence and receive a household income not in excess of (i) $55,000 through assessment year 2016 and (ii) $65,000 beginning in assessment year 2017. This exemption grants to qualifying senior citizens an exemption equal to the difference between (a) the current EAV of the residence and (b) the EAV of a senior citizen’s residence for the year prior to the year in which he or she first qualifies and applies for the exemption, plus the EAV of improvements since such year. Beginning in tax year 2017, the amount of the exemption is equal to the greater of the amount calculated as described in the previous sentence (as more completely set forth in the Property Tax Code) or $2,000.
Beginning January 1, 2015 purchasers of certain single-family homes and residences of one to six units located in
certain targeted areas (as defined in the Property Tax Code) can apply for the Community Stabilization Assessment Freeze Pilot Program. To be eligible the purchaser must meet certain requirements for rehabilitating the property, including expenditures of at least $5 per square foot, adjusted by the Consumer Price Index (“CPI”). Upon meeting the requirements, the assessed value of the improvements is reduced by (a) 90% in the first seven years, (b) 65% in the eighth year and (c) 35% in the ninth year. The benefit ceases in the tenth year. The program will be phased out by June 30, 2029.
The Natural Disaster Homestead Exemption (the “Natural Disaster Exemption”) applies to homestead properties
containing a residential structure that has been rebuilt following a natural disaster occurring in taxable year 2012 or any taxable year thereafter. A natural disaster is an occurrence of widespread or severe damage or loss of property resulting from any catastrophic cause including but not limited to fire, flood, earthquake, wind, or storm. The Natural Disaster Exemption is equal to the EAV of the residence in the first taxable year for which the taxpayer applies for the exemption minus the base amount. To be eligible for the Natural Disaster Exemption, the residential structure must be rebuilt within two years after the date of the natural disaster, and the square footage of the rebuilt residential structure may not be more than 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster. The Natural Disaster Exemption remains at a constant amount until the taxable year in which the property is sold or transferred.
Three exemptions are available to veterans of the United States armed forces. The Veterans with Disabilities
Exemption for Specially-Adapted Housing exempts up to $100,000 of the Assessed Valuation of property owned and used exclusively by veterans with a disability, their spouses or unmarried surviving spouses. Qualification for this exemption requires the veteran’s disability to be of such a nature that the federal government has authorized payment for purchase of specially adapted housing under the U.S. Code as certified to annually by the Illinois Department of Veterans Affairs or for housing or adaptations donated by a charitable organization to such disabled veteran.
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The Standard Homestead Exemption for Veterans with Disabilities provides an annual homestead exemption to
veterans with a service-connected disability based on the percentage of such disability. If the veteran has a (a) service-connected disability of 30% or more but less than 50%, the annual exemption is $2,500, (b) service-connected disability of 50% or more but less than 70%, the annual exemption is $5,000, and (c) service-connected disability of 70% or more, the property is exempt from taxation.
The Returning Veterans’ Homestead Exemption is available for property owned and occupied as the principal
residence of a veteran in the assessment year, and the year following the assessment year, in which the veteran returns from an armed conflict while on active duty in the United States armed forces. This provision grants a one-time, two-year homestead exemption of $5,000.
Finally, the Homestead Exemption for Persons with Disabilities provides an annual homestead exemption in the
amount of $2,000 for property that is owned and occupied by certain disabled persons who meet State-mandated guidelines. Tax Levy
As part of the annual budgetary process of governmental units (the “Units”) with power to levy taxes in the County, the designated body for each Unit annually adopts proceedings to levy real estate taxes. The administration and collection of real estate taxes is statutorily assigned to the County Clerk and the County Treasurer. After the Units file their annual tax levies, the County Clerk computes the annual tax rate for each Unit. The County Clerk computes the Unit’s maximum allowable levy by multiplying the maximum tax rate for that Unit by the prior year’s EAV for all property currently in the Village. The prior year’s EAV includes the EAV of any new property, the current year value of any annexed property and any recovered tax increment value, minus any disconnected property for the current year under the Limitation Law. The tax rate for a Unit is computed by dividing the lesser of the maximum allowable levy or the actual levy by the current year’s EAV. Property Tax Extension Limitation Law
The Limitation Law is applied after the prior year EAV limitation. The Limitation Law limits the annual growth in the amount of property taxes to be extended for certain Illinois non-home rule units, including the Village. The effect of the Limitation Law is to limit the amount of property taxes that can be extended for a taxing body. In addition, general obligation bonds, notes and installment contracts payable from ad valorem taxes, unlimited as to rate and amount, cannot be issued by the affected taxing bodies unless they are approved by referendum, are alternate bonds (such as the Bonds) or are for certain refunding purposes.
The use of prior year EAVs to limit the allowable tax levy may reduce tax rates for funds that are at or near their
maximum rates in districts with rising EAVs. These reduced rates and all other rates for those funds subject to the Limitation Law are added together, which results in the aggregate preliminary rate. The aggregate preliminary rate is then compared to the limiting rate. If the limiting rate is more than the aggregate preliminary rate, there is no further reduction in rates due to the Limitation Law. If the limiting rate is less than the aggregate preliminary rate, the aggregate preliminary rate is further reduced to the limiting rate. In all cases, taxes are extended using current year EAV under Section 18-140 of the Property Tax Code.
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The Village has the authority to levy taxes for many different purposes. See the table entitled “Representative
Tax Rates” under “PROPERTY ASSESSMENT AND TAX INFORMATION” herein. The ceiling at any particular time on the rate at which these taxes may be extended for the Village is either (i) unlimited (as provided by statute), (ii) initially set by statute but permitted to be increased by referendum, (iii) capped by statute, or (iv) limited to the rate approved by referendum. The only ceiling on a particular tax rate is the ceiling set by statute, at which the rate is not permitted to be further increased by referendum or otherwise. Therefore, taxing districts (such as the Village) have flexibility to levy taxes for the purposes for which they most need the money. The total aggregate tax rate for the various purposes subject to the Limitation Law, however, will not be allowed to exceed the Village’s limiting rate computed in accordance with the provisions of the Limitation Law.
In general, the annual growth permitted under the Limitation Law is the lesser of 5% or the percentage increase in
the CPI during the calendar year preceding the levy year. Taxes can also be increased due to new construction, referendum approval of tax rate increases, mergers and consolidations. Local governments, including the Village, can issue limited tax bonds in lieu of general obligation bonds that have otherwise been authorized by applicable law.
Illinois legislators have introduced several proposals to modify the Limitation Law, including freezing property taxes and extending tax caps to all taxing bodies in the State. The Village cannot predict whether, or in what form, any change to the Limitation Law may be enacted into law, nor can the Village predict the effect of any such change on the Village’s finances. Extensions
The County Clerk then computes the total tax rate applicable to each parcel of real property by aggregating the tax rates of all of the Units having jurisdiction over the particular parcel. The County Clerk extends the tax by entering the tax (determined by multiplying the total tax rate by the EAV of that parcel for the current assessment year) in the books prepared for the County Collector (the “Warrant Books”) along with the tax rates, the Assessed Valuation and the EAV. The Warrant Books are the County Collector’s authority for the collection of taxes and are used by the County Collector as the basis for issuing tax bills to all property owners.
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Collections
Property taxes are collected by the County Collector, who is also the County Treasurer, who remits to each Unit its share of the collections. Taxes levied in one year become payable during the following year in two installments, the first due on March 1 and the second on the later of August 1 or 30 days after the mailing of the tax bills. A payment due is deemed to be paid on time if the payment is postmarked on the due date. Beginning with the first installment payable in 2010, the first installment is equal to 55% of the prior year’s tax bill. However, if a Certificate of Error is approved by a court or certified on or before November 30 of the preceding year and before the estimated tax bills are prepared, then the first installment is instead based on the certain percentage of the corrected prior year’s tax bill. The second installment is for the balance of the current year’s tax bill, and is based on the then current tax year levy, assessed value and Equalization Factor, and reflects any changes from the prior year in those factors. The following table sets forth the second installment penalty date for the last 10 tax levy years in the County; the first installment penalty date has been March 1 for all such years. However, for 2010, the first installment penalty date was established as April 1 by statute.
SECOND INSTALLMENT TAX LEVY YEAR PENALTY DATE 2010 November 1, 2011 2011 August 1, 2012 2012 August 1, 2013 2013 August 1, 2014 2014 August 3, 2015 2015 August 1, 2016 2016 August 1, 2017 2017 August 1, 2018 2018 August 1, 2019 2019(1) October 1, 2020
Note: (1) Source: Cook County Clerk’s Office. Due to the impact of COVID-19, Cook County approved an ordinance declaring that no interest will accrue on the second installment of 2019 taxes, due on August 3, 2020, provided the taxes are paid on or before October 1, 2020. Said ordinance was amended in November 2020, providing that the first installment of property taxes for the 2020 tax year will be due on March 2, 2021, and the second installment will be due on August 2, 2021, but that no interest penalties for any late payments of tax year 2020 taxes will accrue until after May 3, 2021, for the first installment of taxes and October 1, 2021, for the second installment of taxes.
It is possible that the changes to the assessment appeals process described above will cause delays similar to those experienced in past years in preparation and mailing of the second installment in future years. The County may provide for tax bills to be payable in four installments instead of two. However, the County has not required payment of tax bills in four installments. During the periods of peak collections, tax receipts are forwarded to each Unit on a weekly basis. Upon receipt of taxes from the County Collector, the Village promptly credits the taxes received to the funds for which they were levied.
With 90 days following the second installment due date, the County Collector presents the Warrant Books to the Circuit Court and applies for a judgment for all unpaid taxes. The court orders resulting from the application for judgment provides for an Annual Tax Sale (the “Annual Tax Sale”) of unpaid taxes shown on that year’s Warrant Books. A public sale is held, at which time successful tax buyers pay the unpaid taxes plus penalties. In each such public sale, the collector can use any “automated means.” Unpaid taxes accrue penalties at the rate of 1.5% per month from their due date until the date of sale. Taxpayers can redeem their property by paying the amount paid at the sale, plus a maximum of 12% for each six-month period after the sale. If no redemption is made within the applicable redemption period (ranging from six months to two and one-half years depending on the type and occupancy of the property) and the tax buyer files a petition in the Circuit Court, notifying the necessary parties in accordance with the applicable law, the tax buyer receives a deed to the property. In addition, there are miscellaneous statutory provisions for foreclosure of tax liens.
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If there is no sale of the tax lien on a parcel of property at the Annual Tax Sale, the taxes are forfeited and the
property becomes eligible to be purchased at any time thereafter at an amount equal to all delinquent taxes and interest accrued to the date of purchase. Redemption periods and procedures are the same as applicable to the Annual Tax Sale.
The Scavenger Sale (the “Scavenger Sale”), like the Annual Tax Sale, is a sale of unpaid taxes. The Scavenger
Sale is held every two years on all property on which two or more years’ taxes are delinquent. The sale price of the unpaid taxes is the amount bid at such sale, which may be less than the amount of delinquent taxes. Redemption periods vary from six months to two and a half years depending upon the type and occupancy of the property. Truth in Taxation Law
Legislation known as the Truth in Taxation Law (the “Law”) limits the aggregate amount of certain taxes which can be levied by, and extended for, a taxing district to 105% of the amount of taxes extended in the preceding year unless specified notice, hearing and certification requirements are met by the taxing body. The express purpose of the Law is to require published disclosure of, and hearing upon, an intention to adopt a levy in excess of the specified levels. The provisions of the Law do not apply to levies made to pay principal of and interest on the Bonds. The Village covenanted in the Bond Ordinance that it will not take any action or fail to take any action which would adversely affect the ability of the Village to levy and collect the taxes levied by the Village for payment of principal of and interest on the Bonds, other than as described under “THE BONDS – Abatement of Pledged Taxes” herein. The Village also covenanted that it and its officers will comply with all present and future laws concerning the levy, extension and collection of such taxes levied by the Village, collected and deposited as provided in the Bond Ordinance.
FINANCIAL INFORMATION No Consent or Updated Information Requested of the Auditor
The tables contained in this “FINANCIAL INFORMATION” section (the “Excerpted Financial Information”) and in APPENDIX A are from the audited financial statements of the Village, including the audited financial statements for the ten months ended December 31, 2020 (the “2020 Audit”) which was approved by formal action of the Board and attached to this Official Statement as APPENDIX A. The Village has not requested the Auditor to update information contained in the Excerpted Financial Information or the 2020 Audit; nor has the Village requested that the Auditor consent to the use of the Excerpted Financial Information or the 2020 Audit in this Official Statement. Other than as expressly set forth in this Official Statement, the financial information contained in the Excerpted Financial Information and the 2020 Audit has not been updated since the date of the 2020 Audit. The inclusion of the Excerpted Financial Information and the 2020 Audit in this Official Statement in and of itself is not intended to demonstrate the fiscal condition of the Village since the date of the 2020 Audit. Questions or inquiries relating to financial information of the Village since the date of the 2020 Audit should be directed to the Village.
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Summary Financial Information
The following tables are summaries and do not purport to be the complete audits, copies of which are available upon request. See APPENDIX A for the Village’s Fiscal Year 2020 Audit.
Statement of Net Position Governmental Activities
Primary Government
Audited as of February 28/29 Audited as of 2016 2017 2018 2019 December 31, 2020 ASSETS: Cash and Investments ......................................................... $ 13,138,105 $ 14,225,029 $ 15,436,318 $ 10,471,368 $ 12,845,391 $ 12,831,148 Receivables, net: Property Taxes ................................................................... 9,075,400 10,063,992 8,276,775 9,886,292 10,486,908 12,905,975 Other Taxes ........................................................................ 864,175 926,984 701,971 676,870 714,512 741,005 Accounts ............................................................................. 233,385 257,589 444,922 112,038 212,030 285,654 Other................................................................................... 101,335 108,753 94,931 95,612 35,544 1,512,414 Internal Balances ................................................................. 1,699,131 1,768,108 0 1,822,453 1,855,895 1,855,895 Inventory/Prepaids ............................................................... 741,419 954,787 1,342,435 1,176,915 1,517,058 37,948 Due from Other Governments .............................................. 0 0 0 191,516 0 0 Net Pension Asset – IMRF ................................................... 0 0 0 0 0 1,094,625 Capital Assets Not Being Depreciated ................................. 44,925,494 44,777,470 45,656,660 44,889,219 44,723,570 44,819,365 Capital Assets Being Depreciated, Net of Depreciation ....... 34,556,369 38,145,394 46,075,477 38,943,216 37,963,238 38,492,974 Total Assets ....................................................................... $105,334,813 $111,228,106 $118,029,489 $108,265,499 $110,354,146 $114,577,003 DEFERRED OUTFLOWS OF RESOURCES ...................... $ 8,040,787 $ 2,742,298 $ 5,652,851 $ 6,607,863 $ 5,407,204 $ 3,164,527 Total Assets and Deferred Outflows of Resources ............. $113,375,600 $113,970,404 $123,682,340 $114,873,362 $115,761,350 $117,741,530 LIABILITIES: Accounts Payable and Accrued Liabilities ............................ $ 2,277,770 $ 2,676,772 $ 2,115,047 $ 2,435,314 $ 2,260,095 $ 3,106,375 Accrued Interest Payable ..................................................... 148,803 129,420 107,176 88,626 114,068 53,081 Unearned/Deferred Revenue ............................................... 41,420 160,557 426,001 156,212 90,800 32,935 Compensated Absences Payable ........................................ 1,170,780 1,167,814 730,469 626,621 574,282 130,976 Net Pension Liabilities .......................................................... 28,809,275 26,419,501 23,767,571 29,433,471 29,725,477 24,876,620 Net OPEB Payable .............................................................. 292,273 319,783 2,147,624 1,737,445 1,479,457 1,476,302 General Obligation Bonds Payable: Due Within One Year .......................................................... 1,090,000 1,580,000 1,800,335 1,335,000 1,492,863 1,430,000 Due In More Than One Year ............................................... 15,870,000 19,290,000 19,871,843 16,300,000 16,585,769 15,238,973 Total Liabilities ................................................................... $ 49,700,321 $ 51,743,847 $ 50,966,066 $ 52,112,689 $ 52,322,811 $ 46,345,262 DEFERRED INFLOWS OF RESOURCES .......................... $ 12,176,488 $ 15,810,010 $ 19,814,877 $ 15,326,049 $ 16,130,043 $ 19,250,950 Total Liabilities and Deferred Inflows of Resources ............ $ 61,876,809 $ 67,553,857 $ 70,780,943 $ 67,438,738 $ 68,452,854 $ 65,596,212 NET POSITION: Invested in Capital Assets, Net of Related Debt ................... $ 66,981,463 $ 66,573,437 $ 71,407,259 $ 66,848,456 $ 66,333,858 $ 66,841,458 Restricted ............................................................................ 5,834,505 1,552,771 576,161 897,121 1,413,180 1,975,668 Unrestricted ......................................................................... (21,317,177) (21,709,661) (19,082,023) (20,310,953) (20,438,542) (16,671,808) TOTAL NET POSITION ..................................................... $ 51,498,791 $ 46,416,547 $ 52,901,397 $ 47,434,624 $ 47,308,496 $ 52,145,318
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Statement of Activities Net (Expenses) Revenues and Changes in Net Position
Functions/Programs
Primary Government Audited Ten Months Ending Audited Year Ended February 28/29 December 31 2016 2017 2018 2019 2020 2020 GOVERNMENTAL ACTIVITIES(1): Administration and Finance ...................... $ (2,470,877) $ (2,277,144) $ (2,289,740) $ (2,868,752) $ (2,616,504) $ (2,188,829) Public Safety............................................. (11,307,855) (14,446,025) (6,080,024) (9,915,693) (10,049,547) (6,814,987) Public Works ............................................. (5,241,268) (4,827,946) (5,117,896) (5,468,562) (4,703,928) (2,908,237) Interest ..................................................... (404,956) (288,527) (504,506) (460,938) (453,772) (485,876) Total Governmental Activities ................. $(19,424,956) $(21,839,642) $(13,992,166) $(18,713,945) $(17,823,751) $(12,397,929) GENERAL REVENUES: Taxes: Property and Replacement ...................... $ 10,774,846 $ 10,957,369 $ 11,641,943 $ 11,986,779 $ 12,027,423 $ 12,336,050 Sales ....................................................... 2,107,088 2,156,524 2,171,536 2,132,872 2,293,372 1,830,001 Utility ........................................................ 1,041,829 971,617 936,102 949,683 845,278 655,071 Income ..................................................... 931,426 830,541 801,681 832,575 931,095 785,848 Other ....................................................... 608,894 684,205 497,813 488,883 219,735 170,354 Investment Income ................................... 52,795 68,710 76,548 287,001 415,184 219,645 Miscellaneous ........................................... 682,492 1,088,432 1,125,555 1,249,517 965,536 1,237,782 Total ....................................................... $ 16,199,370 $ 16,757,398 $ 17,251,178 $ 17,927,310 $ 17,697,623 $ 17,234,751 Change in Net Position ............................. $ (3,225,586) $ (5,082,244) $ 3,259,012 $ (786,635) $ (126,128) $ 4,836,822 Net Position, Beginning ............................ $ 59,654,001(2) $ 51,498,791(2) $ 44,962,247(2) $ 48,221,259 $ 47,434,624 $ 47,308,496 Net Position, Ending ................................. $ 56,428,415 $ 46,416,547 $ 48,221,259 $ 47,434,624 $ 47,308,496 $ 52,145,318 Notes: (1) Expenses less program revenues of Charges for Services Operating Grants and Capital Grants. (2) As restated.
General Fund Balance Sheet
Audited As of February 28/29 Audited as of 2016 2017 2018 2019 2020 December 31, 2020 ASSETS: Cash and Investments ....................................... $ 6,658,102 $ 7,175,282 $10,093,261 $ 9,102,913 $ 9,831,488 $10,804,501 Receivables: Property Taxes ................................................. 7,719,130 8,257,222 6,748,569 8,334,410 8,764,828 10,779,587 Other Taxes ...................................................... 845,011 861,313 684,875 659,657 687,670 712,048 Accounts ........................................................... 126,699 137,799 177,884 112,038 212,030 285,654 Other ................................................................ 100,242 108,088 94,931 95,612 35,544 1,508,931 Due from Other Funds ....................................... 1,912,944 182,370 381,783 191,516 203,157 0 Advances to Other Funds .................................. 0 1,768,108 1,778,385 1,822,453 1,855,895 1,855,895 Prepaids ............................................................ 629,479 820,181 1,101,081 1,161,654 1,509,560 14,398 Inventory ............................................................ 8,789 3,404 10,467 15,261 7,498 23,550 Total Assets ..................................................... $18,000,396 $19,313,767 $21,071,236 $21,495,514 $23,107,670 $25,984,564 LIABILITIES: Accounts Payable and Accrued Liabilities ......... $ 1,987,330 $ 1,903,388 $ 2,351,817 $ 2,410,833 $ 2,462,322 $ 2,728,155 Other Payables .................................................. 33,980 153,117 200,382 156,212 90,800 32,935 Unearned/Deferred Revenues ........................... 9,479,248 9,670,777 9,838,741 9,920,546 10,387,900 10,779,554 Total Liabilities ................................................. $11,500,558 $11,727,282 $12,390,940 $12,487,591 $12,941,022 $13,540,644 FUND BALANCES: Nonspendable .................................................. $ 2,336,803 $ 2,591,693 $ 2,889,933 $ 2,999,368 $ 3,372,953 $ 1,893,843 Restricted ......................................................... 177,857 237,214 266,832 354,405 509,801 525,010 Unreserved ....................................................... 3,985,178 4,757,578 5,523,531 5,654,150 6,283,894 10,025,067 Total Fund Balance .......................................... $ 6,499,838 $ 7,586,485 $ 8,680,296 $ 9,007,923 $10,166,648 $12,443,920 Total Liabilities and Fund Balance .................. $18,000,396 $19,313,767 $21,071,236 $21,495,514 $23,107,670 $25,984,564
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General Fund Statement of Revenues and Expenditures
Audited Ten Months Ending Audited Year Ending February 28/29 December 31 2016 2017 2018 2019 2020 2020 REVENUES: Property Taxes .................................................. $ 9,027,429 $ 9,201,105 $ 9,407,179 $ 9,657,375 $ 9,987,662 $10,182,130 Other Taxes ....................................................... 4,453,873 4,334,689 4,322,685 4,282,394 4,468,890 3,588,418 Licenses, Permits and Fees .............................. 1,744,673 1,452,504 1,863,457 1,839,173 1,942,362 1,676,689 Charges for Services ......................................... 628,508 642,092 712,147 567,222 1,050,876 1,109,764 Fines and Forfeits .............................................. 126,112 124,997 100,926 132,513 158,025 53,881 Interest .............................................................. 23,768 43,133 74,953 213,455 352,669 202,732 Miscellaneous .................................................... 655,584 636,003 1,080,823 1,249,517 965,536 1,046,155 Total Revenues ............................................... $16,659,947 $16,434,523 $17,562,170 $17,941,649 $18,926,020 $17,859,769 EXPENDITURES: Administration and Finance ............................... $ 2,193,602 $ 2,199,946 $ 2,579,778 $ 2,935,230 $ 3,029,989 $ 2,564,446 Public Safety...................................................... 8,178,926 8,181,559 8,373,089 8,554,329 8,565,765 7,779,060 Public Works ...................................................... 4,518,262 4,529,779 4,616,106 5,438,961 5,154,777 4,213,897 Capital Outlay .................................................... 232,057 452,092 1,367,874 772,802 1,017,664 1,025,094 Total Expenditures ........................................... $15,122,847 $15,363,376 $16,936,847 $17,701,322 $17,768,195 $15,582,497 Excess (Deficiency) of Revenues Over Expenditures ............................................ $ 1,537,100 $ 1,071,147 $ 625,323 $ 240,327 $ 1,157,825 $ 2,277,272 Other Financing Sources (Uses): Transfers In (Out), net ....................................... $ (433,369) $ 15,500 $ 468,488 $ 87,300 $ 0 $ 0 Disposal of Capital Assets ................................. 0 0 0 0 900 0 Total Other Financing Sources (uses) ............. $ (433,369) $ 15,500 $ 468,488 $ 87,300 $ 900 $ 0 Net Change in Fund Balance............................. $ 1,103,731 $ 1,086,647 $ 1,093,811 $ 327,627 $ 1,158,725 $ 2,277,272 Beginning Fund Balance ................................... 5,396,107 6,499,838 7,586,485 8,680,296 9,007,923 10,166,648 Ending Fund Balance ........................................ $ 6,499,838 $ 7,586,485 $ 8,680,296 $ 9,007,923 $10,166,648 $12,443,920 Note: (1) As restated.
