Ordinance 2000-09 t
ORDINANCE No. 2000-
AN ORDINANCE authorizing the execution and delivery of an
Intergovernmental Cooperation Agreement and certain documents
in connection therewith; and related matters.
WHEREAS, the United City of Yorkville, Kendall County, Illinois, is a municipality
duly organized and validly existing under the Constitution and the laws of the State of Illinois
(the"Municipality"); and
WHEREAS,pursuant to the Constitution and the laws of the State of Illinois, and
particularly 65 Illinois Compiled Statutes 1998, 5/11-74.5-1 et seq., as supplemented and
amended (the"Act"), the Municipality is authorized to issue its revenue bonds in order to aid in
providing an adequate supply of safe, decent and sanitary residential housing for low and
moderate income persons and families within the Municipality,which such persons and families
can afford,which constitutes a valid public purpose for the issuance of revenue bonds by the
Municipality; and
WHEREAS, the Municipality has now determined that it is necessary, desirable and in
the public interest to issue revenue bonds to provide an adequate supply of safe, decent and
sanitary residential housing for low and moderate income persons and families within the
Municipality, which such persons and families can afford; and
WHEREAS,pursuant to Section 10 of Article VII of the 1970 Constitution of the State of
Illinois, the Intergovernmental Cooperation Act(5 Illinois Compiled Statutes 1998, 220/1 et seq.,
as supplemented and amended),public agencies may exercise and enjoy with any other public
agency in the State of Illinois any power, privilege or authority which may be exercised by such
public agency individually, and pursuant to the Act, one or more municipalities (whether or not
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any of them are home rule units)may join together or cooperate with one another in the exercise,
either jointly or otherwise, of any one or more of the powers conferred by the Act or other
enabling acts or powers pursuant to a written agreement, and, accordingly, it is now determined
that it is necessary, desirable and in the public interest for the Municipality to enter into an Inter-
governmental Cooperation Agreement (the"Cooperation Agreement") dated as of April 1, 2000,
by and among the Municipality and certain other municipalities named therein (the
"Municipalities"), to provide for the joint issuance of such revenue bonds to aid in providing an
adequate supply of residential housing in such Municipalities (the"Program"); and
WHEREAS, to provide for the Program,the City of Aurora, Kane, DuPage, Will and
Kendall Counties,Illinois (the"Issuer")proposes to issue, sell and deliver its Collateralized
Single Family Mortgage Revenue Bonds, Series 2000 in an aggregate principal amount not to
exceed$150,000,000 (the "Bonds")in one or more series to obtain funds to finance the
acquisition of mortgage-backed securities (the"GNMA Securities") of the Government National
Mortgage Association("GNMA"), evidencing a guarantee by GNMA of timely payment,
the acquisition of mortgage-backed securities (the"FNMA Securities") of the Federal National
Mortgage Association("FNMA"), evidencing a guarantee by FHLMC of timely payment, and
the acquisition of mortgage-backed securities (the "FHLMC Securities") of the Federal Home
Loan Mortgage Corporation ("FHLMC"), evidencing a guarantee by FHLMC of timely payment,
of monthly principal of and interest on certain qualified mortgage loans under the Program (the
"Mortgage Loans"), on behalf of the Municipality and the other Municipalities all under and in
accordance with the Constitution and the laws of the State of Illinois; and
WHEREAS, the City Clerk of the Municipality has caused a notice of public hearing with
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respect to the plan of finance of the costs of the Program through the issuance of the Bonds to be
published in The Beacon News, a newspaper of general circulation in the Municipality,pursuant
to Section 147(D of the Internal Revenue Code of 1986, as amended(the"Code"), on March 1,
2000, and an appropriately designated hearing officer of the City of Aurora, Kane, DuPage, Will
and Kendall Counties, Illinois, has conducted said public hearing on March 20, 2000; and
WHEREAS, a form of the Cooperation Agreement has been presented to and is before
this meeting;
Now, THEREFORE, Be It Ordained by the City Council of theUnited City of Yorkville,
Kendall County, Illinois, as follows:
Section 1. That it is the finding and declaration of the City Council of the
Municipality that the issuance of the Bonds by the Issuer is advantageous to the Municipality, as
set forth in the preamble to this authorizing ordinance, and therefore set-yes a valid public
purpose; that this authorizing ordinance is adopted pursuant to the Constitution and the laws of
the State of Illinois, and more particularly the Act, Section 10 of Article VII of the 1970
Constitution of the State of Illinois and the Intergovernmental Cooperation Act; that the
determination and definition of "maximum home value,""minimum home value," "persons of
low and moderate income" and the other standards required by the Act are set forth in the
origination and servicing agreement referred to in the Cooperation Act; and that,by the adoption
of this authorizing ordinance, the City Council of the Municipality hereby approves the issuance
of the Bonds for the purposes as provided in the preamble hereto, the text hereof and the notice
of public hearing referred to in the preamble hereto,which notice is hereby incorporated herein
by reference, and which public approval shall satisfy the provisions of Section 147(f) of the
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Code.
Section 2. That the form, terms and provisions of the proposed Cooperation
Agreement be, and they are hereby, in all respects approved; that the Mayor of the Municipality
be, and is hereby, authorized, empowered and directed to execute, and the City Clerk of the
Municipality be, and is hereby, authorized, empowered and directed to attest and to affix the
official seal of the Municipality to, the Cooperation Agreement in the name and on behalf of the
Municipality, and thereupon to cause the Cooperation Agreement to be delivered to the other
Municipalities; that the Cooperation Agreement is to be in substantially the form presented to
and before this meeting and hereby approved or with such changes therein as shall be approved
by the officer of the Municipality executing the Cooperation Agreement, his or her execution
thereof to constitute conclusive evidence of his or her approval of any and all changes or
revisions therein from the form of Cooperation Agreement before this meeting; that from and
after the execution and delivery of the Cooperation Agreement, the officers, officials, agents and
employees of the Municipality 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 Cooperation Agreement as executed; and that the Cooperation Agreement
shall constitute and is hereby made a part of this authorizing ordinance, and a copy of the
Cooperation Agreement shall be placed in the official records of the Municipality, and shall be
available for public inspection at the principal office of the Municipality.
