Resolution 1998-16 STATE OF ILLINOIS )
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COUNTY OF KENDALL )
RESOLUTION NOR x-16
RESOLUTION APPROVING INSTALLMENT
LOAN FOR FOX RIVER WATER MAIN CROSSING
WHEREAS, the City Council of the United City of Yorkville, have deemed it in the best
interest of the citizens of the City to provide a guarantied water supply on each side of the Fox River;
and
WHEREAS,only one river crossing currently exists,and the City deems it in the best interest
of the continued capacity and redundancy of the water supply system to have a second river crossing;
and
WHEREAS, a bid has been obtained in conformance with both the City Ordinances and the
Illinois Compiled Statutes as to construction improvements and all public bidding requirements have
been complied with by the City; and
WHEREAS,because of favorable weather conditions the river crossing has been able to be
performed in the fall of 1998; and
WHEREAS, funds will be due prior to appropriation on the normal budgeting process for
payment on the river crossing; and
WHEREAS, the UNITED CITY OF YORKVILLE has obtained a loan commitment from
Bank of Yorkville to fund the River Crossing Project:
NOW THEREFORE upon motion duly made,seconded,and approved by a majority of those
members so voting the following loan agreement has been approved by the City Council of the
UNITED CITY OF YORKVILLE:
1. That the sum of Three Hundred Ninety-Five Thousand Eight Hundred Ninety-four
Dollars ($395,894.00)will be borrowed from the Bank of Yorkville.
2. That said loan shall bear interest at the rate of 4.75%per annum for a Five (5) year
period from the date of its inception; and shall be amortized on a Ten (10) year
amortization schedule.
3. At the conclusion of the period of Five (5) years from the date of execution of the
Promissory Note thereunder, the balance thereon remaining shall either be paid off
or refinanced with said Lender or a Lender of the City's choice.
4. That the projected quarterly installment due on said Note will be the sum of Twelve
Thousand Four Hundred Sixty-Two Dollars & 72/00 ($12,462.72), payable per
quarter which includes principle and interest at the Bank of Yorkville, or as
designated by them.
5. That the City shall furnish an Attorney's Opinion Letter to Bank of Yorkville
disclosing that said Loan shall be treated as an exempt loan for purposes of tax
reporting by Bank of Yorkville.
Approved this Tkay 1998
Robert Jo o , Mayor
ATTEST:
2&6\ T.
City Clerk
Law Offices of Daniel J. Kramer
1107A South Bridge St.
Yorkville, Illinois 60560
630.553.9500