General Fund Budget Results
(Includes Subfunds) Fiscal Year 12/31/21 Budget
REVENUES: Property Tax ................................................................................ $10,773,926 Replacement Tax ........................................................................ 102,755 Sales Tax .................................................................................... 1,524,275 Income Taxes .............................................................................. 854,855 Other Taxes ................................................................................ 1,518,750 Licenses, Permits & Fees ............................................................ 1,791,135 Interest Income ........................................................................... 145,000 Fines ......................................................................................... 133,974 Charges for Service..................................................................... 1,137,117 Miscellaneous ............................................................................. 777,096 TOTAL REVENUES .................................................................... $18,758,883 OTHER FINANCING SOURCES: Transfers In ................................................................................. $ 385,660 EXPENDITURES: Administration and Finance ......................................................... 3,344,041 Public Safety ............................................................................... 9,669,632 Public Works ............................................................................... 5,503,016 Capital Outlay .............................................................................. 2,309,952 TOTAL EXPENDITURES ............................................................ $20,826,641 OTHER FINANCING SOURCES: Transfers Out .............................................................................. $ 260,000 Revenues over (under) Expenditures ............................................................................. $ (1,942,098) Note: (1) Source: The Village.
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EMPLOYEE RETIREMENT AND OTHER POSTEMPLOYMENT BENEFITS OBLIGATIONS
See APPENDIX D herein for a discussion of the Village’s employee retirement and other postemployment benefits obligations.
REGISTRATION, TRANSFER AND EXCHANGE
See also APPENDIX B for information on registration, transfer and exchange of book-entry bonds. The Bonds will be initially issued as book-entry bonds.
The Village shall cause books (the “Bond Register”) for the registration and for the transfer of the Bonds to be kept at the principal corporate trust office of the Bond Registrar in Chicago, Illinois. The Village will authorize to be prepared, and the Bond Registrar shall keep custody of, multiple bond blanks executed by the Village for use in the transfer and exchange of Bonds.
Any Bond may be transferred or exchanged, but only in the manner, subject to the limitations, and upon payment of the charges as set forth in the Bond Ordinance. Upon surrender for transfer or exchange of any Bond at the principal corporate trust office of the Bond Registrar, duly endorsed by, or accompanied by a written instrument or instruments of transfer in form satisfactory to the Bond Registrar and duly executed by the registered owner or such owner’s attorney duly authorized in writing, the Village shall execute and the Bond Registrar shall authenticate, date and deliver in the name of the registered owner, transferee or transferees (as the case may be) a new fully registered Bond or Bonds of the same maturity and interest rate of authorized denominations, for a like aggregate principal amount.
The execution by the Village of any fully registered Bond shall constitute full and due authorization of such Bond, and the Bond Registrar shall thereby be authorized to authenticate, date and deliver such Bond, provided, however, the principal amount of outstanding Bonds of each maturity authenticated by the Bond Registrar shall not exceed the authorized principal amount of Bonds for such maturity less Bonds previously paid. The Bond Registrar shall not be required to transfer or exchange any Bond beginning at the close of business on the first day of the month in which an interest payment date occurs on such Bond. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of the principal of or interest on any Bonds shall be made only to or upon the order of the registered owner thereof or such owner’s legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid.
No service charge shall be made for any transfer or exchange of Bonds, but the Village or the Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds, except in the case of the issuance of a Bond or Bonds for the unredeemed portion of a bond surrendered for redemption.
TAX EXEMPTION
Federal tax law contains a number of requirements and restrictions which apply to the Bonds, including investment restrictions, periodic payments of arbitrage profits to the United States, requirements regarding the proper use of bond proceeds and the facilities financed therewith, and certain other matters. The Village has covenanted to comply with all requirements that must be satisfied in order for the interest on the Bonds to be excludable from gross income for federal income tax purposes. Failure to comply with certain of such covenants could cause interest on the Bonds to become includible in gross income for federal income tax purposes retroactively to the date of issuance of the Bonds.
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Subject to the Village’s compliance with the above-referenced covenants, under present law, in the opinion of Bond Counsel, interest on the Bonds is excludable from the 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 under the Internal Revenue Code of 1986, as amended (the “Code”).
In rendering its opinion, Bond Counsel will rely upon certifications of the Village with respect to certain material
facts within the Village’s knowledge. Bond Counsel’s opinion represents its legal judgment based upon its review of the law and the facts that it deems relevant to render such opinion and is not a guarantee of a result.
Ownership of the Bonds may result in collateral federal income tax consequences to certain taxpayers, including,
without limitation, corporations subject to the branch profits tax, financial institutions, certain insurance companies, certain S corporations, individual recipients of Social Security or Railroad Retirement benefits and taxpayers who may be deemed to have incurred (or continued) indebtedness to purchase or carry tax-exempt obligations. Prospective purchasers of the Bonds should consult their tax advisors as to applicability of any such collateral consequences.
The issue price for original issue discount (as further discussed below) and market discount purposes (the “OID
Issue Price”) for each maturity of the Bonds is the price at which a substantial amount of such maturity of the Bonds is first sold to the public (excluding bond houses and brokers and similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers). The OID Issue Price of a maturity of the Bonds may be different from the prices set forth, or the prices corresponding to the yields set forth, on the cover page hereof.
If the OID Issue Price of a maturity of the Bonds is less than the principal amount payable at maturity, the
difference between the OID Issue Price of each such maturity, if any, of the Bonds (the “OID Bonds”) and the principal amount payable at maturity is original issue discount.
For an investor who purchases an OID Bond in the initial public offering at the OID Issue Price for such maturity
and who holds such OID Bond to its stated maturity, subject to the condition that the Village complies with the covenants discussed above, (a) the full amount of original issue discount with respect to such OID Bond constitutes interest which is excludable from the gross income of the owner thereof for federal income tax purposes; (b) such owner will not realize taxable capital gain or market discount upon payment of such OID Bond at its stated maturity; (c) such original issue discount is not included as an item of tax preference in computing the alternative minimum tax for individuals and corporations under the Code; and (d) the accretion of original issue discount in each year may result in certain collateral federal income tax consequences in each year even though a corresponding cash payment may not be received until a later year. Based upon the stated position of the Department under State income tax law, accreted original issue discount on such OID Bonds is subject to taxation as it accretes, even though there may not be a corresponding cash payment until a later year. Owners of OID Bonds should consult their own tax advisors with respect to the state and local tax consequences of original issue discount on such OID Bonds.
Owners of Bonds who dispose of Bonds prior to the stated maturity (whether by sale, redemption or otherwise),
purchase Bonds in the initial public offering, but at a price different from the OID Issue Price or purchase Bonds subsequent to the initial public offering should consult their own tax advisors.
If a Bond is purchased at any time for a price that is less than the Bond’s stated redemption price at maturity or, in
the case of an OID Bond, its OID Issue Price plus accreted original issue discount (the “Revised Issue Price”), the purchaser will be treated as having purchased a Bond with market discount subject to the market discount rules of the Code (unless a statutory de minimis rule applies). Accrued market discount is treated as taxable ordinary income and is recognized when a Bond is disposed of (to the extent such accrued discount does not exceed gain realized) or, at the purchaser’s election, as it accrues. Such treatment would apply to any purchaser who purchases an OID Bond for a price that is less than its Revised Issue Price. The applicability of the market discount rules may adversely affect the liquidity or secondary market price of such Bond. Purchasers should consult their own tax advisors regarding the potential implications of market discount with respect to the Bonds.
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An investor may purchase a Bond at a price in excess of its stated principal amount. Such excess is characterized
for federal income tax purposes as “bond premium” and must be amortized by an investor on a constant yield basis over the remaining term of the Bond in a manner that takes into account potential call dates and call prices. An investor cannot deduct amortized bond premium relating to a tax-exempt bond. The amortized bond premium is treated as a reduction in the tax-exempt interest received. As bond premium is amortized, it reduces the investor’s basis in the Bond. Investors who purchase a Bond at a premium should consult their own tax advisors regarding the amortization of bond premium and its effect on the Bond’s basis for purposes of computing gain or loss in connection with the sale, exchange, redemption or early retirement of the Bond.
There are or may be pending in Congress legislative proposals, including some that carry retroactive effective
dates, that, if enacted, could alter or amend the federal tax matters referred to above or affect the market value of the Bonds. It cannot be predicted whether or in what form any such proposal might be enacted or whether, if enacted, it would apply to bonds issued prior to enactment. Prospective purchasers of the Bonds should consult their own tax advisors regarding any pending or proposed federal tax legislation. Bond Counsel expresses no opinion regarding any pending or proposed federal tax legislation.
The Service has an ongoing program of auditing tax-exempt obligations to determine whether, in the view of the
Service, interest on such tax-exempt obligations is includible in the gross income of the owners thereof for federal income tax purposes. It cannot be predicted whether or not the Service will commence an audit of the Bonds. If an audit is commenced, under current procedures the Service may treat the Village as a taxpayer and the Bondholders may have no right to participate in such procedure. The commencement of an audit could adversely affect the market value and liquidity of the Bonds until the audit is concluded, regardless of the ultimate outcome.
Payments of interest on, and proceeds of the sale, redemption or maturity of, tax-exempt obligations, including
the Bonds, are in certain cases required to be reported to the Service. Additionally, backup withholding may apply to any such payments to any Bond owner who fails to provide an accurate Form W-9 Request for Taxpayer Identification Number and Certification, or a substantially identical form, or to any Bond owner who is notified by the Service of a failure to report any interest or dividends required to be shown on federal income tax returns. The reporting and backup withholding requirements do not affect the excludability of such interest from gross income for federal tax purposes.
Interest on the Bonds is not exempt from present State income taxes. Ownership of the Bonds may result in other
state and local tax consequences to certain taxpayers. Bond Counsel expresses no opinion regarding any such collateral consequences arising with respect to the Bonds. Prospective purchasers of the Bonds should consult their tax advisors regarding the applicability of any such state and local taxes.
QUALIFIED TAX-EXEMPT OBLIGATIONS Subject to the Village’s compliance with certain covenants, in the opinion of Bond Counsel, the Bonds are
“qualified tax-exempt obligations” under the small issuer exception provided under Section 265(b)(3) of the Code, which affords banks and certain other financial institutions more favorable treatment of their deduction for interest expense than would otherwise be allowed under Section 265(b)(2) of the Code.
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CONTINUING DISCLOSURE
The Village will enter into a Continuing Disclosure Undertaking (the “Undertaking”) for the benefit of the
beneficial owners of the Bonds to send certain information annually and to provide notice of certain events to the Municipal Securities Rulemaking Board (the “MSRB”) pursuant to the requirements of the Rule. No person, other than the Village, has undertaken, or is otherwise expected, to provide continuing disclosure with respect to the Bonds. The information to be provided on an annual basis, the events which will be noticed on an occurrence basis and a summary of other terms of the Undertaking, including termination, amendment and remedies, are set forth below under “THE UNDERTAKING”.
The Village has adopted disclosure policies and procedures, which specifically include additional procedures to be followed by the Village in relation to the two new reportable events added to the list of reportable events for which the Village must provide notice to the EMMA website.
A failure by the Village to comply with the Undertaking will not constitute a default under the Bond Ordinance and beneficial owners of the Bonds are limited to the remedies described in the Undertaking. The Village must report any failure to comply with the Undertaking in accordance with the Rule. Any broker, dealer or municipal securities dealer must consider such report before recommending the purchase or sale of the Bonds in the secondary market. Consequently, such a failure may adversely affect the transferability and liquidity of the Bonds and their market price.
THE UNDERTAKING
The following is a brief summary of certain provisions of the Undertaking of the Village and does not purport to be complete. The statements made under this caption are subject to the detailed provisions of the Undertaking, a copy of which is available upon request from the Village.
Annual Financial Information Disclosure
The Village covenants that it will disseminate its Annual Financial Information and its Audited Financial Statements, if any (as described below) to the MSRB in such manner and format and accompanied by identifying information as is prescribed by the MSRB or the Commission at the time of delivery of such information. At present, such dissemination is made through the MSRB’s Electronic Municipal Market Access system, referred to as EMMA (“EMMA”). The Village is required to deliver such information within 210 days after the last day of the Village’s fiscal year (currently December), beginning with the fiscal year ended December 31, 2020. If Audited Financial Statements are not available when the Annual Financial Information is filed, the Village will submit Audited Financial Statements to EMMA within 30 days after availability to the Village. MSRB Rule G 32 requires all EMMA filings to be in word-searchable PDF format. This requirement extends to all documents to be filed with EMMA, including financial statements and other externally prepared reports.
“Annual Financial Information” means:
1. All of the tables under the heading “PROPERTY ASSESSMENT AND TAX
INFORMATION” within this Official Statement; 2. All of the tables under the heading “DEBT INFORMATION” within this Official Statement;
and 3. All of the tables under the heading “FINANCIAL INFORMATION” (Excluding Budget and
Financial Information General Fund) within this Official Statement.
“Audited Financial Statements” means financial statements of the Village as audited annually by independent certified public accountants. Audited Financial Statements are expected to continue to be prepared according to Generally Accepted Accounting Principles as applicable to governmental units (i.e., as subject to the pronouncements of the Governmental Accounting Standards Board and subject to any express requirements of State law).
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Reportable Events Disclosure
The Village covenants that it will disseminate in a timely manner (not in excess of ten business days after the occurrence of the Reportable Event) Reportable Events Disclosure to the MSRB in such manner and format and accompanied by identifying information as is prescribed by the MSRB or the Commission at the time of delivery of such information. MSRB Rule G-32 requires all EMMA filings to be in word-searchable PDF format. This requirement extends to all documents to be filed with EMMA, including financial statements and other externally prepared reports. The “Events” are:
1. Principal and interest payment delinquencies 2. Non-payment related defaults, if material 3. Unscheduled draws on debt service reserves reflecting financial difficulties 4. Unscheduled draws on credit enhancements reflecting financial difficulties 5. Substitution of credit or liquidity providers, or their failure to perform 6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final
determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the security, or other material events affecting the tax status of the security
7. Modifications to the rights of security holders, if material 8. Bond calls, if material, and tender offers 9. Defeasances 10. Release, substitution or sale of property securing repayment of the securities, if material 11. Rating changes 12. Bankruptcy, insolvency, receivership or similar event of the Village* 13. The consummation of a merger, consolidation, or acquisition involving the Village or the sale of
all or substantially all of the assets of the Village, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material
14. Appointment of a successor or additional trustee or the change of name of a trustee, if material 15. The incurrence of a Financial Obligation** of the Village, if material, or agreement to covenants,
events of default, remedies, priority rights, or other similar terms of a Financial Obligation of the Village, any of which affect security holders, if material
16. A default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation of the Village, any of which reflect financial difficulties
Consequences of Failure of the Village to Provide Information
The Village shall give notice in a timely manner to the MSRB of any failure to provide disclosure of Annual Financial Information and Audited Financial Statements when the same are due under the Undertaking.
In the event of a failure of the Village to comply with any provision of the Undertaking, the beneficial owner of any Bond may seek mandamus or specific performance by court order, to cause the Village to comply with its obligations under the Undertaking. A default under the Undertaking shall not be deemed a default under the Bond Ordinance, and the sole remedy under the Undertaking in the event of any failure of the Village to comply with the Undertaking shall be an action to compel performance. * This event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the Village in a proceeding under the U.S. Bankruptcy
Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Village, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Village.
** “Financial Obligation” means a (i) debt obligation, (ii) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned
debt obligation, or (iii) guarantee of (i) or (ii), provided, that such term does not include municipal securities as to which a final official statement has been provided to the MSRB consistent with the Rule.
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Amendment; Waiver
Notwithstanding any other provision of the Undertaking, the Village by resolution or ordinance authorizing such amendment or waiver, may amend the Undertaking, and any provision of the Undertaking may be waived, if:
(a) (i) The amendment or the waiver is made in connection with a change in circumstances that arises from a change in legal requirements, including, without limitation, pursuant to a “no-action” letter issued by the Commission, a change in law, or a change in the identity, nature, or status of the Village, or type of business conducted; or
(ii) The Undertaking, as amended, or the provision, as waived, would have complied with the requirements of the Rule at the time of the primary offering, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and (b) The amendment or waiver does not materially impair the interests of the beneficial owners of the Bonds, as determined by parties unaffiliated with the Village (such as Bond Counsel).
In the event that the Commission or the MSRB or other regulatory authority approves or requires Annual
Financial Information or notices of a Reportable Event to be filed with a central post office, governmental agency or similar entity other than the MSRB or in lieu of the MSRB, the Village shall, if required, make such dissemination to such central post office, governmental agency or similar entity without the necessity of amending the Undertaking. Termination of Undertaking
The Undertaking shall be terminated if the Village shall no longer have any legal liability for any obligation on or relating to repayment of the Bonds under the Bond Ordinance. The Village shall give notice to the MSRB in a timely manner if this paragraph is applicable. Future Changes to the Rule
Notwithstanding anything in the Undertaking to the contrary, in the event the Commission, the MSRB or other regulatory authority approves or requires changes to the requirements of the Rule, the Village is permitted, but is not be required, to unilaterally modify the covenants in the Undertaking, without complying with the requirements described in “—Termination of Undertaking” above, in order to comply with, or conform to, such changes. In the event of any such modification of the Undertaking, the Village will file a copy of the Undertaking, as revised, on EMMA in a timely manner. Additional Information
Nothing in the Undertaking shall be deemed to prevent the Village from disseminating any other information, using the means of dissemination set forth in the Undertaking or any other means of communication, or including any other information in any Annual Financial Information or Audited Financial Statements or notice of occurrence of a Reportable Event, in addition to that which is required by the Undertaking. If the Village chooses to include any information from any document or notice of occurrence of a Reportable Event in addition to that which is specifically required by the Undertaking, the Village shall have no obligation under the Undertaking to update such information or include it in any future disclosure or notice of occurrence of a Reportable Event.
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Dissemination of Information; Dissemination Agent
When filings are required to be made with the MSRB in accordance with the Undertaking, such filings are required to be made through EMMA for municipal securities disclosure or through any other electronic format or system prescribed by the MSRB for purposes of the Rule.
The Village may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under the Undertaking, and may discharge any such Agent, with or without appointing a successor Dissemination Agent.
OPTIONAL REDEMPTION
The Bonds due December 15, 2022-2030, inclusive, are not subject to optional redemption. The Bonds due December 15, 2031-2040, inclusive, are callable in whole or in part on any date on or after December 15, 2030, 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.
The Bond Registrar will give notice of redemption, identifying the Bonds (or portions thereof) to be redeemed, by mailing a copy of the redemption notice by first class mail not less than thirty (30) days nor more than sixty (60) days prior to the date fixed for redemption to the registered owner of each Bond (or portion thereof) to be redeemed at the address shown on the registration books maintained by the Bond Registrar. Unless moneys sufficient to pay the redemption price of the Bonds to be redeemed are received by the Bond Registrar prior to the giving of such notice of redemption, such notice may, at the option of the Village, state that said redemption will be conditional upon the receipt of such moneys by the Bond Registrar on or prior to the date fixed for redemption. If such moneys are not received, such notice will be of no force and effect, the Village will not redeem such Bonds, and the Bond Registrar will give notice, in the same manner in which the notice of redemption has been given, that such moneys were not so received and that such Bonds will not be redeemed. Otherwise, prior to any redemption date, the Village will deposit with the Bond Registrar an amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds which are to be redeemed on the date.
Subject to the provisions for a conditional redemption described above, notice of redemption having been given as described above and in the Bond Ordinance, and notwithstanding failure to receive such notice, the Bonds or portions of Bonds so to be redeemed will, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the Village shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds will be paid by the Bond Registrar at the redemption price.
LITIGATION
There is no litigation of any nature now pending or threatened restraining or enjoining the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting the validity of the Bonds or any proceedings of the Village taken with respect to the issuance or sale thereof. There is no litigation now pending, or to the knowledge of the Village, threatened against the Village that is expected to materially impact the financial condition of the Village.
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CERTAIN LEGAL MATTERS
Certain legal matters incident to the authorization, issuance and sale of the Bonds are subject to the approving legal opinion of Chapman and Cutler LLP, Chicago, Illinois, as Bond Counsel (the “Bond Counsel”), who has been retained by, and acts as, Bond Counsel to the Village. Bond Counsel has not been retained or consulted on disclosure matters and has not undertaken to review or verify the accuracy, completeness or sufficiency of this Official Statement or other offering material relating to the Bonds and assumes no responsibility for the statements or information contained in or incorporated by reference in this Official Statement, except that in its capacity as Bond Counsel, Chapman and Cutler LLP has, at the request of the Village, reviewed only those portions of this Official Statement involving the description of the Bonds, the security for the Bonds (excluding forecasts, projections, estimates or any other financial or economic information in connection therewith), the description of the federal tax exemption of the interest on the Bonds and the “bank-qualified” status of the Bonds, if any. This review was undertaken solely at the request and for the benefit of the Village and did not include any obligation to establish or confirm factual matters set forth herein.
