Ordinance 1997-02 STATE OF ILLINOIS )
ss.
COUNTY OF i.—NDALL )
ORDINANCE NO. 97-2
AN ORDINANCE authorizing and providing for the issue of $225,000 Waterworks and
Sewerage Revenue Bond of the United City of Yorkville, Kendall County, Illinois (the "City"),
for the purpose of defraying the cost of constructing an extension to the combined waterworks
and sewerage system in and for said City, prescribing all the details of said bonds, and providing
for the security thereof and other matters in connection therewith.
WHEREAS, the City has heretofore found it advisable and in the best interest of the City
to construct an extension to its combined waterworks and sewerage system in and for the City, in
order that water and sewer services can be provided to certain real property, including property
on which F.E. Wheaton and Co., Inc. ("F.E. Wheaton") intends to construct a manufacturing
facility, said extension (referred to herein as the "Project") to consist of a 15-inch sanitary
sewage main and a 16-inch water main;
WHEREAS, the City has agreed pursuant to an Annexation Agreement dated May 23,
1995 (the "Annexation Agreement") by and between the City, F.E. Wheaton and Inland Land
Appreciation Fund, L.P. to pay up to $250,000 of the cost of the Project;
WHEREAS, the total estimated cost of constructing the Project, including professional
fees in connection therewith, is $225,000; and
WHEREAS, in order to evidence its obligation to repay amounts advanced by
F.E. Wheaton or its affiliate, Wesley Property Corp. ("Wesley")for the cost of the Project, the
City desires to issue its Waterworks and Sewerage Revenue Bond in accordance with the
provisions of 65 ILCS 5/11-139-1,!d=., as amended, the Omnibus Bond Act, 5 ILCS 70/8, and
the Local Government Debt Reform Act, 30 ILCS 350/1, -eA sgcl., as amended.
NOW, THEREFORE, Be It and It Is Hereby Or�ained by the Mayor and City Council
of the United City of Yorkville, Kendall County, Illinois, as follows:
Section 1. Project
That it is considered in the best interests of the City that the City construct an extension
to its combined waterworks and sewerage system in and for the City, all as described in the
preambles of this Ordinance, and that said extension shall be operated as part of the City's
combined waterworks and sewerage system.
Section 2. Estimate of Cost
That this Mayor and City Council have heretofore estimated and do hereby
estimate that the cost of constructing the Project, as set out in the preambles of this Ordinance, is
the sum of$225,000.
J
Section 3. Funds Required
That the City does not have sufficient funds on hand available to pay the cost of
constructing the Project, and that it will require the issuance by said City of Waterworks and
Sewerage Revenue Bond (the "Bond") in the principal amount of $225,000 in order to repay
F.E. Wheaton or Wesley for costs advanced by F.E. Wheaton or Wesley for the construction of
the Project.
Section 4. Period of Usefulness
That the ' Mayor and City Council do hereby determine the period of usefulness of
the Project to be forty (40) years from the date of the Bond herein authorized to be issued.
Section 5. Bond Authorization
For the purpose of evidencing its obligation to repay certain costs incurred in connection
with the Project, there shall be issued revenue bonds of the City in the principal amount of
$225,000, to be designated"Waterworks and Sewerage Revenue Bond, Series 1997," which shall
be dated its date of issue, and shall be in the denomination of$225,000, shall be numbered R-1
and bear interest at a rate of 5% per annum, payable monthly on the first day of each month
commencing May 1, 1997.
The Bond shall mature on April 1, 2027 (subject to the right of prior redemption
hereinafter set forth in Section 6 hereof).
Said Bond, together with interest thereon, shall be payable solely from one-half of the
City's share of the Illinois Retailer's Occupation Tax paid by F.E. Wheaton and by 100% of all
recapture fees collected by the City from any party connecting to the Project in accordance with
the Annexation Agreement, and such Bond shall not in any event constitute an indebtedness of
the City within the meaning of any constitutional provision or any constitutional or statutory
limitation.
