City Council Minutes 2007 05-14-07 Special Meeting MINUTES OF THE SPECIAL MEETING OF THE CITY COUNCIL
OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS,
HELD IN THE CITY COUNCIL CHAMBERS,
800 GAME FARM ROAD ON
TUESDAY, MAY 14, 2007.
Mayor Burd called the meeting to order at 7:30 P.M and led the Council in the Pledge of
Allegiance.
ROLL CALL
Clerk Milschewski called the roll.
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Ward I Leslie Present (via telephone)
Werderich Present
Ward II Golinski Present
Plocher Present
Ward III Munns Absent
Sutcliff Present
Ward IV Besco Absent
Spears Present
Also present: City Clerk Milschewski, City Attorney Roth and Interim City Administrator Crois
OUORUM
A quorum was established
INTRODUCTION OF GUESTS
Mayor Burd asked the staff and guests to introduce themselves. He welcomed the guests and
asked them to enter their names on the attendance sheet provided.
MAYOR'S REPORT
Ordinance 2007 -41 Amended Ordinance Providing for the Issuance of
Special Service Area Number 2006 -113 Ad Valorem Tax Bonds, Series 2007
Cannonball/Beecher Project
(CC 2007 -10)
Mayor Burd reported that the special meeting was called to amend and restate an ordinance
providing for the issuance of United City of Yorkville, Kendall County, Illinois Special Service
Area Number 2006 -113 Ad Valorem Tax Bonds, Series 2007 (Cannonball/Beecher Project). She
asked if there was a motion to do approve this. So moved by Alderman Werderich; seconded by
Alderman Golinski.
Mayor Burd asked if someone was present to explain the reason for the amendment. Christopher
Knight with Foley and Lardner LLP, (bond council) explained that the original ordinance was
adopted in March 2007 and called for the issuance of bonds in three series. The bonds are being
used to finance a component of the Kendall Marketplace development with the first issuance not
to exceed $12.5 million. Last week the investment bankers realized that more funding is needed
in the first bond issue and this needs to be amended to $14.9 million. The overall issuance will
not change; just the allocation.
Alderman Werderich asked if there was any impact on the City and Mr. Knight explained that
there was no impact; the overall numbers for the bonds will stay the same.
Attorney Roth clarified that this in regards to the amount established by the ordinance under the
Special Service Area. Mr. Knight stated that this was correct. Attorney Roth clarified that
originally the bonds were to be for $12.5 million but this is being amended to $14.5 million. He
asked if the remainder of the bonds were Special Service Area bonds. Mr. Knight explained that
there are business district bonds and Special Service Area bonds. Attorney Roth asked Mr.
i Knight if he was comfortable with changing the amount of the bonds without a public hearing.
Mr. Knight stated he was because when the City first proposed the SSA, the maximum amount of
the bonds was $20 million and this has not changed.
Alderman Leslie asked if the increase would have any effect on the City's bonding capacity. Mr.
knight stated that the bonding ability stays the same.
Motion approved by a roll call vote. Ayes -6 Nays -0
Leslie -aye, Golinski -aye, Werderich -aye, Plocher -aye, Spears -aye, Sutcliff- -aye
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The Minutes of the Special Meeting of the Citv Council — Mav 14, 2007 — Daze 2
ADJOURNMENT
Mayor Burd entertained a motion to adjourn. So moved by Alderman Spears; seconded by
Alderman Plocher.
Motion approved by a viva voce vote.
Meeting adjourned at 7:40 P.M.
Minutes submitted by:
Jacquelyn Milschewski,
City Clerk City of Yorkville, Illinois
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