Ordinance 2003-34 ORDINANCENUMBER
AN ORDINANCE of the United City of Yorkville, Kendall County,
Illinois, authorizing and providing for an Installment Purchase
Agreement for the purpose of paying a part of the cost of
waterworks improvements, and authorizing and providing for the
issue of$4,800,000 Debt Certificates, Series 2003, evidencing the
rights to payment under such Agreement, prescribing the details of
the Agreement and Certificates, and providing for the security for
and means of payment under the Agreement of the Certificates.
Adopted by the City
Council of said City on the
24th day of June 2003
1495406.01.09
2108421 •KK•6/24/03
TABLE OF CONTENTS
SECTION HEADING PAGE
Preambles................................................................................................................................l
Section1. Definitions...................................................................................................4
Section 2. Incorporation of Preambles..........................................................................7
Section 3. Determination to Authorize and Enter into Agreement and to
Issue Certificates...................................................................................7
Section 4. Agreement Is a General Obligation; Annual Appropriation........................7
Section 5. Execution and Filing of the Agreement.......................................................7
Section 6. Certificate Details........................................................................................9
Section 7. Book Entry Provisions...............................................................................10
Section 8. Execution; Authentication.........................................................................12
Section 9. Optional Redemption................................................................................. 13
Section 10. Redemption Procedures.............................................................................13
Section 11. Registration of Certificates; Persons Treated as Owners ..........................17
Section 12. Form of Certificate ....................................................................................19
Section 13. Sale of Certificates; Official Statement.....................................................25
Section 14. Creation of Funds and Appropriations. .....................................................26
Section 15. Continuing Disclosure Undertaking..........................................................29
Section 16. General Tax Covenants..............................................................................30
Section 17. Certain Specific Tax Covenants................................................................31
Section 18. Pertaining to the Certificate Registrar.......................................................35
Section 19. Municipal Bond Insurance.........................................................................39
Section 20. Defeasance.................................................................................................41
Section 21. Publication of Ordinance...........................................................................42
Section 22. Superseder and Effective Date...................................................................43
[This table of contents is for the convenience of the reader and is not a part of this Ordinance.]
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ORDINANCENUMBER -A
AN ORDINANCE of the United City of Yorkville, Kendall County,
Illinois, authorizing and providing for an Installment Purchase
Agreement for the purpose of paying a part of the cost of
waterworks improvements, and authorizing and providing for the
issue of $4,800,000 Debt Certificates, Series 2003, evidencing the
rights to payment under such Agreement, prescribing the details of
the Agreement and Certificates, and providing for the security for
and means of payment under the Agreement of the Certificates.
PREAMBLES
WHEREAS
A. The United City of Yorkville, Kendall County, Illinois (the "City"), is a
municipality and unit of local government of the State of Illinois (the "State") operating, inter
alia, under and pursuant to the following laws:
1. the Illinois Municipal Code;
2. the Local Government Debt Reform Act of the State of Illinois (the "Debt
Reform Act"), and in particular, the provisions of Section 17 of the Debt Reform Act (the
"Installment Purchase Provisions of the Debt Reform Act"); and
3. all other Omnibus Bond Acts of the State;
in each case, as supplemented and amended (collectively, "Applicable Law").
B. The City Council (the "Corporate Authorities") has considered the needs of the
City and, in so doing, the Corporate Authorities have deemed and do now deem it advisable,
necessary, and for the best interests of the City in order to promote and protect the public health,
welfare, safety, and convenience of the residents of the City to acquire and construct the
following:
[Here insert more detailed description of waterworks improvements]
including, in connection with said works, acquisition of all land or rights in land, mechanical,
electrical, and other services necessary, useful, or advisable thereto (the "Project"), all as shown
on preliminary plans and cost estimates as prepared by
and on file with and approved by the Corporate Authorities.
C. The Corporate Authorities have determined the total cost of the Project and
expenses incidental thereto, including financial, legal, architectural, and engineering services
related to such work and to the Agreement hereinafter provided for in this Ordinance
(collectively "Related Expenses") to be not less than $4,800,000 plus estimated investment
earnings which may be received on said sum prior to disbursement.
D. Sufficient funds of the City are not available to pay the costs of the Project and
Related Expenses, and it will, therefore, be necessary to borrow money in the amount of
$4,800,000 for the purpose of paying such costs.
E. Pursuant to the Installment Purchase Provisions of the Debt Reform Act, the City
has the powers as follows:
The governing body of each governmental unit may purchase or
lease either real or personal property, including investments,
investment agreements, or investment services, through
agreements that provide that the consideration for the purchase or
lease may be paid through installments made at stated intervals for
a period of no more than 20 years or another period of time
authorized by law, whichever is greater. Each governmental unit
may issue certificates evidencing the indebtedness incurred under
the lease or agreement. The governing body may provide for the
treasurer, comptroller, finance officer, or other officer of the
governing body charged with financial administration to act as
counter-party to any such lease or agreement, as nominee lessor or
seller. When the lease or agreement is executed by the officer of
the governmental unit authorized by the governing body to bind
the governmental unit thereon by the execution thereof and is filed
with and executed by the nominee lessor or seller, the lease or
agreement shall be sufficiently executed so as to permit the
governmental unit to issue certificates evidencing the indebtedness
incurred under the lease or agreement. The certificates shall be
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valid whether or not an appropriation with respect thereto is
included in any annual or supplemental budget adopted by the
governmental unit From time to time, as the governing body -
executes contracts for the purpose of acquiring and constructing
the services or real or personal property that is a part of the subject
of the lease or agreement, including financial, legal, architectural,
and engineering services related to the lease or agreement, the
governing body shall order the contracts filed with its nominee
officer, and that officer shall identify the contracts to the lease or
agreement; that identification shall permit the payment of the
contract from the proceeds of the certificates; and the nominee
officer shall duly apply or cause to be applied proceeds of the
certificates to the payment of the contracts. The governing body of
each governmental unit may sell, lease, convey, and reacquire
either real or personal property, or any interest in real or personal
property, upon any terms and conditions and in any manner, as the
governing body shall determine, if the governmental unit will
lease, acquire by purchase agreement, or otherwise reacquire the
property, as authorized by this subsection or any other applicable
law.
All indebtedness incurred under this subsection, when
aggregated with the existing indebtedness of the governmental
unit, may not exceed the debt limits provided by applicable law.
F. The Corporate Authorities find that it is desirable and in the best interests of the
City to avail of the provisions of the Installment Purchase Provisions of the Debt Reform Act, as
quoted, as follows:
1. To authorize an Installment Purchase Agreement (the "Agreement") more
particularly as described and provided below in the text of this Ordinance;
2. To name as counter-party to the Agreement the City Treasurer (the
"Treasurer"), as nominee-seller;
3. To authorize the Mayor of the City (the "Mayor") and the City Clerk (the
"Clerk") to execute and attest, respectively, the Agreement on behalf of the City and to
file same with the Clerk in his or her capacity as keeper of the records and files of the
City; and
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4. To issue certificates evidencing the indebtedness incurred under the
Agreement in the amount of $4,800,000, in form and having such details as set forth
below in the text of this Ordinance.
Now THEREFORE Be It Ordained by the City Council of the United City of Yorkville,
Kendall County, Illinois, as follows:
Section 1. Definitions. Words and terms used in this Ordinance shall have the
meanings given them unless the context or use clearly indicates another or different meaning is
intended. Words and terms defined in the singular may be used in the plural and vice-versa.
Reference to any gender shall be deemed to include the other and also inanimate persons such as
corporations, where applicable.
A. The following words and terms are as defined in the preambles hereto.
Applicable Law
City
Clerk
Corporate Authorities
Debt Reform Act
Installment Purchase Provisions of the Debt Reform Act
Mayor
Project
Related Expenses
State
Treasurer
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B. The following words and terms are defined as set forth.
"Agreement" means the Installment Purchase Agreement, as referred to in the
preambles of this Ordinance, for the purpose of purchasing and financing the Project and
Related Expenses.
"Book Entry Form" means the form of the Certificates as fully registered and
available in physical form only to the Depository.
"Certificates" means the $4,800,000 Debt Certificates, Series 2003, authorized to
be issued by this Ordinance.
"Certificate Fund" means the fund established and defined in Section 14 of this
Ordinance.
"Certificate Moneys" means moneys on deposit in the Certificate Fund.
"Certificate Register" means the books of the City kept by the Certificate
Registrar to evidence the registration and transfer of the Certificates.
"Certificate Registrar" means BNY Midwest Trust Company, Chicago, Illinois,
in its respective capacities as certificate registrar and paying agent hereunder, or a
successor thereto or a successor designated as Certificate Registrar hereunder.
"Code" means the Internal Revenue Code of 1986, as amended.
"Continuing Disclosure Undertaking" means the undertaking by the City as
authorized in Section 15 hereof and set forth as Exhibit A.
"Depository," means The Depository Trust Company, a New York limited trust
company, its successors, or a successor depository qualified to clear securities under
applicable state and federal laws.
"Ordinance" means this Ordinance, numbered as set forth on the title page
hereof, and passed by the Corporate Authorities on the 24th day of June 2003.
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"Project Fund" means the Project Fund established and defined in Section 14 of
this Ordinance.
"Purchase Contract" is defined in Section 13.
"Purchase Price" means the price to be paid by the Purchaser pursuant to the
Purchase Contract for the Certificates, to-wit, $4,880,400.
"Purchaser" means, collectively, the purchasers (underwriters) of the
Certificates, namely, Bernardi Securities, Inc., Chicago, Illinois, and Griffin, Kubik,
Stephens &Thompson, Inc., Chicago, Illinois.