The Bond shall bear interest from its date or from the most recent interest payment date to
which interest has been paid or duly provided for, at a rate of 5% per annum on the unpaid
principal amount thereof, such interest (computed upon the basis of a 360-day year of twelve 30-
day months) being payable on the first day of each month commencing on May 1, 1997. Interest
on the Bond shall be paid by check or draft of Yorkville National Bank or its successors, as bond
registrar and paying agent(the "Bond Registrar") to F.E. Wheaton, Wesley or such other person
in whose name such Bond is registered at the close of business on the 15th day of the calendar
month next preceding the interest payment date. The principal of the Bond shall be payable in
lawful money of the United States of America in the same manner as interest.
In the event there are insufficient moneys available from the sources described above, to
make payments of interest on and principal of the Bond as the same become due and payable,
such unpaid amount shall accumulate and be paid as soon as sufficient funds are so available.
The Bond shall be executed on behalf of the City with the manual or facsimile signature
of its President and attested with the manual or facsimile signature of its City Clerk, and shall
have impressed or imprinted thereon the City seal or facsimile thereof. In case any officer whose
signature shall appear on the Bond shall cease to be such officer before the delivery of the Bond,
such signature shall nevertheless be valid and sufficient for all purposes, the same as if such
officer had remained in office until delivery.
The Bond shall have thereon a certificate of authentication substantially in the form
hereinafter set forth, duly executed by the Bond Registrar as authenticating agent of the City and
showing the date of authentication. No Bond shall be valid or obligatory for any purpose or be
entitled to any security or benefit under this Ordinance unless and until such certificate of
authentication shall have been duly executed by the Bond Registrar by manual signature, and
such certificate of authentication upon such Bond shall be conclusive evidence that such Bond
has been authenticated and delivered under this Ordinance. The certificate of authentication on
the Bond shall be deemed to have been executed by it if signed by an authorized officer of the
Bond Registrar, but it shall not be necessary that the same officer sign the certificate of
authentication on the Bond issued hereunder.
The City shall cause books (the "Bond Register") for the registration and for the transfer
of the Bond as provided in this Ordinance to be kept at the principal corporate trust office of the
Bond Registrar, which is hereby constituted and appointed the registrar of the City. The City is
authorized to prepare, and the Bond Registrar shall keep custody of, multiple bond blanks
executed by the City for use in the transfer and exchange of the Bond.
Upon surrender for transfer of the Bond at the principal corporate trust office of the Bond
Registrar, duly endorsed by or accompanied by a written instrument or instruments of transfer in
form satisfactory to the Bond Registrar and duly executed by the registered owner or his attorney
duly authorized in writing, the City shall execute and the Bond Registrar shall authenticate, date
and deliver in the name of the transferee or transferees a new fully registered Bond of the same
maturity in the outstanding principal amount. The fully registered Bond may be exchanged at
said office of the Bond Registrar for a like aggregate principal amount of Bond. The execution
by the City of any full registered Bond shall constitute full and due authorization of such Bond,
and the Bond Registrar shall thereby be authorized to authenticate, date and deliver such Bond,
provided, however, the principal amount of the outstanding Bond of each maturity authenticated
by the Bond Registrar shall not exceed the authorized principal amount of Bond for such
maturity less previous principal payments.
The Bond Registrar shall not be required to transfer or exchange the Bond during the
period from the 15th day of the calendar month next preceding any interest payment date on the
Bond to such interest payment date, nor to transfer or exchange the Bond after notice calling
such Bond for redemption has been mailed.
The person in whose name the Bond shall be registered shall be deemed and regarded as
the absolute owner thereof for all purposes, and payment of the principal of or interest on the
Bond shall be made only to or upon the order of the registered owner thereof or his legal
representative. All such payments shall be valid and effectual to satisfy and discharge the
liability upon such Bond to the extent of the sum or sums so paid. In the event the Bond is
registered in the name of a securities depository which uses a book entry system, the standing of
the registered owner to enforce any of the covenants herein may be established through the books
and records of such securities depository or a participant therein.
No service charge shall be made for any transfer or exchange of the Bond, but the City or
the Bond Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any transfer or exchange of the
Bond, except in the case of the issuance of a Bond or Bonds for the unredeemed portion of a
Bond surrendered for redemption.
Section 6. Redemption
The Bond is subject to repayment at any time without premium or penalty from the
sources described above provided that such funds shall be applied to accrued and unpaid interest
first. No advance notice of redemption need be provided.
