Ordinance 2003-57 21,4�ED C/'�. O
United City of Yorkville
44
County Seat of Kendall County
EST. , ` 1888 800 Game Farm Road - -
y Yorkville, Illinois 60560
O Ilta,l� O Phone: 630-553-4350 _
Fax: 630.553-7575
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CERTIFIED COPY AFFIDAVIT
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I, Jacquelyn Milschewski, City Clerk in and for the United City of Yorkville, Kendall County, State of
Illinois, and Legal Custodian of the records, files and seal of said City do hereby certify this is a full and
complete copy of the original document identified as
filed in my office on C�03
Dated this day of _ , 2003.
ac lyn ilsche kt, City Clerk
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SEAL
UNITED CITY OF YORKVILLE
KENDALL COUNTY
STATE OF ILLINOIS
ORDINANCE NUMBER 2003-57
AN ORDINANCE PROVIDING FOR ISSUANCE OF
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
SPECIAL SERVICE AREA NUMBER 2003- 101
SPECIAL TAX BONDS, SERIES 2003
(WINDETT RIDGE PROJECT)
ADOPTED BY THE
CITY COUNCIL
OF THE
UNITED CITY OF YORKVILLE
KENDALL COUNTY
STATE OF ILLINOIS
The 12th day of August, 2003
Published in pamphlet form by authority of the City Council of the United City of Yorkville,
Kendall County, Illinois this 12th day of August, 2003 .
011 .529580.3
ORDINANCE NO, 2003-57
AN ORDINANCE PROVIDING FOR ISSUANCE OF
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
SPECIAL SERVICE AREA NUMBER 2003-101
SPECIAL TAX BONDS, SERIES 2003
(WINDETT RIDGE PROJECT)
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 established Special Service Area Number 2003-
101 described more fully in Exhibit A to this Ordinance (the "Special Service Area")
pursuant to Ordinance Number 2003-56 adopted on August 12, 2003 (the "Establishing
Ordinance"), 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.
b. It is necessary and in the best interests of the City to provide at this time
special services benefiting the Special Service Area consisting of the acquisition,
construction and installation of public improvements including, but not limited to,
engineering, soil testing and appurtenant work, mass grading and demolition, storm water
management facilities, storm drainage systems and storm sewers, site clearing and tree
removal, public water facilities, sanitary sewer facilities, erosion control measures, roads,
streets, curbs, gutters, street lighting, traffic controls, sidewalks, equestrian paths and
related street improvements, and equipment and materials necessary for the maintenance
thereof, landscaping, wetland mitigation and tree installation, costs for land and easement
acquisitions relating to any of the foregoing improvements, required tap-on and related
fees for water or sanitary sewer services and other eligible costs to serve the Special
Service Area (the "Special Services"). Special Services shall not include any annexation
fees associated with the Special Service Area. The City presently estimates the total cost
of these Special Services together with costs of borrowing money for that purpose,
funding administrative expenses and providing for necessary debt service reserves and
capitalized interest (collectively, the "Costs of the Special Services") to be approximately
$7, 100,000.
C. The City does not have sufficient funds on hand or available from other
sources with which to pay the costs of the Special Services.
d. It is in the best interests of the City to issue not to exceed $7,300,000
principal amount of its Special Service Area Number 2003- 101 Special Tax Bonds,
011 .529580.3
Series 2003 (Windett Ridge Project) (the "Bonds") as provided in this Ordinance, to pay
or provide funds for a portion of the Costs of the Special Services.
e. The borrowing of the sum of not to exceed $7,300,000 and the issuance of
the Bonds in that amount are for purposes constituting special services in the Special
Service Area under the Special Service Area Act,
f. After due publication of a notice as required by the Special Service Area
Act, a public hearing to consider the establishment of the Special Service Area, the
issuance of the Bonds for the purpose of paying the costs of the Special Services and the
manner in which the Bonds are proposed to be retired and the proposed tax levy, was
held on July 8, 2003 at 7 :00 p.m. No objection petition has been filed with respect to the
establishment of the Special Service Area or the issuance of the Bonds within the period
of time allowed pursuant to the Special Service Area Act.
