Resolution 2002-04 STATE OF ILLINOIS )
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COUNTY OF KENDALL )
RESOLUTION NO. 2002-U_
RESOLUTION APPROVING SPECIAL TAX BOND POLICY
WHEREAS, the UNITED CITY OF YORKVILLE is experiencing substantial growth for
residential, commercial, manufacturing, and industrial uses which require the installation of
substantial infrastructure to the City and related tax bodies; and
WHEREAS,the need for substantial installation of infrastructure has generated extra
ordinary costs over and above those normally associated with the development of real property
within the City limits; and
WHEREAS, the City if desirous of providing that the cost of infrastructure be borne as
much as possible from private funding sources, so as not to constitute a burden on its existing
citizens; and
WHEREAS,the Illinois Legislature has approved various private funding mechanisms
know as Special Tax Service Areas (SSA) and Special Tax Assessment Areas (SAA),but not
limited thereto, and there may be future types of private funding mechanisms created which will
inure to the benefit of the UNITED CITY OF YORKVILLE and private property owners to
provide private funding mechanisms for purposes of creating a fund for payment and
construction of infrastructure improvements; and
WHEREAS, the UNITED CITY OF YORKVILLE through the services of private
Consultants has done a study to determine the applicability of said private funding mechanisms
to the creation, design, and construction of infrastructure improvements within the UNITED
�' CITY OF YORKVILLE; and
WHEREAS, the City Council of the UNITED CITY OF YORKVILLE deems it in the
best interest of the City, its Citizens, and as an acceptable method of providing the financing for
the construction of various infrastructure improvements; and
WHEREAS, the City is further desirous of providing that said infrastructure
improvements will be constructed and financed with no recourse on the underlying bond
obligations to the UNITED CITY OF YORKVILLE:
NOW THEREFOR upon Motion duly made, seconded, and approved by those so voting
the Special Tax Bond Policy attached hereto and incorporated herein by reference is hereby
adopted and it is RESOLVED by the City Council of the UNITED CITY OF YORKVILLE that
said Special Tax Bond Policy shall be the guideline structure to determine the applicability of
those private funding mechanism indicated above and within the Special Tax Bond Policy to be
used in the UNITED CITY OF YORKVILLE to fund infrastructure improvements.
MIKE ANDERSON JOSEPH BESCO
VALERIE BURD PAUL JAMES
LARRY KOT l MARTY MUNNS
�rV
ROSE SPEARS RICHARD STICKA
APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois,
this -da y of + A.D. 20
AYOR
PASSED by the City Council of the United City of Yorkville, Kendall County, Illinois
this_a; /may of M n , A.D. 20.`
Attest.
CIT LERK
Law Offices of Daniel J. Kramer
1107A S. Bridge Street
Yorkville, Illinois 60560
630.553.9500
United City of Yorkville
SPECIAL TAX BOND POLICY
General Statement: In order to provide more comprehensive public infrastructure for
projects undertaken in the City and to help projects meet or exceed
the desired standards and guidelines of Yorkville, it is the desire of
the City to consider issuing Special Tax Bonds as a municipal
financing instrument. The Special Tax Bonds shall be issued as
either Special Service Area Bonds (35 ILCS 200/27-5) or Special
Assessment Bonds (65 ILCS 5/9-1-1) (the "Bonds"). Such Bonds
shall finance public infrastructure for defined areas where the
burden of the tax or assessment is limited to that specific area. The
City will not be liable or responsible for, nor will it pledge any
general obligation or other City revenue for, the repayment of such
Special Tax Bonds. The Bonds shall be repaid only from a tax or
assessment on the benefited property. No other taxpayers are
obligated to pay this special tax.
Eligible Infrastructure
Costs: The City will consider the issuance of Special Tax Bonds for the
following public costs associated with a proposed project:
• Water mains, laterals and qualified water storage and
production facilities
• Sewer interceptors,mains & laterals
• Sewer treatment facilities
• Roads including signaling
• Right of way landscaping &curbs
• Engineering and related professional fees
• Walking paths & sidewalks
• Park improvements
• Offsite land acquisition cost for storm water&detention
improvements including regional or multi-party storm
water management use
• Certain connection fees
• Certain mass grading costs
• Certain pro-rata costs for police, fire and/or public works
facilities related to the project
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All such costs shall pay for public improvements that are either
owned by the public or are the subject to permanent public
easements. All such costs shall be reviewed and approved by the
City and its bond counsel and financial advisor before issuance.
Eligible Projects: The City will consider such Bonds for housing, retail, commercial,
office and/or industrial projects. Realizing that there is an
expenditure of time and effort on the part of the City and its
professionals, the City requests that a qualified bond underwriter
review all Special Tax Bond proposals for reasonableness and
marketability before the formal presentation to the City.
The City may further and likely will, hire the services of an
independent financial consultant to review the terms of any Special
Tax Service Area or Special Assessment Area Bonds, advising the
City of the appropriateness of the issue, the marketability, and
providing financial advice to the City. Further,the City shall seek
an independent Bond Counsel to issue a Legal Opinion Letter
ensuring that the City has no direct liability or residual liability on
said Bonds. All the consulting fees incurred by the City whether
for legal services or independent financial consulting shall be
reimbursed to the City out of the Bond proceeds, at the first draw
down upon said bonds.
Policies & Procedures: All normal and regular City ordinances, policies, procedures and
subdivision control standards shall be followed and required of the
proposed project.
The City reserves the right to suspend or stop discussion or
proceedings concerning Special Tax Bonds at anytime.
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