Ordinance 1969-53 AN ORDINANCE to amend an ordinance heretofore
a3opptted by the City Council of the United
City of the Village of Yorkville, Kendall
County, Illinois, on May 8, 1969, entitled:
"AN ORDINANCE authorizing and providing for
tR_e issue of $185,000 Water Revenue Bonds of
the United City of the Village of Yorkville,
Kendall County, Illinois, for the purpose
of defraying the cost of constructing necessary
improvements and extensions to the waterworks
system of said United City, prescribing all
the details of said bonds, and providing for
the collection, segregation and distribution
of the revenue of the waterworks system of
said United City for the purpose of paying
the cost of the operation and maintenance
thereof, providing an adequate depreciation
fund therefor, and paying the principal and
into-rest of said Water Revenue Bonds".
s * s
WHEREAS, on May 8, 1969, the City Council of the United
City of the Village of Yorkville, Kendall County, did -adopt an
ordinance providing for the issuance of $185,000 Water- Revenue
Bonds, of said United City, for the purpose of paying the c,st of
constructing necessary improvements and extensions to the waterworks
system of said United City, said ordinance being entitled: "AN
ORDINANCE authorizing and providing for the talus of $185,,000 water
Revenue Bonds of the United City of the Village of Yorkville,
Kendall County, Illinois, for the purpose of defraying the cost of
constructing necessary improvements and extensions to the waterworks
.system of said United City, prescribing all the details of said bonds.
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and providing for 'the collection, segregation and distribution of
the revenue of the waterworks system of said United City for the pur-
pose of paying the cost of the operation and maintenance thereof,
providing an adequate depreciation fund therefor, and paying the a
principal and interest of said Water Revenue Bonds". which said
ordinance is now in full force and effect; and
' WHHBREAS, said ordinance did provide that said bonds should
be dated Pay 1, 1969, become due on May 1 of the years 1981 to
1996, incluRtve, and bear interest at the rate of not to exceed six
per cent (6x) per annum being the maximum rate of interest then
authorized for bonds issued pursuant to the provisions of Divisit'n
129 of Article 11 of the Illinois Municipal Code; and
WHEREAS, during the time since said ordinance was adopted
by the City Council, there has been a substantial increase in
Interest rates and the Seventy-Sixth General Assembly of the State
of Illinois has authorized the issuance of such bonds bearing inter-
est at the rate of not to exceed seven per cent (7%) annually if
issued before July 1, 1971; and
WHEREAS, it is necessary and for the beat interest of said
United City that Sections 4 and 17 of said ordinance be amended
to provide that said bonds authorized in the principal amount of
$185,000 and dated May 1, 1969 shall bear interest at the rate of
not to exceed seven per cent (7x) per annum:
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 Section 4 of said ordinance heretofore
adopted by the City Council of the United City of the Village of
Yorkville, Kendall County, Illinois, on May 8, 1969, and bearing
the title set out hereinabove in the preamble to this ordinance,
be amended to read as follows:
"Section 4. That for the purpose of paying the cost
of the construction of the necessary improvements and extensions
to the existing wate.wprks system of the United City of the
✓illlge of Yorkville, as referred to and described hereinabove
In the preamble of this ordinance, there be issued revenue bonds
of said United City in the principal amount of $185,000, to be
designated "Water Revenue Bonds", which bonds shall be dated
-2-
`s
may 1, 1969, be of the denomination of $5,000 each, be numbered
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consecutively from 1 to 37, inclusive, bear interest at the
rate of not to exceed seven per cent per annum, such interest pay-
able on November 1, 1969, and semiannually thereafter on the
first days of May and November in each year, and mature serially
as follcws:
$ 5,000 on May 1, 1981
$20,000 on May 1 of each of the years 1982 to 1990, and
$15,000 on May 1 of each of the years 1991 to 1996,
provided, however, that bonds numbered 16 to j7, Inclusive, shall
be redeemable prior to -their maturity, at par and accrued inter-
i
ect to the date of redemption, at the option of the United City
on November 1, 1988, or on any interest date thereafter. All
of said bonds redeemable prior to maturity, as above recited,
shall be redeemable in the inverse order in which they are num-
bered; that is to say, bond number 37 shall first be redeemed
before bond number 36 is redeemed, and so on, continuing such
priority of redemption as to all of said bonds . Notice in each
instance specifying the number of the bond and date of redemption
shall be given by registered mail to the holder, if known, and
as to any unknown holder such notice shall be published once
In a newspaper of general daily circulation printed and published
In the City of Chicago and shall be filed at the place of pay-
ment of principal and interest. The date of the mailing and
the date of publication and filing of such notice shall be at
least thirty days preceding such redemption date, and when
such bonds have been called for redemption and payment made or
provided for, interest shall cease from and after the date so
specified."
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° Se_ion 2. That Section 17 of said ordinance be mended Y
to read as follows:
"Seot on 17. That as soon after this ordinance becomes
effective the bonds herein authorized shall be sold by the Cit
Council of said United City in such manner as they may hereafter
determine; provided, however, that the price for such bonds
shall be such that the interest cost to the United City for the
money received by the United City fr°m such bond sale shall not
d
exceed seven per cent (7x) annually computed to maturity acoord-
ing to standard tables of bond values."
Section . That the bonds up to the pricipal amount of
$185,000 shall be executed by the officials of said United City
in the wanner and form as provided in said ordinance after making
the necessary changes to conform to the provisions of Sectiora4 and
17 of said ordinance, as hereinabove amended.
Section 4. This ordinance, within ten (10) days after
its passage by the City Council, shall be published once in the
Kendall County Record, the same being a newspaper published in said
United City, and if no petition be filed with the Cierk of said
United City, within twenty-one (21) days after the publication of
this ordinance by twenty per cent (20x) of the voters voting for
Mayor of said City at the last preceding general municipal election,
requesting an election to submit the proposition of amending said
ordinance, then this ordinance shall be in full force and ef;ect.
APPROVED:
Iva r
PASSED: �C7prl 1C °q 1969.
APPROVED: b e_-T o� to a , 1969.
PUBLISHED: (keg / , 1969.
ATTiS
;Kty-nerk