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Ordinance 2003-60 ORDINANCE No. 3'GD AN ORDINANCE authorizing the issuance of Waterworks and Sewerage Revenue Bonds of the United City of Yorkville, Kendall County, Illinois, in an aggregate principal amount not to exceed $7,900,000 or in lieu thereof, General Obligation Bonds (Alternate Revenue Source), in an aggregate principal amount not to exceed $7,900,000. WHEREAS, the United City of Yorkville, Kendall County, Illinois (the "City"), is a duly organized and existing municipality incorporated and existing under the provisions of the laws of the State of Illinois, is now operating under the provisions of the Illinois Municipal Code, as amended (the "Code"), and for many years has owned and operated a municipally-owned waterworks and sewerage system (the "System"); and WHEREAS, the City Council of the City (the "Corporate Authorities") has determined that it is advisable, necessary and in the best interests of the public health, safety and welfare to improve the System, including but not limited to water improvements for two existing wells consisting of treatment and improved water quality and pressure, and other System improvements, and engineering, legal, financial and administrative expenses related thereto (the "Project"), all in accordance with the estimate of costs therefor; and WHEREAS, the estimated cost of the construction and installation of the Project, including engineering, legal, financial, bond discount, printing and publication costs and other expenses is $7,900,000, and there are insufficient funds on hand and lawfully available to pay such costs; and WHEREAS, it is necessary and for the best interests of the City that the Project be undertaken and in order to finance the costs thereof it will be necessary for the City to issue up to $7,900,000 bonds payable from the revenues of the System as authorized to be issued at this time pursuant to Division 139 of Article 11 of the Code and Division 4 of Article 8 of the Code (the -4- "Revenue Bonds"), or in lieu thereof, up to $7,900,000 alternate bonds, being general obligation bonds payable from one or more of the following revenue sources (a) the revenues of the System, (b) all collections distributed to the Village pursuant to the State Revenue Sharing Act from those taxes imposed by the State of Illinois pursuant to subsections (a) and (b) of Section 201 of the Illinois Income Tax Act, as supplemented and amended from time to time, or substitute taxes therefor as provided by the State of Illinois in the future, and (c) such other funds of the City as may be necessary and on hand from time to time and lawfully available for such purpose (the "Alternate Bonds"), as authorized to be issued at this time pursuant to the Local Government Debt Reform Act of the :hate of Illinois, as amended (the "Act"); and WHEREAS, if the above-mentioned revenue sources are insufficient to pay the Alternate Bonds, ad valorem property taxes upon all taxable property in the City without limitation as to rate or amount are authorized to be extended to pay the principal of and interest on the Alternate Bonds: Now, THEREFORE, Be It Ordained by the City Council of the United City of Yorkville, Kendall County, Illinois, as follows: Section 1. Incorporation of Preambles. The Corporate Authorities hereby find that all of the recitals contained in the preambles to this ordinance are full, true and correct and do incorporate them into this ordinance by this reference. Section 2. Determination to Issue Bonds. It is necessary and in the best interests of the City to construct and pay for the Project for the public health, safety and welfare, in accordance with the estimate of costs as hereinabove described, that the System continue to be operated as a combined utility in accordance with the provisions of Division 139 of Article 11 of the Code, and that for such purpose, there are hereby authorized to be issued and sold the Revenue Bonds -5- in an aggregate principal amount not to exceed $7,900,000 or in lieu thereof, the Alternate Bonds in an aggregate principal amount not to exceed $7,900,000. Section 3. Publication. This ordinance, together with a notice in the statutory form (the "Notice"), shall be published once within ten (10) days after passage hereof by the Corporate Authorities in the Kendall County Record, the same being a newspaper of general circulation in the City, and if no petition, signed by 478 electors, being equal to ten percent (10%) of the number of registered voters in the City, asking that the question of improving the System, as provided in this ordinance, and the issuance of the Revenue Bonds therefor, be submitted to the electors of the City is filed with the City Clerk