Resolution 2004-44 RESOLUTION No. Coo -14 44
RESOLUTION evidencing the intention of the City of Yorkville,
Kendall County, Illinois, to issue Single Family Mortgage Revenue
Bonds and related matters.
WHEREAS, the City of Yorkville, Kendall County, Illinois (the "Issuer") is a municipality
under Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois; and
WHEREAS, the availability of decent, safe and sanitary housing that most people can
afford is essential to retain and increase industrial and commercial activities and relieve
conditions of unemployment in the City of Yorkville, Illinois; and
WHEREAS, the shortage of decent, safe and sanitary housing that most people can afford
is not transitory and self-curing; the cost of financing such housing is a major and substantial
factor affecting the supply and cost of decent, safe and sanitary housing built by private
enterprise; and the revenue bonds provided for in this resolution will substantially lower the cost
of such financing; and
WHEREAS, pursuant to the Constitution and the laws of the State of Illinois, and
particularly the Municipal Housing Finance Law, 65 Illinois Compiled Statutes 2000,
5/11-74.5-1 et seq., as supplemented and amended (the "Act"), the City Council of the Issuer has
the power to issue its revenue bonds to aid in financing the cost of mortgage loans for one to four
family residences in the City of Yorkville, Illinois; and
WHEREAS, it is now considered to be necessary and desirable and in the public interest of
the residents of the City of Yorkville, Illinois, for the Issuer to issue its revenue bonds in an
amount not to exceed $300,000,000, for the purpose of financing mortgage loans to low and
moderate income persons for one to four family residences in the City of Yorkville,Illinois; and
WHEREAS, pursuant to the Constitution and the laws of the State of Illinois, and
particularly Section 10 of Article VII of the 1970 Constitution of the State of Illinois and 5
Illinois Complied Statutes 2000, 220/1 et seq., as supplemented and amended (the
"Intergovernmental Cooperation Act"), units of government may exercise jointly any power
which they could individually exercise;
Now, THEREFORE, Be It Resolved by the City Council of the City of Yorkville, Kendall
County, Illinois, as follows:
SECT1oN 1. That, in order to provide decent, safe and sanitary housing that persons of
low and moderate income in the City of Yorkville, Illinois, can afford, with the resulting public
benefits expected to flow therefrom, it is deemed necessary and desirable for the Issuer to issue
its revenue bonds in an aggregate principal amount not to exceed $300,000,000 (the "Bonds"),
for the purpose of financing mortgage loans to persons of low and moderate income for one to
four family residences located in the City of Yorkville, Illinois.
NHR Inducement Resolution Yorkville.doc
2072387/CLJarik—Non-Home Rule/Tax Exempt
SECTION 2. That the Issuer will issue the Bonds in an aggregate principal amount not to
exceed $300,000,000 for the aforesaid purposes; that such Bonds shall not constitute an
indebtedness, liability, general or moral obligation or a loan of credit of the Issuer, within the
meaning of any constitutional or statutory provisions, but will be payable solely from the
repayment of the mortgage loans; that neither the faith and credit nor the taxing power of the
Issuer will be pledged to the payment of the principal of or interest on the Bonds; and that the
Issuer will not have the right or authority to levy taxes to pay the principal of or interest on the
Bonds.
SECTION 3. That, pursuant to the Intergovernmental Cooperation Act, the Issuer may
choose to issue the Bonds jointly with or on behalf of one or more municipalities if the Issuer so
determines, or to have the Bonds issued by another municipality on behalf of the Issuer if the
Issuer so determines, such determinations to be made in the best judgment of the <Mayor» of the
Issuer that such a cooperative effort is in the best interests of the Issuer.
SECTION 4. That the Issuer is hereby authorized to apply for a volume cap allocation for
calendar year 2005 for the issuance of the Bonds, which volume cap, if granted, will be allocated
to the issuance of the Bonds upon the adoption of an ordinance authorizing the issuance of the
Bonds.
SECTION 5. That the Issuer hereby agrees to work with Stern Brothers & Co. to
underwrite the Bonds and with Chapman and Cutler, as Bond Counsel, in connection with the
issuance of the Bonds during calendar year 2005.
SECTION 6. That the Mayor, the City Clerk and all other proper officers, officials, agents
and employees of the Issuer are hereby authorized, empowered and directed to do all such acts
and things and to execute all such documents and certificates as may be necessary to further the
purposes and intent of this resolution, including without limitation to obtain an allocation of
unified volume cap.
SECTION 7. That the provisions of this resolution are hereby declared to be separable,
and if any section, phrase or provision of this resolution shall for any reason be declared to be
invalid, such declaration shall not affect the remainder of the sections, phrases and provisions of
this resolution.
SECTION 8. That all ordinances, resolutions or orders, or parts thereof, in conflict
herewith are, to the extent of such conflict, hereby superseded; and that this resolution shall be in
full force and effect upon its adoption and approval.
Presented, passed, approved and recorded this , day of �;°�1 ��tit^ , 2004.
Mayor
[SEAL]
ATTEST:
City erk
Ayes
Nays:
Absent or Not Voting: