Ordinance 2013-47 i
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UNITED CITY OF YORKVILLE
KENDALL COUNTY, ILLINOIS
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ORDINANCE NO . 2013-47
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AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION BONDS (ALTERNATE REVENUE SOURCE) OF THE
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS, IN
AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$2900090009
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ADOPTED BY THE MAYOR AND
CITY COUNCIL OF THE
UNITED CITY OF YORKVILLE
KENDALL COUNTY, ILLINOIS
THIS 23RD DAY OF JULY, 2013
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Published in pamphlet form
by authority of the
City Council of the
United City of Yorkville,
Kendall County, Illinois, this
23rd day of July, 2013
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MINUTES of a regular public meeting of the City Council of the
United City of Yorkville, Kendall County, Illinois, held at the 800
Game Farm Road, Yorkville, Illinois, at 7 : 00 P.M. , on the 23rd
day of July, 20130
The Mayor called the meeting to order , and led the pledge of allegiance to the flag. The
Mayor then directed the Clerk to call the roll.
Upon the roll being called by the Clerk, the following Aldermen answered present :
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koC CWT OSIM0Tk �-r M - LsCtIEwS ) .A
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The following Aldermen were absent:
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After a discussion of the opportunity to refund a portion of the City' s outstanding debt,
Mayor Golinski entertained a motion to approve the adoption of an ordinance authorizing the
issuance of general obligation alternate revenue source bonds and directing the publication of a
notice setting forth the determination of the Council to issue such bonds for the purposes of
refunding the City' s General Obligation Bonds (Alternate Revenue Source), Series 2005 , paying
the costs of capitalized interest on the refunding bonds, and paying for the costs of expenses
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incident to the refunding.
So moved by Alderman Mjt,SCfiEWSk.k seconded by Alderman
motion approved by a roll call vote: Ayes Nays Q approving the Ordinance the complete
text of which is set out as follows :
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ORDINANCE No : 2013 -47
AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION REFUNDING BONDS (ALTERNATE REVENUE SOURCE)
OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS ,
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$2500050000
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WHEREAS , the United City of Yorkville, Kendall County, Illinois (the "City") , is a duly
organized and existing municipality operating under the provisions of the Illinois Municipal
Code, as amended, and under the laws of the State of Illinois ; and
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WHEREAS , the City has outstanding its General Obligation Bonds (Alternate Revenue
Source) , Series 2005 (the "2005 Bonds") which were issued to pay project costs incurred with
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the redevelopment of the US Route 34 & IL Route 47 (Countryside Shopping Center) Tax
Increment Financing Redevelopment Project Area (the "TIF Area"), to fund capitalized interest
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and to pay costs of issuance; and
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WHEREAS , the City Council of the City (the "Council") has determined that it is
advisable, necessary and in the best interests of the City (i) to refund all or a portion of the 2005
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Bonds (the "Refunding") ; (ii) to pay capitalized interest on the Bonds (as hereinafter defined),
and (iii) to pay costs of issuance and expenses incident thereto, all for the benefit of the
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inhabitants of the City; and
WHEREAS , pursuant to the provisions of the Illinois Municipal Code, 65 ILCS 5/8 -4- 1
and the Local Government Debt Reform Act, 30 ILCS 350/ 11 (collectively, the "Act"), the City
has the power and authority to refund the 2005 Bonds for such term of years, not in excess of the
maximum term of years as permitted by applicable law, and in such principal amount as may be
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deemed necessary by the Council ; and
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WHEREAS , it is necessary and in the best interest of the City that the City proceed with
the Refunding, and in order to raise the funds required therefor it will be necessary for the City to
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barrow an amount not to exceed $2 , 000 , 000, and in evidence thereof to issue alternate bonds in
an aggregate principal amount not to exceed $2 , 000 ,000 , all in accordance with the Act; and
WHEREAS , the revenue sources that will be pledged to the payment of the principal and
interest on the alternate bonds will be (i) revenues received by the City from its distributions of
sales tax revenues , (ii) revenues generated by the TIF Area, and (iii) such other funds of the City
as may be lawfully available and annually appropriated for such payment; and
WHEREAS , if the above-mentioned revenue sources are insufficient to pay said alternate
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bonds, ad valorem property taxes upon all taxable property in the City without limitation as to
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rate or amount are authorized to be extended to pay the principal of and interest on said 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 Council hereby finds that all of the
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recitals contained in the preambles to this ordinance are full , true and correct and does
incorporate them into this ordinance by this reference.
