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Ordinance 2014-22 UNITED CITY OF YORKVILLE KENDALL COUNTY,ILLINOIS ORDINANCE NO. 2014-22 AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS (ALTERNATE REVENUE SOURCE) OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS, IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED$8,765,000. ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE UNITED CITY OF YORKVILLE KENDALL COUNTY,ILLINOIS THIS 27TH DAY OF MAY,2014 Published in pamphlet form by authority of the City Council of the United City of Yorkville, Kendall County, Illinois, this 27th day of May, 2014 MINUTES of a regular public meeting of the City Council of the United City of Yorkville, Kendall County, Illinois, held at the 800 Game Farm Road, Yorkville, Illinois, at 7:00 P.M., on the 27th day of May, 2014. The Mayor called the meeting to order and led the pledge of allegiance to the flag. The Mayor then directed the Clerk to call the roll. Upon the roll being called by the Clerk, the following Aldermen answered present: c .S S VY7 (0 , k The following Aldermen were absent: koL /wlsc4ea) L After a discussion of the proposed road and street improvement project and the opportunity to refund a portion of the City's outstanding debt, Mayor Golinski entertained a motion to approve the adoption of an ordinance authorizing the issuance of general obligation alternate revenue source bonds and directing the publication of a notice setting forth the determination of the Council to issue such bonds for the purposes of(i) financing certain road and street improvements throughout the City, (ii) refunding the City's General Obligation Bonds (Alternate Revenue Source), Series 2005A, (iii) refunding the City's General Obligation Bonds (Alternate Revenue Source), Series 2005C, (iv) paying the costs of capitalized interest on the bonds, if necessary, and (v) paying for the costs of expenses incident to the issuance of the bonds. So moved by Alderman ,' �S _; seconded by Alderman j, kl4ou�, motion approved by a roll call vote: Ayes Nays p approving the Ordinance the complete text of which is set out as follows: ORDINANCE NO:2014-22 AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS (ALTERNATE REVENUE SOURCE) OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS, IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED$8,765,000. WHEREAS, the United City of Yorkville, Kendall County, Illinois (the "City"), is a duly organized and existing municipality operating under the provisions of the Illinois Municipal Code, as amended, and under the laws of the State of Illinois; and WHEREAS, the City has outstanding its General Obligation Bonds (Alternate Revenue Source), Series 2005A (the "2005A Bonds") which were issued to finance certain road and street improvements within the City; and WHEREAS, the City has outstanding its General Obligation Bonds (Alternate Revenue Source), Series 2005C (the "2005C Bonds") which were issued to finance improvements its waterworks and sewerage system; and WHEREAS, the City Council of the City (the "Council") has determined that it is advisable, necessary and in the best interests of the City (i) to construct various road and street improvements within the City (the "Project") (ii) to refund all or a portion of the 2005A Bonds and the 2005C Bonds (collectively, the "Refunding"); (ii) to pay capitalized interest on the Bonds, if necessary, and (iii) to pay costs of issuance and expenses incident thereto, all for the benefit of the inhabitants of the City; and WHEREAS, pursuant to the provisions of the Illinois Municipal Code, 65 ILCS 5/8-4-1 and the Local Government Debt Reform Act, 30 ILCS 350/11 (collectively, the "Act"), the City has the power and authority to issue bonds to finance the Project and undertake the Refunding for such term of years, not in excess of the maximum term of years as permitted by applicable law, and in such principal amount as may be deemed necessary by the Council; and WHEREAS, it is necessary and in the best interest of the City that the City proceed with the Project, and in order to raise the funds required therefor it will be necessary for the City to borrow an amount not to exceed $4,870,000, and in evidence thereof to issue alternate bonds in an aggregate principal amount not to exceed $4,870,000, all in accordance with the Act; and WHEREAS, the revenue sources that will be pledged to the payment of the principal and interest on the alternate bonds associated with the Project will be revenues received by the City from its distributions of sales tax revenues, and such other funds of the City as may be lawfully available and annually appropriated for such payment; and WHEREAS, it is necessary and in the best interest of the City that the City proceed with the Refunding, and in order to raise a portion of the funds required therefor it will be necessary for the City to borrow an amount not to exceed $2,435,000, and in evidence thereof to issue alternate bonds in an aggregate principal amount not to exceed $2,435,000, all in accordance with the Act; and WHEREAS, the revenue sources that will be pledged to the payment of the principal and interest on the alternate bonds associated with this portion of the Refunding will be revenues received by the City from its distributions of public utility tax revenues and such other funds of the City as may be lawfully available and annually appropriated for such payment; and WHEREAS, it is necessary and in the best interest of the City that the City proceed with the Refunding, and in order to raise a portion of the funds required therefor it will be necessary for the City to borrow an amount not to exceed $1,460,000, and in evidence thereof to issue alternate bonds in an aggregate principal amount not to exceed $1,460,000, all in accordance with the Act; and WHEREAS, the revenue sources that will be pledged to the payment of the principal and interest on the alternate bonds