Section 7. Form of Bond
The Bond, the certificate of authentication to be endorsed thereon and the form of
assignment are all to be in substantially the following form:
[Form of Bond]
UNITED STATES OF AMERICA
STATE OF ILLINOIS, COUNTY OF KENDALL
UNITED CITY OF YORKVILLE
WATERWORKS AND SEWERAGE REVENUE BOND,
SERIES 1997
The United City of Yorkville, Kendall County, Illinois (the "City"), for value received
hereby promises to pay to the Registered Owner identified below, or registered assigns as
hereinafter provided, on the maturity date shown below:
Registered Owner:
Registered Date Principal Amount Rate of Interest
April 1, 2027 $225,000 5%
the principal amount shown above and to pay interest (computed on the basis of a 360-day year
of twelve 30-day months) on such principal amount from the date of this Bond or from the most
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recent interest payment date to which interest has been paid at the interest rate per annum set
forth above on the first day of each month commencing May 1, 1997, until said principal sum is
paid, except as the provisions hereinafter set forth with respect to redemption prior to maturity
may be and become applicable hereto, Principal of this Bond is payable in lawful money of the
United States of America at the principal corporate trust office of Yorkville National Bank,
Illinois, as bond registrar and paying agent (the "Bond Registrar'). Payment of the installments
of interest shall be made to the Registered Owner hereof as shown on the registration books of
the City maintained by the Bond Registrar at the close of business on the 15th day of the
calendar month next preceding the interest payment date, and shall be paid by check or draft of
the Bond Registrar mailed to such Registered Owner at the address as it appears on such
registration books, or at such other address furnished in writing by such Registered Owner to the
Bond Registrar.
This Bond is payable solely from one-half of the City's share of the Illinois Retailer's
Occupation Tax paid by F. E. Wheaton and Co., Inc. and from 100% of all recapture fees
collected by the City from any party connecting to the water and sewer mains being installed by
F. E. Wheaton and Co., Inc. or its affiliate, Wesley Properties Corp. and not otherwise, and is
issued under authority of 65 ILCS 5/11-139, 5 ILCS 70/8 and 30 ILCS 350/1, and all laws
amendatory thereof and supplementary thereto, for the purpose of paying the cost of constructing
an extension to the combined waterworks and sewerage system in and for the City, and this Bond
does not constitute an indebtedness of said City within any constitutional or statutory limitation.
This Bond is one of an authorized issue of Bond aggregating the principal amount of
$225,000 (the "Bond"), subject to redemption prior to the maturity at the option of the Village at
any time in whole or in part, at the redemption price, being par and accrued interest to the date
fixed for redemption.
In the event there are insufficient moneys available from the sources described above, to
make payments of interest on and principal of the Bond as the same become due and payable,
such unpaid amount shall accumulate and be paid as soon as sufficient funds are so available.
This Bond is transferable by the registered holder hereof in person or by his attorney duly
authorized in writing at the principal corporate trust office of the Bond Registrar in Yorkville,
Illinois, but only in the manner, subject to the limitations and upon payment of the charges
provided in the authorizing Ordinance and upon surrender and cancellation of this Bond. Upon
such transfer, a new Bond or Bonds of authorization denominations of the same maturity and for
the same aggregate principal amount will be issued to the transferee in exchange therefor.
The Bond is issued in fully registered form in the denomination of$225,000. This Bond
may be exchanged at the principal corporate trust office of the Bond Registrar for a like
aggregate principal amount of Bond of the same maturity of other authorized denominations,
upon the terms set forth in the authorizing Ordinance.
The City and the Bond Registrar may deem and treat the registered holder hereof as the
absolute owner hereof for the purpose of receiving payment of or on account of principal hereof
and interest due hereon, and for all other purposes, and neither the City nor the Bond Registrar
shall be affected by any notice to the contrary.
Under said statutes and the Ordinance adopted pursuant thereto authorizing the issuance
of this Bond, the amounts received by the City available to repay the Bond shall be deposited in a
separate fund designated as the F.E. Wheaton Waterworks and Sewerage Fund of the United City
of Yorkville," which shall be used only and is hereby pledged for paying the principal of and
interest on the Bond of said City that are issued under the authority of said statutes and are
payable by their terms only from such revenues, and in making all payments required to maintain
the accounts created under the terms of the Ordinance pursuant to which this Bond is issued.
