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Ordinance 1982-11 ORDINANCE NO. AN ORDINANCE providing for the issue of $110,000 Working Cash Fund Bonds of the United City of the Village of Yorkville, Kendall County, Illinois, and for the levy of a direct annual tax sufficient to pay the principal and interest on said bonds . WHEREAS, the United City of the Village of Yorkville, Kendall County, Illinois (the "City" ) , is a municipality with less than 500,000 inhabitants; and WHEREAS, the City Council (the "City Council") of the City now deems it advisable, necessary and in the best interests of the City that a Working Cash Fund of the City (the "Fund" ) be created, set apart, maintained and administered in the manner prescribed in Division 7 of Article 8 of the Illinois Municipal Code, and all acts amendatory thereof and supplementary thereto (the "Code" ) , for the purpose of enabling the City to have in its treasury at all times sufficient money to meet demands thereon for ordinary and necessary expenditures for all general and special corporate purposes ; and WHEREAS, in order to create the Fund, it is deemed advisable, necessary and in the best interests of the City that the City incur indebtedness in the amount of $110,000 for such purpose and issue its bonds therefor in the amount of $110,000; and WHEREAS, pursuant to Section 8-7-2 of the Code, the City Council is authorized to issue bonds for the purpose of creating the Fund: 19�a i� NOW, THEREFORE, Be It Ordained by the City Council of the United City of the Village of Yorkville, Kendall County, Illinois, as follows : Section 1. That pursuant to and in accordance with the provisions of Division 7 of Article 8 of the Code, the Fund shall be created in the manner prescribed by the Code, for the purpose of enabling the City to have in its treasury at all times sufficient money to meet demands thereon for ordinary and necessary expenditures for all general and special corporate purposes. Section 2. That in order to raise the sum of $110,000 needed for the purpose of creating the Fund, there shall be borrowed by, for and on behalf of the City the sum of $110,000 and to evidence said loan negotiable coupon bonds of the City shall be issued. Said bonds shall each be designated "Working Cash Fund Bond, " be dated April 1, 1982, and said bonds shall be numbered consecutively from 1 to 11, inclusive, of the denomination of $10,000 each, and mature serially on December 1 of each of the years and in the amounts and bearing interest at the rates per annum as follows : Year of Principal Rate of Maturity Amount Interest 1983 $ 30,000 11 .55% 1984 40,000 11 .55% 1985 40,000 11 .55% Interest on said bonds shall be payable on December 1, 1983, and semiannually thereafter on June 1 and December 1 in each year, which said interest payments to date of maturity of principal shall be evidenced by proper interest coupons attached to each bond and maturing on the dates herein provided. Both principal -2- and Interest shall be payable in lawful money of the United States of America at The Yorkville National Bank, Yorkville , Illinois . The seal of the City shall be affixed to each of said bonds and said bonds shall be signed by the Mayor and by the Clerk of the City , and said coupons shall be signed by said officials , respectively, by their respective facsimile signatures, and said officials , by the execution of said bonds , shall adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons . Section 3. That the bonds hereby authorized shall be payable to bearer; provided , however, that such bonds may be registered as to principal in the name of the holder on the books of the Treasurer of the City, such registration to be evidenced by notation of said Treasurer on the back of such bonds so registered . No bond so registered shall be subject to transfer except upon such books and similarly noted on the back thereof unless the last registration shall have been to bearer. Such registration of any of said bonds shall not, however , affect the negotiability of the coupons attached to said bonds, but such coupons shall continue transferable by delivery merely. Section 4 . That each of said bonds and the interest coupons to be attached thereto shall be in substantially the following form : -3- 2 S (Form of Bond) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF KENDALL UNITED CITY OF THE VILLAGE OF YORKVILLE WORKING CASH FUND BOND Number $10,000 KNOW ALL MEN BY THESE PRESENTS, that the United City of the Village of Yorkville, Kendall County, Illinois, hereby acknow- ledges itself to owe and for value received promises to pay to the bearer, or if registered to the registered owner hereof the sum of TEN THOUSAND DOLLARS ($10, 000) on the first day of December, 198_, together with interest on said sum from the date hereof until paid at the rate of eleven and fifty-five hundredths per cent (11 . 