associated with this portion of the Refunding will be (i) revenues of the City in the Surplus Account of the Waterworks and Sewerage Fund consisting of funds remaining in the Waterworks and Sewerage Fund after the required monthly deposits and credits have been made to the Operation and Maintenance Account, the Depreciation Account and any other accounts that may be created in the future, (ii) revenues received by the City from its distributions of income tax revenues, and (iii) such other funds of the City as may be lawfully available and annually appropriated for such payment; and WHEREAS, if the above-mentioned revenue sources are insufficient to pay the alternate 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 alternate 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 Council hereby finds that all of the recitals contained in the preambles to this ordinance are full, true and correct and does incorporate them into this ordinance by this reference. Section 2. Determination to Issue Bonds. It is necessary and in the best interest of the City to proceed with the Project and the Refunding, and (i) that for the purpose financing the Project alternate bonds of the City are hereby authorized to be issued and sold in an aggregate amount of not to exceed $4,870,000 to be known as "General Obligation Bonds (Alternate Revenue Source), Series 2014A" (the "Series 2014A Bonds"); (ii) that for the purpose refunding the 2005A Bonds alternate bonds of the City are hereby authorized to be issued and sold in an aggregate amount of not to exceed $2,435,000 to be known as "General Obligation Refunding Bonds (Alternate Revenue Source), Series 201413" (the "Series 2014B Bonds"); and (iii) that for the purpose refunding the 2005C Bonds alternate bonds of the City are hereby authorized to be issued and sold in an aggregate amount of not to exceed $1,460,000 to be known as "General Obligation Refunding Bonds (Alternate Revenue Source), Series 2014C" (the "Series 2014C Bonds", and together with the Series 2014A Bonds and the Series 2014B Bonds, the "Bonds"). Section 3. Publication. This authorizing ordinance, together with a notice in the statutory form, shall be published in the Kendall County Record Newspqper and/or the Beacon News, the same being a newspapers of general circulation in the City, and if no petition, signed by 811 electors, the same 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 thirty (30) days after the date of the publication of this authorizing ordinance and notice, then the 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 referred to above, then the Council may adopt additional ordinances or proceedings supplementing or amending this ordinance providing for the issuance and sale of the Bonds and prescribing all the details of the Bonds, so long as the maximum amount of the Bonds as set forth in this ordinance is not exceeded and there is no material change in the Project or Refunding as described herein. Such additional ordinances or proceedings shall in all instances become effective immediately without publication or posting or any further act or requirement. This authorizing ordinance, together with such additional ordinances or proceedings, shall constitute complete authority for the issuance of the Bonds under applicable law. Section 5. Severability. If any section, paragraph or provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section,paragraph or provision shall not affect any of the remaining provisions of this ordinance. Section 6. Conflicting Ordinances. All ordinances, resolutions and parts thereof, in conflict herewith are hereby repealed. Section 7. Effective Date. This ordinance shall be in full force and effect from and after its adoption. Ken Koch Joel Frieders y— Carlo Colosimo Chris Funkhouser 1 Larry Kot Diane Teeling Jacquelyn Milschewski _ Rose Ann Spears _ Passed by the City Council of the United City of Yorkville, Illinois this 27th day of May, 2014. Attest: City Clerk APPROVED by me this 27th day of May, 2014. Mayor ATTESTED and FILED in my office this 27th day of May, 2014. City Clerk Published by me in pamphlet form this 27th day of May, 2014. L& /J4.1 City Clerk, United City of Yorkville Kendall County, Illinois STATE OF ILLINOIS ) ) SS COUNTY OF KENDALL ) CERTIFICATION OF ORDINANCE,MINUTES AND PUBLICATION IN PAMPHLET FORM 1, the undersigned, do hereby certify that I am the duly qualified and acting Clerk of the United City of Yorkville, Illinois, Kendall County, Illinois (the "City"), and as such official I am the keeper of the records and files of the City and the City Council of said City(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 27th day of May, 2014, insofar as same relates to the adoption of an Ordinance entitled: AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS (ALTERNATE REVENUE SOURCE) OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS, IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED$8,765,000. 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 conducted 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 news media requesting such notice, that said meeting was called and held in strict compliance with the provisions of the Open Meetings Act of the State of Illinois, as amended, and with the provisions of the Illinois Municipal Code, and that the Council has complied with all of the provisions of said Acts and with all of the procedural rules of the Council in the passage of said Ordinance. I do further certify that said Ordinance was published by authority of the Council in pamphlet form on the 27th day of May, 2014, and said Ordinance as so published was on said date readily available for public inspection and distribution, in sufficient number to meet the needs of the general public, at my office as Clerk located in the City. IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the City, this day of 1f4 , 2014. Clerk, United City of Yorkville Kendall County, Illinois (SEAL)