Joint Review Board Packet 2016 11-22-16NOTICE OF ANNUAL MEETING OF JOINT REVIEW BOARD
Kendall Township Kendall County
9513 Walker Road 111 West Fox Street
Yorkville, Illinois 60560 Yorkville, Illinois 60560
Waubonsee Community College Dist. #516 Yorkville School District #115
Route 47 at Waubonsee Drive 602 Center Parkway, #A
Sugar Grove, Illinois 60554 Yorkville, Illinois 60560
Bristol-Kendall Fire Protection District United City of Yorkville
103 East Beaver Street 800 Game Farm Road
Yorkville, Illinois 60560 Yorkville, Illinois 60560
Bristol Township Kendall County Forest Preserve
9075 Corneils 110 W Madison Street
Bristol, Illinois 60512 Yorkville, Illinois 60560
YOU ARE HEREBY NOTIFIED that a meeting of the annual Joint Review Board(s) to review the
annual reports for the US Route 34/IL Route 47 Countryside Shopping Center and Downtown Tax Increment
Financing Redevelopment Project Areas will be convened November 22, 2016 at 3:00 p.m. at the United City of
Yorkville, City Hall, 800 Game Farm Road, Yorkville, Illinois 60560.
PLEASE BE ADVISED that the Joint Review Board(s) shall elect or re-elect a public member as well as a
chairperson. In accordance with the provisions of the Tax Increment Allocation Redevelopment Act (the “Act”) (65
ILCS 5/11-74.1-1, et seq.), the Joint Review Board(s) shall review the annual report(s) for the US Route 34/IL
Route 47 Countryside Shopping Center and Downtown Redevelopment Project Areas.
/s/ Beth Warren, City Clerk
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AGENDA
ANNUAL JOINT REVIEW BOARD OF THE UNITED CITY OF YORKVILLE
US RTE 34 & IL RTE 47 COUNTRYSIDE AND DOWNTOWN REDEVELOPMENT PROJECT
AREAS
November 22, 2016 United City of Yorkville, City Hall 3:00 p.m.
800 Game Farm Road, Yorkville, Illinois
1. Roll Call United City of Yorkville
Kendall Township
Kendall County
Kendall County Forest Preserve
Waubonsee Community College Dist. #516
Yorkville School Dist #115
Bristol-Kendall Fire Protection District
Bristol Township
2. Call Meeting To Order
3. Motion to elect or re-elect Public Member
4. Motion to elect or re-elect Chairperson
5. Minutes for Approval
6. Review of Annual Report for US Rte 34 & IL Rte 47 Countryside and Downtown Redevelopment
Project Areas
7. Discussion
8. Adjournment
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Table of Contents
Minutes of the Fiscal Year 2015 Joint Review Board .............................................................................. 1
US Route 34 & IL Route 47 (Countryside) TIF Report .......................................................................... 4
Certification of Chief Executive Officer ................................................................................................. 15
Legal Council Opinion ............................................................................................................................ 16
Activities Statement ................................................................................................................................ 17
Official Statement – GO ARS Bonds, Series 2015A .............................................................................. 18
Audited Financial Statements ............................................................................................................... 105
Auditor Compliance Letter ................................................................................................................... 113
Downtown TIF Report ........................................................................................................................... 114
Certification of Chief Executive Officer ............................................................................................... 125
Legal Council Opinion .......................................................................................................................... 126
Activities Statement .............................................................................................................................. 127
Audited Financial Statements ............................................................................................................... 128
Auditor Compliance Letter ................................................................................................................... 136
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Fiscal Year 2015 Annual Joint Review Board for TIF Districts
Tuesday, November 24, 2015
3:00 p.m.
Yorkville City Hall Conference Room
800 Game Farm Road, Yorkville, Illinois 60560
Committee Members in Attendance:
Tom Lindblom, Deputy Chief – Bristol Kendall Fire Protection District
City Officials in Attendance:
Rob Fredrickson, Finance Director - United City of Yorkville
Kathleen Field Orr, City Attorney – Kathleen Field Orr & Associates
Bart Olson, City Administrator – United City of Yorkville
Other Attendees:
No other attendees
Elect Chair Person
Rob Fredrickson was nominated; seconded by Bart Olson; unanimously carried viva voce.
Ms. Orr took roll and called the meeting to order at 3:02pm. Mr. Fredrickson opened the annual
meeting by asking for approval of the minutes from the November 25, 2014 meeting as
presented. Mr. Olson made a motion to approve; motion was unanimously carried viva voce.
Annual Reports for U.S. Route 34 & IL Route 47 Countryside and the Downtown
Redevelopment Project Areas:
Mr. Fredrickson asked everyone to turn to page six for an overview. The US Route 34 & IL
Route 47 redevelopment area– commonly referred to as the Countryside TIF – had a negative
beginning Fund Balance of $534,087. Revenues for the fiscal year ended 2015 are $9,295,
which consisted primarily of property tax. The Fund had expenditures of $80,028, resulting in
an ending Fund Balance of negative $604,820.
Mr. Fredrickson then gave a brief summary of the Activities Statement, as presented on page 19
of the report, stating that the movie theater (NCG Cinemas) opened in November 2013 and then
further discussed the developer incentives associated with the theater. As for Fiscal Year 2015
activities, a new day care center, called Lighthouse Academy, opened in the Countryside TIF
District, and currently there are six remaining out lots for future development. Mr. Fredrickson
then went on to talk about the 2014 Refunding Bond, which refunded a portion of the 2005
Countryside bonds.
1
Mr. Olson then presented a layperson’s explanation of the Countryside bond issuances for the
record. Over the course of the last ten years, the City sold the bonds for the project; tore down
the Countryside Shopping Center; and then recently partnered with developers to build a movie
theatre and day care center, which are now generating property taxes. Mr. Olson went on to say
that that the City does expect incremental property taxes from these developments will be
sufficient to meet bond repayments over the next couple of years. This is good because we’ve
only got approximately fifteen years left on the actual TIF. Mr. Olson finished by saying that the
TIF is on track; and if a couple more out-lots are built out, then once the TIF expires the taxing
districts should see a significant bump in assessed value.
Mr. Lindblom asked if there were any immediate prospects regarding the remaining outlots. Mr.
Olson stated nothing has been finalized; however, the City has been meeting with potential
developers.
Mr. Fredrickson then moved on to the Downtown TIF on page 29 of the report. The TIF started
the year with a beginning Fund Balance of $231,529. Revenues for the year totaled 60,218,
again consisting mostly of property tax revenues. Total expenditures for the year were $52,651,
resulting in a fiscal year ending Fund Balance of $239,096.
As reported on the Activities Statement on page 42, a new restaurant called the Barley Fork
opened in the Downtown TIF this year. In addition, the portion of the IL Route 47 project
applicable to the downtown was completed in FY 2015 and will be paid back over the next nine
years to the State. Also, in September of 2014, the City began the first phase of its
Comprehensive Plan, which will evaluate the downtown area as a potential overlay district.
Mr. Olson stated there are a couple of other things planned for Downtown TIF. The City will
probably do a few aesthetic improvements Downtown and obviously, if anybody else comes to
the City in the next few years that’s looking for a new Development Agreement or TIF project,
then we would consider it. The one thing with this – we might have talked about it as part of a
past project – if we ever get to the point where we have a concrete project in front of us we
would probably come back to the taxing entities at the time. The City is kind of mid-way
through this TIF and its generated some increment but it really hasn’t taken off like we expected
it to because the first few years were part of the recession. So, there has been some request from
time-to-time, even by the current developer that’s down there, to think about extending the TIF
or creating a new one near-by. Extending it would require an act of the State Legislature, and
usually the State Legislature would require the City to ask all of the taxing bodies if they would
allow it to be extended. So then it becomes like a new TIF and we would have to pitch it to you
individually. That’s something that if someone said, “Hey, I really want to do a mixed-use
development but I can’t do it unless this happens” we may have to come to the taxing bodies
individually and say, “You get some involvement out at this time because the ten-year payback
just isn’t going to cut it – it has got to be another twenty years.” If we don’t want it, then you let
the TIF expire and the project doesn’t happen.
Mr. Fredrickson said that was it for the TIF reports and asked if there was any other topic for
discussion concerning the TIFs. No one did so he asked for a motion to adjourn the meeting.
2
Mr. Olson made the motion; Mr. Lindblom seconded it and motion was unanimously carried
viva voce and the meeting was adjourned at 3:14 p.m.
Minutes respectfully submitted by:
Bonnie Olsem
Administrative Secretary
3
Countryside TIF District
4
SECTION 2 [Sections 2 through 5 must be completed for each redevelopment project area listed in Section 1.]
FY 2016
Name of Redevelopment Project Area:
Primary Use of Redevelopment Project Area*:
If "Combination/Mixed" List Component Types:
No Yes
Werethere any amendments to theredevelopmentplan,theredevelopmentproject area,or the State
Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)]
If yes, please enclose the amendment labeled Attachment A x
Certificationof theChiefExecutive Officerof the municipality that the municipality has compliedwith all
of therequirements of the Act duringthepreceding fiscalyear.[65 ILCS 5/11-74.4-5 (d)(3)and 5/11-74.6-
22 (d) (3)]
Please enclose the CEO Certification labeled Attachment B x
Opinionof legalcounsel that municipalityisincompliancewith the Act.[65 ILCS 5/11-74.4-5 (d)(4)and
5/11-74.6-22 (d) (4)]
Please enclose the Legal Counsel Opinion labeled Attachment C x
Werethere any activities undertaken in furtherance of theobjectives of theredevelopmentplan,
including any projectimplemented in thepreceding fiscalyearand adescriptionof the activities
undertaken? [65 ILCS 5/11-74.4-5 (d) (7) (A and B) and 5/11-74.6-22 (d) (7) (A and B)]
If yes, please enclose the Activities Statement labeled Attachment D
x
Were any agreementsentered into bythe municipalitywith regard to the dispositionor redevelopment
of any property within theredevelopmentproject area or the area within the State Sales Tax Boundary?
[65 ILCS 5/11-74.4-5 (d) (7) (C) and 5/11-74.6-22 (d) (7) (C)]
If yes, please enclose the Agreement(s) labeled Attachment E x
Is there additionalinformationon the use of all fundsreceivedunder thisDivision and steps taken bythe
municipality to achieve theobjectives of theredevelopmentplan?[65 ILCS 5/11-74.4-5 (d)(7)(D)and
5/11-74.6-22 (d) (7) (D)]
If yes, please enclose the Additional Information labeled Attachment F x
Did the municipality's TIF advisors or consultantsenter into contracts with entities or persons thathave
received or are receivingpaymentsfinancedby tax incrementrevenuesproducedbythe same TIF?[65
ILCS 5/11-74.4-5 (d) (7) (E) and 5/11-74.6-22 (d) (7) (E)]
If yes, please enclose the contract(s) or description of the contract(s) labeled Attachment G x
Werethere any reports or meetingminutessubmitted to the municipality bythe joint reviewboard?[65
ILCS 5/11-74.4-5 (d) (7) (F) and 5/11-74.6-22 (d) (7) (F)]
If yes, please enclose the Joint Review Board Report labeled Attachment H x
Were any obligations issued by municipality? [65 ILCS 5/11-74.4-5 (d) (8) (A) and
5/11-74.6-22 (d) (8) (A)]
If yes, please enclose the Official Statement labeled Attachment I x
Wasanalysis preparedby a financialadvisor or underwritersetting forth thenature and term of
obligation and projecteddebt service includingrequiredreserves and debtcoverage?[65 ILCS 5/11-74.4-
5 (d) (8) (B) and 5/11-74.6-22 (d) (8) (B)]
If yes, please enclose the Analysis labeled Attachment J x
Cumulatively,havedeposits from any source equalorgreaterthan$100,000beenmade into the special
tax allocation fund? 65 ILCS 5/11-74.4-5 (d) (2) and 5/11-74.6-22 (d) (2)
If yes, please enclose Audited financial statements of the special tax allocation fund
labeled Attachment K x
Cumulatively,havedepositsofincrementaltaxesrevenueequal to orgreaterthan$100,000beenmade
into the special tax allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)]
If yes,pleaseenclose a certifiedletterstatement reviewing compliance with the Act labeled
Attachment L x
A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting
of any money transferred or received by the municipality during that fiscal year pursuant to those
intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d) (10)]
If yes, please enclose list only, not actual agreements labeled Attachment M x
* Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
US Rte 34 & IL Rte 47 -
Countryside
Commercial
Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one):
Tax Increment Allocation Redevelopment Act _x___ Industrial Jobs Recovery Law _____
5
FY 2016
Fund Balance at Beginning of Reporting Period (604,820)$
Revenue/Cash Receipts Deposited in Fund During Reporting FY:Reporting Year Cumulative* % of Total
Property Tax Increment 143,784$ 186,298$ 3%
State Sales Tax Increment 0%
Local Sales Tax Increment 0%
State Utility Tax Increment 0%
Local Utility Tax Increment 0%
Interest 5$ 378,778$ 5%
Land/Building Sale Proceeds 0%
Bond Proceeds -$ 3,506,099$ 51%
Transfers from Municipal Sources 0%
Private Sources 0%
Bond Refunding Issuance 1,597,288$ 2,832,288$ 41%
Total Amount Deposited in Special Tax Allocation
Fund During Reporting Period 1,741,077$
Cumulative Total Revenues/Cash Receipts 6,903,463$ 100%
Total Expenditures/Cash Disbursements (Carried forward from Section 3.2)1,686,203$
Distribution of Surplus
Total Expenditures/Disbursements 1,686,203$
NET INCOME/CASH RECEIPTS OVER/(UNDER) CASH DISBURSEMENTS 54,874$
FUND BALANCE, END OF REPORTING PERIOD*(549,946)$
* if there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
SURPLUS*/(DEFICIT)(Carried forward from Section 3.3)(4,491,080)$
SECTION 3.1 - (65 ILCS 5/11-74.4-5 (d) (5) and 65 ILCS 5/11-74.6-22 (d) (5))
Provide an analysis of the special tax allocation fund.
*must be completed where current or prior
year(s) have reported funds
TIF NAME: US Rte 34 & IL Rte 47 - Countryside
6
FY 2016
Amounts Reporting Fiscal Year
1. Costs of studies, administration and professional services—Subsections (q)(1) and (o) (1)
Legal Services 371
Auditing Services - TIF Compliance Report 260
JRB Packet Postage 7
638$
2. Cost of marketing sites—Subsections (q)(1.6) and (o)(1.6)
-$
-$
-$
-$
-$
SECTION 3.2 A- (65 ILCS 5/11-74.4-5 (d) (5) and 65 ILCS 5/11-74.6-22 (d) (5))
Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6-
10 (o)]
FOR AMOUNTS >$10,000 SECTION 3.2 B MUST BE COMPLETED
ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND
(by category of permissible redevelopment cost, amounts expended during reporting period)
TIF NAME: US Rte 34 & IL Rte 47 - Countryside
3.Propertyassembly:propertyacquisition,buildingdemolition,site preparationandenvironmental
site improvement costs. Subsections (q)(2), (o)(2) and (o)(3)
4.Costs ofrehabilitation,reconstruction,repairorremodelingofexistingpublicorprivatebuildings.
Subsection (q)(3) and (o)(4)
5. Costs of construction of public works and improvements. Subsection (q)(4) and (o)(5)
6.Costs ofremovingcontaminantsrequiredbyenvironmental laws orrules (o)(6)-IndustrialJobs
Recovery TIFs ONLY
7
-$
Refunding Bond Issuance Costs 15,304
Paying Agent Fees 535
Interest 87,742
Bond Refunding - Payment to Escrow Agent 1,581,983
1,685,565$
-$
-$
-$
-$
-$
9. Approved taxing district's capital costs. Subsection (q)(7) and (o)(9)
10.Cost ofReimbursingschool districtsfor theirincreased costs causedby TIF assisted housing
projects. Subsection (q)(7.5) - Tax Increment Allocation Redevelopment TIFs ONLY
11. Relocation costs. Subsection (q)(8) and (o)(10)
12.Payments inlieu oftaxesasdefined in Subsections11-74.43(m)and11-74.6-10(k).Subsection
(q)(9) and (o)(11)
13.Costs ofjobtraining,retrainingadvancedvocationalorcareereducationprovidedbyother
taxing bodies. Subsection (q)(10) and (o)(12)
8.Financing costs related to obligations issued by the municipality. Subsection (q) (6) and (o)(8)
7.Cost ofjobtrainingandretraining,including"welfare to work"programsSubsection (q)(5),(o)(7)
and (o)(12)
PAGE 2
SECTION 3.2 A
8
-$
-$
-$
1,686,203$
15.Costs ofconstructionofnewhousingunits for lowincomeand very low-incomehouseholds.
Subsection (q)(11)(F) - Tax Increment Allocation Redevelopment TIFs ONLY
16.Cost ofday care services andoperational costs ofday care centers.Subsection (q)(11.5)-
Tax Increment Allocation Redevelopment TIFs ONLY
TOTAL ITEMIZED EXPENDITURES
14.Costs ofreimbursingprivatedevelopers for interestexpensesincurredonapproved
redevelopment projects. Subsection (q)(11)(A-E) and (o)(13)(A-E)
SECTION 3.2 A
PAGE 3
9
FY 2016
______ There were no vendors, including other municipal funds, paid in excess of
$10,000 during the current reporting period.
Name Service Amount
BNY Mellon Paying Agent 54,241.19$
Amalgamated Bank Paying Agent 36,497.36$
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current
reporting year.
Section 3.2 B
TIF NAME: US Rte 34 & IL Rte 47 - Countryside
10
FY 2016
FUND BALANCE, END OF REPORTING PERIOD (549,946)$
Amount of Original
Issuance Amount Designated
1. Description of Debt Obligations
General Obligation Bonds Series 2005 3,525,000$ -$
General Obligation Refunding Bonds Series 2014 1,235,000$ 1,849,583$
General Obligation Refunding Bonds Series 2015A 1,475,000$ 2,091,551$
Total Amount Designated for Obligations 6,235,000$ 3,941,134$
2. Description of Project Costs to be Paid
Total Amount Designated for Project Costs -$
TOTAL AMOUNT DESIGNATED 3,941,134$
SURPLUS*/(DEFICIT)(4,491,080)$
* NOTE: If a surplus is calculated, the municipality may be required to repay the amount to overlapping taxing
SECTION 3.3 - (65 ILCS 5/11-74.4-5 (d) (5) 65 ILCS 11-74.6-22 (d) (5))
Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period
TIF NAME: US Rte 34 & IL Rte 47 - Countryside
11
FY 2016
TIF NAME: US Rte 34 & IL Rte 47 - Countryside
__x___ No property was acquired by the Municipality Within the Redevelopment Project Area
Property Acquired by the Municipality Within the Redevelopment Project Area
Property (1):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (2):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (3):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (4):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Providea descriptionofallpropertypurchasedbythemunicipalityduringthereporting fiscal year within the
redevelopment project area.
SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)]
12
FY 2016
TIF NAME: US Rte 34 & IL Rte 47 - Countryside
Box below must be filled in with either a check or number of projects, not both
______
___1___
TOTAL:11/1/99 to Date
Estimated Investment
for Subsequent Fiscal
Year
Total Estimated to
Complete Project
Private Investment Undertaken (See Instructions)6,296,978$ -$ 6,296,798$
Public Investment Undertaken 1,800,000$ -$ 1,800,000$
Ratio of Private/Public Investment 3 1/2 3 1/2
Project 1: *IF PROJECTS ARE LISTED NUMBER MUST BE ENTERED ABOVE
Kendall Crossing
Private Investment Undertaken (See Instructions)6,296,978$ -$ 6,296,798$
Public Investment Undertaken 1,800,000$ -$ 1,800,000$
Ratio of Private/Public Investment 3 1/2 3 1/2
SECTION 5 - 65 ILCS 5/11-74.4-5 (d) (7) (G) and 65 ILCS 5/11-74.6-22 (d) (7) (G)
PAGE 1
*Page 1 is to be included with TIF Report. Pages 2-3 are to be included ONLY if projects are listed.
ENTER total number of projects undertaken by the Municipality Within the Redevelopment Project Area
and list them in detail below*.
Check if NO projects were undertaken by the Municipality Within the Redevelopment Project Area:
13
SECTION 6
FY 2016
TIF NAME: US Rte 34 & IL Rte 47 - Countryside
Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area
Year redevelopment
project area was
designated Base EAV
Reporting Fiscal Year
EAV
2/15/2005 1,528,166$ 2,413,144$
SECTION 7
Provide information about job creation and retention
Number of Jobs
Retained
Number of Jobs
Created
Description and Type
(Temporary or
Permanent) of Jobs Total Salaries Paid
-$
-$
-$
-$
-$
-$
-$
SECTION 8
Provide a general description of the redevelopment project area using only major boundaries:
Optional Documents Enclosed
Legal description of redevelopment project area previously provided
Map of District previously provided
Optional:Information in the following sections is not required by law,butwouldbehelpful in evaluating the performance
of TIF in Illinois. *even though optional MUST be included as part of complete TIF report
List all overlapping tax districts in the redevelopment project area.
If overlapping taxing district received a surplus, list the surplus.
__x___ The overlapping taxing districts did not receive a surplus.
Overlapping Taxing District
Surplus Distributed from redevelopment
project area to overlapping districts
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
14
15
16
Unit Code 047/035/30
Attachment D
Activities Statement
US Rte 34 & IL Rte 47 Countryside
In November of 2013 a new 30,000 square foot multiplex movie theater, called NCG Cinemas, opened
within the Countryside TIF district. Pursuant to the development agreement, the developer of the movie
theater will receive TIF incentives totaling $2 million. Of this amount, $1.8 million was paid (from
remaining 2005 bond proceeds) upon the opening of the new theater. The remaining $200,000 will be
paid from amusement tax receipts, of which $35,321 has been paid as of April 30, 2015. In addition, the
developer will also receive a 50% rebate of amusement tax receipts for a period of ten years.
Fiscal year 2015 saw the opening of a new 10,450 square foot day care center, called Lighthouse
Academy. Six outlots within the TIF District remain undeveloped at the end of the current fiscal and the
City is actively pursuing commercial users for potential future development.
In January of 2014 the City completed a partial refunding of the 2005 Countryside bonds, in order to
mitigate the fund’s negative equity position and ease cash flow constraints in subsequent fiscal years. In
July of 2015 (Fiscal Year 2016) the City refunded the remaining principal on the 2005 Countryside
Bonds, which should result in net present value interest savings of approximately $135,000. As of April
30, 2016, outstanding principal for the 2014 and 2015A (refunded the 2005 bonds) bonds was $1.235
million and $1.475 million, respectively. During the current fiscal year the TIF district paid $87,742 in
interest on the outstanding debt.
17
New Issue Investment Rating:
Date of Sale: Tuesday, June 23, 2015 Standard & Poor’s … AA- (Stable Outlook)
10:00 – 10:15 A.M., C.D.T. (Open Speer Auction)
Official Statement
In the opinion of Ice Miller LLP, Bond Counsel, under existing statutes, judicial decisions, regulations and rulings, interest on the Bonds, as defined herein, is excludable from
gross income under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), for federal income tax purposes. Interest on the Bonds is not a specific preference item
for purposes of the federal individual or corporate alternative minimum tax, but such interest is taken into account in computing an adjustment used in determining the federal alternative
minimum tax for certain corporations. Interest on the Bonds is not exempt from income taxation in the State of Illinois. See “TAX EXEMPTION” herein. The Bonds are “qualified tax-
exempt obligations” under Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. See “QUALIFIED TAX-EXEMPT OBLIGATIONS” herein.
$5,930,000*
UNITED CITY OF YORKVILLE
Kendall County, Illinois
General Obligation (Alternate Revenue Source) Bonds, Series 2015A
Dated Date of Delivery Bank Qualified Book-Entry Due December 1, 2016-2034
The $5,930,000* General Obligation (Alternate Revenue Source) Bonds, Series 2015A (the “Bonds”), is being issued by the United City of Yorkville, Kendall County, Illinois
(the “City”). Interest on the Bonds is payable semiannually on June 1 and December 1 of each year, commencing June 1, 2016. The Bonds will be issued using a book-entry system. The
Depository Trust Company (“DTC”), New York, New York, will act as securities depository for the Bonds. The ownership of one fully registered Bond for each maturity will be
registered in the name of Cede & Co., as nominee for DTC and no physical delivery of Bonds will be made to purchasers. The Bonds will mature on December 1, in the years and
amounts as detailed below. Interest is calculated based on a 360-day year of twelve 30-day months.
AMOUNTS*, MATURITIES, INTEREST RATES, PRICES OR YIELDS AND CUSIP NUMBERS(1)
Principal Due Interest Yield or CUSIP Principal Due Interest Yield or CUSIP
Amount* Dec. 1 Rate Price Number(1) Amount* Dec. 1 Rate Price Number(1)
$135,000 .......... 2016 _____% _____% __________ $230,000 ........... 2026 _____% _____% __________
185,000 .......... 2017 _____% _____% __________ 235,000 ........... 2027 _____% _____% __________
190,000 .......... 2018 _____% _____% __________ 245,000 ........... 2028 _____% _____% __________
445,000 .......... 2019 _____% _____% __________ 255,000 ........... 2029 _____% _____% __________
450,000 .......... 2020 _____% _____% __________ 260,000 ........... 2030 _____% _____% __________
465,000 .......... 2021 _____% _____% __________ 270,000 ........... 2031 _____% _____% __________
475,000 .......... 2022 _____% _____% __________ 280,000 ........... 2032 _____% _____% __________
485,000 .......... 2023 _____% _____% __________ 295,000 ........... 2033 _____% _____% __________
500,000 .......... 2024 _____% _____% __________ 305,000 ........... 2034 _____% _____% __________
225,000 .......... 2025 _____% _____% __________
Any consecutive maturities may be aggregated into five term bonds at the option of the bidder,
in which case the mandatory redemption provisions shall be on the same schedule as above.
OPTIONAL REDEMPTION
The Bonds due December 1, 2016-2025, inclusive, are non-callable. The Bonds due December 1, 2026-2034, inclusive, are callable in whole or in part on any date on or after
December 1, 2025, at a price of par and accrued interest. If less than all the Bonds are called, they shall be redeemed in such principal amounts and from such maturities as determined by
the City and within any maturity by lot. See “OPTIONAL REDEMPTION” herein.
PURPOSE, LEGALITY AND SECURITY
The Bond proceeds will be used to (i) finance the costs of certain capital projects within the City (the “Project”), (ii) to current refund the outstanding General Obligation
Bonds (Alternate Revenue Source), Series 2005 (the “Series 2005 Bonds”) of the City and (iii) to pay the costs of issuance of the Bonds. See “THE PROJECT” and “PLAN OF
FINANCING” herein.
In the opinion of Ice Miller LLP, Chicago, Illinois, Bond Counsel, the Bonds will constitute valid and legally binding obligations of the City payable as to principal and interest
ratably and equally with the City’s outstanding General Obligation (Alternate Revenue Source) Refunding Bonds, Series 2014 (the “Series 2014 Bonds”) and General Obligation (Alternate
Revenue Source) Bonds, Series 2014A (the “Series 2014A Bonds”) from (a) the sales taxes received by the City pursuant to the Use Tax Act, the Service Use Tax Act, the Service
Occupation Tax Act, and the Retailer’s Occupation Tax Act, each as supplemented and amended from time to time by the General Assembly of the State of Illinois and from (b) ad valorem
taxes levied against all taxable property within the City without limitation as to rate or amount, except that the rights of the owners of the Bonds and the enforceability of the Bonds may be
limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditors’ rights and by equitable principles, whether considered at law or in equity,
including the exercise of judicial discretion. The City will use cash on hand to cover debt service through June 1, 2016. See “DESCRIPTION OF THE BONDS” herein.
This Official Statement is dated June 15, 2015, and has been prepared under the authority of the City. An electronic copy of this Official Statement is available from the
www.speerfinancial.com web site under “Debt Auction Center/Official Statements Sales - Competitive”. Additional copies may be obtained from Mr. Bart Olson, City Administrator,
United City of Yorkville, 800 Game Farm Road, Yorkville, Illinois 60560, or from the Independent Public Finance Consultants to the City.
Established 1954
Speer Financial, Inc.
INDEPENDENT PUBLIC FINANCE CONSULTANTS
ONE NORTH LASALLE STREET, SUITE 4100 • CHICAGO, ILLINOIS 60602
Telephone: (312) 346-3700; Facsimile: (312) 346-8833
www.speerfinancial.com
*Subject to change.
(1) CUSIP numbers appearing in this Official Statement have been provided by the CUSIP Service Bureau, which is managed on behalf of the American Bankers Association by S&P Capital IQ, a part of McGraw
Hill Financial Inc. The City is not responsible for the selection of CUSIP numbers and makes no representation as to their correctness on the Bonds or as set forth on the cover of this Official Statement.
18
For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, this document, as
the same may be supplemented or corrected by the City from time to time (collectively, the “Official Statement”), may
be treated as an Official Statement with respect to the Bonds described herein that is deemed near final as of the date
hereof (or the date of any such supplement or correction) by the City.
The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates,
principal amounts and interest rates of the Bonds, together with any other information required by law or deemed
appropriate by the City, shall constitute a “Final Official Statement” of the City with respect to the Bonds, as that term
is defined in Rule 15c2-12. Any such addendum or addenda shall, on and after the date thereof, be fully incorporated
herein and made a part hereof by reference. Alternatively, such final terms of the Bonds and other information may be
included in a separate document entitled “Final Official Statement” rather than through supplementing the Official
Statement by an addendum or addenda.
No dealer, broker, salesman or other person has been authorized by the City to give any information or to make
any representations with respect to the Bonds other than as contained in the Official Statement or the Final Official
Statement and, if given or made, such other information or representations must not be relied upon as having been
authorized by the City. Certain information contained in the Official Statement and the Final Official Statement may
have been obtained from sources other than records of the City and, while believed to be reliable, is not guaranteed as
to completeness. THE INFORMATION AND EXPRESSIONS OF OPINION IN THE OFFICIAL STATEMENT
AND THE FINAL OFFICIAL STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF
THE OFFICIAL STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE UNDER
EITHER SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE
IN THE AFFAIRS OF THE CITY SINCE THE RESPECTIVE DATES THEREOF.
References herein to laws, rules, regulations, ordinances, resolutions, agreements, reports and other documents
do not purport to be comprehensive or definitive. All references to such documents are qualified in their entirety by
reference to the particular document, the full text of which may contain qualifications of and exceptions to statements
made herein. Where full texts have not been included as appendices to the Official Statement or the Final Official
Statement they will be furnished on request. This Official Statement does not constitute an offer to sell, or solicitation
of an offer to buy, any securities to any person in any jurisdiction where such offer or solicitation of such offer would
be unlawful.
