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Ordinance 2001-31 ORDINANCE NO. X6)0 l3( AN ORDINANCE authorizing the issuance of General Obligation Bonds (Alternate Revenue Source) in an aggregate principal amount not to exceed $650,000 for the purpose of paying the costs of roadwork improvements at the Fox Industrial Park of the United City of Yorkville, Kendall County,Illinois. 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, and is now operating under the provisions of the Illinois Municipal Code, as amended (the "Code"); 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 City to pay the costs of roadwork improvements at the Fox Industrial Park (the "Project"), in accordance with the preliminary estimate of costs heretofore approved by the Corporate Authorities and now on file in the office of the City Clerk; and WHEREAS, the estimated cost of the Project, including legal, financial, bond discount, printing and publication costs, and other expenses, is $650,000, 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 $650,000 alternate bonds, being general obligation bonds payable from (i) all collections distributed to the City from those taxes imposed by the State of Illinois pursuant to the Motor Fuel Tax Law, as supplemented and amended from time to time, or substitute taxes therefor as provided by the State of Illinois in the future and (ii) the incremental taxes, if any, derived from the Fox Industrial Park Area Tax Increment Finance Redevelopment Project Area of the City in accordance with the Tax Increment Allocation Redevelopment Act, as amended (the "Alternate Bonds"), as authorized to be issued at this time pursuant to the Local Government Debt Reform Act of the State of Illinois, as amended; and WHEREAS, if the abovementioned revenue sources are insufficient to pay the 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 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 undertake the Project, in accordance with the estimates as hereinabove described, and there are hereby authorized to be issued and sold the Alternate Bonds in an aggregate principal amount not to exceed $650,000. 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,29[electors of the City (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. Section 4. Additional Ordinances. If no petition meeting the requirements of applicable law is filed during the petition period hereinabove referred to, then the Corporate -2- Authorities may adopt additional ordinances or proceedings supplementing or amending this ordinance providing for the issuance and sale of the Alternate Bonds, prescribing all the details of the Alternate Bonds, so long as the maximum amount of the Alternate Bonds, as set forth in this ordinance is not exceeded and there is no material change in the Project or purposes described herein. Such additional ordinances or proceedings shall in all instances become effective in accordance with applicable law. This ordinance, together with such additional ordinances or proceedings, shall constitute complete authority for the issuance of the Alternate Bonds,under applicable law. Section S. 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. -3- 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, and this ordinance shall be in full force and effect forthwith upon its adoption. ADOPTED by the Corporate Authorities on May 24, 2001, pursuant to a roll call vote as follows: PAUL JAMES MARTY MUNNS RICHARD STICKA MIKE ANDERSON VALERIE BURD ROSE SPEARS LARRY KOT JOSEPH BESCO �� � APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this 24th day of May, A.D. 2001. MAYOR PASSED by the City Council of the United City of Yorkville, Kendall County, Illinois, this 24th day of May,A.D. 2001. A st: CITY -4- Alderman moved and Alderman seconded the motion that said ordinance as presented and read by ty Clerk be adopted. After a full and complete discussion thereof, the Mayor directed that the roll be called for a vote upon the motion to adopt the ordinance as read. Upon the roll being called, the following Alder 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 ad'ourned. City Jerk 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 24th day of May, 2001,insofar as same relates to the adoption of Ordinance No. xZ- /entitled: AN ORDINANCE authorizing the issuance of General Obligation Bonds (Alternate Revenue Source) in an aggregate principal amount not to exceed $650,000 for the purpose of paying the cost of roadwork improvements at the Fox Industrial Park of the United City of Yorkville, Kendall County, Illinois. 