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Ordinance 2006-119 ORDINANCE NO. ,�)L0(- �q AN ORDINANCE authorizing the issuance of Waterworks COPY Sewerage Revenue Refunding Bonds of the United City zif Yorkville, Kendall County, Illinois, in an aggregate principal amount not to exceed $6,000,000 or in lieu thereof, General Obligation Refunding Bonds (Alternate Revenue Source), in an aggregate principal amount not to exceed $6,000,000. WHEREAS, the United City of Yorkville, Kendall County, Illinois (the "City"), is a duly organized and existing municipality incorporated and existing under the provisions of the laws of the State of Illinois, is now operating under the provisions of the Illinois Municipal Code, as amended (the "Code "), and for many years has owned and operated a municipally -owned waterworks and sewerage system (the "System "); and WHEREAS, the City Council of the City (the "Corporate Authorities") has determined that it is advisable, necessary and in the best interests of the public health, safety and welfare to refund (the "Refunding") a portion of the City's Debt Certificates (Capital Appreciation), Series 2002, and Debt Certificates, Series 2003 (the "Outstanding Obligations"), all in accordance with the estimate of costs therefor; and WHEREAS, the estimated cost of the Refunding, including legal, financial, bond discount, printing and publication costs and other expenses is $6,000,000, and there are insufficient funds on hand and lawfully available to pay such costs; and WHEREAS, it is necessary and for the best interests of the City that the Refunding be undertaken and in order to finance the costs thereof it will be necessary for the City to issue up to $6,000,000 bonds payable from the revenues of the System as authorized to be issued at this time pursuant to Division 139 of Article 11 of the Code and Division 4 of Article 8 of the Code (the "Revenue Refunding Bonds "), or in lieu thereof, up to $6,000,000 alternate bonds, being general obligation refunding bonds payable from one or more of the following revenue sources (a) the -4- i i revenues of the System, (b) all collections distributed to the City pursuant to the State Revenue Sharing Act from those taxes imposed by the State of Illinois pursuant to subsections (a) and (b) of Section 201 of the Illinois Income Tax Act, as supplemented and amended from time to time, or substitute taxes therefor as provided by the State of Illinois in the future, and (c) such other funds of the City as may be necessary and on hand from time to time and lawfully available for such purpose (the "Alternate Bonds "), as authorized to be issued at this time pursuant to the Local Government Debt Reform Act of the State of Illinois, as amended (the "Act"); and WBEREAS, if the above - mentioned revenue sources are insufficient to pay the Alternate Bonds, ad valorem property taxes upon all taxable property in the City without limitation as to rate or amount are authorized to be extended to pay the principal of and interest on the Alternate Bonds: Now, THEREFORE, Be It Ordained by the City Council of the United City of Yorkville, Kendall County, Illinois, as follows: Section 1. Incorporation of Preambles. The Corporate Authorities hereby find that all of the recitals contained in the preambles to this Ordinance are full, true and correct and do incorporate them into this Ordinance by this reference. Section 2. Determination to Issue Bonds. It is necessary and in the best interests of the City to pay for the Refunding for the public health, safety and welfare, in accordance with the estimate of costs as hereinabove described, that the System continue to be operated as a combined utility in accordance with the provisions of Division 139 of Article 11 of the Code, and that for such purpose, there are hereby authorized to be issued and sold the Revenue Refunding Bonds in an aggregate principal amount not to exceed $6,000,000 or in lieu thereof, the Alternate Bonds in an aggregate principal amount not to exceed $6,000,000. -5- i Section 3. Publication. This Ordinance, together with a notice in the statutory form (the "Notice"), shall be published once within ten (10) days after passage hereof by the Corporate Authorities in the Kendall County Record, the same being a newspaper of general circulation in the City, and if no petition, signed by electors, being equal to ten percent i (10 %) of the number of registered voters in the City, asking that the question of refunding the Outstanding Obligations, as provided in this Ordinance, and the issuance of the Revenue Refunding Bonds therefor, be submitted to the electors of the City is filed with the City Clerk within thirty (30) days after the date of the publication of this Ordinance and the Notice, then the Revenue Refunding Bonds shall be authorized to be issued. If no petition, signed by electors, the same being equal to seven and one —half percent (7.5 %) of the registered voters in the City, asking that the issuance of the Alternate Bonds be submitted to referendum is filed