19
TABLE OF CONTENTS
BOND ISSUE SUMMARY ....................................................................................................................................... 1
UNITED CITY OF YORKVILLE ............................................................................................................................... 2
DESCRIPTION OF THE BONDS ............................................................................................................................... 2
Security: Alternate Revenue Sources and Tax Levy ...................................................................................................... 2
Highlights of Alternate Bonds ................................................................................................................................. 3
Abatement of Pledged Taxes ................................................................................................................................... 3
Refunding Alternate Bonds ..................................................................................................................................... 3
Bond Funds ........................................................................................................................................................ 3
Certain Risk Factors ............................................................................................................................................. 4
THE CITY ............................................................................................................................................................ 4
City Government and Services ................................................................................................................................ 4
Transportation .................................................................................................................................................... 4
Commerce and Industry ......................................................................................................................................... 5
Community Life .................................................................................................................................................. 5
Education .......................................................................................................................................................... 5
SOCIOECONOMIC INFORMATION .......................................................................................................................... 6
Housing ............................................................................................................................................................ 8
Income ............................................................................................................................................................. 8
Retail Activity ................................................................................................................................................... 10
THE PROJECT and PLAN OF FINANCING ................................................................................................................ 11
DEBT INFORMATION ........................................................................................................................................... 12
PROPERTY ASSESSMENT AND TAX INFORMATION ................................................................................................ 16
REAL PROPERTY ASSESSMENT, TAX LEVY AND COLLECTION PROCEDURES .......................................................... 17
Tax Levy and Collection Procedures ........................................................................................................................ 17
Exemptions ....................................................................................................................................................... 18
Property Tax Extension Limitation law ..................................................................................................................... 19
Truth in Taxation Law ......................................................................................................................................... 20
FINANCIAL INFORMATION .................................................................................................................................. 20
Financial Reports ................................................................................................................................................ 20
No Consent or Updated Information Requested of the Auditor......................................................................................... 20
Summary Financial Information .............................................................................................................................. 20
EMPLOYEE RETIREMENT AND OTHER POSTEMPLOYMENT BENEFITS OBLIGATIONS ............................................... 26
REGISTRATION, TRANSFER AND EXCHANGE ........................................................................................................ 26
TAX EXEMPTION ................................................................................................................................................ 27
LEGAL OPINIONS AND ENFORCEABILITY OF REMEDIES ........................................................................................ 29
CONTINUING DISCLOSURE .................................................................................................................................. 30
THE UNDERTAKING ............................................................................................................................................ 30
Annual Financial Information Disclosure ................................................................................................................... 30
Reportable Events Disclosure ................................................................................................................................. 31
Consequences of Failure of the City to Provide Information ........................................................................................... 32
Amendment; Waiver............................................................................................................................................ 32
Termination of Undertaking ................................................................................................................................... 32
Additional Information ......................................................................................................................................... 32
Dissemination of Information; Dissemination Agent ..................................................................................................... 33
OPTIONAL REDEMPTION ..................................................................................................................................... 33
LITIGATION ....................................................................................................................................................... 33
OFFICIAL STATEMENT AUTHORIZATION.............................................................................................................. 33
INVESTMENT RATING ......................................................................................................................................... 34
CERTAIN LEGAL MATTERS ................................................................................................................................. 34
DEFEASANCE ..................................................................................................................................................... 34
UNDERWRITING ................................................................................................................................................. 34
MUNICIPAL ADVISOR ......................................................................................................................................... 35
CERTIFICATION .................................................................................................................................................. 35
APPENDIX A - EXCERPTS OF FISCAL YEAR 2014 AUDITED FINANCIAL STATEMENTS
APPENDIX B - DESCRIBING BOOK-ENTRY-ONLY ISSUANCE
APPENDIX C - PROPOSED FORM OF OPINION OF BOND COUNSEL
APPENDIX D - EXCERPTS OF FISCAL YEAR 2014 AUDITED FINANCIAL STATEMENTS
RELATING TO THE CITY’S PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS
OFFICIAL BID FORM
OFFICIAL NOTICE OF SALE
20
BOND ISSUE SUMMARY
This Bond Issue Summary is expressly qualified by the entire Official Statement, including the Official Notice of Sale and the Official
Bid Form, which are provided for the convenience of potential investors and which should be reviewed in their entirety by potential investors.
Issuer: United City of Yorkville, Kendall County, Illinois (the “City”).
Issue: $5,930,000* General Obligation (Alternate Revenue Source) Bonds, Series 2015A.
Dated Date: Date of delivery (expected to be on or about July 8, 2015).
Authorization: By vote of the City Council and pursuant to the provisions of the Illinois Municipal Code (the “Municipal
Code”) and the Local Government Debt Reform Act (the “Debt Reform Act”) of the State of Illinois.
Interest Due: Each June 1 and December 1, commencing June 1, 2016.
Principal Due: Serially each December 1, commencing December 1, 2016 through 2034, as detailed below.
Optional Redemption: The Bonds maturing on or after December 1, 2026, are callable at the option of the City on any date on or
after December 1, 2025, at a price of par plus accrued interest. See “OPTIONAL REDEMPTION”
herein.
Security: The Bonds will constitute valid and legally binding obligations of the City payable as to principal and
interest ratably and equally with the City’s outstanding General Obligation (Alternate Revenue Source)
Refunding Bonds, Series 2014 (the “Series 2014 Bonds”) and General Obligation (Alternate Revenue
Source) Bonds, Series 2014A (the “Series 2014A Bonds”) from (a) the sales taxes received by the City
pursuant to the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailer’s
Occupation Tax Act, each as supplemented and amended from time to time by the General Assembly of the
State of Illinois and from (b) ad valorem taxes levied against all taxable property within the City without
limitation as to rate or amount, except that the rights of the owners of the Bonds and the enforceability of
the Bonds may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws
affecting creditors’ rights and by equitable principles, whether considered at law or in equity, including the
exercise of judicial discretion. The City will use cash on hand to cover debt service through June 1, 2016.
See “DESCRIPTION OF THE BONDS” herein.
Credit Rating: The City’s outstanding general obligation rating is “AA-” (Stable Outlook) from Standard & Poor’s, a
Division of the McGraw-Hill Companies, New York, New York. See “INVESTMENT RATING”
herein.
Purpose: The Bond proceeds will be used to (i) finance the costs of certain capital projects within the City (the
“Project”), (ii) to current refund the outstanding General Obligation Bonds (Alternate Revenue Source),
Series 2005 (the “Series 2005 Bonds”) of the City and (iii) to pay the costs of issuance of the Bonds. See
“THE PROJECT” and “PLAN OF FINANCING” herein.
Tax Exemption: Ice Miller LLP, Chicago, Illinois, will provide an opinion as to the tax exemption of the Bonds as
discussed under “TAX EXEMPTION” in this Official Statement. Interest on the Bonds is not exempt
from present State of Illinois income taxes.
Bank Qualified: The Bonds are “qualified tax-exempt obligations” under Section 265(b)(3) of the Internal Revenue Code of
1986, as amended. See “QUALIFIED TAX-EXEMPT OBLIGATIONS” herein.
Bond Registrar/Paying Agent
Escrow Agent: Amalgamated Bank of Chicago, Chicago, Illinois.
Book-Entry Form: The Bonds will be registered in the name of Cede & Co. as nominee for The Depository Trust Company
(“DTC”), New York, New York. DTC will act as securities depository of the Bonds. See APPENDIX B
herein.
Delivery: The Bonds are expected to be delivered on or about July 8, 2015.
Denomination: $5,000 or integral multiples thereof.
Financial Advisor: Speer Financial, Inc., Chicago, Illinois.
*Subject to change.
21
United City of Yorkville, Kendall County, Illinois
$5,930,000* General Obligation (Alternate Revenue Source) Bonds, Series 2015A
*Subject to change.
2
UNITED CITY OF YORKVILLE
Kendall County, Illinois
Gary J. Golinski
Mayor
Aldermen
Carlo Colosimo Ken Koch Jacquelyn Milschewski
Joel Frieders Larry Kot Seaver Tarulis
Chris Funkhouser Diane Teeling
_________________________________
Officials
Beth Warren
City Clerk
Bart Olson
City Administrator
Eric Dhuse
Director of Public Works
Rob Fredrickson
Finance Director/Deputy Treasurer
Kathleen Field Orr, Esq.
City Attorney
DESCRIPTION OF THE BONDS
Security: Alternate Revenue Sources and Tax Levy
The Bonds are payable both as to principal and interest ratably and equally with the City’s outstanding Series
2014 Bonds and Series 2014A Bonds from (a) the sales taxes received by the City pursuant to the Use Tax Act, the
Service Use Tax Act, the Service Occupation Tax Act, and the Retailer’s Occupation Tax Act, each as supplemented
and amended from time to time by the General Assembly of the State of Illinois (the “Pledged Revenues”), and (b) ad
valorem taxes levied against all of the taxable property within the City without limitation as to rate or amount (the
“Pledged Taxes”). Pursuant to the Debt Reform Act, the City will pledge such monies to the payment of Bonds and
shall covenant to provide for and apply such Pledged Revenues to the payment of Bonds and the provision of not less
than an additional 0.10 times debt service, which pledge and covenant shall constitute a continuing obligation of the
City and continuing appropriation of the amounts received. For the prompt payment of the Bonds, the full faith, credit
and resources of the City are irrevocably pledged.
In the ordinance authorizing the Bonds to be adopted by the City on June 23, 2015 (the “Bond Ordinance”), the
City covenants and agrees with the purchasers and the owners of the Bonds that so long as any of the Bonds remain
outstanding, the City will take no action or fail to take any action which in any way would adversely affect the ability of
the City to collect the Pledged Revenues or, except for abatement of tax levies as permitted in the Bond Ordinance, to
levy and collect the Pledged Taxes. The City and its officers will comply with all present and future applicable laws in
order to assure that the Pledged Revenues will be available and that the Pledged Taxes will be levied, extended and
collected as provided in the Bond Ordinance and deposited in the Bond Fund hereinafter defined.
As provided in the Debt Reform Act, the City’s determination of the sufficiency of the Pledged Revenues will
be based on the City’s audited financial statements for its fiscal year ended April 30, 2014, or on reports of the State of
Illinois.
22
Highlights of Alternate Bonds
Section 15 of the Debt Reform Act provides that whenever revenue bonds have been duly authorized, a local
government unit may issue its general obligation bonds in lieu of such revenue bonds as authorized, and such general
obligation bonds may be referred to as “alternate bonds.” The Debt Reform Act also provides that whenever there
exists an alternate revenue source, a local government unit may issue alternate bonds. Such bonds are general
obligation debt payable from the pledged alternate revenues with the general obligation of the issuer acting as back-up
security. The Debt Reform Act prescribes several conditions that must be met before alternate bonds may be issued.
First, alternate bonds must be issued for a lawful corporate purpose. If issued in lieu of revenue bonds, the
alternate bonds must be authorized under applicable law. Alternate bonds may be issued payable from either enterprise
revenues or other revenue sources, or both.
Second, the question of issuance must be submitted to referendum if, within thirty (30) days after publication of
an authorizing ordinance and notice of intent to issue alternate bonds, a petition signed by the greater of (i) 7.5% of the
registered voters in the government unit; or (ii) 200 of those registered voters or 15%, whichever is less, is filed. No
legally sufficient petition has been filed in connection with the Bonds, and accordingly the City is now authorized to
issue the Bonds.
Third, the issuer must determine that the pledged revenue source or sources are sufficient in each year to final
maturity to provide not less than 1.10 times debt service of the proposed alternate bonds and all other outstanding
alternate bonds of the issuer payable from the same revenue source. To the extent payable from one or more revenue
sources, such sources shall have been determined by the governing body to provide in each year an amount not less
than 1.10 times debt service on all alternate bonds payable from such revenue sources previously issued and outstanding
and the alternate bonds proposed to be issued. The issuer must in fact pledge and covenant to provide for, collect and
apply the pledged alternate enterprise revenues or revenue source(s).
Abatement of Pledged Taxes
Whenever funds are available to pay any principal of or interest on the Bonds when due, the City will direct the
deposit of such funds into the Bond Fund created solely for such purpose. The City covenants in the Bond Ordinance,
to deposit monthly into the appropriate Bond Fund an amount equal to one-sixth (1/6) of the next scheduled interest
payment and one-twelfth (1/12) of the next scheduled principal payment. The City pledges to abate the levy for the
Bonds only upon full funding of the Bond Fund in the appropriate levy amount.
Refunding Alternate Bonds
Section 15 of the Debt Reform Act, provides that alternate bonds may be issued to refund or advance refund
alternate bonds without meeting any of the conditions set forth in such section, as would have applied to the Prior
Bonds (see “Highlights of Alternate Bonds” above), if the term of the refunding bonds is no longer than the term of
the refunded bonds and the debt service payable on the refunding bonds in each year is no more than the debt service
payable in such year on the refunded bonds. These conditions will be met in connection with the issuance of the Bonds.
Bond Funds
The City will deposit the appropriate Pledged Revenues and the Pledged Taxes into a separate Bond Fund,
which is a trust fund established for the purpose of carrying out the covenants, terms and conditions imposed upon the
City by the Bond Ordinance (the “Bond Fund”). The Bonds are secured by a pledge of all of the monies on deposit in
the Bond Fund, and such pledge is irrevocable until the Bonds have been paid in full or until the obligations of the City
are discharged under the Bond Ordinance.
23
Certain Risk Factors
The ability of the City to pay the Bonds from the Pledged Revenues may be limited by circumstances beyond
the control of the City. There is no guarantee that the Pledged Revenues will continue to be available at current levels.
To the extent that Pledged Revenues may be insufficient to pay the Bonds, the Bonds are to be paid from the
Pledged Taxes. If the Pledged Taxes are ever extended for the payment of the Bonds, the amount of the Bonds then
outstanding will be included in the computation of indebtedness of the City for purposes of all statutory provisions or
limitations until such time as an audit of the City shows that the Bonds have been paid from the Pledged Revenues for a
complete fiscal year.
THE CITY
The site where the City is located was first settled in 1833; the City was officially incorporated as a Village on
July 8, 1874. On April 16, 1957, the City and the Village of Bristol joined together to form one municipality known as
the United City of Yorkville. The City has been the county seat of Kendall County since 1859. It is located in
northeastern Illinois on the Fox River approximately 45 miles southwest of Chicago. Nearby communities include
Oswego, Bristol, Plano, Millbrook, Helmar, Newark, Plattville, Montgomery, Sugar Grove and Plainfield. According
to the 2000 Census, the City had a population of 6,189. A special census in December of 2003 resulted in a population
total of more than 8,500; a special census completed in May of 2006 showed an increase in that total of 31.8% when
the population increased to 11,204. The special census in 2008 recorded a population of 16,838 which increased to
16,921 at the 2010 Census.
City Government and Services
The City follows a Mayor/City Council form of government in which the Mayor, Aldermen, City Clerk and
City Treasurer are each elected to a four-year term. The City Council is comprised of the Mayor and eight Aldermen
(two Aldermen elected from each of the City’s four wards).
The City is served by the Bristol/Kendall Fire Protection District which carries a Protection Class 6. It
maintains a 24 hour paramedics unit and is a member of the Mutual Aid Box Alarm System. The Police Department
employs 30 full-time officers and 5 part-time officers, and emergency medical service is available 24 hours a day.
Transportation
The City is approximately 15 miles west of Interstate 55 (I-55); almost 20 miles north of Interstate 80 (I-80);
and nearly 12 miles south of Interstate 88 (I-88). Illinois Route 47 and U.S. Route 34 intersect the City.
O’Hare International Airport is approximately 50 miles northeast of the City and Midway Airport is about 45
miles to the east in Chicago. Aurora Municipal Airport, approximately ten miles to the north provides lighted runways
and aircraft tiedowns, hangar, power plant repair, air frame repair and navigator aids. Additionally it offers freight,
charter and helicopter services.
The Burlington Northern Sante Fe Railroad in nearby Aurora provides commuter rail service.
24
Commerce and Industry
Businesses and retailers are attracted to the City because of its location near several major thoroughfares and
the Fox River. The City features several shopping centers including Kendall Marketplace and the historic downtown
area as well as the retail establishments found on both the north and south ends of the City. There are two tax
increment finance (TIF) districts in the City referred to as the Countryside TIF and the Downtown TIF. Major private
employers are found in a variety of fields including entertainment, retail, services and light industry. Some of the
larger employers are the Raging Waves Water Park (450 employees), Wrigley Manufacturing Company LLC (323
employees), Super Target (180 employees), Menards Mega Store (140 employees), Jewel/Osco (130 employees) and
Newlyweds Foods (115 employees).
Community Life
The City contains approximately 288 acres of parks with picnic areas, a gazebo and recreational fields.
Programs offered include aerobics, basketball, bus trips, bowling, crafts, dance, fishing, golf, soccer, sports club,
street hockey, tee ball, tennis and tumbling. Residents also enjoy a golf course and forest preserves which are nearby
but outside the City boundaries.
Raging Waves, the largest outdoor water park in Illinois, opened in 2009. Among its attractions are the
Kangaroo Falls play structure with ladders and water spouts, the Cyclone Bowl and Boomerang Tornado rides as well
as the Great Barrier Reef wave that imitates the action of the ocean.
Yorkville Public Library (the “Library”) serves the residents of the City and is a member of the Heritage Trail
Library System. In addition to its extensive collection of books, Library resources include dial-a-story, local history,
newspapers, sheet music, audio books, large print books, paperbacks, magazines, and videos and DVDs. Services
available to the community are homebound service, interlibrary loan, kits for brothers and sisters of new babies, kits
for sick kids, loft meeting area, photocopier, computers, tax forms, talking books, typewriter and voter registration.
The Library offers the following online resources: animals and the environment; arts and crafts; children’s book and
screen characters; children’s books and stories online; educational resources; exploration and museums; history and
geography; holidays and celebrations; literature online; math and science; music and poetry; reference tools and
homework help; space; and sports and recreation. The Library recently completed a $8.75 million expansion program.
Medical services are available at Rush/Copley Medical Center in the City and also at the Rush/Copley Medicine
Center and Provena-Mercy Center, both located in Aurora. Additional facilities are provided by Sandwich Community
Hospital in Sandwich, Illinois. These institutions are about fifteen miles from the City.
Education
Community Unit School District Number 115 (the “District”) meets the elementary and secondary educational
requirements of the City with two elementary schools, one junior high school and one high school. The District has a
staff of approximately 425 teachers and administrators and approximately 5,500 students. The District has
implemented a new computer curriculum, innovative interdisciplinary projects and advanced team building and support
programs for students and staff. Higher education opportunities are offered by Aurora University in nearby Aurora and
Northern Illinois University in DeKalb.