55%) per annum, payable on December 1, 1983, and semiannually thereafter on June 1 and December 1 in each year, on presentation and surrender of the respective interest coupons hereto attached as they become due and payable. Both principal and interest are hereby made payable in lawful money of the United States of America at The Yorkville National Bank, Yorkville, Illinois. For the prompt pay- ment of this bond, both principal and interest, as aforesaid, at maturity, and the levy of taxes sufficient for that purpose, the full faith, credit and resources of said City are hereby irrevocably pledged. This bond is one of a series of bonds issued by said City for the purpose of creating a working cash fund for said City, pursuant to and in all respects in compliance with the provisions of Division 7 of Article 8 of the Illinois Municipal -4- Code , and all acts amendatory thereof and supplementary thereto , and in compliance with an ordinance authorizing the issuance of this bond , duly passed by the City Council of said City, and pub- lished, in all respects as by law required. It is hereby certified and recited that all conditions , acts and things required by the Constitution and laws of the State of Illinois to exist or to be done precedent to and in the issuance of this bond , have existed and have been properly done , happened and been performed in regular and due form and time as required by law; that the indebtedness of said City, represented by this bond and the issue of which it forms a part, and includ- ing all other indebtedness of said City, howsoever evidenced and incurred , does not exceed any constitutional or statutory limitation, and that provision has been made for the collection of a direct annual tax , in addition to all other taxes, on all of the taxable property in said City sufficient to pay the interest hereon as the same falls due and also to pay and discharge the principal hereof at maturity. This bond is subject to registration as to principal in the name of the holder on the books of the City Treasurer , such registration to be evidenced by notation of such Treasurer on the back hereof, and after such registration no transfer hereof, except upon such books and similarly noted hereon, shall be valid unless the last registration shall have been to bearer. Registration hereof shall not affect the negotiability of the coupons hereto attached, which shall continue negotiable by delivery merely, notwithstanding registration hereof. -5- IN WITNESS WHEREOF, said United City of the Village of Yorkville, Kendall County, Illinois, by its City Council, has caused its corporate seal to be hereunto affixed, and this bond to be signed by the Mayor of said City and attested by the City Clerk, and the coupons hereto attached to be signed by said officials, respectively, by their facsimile signatures, and said officials, by the execution hereof, do adopt as and for their own proper signatures, their respective facsimile signatures appearing on said coupons, all as of the first day of April, 1982. Mayor, United City of the Village of Yorkville, Kendall County, Illinois Attest : City Clerk, United City of the Village of Yorkville, Kendall County, Illinois -6- (Form of Coupon) Number $ On the first day of , 198_, the United City of the Village of Yorkville, Kendall County, Illinois, will pay to bearer Dollars ($ ) in lawful money of the United States of America at The Yorkville National Bank, Yorkville, Illinois, for interest due that day on its Working Cash Fund Bond, dated April 1, 1982, numbered (Facsimile Signature) Mayor, United City of the Village of Yorkville, Kendall County, Illinois Attest: (Facsimile Signature) City Clerk, United City of the Village of Yorkville, Kendall County, Illinois -7- (Form for Registration as to Principal) Date of Signature of Registration Name of Registered Owner _ City Treasurer Section 5 . That the bonds hereby authorized be executed as provided in this ordinance and be deposited with the Treasurer of the City and be delivered by said Treasurer to the purchaser thereof, namely, The Yorkville National Bank, Yorkville, Illinois, upon receipt of the purchase price, the same being the par value of said bonds , plus accrued interest to the date of delivery, and the contract for the sale of said bonds heretofore entered into be and the same is in all respects ratified , approved and confirmed ; it being hereby found and determined that said contract is in the best interests of the City and that no person holding any office of the City , either by election or appointment , is in any manner interested , either directly or indirectly, in his own name or in the name of any other person, association, trust or corporation, in said contract for the purchase of said bonds . Section 6 . That for the purpose of providing funds required to pay the interest on said bonds promptly when and as the same falls due , and to pay and discharge the principal thereof at maturity, there be and there is hereby levied upon all of the taxable property within the City , in the years for which said bonds are outstanding, a direct annual tax sufficient for that -8- purpose, and that there be and there is