OFFICIAL STATEMENT AUTHORIZATION
This Official Statement has been authorized for distribution to prospective purchasers of the Bonds. All statements, information, and statistics herein are believed to be correct but are not guaranteed by the consultants or by the Village, and all expressions of opinion, whether or not so stated, are intended only as such.
INVESTMENT RATING The Bonds have been rated “AAA (Stable Outlook)” by S&P Global Ratings, a business unit of Standard &
Poor’s Financial Services LLC. The Village has supplied certain information and material concerning the Bonds and the Village to the rating service shown on the cover page, including certain information and materials which may not have been included in this Official Statement, as part of its application for an investment rating on the Bonds. A rating reflects only the views of the rating agency assigning such rating and an explanation of the significance of such rating may be obtained from such rating agency. Generally, such rating service bases its rating on such information and material, and also on such investigations, studies and assumptions that it may undertake independently. There is no assurance that such rating will continue for any given period of time or that it may not be lowered or withdrawn entirely by such rating service if, in its judgment, circumstances so warrant. Any such downward change in or withdrawal of such rating may have an adverse effect on the secondary market price of the Bonds. Except as may be required by the Undertaking described under the heading “CONTINUING DISCLOSURE”, the form of which is attached hereto as APPENDIX D, neither the Village nor the Underwriter undertakes responsibility to bring to the attention of the owners of the Bonds any proposed change in or withdrawal of the rating or to oppose any such revision or withdrawal. An explanation of the significance of the investment rating may be obtained from the rating agency: S&P Global Ratings, 55 Water Street, New York, New York 10041, telephone 212-438-2000. The Village will provide appropriate periodic credit information to the rating service to maintain a rating on the Bonds.
UNDERWRITING
The Bonds were offered for sale by the Village at a public, competitive sale on June 17, 2021. The best bid submitted at the sale was submitted by _________ (the “Underwriter”). The Village awarded the contract for sale of the Bonds to the Underwriter at a price of $_________ (reflecting the par amount of $___________, plus a reoffering premium of $___________, and less an Underwriter’s discount of $____________). The Underwriter has represented to the Village that the Bonds have been subsequently re-offered to the public initially at the prices or yields set forth in the Final Official Statement.
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MUNICIPAL ADVISOR
The Village has engaged Speer Financial, Inc. as municipal advisor (the “Municipal Advisor”) in connection with the issuance and sale of the Bonds. The Municipal Advisor is a Registered Municipal Advisor in accordance with the rules of the MSRB. The Municipal Advisor will not participate in the underwriting of the Bonds. The financial information included in this Official Statement has been compiled by the Municipal Advisor. Such information does not purport to be a review, audit or certified forecast of future events and may not conform with accounting principles applicable to compilations of financial information. The Municipal Advisor is not a firm of certified public accountants and does not serve in that capacity or provide accounting services in connection with the Bonds. The Municipal Advisor is not obligated to undertake any independent verification of or to assume any responsibility for the accuracy, completeness or fairness of the information contained in this Official Statement, nor is the Municipal Advisor obligated by the Village’s continuing disclosure undertaking.
CERTIFICATION I have examined this Official Statement dated June 7, 2021 for the $7,000,000* General Obligation Bonds, Series 2021, believe it to be true and correct and will provide to the purchaser of the Bonds at the time of delivery a certificate confirming to the purchaser that to the best of my knowledge and belief information in the Official Statement was at the time of acceptance of the bid for the Bonds and, including any addenda thereto, was at the time of delivery of the Bonds true and correct in all material respects and does not include any untrue statement of a material fact, nor does it omit the statement of any material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. /s/ NIKKI LARSON Finance Director VILLAGE OF GLENCOE Cook County, Illinois *Subject to change.
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APPENDIX A
VILLAGE OF GLENCOE COOK COUNTY, ILLINOIS
STUB YEAR 2020 AUDITED FINANCIAL STATEMENTS
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this
pu
rpo
se.
Bec
ause
th
e co
st o
f in
tern
al c
on
tro
ls s
ho
uld
no
t ex
ceed
th
e b
ene
fits
to
be
de
rive
d, t
he
ob
ject
ive
is t
o p
rovi
de
reas
on
able
, rat
her
th
an a
bso
lute
ass
ura
nce
, th
at t
he
fin
anci
al s
tate
men
ts a
re f
ree
of
any
mat
eria
l
mis
stat
emen
ts. T
he
Vill
age
of
Gle
nco
e’s
fin
anci
al s
tate
men
ts h
ave
bee
n a
ud
ited
by
Lau
terb
ach
& A
men
, LLP
, a
firm
of
licen
sed
ce
rtif
ied
pu
blic
acc
ou
nta
nts
. Lau
terb
ach
& A
men
, LLP
, has
issu
ed a
n u
nm
od
ifie
d (
“cle
an”)
op
inio
n o
n t
he
Vill
age
of
Gle
nco
e’s
fin
anci
al s
tate
men
ts f
or
the
te
n m
on
ths
en
ded
De
cem
be
r 3
1, 2
02
0. T
he
aud
ito
r’s
rep
ort
is p
rese
nte
d a
s th
e f
irst
co
mp
on
en
t o
f th
e fi
nan
cial
sec
tio
n o
f th
is r
epo
rt.
A n
arra
tive
intr
od
uct
ion
, ove
rvie
w, a
nd
an
alys
is a
cco
mp
any
the
bas
ic f
inan
cial
sta
tem
en
ts in
th
e fo
rm o
f th
e
Man
agem
en
t’s
Dis
cuss
ion
an
d A
nal
ysis
(M
D&
A).
Th
e t
ran
smit
tal l
ett
er is
de
sign
ed t
o c
om
ple
men
t th
e M
D&
A
and
sh
ou
ld b
e re
ad in
co
nju
nct
ion
wit
h it
. Th
e V
illag
e o
f G
len
coe
’s M
D&
A c
an b
e f
ou
nd
imm
ed
iate
ly f
ollo
win
g
the
re
po
rt o
f th
e in
de
pe
nd
en
t au
dit
ors
an
d w
ill p
rovi
de
fu
rth
er
info
rmat
ion
re
gard
ing
the
fo
rmat
an
d c
on
ten
t o
f
this
rep
ort
.
Villa
ge P
rofil
e
The
Vill
age
of
Gle
nco
e, in
corp
ora
ted
on
Mar
ch 2
9, 1
86
9, i
s lo
cate
d o
n t
he
sh
ore
of
Lake
Mic
hig
an a
nd
its
acce
ssib
ility
to
Ch
icag
o h
as a
ttra
cted
an
eco
no
mic
ally
sta
ble
, mai
nly
pro
fess
ion
al r
esid
en
tial
po
pu
lati
on
. Vill
age
pe
r ca
pit
a in
com
e a
nd
me
dia
n f
amily
inco
me
fig
ure
s ar
e a
mo
ng
the
hig
hes
t in
th
e co
un
try.
Th
e V
illag
e is
virt
ual
ly f
ully
dev
elo
ped
an
d it
s ta
x b
ase,
wh
ich
is p
rim
arily
co
mp
rise
d o
f h
igh
ly v
alu
ed r
esid
enti
al p
rop
ert
y,
rem
ain
s st
able
.
The
Vill
age
is g
ove
rned
by
a V
illag
e P
resi
den
t an
d s
ix t
rust
ees
elec
ted
at
larg
e fo
r st
agge
red
fo
ur-
year
te
rms.
Th
e
Vill
age
Bo
ard
ap
po
ints
th
e V
illag
e M
anag
er (
wh
o a
lso
ser
ves
as t
he
Vill
age
Cle
rk)
and
del
egat
es t
o t
he
Man
ager
the
ove
rsig
ht
auth
ori
ty f
or
all d
ay-t
o-d
ay o
pe
rati
on
s o
f th
e V
illag
e. T
he
Vill
age
Bo
ard
als
o a
pp
oin
ts t
he
Vill
age
Att
orn
ey a
nd
Tre
asu
rer,
am
on
g o
ther
po
siti
on
s se
t b
y sp
ecia
l ch
arte
r an
d t
he
mu
nic
ipal
co
de
.
The
Vill
age
pro
vid
es
a fu
ll ra
nge
of
serv
ices
. Th
ose
ser
vice
s in
clu
de
po
lice,
fir
e p
rote
ctio
n a
nd
em
erge
ncy
me
dic
al s
ervi
ces
(in
a c
on
solid
ated
, fu
lly c
ross
-tra
ined
Pu
blic
Saf
ety
De
par
tmen
t), m
ain
ten
ance
of
stre
ets
and
3
infr
astr
uct
ure
, th
e o
per
atio
n o
f w
ater
, sew
er a
nd
was
tew
ater
fac
iliti
es, p
lan
nin
g an
d z
on
ing,
co
de
enfo
rcem
ent,
as w
ell a
s fi
nan
cial
an
d g
ener
al a
dm
inis
trat
ive
serv
ices
. Th
e V
illag
e al
so o
per
ates
th
e G
len
coe
Go
lf C
lub
.
The
an
nu
al b
ud
get
is t
he
pri
mar
y gu
idan
ce d
ocu
me
nt
for
the
Vill
age’
s fi
nan
cial
pla
nn
ing.
In a
dd
itio
n, t
he
Vill
age
mai
nta
ins
bu
dge
tary
co
ntr
ols
. Th
e o
bje
ctiv
e o
f th
ese
bu
dge
tary
co
ntr
ols
is t
o e
nsu
re c
om
plia
nce
wit
h le
gal
pro
visi
on
s em
bo
die
d in
th
e an
nu
al b
ud
get
app
rove
d b
y th
e V
illag
e’s
gove
rnin
g b
od
y. A
ctiv
itie
s o
f th
e G
en
era
l
Fun
d, P
rop
riet
ary
Fun
ds,
Sp
eci
al R
even
ue
Fun
ds,
Deb
t Se
rvic
e Fu
nd
s, C
apit
al P
roje
cts
Fun
ds,
an
d P
olic
e a
nd
Fir
e
Pe
nsi
on
Fu
nd
s ar
e in
clu
de
d in
th
e a
nn
ual
bu
dge
t. T
he
leve
l of
bu
dge
tary
co
ntr
ol (
that
is, t
he
leve
l at
wh
ich
exp
en
dit
ure
s ca
nn
ot
lega
lly e
xce
ed
th
e a
pp
rop
riat
ed
am
ou
nt)
is e
stab
lish
ed a
t th
e in
div
idu
al f
un
d le
vel.
Loca
l Eco
nom
y
The
Vill
age
of
Gle
nco
e is
ded
icat
ed t
o m
eeti
ng
the
soci
al, c
ult
ura
l, ed
uca
tio
nal
, co
mm
erc
ial a
nd
ret
ail n
eed
s o
f
its
resi
den
ts a
nd
bu
sin
esse
s. T
he
Vill
age
is a
pp
roxi
mat
ely
3.8
6 s
qu
are
mile
s an
d is
co
mp
rise
d p
rim
arily
of
sin
gle
-
fam
ily r
esid
enti
al h
om
es. V
illag
e fi
nan
cial
op
era
tio
ns
be
nef
it f
rom
a r
eve
nu
e s
tre
am in
clu
din
g p
rop
ert
y ta
x,
uti
lity
tax,
an
d lo
cal s
ales
tax
, wh
ich
ser
ve a
s th
e la
rges
t so
urc
es o
f G
ener
al F
un
d r
even
ue
.
Ove
r th
e p
ast
year
, th
e n
ove
l co
ron
avir
us
(CO
VID
-19
) p
and
em
ic d
ram
atic
ally
re
shap
ed t
he
day
-to
-day
op
erat
ion
s o
f th
e V
illag
e an
d t
he
loca
l eco
no
my.
Th
e p
and
emic
fir
st b
egan
to
imp
act
Gle
nco
e in
Mar
ch 2
02
0,
on
ly w
eeks
aft
er t
he
Vill
age’
s St
ub
Ye
ar 2
02
0 b
ud
get
too
k e
ffec
t. S
tay
at h
om
e o
rde
rs is
sued
by
the
Go
vern
or
of
Illin
ois
an
d o
ther
eff
ort
s to
lim
it t
he
spre
ad o
f th
e v
iru
s im
med
iate
ly b
egan
to
neg
ativ
ely
imp
act
eco
no
mic
ally
sen
siti
ve r
eve
nu
es. U
nd
er t
he
guid
ance
of
the
Vill
age
Bo
ard
, sta
ff d
eve
lop
ed
a m
od
elin
g to
ol t
o m
on
ito
r th
e
Vill
age’
s fi
nan
ces
at t
he
sta
rt o
f th
e p
and
emic
to
acc
om
mo
dat
e ad
just
me
nts
as
nec
essa
ry. T
he
Vill
age
Bo
ard
too
k d
ecis
ive
acti
on
ear
ly o
n t
o li
mit
sp
en
din
g, e
nsu
re s
ervi
ce d
eliv
ery
and
pro
mo
te t
he
he
alth
an
d w
elfa
re o
f
the
co
mm
un
ity
and
org
aniz
atio
n.
The
use
of
this
info
rmat
ion
an
d p
roje
ctio
ns,
as
we
ll as
tru
ste
d g
uid
ance
do
cum
en
ts (
such
as
the
Vill
age’
s
fin
anci
al p
olic
ies)
, fin
anci
al p
lan
s an
d f
ore
cast
s (s
uch
as
ou
r 1
0-y
ear
Co
mm
un
ity
Imp
rove
me
nt
Pro
gram
) w
ere
crit
ical
ly im
po
rtan
t as
Stu
b Y
ear
20
20
un
fold
ed
. Ove
rall,
th
is a
ud
it r
efl
ects
th
e re
alit
ies
of
the
effe
cts
of
the
CO
VID
-19
pan
dem
ic a
nd
its
imp
act
on
rev
en
ue
s. C
on
seq
ue
ntl
y, w
e re
mai
ned
co
nsc
iou
s o
f th
e n
ece
ssit
y o
f
fun
din
g va
rio
us
ob
ligat
ion
s, s
uch
as
pe
nsi
on
co
ntr
ibu
tio
ns
and
cap
ital
inve
stm
en
ts, t
o e
nsu
re c
om
plia
nce
wit
h
regu
lati
on
s an
d a
cco
un
tin
g re
qu
irem
en
ts. L
ikew
ise,
th
e V
illag
e re
mai
ns
in a
n e
nvi
able
po
siti
on
as
a A
AA
rat
ed
com
mu
nit
y b
y St
and
ard
& P
oo
r’s,
du
e in
larg
e p
art
to o
ur
pru
de
nt
fin
anci
al p
lan
nin
g an
d e
xpe
nd
itu
re p
lan
s.
Fort
un
atel
y, t
he
co
llect
ion
of
pro
pe
rty
taxe
s, t
he
larg
est
sin
gle
reve
nu
e s
ou
rce,
has
bee
n c
on
sist
ent.
A s
mal
l
po
rtio
n o
f p
aym
ents
wer
e d
elay
ed in
th
e la
tter
hal
f o
f th
e y
ear
du
e to
th
e C
ou
nty
’s e
xte
nsi
on
of
the
pay
me
nt
du
e d
ate,
bu
t th
e m
ajo
rity
of
exp
ecte
d c
olle
ctio
ns
wer
e r
ecei
ved
pri
or
to y
eare
nd
. Th
e w
eal
th a
nd
inco
me
leve
ls
of
the
com
mu
nit
y co
nti
nu
e to
be
ref
lect
ed in
a t
ax b
ase
that
has
rem
ain
ed r
elat
ivel
y st
able
des
pit
e vo
lati
le
mar
ket
con
dit
ion
s. In
to
tal,
pro
pe
rty
tax
colle
ctio
ns
acco
un
t fo
r ap
pro
xim
ate
ly 5
2%
of
the
Ge
ne
ral F
un
d b
ud
get
and
are
typ
ical
ly t
he
mo
st p
red
icta
ble
so
urc
e o
f re
ven
ue
, wit
h a
nn
ual
incr
ease
s p
roje
cted
bas
ed o
n t
he
ann
ual
chan
ge in
th
e U
nit
ed S
tate
Co
nsu
me
r P
rice
Ind
ex
(US
CP
I-U
-All
Item
s). T
he
aver
age
ann
ual
incr
ease
in C
PI f
or
tax
incr
ease
s h
as b
een
1.7
5%
sin
ce 2
01
1.
The
Vill
age
has
a v
ibra
nt
and
att
ract
ive
bu
sin
ess
com
mu
nit
y, g
ener
atin
g ap
pro
xim
atel
y $1
.5 m
illio
n in
loca
l sal
es
tax
ann
ual
ly, w
hic
h e
qu
ates
to
ap
pro
xim
ate
ly 8
% o
f th
e V
illag
e’s
re
ven
ues
. Th
e V
illag
e h
as t
hre
e b
usi
nes
s d
istr
ict
area
s w
ith
in it
s co
rpo
rate
lim
its.
Th
e la
rges
t is
th
e d
ow
nto
wn
bu
sin
ess
dis
tric
t as
wel
l as
Hu
bb
ard
Wo
od
s P
laza
,
4
8.a.1.a
Packet Pg. 203
in a
dd
itio
n t
o t
hre
e a
uto
de
ale
rsh
ips
adja
cen
t to
th
e E
de
n’s
Exp
ress
way
on
th
e V
illag
e’s
wes
t b
ou
nd
ary.
To
tal
sale
s ta
x re
ven
ue
has
rem
ain
ed r
elat
ivel
y st
able
ove
r th
e p
ast
10
yea
rs, a
lth
ou
gh t
his
rev
en
ue
exp
erie
nce
d a
slig
ht
do
wn
turn
in 2
02
0 r
ela
ted
to
me
asu
res
take
n b
y th
e S
tate
legi
slat
ure
to
co
ntr
ol t
he
sp
read
of
CO
VID
-19
.
This
so
urc
e o
f re
ven
ue
, wh
ile h
isto
rica
lly c
on
stan
t an
d g
row
ing,
is a
lso
vo
lati
le a
s it
is s
ub
ject
to
a v
arie
ty o
f
fact
ors
ou
tsid
e o
f th
e V
illag
e’s
co
ntr
ol.
As
the
Vill
age
is n
ot
a h
om
e ru
le c
om
mu
nit
y, it
do
es n
ot
levy
a lo
cal s
ales
tax
of
any
typ
e.
Ther
e ar
e se
vera
l fac
tors
th
at im
pac
t th
e lo
cal f
inan
ces
of
the
Vill
age.
Th
e V
illag
e is
imp
acte
d b
y re
gio
nal
, sta
te,
and
nat
ion
al e
con
om
ic c
on
dit
ion
s as
we
ll as
go
vern
ance
of
the
Stat
e o
f Ill
ino
is. S
ever
al im
po
rtan
t re
ven
ue
sou
rces
are
aff
ecte
d b
y ec
on
om
ic c
on
dit
ion
s b
eyo
nd
th
e V
illag
e’s
con
tro
l. Th
ese
so
urc
es in
clu
de
sal
es t
ax,
bu
ildin
g p
erm
it f
ees,
inco
me
tax,
mo
tor
fue
l tax
, go
lf c
lub
rev
enu
e, a
nd
uti
lity
taxe
s. T
he
Vill
age’
s o
pp
ort
un
ity
to
imp
lem
ent
ne
w r
eve
nu
es is
rel
ativ
ely
limit
ed d
ue
to it
s n
on
-ho
me
rule
fo
rm o
f go
vern
men
t. T
he
Stat
e o
f Ill
ino
is
may
als
o im
pac
t re
ven
ue
s th
rou
gh le
gisl
ativ
e c
han
ges
(i.e
. fo
rmu
la f
or
shar
ed
inco
me
tax
, etc
.) a
nd
by
adju
stin
g
the
tim
elin
ess
of
pay
me
nts
du
e to
th
e V
illag
e. D
esp
ite
thes
e p
ote
nti
al im
pac
ts, t
he
Vill
age
con
tin
ues
to
be
rate
d
AA
A b
y St
and
ard
& P
oo
r’s
(wh
ich
wa
s ju
st r
eaff
irm
ed in
20
20
), w
hic
h is
th
e h
igh
est
rati
ng
avai
lab
le f
rom
th
e
rati
ng
age
ncy
. Th
is r
atin
g is
ind
icat
ive
of
the
de
mo
grap
hic
s o
f th
e co
mm
un
ity
and
th
e V
illag
e’s
lon
g h
isto
ry o
f
sou
nd
fin
anci
al p
lan
nin
g an
d p
olic
ies.
Th
ere
are
a li
mit
ed
nu
mb
er o
f co
mm
un
itie
s w
ith
in t
he
Stat
e o
f Ill
ino
is t
hat
hav
e b
een
rat
ed
as
AA
A, a
nd
an
eve
n m
ore
lim
ited
nu
mb
er
that
hav
e a
chie
ved
th
at r
atin
g as
no
n-h
om
e ru
le
com
mu
nit
ies.
Rele
vant
Fin
ancia
l Pol
icies
An
nu
ally
, th
e V
illag
e B
oar
d r
evie
ws
its
fin
anci
al p
olic
ies
and
init
iate
s co
nsi
der
atio
n o
f av
aila
ble
alt
ern
ativ
es f
or
fun
din
g o
pe
rati
on
s an
d c
apit
al p
roje
cts
incl
ud
ing
incr
easi
ng
fun
d b
alan
ce t
arge
ts t
o p
rovi
de
cap
ital
pro
ject
reso
urc
es,
an
d is
suan
ce o
f lo
ng-
term
de
bt.
Th
is y
ear
mar
ks t
he
Vill
age’
s tr
ansi
tio
n f
rom
a F
ebru
ary
28
fis
cal y
ear
end
to
a D
ecem
be
r 3
1 c
alen
dar
yea
r e
nd
. Th
eref
ore
, th
e “
stu
b y
ear”
Bu
dge
t w
as 1
0 m
on
ths
in d
ura
tio
n a
nd
will
be
fo
llow
ed
by
a ca
len
dar
ye
ar f
isca
l yea
r b
egin
nin
g Ja
nu
ary
1, 2
02
1 a
nd
en
din
g D
ece
mb
er
31
, 20
21
.
A s
ign
ific
ant
cap
ital
sp
en
din
g p
lan
has
be
en
cre
ate
d in
alig
nm
en
t w
ith
th
e V
illag
e’s
10
-ye
ar C
om
mu
nit
y
Imp
rove
me
nt
Pro
gram
(C
IP)
and
Str
ate
gic
Wo
rk P
lan
. Bas
ed
on
th
e c
han
ges
that
hav
e o
ccu
rred
in t
he
eco
no
my
ove
r th
e la
st s
eve
ral y
ear
s, t
he
Vill
age
Bo
ard
co
nti
nu
es t
o c
lose
ly m
on
ito
r th
ese
nee
ds
in a
cco
rdan
ce w
ith
pro
ject
ed
rev
en
ues
an
d e
xpe
nd
itu
res
(in
clu
din
g ca
pit
al in
vest
me
nt)
on
an
an
nu
al b
asis
.