In addition, Waubonsee Community College District No. 516 (the “College”) offers a wide variety of transfer,
vocational, continuing and community education, children’s and corporate development and training classes. It has 24
programs designed for transfer to senior institutions, and also offers occupational-oriented programs ranging in length
from one semester to two years. The College recently opened a state-of-the-art academic computing center that houses
eight classrooms and a 120 personal computer work station open lab.
25
SOCIOECONOMIC INFORMATION
Following are lists of large employers located in the City and in the surrounding area.
Major City Employers(1)
Approximate
Name Product/Service Employment
Community Unit School District Number 115 .................... Education ............................................... 666
Raging Waves Water Park ...................................... Water Park .............................................. 450
Kendall County ............................................... County Government ....................................... 350
Wrigley Manufacturing Co., LLC ............................... Sugar Confections, Bubble Gum, and Candy ................. 323
Super Target ................................................. Retail Store ............................................ 180
Menards Mega Store ........................................... Home Improvement Store .................................. 140
Jewel Osco ................................................... Grocery Store ........................................... 130
United City of Yorkville ..................................... City Government ......................................... 124
Newlyweds Foods .............................................. Food Seasonings, Cures and Binders ....................... 115
Kohl's ....................................................... Retail Store ............................................ 115
Hillside Health Care Center .................................. Heathcare ............................................... 90
Boombah, Inc. ................................................ Sports Equipment and Apparel ............................ 90
Home Depot ................................................... Home Improvement Store .................................. 85
Wheatland Title Guaranty Co. ................................. Title Insurance ......................................... 65
Marshalls .................................................... Retail Store ............................................ 50
Brenart Eye Clinic ........................................... Ophthalmic Goods ........................................ 50
C&J Insulation ............................................... Plastering, Drywall and Insulation ....................... 50
Note: (1) Source: 2015 Illinois Manufacturers Directory, 2015 Illinois Services Directory, Yorkville Economic Development
Corporation and a selective telephone survey.
Major Area Employers(1)
Approximate
Location Name Business or Product Employment
Montgomery ................ Caterpillar, Inc. ............................. Wheel Loaders and Excavators ................. 2,300
Greater Fox Valley Area ... Rush-Copley Medical Center(2) ................. Medical Center ............................... 2,000
Sugar Grove ............... Waubonsee Community College #516 .............. Education .................................... 1,460
Morris .................... Exelon Nuclear, Dresden Generating Station .... Electric Service ............................. 900
Montgomery ................ PERFORMANCE Foodservice - Fox River ........... Wholesale Food ............................... 435
Montgomery ................ Eby-Brown Co. ................................ Wholesale Tobacco and Confectionery ........... 400
Morris .................... LyondellBassell Industries .................... Plastic Materials ............................ 400
Montgomery ................ Eby-Brown Co. ................................ Wholesale Tobacco and Confectionery ........... 400
Plano ..................... Midwest Mfg., Inc. ............................ Millwork ..................................... 400
Montgomery ................ V V F Illinois Services ....................... Soap and Detergents .......................... 350
Plainfield ................ CB&I, Inc. ................................... Storage Tank Insulation Equipment ............. 300
Plainfield ................ Diageo North American, Inc. ................... Gin and Vodka Distilling ..................... 300
Morris .................... Northfield Block Co. .......................... Architectural Concrete Blocks ................ 300
Montgomery ................ Lyons LLC .................................... Steel Storage Equipment ...................... 300
Montgomery ................ Aurora Bearing Co. ............................ Ball and Roller Bearings ..................... 250
Oswego .................... Coldwell Banker Honig-Bell .................... Residential Real Estate ...................... 225
Montgomery ................ Hormann Gadco LLC ............................. Doors, Sash and Trim Metal ................... 200
Plainfield ................ Plainfield Precision .......................... Custom Metal and Plastic Components ........... 200
Plainfield ................ Walsh Landscape............................... Landscape Construction and Maintenance ........ 185
Plainfield ................ Veolia Water Solutions & Technologies ......... Water Treatment Facility Equipment ............ 160
Oswego .................... Radiac Abrasives, Inc. ........................ Diamond Grinding Wheels ...................... 150
Montgomery ................ Aurora Metals Div., L.L.C. .................... Copper foundries ............................. 150
Plano ..................... Fox Valley Molding, Inc. ...................... Compression Transfer and Injection Molding .... 150
Notes: (1) Source: 2015 Illinois Manufacturers Directory, 2015 Illinois Services Directory and a selective telephone survey.
(2) Includes the City.
26
The following tables show employment by industry and by occupation for the City, Kendall County (the
“County”) and the State of Illinois (the “State”) as reported by the U.S. Census Bureau 2009-2013 American
Community Survey 5-year estimated values.
Employment By Industry(1)
The City The County The State
Classification Number Percent Number Percent Number Percent
Agriculture, Forestry, Fishing and Hunting, and Mining ....... 23 0.3% 361 0.6% 63,113 1.1%
Construction ................................................ 428 4.8% 3,236 5.6% 310,368 5.2%
Manufacturing ............................................... 1,339 15.1% 7,798 13.5% 756,029 12.6%
Wholesale Trade ............................................. 293 3.3% 2,036 3.5% 184,209 3.1%
Retail Trade ................................................ 1,115 12.6% 6,714 11.6% 655,654 10.9%
Transportation and Warehousing, and Utilities ................ 342 3.9% 3,800 6.6% 348,569 5.8%
Information ................................................. 224 2.5% 1,105 1.9% 126,311 2.1%
Finance and Insurance, and Real Estate%
and Rental and Leasing ..................................... 553 6.3% 5,181 9.0% 447,732 7.5
Professional, Scientific, and Management, Administrative,
and Waste Management Services .............................. 758 8.6% 5,926 10.2% 666,163 11.1%
Educational Services and Health Care and Social Assistance ... 2,292 25.9% 12,583 21.7% 1,379,821 23.0%
Arts, Entertainment and Recreation and Accommodation
and Food Services .......................................... 627 7.1% 4,472 7.7% 538,646 9.0%
Other Services, Except Public Administration ................. 441 5.0% 2,237 3.9% 286,928 4.8%
Public Administration ....................................... 409 4.6% 2,433 4.2% 234,777 3.9%
Total ..................................................... 8,844 100.0% 57,882 100.0% 5,998,320 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2009 to 2013.
Employment By Occupation(1)
The City The County The State
Classification Number Percent Number Percent Number Percent
Management, Business, Science, and Art ...................... 3,611 40.8% 23,286 40.2% 2,183,077 36.4%
Service ..................................................... 1,646 18.6% 7,763 13.4% 1,036,503 17.3%
Sales and Office ............................................ 2,074 23.5% 15,302 26.4% 1,509,578 25.2%
Natural Resources, Construction, and Maintenance ............. 827 9.4% 4,948 8.5% 444,958 7.4%
Production, Transportation, and Material Moving ............. 686 7.8% 6,583 11.4% 824,204 13.7%
Total ..................................................... 8,844 100.0% 57,882 100.0% 5,998,320 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2009 to 2013.
Annual Average Unemployment Rates(1)
Calendar The The The
Year City County State
2005 ............. 3.2% 5.2% 5.7%
2006 ............. 2.6% 4.0% 4.5%
2007 ............. 3.1% 4.5% 4.6%
2008 ............. 3.8% 5.8% 6.4%
2009 ............. 6.6% 9.9% 10.0%
2010 ............. 6.4% 9.8% 10.3%
2011 ............. 5.9% 8.7% 9.8%
2012 ............. 5.2% 7.8% 8.9%
2013 ............. 8.2% 8.3% 9.2%
2014 ............. 6.4% 6.3% 7.1%
2015(2) .......... N/A 6.0% 6.5%
Notes: (1) Illinois Department of Employment Security.
(2) Preliminary rates for the month of February 2015.
27
Housing
The U.S. Census Bureau 5-year estimated values reported that the median value of the City’s owner-occupied
homes was $234,100. This compares to $210,800 for the County and $182,300 for the State. The following table
represents the five year average market value of specified owner-occupied units for the City, the County and the State
at the time of the 2009-2013 American Community Survey.
Specified Owner-Occupied Units(1)
The City The County The State
Value Number Percent Number Percent Number Percent
Under $50,000 ..................... 144 3.3% 720 2.3% 235,268 7.3%
$50,000 to $99,999 ................ 139 3.2% 1,502 4.7% 493,044 15.3%
$100,000 to $149,999 .............. 517 11.9% 4,216 13.2% 504,066 15.7%
$150,000 to $199,999 .............. 805 18.5% 8,147 25.6% 538,003 16.7%
$200,000 to $299,999 .............. 1,915 43.9% 10,816 34.0% 692,499 21.5%
$300,000 to $499,999 .............. 774 17.8% 5,524 17.3% 513,968 16.0%
$500,000 to $999,999 .............. 66 1.5% 803 2.5% 196,905 6.1%
$1,000,000 or more ................ 0 0.0% 119 0.4% 46,285 1.4%
Total ........................... 4,360 100.0% 31,847 100.0% 3,220,038 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2009 to 2013.
Mortgage Status(1)
The City The County The State
Number Percent Number Percent Number Percent
Housing Units with a Mortgage ..... 3,674 84.3% 26,748 84.0% 2,190,976 68.0%
Housing Units Without a Mortgage .. 686 15.7% 5,099 16.0% 1,029,062 32.0%
Total ........................... 4,360 100.0% 31,847 100.0% 3,220,038 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2009 to 2013.
Income
Per Capita Personal Income
for the Highest Income Counties in the State(1)
Rank 2009-2013
1 ..................... DuPage County ............... $38,570
2 ..................... Lake County ................. 38,018
3 ..................... McHenry County .............. 32,341
4 ..................... Monroe County ............... 31,758
5 ..................... Kendall County .............. 31,276
6 ..................... Piatt County ................ 31,190
7 ..................... Woodford County ............. 30,926
8 ..................... McLean County ............... 30,460
9 ..................... Will County ................. 30,377
10 .................... Cook County ................. 30,183
11 .................... Kane County ................. 30,082
Note: (1) Source: U.S. Bureau of the Census. 2009-2013
American Community 5-Year Estimates.
28
The following shows a ranking of median family income for the Chicago metropolitan area from the 2009-2013
American Community Survey.
Ranking of Median Family Income(1)
Ill. Family Ill.
County Income Rank
DuPage County .............$95,208 1
Lake County ............... 92,116 2
Kendall County ........... 91,368 3
McHenry County ............ 87,760 4
Will County ............... 86,747 5
Kane County ............... 80,085 8
Cook County ............... 66,187 24
Note: (1) Source: U. S. Bureau of the Census,
American Community Survey, 2009-2013
estimates.
The U.S. Census Bureau 5-year estimated values reported that the City had a median family income of
$90,089. This compares to $91,368 for the County and $70,344 for the State. The following table represents the
distribution of family incomes for the City, the County and the State at the time of the 2009-2013 American Community
Survey.
Median Family Income(1)
The City The County The State
Value Number Percent Number Percent Number Percent
Under $10,000 ..................... 0 0.0% 498 1.7% 137,093 4.4%
$10,000 to $14,999 ................ 54 1.2% 145 0.5% 84,866 2.7%
$15,000 to $24,999 ................ 280 6.3% 1,163 3.9% 225,548 7.2%
$25,000 to $34,999 ................ 153 3.5% 1,131 3.8% 257,251 8.2%
$35,000 to $49,999 ................ 529 12.0% 3,061 10.4% 381,248 12.2%
$50,000 to $74,999 ................ 673 15.3% 5,313 18.0% 583,037 18.6%
$75,000 to $99,999 ................ 781 17.7% 5,092 17.3% 470,717 15.0%
$100,000 to $149,999 .............. 1,331 30.2% 8,045 27.3% 553,739 17.7%
$150,000 to $199,999 .............. 332 7.5% 3,296 11.2% 222,115 7.1%
$200,000 or more .................. 280 6.3% 1,735 5.9% 220,748 7.0%
Total ........................... 4,413 100.0% 29,479 100.0% 3,136,362 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2009 to 2013.
29
The U.S. Census Bureau 5-year estimated values reported that the City had a median household income of
$83,059. This compares to $81,765 for the County and $56,797 for the State. The following table represents the
distribution of household incomes for the City, the County and the State at the time of the 2009-2013 American
Community Survey.
Household Income(1)
The City The County The State
Value Number Percent Number Percent Number Percent
Under $10,000 ..................... 56 1.0% 947 2.5% 337,875 7.1%
$10,000 to $14,999 ................ 141 2.4% 598 1.6% 219,468 4.6%
$15,000 to $24,999 ................ 354 6.1% 1,711 4.5% 484,449 10.2%
$25,000 to $34,999 ................ 310 5.3% 2,055 5.4% 462,771 9.7%
$35,000 to $49,999 ................ 760 13.0% 4,082 10.7% 618,005 12.9%
$50,000 to $74,999 ................ 917 15.7% 7,761 20.4% 856,630 17.9%
$75,000 to $99,999 ................ 1,020 17.5% 6,696 17.6% 615,943 12.9%
$100,000 to $149,999 .............. 1,553 26.6% 8,792 23.1% 667,146 14.0%
$150,000 to $199,999 .............. 404 6.9% 3,519 9.2% 255,728 5.4%
$200,000 or more .................. 320 5.5% 1,914 5.0% 254,708 5.3%
Total ........................... 5,835 100.0% 38,075 100.0% 4,772,723 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2009 to 2013.
Retail Activity
Following is a summary of the City’s sales tax receipts as collected and disbursed by the State.
Retailers’ Occupation, Service Occupation and Use Tax(1)
State Fiscal Year State Sales Tax Annual Percent
Ending June 30 Distributions(2) Change + (-)
2005 .................................. $2,243,867 18.58%(3)
2006 .................................. 2,548,784 13.59%
2007 .................................. 2,676,261 5.00%
2008 .................................. 2,506,434 (6.35%)
2009 .................................. 2,500,285 (0.25%)
2010 .................................. 2,446,099 (2.17%)
2011 .................................. 2,569,233 5.03%
2012 .................................. 2,552,483 (0.65%)
2013 .................................. 2,490,503 (2.43%)
2014 .................................. 2,586,460 3.85%
Growth from 2005 to 2014 .................................................... 15.27%
Notes: (1) Source: Illinois Department of Revenue.
(2) Tax distributions are based on records of the Illinois Department of Revenue
relating to the 1% municipal portion of the Retailers’ Occupation, Service
Occupation and Use Tax, collected on behalf of the City, less a State
administration fee. The municipal 1% includes tax receipts from the sale of
food and drugs which are not taxed by the State.
(3) The 2005 percentage is based on a 2004 sales tax of $1,892,287.
30
THE PROJECT and PLAN OF FINANCING
The Bond proceeds will be used to finance the costs of certain capital projects within the City, to current refund the Series 2005 Bonds (the “Refunded
Bonds”) and to pay the costs of issuance of the Bonds. Capital projects consist of financing the acquisition, construction, rehabilitation and equipping of
infrastructure improvements, including, but not limited to, water infrastructure improvements in the City’s Countryside subdivision.
