Ordinance 2015-23 UNITED CITY OF YORKVILLE
KENDALL COUNTY, ILLINOIS
ORDINANCE NO.2015-23
AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION BONDS (ALTERNATE REVENUE SOURCE),
SERIES 2015A OF THE UNITED CITY OF YORKVILLE, KENDALL
COUNTY, ILLINOIS IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $6,250,000 FOR THE PURPOSE OF FINANCING
THE COSTS OF CERTAIN CAPITAL PROJECTS WITHIN THE
CITY, REFINANCING CERTAIN OUTSTANDING OBLIGATIONS
AND PAYING FOR COSTS RELATED THERETO
Adopted by the Mayor and City Council of the
United City of Yorkville,Kendall County,Illinois
This 121"day of May, 2015
Published in pamphlet form
by the authority of the
Mayor and City Council
of the United City of Yorkville,
Kendall County, Illinois
this 12`x'day of May,2015.
ORDINANCE NO. 2015-Z
AN ORDINANCE authorizing the issuance of General Obligation
Bonds (Alternate Revenue Source), Series 2015A of the United
City of Yorkville, Kendall County, Illinois, in an aggregate
principal amount not to exceed $6,250,000 for the purpose of
financing the costs of certain capital projects within the City,
refinancing certain outstanding obligations and paying for costs
related thereto.
WHEREAS, the United City of Yorkville, Kendall County, Illinois (the "City"), is a
municipal corporation and body politic of the State of Illinois, duly created, organized and
existing under The Municipal Code'of the State of Illinois (the "Municipal Code"), and having
the powers, objects and purposes provided by said Municipal Code; and
WHEREAS, the City Council of the City (the "Corporate Authorities") has determined
that it is necessary to (i) finance the acquisition, construction, rehabilitation and equipping of
infrastructure improvements within the City, including, but not limited to, water infrastructure
improvements in the City's Countryside subdivision (the "Project"), (ii) current refund a portion
of the City's outstanding General Obligation Bonds (Alternate Revenue Source), Series 2005
(the "Refunding"), which were issued to finance certain redevelopment project costs to be
incurred in connection with the redevelopment of the US Route 34 & IL Route 47 (Countryside
Shopping Center) Tax Increment Financing Redevelopment Project Area (the "Prior Project")
and (iii) pay certain costs of issuance of the Bonds (as such term is hereinafter defined), all for
the benefit of the inhabitants of the City; and
WHEREAS, the estimated cost of the Project (in an amount not to exceed $4,550,000)
and the Refunding (in an amount not to exceed $1,700,000), including legal, financial, bond
discount, printing and publication costs, capitalized interest, if any, and other expenses
(collectively, the "Costs"), will not exceed $6,250,000, and there are insufficient funds on hand
and lawfully available to pay such costs; and
WHEREAS, up to $6,250,000 of alternate bonds need to be issued at this time pursuant
to the Local Government Debt Reform Act, 30 ILCS 350/1 to 350/18 (the "Act"); and
WHEREAS, it is necessary for the best interests of the City that the Project and the
Refunding be completed, and in order to raise funds required for such purpose it will be
necessary for the City to borrow an aggregate principal amount of not to exceed $6,250,000 and
in evidence thereof to issue alternate bonds, being general obligation bonds payable from (i) all
collections distributed to the City from Retailer's Occupation Taxes, Service Occupation Taxes,
Use Taxes and Service Use Taxes (collectively, the "Sales Taxes" or the "Pledged Revenues"),
and (ii) ad valorem taxes of the City for which its full faith and credit have been irrevocably
pledged, unlimited as to rate or amount (the "Pledged Taxes"), in an aggregate principal amount
not to exceed $6,250,000, all in accordance with the Act; and
WHEREAS, if the above-mentioned revenue source is insufficient to pay the alternate
bonds, ad valorem property taxes upon all taxable property in the City without limitation as to
rate or amount are authorized to be extended to pay the principal of and interest on the alternate
bonds;
WHEREAS, pursuant to and in accordance with the provisions of Section 15 of the Act,
the City is authorized .to issue alternate bonds in an aggregate principal amount not to exceed
$6,250,000 for the purpose of providing funds for the Project, the Refunding and to pay the
Costs;
NOW THEREFORE, Be It Ordained by the City Council of the United City of Yorkville,
Kendall County, Illinois, as follows:
Section 1. Incorporation of Preambles. The Corporate Authorities hereby finds that all
of the recitals contained in the preambles to this Ordinance are full, true and correct and does
incorporate them into this Ordinance by this reference.