within thirty (30) days after the date of the publication of this ordinance and the Notice, then the Revenue Bonds shall be authorized to be issued. If no petition, signed by 358 electors, the same being equal,to seven and one—half-percent (7.5%) of the registered voters in the City, asking that the issuance of the Alternate Bonds be submitted to referendum is filed with the City Clerk within thirty (30) days after the date of the publication of this ordinance and the Notice, then the Alternate Bonds shall be authorized to be issued. It is expressly provided that in the event that there shall be filed with the City Clerk in a timely manner a petition, asking that the issuance of the Revenue Bonds be submitted to referendum, the Alternate Bonds necessary for the Project shall not be authorized to be issued until such time as the question of improving the System, and the issuance of Revenue Bonds therefor shall have been submitted to the electors of the City and a majority of the votes cast on such question shall have been in favor thereof. Section 4. Additional Ordinances. If no petition meeting the requirements of applicable law is filed during the petition periods hereinabove referred to, then the Corporate -6- Authorities may adopt additional ordinances or proceedings supplementing or amending this ordinance providing for the issuance and sale of the Revenue Bonds or in lieu thereof, the Alternate Bonds, prescribing all the details of the Revenue Bonds or in lieu thereof, the Alternate Bonds, and providing for the collection, segregation and distribution of the revenues of the System, so long as the maximum amount of the Revenue Bonds or in lieu thereof, the Alternate Bonds, as set forth in this ordinance is not exceeded and there is no material change in the Project or other purposes described herein. Such additional ordinances or proceedings shall in all instances become effective immediately without publication or posting or any further act or requirement. This ordinance, together with such additional ordinances or proceedings, shall constitute complete authority for the issuance of the Revenue Bonds or in lieu thereof, the Alternate Bonds, under applicable law. Section 5. Severability. If any section, paragraph, clause or provision of this ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this ordinance. -7- Section 6. Repealer. All ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this ordinance are to the extent of such conflict hereby repealed. ADOPTED by the Corporate Authorities on the 26th day of August, 2003, pursuant to a roll call vote as follows: PAUL JAMES MARTY MUNNS RICHARD STICKA WANDA OHARE VALERIE BURD ROSE SPEARS LARRY KOT JOSEPH BESCO APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, the 26th day of August, 2003. MAYOR l PASSED by the City Council of the United City of Yorkville, Kendall County, Illinois, the 26th day of August, 2003. At CITY LERK -8- Alderman�,P 2 ,� moved and Alderman � �r T seconded the motion that said ordinance as presented by the City Clerk be adopted. After a full and complete discussion thereof, including a public recital of the nature of the matter being considered and other information that informed the public of the business being conducted, the Mayor directed that the roll be called for a vote upon the motion to adopt the ordinance. �• Upon the roll being called, the following Aldermen voted AYEC - — NAY: Whereupon the Mayor declared the motion carried and the ordinance adopted, and henceforth did approve and sign the same in open meeting 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, which was done. Other business not pertinent to the adoption of said ordinance was duly transacted at said meeting. Upon motion duly made and seconded, the meeting was adjourned. <-�7-���City lerk STATE OF ILLINOIS ) SS COUNTY OF KENDALL ) CERTIFICATION OF ORDINANCE AND MINUTES 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 am the keeper of the books, records,files, and journal of proceedings of the City and of the City Council thereof(the "Council"). I do further certify that the foregoing constitutes a full, true and complete transcript of the minutes of the meeting of the Council held on the 26th day of August, 2003, insofar as same relates to the adoption of Ordinance No34,cDentitled: AN ORDINANCE authorizing the issuance of Waterw✓c rks and Sewerage Revenue Bonds of the United City of Yorkville, Kendall County, Illinois, in an aggregate principal amount not to exceed $7,900,000 or in lieu thereof, General Obligation Bonds (Alternate Revenue Source), in an aggregate principal amount not to exceed $7,900,000. a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcript of the minutes of said meeting. I do further certify