The
CIP
has
laid
ou
t a
tho
ugh
tfu
l, p
rud
en
t sp
en
din
g p
lan
th
at r
evie
ws
avai
lab
le r
eso
urc
es a
gain
st n
eed
s an
d
sch
ed
ule
s in
ord
er t
o e
nsu
re t
he
co
nti
nu
ed r
ein
vest
men
t in
th
e V
illag
e, i
ts in
fras
tru
ctu
re a
nd
eq
uip
me
nt
ne
cess
ary
for
day
-to
-day
op
erat
ion
s. T
he
Stu
b Y
ear
20
20
bu
dge
t o
rigi
nal
ly in
clu
ded
$7
.5 m
illio
n in
infr
astr
uct
ure
and
cap
ital
pro
ject
s, in
clu
din
g o
ne
bo
nd
fu
nd
ed
pro
ject
to
co
mp
lete
a f
ull-
scal
e re
pla
cem
ent
and
up
grad
e o
f th
e
Vill
age’
s w
ater
met
er s
yste
m. T
his
pla
n w
as s
ub
seq
uen
tly
red
uce
d in
an
eff
ort
to
re
spo
nd
to
th
e a
nti
cip
ate
d
fin
anci
al a
nd
eco
no
mic
imp
acts
as
a re
sult
of
mea
sure
s to
co
ntr
ol t
he
sp
read
of
CO
VID
-19
. P
roje
cts
that
we
re
de
laye
d h
ave
no
w b
ee
n r
ein
corp
ora
ted
into
th
e r
emai
nin
g ye
ars
of
the
CIP
. A d
etai
led
list
ing
of
all o
f th
e
pro
ject
s in
clu
de
d in
th
e C
IP c
an b
e fo
un
d o
n t
he
Vill
age
of
Gle
nco
e w
eb
site
.
Fina
ncia
l Pla
nnin
g
The
Vill
age
has
dev
elo
ped
a L
on
g-Te
rm F
inan
cial
Pla
n a
s a
con
tin
uin
g ef
fort
to
eva
luat
e th
e fi
nan
cial
co
nd
itio
n o
f
the
Vill
age
and
to
fu
rth
er id
enti
fy im
po
rtan
t in
fras
tru
ctu
re m
ain
ten
ance
an
d r
ep
lace
me
nt
nee
ds
and
pla
n f
or
5
reh
abili
tati
on
/rep
lace
men
ts s
ever
al y
ears
in a
dva
nce
. Th
e lo
ng-
term
pla
n is
re
view
ed
an
nu
ally
pri
or
to t
he
com
men
cem
ent
of
the
bu
dge
t p
roce
ss. T
his
to
ol h
as b
een
eff
ecti
ve in
ide
nti
fyin
g is
sue
s n
eed
ing
revi
ew
pri
or
to
tho
se is
sues
bec
om
ing
crit
ical
act
ion
item
s.
In li
ght
of
even
ts r
elat
ed t
o t
he
CO
VID
-19
pan
dem
ic b
egi
nn
ing
in M
arch
20
20
(a
t th
e co
mm
ence
men
t o
f St
ub
Yea
r 2
02
0),
th
e V
illag
e re
cogn
ized
th
e n
eed
to
rem
ain
hyp
ervi
gila
nt
in m
on
ito
rin
g re
ven
ue
s an
d e
xpe
nd
itu
res
on
a re
al t
ime
bas
is. A
s a
resu
lt o
f th
e St
ate
of
Illin
ois
gu
idan
ce t
o r
estr
ict
bu
sin
ess
op
erat
ion
s to
red
uce
th
e sp
read
of
the
CO
VID
-19
vir
us,
Gle
nco
e’s
loca
l eco
no
my
was
neg
ativ
ely
imp
acte
d. T
o p
rop
erl
y m
on
ito
r th
is im
pac
t an
d
the
asso
ciat
ed r
eco
very
, th
e V
illag
e im
ple
me
nte
d a
rep
ort
ing
and
mo
nit
ori
ng
syst
em
fo
r m
on
thly
cas
h f
low
pro
ject
ion
s an
d r
egu
larl
y re
po
rts
on
res
erve
an
d r
even
ue
bal
ance
s. A
pp
roxi
mat
ely
$2
.3 m
illio
n in
exp
end
itu
res
wer
e re
mo
ved
fro
m t
he
ori
gin
ally
ap
pro
ved
bu
dge
t to
ad
just
fo
r an
tici
pat
ed
rev
enu
e sh
ort
falls
. Th
e V
illag
e’s
loca
l eco
no
my
be
gan
to
rec
ove
r la
te in
Stu
b Y
ear
20
20
an
d r
emai
ns
stea
dy
in 2
02
1. H
ow
ever
, it
is im
po
rtan
t fo
r
the
Vill
age
to r
emai
n v
igila
nt
in t
his
mo
nit
ori
ng
pro
cess
so
th
at a
ny
req
uir
ed
ch
ange
s to
th
e b
ud
get
or
op
erat
ion
s m
ay b
e ex
ecu
ted
in a
tim
ely
man
ne
r.
Awar
ds
The
Go
vern
me
nt
Fin
ance
Off
icer
s A
sso
ciat
ion
of
the
Un
ited
Sta
tes
and
Can
ada
(GFO
A)
awar
de
d a
Cer
tifi
cate
of
Ach
ieve
men
t fo
r Ex
celle
nce
in F
inan
cial
Rep
ort
ing
to t
he
Vill
age
of
Gle
nco
e f
or
its
Co
mp
reh
ensi
ve A
nn
ual
Fin
anci
al R
ep
ort
, th
e D
isti
ngu
ish
ed
Bu
dge
t A
war
d a
nd
th
e A
war
d f
or
Ou
tsta
nd
ing
Ach
ieve
men
t fo
r it
s P
op
ula
r
An
nu
al F
inan
cial
Rep
ort
(P
AFR
) fo
r th
e f
isca
l yea
r e
nd
ed F
ebru
ary
29
, 20
20
. Th
is w
as t
he
thir
ty-f
ifth
co
nse
cuti
ve
year
th
at t
he
Vill
age
has
rec
eive
d t
his
pre
stig
iou
s C
om
pre
hen
sive
An
nu
al F
inan
cial
Re
po
rt a
war
d, t
we
nty
-fir
st
year
fo
r th
e b
ud
get
awar
d a
nd
th
e te
nth
ye
ar f
or
the
PA
FR a
war
d. I
n o
rder
to
be
awar
ded
a C
erti
fica
te o
f
Ach
ieve
men
t, t
he
go
vern
men
t m
ust
pu
blis
h a
n e
asily
rea
dab
le a
nd
eff
icie
ntl
y o
rgan
ize
d c
om
pre
he
nsi
ve a
nn
ual
fin
anci
al r
ep
ort
. Th
is r
ep
ort
sat
isfi
ed b
oth
gen
eral
ly a
ccep
ted
acc
ou
nti
ng
pri
nci
ple
s an
d a
pp
licab
le le
gal
req
uir
emen
ts.
A C
erti
fica
te o
f A
chie
vem
ent
is v
alid
fo
r a
per
iod
of
on
e y
ear
on
ly. H
ow
eve
r, t
he
Vill
age
bel
ieve
s th
at t
he
curr
ent
Co
mp
reh
en
sive
An
nu
al F
inan
cial
Re
po
rt c
on
tin
ue
s to
mee
t th
e C
ert
ific
ate
of
Ach
ieve
men
t fo
r Ex
celle
nce
in
Fin
anci
al R
epo
rtin
g P
rogr
am’s
re
qu
irem
ents
, an
d t
he
Vill
age
will
su
bm
it it
to
th
e G
FOA
to
det
erm
ine
its
elig
ibili
ty
for
ano
ther
cer
tifi
cate
.
Ackn
owle
dgem
ents
The
pre
par
atio
n o
f th
e c
om
pre
hen
sive
an
nu
al f
inan
cial
rep
ort
on
a t
ime
ly b
asis
was
mad
e p
oss
ible
by
the
de
dic
ated
se
rvic
e o
f th
e e
nti
re s
taff
of
the
Fin
ance
Dep
artm
ent.
Eac
h m
emb
er o
f th
e d
ep
artm
en
t h
as o
ur
sin
cere
ap
pre
ciat
ion
fo
r th
e c
on
trib
uti
on
s m
ade
in t
he
pre
par
atio
n o
f th
is r
ep
ort
. Lik
ewis
e, t
he
Pre
sid
en
t an
d
Bo
ard
of
Tru
ste
es d
ese
rve
sig
nif
ican
t gr
atit
ud
e fo
r th
eir
tho
ugh
tfu
l gu
idan
ce a
nd
su
pp
ort
fo
r m
ain
tain
ing
the
hig
he
st s
tan
dar
ds
of
pro
fess
ion
alis
m in
th
e m
anag
em
ent
of
the
Vill
age
of
Gle
nco
e’s
fin
ance
s.
Res
pec
tfu
lly s
ub
mit
ted
,
Ph
ilip
Kir
aly
Nic
ole
Lar
son
V
illag
e M
anag
er
Fin
ance
Dir
ecto
r/Tr
eas
ure
r
6
8.a.1.a
Packet Pg. 204
7
8.a.1.a
Packet Pg. 205
8
8.a.1.a
Packet Pg. 206
Req
uire
d Su
pple
men
tary
Inf
orm
atio
n
Oth
er I
nfor
mat
ion
Laut
erbac
h &
Ame
n, L
LP
9
8.a.1.a
Packet Pg. 207
VIL
LAG
E O
F G
LEN
CO
E, IL
LIN
OIS
M
AN
AG
EMEN
T'S
DIS
CU
SSIO
N A
ND
AN
ALY
SIS
D
ecem
ber
31,
202
0
The
Man
agem
en
t D
iscu
ssio
n a
nd
An
alys
is (
MD
A)
sect
ion
of
the
Vill
age
of
Gle
nco
e’s
Co
mp
reh
en
sive
A
nn
ual
Fin
anci
al R
ep
ort
pre
sen
ts d
iscu
ssio
n a
nd
an
alys
is o
f th
e V
illag
e’s
fin
anci
al a
ctiv
itie
s d
uri
ng
the
Stu
b
Year
en
din
g D
ecem
be
r 3
1,
20
20
. Th
is A
nn
ual
Fin
anci
al R
ep
ort
re
pre
sen
ts m
arks
a t
ran
siti
on
fro
m a
Fe
bru
ary
28
fis
cal
year
en
d t
o a
Dec
emb
er
31
cal
end
ar y
ear
end
. Th
ere
fore
, th
is “
stu
b y
ear”
an
nu
al
fin
anci
al r
epo
rt is
10
mo
nth
s d
ura
tio
n a
nd
will
be
follo
wed
by
a ca
len
dar
yea
r fi
scal
yea
r b
egin
nin
g Ja
nu
ary
1, 2
02
1 a
nd
en
din
g D
ecem
be
r 3
1, 2
02
1.
This
sec
tio
n s
ho
uld
be
use
d in
co
nju
nct
ion
wit
h t
he
tran
smit
tal l
ette
r at
th
e fr
on
t o
f th
is r
ep
ort
an
d w
ith
th
e V
illag
e’s
fin
anci
al s
tate
me
nts
th
at f
ollo
w t
his
sec
tio
n. W
her
e ap
pro
pri
ate
the
MD
&A
ref
ers
to s
pe
cifi
c se
ctio
ns
in t
he
AN
NU
AL
FIN
AN
CIA
L R
EPO
RT
for
add
itio
nal
info
rmat
ion
.
Fin
anci
al H
igh
ligh
ts
The
follo
win
g ar
e so
me
of
the
hig
hlig
hts
to
be
revi
ewed
in g
reat
er
det
ail i
n t
his
an
alys
is (
ple
ase
see
the
An
alys
is o
f V
illag
e Fu
nd
s se
ctio
n)
and
fu
rth
er p
rese
nte
d b
y th
is A
nn
ual
Fin
anci
al R
epo
rt:
1.
Net
posit
ion
and
perfo
rman
ce i
n to
tal:
The
Vill
age’
s to
tal
net
po
siti
on
at
Dec
emb
er 3
1,
20
20
(e
xclu
din
g p
en
sio
n f
un
ds)
we
re $
60
,38
9,5
09
; an
in
cre
ase
of
$6
,61
3,7
09
. (S
ee
Tab
le I
I in
th
e M
D&
A
and
th
e f
inan
cial
se
ctio
n o
f th
is r
ep
ort
);
2.
Gove
rnm
enta
l Act
ivity
Sum
mar
y: N
et p
osi
tio
n f
or
gove
rnm
enta
l ac
tivi
ties
in
crea
sed
by
$4
,83
6,8
22
du
rin
g th
e y
ear
(See
Tab
le II
I in
th
e M
D&
A, a
nd
th
e f
inan
cial
sec
tio
n o
f th
is r
epo
rt);
3.
Busin
ess-
Type
Act
ivity
Sum
mar
y: N
et
po
siti
on
fo
r b
usi
ne
ss-t
ype
acti
viti
es
incr
eas
ed
by
$1
,77
6,8
87
du
rin
g th
e y
ear
. (S
ee T
able
III i
n t
he
MD
&A
, an
d t
he
fin
anci
al s
ecti
on
of
this
rep
ort
);
4.
Gene
ral F
und
Sum
mar
y: T
he
Vill
age’
s G
ener
al C
orp
ora
te F
un
d r
epo
rted
an
incr
ease
of
$2
,277
,27
2 in
fu
nd
bal
ance
fo
r th
e ye
ar. A
ctu
al G
ener
al F
un
d r
even
ues
wer
e $
2,0
74
,59
9 u
nd
er
bu
dge
t an
d G
en
era
l Fu
nd
exp
en
dit
ure
s w
ere
$4
,64
2,0
81
un
de
r b
ud
get.
All
exp
en
dit
ure
s w
ere
wit
hin
lega
l ap
pro
pri
atio
n
limit
s (S
ee t
he
fin
anci
al s
ecti
on
of
this
rep
ort
);
5.
New
Cap
ital A
sset
s: T
he
net
ch
ange
in c
apit
al a
sse
ts le
ss d
ep
reci
atio
n e
xpe
nse
re
sult
ed
in a
$6
25
,53
1 in
crea
se in
go
vern
me
nta
l ca
pit
al a
sset
s b
alan
ce f
rom
$8
2,6
86
,80
8 to
$83
,31
2,3
39 a
nd
a $
2,4
04,9
30
incr
eas
e in
bu
sin
ess
-typ
e ca
pit
al a
sset
s fr
om
$8
,55
3,2
48
to
$1
0,9
58
,17
8 (
see
no
tes
to t
he
Fin
anci
al
Stat
emen
ts N
o. 3
in A
nn
ual
Fin
anci
al R
epo
rt a
nd
Tab
le V
I in
th
e M
D&
A).
Ove
rvie
w o
f Fi
nan
cial
Sta
tem
en
ts
The
dis
cuss
ion
an
d a
nal
ysis
is
inte
nd
ed
to
se
rve
as a
n i
ntr
od
uct
ion
to
th
e V
illag
e o
f G
len
coe’
s fi
nan
cial
se
ctio
n o
f th
e A
nn
ual
Fin
anci
al R
ep
ort
. Th
e f
inan
cial
se
ctio
n o
f th
e A
nn
ual
Fin
anci
al R
epo
rt in
clu
des
fiv
e co
mp
on
en
ts:
1)
ind
ep
en
den
t au
dit
or’
s re
po
rt;
2)
the
bas
ic f
inan
cial
sta
tem
en
ts, i
ncl
ud
ing
the
MD
&A
; 3
) re
qu
ire
d
sup
ple
me
nta
ry
info
rmat
ion
; 4
) co
mb
inin
g an
d
ind
ivid
ual
fu
nd
fi
nan
cial
st
atem
en
ts
and
sc
he
du
les;
an
d 5
) ad
dit
ion
al s
up
ple
men
tal f
inan
cial
info
rmat
ion
. Th
e b
asic
fin
anci
al s
tate
men
ts in
clu
de
tw
o k
ind
s o
f st
ate
me
nts
th
at p
rese
nt
dif
fere
nt
vie
ws
of
the
Vill
age
: go
vern
me
nt-
wid
e f
inan
cial
sta
tem
en
ts a
nd
fu
nd
fin
anci
al s
tate
me
nts
. Th
e b
asic
fin
anci
al s
tate
me
nts
als
o
incl
ud
e
no
tes
to
the
fin
anci
al
stat
eme
nts
. G
ove
rnm
en
t-w
ide
fi
nan
cial
s st
ate
me
nts
, in
clu
din
g th
e
10
stat
eme
nt o
f net
po
siti
on
an
d s
tate
me
nt
of a
ctiv
itie
s, p
rovi
de
bo
th s
ho
rt a
nd
lon
g-te
rm in
form
atio
n a
bo
ut
the
Vill
age’
s o
vera
ll fi
nan
cial
sta
tus.
Fun
d f
inan
cial
sta
tem
en
ts f
ocu
s o
n in
div
idu
al p
arts
of
Vill
age
gove
rnm
en
t an
d r
epo
rt V
illag
e o
per
atio
ns
in m
ore
det
ail
than
th
e go
vern
me
nt-
wid
e fi
nan
cial
sta
tem
ents
. T
he
fun
d f
inan
cial
sta
tem
en
ts d
escr
ibe
the
Vill
age’
s go
vern
men
tal f
un
ds,
pro
pri
etar
y fu
nd
s, a
nd
fid
uci
ary
fun
ds.
Tab
le I
be
low
, su
mm
ariz
es
the
maj
or
feat
ure
s o
f th
e V
illag
e’s
fin
anci
al s
tate
men
ts.
Fu
nd
Sta
tem
en
ts
De
scri
pti
on
G
ove
rnm
en
t-W
ide
St
ate
me
nts
G
ove
rnm
en
tal F
un
ds
Pro
pri
eta
ry F
un
ds
Fid
uci
ary
Fun
ds
Sco
pe
Enti
re V
illag
e go
vern
men
t (e
xcep
t Fi
du
ciar
y Fu
nd
s) a
nd
th
e V
illag
e's
com
po
nen
t u
nit
.
Act
ivit
ies
of
the
Vill
age
that
are
no
t p
rop
riet
ary
or
fid
uci
ary
such
as
pu
blic
saf
ety
Act
ivit
ies
of
the
Vill
age
op
erat
es s
imila
r to
p
riva
te b
usi
nes
s su
ch
as W
ater
Fu
nd
or
the
Go
lf C
lub
Fu
nd
Act
ivit
ies
in w
hic
h t
he
Vill
age
is t
rust
ee o
r ag
ent
of
ano
ther
's
reso
urc
es s
uch
as
pen
sio
n p
lan
s
Req
uir
ed f
inan
cial
st
atem
ents
1
. Sta
tem
en
t o
f n
et
po
siti
on
1
. Bal
ance
sh
eet
1
. Sta
tem
en
t o
f n
et
po
siti
on
1
. Sta
tem
en
t o
f fi
du
ciar
y n
et p
osi
tio
n
2
. Sta
tem
en
t o
f ac
tivi
ties
2
. Sta
tem
en
t o
f re
ven
ues
, ex
pen
dit
ure
s an
d
chan
ges
in f
un
d
bal
ance
2. S
tate
me
nt
of
reve
nu
es, e
xpe
nse
s,
and
ch
ange
s in
ne
t p
osi
tio
n
2. S
tate
me
nt
of
chan
ges
in f
idu
ciar
y n
et p
osi
tio
n
3
. Sta
tem
en
t o
f ca
sh
flo
ws
Acc
ou
nti
ng
bas
is
Acc
rual
M
od
ifie
d A
ccru
al
Acc
rual
A
ccru
al
Mea
sure
men
t Fo
cus
Eco
no
mic
res
ou
rce
Cu
rren
t fi
nan
cial
re
sou
rces
Ec
on
om
ic r
eso
urc
e Ec
on
om
ic r
eso
urc
e
Typ
e o
f as
set
&
liab
ility
info
rmat
ion
A
ll as
sets
an
d li
abili
ties
; b
oth
fin
anci
al a
nd
ca
pit
al s
ho
rt a
nd
lon
g-te
rm
Ass
ets
exp
ecte
d t
o b
e u
sed
an
d li
abili
tie
s th
at c
om
e d
ue
du
rin
g th
e ye
ar o
r sh
ort
ly
ther
eaft
er; n
o c
apit
al
asse
ts
All
asse
ts a
nd
lia
bili
ties
; b
oth
fi
nan
cial
an
d c
apit
al
sho
rt a
nd
lon
g-te
rm
All
asse
ts a
nd
liab
iliti
es;
bo
th s
ho
rt a
nd
lon
g-te
rm. D
oes
no
t co
nta
in
cap
ital
ass
ets
Typ
e o
f in
flo
w &
o
utf
low
info
rmat
ion
A
ll re
ven
ues
an
d
exp
ense
s d
uri
ng
the
year
reg
ard
less
of
wh
en
cash
is r
ece
ived
or
pai
d
Rev
enu
es
for
wh
ich
ca
sh is
rec
eiv
ed d
uri
ng
the
year
or
sho
rtly
th
erea
fter
; ex
pen
dit
ure
s fo
r go
od
s an
d s
erv
ices
th
at h
ave
bee
n
rece
ived
an
d p
aym
ent
is d
ue
du
rin
g th
e ye
ar
or
sho
rtly
th
erea
fter
All
reve
nu
es a
nd
ex
pen
ses
du
rin
g th
e ye
ar r
egar
dle
ss o
f w
hen
cas
h is
rec
eive
d
or
pai
d
All
reve
nu
es a
nd
ex
pen
ses
du
rin
g th
e ye
ar
rega
rdle
ss o
f w
he
n c
ash
is
rec
eive
d o
r p
aid
Go
vern
men
t-W
ide
Fin
anci
al S
tate
men
ts
The
gove
rnm
en
t-w
ide
fin
anci
al s
tate
men
ts a
re d
esig
ne
d t
o b
e co
rpo
rate
-lik
e in
th
at a
ll go
vern
me
nta
l an
d
bu
sin
ess
-typ
e ac
tivi
ties
are
co
nso
lidat
ed
in
to c
olu
mn
s th
at a
dd
to
a t
ota
l fo
r th
e P
rim
ary
Go
vern
men
t.
The
fo
cus
of
the
Sta
tem
en
t o
f N
et
Po
siti
on
(th
e "
Un
rest
rict
ed
Net
Po
siti
on
") is
des
ign
ed t
o b
e si
mila
r to
b
ott
om
lin
e re
sult
s fo
r th
e V
illag
e an
d i
ts g
ove
rnm
enta
l an
d b
usi
ne
ss-t
ype
acti
viti
es.