Projected Debt Service Coverage Table
Sales Tax Alternate Revenue Source Bonds
Revenue Outstanding Debt Service Revenue Debt Service After the Sale of the Bonds Revenue
Available Debt Mandatory Available for Debt Mandatory Available for
for Debt Series Series Series Service Coverage Additional The Service Coverage Additional
Year Service(1) 2005(2)(3) 2014(3) 2014A Total Coverage Amounts(4) Debt Service Bonds(5)(6) Coverage(5) Amounts(5)(7) Debt Service(5)
2015 .... $2,586,460 $0 $ 50,715 $330,937 $381,652 6.78x $477,065 $2,109,395 $ 0 NA NA NA
2016 .... 2,586,460 0 50,715 329,138 379,853 6.81x 474,816 2,111,644 373,076 5.66x $410,384 $1,701,261
2017 .... 2,586,460 0 50,715 328,588 379,303 6.82x 474,128 2,112,332 354,110 5.97x 389,521 1,722,811
2018 .... 2,586,460 0 50,715 322,888 373,603 6.92x 467,003 2,119,457 356,705 5.94x 392,376 1,727,081
2019 .... 2,586,460 0 50,715 322,188 372,903 6.94x 466,128 2,120,332 608,380 3.49x 669,218 1,451,114
2020 .... 2,586,460 0 50,715 321,338 372,053 6.95x 465,066 2,121,394 604,480 3.51x 664,928 1,456,466
2021 .... 2,586,460 0 50,715 315,338 366,053 7.07x 457,566 2,128,894 609,130 3.49x 670,043 1,458,851
2022 .... 2,586,460 0 50,715 319,338 370,053 6.99x 462,566 2,123,894 607,738 3.49x 668,511 1,455,383
2023 .... 2,586,460 0 50,715 313,038 363,753 7.11x 454,691 2,131,769 605,388 3.52x 665,926 1,465,843
2024 .... 2,586,460 0 50,715 316,738 367,453 7.04x 459,316 2,127,144 607,293 3.50x 668,022 1,459,123
2025 .... 2,586,460 0 280,715 315,138 595,853 4.34x 744,816 1,841,644 318,293 5.79x 350,122 1,491,523
2026 .... 2,586,460 0 276,515 313,388 589,903 4.38x 737,378 1,849,082 316,768 5.84x 348,444 1,500,638
2027 .... 2,586,460 0 277,115 321,200 598,315 4.32x 747,894 1,838,566 314,868 5.84x 346,354 1,492,212
2028 .... 2,586,460 0 277,193 316,400 593,593 4.36x 741,991 1,844,469 317,465 5.81x 349,212 1,495,258
2029 .... 2,586,460 0 281,610 321,400 603,010 4.29x 753,763 1,832,698 319,135 5.74x 351,049 1,481,649
2030 .... 2,586,460 0 0 320,800 320,800 8.06x 401,000 2,185,460 315,083 6.94x 346,591 1,838,869
2031 .... 2,586,460 0 0 314,800 314,800 8.22x 393,500 2,192,960 315,333 6.95x 346,866 1,846,094
2032 .... 2,586,460 0 0 313,600 313,600 8.25x 392,000 2,194,460 315,073 6.96x 346,580 1,847,880
2033 .... 2,586,460 0 0 312,000 312,000 8.29x 390,000 2,196,460 319,153 6.88x 351,068 1,845,392
2034 .... 2,586,460 0 0 0 0 2,586,460 317,353 8.15x 349,088 2,237,372
Notes: (1) Based on the City's 2014 Comprehensive Annual Financial Report (the "CAFR").
(2) All maturities to be refunded by the Bonds.
(3) Additionally secured by certain incremental property taxes from the Countryside Shopping Center project area.
(4) Equal to the mandatory 125% rate covenant.
(5) Subject to change.
(6) Estimated at an average coupon of 3%.
(7) Equal to the mandatory 110% rate covenant.
31
Series 2005 Bonds
Outstanding Principal
Principal Amount Redemption Redemption
Maturities Amount Refunded Price Date
12/1/2019 ............ $ 235,000 $ 235,000 100.00% 8/18/2015
12/1/2020 ............ 245,000 245,000 100.00% 8/18/2015
12/1/2021 ............ 260,000 260,000 100.00% 8/18/2015
12/1/2022 ............ 275,000 275,000 100.00% 8/18/2015
12/1/2023 ............ 285,000 285,000 100.00% 8/18/2015
12/1/2024 ............ 300,000 300,000 100.00% 8/18/2015
Total ................ $1,600,000 $1,600,000
A portion of the Bond proceeds will be kept in cash: (i) to pay when due the interest on the Refunded Bonds as
stated above, and (ii) to pay principal of and call premium, if any, on the Refunded Bonds on the redemption date.
The cash will be held in an escrow account created pursuant to an escrow agreement (the “Escrow
Agreement”) between the City and Amalgamated Bank of Chicago, Chicago, Illinois, as Escrow Agent (the “Escrow
Agent”).
All moneys deposited for the payment of Refunded Bonds, including interest thereon, are required to be applied
solely and irrevocably to the payment of the Refunded Bonds.
DEBT INFORMATION
After issuance of the Bonds and the refunding of the Series 2005 Bonds, the City will have outstanding
$42,015,000 (subject to change) principal amount of general obligation and debt certificate debt. For the 2014 levy
year, the City, partially abated the Series 2014B Bonds. Going forward the City expects to gradually eliminate this
practice by fiscal year 2019. The City also has outstanding $88,500,000 of special service area (SSA) debt and
$1,880,084 for the fiscal year ended April 30, 2014 of IEPA loans. The debt service on the SSA debt is current and is
being paid solely from SSA taxes; SSA debt is an obligation solely of the various SSAs and not an obligation of the
City.
32
Outstanding General Obligation and Debt Certificate Debt(1)
(Principal Only)
Series Series Series Series Series Series Series
Calendar 2003 2003A 2004B 2005 Series 2006A 2007A 2011
Year Certificates Certificates (ARS)(2) (ARS)(3) 2006 Certificates (ARS) (ARS)(4)
2015 ........... $100,000 $ 0 $ 395,000 $ 0 $ 50,000 $ 435,000 $ 15,000 $ 715,000
2016 ........... 100,000 110,000 410,000 0 50,000 460,000 15,000 745,000
2017 ........... 100,000 115,000 435,000 0 50,000 475,000 15,000 780,000
2018 ........... 300,000 120,000 455,000 0 50,000 495,000 15,000 810,000
2019 ........... 0 130,000 0 235,000 50,000 850,000 680,000 845,000
2020 ........... 0 135,000 0 245,000 75,000 850,000 695,000 885,000
2021 ........... 0 140,000 0 260,000 75,000 390,000 725,000 920,000
2022 ........... 0 150,000 0 275,000 75,000 255,000 750,000 960,000
2023 ........... 0 155,000 0 285,000 100,000 0 0 1,000,000
2024 ........... 0 0 0 300,000 100,000 0 0 1,045,000
2025 ........... 0 0 0 0 0 0 0 1,100,000
2026 ........... 0 0 0 0 0 0 0 0
2027 ........... 0 0 0 0 0 0 0 0
2028 ........... 0 0 0 0 0 0 0 0
2029 ........... 0 0 0 0 0 0 0 0
2030 ........... 0 0 0 0 0 0 0 0
2031 ........... 0 0 0 0 0 0 0 0
2032 ........... 0 0 0 0 0 0 0 0
2033 ........... 0 0 0 0 0 0 0 0
Total ........ $600,000 $1,055,000 $1,695,000 $1,600,000 $675,000 $4,210,000 $2,910,000 $9,805,000
Series Series Series Series Cumulative
Calendar Series 2014 2014A 2014B 2014C Outstanding Principal Retired
Year 2013 (ARS)(3) (ARS)(3) (ARS)(5) (ARS)(2) Debt Amount Percent
2015 ........... $ 485,000 $ 0 $ 135,000 $ 255,000 $ 120,000 $ 2,705,000 $ 2,705,000 7.18%
2016 ........... 500,000 0 185,000 270,000 120,000 2,965,000 5,670,000 15.05%
2017 ........... 520,000 0 190,000 275,000 120,000 3,075,000 8,745,000 23.21%
2018 ........... 565,000 0 190,000 285,000 130,000 3,415,000 12,160,000 32.27%
2019 ........... 585,000 0 195,000 290,000 125,000 3,985,000 16,145,000 42.84%
2020 ........... 610,000 0 200,000 295,000 130,000 4,120,000 20,265,000 53.77%
2021 ........... 645,000 0 200,000 310,000 135,000 3,800,000 24,065,000 63.86%
2022 ........... 675,000 0 210,000 320,000 135,000 3,805,000 27,870,000 73.96%
2023 ........... 700,000 0 210,000 0 140,000 2,590,000 30,460,000 80.83%
2024 ........... 730,000 0 220,000 0 135,000 2,530,000 32,990,000 87.54%
2025 ........... 0 230,000 225,000 0 0 1,555,000 34,545,000 91.67%
2026 ........... 0 235,000 230,000 0 0 465,000 35,010,000 92.90%
2027 ........... 0 245,000 245,000 0 0 490,000 35,500,000 94.20%
2028 ........... 0 255,000 250,000 0 0 505,000 36,005,000 95.54%
2029 ........... 0 270,000 265,000 0 0 535,000 36,540,000 96.96%
2030 ........... 0 0 275,000 0 0 275,000 36,815,000 97.69%
2031 ........... 0 0 280,000 0 0 280,000 37,095,000 98.43%
2032 ........... 0 0 290,000 0 0 290,000 37,385,000 99.20%
2033 ........... 0 0 300,000 0 0 300,000 37,685,000 100.00%
Total ........ $6,015,000 $1,235,000 $4,295,000 $2,300,000 $1,290,000 $37,685,000
Notes: (1) Source: the City.
(2) Payable from revenues from the Water and Sewer System and State Income Taxes.
(3) Payable from revenues from Sales Taxes and the incremental taxes if any from the Countryside TIF. The 2014-2018 maturities were
defeased/refunded by Series 2014.
(4) Payable from Special Sales Taxes.
(5) Partially paid from tax levies.
33
General Obligation and Debt Certificate Debt After Sale of the Bonds(1)
(Principal Only)
Cumulative
Calendar Outstanding The Less: Total Principal Retired(2)
Year Debt Bonds(2)(3) Refunded Bonds(2)(3) Debt(2) Amount Percent
2015........... $ 2,705,000 $ 0 $ 0 $ 2,705,000 $ 2,705,000 6.44%
2016........... 2,965,000 135,000 0 3,100,000 5,805,000 13.82%
2017........... 3,075,000 185,000 0 3,260,000 9,065,000 21.58%
2018........... 3,415,000 190,000 0 3,605,000 12,670,000 30.16%
2019........... 3,985,000 445,000 (235,000) 4,195,000 16,865,000 40.14%
2020........... 4,120,000 450,000 (245,000) 4,325,000 21,190,000 50.43%
2021........... 3,800,000 465,000 (260,000) 4,005,000 25,195,000 59.97%
2022........... 3,805,000 475,000 (275,000) 4,005,000 29,200,000 69.50%
2023........... 2,590,000 485,000 (285,000) 2,790,000 31,990,000 76.14%
2024........... 2,530,000 500,000 (300,000) 2,730,000 34,720,000 82.64%
2025........... 1,555,000 225,000 0 1,780,000 36,500,000 86.87%
2026........... 465,000 230,000 0 695,000 37,195,000 88.53%
2027........... 490,000 235,000 0 725,000 37,920,000 90.25%
2028........... 505,000 245,000 0 750,000 38,670,000 92.04%
2029........... 535,000 255,000 0 790,000 39,460,000 93.92%
2030........... 275,000 260,000 0 535,000 39,995,000 95.19%
2031........... 280,000 270,000 0 550,000 40,545,000 96.50%
2032........... 290,000 280,000 0 570,000 41,115,000 97.86%
2033........... 300,000 295,000 0 595,000 41,710,000 99.27%
2034........... 0 305,000 0 305,000 42,015,000 100.00%
Total ........ $37,685,000 $5,930,000 $(1,600,000) $42,015,000
Notes: (1) Source: the City.
(2) Subject to change.
(3) Payable from revenues from Sales Taxes and the incremental taxes if any from the Countryside TIF.
Detailed Overlapping Bonded Debt(1)
Outstanding Applicable to City
Debt(2) Percent(3) Amount
Schools:
Grade School District Number 66 ....................................... $ 1,495,000 0.39% $ 5,831
Unit School District Number 88 ........................................ 38,008,479 0.42% 159,636
Unit School District Number 115 ....................................... 79,165,866 58.15% 46,034,951
Community College District Number 516 ................................. 71,440,000 5.30% 3,786,320
Total Schools ................................................................................................... $49,986,737
Other(4):
Kendall County(5) ..................................................... $35,913,762 16.48% $ 5,918,588
Kendall County Forest Preserve District ............................... 47,215,000 16.48% 7,781,032
Total Other ..................................................................................................... $13,699,620
Total Schools and Other Overlapping Bonded Debt .................................................................. $63,686,357
Notes: (1) Source: Kendall County Clerk.
(2) As of April 15, 2015.
(3) Percentages are based on 2014 EAVs, the latest available.
(4) The United City of Yorkville Special Service Areas (also includes Series 2007 revenue bonds) have $88,500,000
in outstanding debt, which is expected to be paid from sources other than City revenues.
(5) Bonded debt is self supporting; includes Public Building Commission.
34
Statement of Bonded Indebtedness(1)
Ratio To Per Capita
Amount Equalized Estimated (2010 Census
Applicable Assessed Actual 16,921)
City EAV of Taxable Property, 2014 ........................... $ 416,828,406 100.00% 33.33% $24,633.79
Estimated Actual Value, 2014 ................................. $1,250,485,218 300.00% 100.00% $73,901.38
Net Direct Bonded Debt (2)(3) ................................ $ 14,855,000 3.56% 1.19% $ 877.90
Overlapping Bonded Debt(4):
Schools ...................................................... $ 49,986,737 11.99% 4.00% $ 2,954.12
Other ........................................................ 13,699,620 3.29% 1.10% 809.62
Total Overlapping Bonded Debt .............................. $ 63,686,357 15.28% 5.09% $ 3,763.75
Total Net Direct and Overlapping Bonded Debt ................ $ 78,541,357 18.84% 6.28% $ 4,641.65
Notes: (1) Source: Kendall County Clerk.
(2) Includes debt certificates and excludes alternate bonds and bonds to be refunded by this issue.
(3) Excludes $88,500,000 bonds as of April 30, 2014 of the United City of Yorkville Special Service Areas which are
expected to be paid from sources other than City revenues.
(4) As of April 15, 2015.
Legal Debt Margin(1)
2014 City Equalized Assessed Valuation ........................................................... $416,828,406
Statutory Debt Limitation (8.625% of EAV) ........................................................ $ 35,951,450
Series 2003 Certificates ..................................... $ 600,000
Series 2003A Certificates .................................... 1,055,000
Series 2004B(2) .............................................. 1,695,000
Series 2005 Bonds(ARS)(2)(3)(4) .............................. 0
Series 2006 Bonds ............................................ 675,000
Series 2006A Certificates .................................... 4,210,000
Series 2007A Bonds(ARS)(2) ................................... 2,910,000
Series 2011 Bonds(ARS)(2) .................................... 9,805,000
Series 2013 Bonds ............................................ 6,015,000
Series 2014(ARS)(2) .......................................... 1,235,000
Series 2014A(ARS)(2) ......................................... 4,295,000
Series 2014B(ARS)(2)(5) ...................................... 2,300,000
Series 2014C(ARS)(2) ......................................... 1,290,000
The Bonds(ARS)(2)(4) ......................................... 5,930,000
Total Debt(4) .............................................. $42,015,000
Less:
Series 2004B Bonds (ARS)(2) .................................. $(1,695,000)
Series 2005 Bonds (ARS)(2)(3)(4) ............................. 0
Series 2007A(2) .............................................. (2,910,000)
Series 2011 Bonds (ARS)(2) ................................... (9,805,000)
Series 2014 (ARS)(2) ......................................... (1,235,000)
Series 2014A (ARS)(2) ........................................ (4,295,000)
Series 2014C (ARS)(2) ........................................ (1,290,000)
The Bonds (ARS)(2)(4) ........................................ (5,930,000)
Total Applicable Debt(4) ...................................................................... $ 14,855,000
Legal Debt Margin(4) .......................................................................... $ 21,096,450
Notes: (1) Source: the City.
(2) Series 2004B, Series 2005 Bonds, Series 2007A Bonds, Series 2011Bonds, Series 2014 Bonds,
Series 2014A Bonds, Series 2014B Bonds, Series 2014C Bonds and the Bonds (the "Alternate
Bonds") are alternate bonds and do not constitute an indebtedness of the City within the
meaning of any constitutional statutory limitation, unless the pledged taxes will have been
extended pursuant to the general obligation, full faith and credit promise supporting the
Alternate Bonds in which case the amount of the outstanding Alternate Bonds will be included
in the computation of indebtedness of the City for purposes of all statutory provisions or
limitations until such time as an audit of the City shows that the Alternate Bonds have been
paid from their pledged revenues for a complete fiscal year.
(3) Does not include bonds being refunded.
(4) Subject to change.
(5) Alternate bonds which have taxes levied for payment.
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PROPERTY ASSESSMENT AND TAX INFORMATION
For the 2014 levy year, the City’s EAV was comprised of approximately 74% residential, 3% industrial, 22%
commercial, and less than 1% farm and railroad property valuations.