Section 3. That the Mayor, the City Clerk and the proper officers, officials, agents
and employees of the Municipality are hereby authorized, empowered and directed to do all such
acts and things and to execute all such documents and certificates as may be necessary to carry
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out and comply with the provisions of the Cooperation Agreement and to further the purposes
and intent of this authorizing ordinance, including the preamble to this authorizing ordinance.
Section 4. That all acts of the officers, officials, agents and employees of the
Municipality heretofore or hereafter taken, which are in conformity with the purposes and intent
of this authorizing ordinance and in furtherance of the issuance and sale of the Bonds, and the
same hereby are, in all respects, ratified, confirmed and approved, including without limitation
the publication of the notice of public hearing.
Section 5. That the Municipality hereby allocates all unified volume cap received by
the Municipality from the Office of the Governor of the State of Illinois, if any,pursuant to the
request made by the Municipality on January 2, 2000,to the issuance of the Bonds; and that the
Municipality, by the adoption of this authorizing ordinance, hereby represents and
certifies that such volume cap has not been allocated to any other bond issue or transferred back
to the Office of the Governor or otherwise.
Section 6. That after the Cooperation Agreement is executed by the Municipality,
this authorizing ordinance shall be and remain irrepealable until the Bonds and the interest
thereon shall have been fully paid, canceled and discharged.
Section 7. That the provisions of this authorizing ordinance are hereby declared to be
separable, and if any section,phrase or provision of this authorizing ordinance shall for any
reason be declared to be invalid, such declaration shall not affect the validity of the remainder of
the sections,phrases and provisions of this authorizing ordinance.
Section 8. That all ordinances,resolutions and orders, or parts thereof, in conflict
with the provisions of this authorizing ordinance are, to the extent of such conflict, hereby
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superseded; and that this authorizing ordinance shall be in full force and effect upon its adoption
and approval as provided by law.
Presented,passed, approved and recorded by the United C ty Council of the City of
1 �1pR
Yorkville, Kendall County, Illinois, this da y of 2000.
Approved:
Mayor
[SEAL]
Attest:
City Clerk
Ayes:
Nays:
Absent or Not Voting:
J
Council Member L moved, and Council Member cb� � ✓
seconded the motion, that said ordinance as presented and read by the City Clerk be adopted.
After a full discussion thereof, the Mayor directed that the roll be called for a vote upon
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the motion to adopt said ordinance, as read.
Upon the roll being called, the following members of the City Council voted:
AYE:
NAY: 0
ABSENT OR NOT VOTING:
Whereupon the Mayor declared the motion carried and said ordinance adopted, and
hereforth 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.
(Other Business)
Upon motion duly made and seconded, the meeting was adjourned.
[SEAL]
41q i erk
8
STATE OF ILLINOIS )
ss
COUNTY OF KENDALL )
I, the undersigned, do hereby certify that I am the duly qualified and acting City
(Deputy) Clerk of the United City of Yorkville,Kendall County, Illinois, and as such officer I am
the keeper of the records and files of the City Council of said City.
I do further certify that the foregoing constitutes a full, true and complete transcript of
the minutes of the legally convened meeting of said City Council of said City held on the 231
day of March, 2000, insofar as same related to the adoption of an ordinance entitled:
AN ORDINANCE authorizing the execution and delivery of an
Intergovernmental Cooperation Agreement and certain documents
in connection therewith; and related matters.
a true, correct and complete copy of which said ordinance as adopted at the same meeting
appears in the foregoing transcript of the minutes of said meeting.
I do hereby further certify that the deliberations of the City Council of said City 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 called and held at a specified time and place convenient
to the public; that notice of said meeting was duly given to all 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 City Council at least forty-eight(48)hours in advance of the
holding of said meeting; and that said meeting was called and held in strict accordance with the
provisions of the Open Meetings Act of the State of Illinois, as amended, and with the provisions
of the Illinois Municipal Code, as amended, and that said City Council has complied with all of
the applicable provisions of said Act and said Code and its procedural rules in the adoption of
said ordinance.
I do further certify that said ordinance was published in pamphlet form on the 23`d day
of March, 2000,by authority of said City Council.
IN WITNE S WHE , I h e hereunto affixed my official signature and the seal of
said City, this �' day of , 2000.
1 Cle k, United City f Yorkville,
Kendall County, Illinois
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MINUTES of a regular public meeting of the City Council of the
City of Yorkville,Kendall County, Illinois, held at the
City Hall of the United City of Yorkville, Illinois at 7:00
o'clock, P.M., on the 231 day of March, 2000.
The Mayor called the meeting to order, and directed the City Clerk to call the roll.
Upon the roll being called,Arthur F. Prochaska, Jr., the Mayor, and the olio ing
members of the City Council answered present: (34 1
t i �
The following members of the City Council were absent:
(Other Business)
J'-
presented, and the City Clerk read in full,the
following ordinance:
An Ordinance authorizing the execution and delivery of an
Intergovernmental Cooperation Agreement and certain documents
in connection therewith; and related matters.
(A certified copy of which is attached hereto and incorporated herein by reference)
L/ .Z
(De uty) Clerk