with the City Clerk within thirty (30) days after the date of the publication of this Ordinance and the Notice, then the Alternate Bonds shall be authorized to be issued. It is expressly provided that in the event that there shall be filed with the City Clerk in a timely manner a petition, asking that the issuance of the Revenue Refunding Bonds be submitted to referendum, the Alternate Bonds necessary for the Refunding shall not be authorized to be issued until such time as the question of improving the System, and the issuance of Revenue Refunding Bonds therefor shall have been submitted to the electors of the City and a majority of the votes cast on such question shall have been in favor thereof. i Section 4. Additional Ordinances. If no petition meeting the requirements of applicable law is filed during the petition periods hereinabove referred to, then the Corporate Authorities may adopt additional ordinances or proceedings supplementing or amending this Ordinance providing for the issuance and sale of the Revenue Refunding Bonds or in lieu i I -6- thereof, the Alternate Bonds, prescribing all the details of the Revenue Refunding Bonds or in 1 lieu thereof, the Alternate Bonds, and providing for the collection, segregation and distribution of i the revenues of the System, so long as the maximum amount of the Revenue Refunding Bonds or in lieu thereof, the Alternate Bonds, as set forth in this Ordinance is not exceeded and there is no material change in the Refuunding or other purposes described herein. Such additional ordinances or proceedings shall in all instances become effective immediately without publication or posting or any further act or requirement. This Ordinance, together with such additional ordinances or proceedings, shall constitute complete authority for the issuance of the Revenue Refunding Bonds or in lieu thereof, the Alternate Bonds, under applicable law. Section S. Severability. If any section, paragraph, clause or provision of this Ordinance shall - be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this Ordinance. -7- i Section 6 Repealer. All ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this Ordinance are to the extent of such conflict hereby repealed. ADOPTED by the Corporate Authorities on the 10th day of October, 2006, pursuant to a roll call vote as follows: JOSEPH BESCO JASON LESLIE JIM BOCK MARTY MUNNS k VALERIE BURD ROSE SPEARS K PAUL JAMES va DEAN WOLFER w� APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, the 10th day of October, 2006. Y R PASSED by the City Council of the United City of Yorkville, Kendall County, Illinois, the 10th day of October, 2006. Attes -8- i Alderman � �,� moved and Alderman \ k, seconded the motion that said ordinance as presented and read by title by the City Clerk be adopted. After a full and complete discussion thereof, including a public recital of the nature of the matter being considered and other information that informed the public of the business being conducted, the Mayor directed that the roll be called for a vote upon the motion to adopt the ordinance. Upon the roll being called, the following Aldermen voted AYE: S . t NAY: Whereupon the Mayor declared the motion carried and the ordinance adopted, and henceforth did approve and sign the same in open meeting and did direct the City Clerk to record the same in full in the records of the City Council of the United City of Yorkville, Kendall County, Illinois, which was done. Other business not pertinent to the adoption of said ordinance was duly transacted at said meeting. Upon motion duly made and seconded, the meeting was adjourned. I City Clerk i STATE OF ILLINOIS ) SS COUNTY OF KENDALL ) i CERTIFICATION OF ORDINANCE AND MINUTES I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of the United City of Yorkville, Kendall County, Illinois (the "City "), and as such officer I am the keeper of the books, records, files, and journal of proceedings of the City and of the City Council thereof (the "Corporate Authorities I do further certify that the foregoing constitutes a full, true and complete transcript of the minutes of the meeting of the Corporate Authorities held on the 10th day of October, 2006, insofar as same relates to the adoption of Ordinance No. ll c ientitled: I AN ORDINANCE authorizing the issuance of Waterworks and Sewerage Revenue Refunding Bonds of the United City of Yorkville, Kendall County, Illinois, in an aggregate principal amount not to exceed $6,000,000 or in lieu thereof, General Obligation Refunding Bonds (Alternate Revenue Source), in an aggregate principal amount not to exceed $6,000,000. a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcript of the minutes of said meeting. I do further certify that the deliberations of the Corporate Authorities on the adoption of said ordinance were taken openly, that the vote on the adoption of said ordinance was taken openly, that said meeting was held at a specified time and place convenient to the public, that notice of said meeting was duly given to all of the news media