Section 2. Issuance of Bonds. The City shall borrow the sum of not to exceed
$7,300,000 by issuing the Bonds as provided in this Ordinance. The Bonds which shall be
designated "United City of Yorkville, Kendall County, Illinois Special Service Area Number
2003 - 101 Special Tax Bonds, Series 2003 (Windett Ridge Project)," and shall be issued for the
purpose of providing a portion of the funds needed for the Costs of the Special Services. The
Bonds shall be issued pursuant to the powers of the City pursuant to Section 7 of Article VII of
the 1970 Constitution of the State of Illinois; the Special Service Area Act; and the Local
Government Debt Reform Act, 30 ILCS 350/1 et seq. (the "Debt Act").
Section 3 . Approval of Documents, There have been submitted to the City Council
forms of the following documents relating to the issuance of the Bonds:
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a. a form of Trust Indenture (the "Indenture") between the City and LaSalle
Bank National Association, as Trustee, to be dated as of August 1 , 2003 , which form of
Indenture is attached as Exhibit B to this Ordinance;
b. a form of Bond Purchase Agreement (the "Bond Purchase Agreement")
among the City, William Blair & Company, L.L.C., as Underwriter (the "Underwriter"),
and Wiseman-Hughes Enterprises, Inc. (the "Developer") to be dated as of the date the
offer of the Underwriter to purchase the Bonds is accepted by the City, which form of
Bond Purchase Agreement is attached as Exhibit C to this Ordinance;
C. a form of Public Infrastructure Agreement between the City and the
Developer, which form of Public Infrastructure Agreement is attached as Exhibit D to
this Ordinance;
d. a form of the preliminary Limited Offering Memorandum (the "Limited
Offering Memorandum") used by the Underwriter in its initial offering of the Bonds,
which form of Limited Offering Memorandum is attached as Exhibit E to this Ordinance;
e. a forth of the Agreement for Consulting Services by and between the
Developer, David Taussig & Associates, Inc. ("Taussig") and the City which form of
Agreement for Consulting Services is attached as Exhibit F to this Ordinance; and
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011 .529580.3
f, a form of the Agreement for Administration Services between David
Taussig & Associates, Inc. and the City which form of Agreement for Administration
Services is attached as Exhibit G to this Ordinance.
Such documents are approved as to form and substance and the Mayor and the City Clerk
of the City are authorized and directed to execute and deliver and/or authorize the use of such
documents on behalf of the City in the forms submitted with such additions, deletions and
completions of the same (including the establishment of the terms of the Bonds within the
parameters set forth in this Ordinance) as the Mayor and the City Clerk deem appropriate; and
when each such document is executed, attested, sealed and delivered on behalf of the City, as
provided herein, each such document will be binding on the City; from and after the execution
and delivery of each such document, the officers, employees and agents of the City are hereby
authorized, empowered and directed to do all such acts and things and to execute all such
additional documents as may be necessary to carry out, comply with and perform the provisions
of each such document as executed; and each such document shall constitute, and hereby is
made, a part of this Ordinance, and a copy of each such document shall be placed in the official
records of the City, and shall be available for public inspection at the office of the City Clerk.
Either the Mayor or City Clerk is authorized and directed, subject to the terms of the Bond
Purchase Agreement as executed, to execute the final Limited Offering Memorandum in
substantially the form of the preliminary Limited Offering Memorandum presented hereto with
such changes, additions or deletions as they deem appropriate to reflect the final terms of the
Bonds, the Indenture and other matters.
Section 4. Bond Terms. The Bonds shall be issued as provided in the Indenture and
shall be issued in the principal amount of not to exceed $7,300,000, shall be dated, shall mature,
shall bear interest at the rates (not to exceed in any year seven percent (7%) per annum) and shall
be subject to redemption at the times and prices as set forth in the Indenture, and shall be sold to
the Underwriter at a purchase price of not less than 98.5% of the principal amount of the Bonds
with an original issue discount of not to exceed 2% of the principal amount of the Bonds, all as
set forth in the Bond Purchase Agreement. The execution and delivery of the Bond Purchase
Agreement by the Mayor and the City Clerk shall evidence their approval of the terms of the
Bonds set forth above.