Equalized Assessed Valuation(1)
Levy Years
2010 2011 2012 2013 2014
By Property Class
Residential ............... $407,528,709 $367,600,683 $332,551,186 $311,316,069 $310,655,449
Farm ...................... 2,398,027 2,450,231 2,568,351 2,618,131 2,743,283
Commercial ................ 122,304,406 112,753,206 101,264,981 99,434,012 90,744,145
Industrial ................ 6,820,310 7,283,729 6,720,962 6,656,792 12,668,201
Railroad .................. 17,328 17,328 17,328 17,328 17,328
Total ................... $539,068,780 $490,105,177 $443,122,808 $420,042,332 $416,828,406
Percent Change ............ (6.78%)(2) (9.08%) (9.59%) (5.21%) (0.77%)
Notes: (1) Source: Kendall County Clerk.
(2) Percentage change based on 2009 EAV of $578,268,436.
Representative Tax Rates(1)
(Per $100 EAV)
Levy Year
2010 2011 2012 2013 2014
The City:
Corporate ........................................... $0.1472 $0.2108 $ 0.2354 $ 0.2484 $ 0.2503
Bonds and Interest .................................. 0.4105 0.1477 0.1097 0.0797 0.0397
IMRF ................................................ 0.0804 0.0918 0.1016 0.1071 0.1080
Police Protection ................................... 0.0620 0.0714 0.0790 0.0833 0.0840
Police Pension ...................................... 0.0670 0.0900 0.1229 0.1493 0.1694
Audit ............................................... 0.0098 0.0082 0.0068 0.0072 0.0072
Liability Insurance ................................. 0.0615 0.0082 0.0090 0.0095 0.0096
Social Security ..................................... 0.0546 0.0612 0.0677 0.0714 0.0720
School Cross Guard .................................. 0.0044 0.0051 0.0057 0.0060 0.0060
Unemployment Insurance .............................. 0.0045 0.0102 0.0113 0.0119 0.0120
Total City Rates(2) ............................... $0.9020 $0.7045 $ 0.7490 $ 0.7738 $ 0.7581
Kendall County ...................................... 0.6396 0.6999 0.7446 0.8009 0.8085
Kendall County Forest Preserve ...................... 0.1041 0.1205 0.1495 0.1640 0.1826
Bristol Township .................................... 0.3246 0.3693 0.3935 0.4239 0.4171
Bristoll - Kendall Fire District .................... 0.6734 0.7176 0.7356 0.7718 0.8041
Unit School District Number 115 ..................... 5.2767 5.9101 6.7561 7.4081 7.7083
Community College District Number 516 ............... 0.4115 0.4702 0.5306 0.5691 0.5973
Yorkville Library ................................... 0.2589 0.3042 0.3242 0.3241 0.3299
Total Tax Rates(3) ................................ $8.5908 $9.2962 $10.3831 $11.2358 $11.6059
Notes: (1) Source: Kendall County Clerk.
(2) Statutory tax rate limits for the City are as follows: Corporate ($0.4375); Police Protection ($0.6000); Garbage
($0.2000); School Crossing Guard ($0.0200).
(3) Representative tax rates for other government units are from Bristol Township tax code 005.
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Tax Extensions and Collections(1)
(Excludes Road, Bridge and Library Levies)
Levy Coll. Taxes Taxes Collected(3)
Year Year Extended(2) Amount Percent
2009 ............ 2010 ............. $2,529,057 $2,521,570 99.70%
2010 ............ 2011 ............. 4,862,185 4,849,681 99.74%
2011 ............ 2012 ............. 3,452,742 3,435,616 99.50%
2012 ............ 2013 ............. 3,318,990 3,193,672 96.22%
2013 ............ 2014 ............. 3,250,204 3,234,448 99.52%
2014 ............ 2015 ............. 3,159,893 ------In Collection------
Notes: (1) Source: Kendall County Treasurer and the City.
(2) Tax extensions have been adjusted for abatements.
(3) Total collections include back taxes, taxpayer refunds,
interest, etc.
Principal Taxpayers(1)
Taxpayer Name Business/Service 2014 EAV(2)
Menard, Inc. ................................................. Retail .................................................. $ 7,568,892
Bank of America NA(3) ........................................ Kendall Market Place .................................... 5,152,419
Yorkville Shopping Center I .................................. Shopping Center ......................................... 3,968,109
Copley Ventures, Inc. ........................................ Real Property ........................................... 3,726,607
Target Corporation ........................................... Retail .................................................. 3,092,795
Wrigley Manufacturing Co LLC ................................. Gum ..................................................... 2,706,507
Yorkville Leased Housing Associates 1 ........................ Affordable Housing Investments........................... 2,341,056
Boombah Properties LLC ....................................... Retail .................................................. 2,269,648
York Meadows LLC ............................................. Apartments .............................................. 2,254,626
Prime Yorkville LLC .......................................... Office Building Complex ................................. 1,805,566
Total ............................................................................................................... $34,886,225
Ten Largest Taxpayers as Percent of City's 2014 EAV ($416,828,406) ................................................... 8.37%
Notes: (1) Source: Kendall County Clerk.
(2) Every effort has been made to seek out and report the largest taxpayers. However, many taxpayers listed contain
multiple parcels and it is possible that some parcels and their valuations have been overlooked. The 2014 EAV by
PIN is the most current available.
(3) Formerly Cannonball LLC.
REAL PROPERTY ASSESSMENT, TAX LEVY AND COLLECTION PROCEDURES
Tax Levy and Collection Procedures
Local assessment officers determine the assessed valuation of taxable real property and railroad property not
held or used for railroad operations. The Illinois Department of Revenue (the “Department”) assesses certain other
types of taxable property, including railroad property held or used for railroad operations. Local assessment officers’
valuation determinations are subject to review at the county level and then, in general, to equalization by the
Department. Such equalization is achieved by applying to each county’s assessments a multiplier determined by the
Department. The purpose of equalization is to provide a common basis of assessments among counties by adjusting
assessments toward the statutory standard of 33-1/3% of fair cash value. Farmland is assessed according to a statutory
formula which takes into account factors such as productivity and crop mix. Taxes are extended against the assessed
values after equalization.
Property tax levies of each taxing body are filed in the office of the county clerk of each county in which
territory of that taxing body is located. The county clerk computes the rates and amount of taxes applicable to taxable
property subject to the tax levies of each taxing body and determines the dollar amount of taxes attributable to each
respective parcel of taxable property. The county clerk then supplies to the appropriate collecting officials within the
county the information needed to bill the taxes attributable to the various parcels therein. After the taxes have been
collected, the collecting officials distribute to the various taxing bodies their respective shares of the taxes collected.
Taxes levied in one calendar year are due and payable in two installments during the next calendar year. Taxes that are
not paid when due, or that are not paid by mail and postmarked on or before the due date, are subject to a penalty of
1-1/2% per month until paid. Unpaid property taxes, together with penalties, interest and costs, constitute a lien
against the property subject to the tax.
37
Exemptions
An annual General Homestead Exemption provides that the Equalized Assessed Valuation (“EAV”) of certain
property owned and used for residential purposes (“Residential Property”) may be reduced by the amount of any
increase over the 1977 EAV, up to a maximum reduction of $3,500 for assessment years prior to assessment year 2004
in counties with less than 3,000,000 inhabitants, and a maximum reduction of $5,000 for assessment year 2004 through
2007 in all counties. The maximum reduction is $5,500 for assessment year 2008, and for assessment years 2009
through 2011, the maximum reduction is $6,000 in all counties. For assessment years 2012 and thereafter, the
maximum reduction is $6,000 in counties with less than 3,000,000 inhabitants.
The Homestead Improvement Exemption applies to Residential Properties that have been improved or rebuilt in
the 2 years following a catastrophic event. The exemption is limited to $45,000 through December 31, 2003, and
$75,000 per year beginning January 1, 2004 and thereafter, to the extent the assessed value is attributable solely to such
improvements or rebuilding.
Additional exemptions exist for senior citizens. The Senior Citizens Homestead Exemption operates annually to
reduce the EAV on a senior citizen’s home for assessment years prior to 2004 by $2,000 in counties with less than
3,000,000 inhabitants. For assessment years 2004 and 2005, the maximum reduction is $3,000 in all counties. For
assessment years 2006 and 2007, the maximum reduction is $3,500 in all counties. For assessment years 2008 through
2011, the maximum reduction is $4,000 for all counties. For assessment year 2012, the maximum reduction is $4,000
in counties with less than 3,000,000 inhabitants. For assessment years 2013 and thereafter, the maximum reduction is
$5,000 in all counties. Furthermore, beginning with assessment year 2003, for taxes payable in 2004, property that is
first occupied as a residence after January 1 of any assessment year by a person who is eligible for the Senior Citizens
Homestead Exemption must be granted a pro rata exemption for the assessment year based on the number of days
during the assessment year that the property is occupied as a residence by a person eligible for the exemption.
A Senior Citizens Assessment Freeze Homestead Exemption freezes property tax assessments for homeowners,
who are 65 and older and receive a household income not in excess of the maximum income limitation. The maximum
income limitation is $35,000 for years prior to 1999, $40,000 for assessment years 1999 through 2003, $45,000 for
assessment years 2004 and 2005, $50,000 from assessment years 2006 and 2007 and for assessments year 2008 and
after, the maximum income limitation is $55,000. In general, the Senior Citizens Assessment Freeze Homestead
Exemption limits the annual real property tax bill of such property by granting to qualifying senior citizens an
exemption as to a portion of the valuation of their property. In counties with a population of 3,000,000 or more, the
exemption for all assessment years is equal to the EAV of the residence in the assessment year for which application is
made less the base amount. Furthermore, for those counties with a population of less than 3,000,000, the Senior
Citizens Assessment Freeze Homestead Exemption is as follows: through assessment year 2005 and for assessment year
2007 and later, the exempt amount is the difference between (i) the current EAV of their residence and (ii) the base
amount, which is the EAV of a senior citizen’s residence for the year prior to the year in which he or she first qualifies
and applies for the Exemption (plus the EAV of improvements since such year). For assessment year 2006, the amount
of the Senior Citizens Assessment Freeze Homestead Exemption phases out as the amount of household income
increases. The amount of the Senior Citizens Assessment Freeze Homestead Exemption is calculated by using the same
formula as above, and then multiplying the resulting value by a ratio that varies according to household income.
Another exemption available to disabled veterans operates annually to exempt up to $70,000 of the assessed
valuation of property owned and used exclusively by such veterans or their spouses for residential purposes. Also,
certain property is exempt from taxation on the basis of ownership and/or use, such as public parks, not-for-profit
schools and public schools, churches, and not-for-profit hospitals and public hospitals. However, individuals claiming
exemption under the Disabled Persons’ Homestead Exemption or the Disabled Veterans Standard Homestead
Exemption cannot claim the aforementioned exemption.
38
Furthermore, beginning with assessment year 2007, the Disabled Persons’ Homestead Exemption provides an
annual homestead exemption in the amount of $2,000 for property that is owned and occupied by certain persons with a
disability. However, individuals claiming exemption as a disabled veteran or claiming exemption under the Disabled
Veterans Standard Homestead Exemption cannot claim the aforementioned exemption.
In addition, the Disabled Veterans Standard Homestead Exemption provides disabled veterans an annual
homestead exemption starting with assessment year 2007 and thereafter. Specifically, (i) those veterans with a service-
connected disability of 75% are granted an exemption of $5,000 and (ii) those veterans with a service-connected
disability of less than 75%, but at least 50% are granted an exemption of $2,500. Furthermore, the veteran’s surviving
spouse is entitled to the benefit of the exemption, provided that the spouse has legal or beneficial title of the homestead,
resides permanently on the homestead and does not remarry. Moreover, if the property is sold by the surviving spouse,
then an exemption amount not to exceed the amount specified by the current property tax roll may be transferred to the
spouse’s new residence, provided that it is the spouse’s primary residence and the spouse does not remarry. However,
individuals claiming exemption as a disabled veteran or claiming exemption under the Disabled Persons’ Homestead
Exemption cannot claim the aforementioned exemption.
Beginning with assessment year 2007, the Returning Veterans’ Homestead Exemption is available for property
owned and occupied as the principal residence of a veteran in the assessment year the veteran returns from an armed
conflict while on active duty in the United States armed forces. This provision grants a homestead exemption of
$5,000, which is applicable in all counties. In order to apply for the Returning Veterans’ Homestead Exemption, the
individual must pay real estate taxes on the property, own the property or have either a legal or an equitable interest in
the property, “or a leasehold interest of land on which a single family residence is located, which is occupied as a
principle residence of a veteran returning from an armed conflict involving the armed forces of the United States who
has an ownership interest therein, legal, equitable or as a lessee, and on which the veteran is liable for the payment of
property taxes.” Those individuals eligible for the Returning Veterans’ Homestead Exemption may claim the Returning
Veterans’ Homestead Exemption, in addition to other homestead exemptions, unless otherwise noted.
Property Tax Extension Limitation law
The Property Tax Extension Limitation Law, as amended (the “Limitation Law”), limits the annual growth in
the amount of property taxes to be extended for certain Illinois non-home-rule units, including the City. In general, the
annual growth permitted under the Limitation Law is the lesser of 5% or the percentage increase in the Consumer Price
Index during the calendar year preceding the levy year. Taxes can also be increased due to new construction,
referendum approval of tax rate increases, mergers and consolidations.
The effect of the Limitation Law is to limit the amount of property taxes that can be extended for a taxing body.
In addition, general obligation bonds, notes and installment contracts payable from ad valorem taxes unlimited as to rate
and amount cannot be issued by the affected taxing bodies unless they are approved by referendum, are alternate bonds
(such as the Bonds) or are for certain refunding purposes.
The City has the authority to levy taxes for many different purposes. See the table entitled Representative Tax
Rates under “PROPERTY ASSESSMENT AND TAX INFORMATION” herein. The ceiling at any particular time
on the rate at which these taxes may be extended for the City is either (i) unlimited (as provided by statute), (ii) initially
set by statute but permitted to be increased by referendum, (iii) capped by statute, or (iv) limited to the rate approved
by referendum. Public Act 94-0976, effective June 30, 2006, provides that the only ceiling on a particular tax rate is
the ceiling set by statute above, at which the rate is not permitted to be further increased by referendum or otherwise.
Therefore, taxing districts (such as the City) will have increased flexibility to levy taxes for the purposes for which they
most need the money. The total aggregate tax rate for the various purposes subject to the Limitation Law, however,
will not be allowed to exceed the City’s limiting rate computed in accordance with the provisions of the Limitation
Law.
39
Local governments, including the City, can issue limited tax bonds in lieu of general obligation bonds that have
otherwise been authorized by applicable law.
Truth in Taxation Law
Legislation known as the Truth in Taxation Law (the “Law”) limits the aggregate amount of certain taxes which
can be levied by, and extended for, a taxing district to 105% of the amount of taxes extended in the preceding year
unless specified notice, hearing and certification requirements are met by the taxing body. The express purpose of the
Law is to require published disclosure of, and hearing upon, an intention to adopt a levy in excess of the specified
levels.
FINANCIAL INFORMATION
Financial Reports
The City’s financial statements are audited annually by certified public accountants and are in conformity with
accounting principles generally accepted in the United States of America. The government-wide financial statements
are reported using the economic resources measurement focus and the accrual basis of accounting, as are the
proprietary fund and fiduciary fund financial statements. Government funds are reported using the current financial
resources measurement focus and the modified accrual basis of accounting. See APPENDIX A for more detail.
No Consent or Updated Information Requested of the Auditor
The tables and excerpts (collectively, the “Excerpted Financial Information”) contained in this “FINANCIAL
INFORMATION” section and in APPENDIX A are from the audited financial statements of the City, including the
audited financial statements for the fiscal year ended April 30, 2014 (the “2014 Audit”) which was approved by formal
action of the City Council. The City has not requested the Auditor to update information contained in the Excerpted
Financial Information; nor has the City requested that the Auditor consent to the use of the Excerpted Financial
Information in this Official Statement. Other than as expressly set forth in this Official Statement, the financial
information contained in the Excerpted Financial Information has not been updated since the date of the 2014 Audit.
The inclusion of the Excerpted Financial Information in this Official Statement in and of itself is not intended to
demonstrate the fiscal condition of the City since the date of the 2014 Audit. Questions or inquiries relating to financial
information of the City since the date of the 2014 Audit should be directed to the City.
Summary Financial Information
The following tables are summaries and do not purport to be the complete audits, copies of which are available
upon request. See APPENDIX A for excerpts of the City’s 2014 Audit.