"Rebate Fund" means the Rebate Fund authorized to be established and as
defined in Section 17 of this Ordinance.
"Record Date" means the 1st day of the month of any regular or other interest
payment date occurring on the 15th day of any month and 15 days preceding any interest
payment date occasioned by the redemption of Certificates on other than the 15th day of
a month.
"Tar-exempt" means, with respect to the Certificates, the status of interest paid
and received thereon as not includible in the gross income of the owners thereof under
the Code for federal income tax purposes except to the extent that such interest is taken
into account in computing an adjustment used in determining the alternative minimum
tax for certain corporations.
C. Definitions also appear in the preambles hereto or in specific sections, as appear
below. The headings in this Ordinance are for the convenience of the reader and are not a part of
this Ordinance.
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Section 2. Incorporation of Preambles. The Corporate Authorities hereby find that the
recitals contained in the preambles to this Ordinance are true, correct, and complete and do
incorporate them into this Ordinance by this reference.
Section 3. Determination to Authorize and Enter into Agreement and to Issue
Certificates. It is necessary and advisable for the public health, safety, welfare, and convenience
of residents of the City to pay the costs of acquisition and construction of the Project, including
all Related Expenses and to borrow money and, in evidence thereof and for the purpose of
financing same, enter into the Agreement and, further, to provide for the issuance and delivery of
the Certificates evidencing the indebtedness incurred under the Agreement.
Section 4. Agreement Is a General Obligation; Annual Appropriation. The City
hereby represents, warrants, and agrees that the obligation to make the payments due under the
Agreement shall be a lawful direct general obligation of the City payable from the corporate
funds of the City and such other sources of payment as are otherwise lawfully available. The
City represents and warrants that the total amount due the Seller under the Agreement, together
with all other indebtedness of the City, is within all statutory and constitutional debt limitations.
The City agrees to appropriate funds of the City annually and in a timely manner so as to provide
for the making of all payments when due under the terms of the Agreement.
Section 5. E.recution and Filing of the Agreement. From and after the effective date of
this Ordinance, the Mayor and Clerk be and they are hereby authorized and directed to execute
and attest, respectively, the Agreement, in substantially the form thereof set forth below in the
text of this Ordinance, and to do all things necessary and essential to effectuate the provisions of
the Agreement, including the execution of any documents and certificates incidental thereto or
necessary to carry out the provisions thereof. Further, as nominee-seller, the Treasurer is hereby
authorized and directed to execute the Agreement. Upon full execution, the original of the
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Agreement shall be filed with the Clerk and retained in the City records and con.stitute authority
for issuance of the Certificates. Subject to such discretion of the officers signatory to the
document as described in the foregoing text, the Installment Purchase Agreement shall be in
substantially the form as follows:
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INSTALLMENT PURCHASE AGREEMENT for purchase of real or
personal property, or both, for the purpose of waterworks
improvements, dated the I st day of July 2003, in and for the
United City of Yorkville, Kendall County, Illinois.
THIS INSTALLMENT PURCHASE AGREEMENT (this "Agreement") made as of the 1st day
of July 2003 by and between the Treasurer of the City, as Nominee-Seller (the "Seller"), and the
United City of Yorkville, Kendall, Illinois, a municipality and unit of local government of the
State of Illinois (the "City"):
WITNESSETH
A. The City Council (the "Corporate Authorities") of the City has determined to
acquire real or personal property, or both, for the purpose of waterworks improvements (the
"Project"), all as previously approved by the Corporate Authorities and on file with the City
Clerk (the "Clerk").
B. Pursuant to the provisions of the Illinois Municipal Code; the Local Government
Debt Reform Act of the State of Illinois (the "Debt Reform Act"), and, in particular, the
provisions of Section 17 of the Debt Reform Act (the "Installment Purchase Provisions of the
Debt Reform Act"); and all other Omnibus Bond Acts of the State of Illinois; in each case, as
supplemented and amended (collectively "Applicable Laiv"); the City has the power to purchase
real or personal property through agreements that provide that the consideration for the purchase
may be paid through installments made at stated intervals for a period of no more than 20 years
and has the power to issue certificates evidencing indebtedness incurred under such agreements.
C. On the 24th day of June 2003, the Corporate Authorities, pursuant to Applicable
Law and the need to provide for the Project, adopted an ordinance (the "Ordinance"), numbered
authorizing the borrowing of money for the Project, the execution and delivery of
this Agreement to finance same, and the issuance of certificates evidencing the indebtedness so
incurred.
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D. The Ordinance is
(a) incorporated herein by reference; and
(b) made a part hereof as if set out at this place in full;
and each of the terms as defined in the Ordinance is also incorporated by reference for use in this
Agreement.
E. The Seller, as nominee as expressly permitted by the Installment Purchase
Provisions of the Debt Reform Act, has agreed to make, construct, and acquire the Project on the
terms as hereinafter provided.
NOw THEREFORE in consideration of the mutual covenants and agreements hereinafter
contained and other valuable consideration, it is mutually agreed between the Seller and the City
as follows:
1. MAKE AND ACQUIRE PROJECT
The Seller agrees to make, construct, and acquire the Project upon real estate owned or to
be owned by or upon which valid easements have been obtained in favor of the City.
2. CONVEYANCE
The Seller agrees to convey each part of the Project to the City and to perform all
necessary work and convey all necessary equipment; and the City agrees to purchase the Project
from the Seller and pay for the Project the purchase price of not to exceed $4,800,000; plus the
amount of investment earnings which are earned on the amount deposited with the Treasurer
from the sale of the Certificates and in no event shall the total aggregate principal purchase price
to be paid pursuant to this Agreement exceed the sum of $4,800,000, plus the amount of
investment earnings which are earned on the amount deposited with the Treasurer from the sale
of the Certificates.
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3. PAYMENTS
The payment of the entire sum of$4,800,000 of said purchase price shall:
(a) be payable in installments due on the dates and in the amounts;
(b) bear interest at the rates percent per annum which interest shall also be
payable on the dates and in the amounts;
(c) be payable at the place or places of payment, in the medium of payment, and
upon such other terms, including prepayment (redemption);
all as provided for payment of the Certificates in the Ordinance.
4. ASSIGNMENT
Rights to payment of the Seller as provided in this Agreement are assigned as a matter of
law, under the Installment Purchase Provisions of the Debt Reform Act, to the owners of the
Certificates. This Agreement and any right, title, or interest herein, shall not be further
assignable. The Certificates, evidencing the indebtedness incurred hereby, are assignable
(registrable) as provided in the Ordinance.
5. TAX COVENANTS
The covenants relating to the Tax-exempt status of the Certificates, as set forth in the
Ordinance, insofar as may be applicable, apply to the work to be performed and the payments
made under this Agreement.
6. TITLE.
(a) Vesting of Title. Title in and to any part of the Project, upon delivery or as made,
during all stages of the making or acquisition thereof, shall and does vest immediately in the
City.
(b) Damage, Destruction, and Condemnation. If, during the term of this Agreement,
(i) all or any part of the Project shall be destroyed, in whole or in part, or damaged by fire or
other casualty or event; or (ii) title to, or the temporary or permanent use of, all or any part of the
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Project shall be taken under the exercise of the power of eminent domain by any governmental
body or by any person, firm, or corporation acting under governmental authority; or (iii) a
material defect in construction of all or any part of the Project shall become apparent; or (iv) title
to or the use of all or any part of the Project shall be lost by reason of a defect in title; then the
City shall continue to make payments as promised herein and in the Certificates and to take such
action as it shall deem necessary or appropriate to repair and replace the Project.
7. LAWFUL.CORPORATE OBLIGATION
The City hereby represents, warrants, and agrees that the obligation to make the
payments due hereunder shall be a lawful direct general obligation of the City payable from the
corporate funds of the City and such other sources of payment as are otherwise lawfully
available. The City represents and warrants that the total amount due the Seller hereunder,
together with all other indebtedness of the City, is within all statutory and constitutional debt
limitations. The City agrees to appropriate funds of the City annually and in a timely manner so
as to provide for the making of all payments when due under the terms of this Agreement.
8. GENERAL COVENANT AND RECITAL
It is hereby certified and recited by the Seller and the City, respectively, that as to each,
respectively, for itself, all conditions, acts, and things required by law to exist or to be done
precedent to and in the execution of this Agreement did exist, have happened, been done and
performed in regular and due form and time as required by law.
9. NO SEPARATE TAX
THE SELLER AND THE CITY RECOGNIZE THAT THERE IS NO STATUTORY
AUTHORITY FOR THE LEVY OF A SEPARATE TAX IN ADDITION TO OTHER TAXES OF THE
CITY OR THE LEVY OF A SPECIAL TAX UNLIMITED AS TO RATE OR AMOUNT TO PAY ANY OF
THE AMOUNTS DUE HEREUNDER.
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10. DEFAULT
In the event of a default in payment hereunder by the City, the Seller or any
Certificateholder may pursue any available remedy by suit at law or equity to enforce the
payment of all amounts due or to become due under this Agreement, including, without
limitation, an action for specific performance.