Section 2. Determination To Issue Bonds. It is necessary and in the best interests of the
City to complete the Project for the purpose of completing the Project, the Refunding and paying
the Costs, alternate bonds of the City are hereby authorized to be issued and sold in an aggregate
principal amount not to exceed $6,250,000, known as "General Obligation Bonds (Alternate
Revenue Source), Series 2015A" (the "Bonds") of the City, said Bonds being payable from (i) all
collections distributed to the City from Retailer's Occupation Taxes, Service Occupation Taxes,
Use Taxes and Service Use Taxes (collectively, the "Sales Taxes" or the "Pledged Revenues"),
and (ii) ad valorem taxes of the City for which its full faith and credit have been irrevocably
pledged, unlimited as to rate or amount (the "Pledged Taxes").
Section 3. Publication. This ordinance, together with a notice in the statutory form,
shall be published once within ten days after passage hereof by the Corporate Authorities in the
Kendall County Record, the Ledger-Sentinel and the Plano Record, each being a newspaper of
general circulation in the City, and if no petition, signed by 813 electors (said number being the
greater of (i) seven and one-half percent (7%2%) of the registered voters in the City or (ii) the
lesser of 200 registered voters or 15% of registered voters), asking that the question of the
issuance of the Bonds be submitted to the electors of the City, is filed with the City Clerk of the
Corporate Authorities within thirty (30) days after the date of the publication of this Ordinance
and said notice, then this Ordinance shall be in full force and effect and the Bonds shall be
authorized to be issued. A petition form shall be provided by the City Clerk at the principal
office of the City, located at 800 Game Farm Road, Yorkville, Illinois, to any individual
requesting one.
Section 4. Additional Ordinances. If no petition meeting the requirements of applicable
law is filed during the petition period hereinabove referred to, then the Corporate Authorities
may adopt additional ordinances or proceedings supplementing or amending this Ordinance
providing for the issuance and sale of the Bonds and prescribing all the details of the Bonds, so
long as the maximum amount of the Bonds as set forth in this Ordinance is not exceeded and
there is no material change in the purposes described herein. Such additional ordinances or
proceedings shall in all instances become effective in accordance with applicable law. This
Ordinance, together with such additional ordinances or proceedings, shall constitute complete
authority for the issuance of the Bonds under applicable law.
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Section 5. Additional Proceedings. If no petition meeting the requirement of applicable
law is filed during the petition period hereinabove referred to, then the preparation and
distribution of a preliminary official statement relating to the Bonds is hereby approved, and the
Mayor is hereby authorized to deem the preliminary official statement nearly final.
Section 6. Severability. If any section, paragraph, clause or provision of this Ordinance
shall be held invalid or unenforceable, the invalidity or unenforceability of such section,
paragraph, clause or provision shall not affect any of the other provisions of this Ordinance.
Section 7. Repealer. All ordinances, resolutions or orders, or parts thereof, in conflict
with the provisions of this Ordinance are to the extent of such conflict hereby repealed.
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Section 8. Effective Date. This Ordinance shall be in full force and effect from and
after its passage and approval in the manner provided by law.
AYES: �2/E�c.2S, 7Al2UUS� COLOSIWy0' t,1444OLL-SF-2,
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NAYS:
ABSENT:
PASSED this 12th day of May, 2015.
APPROVED by me this 12th day of May, 2015.
By: -'/c ba
Its: Gary J. inski
Mayo j(Onited City of
Yorkville, Kendall County, Illinois
ATTEST:
By:
Its: ffeX Warren
City Clerk, United City of Yorkville,
Kendall County, Illinois
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NOTICE OF INTENT TO ISSUE BONDS
AND RIGHT TO FILE PETITION
AND HEARING ON PROPOSED ISSUANCE
Notice is hereby given that pursuant to Ordinance No. cX16-a3 , adopted on May 12,
2015, the United City of Yorkville, Kendall County, Illinois (the "City"), intends to issue
alternate bonds, being general obligation bonds (the "Bonds") payable from the hereinafter
identified revenue source, in an aggregate principal amount not to exceed $6,250,000, and
bearing interest per annum at not to exceed the maximum rate authorized by law at the time the
Bonds are sold, for the purpose of(i) financing the acquisition, construction, rehabilitation and
equipping of infrastructure improvements within the City, including, but not limited to, water
infrastructure improvements in the City's Countryside subdivision (the "Project"), (ii) current
refunding a portion of the City's outstanding General Obligation Bonds (Alternate Revenue
Source), Series 2005 (the "Refunding"), which were issued to finance certain redevelopment
project costs to be incurred in connection with the redevelopment of the US Route 34 & IL
Route 47 (Countryside Shopping Center) Tax Increment Financing Redevelopment Project Area
(the "Prior Project") and (iii) paying certain costs thereof. The Bonds shall be payable from (i)
all collections distributed to the City from Retailer's Occupation Taxes, Service Occupation
Taxes, Use Taxes and Service Use Taxes (collectively, the "Sales Taxes" or the "Pledged
Revenues"), and (ii) ad valorem taxes of the City for which its full faith and credit have been
irrevocably pledged, unlimited as to rate or amount (the "Pledged Taxes"). The ordinance
authorizing the issuance of bonds is attached hereto and appears below this notice.