40
Statement of Net Assets(1)
Governmental Activities
Audited as of April 30
2010 2011 2012
ASSETS:
Current Assets:
Cash and Cash Equivalents ............................. $ 4,185,507 $ 4,379,393 $ 4,395,719
Receivables:
Property Taxes Receivable ............................. 3,276,306 4,469,943 4,623,354
Intergovernmental Receivables ......................... 2,054,417 1,923,851 0
Accounts Receivable .................................. 459,445 494,959 380,675
Utility Taxes Receivable .............................. 247,659 239,106 0
Other Taxes .......................................... 0 0 2,577,391
Internal Balances ..................................... (2,482,580) (2,219,599) (1,145,614)
Prepaid Items ......................................... 54,288 145,404 181,683
Other Assets .......................................... 0 0 400,000
Total Current Assets ................................ $ 7,795,042 $ 9,433,057 $11,413,208
Capital Assets (Net of Accumulated Depreciation):
Land, Land Improvements and CIP ....................... $30,049,329 $30,274,710 $30,224,292
Infrastructure ....................................... 28,050,993 28,580,530 28,726,021
Building and Improvements ............................. 12,713,680 12,486,849 12,195,378
Equipment and Vehicles ............................... 3,602,054 3,055,284 2,665,905
Total Capital Assets ................................ $74,416,056 $74,397,373 $73,811,596
Other Assets:
Deferred Charges ..................................... $ 58,060 $ 50,180 $ 42,893
Total Other Assets .................................. $ 58,060 $ 50,180 $ 42,893
Total Assets ........................................ $82,269,158 $83,880,610 $85,267,697
LIABILITIES AND NET ASSETS:
Liabilities:
Current Liabilities:
Accounts Payable ..................................... $ 335,840 $ 689,702 $ 527,054
Deposits Payable ..................................... 0 0 66,584
Retainage Payable .................................... 0 3,201 0
Accrued Payroll ...................................... 117,174 99,928 108,478
Interest Payable ..................................... 228,618 218,758 213,875
Unearned Revenue ..................................... 3,315,611 4,514,986 5,671,251
Current Portion of Long-Term Debt ..................... 0 0 1,098,099
Other Liabilities .................................... 567,031 417,495 356,259
Total Current Liabilities ........................... $ 4,564,274 $ 5,944,070 $ 8,041,600
Noncurrent Liabilities:
Long-Term Obligations, Due within One Year:
Bonds Payable ........................................ $ 650,000 $ 790,000 $ 0
Debt Certificates Payable ............................. 95,000 95,000 0
Notes Payable ........................................ 151,544 153,254 0
Compensated Absences ................................. 221,316 242,538 292,100
Accrued Claims ....................................... 60,000 0 0
Long-Term Obligations, Due in more than One Year:
Bonds Payable ........................................ 14,715,000 13,925,000 13,025,000
Loans Payable ........................................ 1,890 0 0
Debt Certificates Payable ............................. 190,000 95,000 0
Notes Payable ........................................ 1,001,079 849,715 817,751
Compensated Absences ................................. 165,631 299,148 0
Net Pension Obligation ............................... 133,940 398,325 564,311
Other Post-employment Benefits ........................ 4,676 7,007 9,453
Other Liabilities .................................... 0 0 1,890
Total Noncurrent Liabilities ......................... $17,390,076 $16,854,987 $14,710,505
Total Liabilities ................................... $21,954,350 $22,799,057 $22,752,105
Net Assets:
Invested in Capital Assets, Net of Related Debt ........ $60,971,543 $61,594,404 $58,943,771
Restricted for Capital Projects ........................ 3,042,137 2,736,585 3,478,139(2)
Restricted for Debt Service ............................ 426,013 578,443 0
Unrestricted Net Assets ............................... (4,124,885) (3,827,879) 93,682
Total Net Assets .................................... $60,314,808 $61,081,553 $62,515,592
Notes: (1) Reporting format changed from Net Assets to Net Position in 2013. See table on
page 22.
(2) For fiscal year ending April 30, 2012, consisting of $388,198 for Library
Operations, $29,259 for Special Service Areas, $924,857 for Motor Fuel Tax and
$2,135,825 for Tax Increment Financing District.
41
Statement of Net Position
Governmental Activities
Audited as of April 30
2013 2014
ASSETS:
Current Assets:
Cash and Investments ............................................. $ 7,752,435 $ 5,996,255
Receivables - Net ................................................ 7,364,633 7,687,961
Prepaids ......................................................... 174,571 191,065
Internal Balances ................................................ (259,447) 0
Due from Other Governments ........................................ 15 131,319
Total Current Assets ............................................ $ 15,032,207 $ 14,006,600
Noncurrent Assets:
Capital Assets:
Nondepreciable Capital Assets ..................................... $ 31,020,430 $ 32,828,269
Depreciable Capital Assets ........................................ 66,528,719 67,900,191
Accumulated Depreciation .......................................... (21,705,810) (23,592,200)
Total Capital Assets ............................................ $ 75,843,339 $ 77,136,260
Total Assets .................................................... $ 90,875,546 $ 91,142,860
DEFERRED OUTFLOWS OF RESOURCES:
Unamortized Loss on Refunding ....................................... $ 0 $ 197,291
Total Assets and Deferred Outflows of Resources .................. $ 90,875,546 $ 91,340,151
LIABILITIES:
Current Liabilities:
Accounts Payable ................................................. $ 819,023 $ 931,071
Retainage Payable ................................................ 0 33,064
Deposits Payable ................................................. 289,418 307,162
Accrued Payroll .................................................. 137,178 200,721
Accrued Interest Payable .......................................... 199,038 155,686
Other Liabilities ................................................ 288,139 306,313
Other Payables ................................................... 87,015 117,383
Current Portion of Long-Term Debt ................................. 928,122 916,300
Total Current Liabilities ........................................ $ 2,747,933 $ 2,967,700
Noncurrent Liabilities:
Compensated Absences Payable ...................................... $ 244,440 $ 288,752
Net Pension Obligation Payable .................................... 653,423 626,585
Net Other Post-Employment Benefit Payable ......................... 7,927 6,306
Notes Payable .................................................... 823,589 826,229
General Obligation Bonds Payable .................................. 12,190,000 11,790,000
Other Liabilities ................................................ 1,890 1,890
Total Noncurrent Liabilities ..................................... 13,921,269 13,539,762
Total Liabilities ............................................... $ 16,669,202 $ 16,507,462
DEFERRED INFLOWS OF RESOURCES:
Property and State Taxes............................................ $ 5,364,612 $ 5,446,664
Total Liabilities and Deferred Inflows of Resources .............. $ 22,033,814 $ 21,954,126
NET POSITION:
Net Investment in Capital Assets .................................... $ 61,962,738 $ 63,873,210
Restricted:
Library Operations ............................................... 453,630 489,178
Special Service Areas ............................................ 22,864 13,708
Motor Fuel Tax ................................................... 1,152,348 1,024,307
Land Cash ........................................................ 121,420 187,984
Tax Increment Financing Districts ................................. 1,787,605 230,911
Unrestricted ....................................................... 3,341,127 3,566,727
Total Net Position .............................................. $ 68,841,732 $ 69,386,025
42
Statement of Activities
Governmental Activities
Statement of Net (Expense) Revenue and Changes in Net Assets
Year Ended April 30
2010 2011 2012 2013 2014
PRIMARY GOVERNMENT(1):
Governmental Activities
General Government ....................................... $(2,563,751) $ (2,799,032) $ (3,674,413) $(1,308,913) $ (3,196,327)
Public Safety ............................................ (3,660,914) (3,287,448) (2,905,184) (3,750,318) (3,874,698)
Public Works ............................................. 8,002,542 (1,214,089) (1,275,841) 470,019 (1,702,793)
Library .................................................. (1,023,547) (1,104,099) (798,256) (849,831) (821,180)
Parks and Recreation ..................................... (1,664,356) (1,217,887) (1,161,266) (1,072,532) (1,360,104)
Community Development .................................... (447,491) (394,687) (307,053) (356,689) (407,537)
Unallocated Bad Debt Adjustments ......................... (1,016,132) 0 0 0 0
Interest on Debt ......................................... (757,192) (723,246) (704,213) (691,551) (698,519)
Total Governmental Activities .......................... $(3,130,841) $(10,740,488) $(10,826,226) $(7,559,815) $(12,061,158)
GENERAL REVENUES:
Taxes:
Property Taxes .......................................... $ 4,087,698 $ 4,281,902 $ 4,953,862 $ 4,743,599 $ 4,670,934
Sales Tax ............................................... 2,480,213 2,577,651 2,962,810 4,409,926 4,573,026
Income Tax .............................................. 1,280,519 1,306,325 1,444,426 1,587,324 1,613,102
Utility Taxes ........................................... 1,542,649 1,614,294 1,568,699 1,553,693 1,633,242
Other Taxes ............................................. 641,360 780,863 963,524 922,439 988,822
Investment Earnings ...................................... 73,327 6,762 10,388 16,368 14,895
Other General Revenues ................................... 783,999 764,528 667,637 652,606 737,693
Transfers ................................................ 134,209 174,908 0 0 (1,626,263)
Total General Revenues ................................. $11,023,974 $ 11,507,233 $ 12,571,346 $13,885,955 $ 12,605,451
Change in Net Assets ..................................... $ 7,893,133 $ 766,745 $ 1,745,120 $ 6,326,140 $ 544,293
Net Assets
Beginning of Year, as Restated .......................... 52,421,675 60,314,808 60,770,472 62,515,592 68,841,732
End of Year ............................................. $60,314,808 $ 61,081,553 $ 62,515,592 $68,841,732 $ 69,386,025
Note: (1) Expenses net of program revenues of Fees, Fines & Charges for Services, Operating Grants and Contributions, and
Capital Grants and Contributions.
43
General Fund
Balance Sheet
Audited as of April 30
2010 2011 2012 2013 2014
ASSETS:
Cash and Investments ..................................... $ 0 $ 0 $ 0 $3,139,755 $2,351,670
Property Taxes Receivable ................................ 2,626,306 2,749,964 2,801,487 2,950,692 3,073,873
Other Governmental Receivables ........................... 1,748,223 1,576,444 0 15 3,900
Account Receivable ....................................... 459,445 488,780 369,626 205,599 221,671
Other Taxes Receivable ................................... 0 0 2,543,802 2,328,040 2,386,979
Utility Taxes Receivable ................................. 247,659 239,106 0 0 0
Interfund Receivable ..................................... 0 100,000 0 0 533,396
Prepaid Items ............................................ 39,497 136,917 153,770 139,985 156,680
Other Assets ............................................. 0 0 7,479 0 0
Total Assets ........................................... $5,121,130 $5,291,211 $5,876,164 $8,764,086 $8,728,169
LIABILITIES AND FUND BALANCE:
Liabilities:
Accounts Payable ......................................... $ 258,021 $ 531,957 $ 477,374 $ 586,758 $ 728,907
Accrued Payroll .......................................... 87,832 75,382 78,840 100,025 149,909
Deposits Payable ......................................... 0 0 54,498 271,365 295,619
Interfund Payable ........................................ 1,815,685 1,577,286 0 0 0
Other Payable ............................................ 401,201 198,074 114,854 0 0
Due to Other Funds ....................................... 0 0 497,989 17,448 0
Deferred Revenue ......................................... 3,048,330 3,180,412 3,381,986 0 0
Total Liabilities ...................................... $5,611,069 $5,563,111 $4,605,541 $ 975,596 $1,174,435
DEFERRED INFLOWS OF RESOURCES(1):
Property and State Taxes ................................. $ 0 $ 0 $ 0 $3,564,670 $3,693,153
Total Liabilities and Deferred Inflows of Resources ..... $ 0 $ 0 $ 0 $4,540,266 $4,867,588
Fund Balances:
Unassigned ............................................... $ (532,436) $ (408,817) $ 784,353 $4,083,835 $3,703,901
Nonspendable ............................................. 0 0 153,770 139,985 156,680
Assigned ................................................. 0 0 332,500 0 0
Reserved for Prepaid Items ............................... 39,497 136,917 0 0 0
Total Fund Balance ..................................... $ (492,939) $ (271,900) $1,270,623 $4,223,820 $3,860,581
Total Liabilities, Deferred Inflows of Resources
and Fund Balances(1) .................................. $5,118,130 $5,291,211 $5,876,164 $8,764,086 $8,728,169
Note: (1) Change in reporting format.
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General Fund
Revenues and Expenditures
Audited Fiscal Year Ending April 30
2010 2011 2012 2013 2014
REVENUES:
Property Taxes ................................. $ 2,407,483 $ 2,521,570 $ 2,709,936 $ 2,715,518 $ 2,725,879
Township Road and Bridge Taxes ................. 151,196 164,296 166,896 168,477 164,398
Sales Tax ...................................... 2,446,099 2,569,233 2,552,483 2,490,503 2,586,460
Non-HR Sales ................................... 0 0 410,327 1,919,423 1,986,566
Income Tax ..................................... 1,277,889 1,315,321 1,444,426 1,587,324 1,613,102
Utility Tax .................................... 833,669 873,999 828,426 835,972 926,857
Other Taxes .................................... 1,322,380 1,521,787 1,441,803 1,355,967 1,191,792
Intergovernmental .............................. 0 0 277,715 304,937 513,988
Charges for Services ........................... 1,252,904 1,298,042 1,561,554 1,199,908 1,175,166
Licenses, Permits & Fees ....................... 304,415 241,752 171,921 168,831 168,119
Fines .......................................... 154,575 201,236 175,159 169,144 173,954
Interest Revenues .............................. 62,043 1,760 5,102 7,287 8,799
Other Revenue .................................. 450,117 573,619 433,605 391,519 207,592
Total Revenues .............................. $10,662,770 $11,282,615 $12,179,353 $13,314,810 $13,442,672
EXPENDITURES:
General Government ............................. $ 4,577,468 $ 4,713,073 $ 4,814,105 $ 3,296,379 $ 3,752,982
Streets & Sanitation ........................... 1,800,389 1,788,538 1,703,802 1,647,589 2,045,049
Community Development .......................... 419,785 395,291 307,053 365,188 407,537
Public Safety .................................. 3,260,256 2,883,254 2,846,420 3,550,955 3,812,134
Total Expenditures .......................... $10,057,898 $ 9,780,156 $ 9,671,380 $ 8,860,111 $10,017,702
Excess (Deficiency) of Revenues Over
Expenditures .................................. $ 604,872 $ 1,502,459 $ 2,507,973 $ 4,454,699 $ 3,424,970
Other Financing Sources (Uses):
Operating Transfers In ......................... $ 344,658 $ 235,357 $ 0 $ 0 $ 2,479
Operating Transfers Out ........................ (1,644,594)(1) (1,516,778)(3) (965,450)(4) (1,501,502)(5) (3,790,688)(6)
Total Other Financing Sources (Uses) ........ $(1,299,936) $(1,281,421) $ (965,450) $(1,501,502) $(3,788,209)
SPECIAL ITEM:
Adjustment for Bad Debts ....................... $(1,016,132) $ 0 $ 0 $ 0 $ 0
Net Change in Fund Balances .................... $(1,711,196) $ 221,038 $ 1,542,523 $ 2,953,197 $ (363,239)
Fund Balance - Beginning of the Year ........... $ 1,218,257(2) $ (492,939) $ (271,900) $ 1,270,623 $ 4,223,820
Fund Balance - End of the Year ................. $ (492,939) $ (271,900) $ 1,270,623 $ 4,223,820 $ 3,860,581
Notes: (1) $100,000 to City Wide Capital for installment purchase; $969,500 to Park and Recreation to supplement operations;
$150,000 to Park and Recreation as a loan to supplement cashflow to be repaid; $425,094 to Debt Service Fund.
(2) Adjusted.
(3) $951,890 to Parks and Recreation Fund to supplement operations; $429,404 to Debt Service Fund; $135,484 to
Citywide Capital Fund to cover an installment payment on long-term debt and for sidewalk replacement.
(4) $125,000 to Citywide Capital Fund for an installment payment; $103,740 to Debt Service Fund; $736,710 to Parks
and Recreation Fund to supplement operations.
(5) $419,332 to City Wide Capital for ongoing capital projects; $99,465 to Debt Service Fund; $955,886 to Park and
Recreation to supplement operations; $26,819 to Library Fund for reimbursement of liability and unemployment
insurance.
(6) $270,401 to City Wide Capital for ongoing capital projects; $1,765,504 to Park and Recreation to supplement
operations; $1,137,220 to the Sewer Fund to pay debt service on the Series 2011 Bonds; $571,615 to close out
Municipal Building Fund; $45,948 to the Library to mitigate property tax losses and supplement operations.