that the deliberations of the Council on the adoption of said ordinance were taken openly, that the vote on the adoption of said ordinance was taken openly, that said meeting was held at a specified time and place convenient to the public, that notice of said meeting was duly given to all of the news media requesting such notice, that an agenda for said meeting was posted at the location where said meeting was held and at the principal office of the Council at least 48 hours in advance of the holding of said meeting, that said agenda contained a separate specific item concerning the proposed adoption of said ordinance, a true, correct and complete copy of the agenda as so posted being attached to this certificate as Exhibit A, that said meeting was called and held in strict accordance with the provisions of the Illinois Municipal Code, as amended, the Open Meetings Act of the State of Illinois, as amended, and the Local Government Debt Reform Act of the State of Illinois, as amended, and that the Council has complied with all of the applicable provisions of said Code and said Acts and its procedural rules in the adoption of said ordinance. IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the City, this DAq day of , 2003. e , United ity of Yorkville, Kendall County,Illinois (SEAL) [Attach Agenda as Exhibit A] PETITION—REVENUE BONDS To the City Clerk of the United City of Yorkville, Kendall County, Illinois: We, the undersigned, being registered voters of the United City of Yorkville, Kendall County, Illinois, do hereby petition you to cause the following question to the electors of said City: "Shall the United City of Yorkville, Kendall County, Illinois, improve the waterworks and sewerage system of said City and issue Waterworks and Sewerage Revenue Bonds to the amount of $7,900,000 for the purpose of paying the costs thereof?"; and we do hereby further request that the City Clerk of said City certify said proposition to the County Clerk of The County of Kendall, Illinois, for submission to said voters at the March 16, 2004 general primary election. NAME ADDRESS United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Iliinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois The undersigned, being first duly sworn, deposes and certifies that he or she is at least 18 years of age, his or her residence address is (Street Address), (City, Village or Town), County, (State), that he or she is a citizen of the United States of America, that the signatures on the foregoing petition were signed in his or her presence and are genuine, that to the best of his or her knowledge and belief the persons so signing were at the time of signing said petition registered voters of said City and that their respective residences are correctly stated therein. Signed and sworn to before me this day of , 2003. Notary Public My commission expires (NOTARY SEAL) PETITION-ALTERNATE REVENUE BONDS To the City Clerk of the United City of Yorkville, Kendall County, Illinois: We, the undersigned, being registered voters of the United City of Yorkville, Kendall County, Illinois, do hereby petition you to cause the following question to the electors of said City: "Shall the United City of Yorkville, Kendall County, Illinois, issue its $7,900,000 general obligation alternate bonds for the purpose of improving its waterworks and sewerage system, said bonds being payable from one or more of the following revenue sources (a) the revenues of said system, (b) all collections distributed to the Village pursuant to the State Revenue Sharing Act from those taxes imposed by the State of Illinois pursuant to subsections (a) and (b) of Section 201 of the Illinois Income Tax Act, as supplemented and amended from time to time, or substitute taxes therefor as provided by the State of Illinois in the future, and (c) such other funds of the City as may be necessary and on hand from time to time and lawfully available for such purpose unless said revenues and funds are insufficient to pay said bonds, in which case ad valorem property taxes upon all taxable property in said City without limitation as to rate or amount are authorized to be extended for such purpose?"; and we do hereby-further request that the City Clerk of said City certify said proposition to the County Clerk of The County of Kendall, Illinois, for submission to said voters at the March 16, 2004 general primary election. NAME ADDRESS United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois The undersigned, being first duly sworn, deposes and certifies that he or she is at least 18 years of age, his or her residence address is (Street Address), (City, Village or Town), County, (State), that he or she is a citizen of the United States of America, that the