IN WITNESS WHEREOF the Seller has caused this Installment Purchase Agreement to be
executed and attested, and his or her signature to be attested by the Clerk, and the City has
caused this Installment Purchase Agreement to be executed by its Mayor, and also attested by the
Clerk, and the official seal of the City to be hereunto affixed, all as of the day and year first
above written. /' // 44
SELLER: Signature: k v�Y,..- �w'// —
[Here type name]: VJ6((
as Nominee-Seller and the Treasurer
ATTEST:
Y
ttyArk
[SEAL]
UNITED CITY OF YORKVILLE, KENDALL
COUNTY, ILLINOIS
Mayor
ATTEST:
ity C k
[SEAL]
rr'
i
1-5
STATE OF ILLINOIS )
) SS
COUNTY OF KENDALL )
CERTIFICATE OF INSTALLMENT PURCHASE AGREEMENT FILING
I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of
the United City of Yorkville, Kendall County, Illinois (the "City"), and as such officer I do
hereby certify that on the 9th day of July 2003 there was filed in my office a properly certified
copy of that certain document, executed by the Mayor of the City, attested by me in my capacity
as City Clerk, and further executed, as Nominee-Seller, by the City Treasurer of the City, also
attested by me, dated the 1st day of July 2003, and entitled "INSTALLMENT PURCHASE
AGREEMENT for Purchase of real or personal property, or both, for the purpose of waterworks
improvements, dated the 1st day of July 2003, in and for the United City of Yorkville, Kendall
County, Illinois"; and supporting the issuance of certain Debt Certificates, Series 2003, of the
City; that attached hereto is a true and i complete copy of said Agreement as so filed; and that the
same has been deposited in the official files and records of my office.
IN WITNESS WHEREOF I have hereunto affixed my official signature and the seal of the
United City of Yorkville, Kendall County, Illinois at Yorkville, Illinois, this 9th day of July
2003.
Jerk
[SEAL]
w,
ti
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Section 6. Certificate Details. For the purpose of providing for acquisition and
construction of the Project and Related Expenses, there shall be issued and sold the Certificates
in the principal amount of $4,800,000. The Certificates shall each be designated "Debt
Certificate, Series 2003"; be dated July 1, 2003 (the "Dated Date"); and shall.also bear the date
of authentication thereof. The Certificates shall be in fully registered and in Book Entry Form,
shall be in denominations of$5,000 or integral multiples thereof(but no single Certificate shall
represent principal maturing on more than one date), and shall be numbered consecutively in
such fashion as shall be determined by the Certificate Registrar. The Certificates shall become
due and payable (subject to right of prior redemption) on December 15 of the years and in the
amounts and bearing interest at the rates percent per annum as follows:
YEAR AMOUNT($) RATE
2013 100,000 3.80
2014 100,000 3.90
2015 100,000 4.00
2016 100,000 4.15
2017 100,000 4.25
2018 300,000 4.35
2019 1,000,000 5.00
2020 1,000,000 5.00
2021 1,000,000 5.00
2022 1,000,000 5.00
Each Certificate shall bear interest from the later of its Dated Date or from the most recent
interest payment date to which interest has been paid or duly provided for, until the principal
amount of such Certificate is paid or duly provided for, such interest (computed upon the basis of
a 360-day year of twelve 30-day months) being payable on June 15 and December 15 of each
year, commencing on June 15, 2004. Interest on each Certificate shall be paid by check or draft
of the Certificate Registrar, payable upon presentation thereof in lawful money of the United
States of America, to the person in whose name such Certificate is registered at the close of
business on the applicable Record Date, and mailed to the registered owner of the Certificate at
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the address as shown in the Certificate Registrar or at such other address furnished in writing by
such registered owner, or as otherwise may be agreed with the Depository for so long as the
Depository or its nominee is the registered owner as of a given Record Date. The principal of or
redemption price due on the Certificates shall be payable in lawful money of the United States of
America upon presentation thereof at the office maintained for such purpose of the Certificate
Registrar as currently maintained, as may be relocated from time to time, or at successor
Certificate Registrar and locality.
Section 7. Book Entry Provisions. The Certificates shall be initially issued in the form
of a separate single fully registered Certificate for each of the maturities of the Certificates.
Upon initial issuance, the ownership of each such Certificate shall be registered in the Certificate
Register in the name of the Depository or a designee or nominee of the Depository (such
depository or nominee being the `Book Entry Owner"). Except as otherwise expressly provided,
all of the outstanding Certificates from time to time shall be registered in the Certificate Register
in the name of the Book Entry Owner (and accordingly in Book Entry Form as such term is used
in this Ordinance). Any City officer, as representative of the City, is hereby authorized,
empowered, and directed to execute and deliver or to utilize a previously executed and delivered
Letter of Representations or Blanket Letter of Representations (either being the "Letter of
Representations") substantially in the form common in the industry, or with such changes
therein as any officer executing the Letter of Representations on behalf of the City shall approve,
his or her execution thereof to constitute conclusive evidence of approval of such changes, as
shall be necessary to effectuate Book Entry Form. Without limiting the generality of the
authority given with respect to entering into such Letter of Representations, it may contain
provisions relating to (a) payment procedures, (b) transfers of the Certificates or of beneficial
interests therein, (c) redemption notices and procedures unique to the Depository, (d) additional
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notices or communications, and (e) amendment from time to time to conform with changing
customs and practices with respect to securities industry transfer and payment practices. With
respect to Certificates registered in the Certificate Register in the name of the Book Entry
Owner, none of the City, any of its financial officers, or the Certificate Registrar shall have any
responsibility or obligation to any broker-dealer, bank, or other financial institution for which the
Depository holds Certificates from time to time as securities depository (each such broker-dealer,
bank, or other financial institution being referred to herein as a "Depository Participant") or to
any person on behalf of whom such a Depository Participant holds an interest in the Certificates.
Without limiting the meaning of the immediately preceding sentence, the City, any of its
financial officers, and the Certificate Registrar shall have no responsibility or obligation with
respect to (a) the accuracy of the records of the Depository, the Book Entry Owner, or any
Depository Participant with respect to any ownership interest in the Certificates, (b) the delivery
to any Depository Participant or any other person, other than a registered owner of a Certificate
as shown in the Certificate Register or as otherwise expressly provided in the Letter of
Representations, of any notice with respect to the Certificates, including any notice of
redemption, or (c) the payment to any Depository Participant or any other person, other than a
registered owner of a Certificate as :-hown in the Certificate Register, of any amount with respect
to principal of or interest on the Certificates. No person other than a registered owner of a
Certificate as shown in the Certificate Register shall receive a certificate with respect to any
Certificate. In the event that (a) the City determines that the Depository is incapable of
discharging its responsibilities described herein and in the Letter of Representations, (b) the
agreement among the City, the Certificate Registrar, and the Depository evidenced by the Letter
of Representations shall be terminated for any reason, or (c) the City determines that it is in the
best interests of the City or of the beneficial owners of the Certificates either that they be able to
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obtain certificated Certificates or that another depository is preferable, the City shall notify the
Depository, and the Depository shall notify the Depository Participants, of the availability of
physical Certificates; and the Certificates shall no longer be restricted to being registered in the
Certificate Register in the name of the Book Entry Owner. Alternatively, at such time, the City
may determine that the Certificates shall be registered in the name of and deposited with a
successor depository operating a system accommodating Book Entry Form, as may be acceptable
to the City, or such depository's agent or designee, but if the City does not select such alternate
book entry system, then the Certificates shall be registered in whatever name or names registered
owners of Certificates transferring or exchanging Certificates shall designate, in accordance with
the provisions of this Ordinance.
Section 8. E,vecution; Authentication. The Certificates shall be executed on behalf of
the City by the manual or facsimile signature of its Mayor and attested by the manual or
facsimile signature of its Clerk, as they may determine, and shall have impressed or imprinted
thereon the corporate seal or facsimile thereof of the City. In case any such officer whose
signature shall appear on any Certificate shall cease to be such officer before the delivery of such
Certificate, such signature shall nevertheless be valid and sufficient for all purposes, the same as
if such officer had remained in office until delivery. All Certificates shall have thereon a
certificate of authentication, substantially in the form hereinafter set forth, duly executed by the
Certificate Registrar as authenticating agent of the City and showing the date of authentication.
No Certificate shall be valid or obligatory for any purpose or be entitled to any security or
benefit under this Ordinance unless and until such certificate of authentication shall have been
duly executed by the Certificate Registrar by manual signature, and such certificate of
authentication upon any such Certificate shall be conclusive evidence that such Certificate has
been authenticated and delivered under this Ordinance. The certificate of authentication on any
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Certificate shall be deemed to have been executed by it if signed by an authorized officer of the
Certificate Registrar, but it shall not be necessary that the same officer sign the certificate of
authentication on all of the Certificates issued hereunder.
Section 9. Optional Redemption. The Certificates are subject to redemption prior to
maturity at the option of the City, from any available funds, in whole or in part, on any date on or
after December 15, 2011, and if in part, in any order of maturity as selected by the City, and if
less than an entire maturity, in integral multiples of $5,000, selected by lot by the Certificate
Registrar as hereinafter provided, at a redemption price of par plus accrued interest to the date
fixed for redemption.
Section 10. Redemption Procedures. The Certificates subject to redemption shall be
identified, notice given, and paid and redeemed pursuant to the procedures as follows:
A. Optional Redemption. The City shall, at least 45 days prior to a
redemption date (unless a shorter time period shall be satisfactory to the Certificate
Registrar), notify the Certificate Registrar of such redemption date and of the maturities
(and, if applicable, the scheduled mandatory redemptions affected) and principal amounts
of Certificates to be redeemed.