Notice is hereby further given that if a petition signed by 813 or more of registered voters
of the City is submitted to the City Clerk of the City (the "City Clerk") within 30 days of
publication of this notice, asking that the question of the issuance of the Bonds be submitted to
referendum, then the question of the issuance of the Bonds shall be submitted to the electors of
the City at the General Primary Election to be held on the 15th day of March, 2016. If no
petition is filed with the City Clerk within said 30-day period, the Bonds shall be authorized to
be issued. A form of petition is available from the City Clerk at the principal office of the City at
800 Game Farm Road, Yorkville, Illinois.
/s/Beth Warren
City Clerk
United City of Yorkville, Kendall County, Illinois
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PETITION
To the City Clerk of Yorkville,Kendall County,Illinois:
We, the undersigned,being registered voters of the United City of Yorkville,Kendall County(the"City"),
do hereby petition you to cause the question of issuing General Obligation Bonds (Alternate Revenue Source),
Series 2015A (the "Bonds") of said City for the purpose of(i) financing the acquisition, construction, rehabilitation
and equipping of infrastructure improvements within the City, including, but not limited to, water infrastructure
improvements in the City's Countryside subdivision (the "Project"), (ii) current refunding a portion of the City's
outstanding General Obligation Bonds (Alternate Revenue Source), Series 2005 (the "Refunding"), which were
issued to finance certain redevelopment project costs to be incurred in connection with the redevelopment of the US
Route 34&IL Route 47 (Countryside Shopping Center)Tax Increment Financing Redevelopment Project Area(the
"Prior Project")and(iii)paying certain costs thereof said Bonds being payable from(i) all collections distributed to
the City from Retailer's Occupation Taxes, Service Occupation Taxes, Use Taxes and Service Use Taxes
(collectively, the "Sales Taxes" or the "Pledged Revenues"), and(ii) ad valorem taxes of the City for which its full
faith and credit have been irrevocably pledged,unlimited as to rate or amount(the "Pledged Taxes") to be certified
to the County Clerk of Kendall County,and submitted to the electors of said City at the General Primary Election to
be held on the 15th day of March,2016.
Name Address City
Kendall County,Illinois
Kendall County,Illinois
Kendall County,Illinois
Kendall County,Illinois
Kendall County,Illinois
Kendall County,Illinois
Kendall County,Illinois
Kendall County,Illinois
Kendall County,Illinois
Kendall County,Illinois
1, of (insert residence address), ,
Illinois, do hereby certify that I am a citizen of the United States and at least 18 years of age or older, and in the
County of Kendall, Illinois, and that the signatures on this petition were signed in my presence, and are genuine,
and, to the best of my knowledge and belief, the persons so signing were at the time of signing this petition
registered voters of said City and that their respective addresses are correctly stated herein.
/s/
Subscribed and sworn to before me this day of ,2015.
Notary Public
My Commission Expires:
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BINA Notice Form
The Mayor and City Council of the United City of Yorkville, Kendall County,
Illinois will hold a public hearing on May 26, 2015 at 7:00 p.m. The hearing will be held
in the City Hall Council Chambers located at 800 Game Farm Road, in Yorkville,
Illinois. The purpose of the hearing will be to receive public comments on the proposal to
sell bonds in the amount of up to $6,250,000 for the purpose of financing the
acquisition, construction, rehabilitation and equipping of infrastructure improvements
within the City, including, but not limited to, water infrastructure improvements in the
City's Countryside subdivision, current refunding a portion of the City's outstanding
General Obligation Bonds (Alternate Revenue Source), Series 2005 and paying
certain costs thereof.
By: /s/ Beth Warren Title: City Clerk
Note to Publisher: The above notice is to be published one time on or before 7 days before the hearing,but not prior
to 30 days before the hearing. Suggest sometime in the week of May 11, 2015. The publication may be in the
Negals" or "classified" section of the paper. NO SPECIAL BORDER IS REQUIRED FOR THIS
PUBLICATION. DO NOT USE ANY SPECIAL BORDER. Please send your statement to:
City Administrator
United City of Yorkville
800 Game Farm Road
Yorkville,Illinois 60560
and send two publication certificates (and text) to Ice Miller LLP, 200 West Madison Street, Suite 3500, Chicago,
Illinois 60606-3417,Attention Jenine Phillips.
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PUBLISHER: DO NOT PRINT THE FOLLOWING:
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Mavor's Approval and Order Setting Public Hearing:
The undersigned, Mayor of the above Municipality hereby approves and orders the setting of the above
Bond Issue Notification Act hearing.
Date: May 12,2015
Mayor
When signed by the Mayor,please date and fax back to Ice Miller LLP,Attention: Jenine Phillips at 312/726-2694.
C\315026.2
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