Resolution 1994-05 RESOLUTION NO: 1994-
RESOLUTION AUTHORIZING THE UNITED CITY
OF THE VILLAGE OF YORKVILLE TO BORROW FUNDS
WHEREAS, the Mayor and City Council of the UNITED CITY OF THE VILLAGE OF
YORKVILLE have deemed it in their best interest to provide for the orderly cash flow of funds;
and
WHEREAS, the UNITED CITY OF THE VILLAGE OF YORKVILLE previously
adopted a resolution authorizing the borrowing of funds to complete both a North and South
Interceptor Project; and
WHEREAS, the UNITED CITY OF THE VILLAGE OF YORKVILLE has received a
grant of$500,000.00 from the Department of Commerce and Community Affairs of the State of
Illinois for purposes of constructing said major improvements; and
WHEREAS, it was a condition of said grant that the UNITED CITY OF THE VILLAGE
OF YORKVILLE match those funds for purposes of constructing said improvements as a
condition of receiving that grant; and
WHEREAS, the UNITED CITY OF THE VILLAGE OF YORKVILLE through its City
Council and Mayor have determined it necessary to borrow said funds to be in compliance with
said grant and to pay outstanding charges to be incurred in each said projects;
NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL AND THE
MAYOR OF THE UNITED CITY OF THE VILLAGE OF YORKVILLE THAT THEY ARE
HEREBY AUTHORIZED TO BORROW THE SUM OF $507,000.00 FROM YORKVILLE
NATIONAL BANK ON TERMS AND CONDITIONS PREVIOUSLY AGREED UPON IN THE
ENABLING RESOLUTION PREVIOUSLY PASSED THEREIN.
Said funds shall be repaid out of recapture funds received on the North and South Sewer
and Water Interceptor Project, as well as funds received from real estate taxes, utility taxes, and
building and annexation fees from properties hooking onto said projects.
t -J4 PASSED THIS DAY OF APRIL, 1994.
IN
KE ETH K. kJTTOE, MAYOR
ATTEST: ! ��
CITY CLERK
Law Offices of Daniel J. Kramer
1107A S. Bridge St.
Yorkville, IL 60560
(708)553-9500