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 principal office of the Council at least 48 hours in advance of the holding of said meeting, that said meeting was called and held in strict accordance with the provisions of the Illinois Municipal Code, as amended, and 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 signat d the seal of the City, this 24th day of May, 2001. ity Cl A rk,United City f Yorkville, enda County, Illinois [SEAL] PETTI'ION 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 be certified to the County Clerk of The County of Kendall, Illinois, and submitted to the electors of said City at the regular scheduled election to be held not less than 78 days after the date of filing of this petition: "Shall the United City of Yorkville, Kendall County, Illinois, pay the costs of roadwork improvements at the Fox Industrial Park and issue its general obligation alternate bonds to the amount of $650,000 (said bonds being general obligation bonds for which real property taxes, unlimited as to rate or amount, may be levied, but which are expected to be paid from (i) all collections distributed to the City from those taxes imposed by the State of Illinois pursuant to the Motor Fuel Tax Law, as supplemented and amended from time to time, or substitute taxes therefor as provided in the future and (ii) the incremental taxes, if any, derived from the Fox Industrial Park Area Tax Increment Finance Redevelopment Project Area of the City in accordance with the Tax Increment Allocation Redevelopment Act, as amended), for the purpose of paying the costs thereof?" CITY, STREET ADDRESS OR VILLAGE SIGNATURE RURAL ROUTE NUMBER OR TOWN COUNTY , Yorkville, Kendall County,Illinois , Yorkville, Kendall County,Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County, Illinois , Yorkville, Kendall County,Illinois ,Yorkville, Kendall County,Illinois , Yorkville, Kendall County,Illinois The undersigned, being first duly sworn, deposes and certifies that his residence address is (Street Address), (City, City or Town), County, (State), that the signatures on the foregoing petition were signed in his presence and are genuine, that to the best of his 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 , 2001. Notary Public My commission expires (NOTARY SEAL) MINUTES of a regular public meeting of the City Council of the United City of Yorkville, Kendall County, Illinois, held at the City Hall, 800 Game Farm Road, Yorkville, Illinois, in said City at 7:00 o'clock P.M., on the 24th day of May, 2001. The Mayor called the meeting to order and directed the City Clerk to can the roll. U roll call, the following Aldermen answered present: llow ing were absent: The Mayor announced that in order to fund roadwork improvements at the Foxy ndustrial Park, it would be necessary for the City to issue alternate bonds and that the City Council would consider the adoption of an ordinance uthorizing the issuance of such bonds. Whereupon Alderman (�° P presented and the City Clerk read in full an ordinance as follows: 1203416.01.04 2078921•KK•5/4/01 FEW NOTICE OF INTENT TO ISSUE BONDS AND RIGHT TO FILE PETITIONS Notice is hereby given that pursuant to Ordinance No. ,/adopted May 24, 2001 (the "Ordinance"), the United City of Yorkville, Kendall County, Illinois (the "City"), intends to issue its General Obligation Bonds (Alternate Revenue Source) in an aggregate principal amount not to exceed $650,000 (the "Bonds"), for the purpose of paying the costs of roadwork improvements at the Fox Industrial Park, as more fully described in the Ordinance. The revenue sources that will be pledged to the payment of the principal of and interest on the Bonds will be (i) all collections distributed to the City from those taxes imposed by the State of Illinois pursuant to the Motor Fuel Tax Law, as supplemented and amended from time to time, or substitute taxes therefor as provided in the future and (ii)the incremental taxes, if any, derived from the Fox Industrial Park Area Tax Increment Finance Redevelopment Project Area of the City in accordance with the Tax Increment Allocation Redevelopment Act, as amended. If these revenue sources are insufficient to pay the 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 Bonds. A complete copy of the Ordinance follows this notice. Notice is hereby further given that if a petition, signed by 171 or more electors of the City (being equal to 7.5% of the registered voters in the City) asking that the issuance of the Bonds be submitted to referendum is filed with the City Clerk within 30 days after the publication of the Ordinance and this notice, the question of the issuance of the Bonds shall be submitted to the electors of the City at the general primary election to be held March 19, 2002. 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. By order of the City Council of the City. Dated this 24th day of May, 2001. s ackie Milsch s City Cl er Unit ity of Yorkville, Kendall nty, ois Note to Publisher: Please be certain that this notice appears over the name of the Clerk of the City Council.