Ordinance 1999-28 ORDINANCE No.
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,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 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") to be entered into by the
Municipality and certain other municipalities to be 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 municipality of municipalities designated as
the issuer or the issuers in the Cooperation Agreement; as executed(the"Issuer")proposes to issue,
sell and deliver not to exceed $150,000,000 aggregate principal amount of collateralized single
family mortgage revenue bonds (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
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("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, 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 United City of Yorkville,
Kendall County, 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 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 Cooperation Agreement and in the origination
and servicing agreement referred to in the Cooperation Agreement; 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 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
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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, City Council, 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,
Section 5. 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 6. 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 7. 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 United City of
Yorkville,
Kendall County, this day of , 1999.
Approved
Mayor
(SEAT—]
Attest:
T )2j�&UIIA
City Clerk
Ayes:
Nays: 0
Absent or Not Voting: �A/E
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moved, and Council Member
Council Mcmbcr m• ,
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 United City of Yorkville, Kendall County.
(Other Business)
Upon motion duly made and seconded, the meeting was adjourned.
[SEAL]
City Clerk
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STATE OF ILLINOIS )
SS.
COUNTY OF KENDALL )
I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of
the United City of Yorkville,Kendall County, 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 the
minutes of e leg illy convened meeting of said City Council of said City held on the
day of , 1999, 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 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. -LL
I do fu her ce ify that said ordinance was published in pamphlet form on the_Lay
of t. & , 1999,by authority of said City Council.
IN WITNESS WHERE F,I hav hereunto affi ed my official signature and the seal of said
City, this —day of , 1999.
City Clerk, United City of Yorkville,
Kendall County
(SEAL]
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