The rights and obligations of the City and of the holders of the Bond may from time to
time be modified or amended by a supplemental Ordinance adopted by the President and Board
of Trustees with the written consent of the holders of not less than two-thirds (2/3) of the
principal amount of all the Bond authorized by this Ordinance, and all Bonds hereafter issued on
a parity therewith, then outstanding (excluding any of said Bond owned by or under the control
of the City); provided, however, that no such modification or amendment shall extend or change
the maturity of, or date of redemption prior to maturity, or reduce the interest rate on, or
otherwise alter or impair the obligation of the City to pay the principal of and interest on the
Bond herein authorized at the time, place and at the rate and in the currency provided therein of
the Bond herein authorized then outstanding, without the express consent of the holder of such
Bond, nor shall any such modification or amendment permit the creation of a preference or
priority of any Bond or Bonds over any other Bond or Bonds, nor reduce the percentage of the
holders of outstanding Bond required for the written consent of such modification or amendment.
It is hereby certified and recited that all acts, conditions and things required to be done
precedent to and in the issuance of this Bond, have been done and have happened and have been
performed in regular and due form of law, and that provision have been made for depositing in
said Waterworks and Sewerage Fund the revenues to be received to repay the Bond, and to
comply with all of the covenants of the Ordinance under which this Bond was issued.
This Bond shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Bond Registrar.
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IN WITNESS WHEREOF, the United City of Yorkville, Kendall County, Illinois, by
its President and Board of Trustees, has caused this Bond to be executed with the manual or duly
authorized facsimile signature of its President and attested by the manual or duly authorized
facsimile signature of its City Clerk, and its corporate seal or a facsimile thereof to be impressed
or reproduced hereon, all as of the day of , 1997.
United City of Yorkville
Kendall County, Illinois
[SEAL]
Attest:
City Clerk
United City of Yorkville
Kendall County, Illinois.
CERTIFICATE OF AUTHENTICATION
Date of Authentication
This Bond is the Bond described in the within mentioned Ordinance and is the
Waterworks and Sewerage Revenue Bond, Series 1997, of the United City of Yorkville, Kendall
County, Illinois.
YORKVILLE NATIONAL BANK
as Bond Registrar
By
Authorized Officer
1
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
(Name and Address of Assignee)
the within Bond, and does hereby irrevocably constitute and appoint ,
, Illinois, or its successor, as bond Registrar to transfer the said Bond on the books
kept for registration thereof, with full power of substitution in the premises.
Dated:
Signature guaranteed:
NOTICE: The signature to this assignment must correspond with the name of the registered
owner as it appears upon the face of the within Bond in every particular, without
alteration or enlargement or any change whatever.
Section 8. Accounts
That there be and there are hereby created and established separate special accounts to be
designated severally "Operation and Maintenance Account," "Depreciation Account" and "Bond
and Interest Account" into which there shall be set aside on the first business day of each month
without any further official action or direction all moneys held in the Waterworks and Sewerage
Fund of said City, in accordance with the following priority:
(a) Operation and Maintenance Account
There shall be credited to the Operation and Maintenance Account on the first business
day of each month an amount sufficient to pay the reasonable expense of operation and
maintenance of said combined waterworks and sewerage system for the next succeeding month,
including, without limiting the generality of the foregoing, salaries, wages, costs of materials,
supplies, insurance and power, and including one-twelfth of all such expenses computed on an
annual basis.
(b) Depreciation Account
There shall be credited to the Depreciation Account on the first business day of each
month such amount as may be designated from time to time by the President and Board of
Trustees for the purposes described in the next paragraph.
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The money in said account shall be used first to provide an adequate allowance for
depreciation (to provide money for contingencies, as defined therein, and is not to be used for
extensions of the system) as shall be determined from time to time by the President and Board of
Trustees, and may be used from time to time to pay for any extraordinary maintenance, repairs
and necessary replacements.
(c) Bond and Interest Account
Beginning on the first day of the month following delivery of the Bond herein authorized,
there shall be deposited in the Bond and Interest Account, in cash, the entire balance of the
revenues received from the sources provided for herein until the amount of interest due up to the
next interest payment date has been deposited in said account. Any amount in the Bond and
Interest Account as of such interest payment date in excess of the amount necessary to pay such
scheduled interest payment date shall be used to pay principal of the Bond.