Section 5 . Execution and Delivery of Bonds. The Mayor and the City Clerk are
authorized and directed to execute and deliver the Bonds and, together with other Authorized
Officers (as defined in the Indenture), to take all necessary action with respect to the issuance,
sale and delivery of the Bonds, all in accordance with the terms and procedures specified in this
Ordinance and the Indenture. The Bonds shall be delivered to the Trustee who is directed to
authenticate the Bonds and deliver the Bonds to the Underwriter upon receipt of the purchase
price for the Bonds.
The Bonds shall be in substantially the form set forth in the Indenture. Each Bond shall
be executed by the manual or facsimile signature of the Mayor and the manual or facsimile
signature of the City Clerk and shall have the corporate seal of the City affixed to it (or a
facsimile of that seal printed on it). The Mayor and the City Clerk (if they have not already done
so) are authorized and directed to file with the Illinois Secretary of State their manual signatures
certified by them pursuant to the Uniform Facsimile Signatures of Public Officials Act, as
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011 .529580.3
amended, which shall authorize the use of their facsimile signatures to execute the Bonds. Each
Bond so executed shall be as effective as if manually executed. In case any officer of the City
whose signature or a facsimile of whose signature shall appear on the Bonds shall cease to be
such officer before authentication and delivery of any of the Bonds, that signature or facsimile
signature shall nevertheless be valid and sufficient for all purposes, the same as if the officer had
remained in office until delivery.
No Bond shall be valid for any purpose unless and until a certificate of authentication on
that Bond substantially in the form set forth in the bond form in the Indenture shall have been
duly executed by the Trustee. Execution of that certificate upon any Bond shall be conclusive
evidence that the Bond has been authenticated and delivered under this Ordinance.
Section 6. Bonds are Limited Obligations; Levy of Special Tax; Pleddg The Bonds
shall constitute limited obligations of the City, payable from the Special Taxes (as defined
below) to be levied on all taxable real property within the Special Service Area as provided
below. The Bonds shall not constitute the general obligations of the City and neither the full
faith and credit nor the unlimited taxing power of the City shall be pledged as security for
payment of the Bonds.
There are hereby levied Special Taxes upon all taxable real property within the Special
Service Area in accordance with the Special Tax Roll and Report (as defined below) sufficient to
pay and discharge the principal of and interest on the Bonds at maturity or mandatory sinking
fund redemption dates and to pay interest on the Bonds for each year at the interest rates set forth
in Section 2.4 of the Indenture (assuming an interest rate of 7% per annum) and to pay for the
Administrative Expenses (as defined in the Indenture) of the City and Kendall County, if any, for
each year including specifically the following amounts for the following years (the "Special
Taxes") :
An Amount Sufficient
Year of Levy to Produce the Sum of:
2004 $547,075
2005 5555385
2006 563,695
2007 572,282
2008 580,869
2009 589,456
2010 5985320
2011 607, 184
2012 6165325
2013 625,466
2014 634,884
2015 644,302
2016 653,997
2017 663,692
2018 673,664
2019 683 ,636
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011 .529580.3
An Amount Sufficient
Year of Levy to Produce the Sum of:
2020 693,885
2021 704,411
2022 714,937
2023 725 ,740
2024 736,543
2025 7473623
2026 758,703
2027 770,060
2028 7813694
2029 7939328
2030 805,239
2031 817,427
Pursuant to the Special Tax Roll established by the Special Tax Roll and Report prepared
for the Special Service Area (the "Special Tax Roll and Report"), the Special Taxes shall be
computed, extended and collected in accordance with the Special Tax Roll and Report, and
divided among the taxable real property within the Special Service Area in accordance with the
terms of the Establishing Ordinance and the Special Tax Roll and Report. It shall be the duty of
the City and the City hereby covenants, annually on or before the last Tuesday of December for
each of the years 2003 through 2031 to calculate or cause the Consultant appointed pursuant to
the Indenture to calculate the Special Tax Requirement (as defined in the Indenture); to amend
the Special Tax Roll pursuant to Section VIII of the Special Tax Roll and Report; to adopt an
ordinance approving the amount of the current calendar year's Special Tax Requirement and to
abate the Special Taxes levied pursuant to this Ordinance to the extent the taxes levied pursuant
to this Ordinance exceed the Special Tax Requirement as calculated by the City pursuant to the
Establishing Ordinance and the Special Tax Roll and Report; and provide the County tax
collector of Kendall County the amended Special Tax Roll. On or before the last Tuesday of
January for each of the years 2004 through 2032 the City shall notify the Trustee and the Notice
Beneficial Owners (as defined in the Indenture) of the amount of the Special Tax Requirement
and the amount of the Special Taxes to be abated. The City shall take all actions which shall be
necessary to provide for the levy, extension, collection and application of the taxes levied by this
Ordinance, including enforcement, of such taxes as provided by law but only as set forth in
Section 7(a) below.