This
sta
tem
en
t co
mb
ines
an
d
con
solid
ates
go
vern
men
tal
fun
ds'
cu
rren
t fi
nan
cial
re
sou
rces
(s
ho
rt-t
erm
av
aila
ble
11
8.a.1.a
Packet Pg. 208
reso
urc
es)
wit
h c
apit
al a
sse
ts a
nd
lo
ng-
term
ob
ligat
ion
s u
sin
g th
e ac
cru
al b
asis
of
acco
un
tin
g an
d
eco
no
mic
res
ou
rces
mea
sure
me
nt
focu
s (s
ee t
he
fin
anci
al s
ecti
on
of t
he
An
nu
al F
inan
cial
Rep
ort
for
mo
re
info
rmat
ion
).
The
Stat
emen
t o
f A
ctiv
itie
s is
fo
cuse
d o
n b
oth
th
e gr
oss
an
d n
et
cost
of
vari
ou
s ac
tivi
tie
s (i
ncl
ud
ing
gove
rnm
en
tal
and
bu
sin
ess
-typ
e),
wh
ich
are
su
pp
ort
ed
by
the
gove
rnm
ent'
s ge
ne
ral
taxe
s an
d o
the
r re
sou
rce
s. T
his
is in
ten
de
d t
o s
um
mar
ize
and
sim
plif
y th
e u
ser'
s an
alys
is o
f th
e c
ost
of v
ario
us
gove
rnm
en
t se
rvic
es
and
/or
sub
sid
y to
var
iou
s b
usi
ne
ss-t
ype
act
ivit
ies
(see
th
e fi
nan
cial
se
ctio
n o
f th
e A
nn
ual
Fin
anci
al
Rep
ort
fo
r m
ore
info
rmat
ion
).
The
Go
vern
men
tal
Act
ivit
ies
refl
ect
the
Vill
age'
s b
asic
ser
vice
s, i
ncl
ud
ing
po
lice,
fir
e,
pu
blic
wo
rks
and
ge
ne
ral/
de
bt
adm
inis
trat
ion
. P
rop
ert
y ta
xes,
sh
are
d s
tate
sal
es t
ax,
loca
l u
tilit
y ta
x, a
nd
sh
ared
sta
te
inco
me
tax
es,
fin
ance
th
e m
ajo
rity
of
thes
e ac
tivi
ties
. Th
e b
usi
nes
s-ty
pe
acti
viti
es
refl
ect
pri
vate
sec
tor
typ
e o
pe
rati
on
s (W
ate
r an
d G
len
coe
Go
lf C
lub
fun
ds)
, wh
ere
th
e fe
e fo
r se
rvic
e ty
pic
ally
co
vers
all
or
mo
st
of
the
cost
of
op
era
tio
n, i
ncl
ud
ing
de
pre
ciat
ion
.
Fun
d F
inan
cial
Sta
tem
en
ts
Go
vern
me
nta
l fu
nd
s ar
e p
rese
nte
d o
n a
so
urc
e o
f use
of l
iqu
id r
eso
urc
es b
asis
. Th
is is
th
e m
ann
er in
wh
ich
th
e b
ud
get
is t
ypic
ally
dev
elo
pe
d. G
ove
rnm
en
tal f
un
ds
pro
vid
e c
urr
ent
reso
urc
es (
sho
rt-t
erm
) vi
ew t
hat
h
elp
s d
ete
rmin
e w
het
he
r th
ere
are
mo
re o
r fe
we
r cu
rren
t fi
nan
cial
res
ou
rces
ava
ilab
le to
sp
end
for
Vill
age
op
era
tio
ns.
P
rop
riet
ary
fun
ds
acco
un
t fo
r se
rvic
es t
hat
are
ge
ner
ally
fu
lly s
up
po
rte
d b
y u
ser
fees
(i.e
. ch
arge
s to
cu
sto
mer
s).
Pro
pri
etar
y fu
nd
s ar
e p
rese
nte
d o
n a
to
tal
eco
no
mic
re
sou
rce
s’ b
asis
. P
rop
riet
ary
fun
d
stat
emen
ts,
like
gove
rnm
en
t-w
ide
fin
anci
als
stat
eme
nts
, p
rovi
de
bo
th s
ho
rt a
nd
lo
ng-
term
fin
anci
al
info
rmat
ion
. Fi
du
ciar
y fu
nd
s ar
e p
rese
nte
d f
or
cert
ain
act
ivit
ies
wh
ere
th
e V
illag
e’s
ro
le i
s th
at o
f tr
ust
ee (
i.e.
po
lice
and
fir
e p
en
sio
n fu
nd
s) o
r ag
en
t. W
hile
fid
uci
ary
fun
ds
rep
rese
nt
tru
st r
esp
on
sib
iliti
es
of t
he
gove
rnm
en
t,
the
se a
sse
ts a
re r
est
rict
ed
in
pu
rpo
se a
nd
do
no
t re
pre
sen
t d
iscr
etio
nar
y as
sets
of
the
go
vern
men
t.
Ther
efo
re, t
he
se a
sset
s ar
e n
ot
pre
sen
ted
as
par
t o
f th
e g
ove
rnm
ent-
wid
e fi
nan
cial
sta
tem
ents
. W
hile
th
e t
ota
l co
lum
n o
n t
he
bu
sin
ess
-typ
e fu
nd
fin
anci
al s
tate
men
ts is
th
e sa
me
as t
he
bu
sin
ess
-typ
e co
lum
n a
t th
e go
vern
men
t-w
ide
fin
anci
al s
tate
men
t, th
e g
ove
rnm
en
tal m
ajo
r fu
nd
s to
tal c
olu
mn
req
uir
es
a re
con
cilia
tio
n b
ecau
se o
f th
e d
iffe
ren
t m
easu
rem
ent
focu
s (c
urr
ent
fin
anci
al r
eso
urc
es v
ersu
s to
tal
eco
no
mic
res
ou
rces
) wh
ich
is r
efle
cted
on
th
e p
age
follo
win
g e
ach
sta
tem
en
t. T
he
flo
w o
f cu
rren
t fi
nan
cial
re
sou
rce
s w
ill r
efle
ct b
on
d p
roce
eds
and
inte
r-fu
nd
tra
nsf
ers
as o
the
r fi
nan
cial
so
urc
es
as w
ell
as c
apit
al
exp
en
dit
ure
s an
d b
on
d p
rin
cip
al p
aym
en
ts a
s e
xpe
nd
itu
res.
Th
e r
eco
nci
liati
on
will
elim
inat
e t
he
se
tran
sact
ion
s an
d i
nco
rpo
rate
th
e ca
pit
al a
sse
ts a
nd
lo
ng-
term
ob
ligat
ion
(b
on
d a
nd
oth
ers
) in
to t
he
gove
rnm
en
tal a
ctiv
itie
s’ c
olu
mn
(in
th
e go
vern
me
nt-
wid
e s
tate
me
nts
).
Infr
astr
uct
ure
Ass
ets
This
sta
tem
en
t re
qu
ires
th
at t
hes
e as
sets
be
val
ue
d a
nd
re
po
rte
d w
ith
in t
he
go
vern
men
tal c
olu
mn
of
the
gove
rnm
en
t-w
ide
stat
emen
ts.
Ad
dit
ion
ally
, th
e go
vern
me
nt
mu
st e
lect
to
eit
he
r (1
) d
ep
reci
ate
thes
e as
sets
ove
r th
eir
esti
mat
ed u
sefu
l lif
e o
r (2
) dev
elo
p a
sys
tem
of a
sse
ts m
anag
emen
t d
esig
ned
to
mai
nta
in
the
serv
ice
del
ive
ry p
ote
nti
al t
o n
ear
per
pet
uit
y. I
f th
e go
vern
me
nt
de
velo
ps
the
ass
et
man
agem
en
t sy
stem
(th
e m
od
ifie
d a
pp
roac
h)
wh
ich
pe
rio
dic
ally
(at
leas
t ev
ery
thir
d y
ear)
, by
cate
gory
, mea
sure
s an
d
dem
on
stra
tes
it m
ain
ten
ance
of
loca
lly e
stab
lish
ed l
eve
ls o
f se
rvic
e st
and
ard
s, t
he
gove
rnm
ent
may
re
cord
its
cost
of
mai
nte
nan
ce i
n l
ieu
of
de
pre
ciat
ion
. Th
e V
illag
e h
as c
ho
sen
to
dep
reci
ate
asse
ts o
ver
thei
r u
sefu
l lif
e. I
f a
road
pro
ject
is c
on
sid
ered
mai
nte
nan
ce -
a r
ecu
rrin
g co
st t
hat
do
es
no
t e
xte
nd
th
e ro
ad's
ori
gin
al u
sefu
l lif
e o
r ex
pan
d it
s ca
pac
ity
- th
e co
st o
f th
e p
roje
ct w
ill b
e ex
pe
nse
d. A
n "
ove
rlay
" o
f a
road
will
be
con
sid
ere
d m
ain
ten
ance
wh
erea
s a
"reb
uild
" o
f a
road
will
be
cap
ital
ized
.
12
GO
VER
NM
ENT-
WID
E ST
ATE
MEN
TS
Stat
em
en
t o
f N
et
Po
siti
on
Ta
ble
II r
efle
cts
the
con
de
nse
d S
tate
me
nt
of
Net
Po
siti
on
as
of
De
cem
be
r 3
1, 2
02
0 w
ith
a c
om
par
iso
n t
o
the
pri
or
year
. N
et
po
siti
on
rel
ated
to
go
vern
men
tal
acti
viti
es i
ncr
eas
ed
$4
,83
6,8
22
or
10
.2%
fro
m t
he
pri
or
year
. N
et p
osi
tio
n r
elat
ed t
o b
usi
nes
s-ty
pe
acti
viti
es in
cre
ase
d $
1,7
76
,88
7 o
r 2
7.5
% f
rom
th
e p
rio
r ye
ar.
Net
po
siti
on
fo
r to
tal p
rim
ary
gove
rnm
ent
incr
ease
d $
6,6
13,7
09
or
12.3
% f
rom
th
e p
rio
r ye
ar.
Tab
le II
St
ate
me
nt
of
Ne
t P
osi
tio
n
As
of
Dec
emb
er 3
1, 2
02
0
Gov
ernm
ent A
ctiv
ities
B
usin
ess-
Typ
e A
ctiv
ities
T
otal
Pri
mar
y G
over
nmen
t
FY 2
020
SY
2020
FY
202
0 S
Y 20
20
FY 2
020
SY
2020
Curr
ent a
nd o
ther
ass
ets
Capi
tal A
ssets
Ne
t pen
sion
Asse
t - IM
RF
Tota
l Ass
ets
Defe
rred
Out
flows
To
tal A
ssets
& D
ef. O
utflo
ws
$ Ch
ange
%
Cha
nge
Non-
Curr
ent
Othe
r Lia
bilit
ies
Tota
l Lia
bilit
ies
Defe
rred
Inflo
ws
Tota
l Lia
bilit
ies &
Def.
Inflo
ws
$ Ch
ange
%
Cha
nge
Net P
ositi
on:
Net i
nves
tmen
t in
capi
tal a
sset
s Re
strict
ed
Unre
strict
ed
Tota
l Net
Posit
ion
$ Ch
ange
%
Cha
nge
For
mo
re d
etai
led
info
rmat
ion
see
th
e St
atem
ent
of
Net
Po
siti
on
in t
he
fin
anci
al s
ect
ion
of
this
An
nu
al
Fin
anci
al R
epo
rt.
13
8.a.1.a
Packet Pg. 209
No
rmal
Imp
acts
Th
ere
are
six
bas
ic (n
orm
al) t
ran
sact
ion
s th
at w
ill a
ffe
ct t
he
com
par
abili
ty o
f th
e S
tate
me
nt
of N
et P
osi
tio
n
sum
mar
y p
rese
nta
tio
n.
Net
Res
ult
s o
f A
ctiv
itie
s w
ill im
pac
t (i
ncr
ease
/dec
reas
e) c
urr
ent
asse
ts a
nd
un
rest
rict
ed n
et p
osi
tio
n.
Bo
rro
win
g fo
r C
apit
al w
ill in
crea
se c
urr
ent
asse
ts a
nd
lon
g-te
rm d
ebt.
Sp
end
ing
Bo
rro
wed
Pro
ceed
s o
n N
ew C
apit
al w
ill r
edu
ce c
urr
ent
asse
ts a
nd
incr
eas
e ca
pit
al a
sse
ts. T
her
e is
a s
eco
nd
imp
act,
an
incr
eas
e in
inve
ste
d c
apit
al a
sse
ts a
nd
an
incr
eas
e in
re
late
d n
et
de
bt,
wh
ich
will
n
ot
chan
ge t
he
inve
sted
in c
apit
al a
sset
s, n
et o
f d
eb
t.
Spen
din
g o
f No
n-b
orr
ow
ed C
urr
ent
Ass
ets
on
New
Cap
ital
will
re
du
ce c
urr
en
t as
sets
an
d in
cre
ase
cap
ital
as
sets
an
d w
ill r
ed
uce
un
rest
rict
ed
ne
t p
osi
tio
n a
nd
incr
eas
e in
vest
men
t in
cap
ital
ass
ets,
ne
t o
f d
ebt.
P
rin
cip
al P
aym
ent
on
Deb
t w
ill r
ed
uce
cu
rren
t as
sets
an
d r
edu
ce lo
ng-
term
de
bt
and
red
uce
un
rest
rict
ed
n
et
po
siti
on
an
d in
crea
se in
vest
ed
in c
apit
al a
sset
s, n
et o
f d
eb
t.
Red
uct
ion
of C
apit
al A
sset
s th
rou
gh D
epre
ciat
ion
will
re
du
ce c
apit
al a
sse
ts a
nd
inve
ste
d in
cap
ital
ass
ets
, n
et
of
de
bt.
Cu
rren
t Y
ear
Imp
acts
Th
e V
illag
e’s
com
bin
ed n
et
po
siti
on
(th
e V
illag
e’s
bo
tto
m li
ne)
incr
ease
d f
rom
a b
alan
ce o
f $
53
,77
5,8
00
to $
60
,38
9,5
09
an i
ncr
eas
e o
f $
6,6
13
,70
9 o
r 1
2.3
%,
as a
re
sult
of
the
com
bin
ed
go
vern
me
nta
l an
d
bu
sin
ess-
typ
e ac
tivi
ties
. D
efer
red
ou
tflo
ws
of
the
pri
mar
y go
vern
men
t d
ecr
ease
d b
y $
2,4
33
,27
3 a
nd
de
ferr
ed
in
flo
ws
of
the
pri
mar
y go
vern
me
nt
incr
eas
ed
by
$3
,81
0,7
39
. N
et p
osi
tio
n o
f th
e V
illag
e’s
gove
rnm
enta
l ac
tivi
ties
dec
reas
ed f
rom
a b
alan
ce o
f $
47
,30
8,4
96
to
$
52
,14
5,3
18
, an
in
crea
se o
f $
4,8
36
,82
2 o
r 1
0.2
% a
s a
resu
lt o
f go
vern
me
nta
l ac
tivi
tie
s. T
he
Vill
age
’s
un
rest
rict
ed n
et p
osi
tio
n f
or
gove
rnm
en
tal a
ctiv
itie
s, t
he
par
t o
f n
et
po
siti
on
th
at c
an b
e u
sed
to
fin
ance
d
ay-t
o-d
ay o
pe
rati
on
s, d
ecre
ase
d f
rom
($
20
,38
8,8
66
) to
($
16
,67
1,8
08
).
Ne
t p
osi
tio
n f
rom
bu
sin
ess
-typ
e ac
tivi
ties
fu
nd
ing
wat
er
pro
du
ctio
n/d
istr
ibu
tio
n a
nd
Gle
nco
e G
olf
Clu
b
op
era
tio
ns
incr
eas
ed
fro
m a
bal
ance
of
$6
,46
7,3
04
to $
8,2
44
,19
1,
an i
ncr
eas
e o
f $
1,7
76
,88
7 o
r 2
7.5
%.
The
un
rest
rict
ed n
et p
osi
tio
n f
or
bu
sin
ess
-typ
e a
ctiv
itie
s in
cre
ase
d f
rom
($
26
,91
4),
to
$1
,66
3,8
88
. Th
e W
ater
Fu
nd
exp
erie
nce
d h
igh
er
than
exp
ecte
d o
per
atin
g re
ven
ue
and
hig
he
r th
an e
xpe
cte
d o
pe
rati
ng
exp
ense
s d
ue
to t
he
Vill
age’
s sy
stem
-wid
e W
ater
Met
er R
epla
cem
ent
Pro
gram
.
14
Tab
le I
II b
elo
w s
ho
ws
the
rev
enu
e an
d e
xpe
nse
s o
f th
e V
illag
e’s
gove
rnm
enta
l an
d b
usi
ne
ss-t
ype
acti
viti
es.
For
mo
re i
nfo
rmat
ion
see
th
e St
ate
me
nt
of
Act
ivit
ies
in t
he
Co
mp
reh
en
sive
An
nu
al F
inan
cial
R
epo
rt.
Gove
rnme
ntal
Acti
vities
Bu
sines
s-Typ
e Acti
vitie
s To
tal P
rimar
y Gov
ernm
ent
Rev
en
ue
for
gove
rnm
en
tal a
ctiv
itie
s d
ecr
ease
d b
y $
81
4,3
38
or
(3.8
%)
fro
m t
he
pri
or
year
. P
rop
erty
an
d
rep
lace
men
t ta
xes
incr
ease
d b
y $3
08
,62
7 o
r 2
.6%
. U
tilit
y ta
x d
ecre
ase
d b
y $
19
0,2
07
an
d i
nco
me
tax
de
cre
ase
d b
y a
tota
l o
f $
14
5,2
47
. Ex
pe
nse
s fo
r go
vern
me
nta
l ac
tivi
tie
s d
ecr
ease
d b
y $
5,7
77
,28
8 o
r (2
7.1
%)
fro
m t
he
pri
or
year
. R
eve
nu
e f
or
bu
sin
ess-
typ
e a
ctiv
itie
s in
cre
ase
d b
y $
93
7,2
44
or
21
.2%
fro
m
the
pri
or
year
an
d e
xpe
nse
s fo
r b
usi
ne
ss-t
ype
acti
viti
es
incr
eas
ed
$7
3,6
75
or
2.1
% f
rom
th
e p
rio
r ye
ar.
The
tota
l re
ven
ue
for
pri
mar
y go
vern
men
t ac
tivi
ties
incr
ease
d $
63
9,4
14
or
2.6
% f
rom
th
e p
rio
r ye
ar a
nd
to
tal e
xpe
nse
s fo
r p
rim
ary
gove
rnm
ent
acti
viti
es d
ecre
ased
$5
,703
,613
or
(23
.0%
) fr
om
th
e p
rio
r ye
ar.
15
8.a.1.a
Packet Pg. 210
No
rmal
Imp
acts
– C
han
ges
in N
et P
osi
tio
n
Ref
lect
ed a
re e
igh
t b
asic
imp
acts
on
rev
enu
es
and
exp
en
ses
as r
efle
cted
bel
ow
: R
even
ues
: Ec
on
om
ic
Co
nd
itio
n:
Can
re
fle
ct
a d
ecl
inin
g,
stab
le
or
gro
win
g e
con
om
ic
envi
ron
me
nt
and
h
as
a su
bst
anti
al i
mp
act
on
sta
te i
nco
me
, sa
les,
tel
eco
mm
un
icat
ion
s an
d u
tilit
y ta
x re
ven
ue
as w
ell
as p
ub
lic
spe
nd
ing
hab
its
for
item
s su
ch a
s b
uild
ing
pe
rmit
s, e
lect
ive
use
r fe
es
and
vo
lum
es o
f co
nsu
mp
tio
n.
Incr
ease
/Dec
rea
se i
n V
illag
e a
pp
rove
d r
ate
s: A
lth
ou
gh c
erta
in t
ax r
ates
are
set
by
stat
ute
, th
e V
illag
e B
oar
d h
as s
ign
ific
ant
auth
ori
ty t
o im
po
se a
nd
pe
rio
dic
ally
incr
ease
/dec
reas
e ra
tes
(pro
pe
rty
taxe
s w
ith
in
tax
cap
lim
its,
wat
er/s
ewer
fee
s, r
efu
se/r
ecyc
ling
fees
, bu
ildin
g fe
es, u
tilit
y ta
x ra
tes,
etc
).
Ch
an
gin
g P
att
ern
s in
In
terg
ove
rnm
enta
l a
nd
Gra
nt
Rev
enu
e (b
oth
rec
urri
ng
and
No
nre
curr
ing
): c
erta
in
recu
rrin
g re
ven
ues
(st
ate
sh
ared
rev
en
ues
, et
c.)
may
exp
erie
nce
sig
nif
ican
t ch
ange
s p
erio
dic
ally
wh
ile
no
n-r
ecu
rrin
g (o
r o
ne
tim
e) g
ran
ts a
re le
ss p
red
icta
ble
an
d o
ften
dis
tort
ing
in t
he
ir im
pac
t o
n y
ear-
to-y
ear
com
par
iso
ns.
M
ark
et I
mp
act
s o
n In
vest
men
t In
com
e: t
he
Vill
age
's i
nve
stm
ent
po
rtfo
lio i
s m
anag
ed u
sin
g a
sho
rter
m
atu
rity
th
an m
any
gove
rnm
ents
, wh
ich
may
re
sult
in lo
we
r in
tere
st in
com
e d
ue
to
th
e m
arke
t st
abili
ty
of
sho
rter
-ter
m o
pti
on
s.
Ho
we
ver,
th
e V
illag
e e
arn
s 1
5 b
asis
po
ints
ove
r Ill
ino
is F
un
ds
on
a m
ajo
rity
of
cash
hel
d in
ban
k ac
cou
nts
. Ex
pen
ses:
In
tro
du
ctio
n o
f N
ew P
rogr
am
s: W
ith
in t
he
fun
ctio
nal
exp
ense
cat
ego
ries
(G
ener
al G
ove
rnm
ent,
Pu
blic
Sa
fety
, P
ub
lic W
ork
s, e
tc.)
in
div
idu
al p
rogr
ams
may
be
add
ed,
del
eted
or
mo
dif
ied
to
mee
t ch
angi
ng
com
mu
nit
y n
eed
s.
Incr
ease
in
A
uth
ori
zed
Per
son
nel
: C
han
ges
in
serv
ice
dem
and
m
ay
cau
se
the
Vill
age
Bo
ard
to
in
crea
se/d
ecre
ase
auth
ori
zed
sta
ffin
g.
Sala
ry In
crea
ses
(an
nu
al a
dju
stm
ents
an
d m
erit
): T
he
Vill
age
stri
ves
to m
ain
tain
a c
om
pe
titi
ve s
alar
y ra
nge
p
osi
tio
n in
th
e m
arke
tpla
ce.
