Resolution 2002-34 STATE OF ILLINOIS )
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COUNTY OF KENDALL )
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RESOLUTION 02- _J
RESOLUTION AUTHORIZING THE UNITED CITY OF YORKVILLE
MAYOR AND CITY CLERK TO ENTER INTO AN AGREEMENT OF THE UNITED
CITY OF YORKVILLE,IL AND RADIAN ASSET ASSURANCE, INC
FOR BOND ISSUANCE ON BEHALF OF THE UNITED CITY OF YORKVILLE
WHEREAS, THE UNITED CITY OF YORKVILLE has received the Agreement of the
United City of Yorkville and Radian Asset Assurance, Inc from RADIAN ASSET ASSURANCE
INC., as it pertains to its Debt Certificates, Series 2002 and Bond Issuance which is included and
i set out in the attached Schedule"A which is hereby incorporated by reference; and
WHEREAS, the Bond Agreement for the UNITED CITY OF YORKVILLE has had a
satisfactory prior relationship with RADIAN AS SET ASSURANCE INC and has secured insurance
coverage for the Bond Issue of the UNITED CITY OF YORKVILLE as an inducement to secure
a lower interest rate in the Bond Market and to attract a quality Bond Purchaser; and
WHEREAS, the Mayor and City Council have reviewed the attached Agreement between
the UNITED CITY OF YORKVILLE and Radian Asset Assurance,Inc,and deem it to be in the best
interest of the City to enter into this Agreement for its Debt Certificates, Series 2002;
NOW THEREFORE BE IT RESOLVED BY THE UNITED CITY OF YORKVILLE,upon
motion duly made,seconded,and approved by a majority of those Alderman voting,that the Mayor
and City Clerk are hereby authorized to execute the attached Agreement of the United City of
Yorkville, IL and Radian Asset Assurance Inc.
PAUL JAMES MARTY MUNNS
RICHARD STICKA MIKE ANDERSON (4�
VALERIE BURD ROSE SPEARS
LARRY KOT JOSEPH BESCO
APPROVED by me,as Mayor of the United City of Yorkville,Kendall County,Illinois,this
Ly of , A.D. 2002.
MAYOR
u PASSED by the City Council of the United City of Yorkville,Kendall County,Illinois this
1-0 day of `'c
,A.D. 2002.
Attester
CIT LERK
Law Offices of Daniel J. Kramer
1107A S. Bridge Street
Yorkville, Illinois 60560
630.553.9500
August 27, 2002
Agreement of the United City of Yorkville. IL and Radian Asset Assurance Inc.
The City agrees that, as pertains to its Debt Certificates, -Series 2002:
1) Insurer's Consent_ The Insurer's consent shall be required for the
execution and delivery of any amendment or supplement to the
Bond Documentation.
2) Defeasance. If the Bonds are defeased, the following shall be a
condition to such defeasance:
(i) only non-redeemable obligations of the United States or those for
which the full faith and credit of the United States are pledged for the
timely payment of principal and interest;
(ii) a verification report by a verifier whose reports have been accepted
by two or more bond insurers; and
an opinion of bond counsel shall be rendered to the Insurer to the
effect that all of the requirements of the Bond Documents for defeasance of
the Bonds have been complied with.
3) Reporting Requirements. While the Policy is in effect, the City shall furnish
to the Insurer.
(i) annual audited financial statements and adopted budget documents
within thirty (30) days of such items being made available to the City
Council;
(ii) a copy of any notice or report required to be given to the Insurance
Trustee, the Paying Agent, the registered owners of the-Bonds or any
other party to any of the Bond Documents executed in connection with
issuance of the bonds, including, without limitation, notice of any
redemption of or defeasance of Bonds, and any certificate rendered
pursuant to the Bond Document relating to the security for the Bonds;
and
(iii) such additional material information as the insurer may reasonably
request as related to the debt or City's financial position.
Page Two of Two
City of Yorkville
f
The City will permit Insurer and/or the Insurance Trustee to discuss the
affairs, finances and accounts of the City or any.information the Insurer
may reasonably request regarding the security for the Bonds with
appropriate officers of the Issuer. The City will permit the Insurer and/or
the Insurance Trustee to have access to and make copies of all books
and records relating to the Bonds, and the security therefore at any
reasonable time upon payment of reasonable costs.
4) Amendment. Any rating agency rating the Bonds must receive notice of
each amendment to the Bond Documents and a copy thereof at least
fifteen (15) Business Days in advance of its execution or adoption. The
Insurer shall be provided with a full transcript of all proceedings relating
to the execution of any such amendment.
UNITED CITY OF YORKVILLE RADIAN ASSET ASSURANCE INC.
By % By LAW
Mayor
_,,City erk