Resolution 2007-49 RESOLUTION NO- 0 - 1 40
RESOLUTION evidencing the intention of the United City of
Yorkville, Kendall County, Illinois, to . issue Single Family
Mortgage Revenue Bonds and related matters.
WHEREAS, the United 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 United 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 2006,
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 United 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 United City of Yorkville, Illinois, for such revenue bonds to be issued in an
amount not to exceed $500,000,000 in each of the next three (3) years, for the purpose of
financing mortgage loans to low and moderate income persons for one to four family residences
in the United 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
5Illinois Complied Statutes 2006, 220/1 et seq., as supplemented and amended (the
"Intergovernmental Cooperation Act "), public agencies may exercise and enjoy with any other
public agency in the State of Illinois any power, privilege or authority which may be exercised by
such public agency individually, and pursuant to the Act, one or more public agencies (whether
or not any of them are home rule units) may join together or cooperate with one another in the
exercise, either jointly or otherwise, of any one or more of the powers conferred by the Act or
other enabling acts or powers pursuant to a written agreement, and, accordingly, the Issuer has
previously entered into an Intergovernmental Cooperation Agreement (the "Cooperation
Agreement ") dated as of April 1, 2005, by and among the Issuer and certain other units of local
government named therein (the "Units"), as from time to time supplemented and amended, to
NHR Inducement Resolution - Yorkville.doc
8591 /CLJarik— Non -Home Rule /Tax Exempt
provide for the joint issuance of such revenue bonds to aid in providing an adequate supply of
residential housing in such Units (the "Program
Now, THEREFORE, Be It Resolved by the City Council of the United City of Yorkville,
Kendall County, Illinois, as follows:
SECTION 1. That, in order to provide decent, safe and sanitary housing that persons of
low and moderate income in the United City of Yorkville, Illinois, can afford, with the resulting
public benefits expected to flow therefrom, it is deemed necessary and desirable for revenue
bonds in an aggregate principal amount not to exceed $500,000,000 to be issued in each of the
next three (3) years (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 United City of Yorkville,
Illinois.
SECTION 2. That the form, terms and provisions of the Cooperation Agreement be, and
they are hereby in all respects affirmed.
SECTION 3. That the Issuer is hereby authorized to apply for a volume cap allocation for
calendar years 2008, 2009 and 2010 for the issuance of the Bonds, which volume cap, if granted,
will be allocated to the issuance of the Bonds upon the written direction of the Mayor of the
Issuer who is hereby authorized to execute any such written direction.
SECTION 4. That the Issuer hereby agrees to work with Stem Brothers & Co. to
underwrite the Bonds and with Chapman and Cutler LLP, as Bond Counsel, in connection with
the issuance of the Bonds during calendar years 2008, 2009 and 2010.
SECTION 5. 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 furth the
purposes and intent of this resolution, including without limitation to obtain an allocation of
unified volume cap.
SECTION 6. 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.
I
I
SECTION 7 . 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 , 2007.
i
t
Mayor
[SEAL]
ATTEST:
n
City grk
Ayes:
Nays: -�
Absent or Not Voting:
i
i