Infl
ati
on
: O
vera
ll in
flat
ion
, as
me
asu
red
by
the
chan
ge in
th
e co
nsu
mer
pri
ce in
de
x (C
PI)
fro
m D
ecem
be
r to
th
e n
ext
De
cem
be
r, h
as v
arie
d s
ign
ific
antl
y o
ver
the
year
s. A
lso
, as
a m
ajo
r co
nsu
me
r o
f ce
rtai
n s
erv
ices
an
d c
om
mo
dit
ies
such
as
sup
plie
s, f
uel
an
d p
arts
, th
e V
illag
e o
ften
exp
erie
nce
s in
crea
ses
that
var
y fr
om
th
e ch
ange
in
CP
I fa
cto
rs l
iste
d a
bo
ve,
esp
eci
ally
wit
h r
ecen
tly
imp
ose
d t
arif
fs o
n g
oo
ds
imp
ort
ed
fro
m
ou
tsid
e o
f th
e U
nit
ed
Sta
tes.
16
CU
RR
ENT
YEA
R IM
PA
CTS
G
ove
rnm
enta
l Act
ivit
ies
Rev
enu
es:
Fo
r th
e st
ub
yea
r en
de
d D
ece
mb
er 3
1,
20
20
rev
enu
es
fro
m g
ove
rnm
en
tal a
ctiv
itie
s to
tale
d $
20
,33
8,5
51
. P
rop
erty
tax
es (
and
rep
lace
men
t ta
xes)
co
nti
nu
e to
be
the
Vill
age
’s la
rge
st r
eve
nu
e s
ou
rce
to
talin
g $
12
,33
6,0
50
re
pre
sen
tin
g 6
0.7
%
of
tota
l go
vern
men
tal
acti
vity
re
ven
ue.
Sal
es t
ax r
even
ue
was
$1
,83
0,0
01
or
9.0
% o
f to
tal g
ove
rnm
en
t ac
tivi
ty r
eve
nu
e. O
ther
tax
es in
clu
din
g lo
cal
uti
lity
tax
reve
nu
e an
d i
nco
me
tax
rev
enu
e w
as
$3
,06
8,7
00
re
pre
sen
tin
g 1
5.1
% o
f th
e t
ota
l go
vern
me
nt
acti
vity
re
ven
ue
. To
tal
char
ges
for
serv
ice
wer
e
$2
,84
0,3
34
or
14
% o
f go
vern
men
tal a
ctiv
ity
reve
nu
e.
Co
mp
aris
on
wit
h P
rio
r Y
ear
Pro
pe
rty
tax
and
re
pla
cem
en
t ta
x re
ven
ue
incr
eas
ed
by
$3
08
,62
7
or
2.5
0%
fr
om
th
e
pri
or
year
. Sa
les
tax
de
cre
ase
d b
y $4
63
,37
1 o
r (2
5.3
2%)
fro
m t
he
pri
or
year
. Th
is
is
larg
ely
du
e
to
the
imp
act
of
the
CO
VID
-19
p
and
em
ic a
nd
a s
ho
rte
ne
d fi
scal
ye
ar. C
har
ges
for
serv
ice
de
cre
ase
d $
31
0,9
29
or
(10
.95
%).
Gra
nts
(ca
pit
al a
nd
o
per
atin
g) d
ecre
ased
by
$4
0,5
37
or
(15
.39
%).
Ch
arge
s fo
r Se
rvic
e1
5%
Gra
nts
1%
Pro
per
ty
Tax
57
%
Oth
er1
6%
Sale
s Ta
x1
1%
FY 2
02
0 G
ove
rnm
enta
l Act
ivit
ies
Rev
enu
e
Ch
arge
s fo
r Se
rvic
e1
4%
Gra
nts
3
%
Pro
per
ty
Tax
59
%
Oth
er1
5%
Sale
s Ta
x9
%
SY 2
02
0 G
ove
rnm
enta
l Act
ivit
ies
Rev
enu
e
17
8.a.1.a
Packet Pg. 211
Exp
ense
s:
For
the
fisc
al y
ear
that
en
ded
Dec
emb
er
31
, 2
02
1,
exp
en
ses
for
gove
rnm
enta
l ac
tivi
ties
to
tale
d
$1
5,5
01
,72
9.
Th
e fo
llow
ing
(Tab
le I
V)
rep
rese
nts
so
me
of
the
pe
rcen
tage
in
crea
ses
exp
erie
nce
d
by
the
Vill
age
du
rin
g th
e y
ear
. C
ateg
ori
es in
clu
de
d in
exp
ense
s ar
e ad
min
istr
atio
n,
de
bt
serv
ice
inte
rest
, pu
blic
saf
ety
an
d p
ub
lic w
ork
s.
C
om
par
iso
n w
ith
Pri
or
Yea
r:
Tota
l e
xpe
nse
s fo
r go
vern
me
nta
l ac
tivi
tie
s d
ecr
eas
ed
by
$5
,75
7,7
59
or
(27
.1%
) fr
om
th
e p
rio
r ye
ar.
Exp
en
ses
for
adm
inis
trat
ion
an
d
fin
ance
d
ecr
eas
ed
by
$4
11
,12
6 o
r (1
4.2
%)
fro
m t
he
pri
or
year
. Th
e ex
pe
nse
s fo
r P
ub
lic S
afet
y d
ecre
ased
by
$3
,47
8,6
10
or
-33
.0%
fro
m t
he
pri
or
year
. Exp
en
ses
for
Pu
blic
W
ork
s d
ecr
eas
ed
b
y $
1,8
69
,98
0,
or
(25
.4%
) fr
om
th
e p
rio
r ye
ar.
Exp
en
ses
rela
ted
to
d
eb
t se
rvic
e in
tere
st p
aym
ents
incr
eas
ed b
y $
1,9
57
o
r (0
.4%
).
Ad
min
istr
atio
n1
3.8
%
Pu
blic
Sa
fety
49
.6%
Pu
blic
W
ork
s3
4.5
%
Deb
t Se
rvic
e In
tere
st2
.1%
FY 2
02
0 G
ove
rnm
enta
l Act
ivit
ies
Exp
en
ses
Ad
min
istr
atio
n1
6.1
%
Pu
blic
Sa
fety
45
.6%
Pu
blic
W
ork
s3
5.4
%
Deb
t Se
rvic
e In
tere
st2
.9%
SY 2
02
0 G
ove
rnm
enta
l Act
ivit
ies
Exp
en
ses
18
Tab
le IV
C
ost
Fac
tors
(1)
Hea
lth
Insu
ran
ce r
ate
s g
o in
to e
ffec
t Ja
nu
ary
1 o
f ev
ery
yea
r.
Ch
ange
s in
CP
I (T
ax C
ap)
As
a n
on
-ho
me
rule
co
mm
un
ity,
th
e V
illag
e is
su
bje
ct t
o t
ax c
ap le
gisl
atio
n w
hic
h g
ener
ally
lim
its
futu
re
pro
pe
rty
tax
incr
eas
es
to t
he
an
nu
al c
han
ge in
th
e c
on
sum
er
pri
ce in
dex
(C
PI)
or
5%
wh
ich
ever
is le
ss. T
he
20
19
Tax
Le
vy (
for
colle
ctio
n i
n F
isca
l Ye
ar 2
02
0)
was
bas
ed
on
a 1
.9%
in
cre
ase
in
th
e C
PI,
plu
s an
y ad
dit
ion
al n
ew g
row
th in
est
imat
ed p
rop
erty
val
ue
. Th
e 2
01
9 T
ax L
evy
incr
eas
ed
th
e e
xte
nsi
on
by
$2
67
,31
o
r 2
.62
% t
o a
to
tal e
xte
nsi
on
fo
r ca
pp
ed
fu
nd
s o
f $
10
,47
5,5
16
. W
age
Fact
ors
In
clu
de
d in
co
st f
acto
rs in
Tab
le IV
are
fac
tors
for
gen
eral
em
plo
yee
s, p
ub
lic s
afet
y o
ffic
ers
an
d b
arga
inin
g u
nit
em
plo
yee
s. D
uri
ng
Stu
b Y
ear
20
20
no
n-u
nio
n e
mp
loye
es
rece
ive
d a
2.5
% i
ncr
ease
an
d b
arga
inin
g u
nit
pu
blic
saf
ety
emp
loye
es r
ecei
ved
a 2
.50
% i
ncr
ease
in
bas
e p
ay.
The
in
cre
ase
in
wag
es
for
the
bar
gain
ing
un
it P
ub
lic W
ork
s em
plo
yees
was
2.7
5%
in S
tub
Yea
r 20
20
. H
ealt
h In
sura
nce
Th
e P
PO
1 h
ealt
h i
nsu
ran
ce p
rem
ium
rat
e d
ecr
ease
d b
y 2
.68
%,
the
PP
O2
(h
igh
er
de
du
ctib
le p
lan
) d
ecr
eas
ed
by
1.3
3%
an
d H
MO
he
alth
in
sura
nce
rat
e d
ecr
eas
ed
0.0
6%
eff
ecti
ve J
anu
ary
1,
20
20
. Th
e d
ecr
eas
e i
n h
eal
th i
nsu
ran
ce p
rem
ium
was
du
e t
o s
om
e p
lan
de
sign
ch
ange
s fo
r 2
02
0,
such
as
an
incr
eas
e in
hig
he
r d
ed
uct
ible
s an
d c
op
ays.
P
olic
e P
ensi
on
(A
ll So
urc
es)
The
an
nu
al r
eq
uir
ed
co
ntr
ibu
tio
n (
AR
C)
to t
he
Po
lice
Pe
nsi
on
Fu
nd
is
actu
aria
lly d
ete
rmin
ed
an
d t
he
actu
al a
nn
ual
co
ntr
ibu
tio
n i
s m
ade
up
of
levi
ed
pro
pe
rty
taxe
s an
d o
the
r fi
nan
cin
g so
urc
es
in t
he
Ge
ne
ral
Fun
d d
ete
rmin
ed
du
rin
g th
e b
ud
get
pro
cess
to
be
ava
ilab
le f
or
the
pu
rpo
se o
f fu
nd
ing
the
19
8.a.1.a
Packet Pg. 212
Po
lice
Pen
sio
n F
un
d.
Th
e A
RC
fo
r th
e P
olic
e P
ensi
on
Fu
nd
has
incr
ease
d f
rom
$1
,83
8,0
60
in F
isca
l Yea
r 2
02
0 t
o $
12
,19
9,6
34
in S
tub
Ye
ar 2
02
0.
The
act
ual
co
ntr
ibu
tio
ns
to t
he
Po
lice
Pen
sio
n F
un
d in
cre
ase
d
fro
m $
1,8
44
,08
6 in
Fis
cal Y
ear
20
20
to
$2
,20
9,8
46
in S
tub
Ye
ar 2
02
0.
Il
lin
ois
Mu
nic
ipal
Ret
irem
ent
Fun
d (
IMR
F)
Emp
loye
es
elig
ible
for
IMR
F b
enef
its
con
trib
ute
4.5
% o
f th
eir
sala
ry t
ow
ard
s th
at p
ensi
on
. A
ll p
aym
en
ts
hav
e h
isto
rica
lly b
ee
n m
ade
bas
ed
on
th
e A
RC
am
ou
nt.
Th
e I
MR
F em
plo
yer
rate
is a
t a
rate
of
11
.37
%
as o
f D
ecem
be
r 3
1, 2
02
0.
B
usi
nes
s Ty
pe
Act
ivit
ies
Rev
enu
e fr
om
bu
sin
ess
-typ
e ac
tivi
ty t
ota
led
$5
,36
1,0
48
. R
even
ue
gen
erat
ed
by
bu
sin
ess
-typ
e a
ctiv
ity
incr
eas
ed
by
$9
34
,24
4 o
r 2
1.1
% f
rom
th
e p
rio
r ye
ar. A
larg
e f
acto
r in
th
is in
crea
se w
as d
ue
to in
crea
ses
in
wat
er r
ate
s an
d a
n in
cre
ase
in w
ater
use
du
e to
a v
ery
dry
su
mm
er
seas
on
. At
the
end
of
Stu
b Y
ear
20
20
, th
e w
ater
rat
e fo
r th
e V
illag
e w
as $
5.3
0 p
er 1
00
cu
bic
fee
t.
Exp
en
ses
fro
m b
usi
nes
s-ty
pe
acti
vity
to
tale
d $
3,5
84
,16
1. B
usi
nes
s-ty
pe
dep
reci
atio
n e
xpen
ses
amo
un
ted
to
$2
98
,92
6 a
s co
mp
are
d t
o $
30
4,1
09
in t
he
pri
or
year
. D
uri
ng
the
year
, th
e W
ate
r Fu
nd
exp
erie
nce
d a
n o
per
atin
g in
com
e o
f $
1,2
70
,61
6 a
s co
mp
are
d t
o
op
era
tin
g in
com
e o
f $
68
5,7
43
du
rin
g Fi
scal
Ye
ar 2
02
0.
The
Gle
nco
e G
olf
Clu
b h
ad a
n o
pe
rati
ng
gain
of
$5
11
,25
3, a
s co
mp
are
d t
o t
he
op
era
tin
g ga
in a
t th
e G
len
coe
Go
lf C
lub
du
rin
g Fi
scal
Ye
ar 2
02
0 o
f $1
68
,32
7.
The
Gle
nco
e G
olf
Clu
b s
urp
lus
was
larg
ely
attr
ibu
tab
le t
o r
eco
rd-b
reak
ing
atte
nd
ance
at
the
co
urs
e in
th
e su
mm
er a
nd
late
fal
l of
20
20
, wh
en g
olf
was
on
e o
f th
e f
ew o
utd
oo
r ac
tivi
ties
allo
wed
du
e t
o m
itig
atio
ns
imp
ose
d t
o c
on
tro
l th
e s
pre
ad o
f C
OV
ID-1
9.
Fin
anci
al A
nal
ysis
of
the
Vill
age’
s Fu
nd
s
For
the
te
n m
on
ths
en
din
g D
ece
mb
er
31
, 20
20
, th
e go
vern
me
nta
l fu
nd
s re
fle
ct a
co
mb
ine
d f
un
d b
alan
ce
of
$1
4,1
24
,81
7 (s
ee
the
fin
anci
al s
ecti
on
of
this
re
po
rt f
or
mo
re in
form
atio
n).
Ove
rall,
th
e n
et
chan
ge in
co
mb
ine
d f
un
d b
alan
ce w
as a
n in
cre
ase
of
$1
,23
5,9
46
.
50
0,0
00
1,0
00
,00
0
1,5
00
,00
0
2,0
00
,00
0
2,5
00
,00
0
3,0
00
,00
0
3,5
00
,00
0
Re
ven
ue
Exp
ense
20
The
ne
t ch
ange
in
fu
nd
bal
ance
fo
r th
e G
en
era
l Fu
nd
was
an
in
cre
ase
of
$2,2
77,2
72
. Th
is i
ncr
eas
e i
s p
rim
arily
du
e t
o e
xpe
nd
itu
res
fin
ish
ing
the
fisc
al y
ear
less
th
an b
ud
get,
wh
ich
was
inte
nti
on
al. D
ue
to
th
e u
nce
rtai
nty
of
the
eco
no
mic
imp
act
of
the
CO
VID
-19
pan
de
mic
an
d t
he
mit
igat
ion
me
asu
res
imp
ose
d t
o
slo
w t
he
spre
ad o
f th
e vi
rus,
th
e V
illag
e B
oar
d d
elay
ed o
r d
efe
rred
ap
pro
xim
atel
y $
2.3
mill
ion
in o
per
atin
g an
d c
apit
al e
xpe
nd
itu
res
(th
e m
ajo
rity
of
wh
ich
was
re
mo
ved
fro
m t
he
Ge
ne
ral F
un
d).
Th
e n
et
chan
ge i
n f
un
d b
alan
ce f
or
Gen
eral
Ob
ligat
ion
Bo
nd
s Fu
nd
was
an
in
cre
ase
of
$4
8,1
34
. Th
e in
crea
se in
Gen
eral
Ob
ligat
ion
Bo
nd
s Fu
nd
was
du
e to
a d
ecr
eas
e in
pay
me
nt
of
pri
nci
pal
an
d in
tere
st.
The
net
ch
ange
in f
un
d b
alan
ce f
or
Cap
ital
Pro
ject
s Fu
nd
was
a d
ecr
eas
e o
f $
1,5
27
,59
1. T
he
de
cre
ase
in
Cap
ital
Pro
ject
s Fu
nd
was
pri
mar
ily d
ue
to
cap
ital
pro
ject
s th
at w
ere
no
t co
mp
lete
d in
Stu
b Y
ear
20
20
. Th
e n
et c
han
ge in
fu
nd
bal
ance
fo
r th
e n
on
-maj
or
gove
rnm
en
tal f
un
d (
Mo
tor
Fue
l Tax
Fu
nd
) d
uri
ng
the
year
was
an
in
cre
ase
of
$4
38
,13
1.
The
in
cre
ase
in
th
e M
oto
r Fu
el
Tax
Fun
d w
as d
ue
to
gra
nt
fun
din
g re
ceiv
ed f
rom
th
e R
ebu
ild I
llin
ois
Pla
n.
In a
dd
itio
n,
Stu
b Y
ear
20
20
in
clu
de
d a
ne
w S
tate
-au
tho
rize
d
incr
eas
e in
th
e M
oto
r Fu
el T
ax, b
oth
to
he
lp f
urt
he
r d
ive
rsif
y th
e V
illag
e’s
reve
nu
e s
ou
rces
an
d t
o p
rovi
de
ne
cess
ary
reso
urc
es f
or
infr
astr
uct
ure
inve
stm
en
t an
d o
pe
rati
on
s.
Ta
ble
V
Gen
eral
Co
rpo
rate
Fu
nd
Bu
dge
tary
Hig
hlig
hts
Fi
nal
Fina
l SY
202
0 FY
202
0 FY
201
9 FY
201
8
Gen
eral
Cor
pora
te F
und
Bud
get
App
ropr
iatio
n A
ctua
l A
ctua
l A
ctua
l A
ctua
l
RE
VE
NU
ES
Ta
xes
$13
,947
,858
$
-
$13
,770
,548
$
14,4
56,5
52
$13
,939
,769
$
13,7
29,8
64
Li
cen
ses
& P
erm
its
1
,738
,515
-
1,
676,
689
1,9
42,3
62
1
,839
,173
1,8
63,4
57
O
ther
4,2
47,6
95
-
2,41
2,53
2
2
,527
,106
2,1
62,7
07
1
,968
,849
Tota
l
19,
934,
368
-
17,
859,
769
1
8,92
6,02
0
17,
941,
649
1
7,56
2,17
0
$
From
Fin
al B
udg
et
(2,0
74,2
99)
590,
326
50
4,05
3
1,3
11,0
26
%
of F
inal
Bu
dget
(10.
4%)
3.2%
10
2.20
%
108.
20%
$ fr
om A
ctu
al
(1,0
66,2
51)
984,
371
37
9,47
9
1,1
27,6
48
%
from
Act
ual
(5.6
%)
5.5%
2.
2%
6.9%
E
XPE
ND
ITU
RE
S &
TR
AN
SFER
S
E
xpen
ditu
res
20,
224,
578
2
1,70
1,58
9
15,
582,
497
1
7,76
8,19
5
17,
701,
322
1
6,93
6,84
7
$
From
Fin
al B
udg
et
(
4,64
2,08
1)
(2
,099
,870
)
(1,4
08,1
35)
(
871,
530)
% fr
om F
inal
Bu
dget
(23.
0%)
(10.
6%)
92.6
%
95.1
%
$
from
Act
ual
(2
,185
,698
)
6
6,87
3
764,
475
1
,573
,471
% fr
om A
ctu
al
(1
2.3%
) 0.
4%
4.5%
10
.2%
D
ispo
sal o
f Cap
ital
A
sset
s
-
-
(9
00)
(87,
300)
(6
5,00
0)
Tr
ansf
ers
in
(40
3,48
8)
Tr
ansf
ers
out
-
-
-
-
Tota
l
20,
224,
578
2
1,70
1,58
9
15,
582,
497
1
7,76
7,29
5
17,
614,
022
1
6,46
8,35
9
Ch
ange
s In
Fu
nd B
alan
ce
(290
,510
) (2
1,70
1,58
9)
2,2
77,2
72
1,
158,
725
32
7,62
7
1,0
93,8
11
Tota
l rev
en
ue
in t
he
Ge
ne
ral F
un
d d
ecr
eas
ed
by
$1
,066
,25
1 o
r (5
.6%
) fr
om
th
e p
rio
r ye
ar a
ctu
al r
eve
nu
e.
21
8.a.1.a
Packet Pg. 213
Tota
l ex
pe
nd
itu
res
in t
he
Ge
ne
ral
Fun
d d
ecr
eas
ed
$2
,18
5,6
98
or
(12
.3%
), f
rom
th
e p
rio
r ye
ar (
See
th
e fi
nan
cial
se
ctio
n o
f th
is r
ep
ort
fo
r m
ore
de
tail
abo
ut
reve
nu
e a
nd
exp
en
dit
ure
in t
he
Gen
eral
Fu
nd
). T
he
Ge
ne
ral F
un
d r
ece
ive
d r
even
ue
s at
(10
.4%
) of
bu
dge
t. D
uri
ng
de
velo
pm
en
t o
f th
e S
tub
Ye
ar 2
02
0 B
ud
get,
th
e V
illag
e b
oar
d r
evie
wed
rev
enu
e tr
end
s to
de
velo
p s
trat
egie
s to
in
cre
ase
reve
nu
e a
nd
de
cre
ase
exp
end
itu
res.
Th
e V
illag
e B
oar
ds
on
goin
g go
al is
to
an
tici
pat
e an
d r
eact
to
th
e ch
angi
ng
eco
no
mic
clim
ate
in a
tim
ely,
pru
de
nt
and
ap
pro
pri
ate
fash
ion
. C
apit
al A
sse
ts
At
the
en
d o
f St
ub
Yea
r 2
02
0, t
he
Vill
age
’s G
ove
rnm
enta
l Act
ivit
ies
has
inve
ste
d $
83
,31
2,3
39
(se
e N
ote
3)
in a
var
iety
of
cap
ital
ass
ets
and
infr
astr
uct
ure
, as
refl
ecte
d in
th
e fo
llow
ing
sch
edu
le.
Ta
ble
VI
Go
vern
men
tal A
ctiv
itie
s C
han
ge in
Cap
ital
Ass
ets
Net
Bal
ance
B
alan
ce
Add
itio
ns/
Bal
ance
Febr
uar
y 28
, 201
9 Fe
bru
ary
29, 2
020
Del
etio
ns
Dec
embe
r 31
, 202
1
N
on-D
epre
ciab
le A
sset
s
La
nd
& L
and
Rig
ht o
f Way
$
44,7
23,5
70
$
44
,723
,570
$
95,7
95
$
44
,819
,365
C
onst
ruct
ion
In
Pro
gres
s
1
65,6
49
-
-
-
Su
b-To
tal
44
,889
,219
44,7
23,5
70
95
,795
44,8
19,3
65
Oth
er C
apit
al A
sset
s
B
uild
ings
& I
mpr
ovem
ents
9,3
04,2
39
9
,480
,632
-
9
,480
,632
V
ehic
les
5
,227
,065
5,1
37,2
61
-
5,1
37,2
61
M
ach
iner
y &
Equ
ipm
ent
1
,945
,727
2,0
29,1
44
323
,458
2,3
52,6
02
In
fras
tru
ctu
re
54
,914
,302
55,3
61,3
32
1
,676
,636
57,0
37,9
68
Su
b-To
tal
71
,391
,333
72,0
08,3
69
2
,000
,094
74,0
08,4
63
A
ccu
mu
late
d D
epre
ciat
ion
(32
,448
,117
)
(
34,0
45,1
31)
(1
,470
,358
)
(
35,5
15,4
89)
on o
ther
Cap
ital
Ass
ets
Tota
ls
83
,832
,435
82,6
86,8
08
625
,531
83,3
12,3
39
$
Ch
ange
from
pri
or y
ear
(571
,939
)
(1,1
45,6
27)
(8
2,06
1,27
7)
625
,531
%
Ch
ange
from
pri
or y
ear
(0.6
8%)
(1.3
7%)
(99.
24%
) 0.
76%
A
sset
s (n
et
of
dep
reci
atio
n)
incr
ease
d $
62
5,5
31
or
0.7
6%
fro
m F
isca
l Yea
r 2
02
0 t
o S
tub
Ye
ar 2
02
0.
22
Deb
t O
uts
tan
din
g A
s o
f D
ecem
ber
31
, 20
20
, th
e V
illag
e h
ad $
18
,62
0,0
00
in o
uts
tan
din
g ge
ne
ral o
blig
atio
n d
eb
t se
rvic
e a
nd
$
1,9
40
,68
2 f
rom
an
Illi
no
is E
nvi
ron
men
tal
Pro
tect
ion
Age
ncy
(IE
PA
) lo
an o
uts
tan
din
g. T
he
exi
stin
g sc
he
du
le (
incl
ud
ing
the
IEP
A lo
an)
ext
en
ds
thro
ugh
No
vem
be
r 1
, 2
03
2.
(Fo
r m
ore
info
rmat
ion
se
e N
ote
3
).
The
Vill
age
has
a le
gal d
ebt
limit
of
$9
7,0
46
,16
4, w
hic
h is
10
% o
f as
sess
ed v
alu
atio
n. T
he
Vill
age
has
use
d
$1
5,7
75
,00
0 o
f th
is li
mit
leav
ing
a le
gal d
ebt
mar
gin
of
$8
1,2
71
,16
4. A
s la
st r
ate
d d
uri
ng
Stu
b Y
ear
20
20
, th
e V
illag
e m
ain
tain
ed
an
“A
AA
” b
on
d r
atin
g b
y St
and
ard
& P
oo
r’s
Co
rpo
rati
on
. As
stat
ed b
y St
and
ard
&
Po
or,
th
e r
atin
g re
flec
ts:
P
arti
cip
atio
n in
th
e d
eep
an
d d
ive
rse
Ch
icag
o M
SA e
con
om
y;
V
ery
stro
ng
inco
me
and
ext
rem
ely
str
on
g w
eal
th le
vels
;
V
ery
stro
ng
rese
rves
pai
red
wit
h g
oo
d f
inan
cial
man
age
men
t p
ract
ice
s; a
nd
M
od
erat
e o
vera
ll n
et d
ebt
bu
rden
as
a p
erc
enta
ge o
f m
arke
t va
lue
. Ec
on
om
ic F
acto
rs
The
Vill
age’
s co
mp
osi
tio
n i
s p
rim
arily
res
iden
tial
wit
h a
co
mm
erc
ial
com
po
ne
nt
en
han
ced
by
thre
e c
ar
de
ale
rsh
ips.
Th
e p
rop
ert
y ta
x re
ven
ue
de
rive
d f
rom
th
e c
urr
en
t h
ou
sin
g st
ock
is s
tab
le.
The
co
mm
erc
ial
com
po
nen
t in
clu
des
veh
icle
s sa
les,
fo
od
an
d d
rugs
an
d m
isce
llan
eou
s re
tail.
C
on
tact
ing
the
Vill
age’
s Fi
nan
cial
Man
agem
ent
This
fin
anci
al r
ep
ort
is d
esi
gne
d t
o p
rovi
de
ou
r ci
tize
ns,
cu
sto
me
rs, i
nve
sto
rs a
nd
cre
dit
ors
wit
h a
ge
ne
ral
ove
rvie
w o
f th
e V
illag
e’s
fin
ance
s an
d t
o d
emo
nst
rate
th
e V
illag
e’s
acco
un
tab
ility
fo
r th
e m
on
ey i
t re
ceiv
es.
Qu
esti
on
s co
nce
rnin
g th
is r
epo
rt o
r re
qu
ests
fo
r ad
dit
ion
al f
inan
cial
in
form
atio
n s
ho
uld
be
dir
ecte
d t
o N
ico
le L
arso
n, D
irec
tor
of
Fin
ance
, Vill
age
of
Gle
nco
e, 6
75
Vill
age
Co
urt
, Illi
no
is 6
00
22
.
23
8.a.1.a
Packet Pg. 214
8.a.1.a
Packet Pg. 215
2425
8.a.1.a
Packet Pg. 216
2627
8.a.1.a
Packet Pg. 217
2829
8.a.1.a
Packet Pg. 218
30
8.a.1.a
Packet Pg. 219
3132
8.a.1.a
Packet Pg. 220
33
8.a.1.a
Packet Pg. 221
3435
8.a.1.a
Packet Pg. 222
3637
8.a.1.a
Packet Pg. 223
3839
8.a.1.a
Packet Pg. 224
4041
8.a.1.a
Packet Pg. 225
42
Gene
ral F
und
Spec
ial R
even
ue F
unds
Debt
Ser
vice
Fun
ds
43
8.a.1.a
Packet Pg. 226
Capi
tal P
roje
cts F
unds
Enter
prise
Fun
ds
Pens
ion T
rust
Fund
s
44
Custo
dial
Fun
ds
45
8.a.1.a
Packet Pg. 227
4647
8.a.1.a
Packet Pg. 228
48
49
8.a.1.a
Packet Pg. 229
5051
8.a.1.a
Packet Pg. 230
Depo
sits.
Inve
stmen
ts.
52
Inve
stmen
ts –
Cont
inue
d.
Inter
est R
ate R
isk.
Cred
it Ri
sk.
53
8.a.1.a
Packet Pg. 231
Custo
dial
Cre
dit R
isk.
Conc
entra
tion
Risk
.
Depo
sits.
Inve
stmen
ts.
54
Inve
stmen
ts –
Cont
inue
d.
Inter
est R
ate R
isk.
Cred
it Ri
sk.
55
8.a.1.a
Packet Pg. 232
Conc
entra
tion R
isk.
56
Conc
entra
tion
Risk
– C
ontin
ued.
Custo
dial
Cre
dit R
isk.
Depo
sits.
Custo
dial
Cre
dit R
isk.
57
8.a.1.a
Packet Pg. 233
Cred
it Ri
sk.
Conc
entra
tion
Risk
.
5859
8.a.1.a
Packet Pg. 234
6061
8.a.1.a
Packet Pg. 235
6263
8.a.1.a
Packet Pg. 236
6465
8.a.1.a
Packet Pg. 237
66
Nons
pend
able
Fund
Bal
ance
Restr
icted
Fun
d Ba
lanc
e
Comm
itted
Fun
d Ba
lanc
e
Assig
ned
Fund
Bal
ance
Unas
signe
d Fu
nd B
alan
ce
Min
imum
Fun
d Bal
ance
Pol
icy.
67
8.a.1.a
Packet Pg. 238
68
69
8.a.1.a
Packet Pg. 239
7071
8.a.1.a
Packet Pg. 240
72
Plan
Adm
inist
ratio
n.
Bene
fits P
rovid
ed.
befo
re
73
8.a.1.a
Packet Pg. 241
Bene
fits P
rovid
ed –
Con
tinue
d.
on
or
after
lesse
r
Plan
Mem
bers
hip.
Cont
ribut
ions
.
74
Net P
ensio
n Lia
bilit
yAs
set.
Actu
aria
l Ass
umpt
ions
.
75
8.a.1.a
Packet Pg. 242
Actu
aria
l Ass
umpt
ions
– C
ontin
ued.
7677
8.a.1.a
Packet Pg. 243
78
Plan
Adm
inist
ratio
n.
Plan
Mem
bers
hip.
Bene
fits P
rovid
ed.
79
8.a.1.a
Packet Pg. 244
Bene
fits P
rovid
ed –
Con
tinue
d.
Cont
ribut
ions
.
Conc
entra
tions
.
8081
8.a.1.a
Packet Pg. 245
8283
8.a.1.a
Packet Pg. 246
Plan
Adm
inist
ratio
n.
Plan
Mem
bers
hip.
Bene
fits P
rovid
ed.
84
Bene
fits P
rovid
ed –
Con
tinue
d.
Cont
ribut
ions
.
Conc
entra
tions
.
85
8.a.1.a
Packet Pg. 247
8687
8.a.1.a
Packet Pg. 248
88
Plan
Des
crip
tion.
Bene
fits
Prov
ided
.
Plan
Mem
bers
hip.
89
8.a.1.a
Packet Pg. 249
Actu
aria
l Ass
umpt
ions
and
Oth
er In
puts.
9091
8.a.1.a
Packet Pg. 250
92
8.a.1.a
Packet Pg. 251
9394
8.a.1.a
Packet Pg. 252
95
8.a.1.a
Packet Pg. 253
9697
8.a.1.a
Packet Pg. 254
9899
8.a.1.a
Packet Pg. 255
100
101
8.a.1.a
Packet Pg. 256
102
103
8.a.1.a
Packet Pg. 257
Cha
nges
of A
ssum
ptio
ns.
104
105
8.a.1.a
Packet Pg. 258
106
8.a.1.a
Packet Pg. 259
8.a.1.a
Packet Pg. 260
107
108
8.a.1.a
Packet Pg. 261
109
110
8.a.1.a
Packet Pg. 262
111
112
8.a.1.a
Packet Pg. 263
113
114
8.a.1.a
Packet Pg. 264
115
116
8.a.1.a
Packet Pg. 265
117
118
8.a.1.a
Packet Pg. 266
119
8.a.1.a
Packet Pg. 267
120
121
8.a.1.a
Packet Pg. 268
122
123
8.a.1.a
Packet Pg. 269
124
125
8.a.1.a
Packet Pg. 270
126
8.a.1.a
Packet Pg. 271
127
8.a.1.a
Packet Pg. 272
128
129 8.a.1.a
Packet Pg. 273
130
131
8.a.1.a
Packet Pg. 274
132
133
8.a.1.a
Packet Pg. 275
134
135
8.a.1.a
Packet Pg. 276
136
8.a.1.a
Packet Pg. 277
137
138
8.a.1.a
Packet Pg. 278
139
140
8.a.1.a
Packet Pg. 279
141
142
8.a.1.a
Packet Pg. 280
143
8.a.1.a
Packet Pg. 281
144
145
8.a.1.a
Packet Pg. 282
146
147
8.a.1.a
Packet Pg. 283
148
149
8.a.1.a
Packet Pg. 284
150
151
8.a.1.a
Packet Pg. 285
152
153
8.a.1.a
Packet Pg. 286
154
155
8.a.1.a
Packet Pg. 287
156
157
8.a.1.a
Packet Pg. 288
APPENDIX B
DESCRIBING BOOK-ENTRY ONLY ISSUANCE
The Depository Trust Company, New York, New York (“DTC”), will act as securities depository for the Bonds (the “Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Security certificate will be issued for each issue of the Securities, each in the aggregate principal amount of such issue, and will be deposited with DTC.
1. DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has an S&P Global Ratings rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com.
2. Purchases of Securities under the DTC system must be made by or through Direct Participants, which will
receive a credit for the Securities on DTC’s records. The ownership interest of each actual purchaser of each Security (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the book-entry system for the Securities is discontinued.
3. To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.
B-1
8.a.1.a
Packet Pg. 289
4. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the bond registrar and request that copies of notices be provided directly to them.
5. Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.
6. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the Village as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).
7. Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the Village or the Paying Agent, on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, the Paying Agent, or the Village, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Village or the Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.
8. A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to any Tender/Remarketing Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the Participant’s interest in the Securities, on DTC’s records, to any Tender/Remarketing Agent. The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC’s records and followed by a book-entry credit of tendered Securities to any Tender/Remarketing Agent’s DTC account.
9. DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to the Village or the Paying Agent. Under such circumstances, in the event that a successor depository is not obtained, Security certificates are required to be printed and delivered.
10. The Village may decide to discontinue use of the system of book-entry only transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC.
11. The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that the Village believes to be reliable, but the Village takes no responsibility for the accuracy thereof.
B-2
8.a.1.a
Packet Pg. 290
APPENDIX C
PROPOSED FORM OF OPINION OF BOND COUNSEL
[LETTERHEAD OF CHAPMAN AND CUTLER LLP]
[TO BE DATED CLOSING DATE]
Village of Glencoe Cook County, Illinois
We hereby certify that we have examined certified copy of the proceedings (the “Proceedings”) of the President and Board of Trustees of the Village of Glencoe, Cook County, Illinois (the “Village”), passed preliminary to the issue by the Village of its fully registered General Obligation Bonds, Series 2021 (the “Bonds”), to the amount of $___________, dated the date hereof, due serially on December 15 of the years and in the principal amounts as follows:
the Bonds due on or after December 15, 20__, being subject to redemption prior to maturity at the option of the District as a whole or in part in any order of their maturity as determined by the District (less than all of the Bonds of a single maturity and interest rate to be selected by the Bond Registrar), on December 15, 20__, or on any date thereafter, at the redemption price of par plus accrued interest to the redemption date, as provided in the Proceedings, and we are of the opinion that the Proceedings show lawful authority for said issue under the laws of the State of Illinois now in force.
We further certify that we have examined the form of bond prescribed for said issue and find the same in due form of law, and in our opinion said issue, to the amount named, is valid and legally binding upon the Village and is payable from any funds of the Village legally available for such purpose, and all taxable property in the Village is subject to the levy of taxes to pay the same 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, reorganization, moratorium and other similar laws affecting creditors’ rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion.
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It is our opinion that, subject to the Village’s compliance with certain covenants, 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 alternative minimum tax for individuals under the Internal Revenue Code of 1986, as amended (the “Code”). Failure to comply with certain of such Village covenants could cause interest on the Bonds to be includible in gross income for federal income tax purposes retroactively to the date of issuance of the Bonds. Ownership of the Bonds may result in other federal tax consequences to certain taxpayers, and we express no opinion regarding any such collateral consequences arising with respect to the Bonds.
It is also our opinion that the Bonds are “qualified tax-exempt obligations” pursuant to Section 265(b)(3) of the Code.
We express no opinion herein as to the accuracy, adequacy or completeness of any information furnished to any person in connection with any offer or sale of the Bonds.
In rendering this opinion, we have relied upon certifications of the Village with respect to certain material facts within the Village’s knowledge. Our opinion represents our legal judgment based upon our review of the law and the facts that we deem relevant to render such opinion and is not a guarantee of a result. This opinion is given as of the date hereof and we assume no obligation to revise or supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention or any changes in law that may hereafter occur.
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APPENDIX D
VILLAGE OF GLENCOE COOK COUNTY, ILLINOIS
EXCERPTS OF STUB YEAR 2020 AUDITED FINANCIAL STATEMENTS
RELATING TO THE VILLAGE’S PENSION PLANS
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OFFICIAL BID FORM (Open Speer Auction) Village of Glencoe June 17, 2021 675 Village Court Speer Financial, Inc. Glencoe, Illinois 60022 President and Board of Trustees:
For the $7,000,000* General Obligation Bonds, Series 2021, of the Village of Glencoe, Cook County, Illinois, as described in the annexed Official Notice of Sale, which is expressly made a part of this bid, we will pay you $_________ (no less than $6,930,000). The Bonds are dated the date of delivery, expected to be on or about July 1, 2021. The Bonds will bear interest as follows (each rate a multiple of 1/8 or 1/100 of 1%). The premium or discount, if any, is subject to adjustment allowing the same $___________ gross spread per $1,000 bond as bid herein.
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.
The Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Chapman and Cutler LLP, Chicago, Illinois. The Village will pay for the legal opinion. The underwriter agrees to apply for CUSIP numbers within 24 hours and pay the fee charged by the CUSIP Service Bureau and will accept the Bonds with the CUSIP numbers as entered on the Bonds. As evidence of our good faith, if we are the winning bidder, we will wire transfer the amount of TWO PERCENT OF PAR (the “Deposit”) WITHIN TWO HOURS after the bid opening time to the Village’s good faith bank and under the terms provided in the Official Notice of Sale for the Bonds. Alternatively, we have wire transferred or enclosed herewith a check payable to the order of the Treasurer of the Village in the amount of the Deposit under the terms provided in the Official Notice of Sale for the Bonds. In submitting this bid, we represent that (i) this bid constitutes a firm offer to purchase the Bonds, on the terms set forth in this bid form and the Notice of Sale and is not subject to any conditions, except as permitted by the Notice of Sale, and (ii) we have an established industry reputation for underwriting new issuances of municipal bonds and notes
Form of Deposit (Check One) Account Manager Information Bidders Option Insurance Prior to Bid Opening: Name Certified/Cashier’s Check [ ] Wire Transfer [ ] Address Within TWO hours of Bidding: By Wire Transfer [ ] City State/Zip Amount: $140,000 Direct Phone ( ) FAX Number ( ) E-Mail Address
The foregoing bid was accepted and the Bonds sold by ordinance of the Village on June 17, 2021, and receipt is hereby
acknowledged of the good faith Deposit which is being held in accordance with the terms of the annexed Official Notice of Sale. VILLAGE OF GLENCOE, COOK COUNTY, ILLINOIS *Subject to change. President
----------------------- NOT PART OF THE BID ----------------------- (Calculation of true interest cost)
Bid Post Sale Revision
Gross Interest $
Less Premium/Plus Discount $
True Interest Cost $
True Interest Rate %
TOTAL BOND YEARS 77,953.89
AVERAGE LIFE 11.136 Years
We have purchased insurance from:
Name of Insurer
(Please fill in) _______________________ Premium: ______________ Maturities: (Check One) [__] ______________Years [__] All
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OFFICIAL NOTICE OF SALE
$7,000,000* Village of Glencoe
Cook County, Illinois General Obligation Bonds, Series 2021
(Open Speer Auction)
The Village of Glencoe, Cook County, Illinois (the “Village”), will receive electronic bids on the SpeerAuction (“SpeerAuction”) website address “www.SpeerAuction.com” for its $7,000,000* General Obligation Bonds, Series 2021 (the “Bonds”), on an all or none basis between 9:45 A.M. and 10:00 A.M., C.D.T., Thursday, June 17, 2021. To bid, bidders must have: (1) completed the registration form on the SpeerAuction website, and (2) requested and received admission to the Village’s sale (as described below). Award will be made or all bids rejected at a meeting of the Village on that date. The Village reserves the right to change the date or time for receipt of bids. Any such change shall be made not less than twenty-four (24) hours prior to the revised date and time for receipt of the bids for the Bonds and shall be communicated by publishing the changes in the Amendments Page of the SpeerAuction webpage and through Thomson Municipal News. The Bonds are valid and legally binding upon the Village and are payable from ad valorem taxes levied against all taxable property within the Village without limitation as to rate or amount. Bidding Details Bidders should be aware of the following bidding details associated with the sale of the Bonds.
(1) All bids must be submitted on the SpeerAuction website at www.SpeerAuction.com. No telephone, telefax or personal delivery bids will be accepted. The use of SpeerAuction shall be at the bidder’s risk and expense and the Village shall have no liability with respect thereto, including (without limitation) liability with respect to incomplete, late arriving and non-arriving bid. Any questions regarding bidding on the SpeerAuction website should be directed to Grant Street Group at (412) 391-5555 x 370.
(2) Bidders may change and submit bids as many times as they like during the bidding time period; provided, however, each and any bid submitted subsequent to a bidder’s initial bid must result in a lower true interest cost (“TIC”) with respect to a bid, when compared to the immediately preceding bid of such bidder. In the event that the revised bid does not produce a lower TIC with respect to a bid the prior bid will remain valid.
(3) If any bid in the auction becomes a leading bid two (2) minutes prior to the end of the auction, then the auction will be automatically extended by two (2) minutes from the time such bid was received by SpeerAuction. The auction end time will continue to be extended, indefinitely, until a single leading bid remains the leading bid for at least two minutes.
(4) The last valid bid submitted by a bidder before the end of the bidding time period will be compared to all other final bids submitted by others to determine the winning bidder or bidders.
(5) During the bidding, no bidder will see any other bidder’s bid, but bidders will be able to see the ranking of their bid relative to other bids (i.e., “Leader”, “Cover”, “3rd” etc.)
(6) On the Auction Page, bidders will be able to see whether a bid has been submitted.
Rules of SpeerAuction Bidders must comply with the Rules of SpeerAuction in addition to the requirements of this Official Notice of Sale. To the extent there is a conflict between the Rules of SpeerAuction and this Official Notice of Sale, this Official Notice of Sale shall control.
Establishment of Issue Price
(a) The winning bidder shall assist the Village in establishing the issue price of the Bonds and shall execute and deliver to the Village at closing an “issue price” or similar certificate setting forth the reasonably expected initial offering price to the Public or the sales price or prices of the Bonds, together with the supporting pricing wires or equivalent communications, substantially in the form attached hereto as Exhibit A to this Official Notice of Sale, with such modifications as may be appropriate or necessary, in the reasonable judgment of the winning bidder, the Village and Chapman and Cutler LLP, Chicago, Illinois (“Bond Counsel”). All actions to be taken by the Village under this Official Notice of Sale to establish the issue price of the Bonds may be taken on behalf of the Village by the Village’s municipal advisor and any notice or report to be provided to the Village may be provided to Speer Financial, Inc., Chicago, Illinois (“Speer”).
(b) The Village intends that the provisions of Treasury Regulation Section 1.148-1(f)(3)(i) (defining “competitive sale” for
purposes of establishing the issue price of the Bonds) will apply to the initial sale of the Bonds (the “competitive sale requirements”) because:
*Subject to change.
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Village of Glencoe, Cook County, Illinois $7,000,000* General Obligation Bonds, Series 2021 Official Notice of Sale (Page 2 of 7)
(i) the Village shall disseminate this Official Notice of Sale to potential Underwriters in a manner that
is reasonably designed to reach potential Underwriters; (ii) all bidders shall have an equal opportunity to bid; (iii) the Village may receive bids from at least three Underwriters of municipal bonds who have
established industry reputations for underwriting new issuances of municipal bonds; and (iv) the Village anticipates awarding the sale of the Bonds to the bidder who submits a firm offer to
purchase the Bonds at the lowest true interest cost, as set forth in this Official Notice of Sale.
