Ordinance 1999-09 ORDINANCE NO. (?q-5
AN ORDINANCE authorizing the execution and delivery of an
Intergovernmental Cooperation Agreement and certain documents
in connection therewith; and related matters.
WHEREAS, the 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 1996, 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 (S Illinois Compiled Statutes 1996, 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
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 March 1,
1999, 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 City of Rockford, Winnebago County, Illinois, and the City of
Springfield, Sangamon County, Illinois (the "Issuers") propose to issue, sell and deliver not to
exceed $130,000,000 aggregate principal amount of Collateralized Single Family Mortgage
Revenue Bonds, Series 1999 (the "Bonds") 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 FNMA 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
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(f) of the Internal Revenue Code of 1986, as amended (the "Code"), on
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January 22, 1999, and an appropriately designated hearing officer of the City of Aurora, Kane,
DuPage, Will and Kendall Counties, Illinois, Illinois, has conducted said public hearing on
February 8, 1999;
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 the 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 Issuers is advantageous to the Municipality, as set forth in
the preamble to this authorizing ordinance, and therefore serves 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 which is hereby
incorporated herein by reference, which public approval shall satisfy the provisions of Section
147(f) of the 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
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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 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.
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Section S. 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, 1999, to the issuance of the Bonds.
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, cancelled 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 superseded;
and that this authorizing ordinance shall be in full force and effect upon its adoption and
approval as provided by law.
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Presented, passed, approved and recorded by the City Council of the City of Yorkville,
Kendall County, Illinois, this 11th day of February, 1999.
Approved:
[SEAL] M
Attest:
City Clerk
Ayes:
Nays:
Absent or Not Voting: (�
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City Council Member moved, and City Council Member
� 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
the motion to adopt said ordinance, as read.
Upon the roll being called, the following members of the City Council voted:
AYE:
NAY:
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 City of Yorkville, Kendall County,
Illinois.
(Other Business)
Upon motion duly made and seconded, the meeting was adjourned.
[SEAL]
City Clerk