hereby levied on all of the taxable property in the City, in addition to all other taxes, the following direct annual tax, to-wit: For the Year A Tax Sufficient to Produce the Sum of: 1982 $55,795 for interest and principal up to and including June 13 1984 1983 $46, 930 for interest and principal 1984 $42,310 for interest and principal Interest or principal coming due at any time when there are insufficient funds on hand from the foreging tax levy to pay the same shall be paid promptly when due from current funds on hand in advance of the collection of said taxes herein levied, and when said taxes shall have been collected, reimburse- ment shall be made to said funds in the amount thus advanced. That the City covenants and agrees with the purchasers and the holders of said bonds hereby authorized that so long as any of said bonds remain outstanding, the City will take no action or fail to take any action which in any way would affect the ability of the City to levy and collect the foregoing taxes, and the City and its officers will comply with all present and future applicable laws in order to assure that the foregoing taxes will be levied, extended and collected as provided herein and deposited in the fund established to pay the principal of and interest on said bonds. Section 7. That forthwith as soon as this ordinance becomes effective, a copy hereof, certified by the Clerk of the City, shall be filed with the County Clerk of Kendall County, Illinois, and said County Clerk shall in and for each of the -9- Years 1982 to 1984 , inclusive , ascertain the rate per cent required to produce the aggregate tax hereinbefore provided to be levied in each of said years , and said County Clerk shall extend the same for collection on the tax books in connection with other taxes levied in said years in and by the City for general corporate purposes of the City, and in said years such annual tax shall be levied and collected by the City in like manner as taxes for general corporate purposes for said years are levied and collected, and in addition to and in excess of all other taxes, and when collected such taxes shall be used solely for the purpose of paying principal of and interest upon the bonds herein authorized when same mature . Section 8 . That from the amounts received upon sale of said bonds all principal proceeds shall be deposited into the "Working Cash Fund" of the City and shall be used only for the purposes and in the manner provided by law and shall not be regarded as current assets of the City available for appropriation . Accrued interest on said bonds shall be and is hereby appropriated for the purpose of paying the first interest due on said bonds and , to that end, is hereby ordered deposited into the "Working Cash Fund Bond and Interest Fund" ( the "Bond Fund" ) which fund shall be the fund for the payment of principal of and interest on said bonds . Taxes received for the payment of said bonds shall be deposited into the Bond Fund and used solely and only for paying said bonds . Interest received from deposits in the Bond Fund shall be retained in the Bond Fund for payment of said bonds on the interest payment date next after such interest is received. -10- Section 9. That the City Council hereby covenants to use the proceeds of said bonds with due diligence for the purposes for which said bonds were issued and that no use of said proceeds will be made which would cause said bonds to be "arbitrage bonds" under Section 103(c) of the Internal Revenue Code of 1954, as amended, or would cause the interest on said bonds to become subject to federal income taxation. Section 10. That a full, true and complete copy of this ordinance shall be published within thirty (30) days after passage in the Kendall County Record, the same being a newspaper published in and with a general circulation within the City. Section 11. That all ordinances, resolutions and orders, or parts thereof, in conflict herewith, are to the extent of Such conflict hereby repealed, and this ordinance shall be in full force and effect upon its adoption and publication as provided by law. Adopted 4^elL aZ Z 1982. �QF'e mEitJ: AYES : IVAV IN A. 7/k.?o^J S14 rMQAJS NAYS: N ONE Rti Dr2 In 6-Al:. ABSENT: ,0/4r-R. C& tt oAA. MAA) Signed dp,eiA..2a, 1982 Mayor, U ited y of tjie Village of Yorkv1JAe, Kendall County, Illinois Published in the Kendall County Record on S/-a , 1982. -11- Attest: C rK s United City f the ,� y Village- of Yorkville, Kendall County, Illinois Recorded in the City Records on 1982• —12— Alde rman Jennings moved and Alderman Tilton seconded the motion that said ordinance as presented and read by the City Clerk be adopted . After a full and complete discussion thereof, the Mayor directed that the roll be called for a vote upon the motion to adopt said ordinance as read. Upon the roll being called, the following voted AYE : Alderman Beach Alderman Small Alderman Tilton Alderman Harker Alderman Simmons Alserman Jennings NAY : None Whereupon the Mayor declared the motion carried and said ordinance adopted , and henceforth did sign the same in open meeting and did direct the City Clerk to record the same in full in the records of the City Council of the United City of the Village of Yorkville, Kendall County, Illinois , which was done. Other business not pertinent to the adoption of said ordinance was duly transacted at the meeting. Upon motion duly made and seconded, the meeting was adjourned. C ty Clerk MINUTES of a e aR., public meeting of the City Council of the United City of the Village of Yorkville, Kendall County, Illinois, held at Z//Aj.L - .TEfiEe- T..s. , Yorkville, llino s, in said City at .