Ordinance 1991-11 O R D I N A N C E 1991-
AN ORDINANCE AUTHORIZING THE UNITED CITY OF THE
VILLAGE OF YORKVILLE OF KENDALL COUNTY, ILLINOIS TO
BORROW FUNDS FROM THE WATER POLLUTION CONTROL REVOLVING FUND
WHEREAS, the United City of the Village of Yorkville, Kendall
County, Illinois (the "City") , operates its sewerage system (the "System")
and in accordance with the provisions of the authorizing statute appropriate
to the situation, and the Local Government Debt Reform, 111. Rev. Stat. 1989,
ch. 17, par 6901 et se g. (collectively, the "Act") ; and
WHEREAS, the Mayor and City Council of the United City of the Village
of Yorkville (the "Corporate Authorities") have determined that it is advisable,
necessary and in the best interests of public health, safety and welfare to
improve the System, including the following :
To install a 12" syphon under the Fox River, serving the South Side
of the City for sewer services; and to increase pipe size, and to replace
the existing south-west side of the City sewer interceptor. It is estimated
that the benefit of the improvement would be in excess of twenty (20)
years to the residents of the City.
together with any land or rights in land and all electrical, mechanical or
other services necessary, useful or advisable to such construction and installation
(the "Project"), all in accordance with the plans and specifications therefor
prepared by consulting engineers to the City; and
WHEREAS, the estimated cost of constructing and installing the Project,
including engineering, legal, financial, and other related expenses, is $567,320.00,
and there are insufficient funds on hand and lawfully available to pay such
costs; and
WHEREAS, such costs are expected to be paid for with a loan to the
City from the Illinois Environmental Protection Agency through the Water
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Pollution Control Revolving Fund, said loan to be repaid from the revenues
of the System and such loan is authorized to be accepted at this time pursuant
to the Act; and
WHEREAS, pursuant to and in accordance with the provisions of the
Act, the Village is authorized to borrow funds from the Water Pollution Control
Revolving Loan Fund in the aggregate principal amount of $567,320.00, for
the purpose of providing funds to pay the costs of the Project; and
WHEREAS, the loan to the City shall be made pursuant to a Loan Agreement,
including certain terms and conditions, between the City and the Illinois
Environmental Protection Agency;
NOW THEREFORE, BE IT ORDAINED by the Mayor and City Council
of the United City of the Village of Yorkville, Kendall County, Illinois, as
follows:
SECTION 1 . INCORPORATION OF PREAMBLES
The Corporate Authorities hereby find that the recitals contained in
the Preambles to this Ordinance are true and correct and do incorporate
them into this Ordinance by this reference.
SECTION 2. DETERMINATION TO BORROW FUNDS
It is necessary and in the best interests of the City to construct the
Project for the public health, safety and welfare, in accordance with the
plans and specifications, as described, that the System continue to be operated
in accordance with the provisions of the Act, and that for the purpose,�of
constructing the Project, it is hereby authorized that funds be borrowed
by the City in an aggregate principal amount not to exceed $567,320.00.
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SECTION 3. PUBLICATION
This Ordinance, together with a notice in the statutory form, shall be
published once within ten days after passage hereof by the Corporate Authorities
in the Kendall County Record, being a newspaper published and of general
circulation in the City, and if no petition, signed by electors numbering
fifteen percent (150) of the number of electors voting for the Mayor at the
last preceding general municipal election at which a Mayor for the City was
elected (i.e. 131 electors) and asking that the question of improving the
System, as provided in this Ordinance, and the entering into the Loan Agreement
therefor, be submitted to the electors of the City, is filed with the City
Clerk within 30 days after the date of the publication of this Ordinance
and said notice, then this Ordinance shall be in full force and effect. A
petition form shall be provided by the City Clerk to any individual requesting
one.
SECTION 4. ADDITIONAL ORDINANCES
If no petition meeting the requirements of the Act and other applicable
law is filed during the petition period hereinabove referred to, then the Corporate
Authorities may adopt additional ordinances or proceedings supplementing
or amending this Ordinance providing for the entering into the Loan Agreement
with the Illinois Environmental Protection Agency, prescribing all the details
of said Loan Agreement, and providing for the collection, segregation and
distribution of the revenues of the System, so long as the maximum amount
of said Loan Agreement as set forth in this Ordinance is not exceeded and
there is no material change in the Project or purposes described herein.
Such additional Ordinances or proceedings shall in all instances become effective
in accordance with the Act and other applicable law. This Ordinance, together
with such additional ordinances or proceedings, shall constitute complete
authority for the entering into of said Loan Agreement under applicable law.
However, notwithstanding the above, the City may not adopt additional
ordinances or amendments which provide for any substantive or material change
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in the scope and intent of this Ordinance, including but not limited to interest
rate, preference or priority of any other ordinance with this Ordinance,
parity of any other Ordinance with this Ordinance, or otherwise alter or
impair the obligation of the City to pay the principal and interest due to
the Water Pollution Control Revolving Fund without the written consent of
the Illinois Environmental Protection Agency.
SECTION 5. LOAN NOT INDEBTEDNESS OF CITY
Repayment of the loan to the Illinois Environmental Protection Agency
by the City pursuant to this Ordinance, is to be solely from the revenue
derived from an increased user charge and the loan does not constitute an
indebtedness of the City within the meaning of any constitutional or statutory
limitation.
SECTION 6. ACCEPTANCE OF LOAN AGREEMENT
The Mayor and the City Council hereby authorize acceptance of the
offer of a loan through the Water Pollution Control Revolving Fund, including
all terms and conditions of the Loan Agreement as well as all special conditions
contained therein and made a part thereof by reference. The Mayor and
City Council further agree that the loan funds awarded shall be used solely
for the purposes of the project as approved by the Illinois Environmental
Protection Agency in accordance with the terms and conditions of the Loan
Agreement.
SECTION 7. AUTHORIZATION OF MAYOR TO EXECUTE LOAN AGREEMENT
The Mayor is hereby authorized and directed to execute the Loan Agreement
with the Illinois Environmental Protection Agency on or before August 18, 1991 .
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NOTICE OF INTENT TO BORROW
FUNDS AND RIGHT TO FILE PETITION
NOTICE IS HEREBY GIVEN that pursuant to Ordinance Number 1991- _,
adopted July 11 , 1991 , the United City of the Village of Yorkville, Kendall
County, Illinois (the "City") , intends to enter into a Loan Agreement with
the Illinois Environmental Protection Agency in an aggregate principal amount
not to exceed $567,320.00 and bearing interest per annum at not to exceed
the maximum rate authorized by law at the time of execution of the Loan
Agreement, for the purpose of paying the costs of certain improvements to
the sewerage system of the City. A complete copy of said Ordinance accompanies
this Notice.
NOTICE IS HEREBY FURTHER GIVEN that if a petition signed by 131
or more electors of the City (being equal to 150 of the number of electors
voting for the Mayor at the last preceding general municipal election at which
a Mayor for the City was elected), requesting that the question of improving
the sewerage system and the entering into the Loan Agreement therefor is
submitted to the City Clerk within 30 days after the date of publication
of this Notice, the question of improving the sewerage system of the City
as provided in said Ordinance and the Loan Agreement therfor shall be submitted
to the electors of the City at the next appropriate consolidated election date
to be held on November 5, 1991 . A form of petition for such purpose is
available from the office of the City Clerk.
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CITY CLERK, United City of the Village
of Yorkville, Kendall County, Illinois