B. Selection of Certificates within a Maturity. For purposes of any
redemption of less than all of the Certificates of a single maturity, the particular
Certificates or portions of Certificates to be redeemed shall be selected by lot by the
Certificate Registrar for the Certificates of such maturity by such method of lottery as the
Certificate Registrar shall deem fair and appropriate; provided, that such lottery shall
provide for the selection for redemption of Certificates or portions thereof so that any
$5,000 Certificate or $5,000 portion of a Certificate shall be as likely to be called for
redemption as any other such $5,000 Certificate or $5,000 portion. The Certificate
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Registrar shall make such selection upon the earlier of the irrevocable receipt of funds
sufficient to pay the redemption price of the Certificates to be redeemed or the time of the
giving of official notice of redemption.
C. Official Notice of Redemption The Certificate Registrar shall promptly
notify the City in writing of the Certificates or portions of Certificates selected for
redemption and, in the case of any Certificate selected for partial redemption, the
principal amount thereof to be redeemed. Unless waived by the registered owner of
Certificates to be redeemed, official notice of any such redemption shall be given by the
Certificate Registrar on behalf of the City by mailing the redemption notice by first class
U.S. mail not less than 30 days and not more than 60 days prior to the date fixed for
redemption to each registered owner of the Certificate or Certificates to be redeemed at
the address shown on the Certificate Register or at such other address as is furnished in
writing by such registered owner to the Certificate Registrar. All official notices of
redemption shall include the name of the Certificates and at least the information as
follows:
(1) the redemption date;
(2) the redemption price;
(3) if less than all of the outstanding Certificates of a particular maturity
are to be redeemed, the identification (and, in the case of partial redemption of
Certificates within such maturity, the respective principal amounts) of the
Certificates to be redeemed;
(4) a statement that on the redemption date the redemption price will
become due and payable upon each such Certificate or portion thereof called for
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redemption and that interest thereon shall cease to accrue from and after said date;
and
(5) the place where such Certificates are to be surrendered for payment of
the redemption price, which place of payment shall be the office maintained for
the purpose by the Certificate Registrar.
D. Conditional Redemption. Unless moneys sufficient to pay the redemption
price of the Certificates to be redeemed shall have been received by the Certificate
Registrar prior to the giving of such notice of redemption, such notice may, at the option
of the City, state that said redemption shall be conditional upon the receipt of such
moneys by the Certificate Registrar on or prior to the date fixed for redemption. If such
moneys are not received, such notice shall be of no force and effect, the City shall not
redeem such Certificates, and the Certificate Registrar shall give notice, in the same
manner in which the notice of redemption shall have been given, that such moneys were
not so received and that such Certificates will not be redeemed.
E. Certificates Shall Become Due. Subject to the stated condition in
paragraph E, official notice of redemption having been given as described, the
Certificates or portions of Certificates so to be redeemed shall, on the redemption date,
become due and payable at the redemption price therein specified, and from and after
such date (unless the City shall not make full payment of the redemption price) such
Certificates or portions of Certificates shall cease to bear interest. Upon surrender of
such Certificates for redemption in accordance with said notice, such Certificates shall be
paid by the Certificate Registrar at the redemption price. The procedure for the payment
of interest due as part of the redemption price shall be as herein provided for payment of
interest otherwise due.
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F. Insufficiency in Notice Not Affecting Other Certificates; Failure to Receive
Notice; Waiver. Neither the failure to mail such redemption notice, nor any defect in any
notice so mailed, to any particular registered owner of a Certificate, shall affect the
sufficiency of such notice with respect to other registered owners. Notice having been
properly given, failure of a registered owner of a Certificate to receive such notice shall
not be deemed to invalidate, limit or delay the effect of the notice or redemption action
described in the notice. Such notice may be waived in writing by a registered owner of a
Certificate entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by registered owners
shall be filed with the Certificate Registrar, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver. In lieu of the
foregoing official notice, so long as the Certificates are held in Book Entry Form, notice
may be given as provided in the Letter of Representations, and the giving of such notice
shall constitute a waiver by the Depository and the Book Entry Owner, as registered
owner, of the foregoing notice.
G. New Certificate in Amount Not Redeemed. Upon surrender for any partial
redemption of any Certificate, there shall be prepared for the registered owner a new
Certificate or Certificates of like tenor, of authorized denominations, of the same
maturity, and bearing the same rate of interest in the amount of the unpaid principal.
H. Effect of Nonpayment upon Redemption. If any Certificate or portion of
Certificate called for redemption shall not be so paid upon surrender thereof for
redemption, the principal shall, until paid or duly provided for, bear interest from the
redemption date at the rate borne by the Certificate or portion of Certificate so called for
redemption.
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I. Certificates to Be Cancelled; Payment to Identify= Certificates. All
Certificates which have been redeemed shall be cancelled and destroyed by the
Certificate Registrar and shall not be reissued. Upon the payment of the redemption price
of Certificates being redeemed, each check or other transfer of funds issued for such
purpose shall bear the CUSIP number identifying, by issue and maturity, the Certificates
being redeemed with the proceeds of such check or other transfer.
J. Additional Notice. The City agrees to provide such additional notice of
redemption as it may deem advisable at such time as it determines to redeem Certificates,
taking into account any requirements or guidance of the Securities and Exchange
Commission, the Municipal Securities Rule Making Board, the Government Accounting
Standards Board, or any other federal or state agency having jurisdiction or authority in
such matters; provided, however, that such additional notice shall be (1) advisory in
nature, (2) solely in the discretion of the City, (3) not be a condition precedent of a valid
redemption or a part of the Certificate contract, and (4) any failure or defect in such
notice shall not delay or invalidate the redemption of Certificates for which proper
official notice shall have been given. Reference is also made to the provisions of the
Continuing Disclosure Undertaking of the City with respect to the Certificates, which
may contain other provisions relating to notice of redemption of Certificates.
K. Certificate Registrar to Advise City. As part of its duties hereunder, the
Certificate Registrar shall prepare and forward to the City a statement as to notices given
with respect to each redemption together with copies of the notices as mailed.
Section 11. Registration of Certificates; Persons Treated as Owners. The City shall
cause books (the "Certificate Register" as herein defined) for the registration and for the transfer
of the Certificates as provided in this Ordinance to be kept at the office maintained for such
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purpose by the Certificate Registrar, which is hereby constituted and appointed the registrar of
the City for the Certificates. The City is authorized to prepare, and the Certificate Registrar or
such other agent as the City may designate shall keep custody of, multiple Certificate blanks
executed by the City for use in the transfer and exchange of Certificates. Subject to the
provisions of this Ordinance relating to the Certificates in Book Entry Form, any Certificate may
be transferred or exchanged, but only in the manner, subject to the limitations, and upon payment
of the charges as set forth in this Ordinance. Upon surrender for transfer or exchange of any
Certificate at the office of the Certificate Registrar maintained for the purpose, duly endorsed by
or accompanied by a written instrument or instruments of transfer or exchange in form
satisfactory to the Certificate Registrar and duly executed by the registered owner or an attorney
for such owner duly authorized in writing, the City shall execute and the Certificate Registrar
shall authenticate, date, and deliver in the name of the transferee or transferees or, in the case of
an exchange, the registered owner, a new fully registered Certificate or Certificates of like tenor,
of the same maturity, bearing the same interest rate, of authorized denominations, for a like
aggregate principal amount. The Certificate Registrar shall not be required to transfer or
exchange any Certificate during the period from the close of business on the Record Date for an
interest payment to the opening of business on such interest payment date or during the period of
15 days preceding the giving of notice of redemption of Certificates or to transfer or exchange
any Certificate all or a portion of which has been called for redemption. The execution by the
City of any fully registered Certificate shall constitute full and due authorization of such
Certificate; and the Certificate Registrar shall thereby be authorized to authenticate, date, and
deliver such Certificate;provided, however, the principal amount of Certificates of each maturity
authenticated by the Certificate Registrar shall not at any one time exceed the authorized
principal amount of Certificates for such maturity less the amount of such Certificates which
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have been paid. The person in whose name any Certificate shall be registered shall be deemed
and regarded as the absolute owner thereof for all purposes, and payment of the principal of or
interest on any Certificate shall be made only to or upon the order of the registered owner thereof
or his legal representative. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Certificate to the extent of the sum or sums so paid. No service
charge shall be made to any registered owner of Certificates for any transfer or exchange of
Certificates, but the City or the Certificate Registrar may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any transfer
or exchange of Certificates.
Section .12. Form of Certificate. The Certificates shall be in substantially the form
hereinafter set forth;provided, however, that if the text of the Certificates is to be printed in its
entirety on the front side of the Certificates, then the second paragraph on the front side and the
legend "See Reverse Side for Additional Provisions" shall be omitted and the text of paragraphs
set forth for the reverse side shall be inserted immediately after the first paragraph.
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[FORM OF CERTIFICATE- FRONT SIDE]
REGISTERED REGISTERED
NO.
UNITED STATES OF AMERICA
STATE OF ILLINOIS
COUNTY OF KENDALL
UNITED CITY OF YORKVILLE
DEBT CERTIFICATE, SERIES 2003
See Reverse Side for
Additional Provisions.
Interest Maturity Dated
Rate: Date: December 15, Date: July 1, 2003 CUSIP:
Registered Owner: CEDE& CO.
