Ordinance 2007-047 I
C�UN t� C OF I KE I NDALL
FILED
lUL 17 2017
UNITED CITY OF YORKVILLE
KENDALL COUNTY
STATE OF ILLINOIS
ORDINANCE NUMBER 2007 -
AN ORDINANCE PROVIDING FOR ABATEMENT OF
TAXES LEVIED PURSUANT TO ORDINANCE
NUMBER 2007 -41
ADOPTED BY THE
CITY COUNCIL
OF THE
UNITED CITY OF YORKVILLE
KENDALL COUNTY
STATE OF ILLINOIS
The 26th day of June, 2007
Published in pamphlet form by authority of the City Council of the United City of Yorkville,
Kendall County, Illinois this 26th day of June, 2007.
CH12_717094.3
ORDINANCE NO. 2007-q
AN ORDINANCE PROVIDING FOR ABATEMENT OF
TAXES LEVIED PURSUANT TO
ORDINANCE NUMBER 2007 -41
BE IT ORDAINED BY THE CITY COUNCIL OF THE UNITED CITY OF
YORKVILLE, KENDALL COUNTY, ILLINOIS, AS FOLLOWS:
Section 1. Findings and Declarations. 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 has previously designated the Kendall Marketplace Business
District (the "Business District ") pursuant to Ordinance Number 2006 -147 adopted on
December 12, 2006 and the provisions of the Business District Development and
Redevelopment Act, 65 ILCS 5/11 -74.3 et sec . (the "Business District Act ") and has
otherwise complied with all other conditions precedent required by the Business District
Act.
b. The City has previously established Special Service Area Number 2006-
113 (the "Special Service Area ") pursuant to Ordinance Number 2007 -26 adopted on
March 13, 2007, the provisions of the Special Service Area Tax Law, 35 ILCS 200/27 -5
et seq., as amended (the " Special Service Area Act ") and the provisions of Section 7 of
Article VII of the 1970 Constitution of the State of Illinois, and has otherwise complied
with all other conditions precedent required by the Special Service Area Act.
C. The City has previously issued its Sales Tax Revenue Bonds, Series 2007
(Kendall Marketplace Project) (the "Sales Tax Bonds ") pursuant to a Trust Indenture
dated as of June 1, 2007 (the "Sales Tax Indenture ") between the City and The Bank of
New York Trust Company N.A., as trustee (the "Sales Tax Trustee ") and Ordinance
Number 2007 -09 adopted on January 23, 2007 (the "Sales Tax Bond Ordinance ") for the
purpose of providing a portion of the funds needed for project costs in the Business
District. The Sales Tax Bonds are payable from certain local sales taxes derived from the
Business District and pledged by the City pursuant to the Sales Tax Bond Ordinance.
d. The City has previously issued its Special Service Area Number 2006 -113
Ad Valorem Tax Bonds, Series 2007 (Cannonball/Beecher Road Project) (the " SSA
Bonds ") pursuant to a Trust Indenture dated as of April 1, 2007 (the "SSA Indenture ")
between the City and The Bank of New York Trust Company, N.A., as trustee (the " SSA
Trustee ") and Ordinance Number 2007 -41 adopted on May 14, 2007 (the "SSA Bond
Ordinance ") for the purpose of providing a portion of the funds needed for the costs of
special services in the Special Service Area. The SSA Bonds are payable from ad
valorem property taxes (the "Ad Valorem Taxes ") levied by the City pursuant to the SSA
Bond Ordinance.