The Special Taxes levied as provided above shall be deposited in the Bond and Interest
Fund created pursuant to the Indenture and are appropriated to and are irrevocably pledged to
and shall be used only for the purposes set forth in Section 7. 1 of the Indenture.
Section 7. Special Covenants. The City covenants with the holders of the Bonds
from time to time outstanding that it (i) will take all actions which are necessary to be taken (and
avoid any actions which it is necessary to avoid being taken) so that interest on the Bonds will
not be or become included in gross income for federal income tax purposes under existing law,
including without limitation the Internal Revenue Code of 1986, as amended (the "Code"); (ii)
will take all actions reasonably within its power to take which are necessary to be taken (and
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avoid taking any actions which are reasonably within its power to avoid taking and which are
necessary to avoid) so that the interest on the Bonds will not be or become included in gross
income for federal income tax purposes under the federal income tax laws as in effect from time
to time; and (iii) will take no action or permit any action in the investment of the proceeds of the
Bonds, amounts held under the Indenture or any other funds of the City which would result in
making interest on the Bonds subject to federal income taxes by reason of causing the Bonds to
be "arbitrage bonds" within the meaning of Section 148 of the Code, or direct or permit any
action inconsistent with the regulations under the Code as promulgated and as amended from
time to time and as applicable to the Bonds, The Mayor, City Clerk, City Treasurer and other
Authorized Officers of the City are authorized and directed to take all such actions as are
necessary in order to carry out the issuance and delivery of the Bonds including, without
limitation, to make any representations and certifications they deem proper pertaining to the use
of the proceeds of the Bonds and other moneys held under the Indenture in order to establish that
the Bonds shall not constitute arbitrage bonds as so defined.
The City further covenants with the holders of the Bonds from time to time outstanding
that:
a, it will take all actions, if any, which shall be necessary in order further to
provide for the levy, extension, collection and application of the Special Taxes imposed
by or pursuant to this Ordinance or the Establishing Ordinance, including enforcement of
the Special Taxes by providing the County of Kendall with such information as is
deemed necessary to enable it to include the property subject to the delinquent tax in the
County Collector's annual tax sale and in the event the tax lien is forfeited at such tax
sale by instituting foreclosure proceedings all in the manner provided by law; provided,
however, that the obligation to institute any foreclosure action shall only arise in the
event the City makes the determination that the proceeds from each foreclosure action
have a commercially reasonable expectation of exceeding the costs thereof;
b. it will not take any action which would adversely affect the levy,
extension, collection and application of the Special Taxes, except to abate the Special
Taxes to the extent permitted by the Special Tax Roll and Report and as provided in this
Ordinance; and
C. it will comply with all present and future laws concerning the levy,
extension and collection of the Special Taxes; in each case so that the City shall be able
to pay the principal of and interest on the Bonds as they come due and replenish the
Reserve Fund to the Reserve Requirement and it will take all actions necessary to assure
the timely collection of the Special Taxes, including without limitation, the enforcement
of any delinquent Special Taxes as described in paragraph (a) above.
Section 8. Additional Authority. 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, including without limitation to make any
representations and certifications they deem proper pertaining to the use of the proceeds of the
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Bonds in order to establish that the Bonds shall not constitute arbitrage bonds as defined in
Section 7 above.
