Ordinance 2006-145 C U Y NDALL
FILED -
ORDINANCE NO, 4CZl ,- I A S
DEC 15 2006
County Clerk
ORDINANCE ABATING SPECIAL SERVICE AREA T ,,iC Kendall county
FOR SPECIAL SERVICE AREA NUMBER 2004 -107
(RAINTREE VILLAGE II PROJECT)
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. 2005 -91 on
November 22, 2005 (the "Bond Ordinance ") which: (i) provided for the issuance of not
to exceed $10,000,000 of Special Service Area Number 2004 -107 Special Tax Bonds,
Series 2005 (Raintree Village II Project) (the " of the United City of Yorkville,
which were issued in the original principal amount of $9,400,000 for the purpose of
paying for the costs of certain improvements benefiting the Special Service Area Number
2004 -107 (the "Special Service Area "); and (ii) provided for the levy of a Special Tax
upon all taxable property within the Special Service Area sufficient to pay the principal
of the Bonds for each year at maturity or mandatory sinking fund redemption dates and to
pay interest 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 to the extent the taxes levied exceeded the Special Tax Requirement (as
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defined in the Bond Ordinance) as calculated pursuant to the Special Service Area
Number 2004 -107 Special Tax Roll and Report (the "Special Tax Report") prepared by
David Taussig & Associates, Inc. (the "Consultant ").
(b) Pursuant to the Special Tax Report, the Consultant of the City has
determined that the Special Tax Requirement for 2006 for the Bonds is $0 and the 2006
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Levy for Special Taxes is $0 as there is, sufficient investment income and capitalized
interest on deposit in the Bond Fund securing the Bonds and available to pay the debt
service owed on the Bonds through March 1, 2008.
Section 2. Of the $684,910 of Special Taxes levied for calendar year 2006 pursuant
to Section 6 of the Bond Ordinance $684,910 of such Special Taxes is hereby abated resulting in
a 2006 calendar year levy of $0.
Section 3. It is the duty of the County Clerk of Kendall County to abate those taxes
as provided in Section 2 of this Ordinance.
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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
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 l a, 2006.
Voting Aye (list names) mo ` ,cL, ��
V II
Voting Nay (list names):
Abstaining (list names):
Absent (list names): 1 uh
U� City Clerk
SIGNED by the Mayor this Decemberkj , 2006.
ayor
ATTEST:
I
q - �Cit Clerk
Published in pamphlet form December PS 2006.
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