requesting such notice, that an agenda for said meeting was posted at the principal office of the Corporate Authorities at least 96 hours in advance of the holding of said meeting, that a true, correct and complete copy of said agenda as so posted is attached hereto as Exhibit A, that said meeting was called and held in strict accordance with the provisions of the Illinois Municipal Code, as amended, and the Open Meetings Act of the State of Illinois, as amended, and the Local Government Debt Reform Act of the State of Illinois, as amended, and that the Corporate Authorities have complied with all of the applicable provisions of said Code and said Acts and its procedural rules in the adoption of said ordinance. IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the City, this 10th day of October, 2006. City Clerk, United City of Yorkville, Kendall County, Illinois (SEAL) [Attach Agenda as Exhibit A] i PETITION — REVENUE REFUNDING BONDS To the City Clerk of the United City of Yorkville, Kendall County, Illinois: We, the undersigned, being registered voters of the United City of Yorkville, Kendall County, Illinois, do hereby petition you to cause the following question to the electors of said City: "Shall the United City of Yorkville, Kendall County, Illinois, refund a portion of said City's Debt Certificates (Capital Appreciation), Series 2002, and Debt Certificates, Series 2003 and issue Waterworks and Sewerage Revenue Refunding Bonds to the amount of $6,000,000 for the purpose of paying the costs thereof?"; and we do hereby further request that the City Clerk of said City certify said proposition to the County Clerk of The County of Kendall, Illinois, for submission to said voters at the next election at which said proposition lawfully may be submitted to said voters. NAME ADDRESS , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois The undersigned, being first duly sworn, deposes and certifies that he or she is at least 18 years of age, his or her residence address is (Street Address), (City, Village or Town), County, (State), that he or she is a citizen of the United States of America, that the signatures on the foregoing petition were signed in his or her presence and are genuine, that to the best of his or her knowledge and belief the persons so signing were at the time of signing said petition registered voters of said City and that their respective residences are correctly stated therein. Signed and sworn to before me this day of , 2006. Notary Public My commission expires (NOTARY SEAL) i PETITION — ALTERNATE REVENUE REFUNDING BONDS To the City Clerk of the United City of Yorkville, Kendall County, Illinois: We, the undersigned, being registered voters of the United City of Yorkville, Kendall County, Illinois, do hereby petition you to cause the following question to the electors of said City: "Shall the United City of Yorkville, Kendall County, Illinois, issue its $6,000,000 general obligation alternate bonds to refund a portion of the City's Debt Certificates (Capital Appreciation), Series 2002, and Debt Certificates, Series 2003, said bonds being payable from one or more of the following revenue sources (a) the revenues of the waterworks and sewerage system of the City, (b) all collections distributed to the City pursuant to the State Revenue Sharing Act from those taxes imposed by the State of Illinois pursuant to subsections (a) and (b) of Section 201 of the Illinois Income Tax Act, as supplemented and amended from time to time, or substitute taxes therefor as provided by the State of Illinois in the future, and (c) such other funds of the City as may be necessary and on hand from time to time and lawfully available for such purpose unless said revenues and funds are insufficient to pay said bonds, in which case ad valorem property taxes upon all taxable property in said City without limitation as to rate or amount are authorized to be extended for such purpose ? ", and we do hereby further request that the City Clerk of said City certify said proposition to the County Clerk of The County of Kendall, Illinois, for submission to said voters at the next election at which said proposition lawfully may be submitted to said voters. NAME ADDRESS , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois The undersigned, being first duly sworn, deposes and certifies that he or she is at least 18 years of age, his or her residence address is (Street Address), (City, Village or Town), County, (State), that he or she is a citizen of the United States of America, that the signatures on the foregoing petition were signed in his or her presence and are genuine, that to the best of his or her knowledge and belief the persons so signing were at the time of signing said petition registered voters of said City and that their respective residences are correctly stated therein. i Signed and sworn to before me this day of , 2006. Notary Public My commission expires (Notary Seal) MINUTES of a regular public meeting of the City Council of the United City of Yorkville, Kendall