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
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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 :
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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
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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.
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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
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(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
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(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
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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
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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.
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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.
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Attest:
C rK s United City f the
,� y
Village- of Yorkville, Kendall
County, Illinois
Recorded in the City Records on 1982•
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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
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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.
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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)
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