Principal Amount: DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the United City of Yorkville, Kendall
County, Illinois, a municipality and political subdivision of the State of Illinois (the "City"),
hereby acknowledges itself to owe and for value received promises to pay from the source and as
hereinafter provided to the Registered Owner identified above, or registered assigns, on the
Maturity Date identified above (subject to right of prior redemption), the Principal Amount
identified above and to pay interest (computed on the basis of a 360-day year of twelve 30-day
months) on such Principal Amount from the later of the Dated Date of this Certificate identified
above or from the most recent interest payment date to which interest has been paid or duly
provided for, at the Interest Rate per annum identified above, such interest to be payable on
June 15 and December 15 of each year, commencing June 15, 2004, until said Principal Amount
is paid or duly provided for. The principal of or redemption price on this Certificate is payable
in lawful money of the United States of America upon presentation hereof at the office
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maintained for such purpose of BNY Midwest Trust Company, Chicago, Illinois, as paying agent
and registrar (the "Certificate Registrar'). Payment of interest shall be made to the Registered
Owner hereof as shown on the registration books of the City maintained by the Certificate
Registrar at the close of business on the applicable Record Date (the "Record Date"). The
Record Date shall be the 1st day of the month of any regular or other interest payment date
occurring on the 15th day of any month and 15 days preceding any interest payment date
occasioned by the redemption of Certificates on other than the 15th day of a month. Interest
shall be paid by check or draft of the Certificate Registrar, payable upon presentation in lawful
money of the United States of America, mailed to the address of such Registered Owner as it
appears on such registration books or at such other address furnished in writing by such
Registered Owner to the Certificate Registrar, or as otherwise agreed by the City and the
Certificate Registrar and a qualified securities clearing corporation as depository, or nominee, for
so long as this Certificate shall be in Book Entry Form as provided for same.
Reference is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, and such further provisions shall for all purposes have the same effect as if set
forth at this place.
It is hereby certified and recited that all conditions, acts, and things required by the
Constitution and Laws of the State of Illinois to exist or to be done precedent to and in the
issuance of this Certificate, including Applicable Law as defined herein, have existed and have
been properly done, happened, and been performed in regular and due form and time as required
by law; that the obligation to make payments due hereon are a lawful direct general obligation of
the City payable from the corporate funds of the City and such other sources of payment as are
otherwise lawfully available; that the total amount due under the Agreement, represented by the
Certificates, together with all other indebtedness of the City, is within all statutory and
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constitutional debt limitations; and that the City shall appropriate funds annually and in a timely
manner so as to provide for the making of all payments hereon when due. THE OWNER OF THIS
CERTIFICATE ACKNOWLEDGES THAT THERE IS NO STATUTORY AUTHORITY FOR THE LEVY OF A
SEPARATE TAX IN ADDITION TO OTHER TAXES OF THE CITY OR THE LEVY OF A SPECIAL TAX
UNLIMITED AS TO RATE OR AMOUNT TO PAY ANY OF THE AMOUNTS DUE HEREUNDER.
This Certificate shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed by the Certificate Registrar.
IN WITNESS WHEREOF the United City of Yorkville,Kendall County, Illinois, by its City
Council, has caused this Certificate to be executed by the manual or duly authorized facsimile
signature of its Mayor and attested by the manual or duly authorized facsimile signature of its
City Clerk and its corporate seal or a facsimile thereof to be impressed or reproduced hereon, all
as appearing hereon and as of the Dated Date identified above.
ZMayor, United City of Yorkvil
Kendall County, Illinois
ATTEST:
d erk, Uited Cit f Yorkville
Kendall County, Illinois
[SEAL]
n
i
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Date of Authentication: ,
CERTIFICATE Certificate Registrar and Paying Agent:
OF BNY Midwest Trust Company,
AUTHENTICATION Chicago, Illinois
This Certificate is one of the Certificates
described in the with Ordinance
and is one of the Debt Certificates, Series
2003, having a Dated Date of June 15, 2003,
of the United City of Yorkville, Kendall
County, Illinois.
BNY MIDWEST TRUST COMPANY,
as Certificate Registrar
By
Authorized Officer
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[FORM OF CERTIFICATE- REVERSE SIDE]
This Certificate is one of a series (the "Certificates") in the aggregate principal amount
of$4,800,000 issued by the City for the purpose of providing funds to pay part of the cost of the
Project and Related Expenses, all as described and defined in the ordinance authorizing the
Certificates (the "Ordinance"), pursuant to and in all respects in compliance with the applicable
provisions of the Illinois Municipal Code, as supplemented and amended, and in particular as
supplemented by the Local Government Debt Reform Act of the State of Illinois, as amended,
and the other Omnibus Bond Acts of the State of Illinois ("Applicable Law"), and with the
Ordinance, which has been duly passed by the City Council of the City on the 24th day of June
2003, and approved by the Mayor, in all respects as by law required. The Certificates issued by
the City in connection with the Project have been issued in evidence of the indebtedness incurred
pursuant to a certain Installment Purchase Agreement (the "Agreement"), dated as of the first
day of July 2003, entered into by and between the City and its City Treasurer, as Seller-
Nominee, to which reference is hereby expressly made for further definitions and terms and to all
the provisions of which the holder by the acceptance of this certificate assents.
This Certificate is subject to provisions relating to registration, transfer, and exchange;
redemption and notice and procedure for redemption; and such other terms and provisions
relating to security and payment as are set forth in the Ordinance; to which reference is hereby
expressly made; and to all the terms of which the registered owner hereof is hereby notified and
shall be subject.
The City and the Certificate Registrar may deem and treat the Registered Owner hereof
as the absolute owner hereof for the purpose of receiving payment of or on account of principal
hereof and interest due hereon and for all other purposes, and neither the City nor the Certificate
Registrar shall be affected by any notice to the contrary.
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STATEMENT OF INSURANCE
Radian Asset Assurance Inc. ("Radian"), a New York corporation, has issued its policy
(the "Policy") insuring the payment of principal of and interest on this Certificate on the "due
date," as defined in the Policy. Reference is made to the Policy for the complete provisions
thereof. All payments required to be made under the Policy shall be made in accordance with the
provisions thereof. The owner of this Certificate acknowledges and consents to the subrogation
and transfer rights of Radian as more fully set forth in the Policy.
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
[Here insert identifying number such as
TID, SSN, or other
(Name and Address of Assignee)
the within Certificate and does hereby irrevocably constitute and appoint
as attorney to transfer the said Certificate on the books kept for registration thereof with full
power of substitution in the premises.
Dated:
Signature guaranteed:
NOTICE: The signature to this assignment must correspond with the name of the Registered
Owner as it appears upon the face of the within Certificate in every particular,
without alteration or enlargement or any change whatever.
Section 13. Sale of Certificates; Official Statement. The Certificates shall be executed
as in this Ordinance provided as soon after the passage hereof as may be, shall be deposited with
Treasurer of the City, and shall thereupon be delivered to the Purchaser upon payment of the
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Purchase Price, plus accrued interest to date of delivery. The contract for the sale of the
Certificates to the Purchaser (the "Purchase Contract"), and as executed by the Purchaser, is
hereby in all respects approved and confirmed, it being hereby declared that, to the best of the
knowledge and belief of the members of the Corporate Authorities, after due inquiry, no person
holding any office of the City, either by election or appointment, is in any manner financially
interested, either directly in his or her own name or indirectly in the name of any other person,
association, trust or corporation, in the Purchase Contract for the sale of the Certificates to the
Purchaser. The "Deemed Final" Official Statement of the City, dated June 24, 2003 (the
"DFOS"), relating to the Certificates, presented to the Corporate Authorities with the Ordinance,
is hereby ratified and approved. The Official Statement of the City, consisting of the DFOS and
an addendum to be dated within seven days of the date of adoption of this Ordinance, relating to
the Certificates (the "Official Statement"), is hereby authorized, and the Purchaser is hereby
authorized on behalf of the City to distribute copies of the Official Statement to the ultimate
purchasers of the Certificates. Such officer or officers of the City as are indicated are hereby
authorized to execute and deliver the Official Statement on behalf of the City.
Section 14. Creation of Funds and Appropriations.
A. There is hereby created the "Debt Certificates, Series 2003, Certificate Fund" (the
"Certificate Fund"), which shall be the fund for the payment of the principal of and interest on
the Certificates. Accrued interest and premium, if any, received upon delivery of the Certificates
shall be deposited into the Certificate Fund and be applied to pay the first interest coming due on
the Certificates. Funds lawfully available for the purpose shall be deposited into the Certificate
Fund and used solely and only for the purpose of paying the principal of and interest on the
Certificates. Interest income or investment profit earned in the Certificate Fund shall be retained
in the Certificate Fund for payment of the principal of or interest on the Certificates on the
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interest payment date next after such interest or profit is received or, to the extent lawful and as
determined by the Corporate Authorities, transferred to such other fund as may be determined.
Moneys in the Certificate Fund shall be applied to pay principal of and interest on the
Certificates.
B. The amount necessary from the proceeds of the Certificates shall be used either to
pay expenses directly at the time of issuance of the Certificates or be deposited into a separate
fund, hereby created, designated the "Expense Fund," to be used to pay expenses of issuance of
the Certificates. Disbursements from such fund shall be made from time to time as necessary.
Moneys not disbursed from the Expense Fund within six (6) months shall be transferred by the
appropriate financial officers for deposit into the Project Fund, and any deficiencies in the
Expense Fund shall be paid by disbursement from the Project Fund.
C. The remaining proceeds of the Certificates shall be deposited into the Project Fund
(the "Project Fund"), hereby created. Moneys in the Project Fund shall be used to pay costs of
the Project in accordance with the following procedures:
1. Contracts ("Work Contracts") have been or shall be awarded, from time to
time, by the Corporate Authorities for the work on the Project; and the Corporate
Authorities represent and covenant that each Work Contract has been or wal be let in
strict accordance with Applicable Law and the rules and procedures of the City for same.
