Resolution 2002-39 COUNTY OF KENDALL )
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STATE OF ILLINOIS )
RESOLUTION NO. 2002 - _
RESOLUTION EVIDENCING THE INTENTION OF THE UNITED CITY
OF YORKVILLE, KENDALL COUNTY, ILLINOIS, TO ISSUE SINGLE
FAMILY MORTGAGE REVENUE BONDS AND RELATED MATTERS.
WHEREAS, the United City of Yorkville, Kendall County, Illinois (the
"Issuer") is a municipality under Section 6(a) of Article VII of the 1970
Constitution of the State of Illinois; and
WHEREAS, the availability of decent, safe and sanitary housing that most
people can afford is essential to retain and increase industrial and commercial
activities and relieve conditions of unemployment in the United City of Yorkville,
Illinois; and
WHEREAS, the shortage of decent, safe and sanitary housing that most
people can afford is not transitory and self-curing; the cost of financing such
housing is a major and substantial factor affecting the supply and cost of decent,
safe and sanitary housing built by private enterprise; and the revenue bonds
provided for in this resolution will substantially lower the cost of such financing;
and
WHEREAS, pursuant to the Constitution and the laws of the State of
Illinois, and particularly the Municipal Housing Finance Law, 65 Illinois Compiled
Statutes 2000, 5/11-74.5-1 et seq., as supplemented and amended (the "Act"), the
City Council of the Issuer has the power to issue its revenue bonds to aid in
financing the cost of mortgage loans for one to four family residences in the United
City of Yorkville, Illinois; and
WHEREAS, it is now considered to be necessary and desirable and in the
public interest of the residents of the United City of Yorkville, for the Issuer to
issue its revenue bonds in an amount not to exceed $300,000,000, for the purpose
of financing mortgage loans to low and moderate income persons for one to four
family residences in the United City of Yorkville, Illinois; and
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WHEREAS, pursuant to the Constitution and the laws of the State of
Illinois, and particularly Section 10 of Article VII of the 1970 Constitution of the
State of Illinois and 5 Illinois Compiled Statues 2000, 220/1 et seq., as
supplemented and amended (the "Intergovernmental Cooperation Act"), units of
government may exercise jointly any power which they could individually
exercise;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the United
City of Yorkville, Kendall County, Illinois, as follows:
SECTION 1. That, in order to provide decent, safe and sanitary housing that
persons of low and moderate income in the United City of Yorkville, Illinois, can
afford, with the resulting public benefits expected to flow therefrom, it is deemed
necessary and desirable for the Issuer to issue its revenue bonds in an aggregate
principal amount not to exceed $300,000,000 (the "Bonds"), for the purpose of
financing mortgage loans to persons of low and moderate income for one to four
family residences located in the United city of Yorkville, Illinois.
SECTION 2. That the Issuer will issue the Bonds in an aggregate principal
amount not to exceed $300,000,000 for the aforesaid purposes; that such Bonds
shall not constitute an indebtedness, liability, general or moral obligation or a loan
of credit of the Issuer, within the meaning of any constitutional or statutory
provisions, but will be payable solely from the repayment of the mortgage loans;
that neither the faith and credit nor the taxing power of the Issuer will be pledged
to the payment of the principal of or interest on the Bonds; and that the Issuer will
not have the right or authority to levy taxes to pay the principal of or interest on the
Bonds.
SECTION 3. That, pursuant to the Intergovernmental Cooperation Act, the
Issuer may choose to issue the Bonds jointly with or on behalf of one or more
municipalities if the Issuer so determines, or to have the Bonds issued by another
municipality on behalf of the Issuer if the Issuer so determines, such
determinations to be made in the best judgment of the Mayor of the Issuer that
such a cooperative effort is in the best interest of the Issuer.
SECTION 4. That the Issuer is hereby authorized to apply for a volume cap
allocation for calendar year 2003 for the issuance of the Bonds, which volume cap,
if granted, will be allocated to the issuance of the Bonds upon the adoption of an
ordinance authorizing the issuance of the Bonds.
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SECTION 5. That the Issuer hereby agrees to work with Stern Brothers &
Co. to underwrite the Bonds and with Chapman and Cutler, as Bond Counsel, in
connection with the issuance of the Bonds during calendar year 2003.
SECTION 6. That the Mayor, the City Clerk and all other proper officers,
officials, agents and employees of the Issuer are hereby authorized, empowered
and directed to do all such acts and things and to execute all such documents and
certificates as may be necessary to further the purposes and intent of this
resolution, including without limitation to obtain an allocation of unified volume
cap.
SECTION 7. That the provisions of this resolution are hereby declared to be
separable, and if any section, phase or provision of this resolution shall for any
reason be declared to be invalid, such declaration shall not affect the remainder of
the sections, phrases and provisions of this resolution.
SECTION 8. That all ordinances, resolutions or orders, or parts thereof, in
conflict herewith are, to the extent of such conflict, hereby superseded; and that
this resolution shall be in full force and effect upon its adoption and approval.
PAUL JAMES MARTY MUNNS
RICHARD STICKA A MIKE ANDERSON
VALERIE BURD ROSE SPEARS
LARRY KOT JOSEPH BESCO
APPROVED by me, as Mayo o the UNITED CITY OF YORKVILLE,
Kendall County, Illinois, this day of 92002.
Mayor
PASSED by the City Council of the UNITED C OF YORKVILLE,
Kendall County, Illinois, this day of '2002.
Attest:
City Jerk
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