Section 9. Filing of Ordinance. The City Clerk is directed to file a certified copy of
this Ordinance, and an accurate map of the Special Service Area, with the Comity Clerk of
Kendall County.
Section 10. Severability. 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 11 . 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.
PASSED BY THE CITY COUNCIL OF THE UNITED CITY OF YORKVILLE,
KENDALL COUNTY, ILLINOIS this 12th day of August, 2003 .
PAUL JAMES MARTY MUNNS
RICHARD STICKA WANDA O'HARE
VALERIE BURD ROSE SPEARS
LARRY KOT JOSEPH BESCO
PASSED AND APPROVED thisV� day o 2003 .
-Mayor
ATTEST: (/
<C e kw v
[SEAL]
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EXHIBIT A
r
State of Illinois :
: S5
County of Kendall ;
This is .o certify that we , James M . Olson Asaeeintes Ltd . , Illinois
Registered Ladd Surveyors , have surveyed thai part of Section 9 , Township
3h tlortli Range 7 East of the Third Prirnci pal' Meridian described as
tolIows : Ccmvencing at the Northwest Corner of the Northwest Quarter
of said Sectihn q ; thence southerly alurig 'the Nest Line of said Northwest
Quarter . 569 . :0 feet to the center line of Illinois State Route No,
47 ; thence South 36 ' 00 '00^ East , along sold center line , 1062 . 70 feet
to the southernmost corner of a tract described in a warranty Deed from
Edna Halbesmo to Hannah Geiger recorded in Book 115 at Page 24L on December
Z7 , 1957 ; thence South 35 '00100" East , along said center line , 323 .02
feet ; thence 1lorth 66 ' 20 '00' East, 755 , 43 feet,, thence North 49'30157 "
East , 525 . 07 'eat to the southwesterly line , as occupied , of the Oak
Hill Farm as shown in a plat recorded in Plat Book 'S an Page 16 ( now
"Slot 303 " ) for the point of heginninyi thence South 49 638 ' 57" West ,
525 .07 ; thence South 56' 20100" West , 766 , 43 feet to solo center line ;
thence South :lE"oa' 00" East , along said center line , 484 . 85 feet to
its intarsect: On with the center line of Legion Road; thence South 3540( 'OD"
East , along ; nid Illinois State Route No . 47 center line and said center
line extandod . 1925 . 22 feet ; thence South 16'45 ' 00" East , 126 , 93 feet
to the tins a ' a fence axtcnded from the east; thence North 88' 15 ' 14"
East along sa ! d fence line and its extension, 3115 . 46 feet to a point
on the tact Line of the Southeast quarter of said Section 9, which is
1533 . 94 feet *measured along said East Line ) northerly of the Southeast
Corner of said Southeast Quarter; thence North 00'02 ' 46" West , along
said East Lim: . 445 . 77 feet to a timestune monument At the southeasterly
corner or said Oak Hill Farm ; thence Nur•th 62 '56 ' 31 " West , along the
southwesterly line , as occupied, of said Oak Will Farm, 3591 , 35 feet ;
thence North lF" 53 ' 04 " WP. t , along said southwesterly line , as occupied ,
655 . 46 feet to the point of heginninq ( excepting therefrom the 50 foot
wide rieht-of way conveyed to tine Fox and Illinois I)nion .Railway 'Company
recorded in Dced Record a6 at Page 887 ) all in Kendall Tuwnshlp , Kendall
Cuuuty , Illin. ic and containing 163 , 522 acres as shown by the plat hereon
th-awn which i ••. a correr.t representation of said survey .
Dated aL Yorkville , Illinois January 17 , 1990
JAMES M. OL5011
Illinois Registered Land Surveyor Ho , 2253
JAMES H , OLSON ASSOCIATES, LTD .
107 West Madfsor Street
Yorkville , Illinois 60560
1708 ) 553-0050
Exhibit B
See Tab 8
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Exhibit C
See Tab 9
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011 .529580,3
Exhibit D
See Tab 17
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Exhibit E
See Tab 10
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