Ordinance 1991-18 ORDINANCE NO. 1991-
AN ORDINANCE APPROVING EXTENSION OF
MAYORAL AUTHORITY TO ENTER INTO REVOLVING LOAN FUND
BE IT ORDAINED BY THE CITY COUNCIL OF THE UNITED CITY
OF THE VILLAGE OF YORKVILLE, KENDALL COUNTY, ILLINOIS :
WHEREAS, the Mayor and the City Council of the United City of
the Village of Yorkville, have deemed it to be in their best interest to
participate in a Revolving Loan Fund to secure financing for municipal
improvements; and
WHEREAS, said revolving loan would be granted to the City and
become a senior lien against the City Sewer Maintenance Fund of the
United City of the Village of Yorkville; and
WHEREAS, the United City of the Village of Yorkville agrees to
encumber its Sewer Maintenance Fund combined revenue systems for
the repayment of said revolving loan; and
WHEREAS, the United City of the Village of Yorkville has authority
to enter into the Revolving Loan Program pursuant to Chapter 24, Article
8 of Illinois Revised Statutes (1989) ; and
WHEREAS, the date as to which contracts would be prepared authorizing
the extension of said Revolving Loan Fund to the United City of the Village
of Yorkville still remains uncertain, and it is necessary to provide an
additional time period authorizing the Mayor of the United City of the
Village of Yorkville to enter into said Agreement:
NOW THEREFORE, BE IT ORDAINED that the Mayor of the United
City of the Village of Yorkville is hereby authorized to enter into the
Revolving Loan Program to provide borrowing for a sum not in excess
r '
of Five Hundred Sixty-seven Thousand Three Hundred Twenty Dollars
($567,320.00) to the United City of the Village of Yorkville at any time
on or before June 30, 1992.
IN WITNESS WHEREOF, this Ordinance has been enacted this
day of 1991 .
K ETH K. KITT JR., ayor
ATTEST:
Et
City Clerk
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