All moneys in said account shall be used only for the purpose of paying interest and
principal on the Bond hereby authorized.
Funds to pay all of said principal and interest, together with the fees and expenses of the
paying agent for said Bond, shall be remitted to said paying agent at least five (5) days prior to
the date of payment of said principal or interest; provided that all paying agency fees shall be
paid from the Operation and Maintenance Account.
Notwithstanding anything to the contrary in this Section 8, amounts to pay principal and
interest shall be derived only from the sources described in Section 5 of this Ordinance, and such
amounts shall be so used for such purpose before making any deposits into the other accounts
created by this Section 8 from such sources.
(d) Moneys remaining in any of the accounts hereinabove created may by
resolution of the President and Board of Trustees be invested from time to time in direct
obligations of, or obligations guaranteed by, the United States Government, maturing not
later than the earliest date on which it is estimated the moneys in said accounts will be
needed, but in no event later than three (3) years from the date of such investment. Such
securities shall be sold from time to time without further authority of the President and
Board of Trustees as moneys may be needed for the purpose for which said accounts have
been created. All accrued interest on any moneys so invested shall first be credited to the
Waterworks and Sewerage Fund of said City and then credited to the account for which
the investment was made. All uninvested money on hand shall be deposited in banks
selected as depositories by the President and Board of Trustees from time to time so as to
be available when needed. Such bank accounts shall be separate from all other City
accounts.
Section 9. Covenants
That the City covenants and agrees with the holders of the Bond hereby authorized that,
so long as the Bond remains outstanding and unpaid, either as to principal or interest:
_c)_
(a) The City will maintain said combined waterworks and sewerage system,
and all improvements and extensions thereto, in good repair and working order, will
operate the same efficiently and faithfully, and will punctually perform all duties with
respect thereto required by the Constitution and laws of the State of Illinois.
(b) The City will establish such rules and regulations for the control and
operation of said system necessary for the efficient and economical operation thereof, and
rates and charges shall be fixed and revised from time to time as may be necessary to
produce funds sufficient for all purposes herein provided until the Bond authorized by
this Ordinance has been paid in full, both as to principal and interest.
(c) The City will make and keep proper books and accounts (separate and
apart from all other records and accounts of said City in which complete entries shall be
made of all transactions relating to said system, and hereby covenants and agrees that
within ninety (90) days following the close of each fiscal year it will cause the books and
accounts of said system to be audited annually by independent certified public
accountants, and that paid audit will be available for inspection by the holders of any of
the Bond. Each such audit, in addition to whatever maticrs may be thought prop,:r by the
accountants to be included therein, shall, without limiting the generality of the foregoing,
include the following:
(1) A statement in detail of the income and expenditures of the system
for such fiscal year, and including credits to the various accounts
provided herein.
(2) A balance sheet as of the end of such fiscal year.
(3) The accountant's comment regarding the manner in which the City
has carried out the accounting requirements of this Ordinance, and
the accountant's recommendations for any changes of
improvements in the operation of the system.
(4) A list of all the insurance policies in force at the end of the fiscal
year, setting out as to each policy the amount of the policy, the
risks covered, the name of the insurer, and the expiration date of
the policy.
(5) The number of sewer customers served by the system at the end of
the year, the number of metered water customers and the number
of unmetered water customers at the end of the year and the
quantity of water pumped.
All expenses incurred in the making of the audit required by this section shall be regarded and
paid as an operation and maintenance expense, and it is further covenanted and agreed that a
copy of each such audit shall be furnished upon completion to the original purchaser of the
bonds herein authorized, and a summary thereof shall be furnished to any bondholder on
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request. In addition, statements of revenues and expenditures of the system shall be furnished to
the Mayor and City Council at least quarterly during each fiscal year, and a copy of such
statement shall be furnished to the original purchaser of the bonds herein authorized and shall
also be furnished to any bondholder upon request.
(d) The City will not sell, lease, loan mortgage,or in any manner dispose of or
encumber said system or any improvements and extensions thereto, until the Bond hereby
authorized shall be paid in full, both principal and interest, or unless and until provision
shall have been made for the payment thereof; provided, however, that this covenant shall
not prevent said City from disposing of &my property which in the judgment of the
Mayor and City Council is no longer useful or profitable in the operation of said
system, nor essential to the continued operation of said system. The proceeds from the
sale of any property shall be credited to the Depreciation Account hereinabove
established in Section 8 of this Ordinance.