2. By paragraph 3 of this Section of this Ordinance, as follows, or pursuant to
ordinance or resolution to be duly adopted, the Corporate Authorities shall identify all or
a designated portion of each Work Contract to the Agreement. This Ordinance and any
such further ordinance or resolution shall be filed of record with the Clerk and the
Treasurer. The adoption and filing of any such ordinance or resolution and the Work
Contracts with such officers shall constitute authority for the officer or officers of the
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City to make disbursements from the Project Fund to pay amounts due under such Work
Contracts from time to time, upon such further resolutions, orders, vouchers, warrants, or
other proceedings as are required under Applicable Law and the rules and procedures of
the City for same. No action need be taken by or with respect to the contractors under the
Work Contracts as, pursuant to the Installment Purchase Provisions of the Debt Reform
Act, the Treasurer acts as Nominee-Seller of the Project for all purposes, enabling the
issuance of the Certificates. Funds on deposit in the Project Fund shall be invested by the
appropriate officers of the City in any lawful manner. Investment earnings shall first be
reserved and transferred to such other account as and to the extent necessary to pay any
"excess arbitrage profits" or "penalty in lieu of rebate" under Code Section 148 to
maintain the Tax-exempt status of the Certificates, and the remainder shall be retained in
the fund for costs of the Project. Within sixty (60) days after full depletion of the Project
Fund, the appropriate offices of the City shall certify to the Corporate Authorities the fact
of such depletion; and, upon approval of such certification by the Corporate Authorities,
the Project Fund shall be closed.
3. The following Work Contracts are hereby identified to the Agreement:
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BRIEF DESCRIPTION NAME OF CONTRACT IDENTIFIED
OF WORK CONTRACT CONTRACTOR AMOUNT($) AMOUNT($)
The Work Contracts so identified are attached to this Ordinance as Exhibits B-] through
D. Alternatively to the creation of the funds described above, the appropriate officers
may allocate the Certificate Moneys or proceeds of the Certificates to one or more related funds
of the City already in existence and in accordance with good accounting practice; provided,
however, that this shall not relieve such officers of the duty to account and invest the Certificate
Moneys and the proceeds of the Certificates, as herein provided, as if such funds had in fact been
created.
Section 15. Continuing Disclosure Undertaking. The Mayor or the Clerk is hereby
authorized, empowered, and directed to execute and deliver the Continuing Disclosure
Undertaking (the "Continuing Disclosure Undertaking") substantially in the form attached
hereto as E.ihibit A to this Ordinance, made a part hereof by this reference, and hereby approved,
the officer signatory to such Continuing Disclosure Undertaking being hereby authorized and
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directed to execute same, his or her execution to constitute conclusive proof of action in
accordance with this Ordinance and approval of all completions or revisions necessary or
appropriate to such undertaking. When the Continuing Disclosure Undertaking is executed and
delivered on behalf of the City as herein provided, the Continuing Disclosure Undertaking will
be binding upon the City and the officers, employees, and agents of the City; and the officers,
employees, and agents of the City are hereby authorized, empowered, and directed to do all such
acts and things and to execute all such documents as may be necessary to carry out and comply
with the provisions of the Continuing Disclosure Undertaking as executed. Notwithstanding any
other provision of this Ordinance, the sole remedies for failure to comply with the Continuing
Disclosure Undertaking shall be the ability of the beneficial owner of any Certificate to seek
mandamus or specific performance by court order to cause the City to comply with its
obligations under the Continuing Disclosure Undertaking.
Section 16. General Tax Covenants. The City hereby covenants that it will not take
any action, omit to take any action, or permit the taking or omission of any action, within its
control (including, without limitation, making or permitting any use of the proceeds of the
Certificates) if taking, permitting, or omitting to take such action would cause any of the
Certificates to be an arbitrage bond or a private activity bond within the meaning of the Code or
would otherwise cause the interest on the Certificates to be included in the gross income of the
recipients thereof for federal income tax purposes. The City acknowledges that, in the event of
an examination by the Internal Revenue Service of the exemption from Federal income taxation
for interest paid on the Certificates, under present rules, the City is treated as the "taxpayer" in
such examination and agrees that it will respond in a commercially reasonable manner to any
inquiries from the Internal Revenue Service in connection with such an examination. In
furtherance of the foregoing provisions, but without limiting their generality, the City agrees:
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(a) through its officers, to make such further specific covenants, representations as shall be
truthful, and assurances as may be necessary or advisable; (b) to comply with all representations,
covenants, and assurances contained in certificates or agreements as may be prepared by counsel
approving the Certificates; (c) to consult with such counsel and to comply with such advice as
may be given; (d) to file such forms, statements, and supporting documents as may be required
and in a timely manner; and (e) if deemed necessary or advisable by its officers, to employ and
pay fiscal agents, financial advisors, attorneys, and other persons to assist the City in such
compliance.
Section 17. Certain Specific Twc Covenants.
A. None of the Certificates shall be a "private activity bond" as defined in
Section 141(a) of the Code; and the City certifies, represents, and covenants as follows:
(1) Not more than 5% of the net sale proceeds of the Certificates is to be used,
directly or indirectly, in any trade or business carried on by any person other than a state
or local governmental unit.
(2) Not more than 5% of the amounts necessary to pay the principal of and
interest on the Certificates will be derived, directly or indirectly, from payments with
respect to any private business use by any person other than a state or local governmental
unit.
(3) None of the proceeds of the Certificates is to be used, directly or indirectly,
to make or finance loans to persons other than a state or local governmental unit.
(4) No user of the infrastructure of the City to be improved as part of the
Project, other than the City or another governmental unit, will use the same on any basis
other than the same basis as the general public; and no person, other than the City or
another governmental unit, will be a user of such infrastructure as a result of (i)
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ownership or (ii) actual or beneficial use pursuant to a lease, a management or incentive
payment contract other than as expressly permitted by the Code, or (iii) any other
arrangement.
B. The Certificates shall not be "arbitrage bonds" under Section 148 of the Code; and
the City certifies, represents, and covenants as follows:
(1) With respect to the Project, the City has heretofore incurred or within six
months after delivery of the Certificates expects to incur substantial binding obligations
to be paid for with money received from the sale of the Certificates, said binding
obligations comprising binding contracts for the Project in not less than the amount of 5%
of the net sale proceeds of the Certificates.
(2) More than 85% of the proceeds of the Certificates will be expended on or
before three years from the date hereof for the purpose of paying the costs of the Project.
(3) All of the principal proceeds of the Certificates and investment earnings
thereon will be used, needed, and expended for the purpose of paying the costs of the
Project, including expenses incidental thereto.
(4) Work on the Project is expected to proceed with due diligence to
completion.
(5) Except for the Certificate Fund, the City has not created or established and
will not create or establish any sinking fund, reserve fund, or any other similar fund to
provide for the payment of the Certificates. The Certificate Fund has been established
and will be funded in a manner primarily to achieve a proper matching of revenues and
debt service and will be depleted at least annually to an amount not in excess of 1/12th
the particular annual debt service on the Certificates. Money deposited into the
Certificate Fund will be spent within a 13-month period beginning on the date of deposit,
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and investment earnings in the Certificate Fund will be spent or withdrawn from the
Certificate Fund within a one-year period beginning on the date of receipt.
(6) Amounts of money related to the Certificates required to be invested at a
yield not materially higher than the yield on the Certificates, as determined pursuant to
such tax certifications or agreements as the City officers may make in connection with
the issuance of the Certificates, shall be so invested; and appropriate City officers are
hereby authorized and directed to make such investments.
(7) The City has not been notified of any disqualification or proposed
disqualification of it by the Commissioner of the Internal Revenue Service as a bond
issuer which may certify bond issues under Treasury Regulations permitting such
certifications.
(8) Unless an applicable exception to Section 148(f) of the Code, relating to the
rebate of "excess arbitrage profits" to the United States Treasury (the "Rebate
Requirement") is available to the City, the City will meet the Rebate Requirement.
(9) Relating to applicable exceptions, any City officer charged with issuing the
Certificates is hereby authorized to make such elections under the Code as such officer
shall deem reasonable and in the best interest:, of the City. If such election may result in
a "penalty in lieu of rebate" as provided in the Code, and such penalty is incurred (the
"Penalty"), then the City shall pay such Penalty.
(10) The officers of the City shall cause to be established, at such time and in
such manner as they may deem necessary or appropriate hereunder, a "Debt Certificates,
Series 2003 Rebate [or Penalty, if applicable] Fund" (the "Rebate Fund") for the
Certificates, and such officers shall further, not less frequently than annually, cause to be
transferred to the Rebate Fund the amount determined to be the accrued liability under
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the Rebate Requirement or Penalty. Said officers shall cause to be paid to the United
States Treasury, without further order or direction from the Corporate Authorities, from
time to time as required, amounts sufficient to meet the Rebate Requirement or to pay the
Penalty.
(11) Interest earnings in the Project Fund and the Certificate Fund are hereby
authorized to be transferred, without further order or direction from the Corporate
Authorities, from time to time as required, to the Rebate Fund for the purposes herein
provided; and proceeds of the Certificates and other funds of the City are also hereby
authorized to be used to meet the Rebate Requirement or to pay the Penalty but only if
necessary after application of investment earnings as aforesaid and only as appropriated
by the Corporate Authorities.