Section 2 . Determination to Issue Bonds . It is necessary and in the best interest of
the City to proceed with the Refunding, and that for that purpose alternate bonds of the City are
hereby authorized to be issued and sold in an aggregate amount of not to exceed $ 2 , 000,000 to
be known as "General Obligation Refunding Bonds (Alternate Revenue Source) , Series 2013 "
(the "Bonds") .
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Section 3 . Publication. This authorizing ordinance, together with a notice in the
statutory forin , shall be published in the Kendall County Record Newspaper and/or the Beacon
News , the same being a newspapers of general circulation in the City, and if no petition, signed
by 811 electors, the same being equal to 7 . 5 % of the registered voters in the City, asking that the
issuance of the Bonds be submitted to referendum, is filed with the City Clerk within thirty (30)
days after the date of the publication of this authorizing ordinance and notice, then the Bonds
shall be authorized to be issued.
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Section 4 . Additional Ordinances . If no petition meeting the requirements of
applicable law is filed during the petition period referred to above, then the Council may adopt
additional ordinances or proceedings supplementing or amending this ordinance providing for
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the issuance and sale of the Bonds and prescribing all the details of the Bonds, so long as the
maximum amount of the Bonds as set forth in this ordinance is not exceeded and there is no
material change in the Refunding as 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 authorizing ordinance, together with such additional ordinances or
proceedings, shall constitute complete authority for the issuance of the Bonds under applicable
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law.
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Section 5 , Severability. If any section, paragraph or provision of this ordinance shall
be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such
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section, paragraph or provision shall not affect any of the remaining provisions of this ordinance.
Section 6 . Conflicting Ordinances . All ordinances, resolutions and parts thereof, in
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conflict herewith are hereby repealed.
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Section 7 . Effective Date . This ordinance shall be in full force and effect from and
after its adoption.
Ken Koch Joel Frieders
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Carlo Colosimo Chris Funkhouser
Larry Kot _ Diane Teeling
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Jackie Milschewski Rose Ann Spears 1
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Passed by the City Council of the United City of Yorkville, Illinois this 23rd day of July,
2013 ,
Attest: ,
City Clerk
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APPROVED by me this 23rd day of July, 2013 .
Mayo
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ATTESTED and FILED in my office this 23rd day of July, 2013 . j
ot:�gI
City Clerk j
Published by me in pamphlet form this 23rd day of July, 2013 .
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City Clerk, United City of Yorkville
Kendall County, Illinois
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STATE OF ILLINOIS )
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COUNTY OF KENDALL )
CERTIFICATION OF ORDINANCE, MINUTES AND PUBLICATION IN PAMPHLET FORM
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I, the undersigned, do hereby certify that I am the duly qualified and acting Clerk of the
United City of Yorkville, Illinois, Kendall County, Illinois (the "City") , and as such official I am
the keeper of the records and files of the City and the City Council of said City (the "Council") .
I do further certify that the foregoing constitutes a full, true and complete transcript of the
minutes of the meeting of the Council held on the 23rd day of July, 2013 , insofar as same relates
to the adoption of an Ordinance entitled :
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AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION REFUNDING BONDS (ALTERNATE REVENUE SOURCE)
OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS ,
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$200006
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 Council on the adoption of said Ordinance
were conducted openly, that the vote on the adoption of said Ordinance was taken openly, that j
said meeting was called and held at a specified time and place convenient to the public, that
notice of said meeting was duly given to all news media requesting such notice, that said meeting j
was called and held in strict compliance with the provisions of the Open Meetings Act of the
State of Illinois, as amended, and with the provisions of the Illinois Municipal Code, and that the
Council has complied with all of the provisions of said Acts and with all of the procedural rules
of the Council in the passage of said Ordinance.
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I do further certify that said Ordinance was published by authority of the Council in j
pamphlet form on the 23rd day of July, 2013 , and said Ordinance as so published was on said
date readily available for public inspection and distribution, in sufficient number to meet the
needs of the general public, at my office as Clerk located in the City.
IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the City, j
this a3 day of July, 2013 .
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Clerk, United City of Yorkville
Kendall County, Illinois
(SEAL)