Resolution 1994-15 STATE OF ILLINOIS
COUNTY OF KENDALL
RESOLUTION 1994- 1<
RESOLUTION AUTHORIZING APPLICATION FOR RURAL BOND BANK LOAN
WHEREAS, the Mayor and the City Council of the United City of
the Village of Yorkville deem it in the best financial interest of the City
to finance certain public improvements, to wit being an intersection for
Route 47 and a commercial street to be constructedat or near its intersection
with the future Amurol plant and Remline Manufacturing; and
WHEREAS, the City Council and Mayor deem it to be in the best interest
of the City to apply for that financing through the Illinois Rural Bond Bank
rather than to use City general funds for said purposes; and
WHEREAS, the terms of said loans are at a rate lower than that currently
available in alternative financial markets; and
WHEREAS, the City is in a solvent position and qualifies for said Illinois
Rural Bond Bank loan:
NOW THEREFORE, the Mayor and Aldermen of the United City of the
Village of Yorkville, upon motion duly made, seconded, and approved by
majority vote thereof, hereby authorize the Mayor and City Clerk to execute
an application to the Illinois Rural Bond Bank for a loan of up to $100,000.00
on the terms and conditions contained in the attached Exhibit A .
Passed this day of
1994.
yor
Attest:
C' y ler
�hibit A
RM:L BAW
AFFORDABLE FINANCING OF PUBLIC MFRAMTjCnTRv PROGRAM
Description- The Affordable Financing of Public MftsMn,,e (AFPI) program mows the
Illinois aural Bond Bank to process$Mn loans to local governments for pules
Purpose pe ojects including water system improvements, buMnS repirs,
egmpment purchases, road irnprovements, and other public use projects.
EligafftT Local govt and those local public entities, medical f cgwes, and public
health clinics as defined under the Local Governmental and Governmental
Employecs Tort Immunity Act that are located outside the Chicago metropolitan
area and meet established credit standards are eligible to participate in the AFpi
program.
Tom: Local governments can borrow lip to $100,000 .far up to three years at the
current rate of 2.815%(subject to change).
Fees: A fee equal to 8/10 of 1% of the loan amount is payable at closing ($400
minimum).
Be n The benefits of borrowing funds through the Affordable Financing of Public
Infrastructure program include:
• Low borrowing rates fixed for the life of the loan
• Simplified borrowing process
Con , To receive additional information, please call the Illinois Rural Bond Bank at
(217) 524-2663, or stop by the Bond Bank's office at 427 East Monroe Stet in
Springfield.