C. None of the proceeds of the Certificates will be used to pay, directly or indirectly, in
whole or in part, for an expenditure that has been paid by the City prior to the date hereof except
architectural or engineering costs incurred prior to commencement of any of the Project or
expenditures for which an intent to reimburse has been properly declared under Treasury
Regulations Section 1.103-18. This Ordinance is in itself a declaration of official intent under
Treasury Regulations Section 1.103-18 as to all costs of the Project paid after 60 days prior to the
date hereof and up to the issuance of the Certificates.
D. The City reserves the right to use or invest moneys in connection with the
Certificates in any manner, or to make changes in the Project list, or to use the City infrastructure
acquired, constructed, or improved as part of the Project in any manner, notwithstanding the
representations and covenants in Sections 16 and 17 herein,provided it shall first have received
an opinion from an attorney or a firm of attorneys generally acceptable to purchasers of Tax-
exempt bonds to the effect that use or investment of such moneys or the changes in or use of
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such infrastructure as contemplated is authorized under Applicable Law and this Ordinance and
will not result in loss or impairment of Tax-exempt status for the Certificates.
Section 18. Pertaining to the Certificate Registrar. If requested by the Certificate
Registrar, any officer of the City is authorized to execute a standard form of agreement between
the City and the Certificate Registrar with respect to the obligations and duties of the Certificate
Registrar under this Ordinance. In addition to the terms of such agreement and subject to
modification thereby, the Certificate Registrar by acceptance of duties under this Ordinance
agrees (a) to act as registrar, paying agent, authenticating agent, and transfer agent as provided
herein; (b) to maintain a list of Certificateholders as set forth herein and to furnish such list to the
City upon request, but otherwise to keep such list confidential to the extent permitted by law;
(c) to cancel and/or destroy Certificates which have been paid at maturity or upon redemption or
submitted for exchange or transfer; (d) to furnish the City at least annually a certificate with
respect to Certificates cancelled and/or destroyed; and (e) to furnish the City at least annually an
audit confirmation of Certificates paid, Certificates outstanding and payments made with respect
to interest on the Certificates. The City covenants with respect to the Certificate Registrar, and
the Certificate Registrar further covenants and agrees as follows:
A. The City shall at all times retain a Certificate Registrar with respect to the
Certificates; it will maintain at the designated office(s) of such Certificate Registrar a place or
places where Certificates may be presented for payment, registration, transfer, or exchange; and
it will require that the Certificate Registrar properly maintain the Certificate Register and
perform the other duties and obligations imposed upon it by this Ordinance in a manner
consistent with the standards,customs, and practices of the municipal securities industry.
B. The Certificate Registrar shall signify its acceptance of the duties and obligations
imposed upon it by this Ordinance by executing the certificate of authentication on any
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Certificate, and by such execution the Certificate Registrar shall be deemed to have certified to
the City that it has all requisite power to accept and has accepted such duties and obligations not
only with respect to the Certificate so authenticated but with respect to all the Certificates. Any
Certificate Registrar shall be the agent of the City and shall not be liable in connection with the
performance of its duties except for its own negligence or willful wrongdoing. Any Certificate
Registrar shall, however, be responsible for any representation in its certificate of authentication
on Certificates.
C. The City may remove the Certificate Registrar at any time. In case at any time the
Certificate Registrar shall resign, shall be removed, shall become incapable of acting, or shall be
adjudicated a bankrupt or insolvent, or if a receiver, liquidator, or conservator of the Certificate
Registrar or of the property thereof shall be appointed, or if any public officer shall take charge
or control of the Certificate Registrar or of the property or affairs thereof, the City covenants and
agrees that it will thereupon appoint a successor Certificate Registrar. The City shall give notice
of any such appointment made by it to each registered owner of any Certificate within twenty
days after such appointment in the same manner, or as nearly the same as may be practicable, as
for a redemption of Certificates. Any Certificate Registrar appointed under the provisions of this
Section shall be a bank, trust company, or national banking association maintaining its principal
corporate trust office in Illinois and having capital and surplus and undivided profits in excess of
$100,000,000. The City Clerk is hereby directed to file a certified copy of this Ordinance with
the Certificate Registrar and the Certificate Registrar.
The Certificate Registrar shall not make a claim for payment on the financial guaranty
insurance policy (the "Policy") issued by Radian Asset Assurance Inc., a corporation organized--
under the laws of the State of New York or any successor thereto (the `Insurer"), until any and
all funds held pursuant this Ordinance have been fully drawn to pay debt service on the
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Certificates. As long as the Policy shall be in full force and effect, the Certificate Registrar
agrees to comply with the following provisions:
AA. At least three (3) days prior to all interest payment dates, the Certificate
Registrar will determine whether there will be sufficient funds to pay the principal of or
interest on the Certificates on such interest payment date. If the Certificate Registrar
determines that there will be insufficient funds, the Certificate Registrar shall so notify
The Bank of New York (the 'Insurance Trustee"). Such notice shall specify the amount
of the anticipated deficiency, the Certificates to which such deficiency is applicable and
whether such Certificates will be deficient as to principal or interest, or both. The Insurer
will make payments of principal or interest due on the Certificates on or before the first
(I st) day next following the date on which the Insurance Trustee shall have received
notice of nonpayment from the Certificate Registrar.
BB. The Certificate Registrar shall, after giving notice to the Insurance Trustee
as provided in AA above, make available to the Insurer and the Insurance Trustee the
registration books of the City maintained by the Certificate Registrar and all records
relating to the funds maintained under this Ordinance.
CC. The Certificate Registrar shall provide the Insurer and the Insurance Trustee
with a list of registered owners of Certificates entitled to receive principal or interest
payments from the Insurer under the terms of the Policy, and shall make arrangements
with the Insurance Trustee (i) to mail checks or drafts or provide electronic transfers of
funds to the registered owners of Certificates entitled to receive full or partial interest
payments from the Insurer and (ii) to pay principal upon Certificates surrendered to the
Insurance Trustee by the registered owners of Certificates entitled to receive full or
partial principal payments from the Insurer.
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DD. The Certificate Registrar shall at the time it provides notice to the Insurance
Trustee pursuant to AA above, notify registered owners of Certificates entitled to receive
the payment of principal or interest thereon from the Insurer (i) as to the fact of such
entitlement, (ii) that the Insurer will remit to them all or part of the interest payments next
coming due upon proof of owner entitlement to interest payments and delivery to the
Insurance Trustee, in form satisfactory to the Insurance Trustee as determined by the
Insurer, of an appropriate assignment of the registered owner's right to payment, (iii) that
should they be entitled to receive full payment of principal from the Insurer, they must
surrender their Certificates (along with an appropriate instrument of assignment in form
satisfactory to the Insurer to permit ownership of such Certificates to be registered in the
name of the Insurer) for payment to the Insurance Trustee, and not the Certificate
Registrar, and (iv) that should they be entitled to receive partial payment of principal
from the Insurer, they must surrender their Certificates for payment thereon first to the
Certificate Registrar, who shall note on such Certificates the portion of the principal paid
by the Certificate Registrar and then, along with an appropriate instrument of assignment
in form satisfactory to the Insurer, to the Insurance Trustee, which will then pay the
unpaid portion of principal.
EE. In the event that the Certificate Registrar has notice that any payment of
principal of or interest on a Certificate which has become due for payment and which is
made to a registered owner by or on behalf of the City has been deemed a preferential
transfer and theretofore recovered from its registered owner pursuant to the United States
Bankruptcy Code by a trustee in bankruptcy in accordance with the final, nonappealable
order of a court having competent jurisdiction, the Certificate Registrar shall, at the time
the Insurance Trustee is notified pursuant to AA above, notify all registered owners that
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in the event that any registered owner's payment is so recovered, such registered owner
will be entitled to payment from the Insurer to the extent of such recovery if sufficient
funds are not otherwise available, and the Certificate Registrar shall furnish to the
Insurance Trustee and the Insurer its records evidencing the payments of principal of and
interest on the Certificates which have been made by the Certificate Registrar and
subsequently recovered from registered owners and the dates on which such payments are
made.
FF. The Insurer shall, to the extent it makes payment of principal of or interest
on Certificates, become subrogated to the rights of the recipients of such payments in
accordance with the terms of the Policy, and to evidence such subrogation (i) in the case
of subrogation as to claims for past due interest, the Certificate Registrar shall note the
Insurer's rights as subrogee on the registration books of the City maintained by the
Certificate Registrar, upon receipt from the Insurer of proof of the payment of interest
thereon to the registered owners of the Certificates and (ii) in the case of subrogation as
to claims for past due principal, the Certificate Registrar shall note the Insurer's rights as
subrogee on the registration books of the City maintained by the Certificate Registrar
upon surrender of the Certificates by the registered owners thereof together with proof of
the payment of principal thereof.
Section 19. Municipal Bond Insurance. The Insurer is providing the Policy. The
covenants made herein are for the benefit of the Insurer at all times in consideration of the
issuance of the Policy, which will result in lower interest costs on the Certificates for the City.
The City agrees as follows with the Insurer:
A. In the event that the principal and/or interest due on the Certificates shall
be paid by Insurer pursuant to the Policy, the Certificates shall remain outstanding for all
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purposes, not be defeased or otherwise satisfied and not be considered paid by the City,
and all covenants, agreements and other obligations of the City to the registered owners
shall continue to exist and shall run to the benefit of Insurer and the Insurer shall be
subrogated to the rights of such registered owners.
B. The City hereby covenants to provide notification to the Insurer in the
event of any significant change in the financial condition of the City. So long as the
Certificates are outstanding the City shall provide the Insurer with:
(1) annual audited financial statements within thirty (30) days of such
statements being made available to the City.
