Ordinance 2007-083 STATE OF ILLINOIS
COUNTY OF KENDALL
STATE OF ILLINOIS ) - FILED -
ss DEC 2 0 2007
COUNTY OF KENDALL )
� �}',,,�a COUNTY CLERK
¢' 0 �^"� KENDALL COUNTY
Ordinance No. �D0 - %3
ORDINANCE ABATING SPECIAL SERVICE AREA TAXES
FOR SPECIAL SERVICE AREA NUMBER 2004 -106
TOTAL GRANDE RESERVE
BE IT ORDAINED BY THE CITY COUNCIL OF THE UNITED CITY OF
YORKVILLE, KENDALL COUNTY, ILLINOIS, AS FOLLOWS:
Section 1. It is found and declared by the City Council of the United City of
Yorkville, Kendall County, Illinois (the "City "), as follows:
(a) The City Council of the City adopted Ordinance No. 2004 -33 on June 22,
2004 (the "Bond Ordinance ") which: (i) provided for the issuance of Special Service Area
Number 2004 -106 Total Grande Reserve Variable Rate Demand Special Tax Bonds, Series 2004
(MPI Grande Reserve Project) (the "Bonds ") of the United City of Yorkville, for the purpose of
paying for the costs of certain improvements benefiting the Special Service Area; and
(ii) provided for the levy of Special Taxes upon all taxable property within the Special Service
Area sufficient to pay the principal of and interest on the Bonds for each year at maturity or
mandatory sinking fund redemption dates and to pay interest on the Bonds and Administrative
Expenses of the Special Service Area for each such year. The Bond Ordinance also authorized
the City to abate the taxes levied pursuant to such Ordinance for collection by the County Clerk
of Kendall County to the extent procedures are in place for the City to levy, bill and collect the
Special Tax directly or through the Consultant of the City.
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(b) The City hereby determines that procedures are in place for the City to
provide for the direct levying, billing and collecting of the Special Taxes. Accordingly, the
projected Special Tax Requirement for the Bonds which is to be levied and collected by the
County is $0. The projected Special Tax Requirement for the Bonds which is to be levied, billed
and collected by the City is $693,333, all as set forth in the memo of the Consultant delivered to
the City and attached hereto. As set forth in such memo, the City will bill and collect such
Special Taxes on a monthly basis, as needed, to pay debt service due on the Bonds, letter of
credit and remarketing fees and administrative expenses.
Section 2. Of the $2,000,000 of Special Taxes levied for calendar year 2007 pursuant
to Section 6 of the Bond Ordinance $2,000,000 of such Special Tax is hereby abated resulting in
a 2007 calendar year levy of $0.
Section 3. It is the duty of the County Clerk of Kendall County to abate those taxes
for levy year 2007 as provided in Section 2 of this Ordinance.
Section 4. All ordinances, resolutions and orders or parts of ordinances, resolutions
and orders in conflict with this ordinance are repealed to the extent of such conflict. The City
Clerk shall cause this Ordinance to be published in pamphlet form. This Ordinance shall be in
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full force and effect after passage and publication as provided by law.
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PASSED by the City Council of the City this December �1 , 2007.
Voting Aye (list names):Lsr. -\E
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Voting Nay (list names):
Abstaining (list names):
Absent (list names):
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Z� CiEy Clerk
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SIGNED by the Mayor this December 2007.
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Mayor
ATTEST:
ity Clerk
Published in pamphlet form December, 2007.
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