CPY Document
Total Page:16
File Type:pdf, Size:1020Kb
Law Offces of CHAMAN AN CUTLER LLP Theodore S. Chapman 111 West Monroe Street, Chicago, Ilinois 60603-4080 San Francisco 1877-1943 Henry E. Cutler Telephone (312) 845-3000 595 Market Street 1879-1959 Facsimile (312) 701-2361 San Francisco, CA 94105 chapman.com (415) 541-0500 Salt Lake City February 8, 2007 201 South Main Street Salt Lake City, UT 84111 (801) 533-0066 We hereby certify that we have examined certified copy of the proceedings of the Board of Education of Community High School District Number 207, Winnebago and Boone Counties, Ilinois (the "District"), passed preliminary to the issue by the District of its fully registered General Obligation Limited Bonds, Series 2007 (the "Bonds"), to the amount of $625,000, dated February 1, 2007, due serially on February 1 of the years and in the amounts and bearing interest as follows: 2021 $100,000 4.35% 2022 225,000 4.40% 2023 200,000 4.45% 2024 100,000 4.50% and 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 to be selected by the Bond Registrar), on February 1,2015, or on any date thereafter, at the redemption price of par plus accrued interest to the redemption date, as provided in such proceedings, and we are of the opinion that such proceedings show lawful authority for said issue under the laws of the State of Ilinois 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 District, and all taxable property in the District is subject to the levy ;;.., of taxes to pay the same without limitation as to rate, 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. The amount of said taxes that may be extended to pay the Bonds is, however, limited as provided by the Property Tax Extension Limitation Law of the State of Ilinois, as amended (the "Law"). The Law provides that the annual amount of said taxes to be extended to pay the Bonds and all other limited bonds (as defined in the Local Government Debt Reform Act of the State of Ilinois, as amended) heretofore and hereafter issued by the District shall not exceed the debt service extension base (as defined in the Law) of the District, as more fully described in said proceedings. It is our opinion that, subject to the District'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 and corporations under the Internal Revenue Code of 1986, as amended (the "Code "), but is taken into account in computing an adjustment used in 2172760.01.04.doc 2144558/ETB/2/707 Law Offices of CHAPMAN AND CUTLER LLP determining the federal alternative minimum tax for certain corporations. Failure to comply with certain of such District covenants could cause interest on the Bonds to be includable 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 District with respect to certain material facts within the District'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. LKGIVEN/ETBASTEDO:kd ~\~~~ff -2- STATE OF ILLINOIS ) ) SS COUNY OF WINNEBAGO ) ORGANIZATION CERTIFICATE We, the undersigned, do hereby certify that we are the duly qualified and acting President and Secretary, respectively, of the Board of Education (the "Board") of Community High School District Number 207, Winnebago and Boone Counties, Ilinois (the "District"), and as such offcials we do further certify as follows: 1. That the District was organized in the year 1918, has continuously since its organization operated under the general laws of the State of Ilinois providing for the establishment, operation and maintenance of public schools, is now operating under the provisions of the School Code of the State of Ilinois, as amended (105 ILCS 5/1-1 et seq.), and is not now operating under the provisions of any special Act or charter. 2. That the present duly qualified and acting offcials of the District are as follows: David Kurlinkus , President, Board of Education Kerwood Watts , Vice-President, Board of Education Sandy Fordell , Member, Board of Education Diane LaForge , Member, Board of Education Scott Moyer , Member, Board of Education Bob Zoeller , Member, Board of Education Tana Vet tore , Member, Board of Education Tana Vettore , Secretary, Board of Education Kris Molencupp , School Treasurer and that said members of the Board have been the duly qualified and acting Board since April ,20m, and provided there are no vacancies created by resignation or otherwise, wil constitute the Board until the election for members of the Board to be held on April 17,2007, is canvassed and a new Board duly constituted. 2178160.01.04.doc 2144558. LKG. 1/18/07 3. That the changes in the boundaries of the District since April 24, 2006, were as follows: none (Attach copy of the orders providing for all such changes. If no changes have occurred, please so indicate with the word "none".) 4. That the only cities, vilages or incorporated towns located wholly or partly within the District are as follows: Rockton, Shirland, Roscoe and Harrison, and that none of said cities, vilages or incorporated towns have adopted and are now operating under the provisions of Articles 6, 14 and 18 of the Election Code of the State of Ilinois, as amended (10 ILCS 5/6, 5/14 and 5/18), said articles being known as the City Election Law. 5. That The Counties of Winnebago and Boone, Ilinois, are the only counties within which the District is wholly or partly located, and that none of said counties have adopted and are now operating under the provisions of Article 6A of the Election Code of the State of Ilinois, as amended (10 ILCS 5/6A), said article providing for a county board of election commissioners. 6. That on November 5, 1996, The Counties of Winnebago and Boone, Ilinois, each passed a referendum on the applicability of the Property Tax Extension Limitation Law of the State of Ilinois, as amended (35 ILCS 200/18-185 et seq.). 7. That The Herald is a local, community newspaper published in and with a general circulation in the District. 8. That all of the news media that have filed a request for notice of the meetings of the Board pursuant to the Open Meetings Act of the State of Ilinois, as amended (5 ILCS 120/1 et seq.), are as follows: Rockford Register Star (If no requests have been made, please so indicate with the word "none".) 9. That the regular meetings of the Board are held on the third Wednesday of each month at 7:00 o'clock P.M., at the Hononegah High School Building within the District, that the Board has given public notice of said schedule of regular meetings stating the regular dates, times and places of said meetings at the beginning of each calendar or fiscal year by posting a copy of said public notice at the principal office of the Board and by supplying copies of said public notice to all of the newspapers, radio or television stations and other news media that have filed a request for such notice, and that the Board has made said schedule available to the public. 10. That the District is now maintaining and operating a school system composed of grades 9 to 12, inclusive, such school system meeting and complying in all -2- respects with all of the standards established for recognition by the State Board of Education of the State of Ilinois. 11. That the District does not have an official corporate seaL. 12. That the District has an estimated population of., 0 OOD, and that there are approximately ;1/, Y23 legal voters in the District. ' 13. That no petition has been filed or is now pending affecting in any manner whatsoever the boundaries or the corporate existence of the District. 14. That the majority of children attending school in the District attend a school within Winnebago County, Ilinois, and that the District is subject to the supervision and control of the Regional Superintendent of Schools for the Regional Office of Education serving Educational Service Region Number 04, including therein all of Winnebago County, Ilinois.