Any bid submitted pursuant to this Official Notice of Sale shall be considered a firm offer for the purchase of the Bonds, as specified in the bid.
(c) In the event that the competitive sale requirements are not satisfied, the Village shall so advise the winning bidder. The
Village will not require bidders to comply with the “hold-the-offering-price rule” and therefore does not intend to use the initial offering price to the Public as of the Sale Date of any maturity of the Bonds as the issue price of that maturity, though the winning bidder may elect to apply the “hold the offering price rule” (as described below). Bids will not be subject to cancellation in the event that the competitive sale requirements are not satisfied. Unless a bidder intends to apply the “hold-the-offering-price rule” as described below, bidders should prepare their bids on the assumption that all of the maturities of the Bonds will be subject to the 10% test (as described below) in order to establish the issue price of the Bonds. If the competitive sale requirements are not satisfied, the 10% test shall apply to determine the issue price of each maturity of the Bonds unless the winning bidder shall request that the “hold-the-offering-price rule” (as described below) shall apply. The winning bidder must notify Speer of its intention to apply the “hold-the-offering-price rule” at or prior to the time the Bonds are awarded.
(i) If the winning bidder does not request that the “hold-the-offering-price rule” apply to determine the
issue price of the Bonds, the following two paragraphs shall apply:
The Village shall treat the first price at which 10% of a maturity of the Bonds (the “10% test”) is sold to the Public as the issue price of that maturity, applied on a maturity-by-maturity basis. The winning bidder shall advise the Village if any maturity of the Bonds satisfies the 10% test as of the date and time of the award of the Bonds. Until the 10% test has been satisfied as to each maturity of the Bonds, the winning bidder agrees to promptly report to the Village the prices at which the unsold Bonds of that maturity have been sold to the Public. That reporting obligation shall continue, whether or not the closing date has occurred, until the 10% test has been satisfied as to the Bonds of that maturity or until all Bonds of that maturity have been sold to the Public. In addition, if the 10% test has not been satisfied with respect to any maturity of the Bonds prior to closing, then the purchaser shall provide the Village with a representation as to the price of prices, as of the date of closing, at which the purchaser reasonably expects to sell the remaining Bonds of such maturity.
(ii) If the winning bidder does request that the “hold-the-offering-price rule” apply to determine the
issue price of the Bonds, the following three paragraphs shall apply:
The Village may determine to treat (i) pursuant to the 10% test, the first price at which 10% of a maturity of the Bonds is sold to the Public as the issue price of that maturity and/or (ii) the initial offering price to the Public as of the Sale Date of any maturity of the Bonds as the issue price of that maturity (the “hold-the-offering-price rule”), in each case applied on a maturity-by-maturity basis. The winning bidder shall advise the Village if any maturity of the Bonds satisfies the 10% test as of the date and time of the award of the Bonds. The Village shall promptly advise the winning bidder, at or before the time of award of the Bonds, which maturities of the Bonds shall be subject to the 10% test or shall be subject to the hold-the-offering-price rule or both. Bids will not be subject to cancellation in the event that the Village determines to apply the hold-the-offering-price rule to any maturity of the Bonds.
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Village of Glencoe, Cook County, Illinois $7,000,000* General Obligation Bonds, Series 2021 Official Notice of Sale (Page 3 of 7)
By submitting a bid, the winning bidder shall (i) confirm that the Underwriters have offered or will offer the Bonds to the Public on or before the date of award at the offering price or prices (the “initial offering price”), and (ii) agree, on behalf of the Underwriters participating in the purchase of the Bonds, that the Underwriters will neither offer nor sell unsold Bonds of any maturity to which the hold-the-offering-price rule shall apply to any person at a price that is higher than the initial offering price to the Public during the period starting on the Sale Date and ending on the earlier of the following:
(1) the close of the fifth business day after the Sale Date; or (2) the date on which the Underwriters have sold at least 10% of that
maturity of the Bonds to the Public at a price that is no higher than the initial offering price to the Public.
(d) The Village acknowledges that, in making the representation set forth above, the winning bidder will rely on (i) the
agreement of each Underwriter to comply with the hold-the-offering-price rule, as set forth in an agreement among Underwriters and the related pricing wires, (ii) in the event a selling group has been created in connection with the initial sale of the Bonds to the Public, the agreement of each dealer who is a member of the selling group to comply with the hold-the-offering-price rule, as set forth in a selling group agreement and the related pricing wires, and (iii) in the event that an Underwriter is a party to a retail distribution agreement that was employed in connection with the initial sale of the Bonds to the Public, the agreement of each broker-dealer that is a party to such agreement to comply with the hold-the-offering-price rule, as set forth in the retail distribution agreement and the related pricing wires. The Village further acknowledges that each Underwriter shall be solely liable for its failure to comply with its agreement regarding the hold-the-offering-price rule and that no Underwriter shall be liable for the failure of any other Underwriter, or of any dealer who is a member of a selling group, or of any broker-dealer that is a party to a retail distribution agreement to comply with its corresponding agreement regarding the hold-the-offering-price applicable to the Bonds.
(e) By submitting a bid, each bidder confirms that: (i) any agreement among Underwriters, any selling group agreement
and each retail distribution agreement (to which the bidder is a party) relating to the initial sale of the Bonds to the Public, together with the related pricing wires, contains or will contain language obligating each Underwriter, each dealer who is a member of the selling group, and each broker-dealer that is a party to such retail distribution agreement, as applicable, to (a) report the prices at which it sells to the Public the unsold Bonds of each maturity allotted to it until it is notified by the winning bidder that either the 10% test has been satisfied as to the Bonds of that maturity or all Bonds of that maturity have been sold to the Public and (b) comply with the hold-the-offering-price rule, if applicable, in each case if and for so long as directed by the winning bidder and as set forth in the related pricing wires which shall be at least until the 10% test has been satisfied as to the Bonds of that maturity or until the close of the fifth business day following the date of the award, and (ii) any agreement among Underwriters relating to the initial sale of the Bonds to the Public, together with the related pricing wires, contains or will contain language obligating each Underwriter that is a party to a retail distribution agreement to be employed in connection with the initial sale of the Bonds to the Public to require each broker-dealer that is a party to such retail distribution agreement to (a) report the prices at which it sells to the Public the unsold Bonds of each maturity allotted to it until it is notified by the winning bidder or such Underwriter that either the 10% test has been satisfied as to the Bonds of that maturity or all Bonds of that maturity have been sold to the Public and (b) comply with the hold-the-offering-price rule, if applicable, in each case if and for so long as directed by the winning bidder or such Underwriter and as set forth in the related pricing wires, which shall be at least until the 10% test has been satisfied as to the Bonds of that maturity or until the close of the fifth business day following the date of the award.
(f) Sales of any Bonds to any person that is a Related Party to an Underwriter shall not constitute sales to the Public for
purposes of this Official Notice of Sale. Further, for purposes of this Official Notice of Sale: (i) “Public” means any person other than an Underwriter or a Related Party, (ii) “Underwriter” means (A) any person that agrees pursuant to a written contract with the Village (or
with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the public including, specifically, the purchaser, and (b) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to participate in the initial sale of the Bonds to the Public (including a member of a selling group or a party to a retail distribution agreement participating in the initial sale of the Bonds to the Public),
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Village of Glencoe, Cook County, Illinois $7,000,000* General Obligation Bonds, Series 2021 Official Notice of Sale (Page 4 of 7)
(iii) a purchaser of any of the Bonds is a “Related Party” to an Underwriter if the Underwriter and the
purchaser are subject, directly or indirectly, to (i) at least 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other), and
(iv) “Sale Date” means the date that the Bonds are awarded by the Village to the winning bidder.
Rules
(1) A bidder (“Bidder”) submitting a winning bid (“Winning Bid”) is irrevocably obligated to purchase the Bonds at the rates and prices of the winning bid, if acceptable to the Village, as set forth in the related Official Notice of Sale. Winning Bids are not officially awarded to Winning Bidders until formally accepted by the Village.
(2) Neither the Village, Speer, nor Grant Street Group (the “Auction Administrator”) is responsible for technical difficulties that result in loss of Bidder’s internet connection with SpeerAuction, slowness in transmission of bids, or other technical problems.
(3) If for any reason a Bidder is disconnected from the Auction Page during the auction after having submitted a Winning Bid, such bid is valid and binding upon such Bidder, unless the Village exercises its right to reject bids, as set forth herein.
(4) Bids which generate error messages are not accepted until the error is corrected and bid is received prior to the deadline. (5) Bidders accept and agree to abide by all terms and conditions specified in the Official Notice of Sale (including amendments, if any)
related to the auction. (6) Neither the Village, Speer, nor the Auction Administrator is responsible to any bidder for any defect or inaccuracy in the Official Notice
of Sale, amendments, or Official Statement as they appear on SpeerAuction. (7) Only Bidders who request and receive admission to an auction may submit bids. SpeerAuction and the Auction Administrator reserve
the right to deny access to SpeerAuction website to any Bidder, whether registered or not, at any time and for any reason whatsoever, in their sole and absolute discretion.
(8) Neither the Village, Speer, nor the Auction Administrator is responsible for protecting the confidentiality of a Bidder’s SpeerAuction password.
(9) If two bids submitted in the same auction by the same or two or more different Bidders result in same True Interest Cost, the first confirmed bid received by SpeerAuction prevails. Any change to a submitted bid constitutes a new bid, regardless of whether there is a corresponding change in True Interest Cost.
(10) Bidders must compare their final bids to those shown on the Observation Page immediately after the bidding time period ends, and if they disagree with the final results shown on the Observation Page they must report them to SpeerAuction within 15 minutes after the bidding time period ends. Regardless of the final results reported by SpeerAuction, Bonds are definitively awarded to the winning bidder only upon official award by the Village. If, for any reason, the Village fails to: (i) award Bonds to the winner reported by SpeerAuction, or (ii) deliver Bonds to winning bidder at settlement, neither the Village, Speer, nor the Auction Administrator will be liable for damages.
The Village reserves the right to reject all proposals, to reject any bid proposal not conforming to this Official Notice of Sale, and to waive any irregularity or informality with respect to any proposal. Additionally, the Village reserves the right to modify or amend this Official Notice of Sale; however, any such modification or amendment shall not be made less than twenty-four (24) hours prior to the date and time for receipt of bids on the Bonds and any such modification or amendment will be announced on the Amendments Page of the SpeerAuction webpage and through Thomson Municipal News.
The Bonds will be in fully registered form in the denominations of $5,000 and integral multiples thereof in the name of Cede & Co. as nominee of The Depository Trust Company, New York, New York (“DTC”), to which principal and interest payments on the Bonds will be paid. Individual purchases will be in book-entry only form. Interest on each Bond shall be paid by check or draft of the Bond Registrar to the person in whose name such bond is registered at the close of business on the first day of the month in which an interest payment date occurs. The principal of the Bonds shall be payable in lawful money of the United States of America at the principal office maintained for the purpose by the Bond Registrar in Chicago, Illinois. Semiannual interest is due June 15 and December 15 of each year commencing June 15, 2022, and is payable by Zions Bancorporation, National Association, Chicago, Illinois (the “Bond Registrar”). The Bonds are dated the date of delivery, expected to be on or about July 1, 2021.
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Village of Glencoe, Cook County, Illinois $7,000,000* General Obligation Bonds, Series 2021 Official Notice of Sale (Page 5 of 7)
If the winning bidder is not a direct participant of DTC and does not have clearing privileges with DTC, the Bonds will be issued as Registered Bonds in the name of the purchaser. At the request of such winning bidder, the Village will assist in the timely conversion of the Registered Bonds into book-entry bonds with DTC as described herein.
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. The Bonds due December 15, 2022-2030, inclusive, are not subject to optional redemption. The Bonds due December 15, 2031-2040, inclusive, are callable in whole or in part on any date on or after December 15, 2030, 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 All interest rates must be in multiples of one-eighth or one one-hundredth of one percent (1/8 or 1/100 of 1%), and not more than one rate for a single maturity shall be specified. The rates bid shall be in non-descending order. The differential between the highest rate bid and the lowest rate bid shall not exceed three percent (3%). All bids must be for all of the Bonds, must be for not less than $6,930,000. Award of the Bonds: The Bonds will be awarded on the basis of true interest cost, determined in the following manner. True interest cost shall be computed by determining the annual interest rate (compounded semi-annually) necessary to discount the debt service payments on the Bonds from the payment dates thereof to the dated date and to the bid price. For the purpose of calculating true interest cost, the Bonds shall be deemed to become due in the principal amounts and at the times set forth in the table of maturities set forth above. In the event two or more qualifying bids produce the identical lowest true interest cost, the winning bid shall be the bid that was submitted first in time on the SpeerAuction webpage. The Bonds will be awarded to the bidder complying with the terms of this Official Notice of Sale whose bid produces the lowest true interest cost rate to the Village as determined by the Village’s Municipal Advisor, which determination shall be conclusive and binding on all bidders; provided, that the Village reserves the right to reject all bids or any non-conforming bid and reserves the right to waive any informality in any bid. Bidders should verify the accuracy of their final bids and compare them to the winning bids reported on the SpeerAuction Observation Page immediately after the bidding.
The premium or discount, if any, is subject to pro rata adjustment if the maturity amounts of the Bonds are changed, allowing the same dollar amount of profit per $1,000 bond as submitted on the Official Bid Form. The dollar amount of profit must be written on the Official Bid Form for any adjustment to be allowed and is subject to verification. The true interest cost of each bid will be computed by SpeerAuction and reported on the Observation Page of the SpeerAuction webpage immediately following the date and time for receipt of bids. These true interest costs are subject to verification by the Village’s Municipal Advisor, will be posted for information purposes only and will not signify an actual award of any bid or an official declaration of the winning bid. The Village or its Municipal Advisor will notify the bidder to whom the Bonds will be awarded, if and when such award is made. The winning bidder will be required to make the standard filings and maintain the appropriate records routinely required pursuant to MSRB Rules G-8, G-11 and G-32. The winning bidder will be required to pay the standard MSRB charge for Bonds purchased. In addition, the winning bidder who is a member of the Securities Industry and Financial Markets Association (“SIFMA”) will be required to pay SIFMA’s standard charge per bond.
The winning bidder is required to wire transfer from a solvent bank or trust company to the Village’s good faith bank the amount of TWO PERCENT OF PAR (the “Deposit”) WITHIN TWO HOURS after the bid opening time as evidence of the good faith of the bidder. Alternatively, a bidder may submit its Deposit upon or prior to the submission of its bid in the form of a certified or cashier’s check on, or a wire transfer from, a solvent bank or trust company for TWO PERCENT OF PAR payable to the Treasurer of the Village. The Village reserves the right to award the Bonds to a bidder whose wire transfer is initiated but not received within such two hour time period provided that such bidder’s federal wire reference number has been received. In the event the Deposit is not received as provided above, the Village may award the Bonds to the bidder submitting the next best bid provided such bidder agrees to such award.
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Village of Glencoe, Cook County, Illinois $7,000,000* General Obligation Bonds, Series 2021 Official Notice of Sale (Page 6 of 7)
The Deposit of the successful bidder will be retained by the Village pending delivery of the Bonds and all others, if received, will be
promptly returned. Should the successful bidder fail to take up and pay for the Bonds when tendered in accordance with this Official Notice of Sale and said bid, said Deposit shall be retained as full and liquidated damages to the Village caused by failure of the bidder to carry out the offer of purchase. Such Deposit will otherwise be applied on the purchase price upon delivery of the Bonds. No interest on the Deposit will accrue to the purchaser.
If a wire transfer is used for the Deposit, it must be sent according to the following wire instructions:
Amalgamated Bank of Chicago Corporate Trust
30 North LaSalle Street 38th Floor
Chicago, IL 60602 ABA # 071003405
Credit To: 3281 Speer Bidding Escrow RE: Village of Glencoe, Cook County, Illinois bid for $7,000,000* General Obligation Bonds, Series 2021
Contemporaneously with such wire transfer, the winning bidder shall send an email to [email protected] with the following
information: (1) indication that a wire transfer has been made, (2) the amount of the wire transfer, (3) the issue to which it applies, and (4) the return wire instructions if such bidder is not awarded the Bonds. The Village and any bidder who chooses to wire the Deposit hereby agree irrevocably that Speer Financial, Inc. (“Speer”) shall be the escrow holder of the Deposit wired to such account subject only to these conditions and duties: (i) if the bid is not accepted, Speer shall, at its expense, promptly return the Deposit amount to such bidder; (ii) if the bid is accepted, the Deposit shall be forwarded to the Village; (iii) Speer shall bear all costs of maintaining the escrow account and returning the funds to the bidder; (iv) Speer shall not be an insurer of the Deposit amount and shall have no liability except if it willfully fails to perform, or recklessly disregards, its duties specified herein; and (v) no interest on the Deposit will accrue to the winning bidder.
The Village covenants and agrees to enter into a written agreement or contract, constituting an undertaking (the “Undertaking”) to provide ongoing disclosure about the Village for the benefit of the beneficial owners of the Bonds on or before the date of delivery of the Bonds as required under Section (b)(5) of Rule 15c2-12 (the “Rule”) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934. The Undertaking shall be as described in the Official Statement, with such changes as may be agreed in writing by the Underwriter.
The winning bidder shall provide a certificate, in form as drafted by or acceptable to Bond Counsel, to evidence the issue price of each
maturity of the Bonds, form of which certificate is available upon request. By submitting a bid, any bidder makes the representation that it understands Bond Counsel represents the Village in the Bond transaction
and, if such bidder has retained Bond Counsel in an unrelated matter, such bidder represents that the signatory to the bid is duly authorized to, and does consent to and waive for and on behalf of such bidder any conflict of interest of Bond Counsel arising from any adverse position to the Village in this matter; such consent and waiver shall supersede any formalities otherwise required in any separate understandings, guidelines or contractual arrangements between the bidder and Bond Counsel. Bonds will be delivered to the successful purchaser against full payment in immediately available funds as soon as they can be prepared and executed, which is expected to be on or about July 1, 2021. Should delivery be delayed beyond sixty (60) days from the date of sale for any reason beyond the control of the Village except failure of performance by the purchaser, the Village may cancel the award or the purchaser may withdraw the good faith deposit and thereafter the purchaser's interest in and liability for the Bonds will cease. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts, and interest rates of the Bonds, and 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 the Rule. 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. By awarding the Bonds to any underwriter or underwriting syndicate, the Village agrees that, no more than seven (7) business days after the date of such award, it shall provide, without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded, up to 50 copies of the Final Official Statement to permit each “Participating Underwriter” (as that term is defined in the Rule) to comply with the provisions of such Rule. The Village shall treat the senior managing underwriter of the syndicate to which the Bonds are awarded as its designated agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Bonds agrees thereby that if its bid is accepted by the Village it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. *Subject to change.
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Village of Glencoe, Cook County, Illinois $7,000,000* General Obligation Bonds, Series 2021 Official Notice of Sale (Page 7 of 7)
By submission of its bid, the senior managing underwriter of the successful bidder agrees to supply all necessary pricing information and any Participating Underwriter identification necessary to complete the Official Statement within 24 hours after award of the Bonds. Additional copies of the Final Official Statement may be obtained by Participating Underwriters from the printer at cost. The Village will, at its expense, deliver the Bonds to the purchaser in New York, New York, through the facilities of DTC and will pay for the bond attorney’s opinion. At the time of closing, the Village will also furnish to the purchaser the following documents, each dated as of the date of delivery of the Bonds: (1) the unqualified opinion of Chapman and Cutler LLP, Chicago, Illinois, that the Bonds are valid and legally binding obligations of the Village in accordance with their terms; (2) the opinion of said attorneys that the interest on the Bonds is exempt from federal income taxes as and to the extent set forth in the Official Statement for the Bonds; and (3) a no litigation certificate by the Village. The Village intends to designate the Bonds as “qualified tax-exempt obligations” pursuant to the small issuer exception provided by Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
The Village has authorized the printing and distribution of an Official Statement containing pertinent information relative to the Village and the Bonds. Copies of such Official Statement or additional information may be obtained from Ms. Nikki Larson, Finance Director, Village of Glencoe, 675 Village Court, Glencoe, Illinois 60022 or an electronic copy of this Official Statement is available from the www.speerfinancial.com web site under “Debt Auction Center/Competitive Sales Calendar” from the Municipal Advisor to the Village, Speer Financial, Inc., 230 W. Monroe Street, Suite 2630, Chicago, Illinois 60606, telephone (312) 346-3700.
/s/ NIKKI LARSON Finance Director VILLAGE OF GLENCOE Cook County, Illinois *Subject to change.
The following Trustees voted NAY: ______________________________________________
Whereupon the President declared the motion carried and said resolution adopted,
approved and signed the same in open meeting and directed the Village Clerk to record the
same in the records of the President and Board of Trustees of the Village of Glencoe, Cook
County, Illinois, which was done.
Other business not pertinent to the adoption of said resolution was duly transacted at
the meeting.
Upon motion duly made, seconded and carried, the meeting was adjourned.
_________________________________________
Village Clerk
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STATE OF ILLINOIS )
) SS
COUNTY OF COOK )
CERTIFICATION OF MINUTES AND RESOLUTION
I, the undersigned, do hereby certify that I am the duly qualified and acting Village
Clerk of the Village of Glencoe, Cook County, Illinois (the “Village”), and as such officer I am the keeper of the books, records, files, and journal of proceedings of the Village and of the
President and Board of Trustees thereof (the “Board”).
I do further certify that the foregoing constitutes a full, true and complete transcript of
the minutes of the meeting of the Board held on the 17th day of June, 2021, insofar as same
relates to the adoption of a resolution entitled:
RESOLUTION expressing official intent regarding certain capital
expenditures to be reimbursed from proceeds of one or more obligations to be issued by the Village of Glencoe, Cook County,
Illinois.
a true, correct and complete copy of which said resolution as adopted at said meeting appears
in the foregoing transcript of the minutes of said meeting.
I do further certify that the deliberations of the Board on the adoption of said resolution
were conducted openly, that the vote on the adoption of said resolution was taken openly, that
said meeting was called and held at a specified time and place convenient to the public, that notice of said meeting was duly given to all of the news media requesting such notice, that an
agenda for said meeting was posted at the location where said meeting was held and at the
principal office of the Board at least 48 hours in advance of the holding of said meeting, that at least one copy of said agenda was continuously available for public review during the entire 48-
hour period preceding said meeting, that said meeting was called and held in strict compliance
with the provisions of the Open Meetings Act of the State of Illinois, as amended, and with the provisions of the Illinois Municipal Code, as amended, and that the Board has complied with all
of the provisions of said Act and said Code and with all of the procedural rules of the Board.
IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the Village,