(e) The provisions of this Ordinance shall constitute a contract between the
City and the holder of the Bond authorized to be issued, and any holder of the Bond,
issued hereunder, may proceed by civil action to enforce or compel performance by the
officials of said City of all duties required by law and by this Ordinance, including the
making and collecting of sufficient charges and rates for the water and sewerage services
supplied by said system,and the application of the income and revenue therefrom.
(f) The City will carry insurance on said system of the kinds and in the
amounts which are usually carried by private parties operating similar properties,
including, without limiting the generality of the foregoing, fire, windstorm, insurance,
public liability, and all additional insurance covering such risks as shall be recommended
by a competent consulting engineer employed for the purpose of making such
recommendation, and all moneys received for loss under such insurance policies shall be
deposited in the Depreciation Account, and used in making good the loss or damage in
respect of which they were paid, either by repairing the property damaged or replacing
the property destroyed and provision for making good such loss or damage shall be made
within ninety (90) days from date of loss. The payment of premiums for all insurance
policies required under the provisions of this covenant shall be considered an operation
and maintenance expense. The proceeds derived from any and all policies for public
liability shall be credited to the Operation and Maintenance Account and used in paying
the claims on account of which they were received.
Section 10. Amendment
That the rights and obligations of the City and of the holder of the Bond may from time to
time be modified or amended by a supplemental Ordinance adopted by the Mavor and Citv
Clerk with the written consent of the holders of not less than two-thirds (2/3) of the
principal amount of the Bond authorized by this Ordinance then outstanding (excluding any of
said Bond owned by or under the control of the City) provided, however, that no such
modification or amendment shall extend or change the maturity of or date of redemption prior to
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maturity, or reduce the interest rate on, or otherwise alter or impair the obligation of the City to
pay the principal of and interest on the Bond herein authorized, at the time, place and at the rate,
and in the currency, provided therein of the Bond herein authorized then outstanding, without the
express consent of the holder of such Bond, nor shall any such modification or amendment
permit the creation of a preference or priority of any Bond over any other Bond, nor reduce the
percentage of the holders of the outstanding Bond required for the written consent of such
modification or amendment. Each such consent must be accompanied by proof of ownership of
the Bond for which consent is given, which proof must be in a form approved by the President
and Board of Trustees, and each such consent and proof of ownership must be on file with the
City Clerk prior to the adoption of such modifying or amendatory Ordinance.
Section 11. Sale of Bond
That as soon after this Ordinance becomes effective as may be, the Bond herein
authorized shall be sold by the Mayor and City Council to F.E. Wheaton to evidence the
obligation of the City to repay F.E. Wheaton or Wesley for certain costs, incurred by
F.E. Wheaton or Wesley in connection with the construction of the Project.
Section 12. Severability
That 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.
Section 13. No Arbitrage
The proceeds of the Bond shall be used solely for the purpose for which the Bond was
authorized. The City recognizes that the initial purchasers and the owners from time to time of
the Bond will have accepted it on, and paid therefor a price which reflects, the understanding that
interest thereon is exempt from federal income taxation under laws in force at the thiie the Bond
shall have been delivered. In this connection the City agrees that it shall take no action which
may render the interest on the Bond subject to federal income taxation and that the principal
proceeds of the sale of the Bond shall be devoted to and used with due diligence for the
completion of the Project.
The Mayor and Cm, Council and the Treasurer of the City, or any of them, are hereby
authorized to execute on behalf of the City an arbitrage certificate to assure the initial purchasers
and the owners from time to time of the Bond that the proceeds of the Bond are not expected to
be used in a manner which would or might result in the Bond being an "arbitrage bond" under
Section 103(b) of the Internal Revenue Code of 1986, as amended (the "Code"), or the
regulations of the United States Treasury Department currently in effect or proposed. Such
arbitrage certificate shall constitute a representation and certification of the City, and no
investment of Bond proceeds or of moneys accumulated to pay the Bond herein authorized shall
be made in violation of the expectations prescribed by said arbitrage certificate.