County, Illinois, held at the City Council Chambers of the City Hall, located at 800 Game Farm Road, in said City, at 7:00 o'clock P.M., on the 10th day of October, 2006. The Mayor called the meeting to order and directed the City Clerk to call the roll. Upon roll call, the following answered present at said location: Arthur F. Prochaska, Jr., Mayor, and AldermenQ ►aa S The following Aldermen were absent: o The Mayor announced that in order to refund certain debt certificates of the City, it would be necessary for the City to issue Revenue Refunding Bonds or in lieu thereof, Alternate Bonds and that the City Council would consider the adoption of an ordinance authorizing the issuance of such bonds. Whereupon Alderman S presented and the City Clerk read by title an ordinance as follows, a copy of which was provided to each Alderman prior to said meeting and to everyone in attendance at said meeting who requested a copy: Authorizing ord 2143501 • KK • 10/10/06 NOTICE OF INTENT TO ISSUE BONDS AND RIGHT TO FILE PETITIONS Notice is hereby given that pursuant to Ordinance No. • 11 , adopted on the 10th day of October, 2006 (the "Ordinance "), the United City of Yorkville, Kendall County, Illinois (the "City "), intends to issue its Waterworks and Sewerage Revenue Refunding Bonds in an aggregate principal amount not to exceed $6,000,000 (the "Revenue Refunding Bonds") or in lieu thereof, its General Obligation Refunding Bonds (Alternate Revenue Source), in an aggregate principal amount not to exceed $6,000,000 (the "Alternate Bonds "), and bearing interest per annum at not to exceed the maximum rate authorized by law at the time of the sale thereof, for the purpose of refunding a portion of the City's Debt Certificates (Capital Appreciation), Series 2002, and Debt Certificates, Series 2003 (the "Outstanding Obligations "). The Alternate Bonds would be p a Y able from one or more of the following revenue sources (a) the revenues of the waterworks and sewerage system of the City (the "System "), (b) all collections distributed to the City pursuant to the State Revenue Sharing Act from those taxes imposed by the State of Illinois pursuant to subsections (a) and (b) of Section 201 of the Illinois Income Tax Act, as supplemented and amended from time to time, or substitute taxes therefor as provided by the State of Illinois in the future, and (c) such other funds of the City as may be necessary and on hand from time to time and lawfully available for such purpose. If these revenue sources are insufficient to pay the Alternate Bonds, ad valorem property taxes upon all taxable property in the City without limitation as to rate or amount are authorized to be extended to pay the principal of and interest on the Alternate Bonds. A complete copy of the Ordinance follows this notice. Notice is hereby further given that if a petition signed by or more electors of the City (the same being equal to 10% of the registered voters of the City) asking that the question of refunding the Outstanding Obligations, as provided in the Ordinance, and the issuance of the Revenue Refunding Bonds therefor, be submitted to the electors of the City is filed with the City Clerk within thirty (30) days after the date of publication of the Ordinance and this notice, an election on the proposition to issue the Revenue Refunding Bonds shall be held on the 27th day of February, 2007, unless no voters in the City are scheduled to cast votes for any candidates for nomination for, election to or retention in public office at such election, in which case the election on the proposition to issue the Revenue Refunding Bonds shall be held on the 17th day of April, 2007. The Circuit Court may declare that an emergency referendum should be held prior to either of said election dates pursuant to the provisions of Section 2A -1.4 of the Election Code of the State of Illinois, as amended. Notice is hereby further given that if a petition signed by or more electors of the City (the same being equal to 7.5% of the registered voters of the City) asking that the issuance of the Alternate Bonds be submitted to referendum is filed with the City Clerk within thirty (30) days after the date of publication of the Ordinance and this notice, an election on the proposition to issue the Alternate Bonds shall be held on the 27th day of February, 2007, unless no voters in the City are scheduled to cast votes for any candidates for nomination for, election to or retention in public office at such election, in which case the election on the proposition to issue the Alternate Bonds shall be held on the 17th day of April, 2007. The Circuit Court may declare that an emergency referendum should be held prior to either of said election dates pursuant to the provisions of Section 2A -1.4 of the Election Code of the State of Illinois, as amended. -2- By order of the City Council of the United City of Yorkville, Kendall County, Illinois, this 10th day of October, 2006. /s/ Jacquelyn Milschewski City Clerk, United City of Yorkville, Kendall County, Illinois I -3-