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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 -2-