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The City further recognizes that the Code requires the Bond to be issued and to remain
fully registered form in order that interest thereon is exempt from federal income taxation under
laws in force at the time the Bond is delivered. In this connection the City agrees that it will not
take any action to permit the Bond to be issued in, or converted into, bearer or coupon form.
Section 14. Other Documents
The Mayor and City Council Members of the Board of Trustees of the City are
hereby authorized to execute any and all documents, certificates or other instruments as may be
necessary or convenient to carry out the purpose and intent of this Ordinance.
Section 15. Repeal
That 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.
Section 16. Publication
This Ordinance, together with a notice in the form hereinafter set forth, shall be published
once, within ten (10) days after passage of the Ordinance by the President and Board of Trustees,
being a newspaper published in and having a general circulation in the United City of Yorkville,
and if no petition, signed by 10 percent of the number of electors voting for President at the last
preceding municipal election at which a President was elected, asking that the question of
constructing the combined waterworks and sewerage system, as provided in this Ordinance, and
the issuance of revenue bonds to pay the cost thereof, be submitted to the electors of the City, is
filed with the City Clerk within thirty (30) days after the date of the publication, then this
Ordinance shall be in full force and effect. A petition form, as hereinafter set out, shall be
provided by the City Clerk to any individual requesting one.
The notice to be published shall be in substantially the following form:
[Form of Notice]
STATE OF ILLINOIS ) UNITED CITY OF YORKVILLE
)NOTICE OF INTENT TO ISSUE BONDS
COUNTY OF KENDALL) AND RIGHT TO FILE PETITION
NOTICE is hereby given that, pursuant to Ordinance No. 97-2 adopted by the Mayor
and City Council on February 27, 1997, the United City of Yorkville, Kendall County,
Illinois (the "City'l, intends to issue its Waterworks and Sewerage Revenue Bond, Series 1997
(the "Bond"), in the amount of not to exceed $225,000, maturing on April 1, 2027.
In addition, notice is hereby given that, if a petition signed by at least 328 electors of the
City, requesting that the issuance of the Bond be submitted to the electors of the City, is
submitted to City Clerk within 30 days of the date hereof, the question of constructing the
combined waterworks and sewerage system in and for the City, as provided in Ordinance
No. 97-2 and the issuance of the Bond to pay the cost thereof, shall be
submitted to the electors of the City at the next nonpartisan election scheduled for
, 19` A form of petition for such purpose is available from the office of the City
Clerk.
Dated: March 6, , 1997.
/s/ [insert name]
Jacqueline Allison
City Clerk,
United City of Yorkville
Kendall County, Illinois
The form of petition to be provide by the City Clerk to any individual requesting one
shall be in substantially the following form:
f Form of Petition)
PETITION
To the City Clerk of the
United City of Yorkville,
Kendall County, Illinois
We, the undersigned, being electors of the United City of Yorkville, Kendall County,
Illinois, do hereby petition you to cause the question of constructing an extension to the
combined waterworks and sewerage system in and for said City and the issuance of Waterworks
and Sewerage Revenue Bond, Series 1997, as provided in Ordinance No. 97-2
of said City to be submitted to the electors of said City.
United City of Yorkville, Illinois
United City of Yorkville, Illinois
United City of Yorkville, Illinois
[Additional sip-nature lines shall be provided]
-14-
AFFIDAVIT OF CIRCULATOR OF PETITION
STATE OF ILLINOIS )
) SS
COUNTY OF KENDALL )
I, , being first duly sworn, on oath
depose and state that I am upwards of the age of eighteen years and a legal voter residing within
the United City of Yorkville, Kendall County, Illinois; that I have caused the above petition to be
circulated, that the signatures appearing thereon were signed in my presence, that I know of my
own knowledge that said signatures are the true and genuine signatures of the persons they
purport to be, and that said signers are legal voters in and of the United City of Yorkville,
Kendall County, Illinois.
IN WITNESS WHEREOF, I have hereunto set my hand this day of
1997.
Subscribed and sworn to before me
this day of , 1997.
Notary Public
PASSED: �, 1997.
VOTE:
AYES:
7
NAYS:
0
ABSENT:
1
APP D:
/Mayor, R er Johnson
ATTEST:
(Ity "ler'6
, r