Ordinance 1990-19A qP
ORDINANCE NO. 1990-
AN ORDINANCE APPROVING CITY PARTICIPATION
IN REVOLVOING 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, saic rev:_.Ivi,g :::are would be granted to the City and become
a senio lien against the City Sewer Maintenz,•r-,ce 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 (1990) :
NOW THEREFORE, be it ordained that the United City of the Village of Yorkville
hereby is autorhized to and does enter into the revolving loan program to provide
borrowing in a sum not in excess of $ , -"„ ��_ r_�> and the United
City of the Village of Yorkville further encumbers its Sewer Maintenance Fund
combined revenue systems with a senior lien against said fund to secure repayment
of said revolving loan.
IN WITNESS WHEREOF, this Ordinance has been enacted this ��}
day of ;— 1990.
t.
ROBERT E. DAVIDSON, JR. M yor
ATTEST:
CITY' CLERK