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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. i 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 I 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." aN I ° 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