(ii) a copy of any audit, budget, or other material report of the City within
twenty (20) days of completion of such audit, budget or report and thereafter as
updated;
(iii) a copy of any notice or report required to be given to the Insurance
Trustee, the Certificate Registrar, the registered owners of the Certificates or any
other party to any of the Certificate documents executed in connection with the
issuance of the Certificates, including, without limitation, notice of any
redemption of or defeasance of Certificates, and any certificate rendered pursuant
to any Certificate document relating to the security for the Certificates; and
(iv) such additional information as the Insurer may reasonably request.
The City will permit the Insurer and/or the Insurance Trustee to discuss the affairs,
finances and accounts of the City or any information the Insurer may reasonably request
regarding the security for the Certificates with appropriate officers of the City. The City
will permit the Insurer and/or the Insurance Trustee to have access to and make copies of
all books and records relating to the Certificates, and the security therefor at any
reasonable time.
C. Any rating agency rating the Certificates shall receive notice of any
amendment to the Certificate documents and a copy thereof at least fifteen (15) business
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days in advance of its execution or adoption. The Insurer shall be provided with a full
transcript of all proceedings relating to the execution of any such amendment.
D. The City covenants to obtain the Insurer's consent before the execution
and delivery of any amendment or supplement to the Certificate documents executed in
connection with the issuance of the Certificates.
E. Anything in this Ordinance to the contrary notwithstanding, upon the
occurrence and continuance of a default, the Insurer, if it shall not then be in default of its
payment obligation under the Policy, shall be entitled to control and direct the
enforcement of all rights and remedies granted to the owners of the Certificates or any
trustee appointed for the benefit of the owners as if the Insurer were the owner of the
Certificates insured by it.
F. if a default of its payment obligation under the Policy has occurred or is
continuing with respect to the Certificates, no additional bonds, notes, certificates,
contracts or any other obligations shall be issued by the City until such payment default is
remedied.
Section 20. Defeasance. Any Certificate or Certificates which (a) are paid and cancelled
and (b) which have matured and for which sufficient sums been deposited with the Certificate
Registrar to pay all principal and interest due thereon shall cease to have any lien on or right to
receive or be paid from the Certificate Moneys hereunder and shall no longer have the benefits of
any covenant for the registered owners of outstanding Certificates as set forth herein as such
relates to lien and security of the outstanding Certificates. In addition, any Certificate or
Certificates (i) for which sufficient United States of America dollars and direct United States
Treasury obligations have been deposited with the Certificate Registrar or similar institution to
pay, taking into account investment earnings on such obligations, all principal of and interest on
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(and redemption premium, if any, on) such Certificate or Certificates when due at maturity or as
called for redemption, pursuant to an irrevocable escrow or trust agreement, (ii) for which a
verification report by a verifier acceptable to the Insurer shall be in form and substance
satisfactory to the Insurer; and (iii) for which an opinion of bond counsel shall be rendered to the
City to the effect that all of the requirements of the Certificates for defeasance of the Certificate
have been complied with, shall also cease to have any lien on or right to receive or be paid from
the Certificate Moneys hereunder and shall no longer have the benefits of any covenant for the
registered owners of outstanding Certificates as set forth herein as such relates to lien and
security of the outstanding Certificates. All covenants relative to the Tax-exempt status of the
Certificates; and payment, registration, transfer, and exchange; are expressly continued for all
Certificates whether outstanding Certificates or not.
Section 21. Publication of Ordinance. Under Applicable Law, this Ordinance need not
be published.
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Section 22. Superseder and Effective Date. All ordinances, resolutions, and orders, or
parts thereof, in conflict herewith, are to the extent of such conflict hereby superseded; and this
Ordinance shall be in full force and effect immediately upon its passage and approval.
ADOPTED by the Corporate Authorities on the 24th day of June, 2003,pursuant to a roll
call vote as follows:
PAUL JAMES MARTY MUNNS
WANbA!omr e- �
RICHARD STICKA
VALERIE BURD ROSE SPEARS 74
L
LARRY KOT JOSEPH BESCO
APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois,
the 24th day of June,2003.
MAYOR
PASSED by the City Council of the United City of Yorkville, Kendall County,Illinois, the
24th day of June, 2003.
� Att
CITY RK
4
4
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AN ORDINANCE of the United City of Yorkville, Kendall County,
Illinois, authorizing and providing for an Installment Purchase
Agreement for the purpose of paying a part of the cost of
waterworks improvements, and authorizing and providing for the
issue of$4,800,000 Debt Certificates, Series 2003, evidencing the
rights to payment under such Agreement, prescribing the details of
the Agreement and Certificates, and providing for the security for
and means of payment under the Agreement of the Certificates.
(the "Certificate Ordinance").
Alderman moved and Alderman k seconded the motion that the
Certificate Ordinance as presented be adopted.
A City Council discussion of t matter followed. During the City Council discussion,
�.�/4 �;a'��4� '�
City �'�-�Y�nIJv��-eT N �F gav a pu is rectal the nature of the matter,
which included a complete reading of the title of the Certificate Ordinance, a complete reading of
the table of contents contained therein, and a brief commentary on each entry in the table of
contents.
The Mayor directed that the roll be called for a vote upon the motion to adopt the
Certificate Ordinance.
Upon the roll being called, the following Aldermen voted AYE:...�Q-------
�� ��"1
and the following Aldermen voted NAY:
o P/y4r,It"'y y� L 4,4-jlf
WHEREUPON the Mayor declared the motion carried and the Certificate Ordinance
adopted and did direct the City Clerk to record the same in full in the records of the City Council
of the United City of Yorkville, Kendall County, Illinois.
Other business was duly transacted at said meeting.
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Upon motion duly made and carried,the meeting adjourned.
Cit lerk
1
i
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STATE OF ILLINOIS )
) SS
COUNTY OF KENDALL )
CERTIFICATION OF MINUTES AND ORDINANCE
I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of
the United City of Yorkville, Kendall County, Illinois (the "City"), and as such official I am the
keeper of the official journal of proceedings, books, records, minutes, and files of the City and of
the City Council (the "Corporate Authorities") thereof.
I do further certify that the foregoing is a full, true, and complete transcript of that portion
of the minutes of the meeting (the "Meeting") of the Corporate Authorities held on the 24th day
of June 2003 insofar as the same relates to the adoption of an ordinance, numbered ,
and entitled:
AN ORDINANCE of the United City of Yorkville, Kendall County,
Illinois, authorizing and providing for an Installment Purchase
Agreement for the purpose of paying a part of the cost of
waterworks improvements, and authorizing and providing for the
issue of $4,800,000 Debt Certificates, Series 2003, evidencing the
rights to payment under such Agreement, prescribing the details of
the Agreement and Certificates, and providing for the security for
and means of payment of the Certificates.
(the "Ordinance") a true, correct, and complete copy of which Ordinance as adopted at the
Meeting appears in the foregoing transcript of the minutes of the meeting.
I do further certify that the deliberations of the Corporate Authorities on the adoption of
the Ordinance were taken openly; that the vote on the adoption of the Ordinance was taken
openly; that the Meeting was held at a specified time and place convenient to the public; that
notice of the Meeting was duly given to all newspapers, radio or television stations, and other
news media requesting such notice; that an agenda for the Meeting was posted at the location
where the Meeting was held and at the principal office of the Corporate Authorities at least
48 hours in advance of the holding of the Meeting; that said agenda contained a separate specific
item concerning the proposed adoption of said ordinance, a true, correct and complete copy of
said agenda as so posted being attached to this certificate as Exhibit A, and that the Meeting was
called and held in strict compliance with the provisions of the Open Meetings Act of the State of
Illinois, as amended, and the Illinois Municipal Code, as amended, and that the Corporate
Authorities have complied with all of the provisions of said Act and said Code and with all of the
procedural rules of the Corporate Authorities in the adoption of the Ordinance.
IN WITNESS WHEREOF I hereunto affix my official signature and the seal of the City this
24th day of June 2003.
—t77 Z6 City Nerk
[SEAL]
i
[Attach Exhibit A]
n
{
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STATE OF ILLINOIS )
SS
COUNTY OF KENDALL )
CERTIFICATE OF FILING
We, the undersigned, do hereby certify that we are, respectively, the duly qualified and
acting City Clerk and City Treasurer of the United City of Yorkville, Kendall County, Illinois
(the "City"), and as such officers we do hereby certify that on the 24th day of June 2003 there
was filed with each of us, respectively, and placed on deposit in our respective records, a
properly certified copy of Ordinance Number 3= , passed by the City Council of the
City, on the 24th day of June 2003, and approved by the Mayor, and entitled:
AN ORDINANCE of the United City of Yorkville, Kendall County,
Illinois, authorizing and providing for an Installment Purchase
Agreement for the purpose of paying a part of the cost of
waterworks improvements, and authorizing and providing for the
issue of $4,800,000 Debt Certificates, Series 2003, evidencing the
rights to payment under such Agreement, prescribing the details of
the Agreement and Certificates, and providing for the security for
and means of payment under the Agreement of the Certificates.
and further, properly certified copy of each of the following "Work Contracts" as defined in the
Ordinance, enumerated as follows:
BRIEF DESCRIPTION NAME OF CONTRACT IDENTIFIED
OF WORK CONTRACT CONTRACTOR AMOUNT($) AMOUNT($)
and that the same have all been deposited in, and all as appears from, the official files and
records of our respective offices.
IN WITNESS WHEREOF we have hereunto affixed our official signatures and the seal of
the City, at Yorkville, Illinois, this 24th day of June 2003.
y Cl
+ [SEAL] GL/
City Treasurer
i
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