signatures on the foregoing petition were signed in his or her presence and are genuine, that to the best of his or her knowledge and belief the persons so signing were at the time of signing said petition registered voters of said City and that their respective residences are correctly stated therein. Signed and sworn to before me this day of 92003. Notary Public My commission expires (NOTARY SEAL) c�p3• � MINUTES of a regular public meeting of the City Council of the United City of Yorkville, Kendall County, Illinois, held at the Beecher Community Center, located at 908 Game Farm Road, in said City, at 7:00 o'clock P.M., on the 26th day of August, 2003. The Mayor called the meeting to order and directed the City Clerk to call the roll. Upon roll call, the following answered present at said \location: Mayor, and Alde - , 7- following Aldermen were; absent: The Mayor announced that in order to finance necessary improvements to the waterworks and sewerage system of the City, it would be necessary for the City to issue revenue bonds or in lieu thereof, alternate bonds and that the City Council would consider the adoption of an ordinance authorizing the issuance of such bonds. Whereupon Alderman presented the following ordinance, copies of which were made available to all in attendance at said meeting who requested a copy: 1535701.01.08 NOTICE OF INTENT TO ISSUE BONDS AND RIGHT TO FILE PETITIONS Notice is hereby given that pursuant to Ordinance No. abo 3•kCQ, adopted on the 26th day of August, 2003 (the "Ordinance"), the United City of Yorkville, Kendall County, Illinois (the "City"), intends to issue its Waterworks and Sewerage Revenue Bonds in an aggregate principal amount not to exceed $7,900,000 (the "Revenue Bonds") or in lieu thereof, its General Obligation Bonds (Alternate Revenue Source), in an aggregate principal amount not to exceed $7,900,000 (the "Alternate Bonds"), and bearing interest per annum at not to exceed the maximum rate authorized by law at the time of the sale thereof, for the purpose of paying costs of improving the waterworks and sewerage system of the City (the "System"), such improvements being further described in the Ordinance. The Alternate Bonds would be payable from one or more of the following revenue sources (a) the revenues of the System, (b) all collections distributed to the Village pursuant to the State Revenue Sharing Act from those taxes imposed by the State of Illinois pursuant to subsections (a) and (b) of Section 201 of the Illinois Income Tax Ac , as supplemented and amended from time to time, or s..ibstitute taxes therefor as provided by the State of Illinois in the future, and (c) such other funds of the City as may be necessary and on hand from time to time and lawfully available for such purpose. If these revenue sources are insufficient to pay the Alternate Bonds, ad valorem property taxes upon all taxable property in the City without limitation as to rate or amount are authorized to be extended to pay the principal of and interest on the Alternate Bonds. A complete copy of the Ordinance follows this notice. Notice is hereby further given that if a petition signed by 478 or more electors of the City (the same being equal to 10% of the registered voters of the City) asking that the question of improving the System, as provided in the Ordinance, and the issuance of the Revenue Bonds therefor, be submitted to the electors of the City is filed with the City Clerk within 30 days after the date of publication of the Ordinance and this notice, an election on the proposition to issue said Bonds shall be held at the general primary election on the 16th day of March, 2004. The Circuit Court may declare that an emergency referendum should be held prior to said election date pursuant to the provisions of Section 2A-1.4 of the Election Code of the State of Illinois, as amended. Notice is hereby further given that if a petition signed by 358 or more electors of the City (the same being equal to 7.5% of the registered voters of the City) asking that the issuance of the Alternate Bonds be submitted to referendum is filed with the City Clerk within 30 days after the date of publication of the Ordinance and this notice, an election on the proposition to issue said bonds shall be held at the general primary election on the 16th day of March, 2004. The Circuit Court may declare that an emergency referendum should be held prior to said election date pursuant to the provisions of Section 2A-1.4 of the Election Code of the State of Illinois, as amended. -2- By order of the City Council of the United City of Yorkville, Kendall County, Illinois, this 26th day of August, 2003. /s acqu yn Milschewski City Clerk, United City of Yorkville, Kendall County, Illinois -3-