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CH12 717094.3
C. The City has previously issued its Business District Revenue Bonds,
Series 2007 (Storm Water/Water Improvement Project) (the "Business District Bonds ")
pursuant to a Trust Indenture dated as of April 1, 2007 (the "Business District Indenture ")
between the City and The Bank of New York Trust Company, N.A., as trustee and
Ordinance Number 2006 -148 adopted on December 12, 2006 for the purpose of
providing a portion of the funds needed for project costs in the Business District.
f. The boundaries of the Business District and the Special Service Area are
coterminous.
g. Pursuant to Section 5.3 of the Business District Indenture, the City has
provided that certain amounts on deposit in the Business District Sales Tax Account
established under the Business District Indenture shall be transferred to the SSA Trustee
for deposit in the Debt Service Fund established under the SSA Indenture (the " Debt
Service Fund ") so long as the SSA Bonds are outstanding.
h. Pursuant to Section 6.5 of the SSA Indenture, the City has provided that
the Ad Valorem Taxes may be abated from additional funds of the City available for such
purpose and deposited into the Debt Service Fund (the "Available Funds ").
i. Pursuant to Section 5.3 of the Sales Tax Indenture, the City provided that
amounts remaining on deposit in the Local Sales Tax Account after payment of debt
service, administrative expenses and reserves (the "Remaining Local Sales Taxes ") could
be applied to any purpose authorized by the Business District Act.
j. The abatement of the Ad Valorem Taxes with the Remaining Local Sales
Taxes is found to be a proper purpose under the Business District Act.
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Section 2. Abatement of Taxes. Pursuant to Section 5.3 of the Sales Tax Indenture,
on each Accounting Date, as defined in the Sales Tax Trust Indenture, Remaining Local Sales
Taxes shall be transferred by the Sales Tax Trustee to the SSA Trustee and, prior to the
redemption of the Sales Tax Bonds and the Business District Bonds, and prior to any other use
authorized under the Business District Act, shall be treated as Available Funds under the SSA
Indenture and be used to abate Ad Valorem Taxes pursuant to Section 4.3(b)(v) of the SSA
Indenture. The amount of Remaining Local Sales Taxes so transferred shall be that which,
combined with other Available Funds of the Issuer, does not exceed the amount necessary to
fully abate the Ad Valorem Taxes for the following year. If the source of Available Funds is
both Remaining Local Sales Taxes and Excess Business District Sales Taxes, as defined in the
Business District Indenture, the City shall allocate the Available Funds so transferred between
the Sales Tax Bonds and the Business District Bonds in proportion to the original principal
amounts of such bond issues.
Section 3. Additional Authoritv. The Mayor, the City Clerk and the other officers of
the City are authorized to execute and deliver on behalf of the City such other documents,
agreements and certificates and to do such other things consistent with the terms of this
Ordinance as such officers and employees shall deem necessary or appropriate in order to
effectuate the intent and purposes of this Ordinance.
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Section 4. Severabilitv. If any section, paragraph, clause or provision of this
Ordinance (including any section, paragraph, clause or provision of any exhibit to this
Ordinance) shall be held invalid, the invalidity of such section, paragraph, clause or provision
shall not affect any of the other sections, paragraphs, clauses or provisions of this Ordinance (or
of any of the exhibits to this Ordinance).
Section 5. Ordinance a Contract. In consideration of the execution and delivery of
the Sales Tax Indenture by the Sales Tax Trustee and the SSA Indenture by the SSA Trustee, this
Ordinance shall be deemed to be and shall constitute a contract between the City and,
respectively, the Sales Tax Trustee and the SSA Trustee.
Section 6. Repealer; Effect of Ordinance. 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 effective upon its passage and publication as provided by law.
Section 7. Filing of Ordinance. A Certified copy of this Ordinance shall be filed with
the Sales Tax Trustee and the SSA Trustee immediately upon its becoming effective.
PASSED BY THE CITY COUNCIL OF THE UNITED CITY OF YORKVILLE,
KENDALL COUNTY, ILLINOIS this 26th day of June, 2007.
VOTING AYE: , '��,.¢
VOTING NAY:
ABSENT: - nIt k 9 .-cog - — -�
ABSTAINED:
NOT VOTING: _
APPROVED:
v
GCit�Q
Mayor
ATTEST:
Cit C k
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