Resolution 1999-39 RESOLUTIONNo. q2-3
RESOLUTION evidencing the intention of the 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 1998, 511 1-74.5-1 et seq.. as
supplemented and amended(the Act),the City Council of the Issuer has, or will have, 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 pubic interest of
the residents of the City of Yorkville,Illinois, for the Issuer to issue its revenue bonds in an amount
not to exceed $150,000,000, 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
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 Complied
Statutes 1998, 220/1 et seq., as supplemented and amended (the "Intergovernmental Cooperation
Act), and local 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$150,000,000 (the "Bonds"),
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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 $150,000,000 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 City Council and Mayor
of the Issuer that such a cooperative effort is in the best interests of the Issuer.
SECTION 4. That the Issuer is hereby authorized to apply for a volume cap allocation for
calendar year 2000 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.
SECTION 5. That the Issuer hereby agrees to work with Gates Capital Corporation to
underwrite the Bonds and with Chapman and Cutler, as Bond Counsel, in connection with the
issuance of the Bonds during calendar year 2000.
SECTION 6. That the Mayor,the City Council 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,phrase 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.
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Presented,passed, approved and recorded this day of , 1999.
1-Z-OVI A
Mayor
[SEAL]
Attest:
)�3.dL&Ak i� -
City
Ayes:
Nays:
Absent or Not Voting:
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Minutes of a regular public meeting of the City Council of the
1 ( United ity of Yorkvi , Kendall County, held at the
C y " �)C ° Illinois at
V '
o'clock, P. M., on the_ day of , 1999
The Mayor called the meeting to order, and directed the City Clerk to call the roll.
�
the Ma
Upon the roll being called, N — or, and the following members Y
of the City Council answered present:
The following members of the City Council were absent:
(Other Business)
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presented, and the City Clerk read in full, the following ordinance:
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oP�6S 1E ous
Y '�r�, CITY of YORKVILLE
County Seat of Kendall County
111 W.Fox,Suite 3
t Yorkville, IL 60560
' E 630-553-4350
�OU'ro8o 1M��
ALLOCATION REQUEST LETTER
FROM ALL ISSUERS
December 28, 1999
Office of the Governor
Bureau of the Budget
605 Stratton Building
Springfield,Illinois 62706
ATTENTION: Ms.Kim Fowler
Re: Issuer: United City of Yorkville
Type: Non-Home Rule
Maximum Principal Amount: $10,000,000.00
Bond Description: Single Family Mortgage Revenue Bonds
Dear Governor Ryan:
In accordance with the Tax Reform Act of 1986 as passed by 99'b Congress 21 Session(1986), as
amended, and 30 ILCS 345,the United City of Yorkville respectfully requests an allocation for the
above-captioned private activity bonds. In preparation for this bond issue to date, all applicable Federal
and State requirements have been complied with. A copy of the inducement resolution or similar action
for this issue has been attached herewith.
1 hereby certify that the United City of Yorkville intends to comply with Section C-2 of the Governor's
Office guidelines and will not transfer or reallocate any cap received from the Governor's Office to other
Non-Home Rule or Home Rule units and will use the cap only within our jurisdiction.
I hereby certify under penalty of perjury,that to the best of my knowledge, the issuance of the Private
Activity Bond was or will not be made in consideration of any bribe, gift,gratuity or direct ro indirect
contribution to any political campaign.
Please forward the allocation approval letter to Mr. Charles Jarik at the law firm of Chapman and Cutler,
111 West Monroe Street, Chicago, Illinois 60603. Bond counsel for these bonds is expected to be Mr.
Jarik,who may be reached at(312) 845-3795.
Sincerely,
41epbone: YORKVILLE
ninga
istrat r) >53- 52
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