•oo o' clock P.M. , on the may of ^Ap,Q/�., 1982. The Mayor called the meeting to order and directed the City Clerk to call the roll. Upon roll call, the following answered present: �/fv F TyANEPv�N, the Mayor, and Aldermen TI A. Ton) 4Aek44 Sim /n oNS JEiUA)1A16S The following were absent: 101E9eE F DoA-,AmAA/ Alderman a&Aj Aj/�j presented and the City Clerk read in full an ordinance as follows: STATE OF ILLINOIS COUNTY OF KENDALL - FI LED MAY 121982 co.nrycietr, '"�'� Kendall county STATE OF ILLIn01S SS COUNTY OF KENDALL CERTIFICATION I , LUANNE J . ERICKSON , City Clerk of the UNITED CITY OF THE VILLAGE OF YORKVILLE , Kendall County , Illinois , do certify that the foregoing is a true and correct copy of an Ordinance #1982- 11 entitled : "An Ordinance providing for the issue of $ 110 , 000 Working Cash Fund Bonds of the United City of the Village of Yorkville , Kendall County, Illinois , and for the levy of a direct annual tax sufficient to pay the principal and interest on said bonds ." , and duly passed by the City Council of the UNITED CITY OF THE VILLAGE OF YORKVILLE , Kendall County, Illinois , on the 22nd day of April , A. D . 1982 , and duly approved by the Mayor on the 22nd day of April , A. D. 1982 . 1 further do hereby certify that said Ordinance was passed by the affirmative vote from a majority of the City Council of the UNITED CITY OF THE VILLAGE OF YORKVILLE , Kendall County , Illinois , said vote having been taken by roll call , ayes and nays , recorded and entered on the record of the Corporate Authority. I do further certify that I am legal custodian of all papers , contracts , documents and records of said City. IN WITNESS WHEREOF , I have hereunto affixed my hand and caused the Official Seal of the UNITED CITY OF THE VILLAGE OF YORKVILLE , Kendall County , Illinois , to be affixed this /�f7E, day of A. D . 1982 . `\ Cit .Clerk ��eaj� .� STATE OF ILLINOIS ) Ss COUNTY OF KENDALL ) FILING CERTIFICATE I, the undersigned, do hereby certify that I am the duly qualified and acting County Clerk of The County of Kendall , Illinois, and as such official I do hereby certify that on the day of 1982, there was Piled in my office a duly certified copy of Ordinance No . entitled: AN ORDINANCE providing for the issue of T110,000 Working Cash Fund Bonds of the United City of the Village of Yorkville, Kendall County, Illinois, and for the levy of a direct annual tax sufficient to pay the principal and interest on said bonds . duly adopted by the City Council of the United City of the Village of Yorkville, Kendall County, Illinois, on the day of , 1982, and that the same has been deposited in the official files and records of my office. IN WITNESS WHEREOF, I hereunto affix my official signa- ture and the seal of said County, this � day of , 1982 . ounty Clerk of a County of Kendall, Illinois (SEPAL). STATE OF ILLINOIS) ) SS COUNTY OF KENDALL) CERTIFICATION OF MINUTES I. the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of the United City of the Village of Yorkville, Kendall County, Illinois (the "City" ) , and as such official I am the keeper of the records and files of the City Council of the 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 _2Lc. ct day of �, 19823% insofar as same relates to the adoption of Ordinan entitled: AN ORDINANCE providing for the issue of $1109000 Working Cash Fund Bonds of the United City of the Village of Yorkville, Kendall County, Illinois, and for the levy of a direct annual tax sufficient to pay the principal and interest on said bonds. 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 held at a specified time and place convenient to the public, that notice of said meeting was duly given to all of the 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, as amended, and that the Council has complied with all of the provisions of said Act and said Code and with all of the procedural rules of the Council. IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the City, this /, day of , 1982. Ci Clerk, United City of the Village of Yorkville, Kendall County, Illinois STATE OF ILLINOIS ) COUNTY OF KENDALL ) CONTRACT CERTIFICATE I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of the United City of the Village of Yorkville , Kendall County, Illinois (the "City" ) , and as such official I do further certify that attached hereto is a true , correct and complete copy of the contract made on the pL,? i%Aday of 1982 , between the City and the purchaser of the $110 ,000 Working Cash Fund Bonds, dated April 131 1982 , of the City , regarding the sale and purchase of said bonds . IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the City, this __2,;2,�A day of 1982 . City Clerk (SEAL) • , z STATE OF ILLINOIS ) SS COUNTY OF KENDALL ) ORGANIZATION CERTIFICATE We , the undersigned, Ob hereby certify that we are the duly qualified and acting Mayor and City Clerk, respectively, of the United City of the Yi-llage of Yorkville, Kendall County, Illinois (the "City" ) , and as such officials we do further certify as follows : 1 . The City ,was organized and incorporated as a City under the laws of the State of Illinois in the year 1957 , has continuously since its incorporation operated under the general laws of the State of Illinois as a City governed by a Mayor and City Council , is now operating under the provisions of the Illinois Municipal Code , as amended (Ill. Rev . Stat . ch. 24, pars . 1-1 et seq. ) (the "Code" ) , and is not now operating under the provisions of any special act or charter . 2. The City has not adopted and is not now operating under the provisions of Article 4 of the Code , said article providing for The Commission Form of Municipal Government, has not adopted and is not now operating under the provisions of Article 5 of the Code , said article providing for The Managerial Form of Municipal Government , has not adopted and is not now operating under the provisions of Articles 6, 14 and 18 of The Election Code of the State of Illinois, as amended (Ill . Rev . Stat . ch. 46, arts . 6, 14 and 18) , said articles being known as the City Election Law and has not elected by referendum to become a home rule unit under the provisions of the 1970 Constitution of the State of Illinois . 3 . The present duly qualified and acting officials of the City are as follows : LeRoy E . Thanepohn , Mayor Luanne J . Erickson City Clerk Marilyn J. Merkel , City Treasurer Fred Dickson City Attorney with a City Council (the "Council" ) composed of 8 duly qualified and acting Aldermen as follows : Lawrence Beach , Larry Small , Ted Tilton , Blaine Harker , Fred Dollman , Naydene Pierce , Roger Simmons , Lawrence Jennings and said members of the Council have been the duly quali- fied and acting Council since March 11 , 1982, and provided there are no vacancies created by resignation or otherwise, will constitute the Council until the election for members of the Council to be held on April 5, 1983, is canvassed and a new Council duly constituted. 4. The changes in the boundaries of the City during the last five (5) years were as follows: (Attach copy of the orders and ordinances providing for all such changes. If no changes have occurred, please so indicate with the word "none" . ) 5. The only counties within which the City is wholly or partly located are as follows: KENDALL , and none of said counties have adopted and are now operating under the provisions of Article 6A of The Election Code of the State of Illinois, as amended (Ill. Rev. Stat. ch. 46, art. 6A) , said article providing for a county board of election commissioners. 6. The Kendall County Record is a local, community newspaper published in and with a general circulation within the City. 7. All of the news media that have filed a request for notice of the meetings of the Council pursuant to the Open Meetings Act of the State of Illinois, as amended (Ill. Rev. Stat. ch. 102, pars. 41 et seq. ) , are as follows: The Kendall County Record Aurora Beacon News WSPY (If no requests have been made, please so indicate with the word "none". ) 8. The regular meetings of the Council are held on the 2nd & 4th Thursdays (3rd Thursday only in November & of each month at 8 . 00 o' clock p .M. , at cem er within the City, the Council has given public notice of said schedule of regular meetings stating the regular dates, times and places of said meetings at the beginning of each calendar or fiscal year by posting a copy of said public notice at the principal office of the Council and by supplying copies of said public notice to all of the newspapers, radio or television stations and other news media that have filed a request for such notice, and the Council has made said schedule available to the public. 9. The City has an official population of 3 ,422 , and there are approximately 1702 legal voters in the City. -2- 10. No petition has been filed or is now pending praying for the disconnection of any territory from the present corporate limits of the City. 11. There is no litigation or controversy pending or threatened and there are no tax objections pending or threatened ques- tioning or affecting in any manner whatsoever the corporate existence of the City , the boundaries thereof, the right of the City to levy taxes for municipal purposes or the title of any of its present officials to their respective offices. IN WITNESS WHEREOF, we hereunto affix our official signatures and the seal of the City, this /O/t day of 1982 . yor City Clerk (SEAL) -3-