45
General Fund
Budget Financial Information
Adopted Actual Adopted Projected
Budget Budget Budget Budget
Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Ending Ending Ending Ending
4/30/2014 4/30/2014 4/30/2015 4/30/2015
REVENUES:
Taxes ................................................................... $ 9,359,104 $ 9,607,999 $ 9,891,724 $10,015,821
Intergovernmental ....................................................... 2,018,200 2,120,327 2,157,200 2,166,246
Licenses and Permits .................................................... 193,000 168,119 193,000 178,000
Fines and Forfeits ...................................................... 180,200 173,954 175,250 160,250
Charges for Services .................................................... 1,181,235 1,175,166 1,203,201 1,286,500
Investment Earnings ..................................................... 6,500 8,792 8,000 5,250
Reimbursements .......................................................... 55,000 168,974 80,000 80,000
Miscellaneous ........................................................... 11,000 19,335 13,000 22,500
Other Financing Sources ................................................. 5,250 2,479 5,250 2,500
Total Revenue ......................................................... $13,009,489 $13,445,145 $13,726,625 $13,917,067
EXPENDITURES:
Salaries ................................................................ $ 3,546,298 $ 3,437,661 $ 3,967,218 $ 3,961,718
Benefits ................................................................ 2,270,039 2,052,895 2,470,227 2,441,200
Contractual Services .................................................... 3,945,473 4,267,482 4,283,415 4,426,649
Supplies ................................................................ 292,110 247,990 300,199 298,199
Contingencies ........................................................... 50,000 11,676 0 0
Other Financing Uses .................................................... 3,798,673 3,790,688 2,548,953 2,549,277
Total Expenditures .................................................... $13,902,593 $13,808,392 $13,570,012 $13,677,043
SURPLUS (DEFICIT) ....................................................... $ (893,104) $ (363,247) $ 156,613 $ 240,024
EMPLOYEE RETIREMENT AND OTHER POSTEMPLOYMENT BENEFITS OBLIGATIONS
The City contributes to two defined benefit pension plans, the Illinois Municipal Retirement Fund (“IMRF”), a
defined benefit agent multiple-employer public employee retirement system, and the Police Pension Plan (“Plan”)
which is a single-employer pension plan. A separate report is not issued for the Plan; financial information on the Plan
is included in the City’s CAFR. IMRF does issue a publicly available financial report that includes financial statements
and required supplementary information for the plan as a whole, but not by individual employer. That report may be
obtained on-line at www.imrf.org. The benefit, benefit levels, employee contributions, and employer contributions are
governed by Illinois Compiled Statutes and can only be amended by the Illinois General Assembly. See APPENDIX D
herein for a discussion of the City’s employee retirement and other postemployment benefits obligations
REGISTRATION, TRANSFER AND EXCHANGE
See also APPENDIX B for information on registration, transfer and exchange of book-entry bonds. The Bonds
will be initially issued as book-entry bonds.
The City shall cause books (the “Bond Register”) for the registration and for the transfer of the Bonds to be
kept at the principal office maintained for the purpose by the Bond Registrar in Chicago, Illinois. The City will
authorize to be prepared, and the Bond Registrar shall keep custody of, multiple bond blanks executed by the City for
use in the transfer and exchange of Bonds.
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Any Bond may be transferred or exchanged, but only in the manner, subject to the limitations, and upon
payment of the charges as set forth in the Bond Ordinance. Upon surrender for transfer or exchange of any Bond at the
principal office maintained for the purpose by the Bond Registrar, duly endorsed by, or accompanied by a written
instrument or instruments of transfer in form satisfactory to the Bond Registrar and duly executed by the registered
owner or such owner’s attorney duly authorized in writing, the City shall execute and the Bond Registrar shall
authenticate, date and deliver in the name of the registered owner, transferee or transferees (as the case may be) a new
fully registered Bond or Bonds of the same maturity and interest rate of authorized denominations, for a like aggregate
principal amount.
The execution by the City of any fully registered Bond shall constitute full and due authorization of such Bond,
and the Bond Registrar shall thereby be authorized to authenticate, date and deliver such Bond, provided, however, the
principal amount of outstanding Bonds of each maturity authenticated by the Bond Registrar shall not exceed the
authorized principal amount of Bonds for such maturity less Bonds previously paid.
The Bond Registrar shall not be required to transfer or exchange any Bond following the close of business on
the 15th day of the month next preceding any interest payment date on such Bond (known as the record date), nor to
transfer or exchange any Bond after notice calling such Bond for redemption has been mailed, nor during a period of
fifteen days next preceding mailing of a notice of redemption of any Bonds.
The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner
thereof for all purposes, and payment of the principal of or interest on any Bonds shall be made only to or upon the
order of the registered owner thereof or such owner’s legal representative. All such payments shall be valid and
effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid.
No service charge shall be made for any transfer or exchange of Bonds, but the City or the Bond Registrar may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any transfer or exchange of Bonds except in the case of the issuance of a Bond or Bonds for the unredeemed
portion of a Bond surrendered for redemption.
TAX EXEMPTION
Federal tax law contains a number of requirements and restrictions which apply to the Bonds, including
investment restrictions, periodic payments of arbitrage profits to the United States, requirements regarding the proper
use of bond proceeds and the facilities financed therewith, and certain other matters. The City has covenanted to
comply with all requirements that must be satisfied in order for the interest on the Bonds to be excludable from gross
income for federal income tax purposes. Failure to comply with certain of such covenants could cause interest on the
Bonds to become includable in gross income for federal income tax purposes retroactively to the date of issuance of the
Bonds.
Subject to the City's compliance with the above-referenced covenants, under present law, in the opinion of
Bond Counsel, interest on the Bonds (i) is excludable from the gross income of the owners thereof for federal income
tax purposes, and (ii) is not treated as an item of tax preference for purposes of the federal alternative minimum tax
imposed on individuals and corporations, but is taken into account in determining adjusted current earnings for the
purpose of computing the federal alternative minimum tax imposed on certain corporations.
In rendering its opinion, Bond Counsel will rely upon certifications of the City with respect to certain material
facts within the City's knowledge. Bond Counsel's opinion represents its legal judgment based upon its review of the
law and the facts that it deems relevant to render such opinion and is not a guarantee of a result.
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Ownership of the Bonds may result in collateral federal income tax consequences to certain taxpayers,
including, without limitation, corporations subject to the alternative minimum tax, corporations subject to the branch
profits tax, financial institutions, certain insurance companies, certain S corporations, individual recipients of Social
Security or Railroad Retirement benefits and taxpayers who may be deemed to have incurred (or continued)
indebtedness to purchase or carry tax-exempt obligations. Prospective purchasers of the Bonds should consult their tax
advisors as to applicability of any such collateral consequences.
The issue price (the "Issue Price") for each maturity of the Bonds is the price at which a substantial amount of
such maturity of the Bonds is first sold to the public. The Issue Price of a maturity of the Bonds may be different from
the price set forth, or the price corresponding to the yield set forth, on the inside cover page hereof.
If the Issue Price of a maturity of the Bonds is less than the principal amount payable at maturity, the difference
between the Issue Price of each such maturity, if any, of the Bonds (the "OID Bonds") and the principal amount
payable at maturity is original issue discount.
For an investor who purchases an OID Bond in the initial public offering at the Issue Price for such maturity
and who holds such OID Bond to its stated maturity, subject to the condition that the City complies with the covenants
discussed above, (a) the full amount of original issue discount with respect to such OID Bond constitutes interest which
is excludable from the gross income of the owner thereof for federal income tax purposes; (b) such owner will not
realize taxable capital gain or market discount upon payment of such OID Bond at its stated maturity; (c) such original
issue discount is not included as an item of tax preference in computing the alternative minimum tax for individuals and
corporations under the Code, but owners of OID Bonds should consult their own tax advisors as to whether original
issue discount is taken into account in computing adjusted current earnings, which is used in determining the alternative
minimum tax for certain corporations under the Code; and (d) the accretion of original issue discount in each year may
result in an alternative minimum tax liability for corporations or certain other collateral federal income tax
consequences in each year even though a corresponding cash payment may not be received until a later year. Based
upon the stated position of the Illinois Department of Revenue under Illinois income tax law, accreted original issue
discount on such OID Bonds is subject to taxation as it accretes, even though there may not be a corresponding cash
payment until a later year. Owners of OID Bonds should consult their own tax advisors with respect to the state and
local tax consequences of original issue discount on such OID Bonds.
Owners of Bonds who dispose of Bonds prior to the stated maturity (whether by sale, redemption or otherwise),
purchase Bonds in the initial public offering, but at a price different from the Issue Price, or purchase Bonds subsequent
to the initial public offering should consult their own tax advisors.
If a Bond is purchased at any time for a price that is less than the Bond's stated redemption price at maturity or,
in the case of an OID Bond, its Issue Price plus accreted original issue discount (the "Revised Issue Price"), the
purchaser will be treated as having purchased a Bond with market discount subject to the market discount rules of the
Code (unless a statutory de minimis rule applies). Accrued market discount is treated as taxable ordinary income and is
recognized when a Bond is disposed of (to the extent such accrued discount does not exceed gain realized) or, at the
purchaser's election, as it accrues. Such treatment would apply to any purchaser who purchases an OID Bond for a
price that is less than its Revised Issue Price. The applicability of the market discount rules may adversely affect the
liquidity or secondary market price of such Bond. Purchasers should consult their own tax advisors regarding the
potential implications of market discount with respect to the Bonds.
An investor may purchase a Bond at a price in excess of its stated principal amount. Such excess is
characterized for federal income tax purposes as "bond premium" and must be amortized by an investor on a constant
yield basis over the remaining term of the Bond in a manner that takes into account potential call dates and call prices.
An investor cannot deduct amortized bond premium relating to a tax-exempt bond. The amortized bond premium is
treated as a reduction in the tax-exempt interest received. As bond premium is amortized, it reduces the investor's
basis in the Bond. Investors who purchase a Bond at a premium should consult their own tax advisors regarding the
amortization of bond premium and its effect on the Bond's basis for purposes of computing gain or loss in connection
with the sale, exchange, redemption or early retirement of the Bond.
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There are or may be pending in the Congress of the United States legislative proposals, including some that
carry retroactive effective dates, that, if enacted, could alter or amend the federal tax matters referred to above or affect
the market value of the Bonds. It cannot be predicted whether or in what form any such proposal might be enacted or
whether, if enacted, it would apply to Bonds issued prior to enactment. Prospective purchasers of the Bonds should
consult their own tax advisors regarding any pending or proposed federal tax legislation. Bond Counsel expresses no
opinion regarding any pending or proposed federal tax legislation.
The Internal Revenue Service (the "Service") has an ongoing program of auditing tax-exempt obligations to
determine whether, in the view of the Service, interest on such tax-exempt obligations is includable in the gross income
of the owners thereof for federal income tax purposes. It cannot be predicted whether or not the Service will
commence an audit of the Bonds. If an audit is commenced, under current procedures the Service may treat the City as
a taxpayer and the Obligation holders may have no right to participate in such procedure. The commencement of an
audit could adversely affect the market value and liquidity of the Bonds until the audit is concluded, regardless of the
ultimate outcome.
Payments of interest on, and proceeds of the sale, redemption or maturity of, tax-exempt obligations, including
the Bonds, are in certain cases required to be reported to the Service. Additionally, backup withholding may apply to
any such payments to any Bond owner who fails to provide an accurate Form W-9 Request for Taxpayer Identification
Number and Certification, or a substantially identical form, or to any Bond owner who is notified by the Service of a
failure to report any interest or dividends required to be shown on federal income tax returns. The reporting and
backup withholding requirements do not affect the excludability of such interest from gross income for federal tax
purposes.
Interest on the Bonds is not exempt from present State of Illinois income taxes. Ownership of the Bonds may
result in other state and local tax consequences to certain taxpayers. Bond Counsel expresses no opinion regarding any
such collateral consequences arising with respect to the Bonds. Prospective purchasers of the Bonds should consult
their tax advisors regarding the applicability of any such state and local taxes.
LEGAL OPINIONS AND ENFORCEABILITY OF REMEDIES
The various legal opinions to be delivered concurrently with the delivery of the Bonds express the professional
judgment of the attorneys rendering the opinion as to the legal issues explicitly addressed therein. By rendering a legal
opinion, the opinion giver does not become an insurer or guarantor of that expression of professional judgment, of the
transaction opined upon, or of the future performance of parties to such transaction. Nor does the rendering of an
opinion guarantee the outcome of any legal dispute that may arise out of the transaction.
The remedies available to the Bondholder upon a default under the Bond Ordinance are in many respects
dependent upon judicial actions which are often subject to discretion and delay. Under existing constitutional and
statutory law and judicial decisions, including specifically Title 11 of the United States Code (the federal bankruptcy
code), the remedies provided in the Bond Ordinance may not be readily available or may be limited. Under Federal
and State environmental laws, certain liens may be imposed on property of the City from time to time, but the City
does not have reason to believe, under existing law, that any such lien would have priority over the lien on the ad
valorem property tax which is pledged to the owners of the Bonds under the Bond Ordinance.
The various legal opinions to be delivered concurrently with the delivery of the Bonds will be qualified as to the
enforceability of the various legal instruments by limitations imposed by the valid exercise of the constitutional powers
of the City, the State of Illinois and the United States of America and bankruptcy, reorganization, insolvency or other
similar laws affecting the rights of creditors generally, and by general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law.)
These exceptions would encompass any exercise of Federal, State or local police powers (including the police
powers of the City), in a manner consistent with the public health and welfare. Enforceability of the Bond Ordinance in
a situation where such enforcement may adversely affect public health and welfare may be subject to these police
powers.
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CONTINUING DISCLOSURE
The City will enter into a Continuing Disclosure Undertaking (the “Undertaking”) for the benefit of the
beneficial owners of the Bonds to send certain information annually and to provide notice of certain events to the
Municipal Securities Rulemaking Board (the “MSRB”) pursuant to the requirements of Section (b)(5) of Rule 15c2-12
(the “Rule”) adopted by the Securities and Exchange Commission (the “Commission”) under the Securities Exchange
Act of 1934. No person, other than the City, has undertaken, or is otherwise expected, to provide continuing
disclosure with respect to the Bonds. The information to be provided on an annual basis, the events which will be
noticed on an occurrence basis and a summary of other terms of the Undertaking, including termination, amendment
and remedies, are set forth below under “THE UNDERTAKING.”
The City failed to file its audited financial statements for the 2010 fiscal year within the time period specified in
prior continuing disclosure undertakings. As of April 23, 2013, the City had filed such audited financial statements.
The City has established procedures to ensure that such audited financial statements will be filed in a timely manner in
the future. A material event disclosure pertaining to bond and certificate insurance rating change required in prior
undertakings was not submitted within the time frame required in the prior undertakings. On April 5, 2013, this
material event disclosure was filed with the MSRB through EMMA. In the past five years there have been numerous
rating actions reported by Moody’s Investors Service, Standard & Poor’s Rating Corporation and Fitch Ratings
affecting the municipal bond insurance companies, some of which had insured bonds previously issued by the City.
Due to widespread knowledge of these rating actions, material event notices were not filed by the City. The City failed
to file audited financial statements and annual financial information and operating data for fiscal year 2012 (the “2012
Filings”) under its general obligation CUSIP number 987355 within the time period specified in prior continuing
disclosure undertakings; the 2012 Filings were made within the time period specified in prior continuing disclosure
undertakings under CUSIP number 987354. On July 22, 2014, this disclosure was filed with the MSRB through
EMMA and the 2012 Filings were transferred to CUSIP number 987355. A failure by the City to comply with the
Undertaking will not constitute a default under the Bond Ordinance and beneficial owners of the Bonds are limited to
the remedies described in the Undertaking. See “THE UNDERTAKING - Consequences of Failure of the City to
Provide Information.” The City must report any failure to comply with the Undertaking in accordance with the Rule.
Any broker, dealer or municipal securities dealer must consider such report before recommending the purchase or sale
of the Bonds in the secondary market. Consequently, such a failure may adversely affect the transferability and
liquidity of the Bonds and their market price.
Bond Counsel expresses no opinion as to whether the Undertaking complies with the requirements of Section
(b)(5) of the Rule.
THE UNDERTAKING
The following is a brief summary of certain provisions of the Undertaking of the City and does not purport to
be complete. The statements made under this caption are subject to the detailed provisions of the Undertaking, a copy
of which is available upon request from the City.
Annual Financial Information Disclosure
The City covenants that it will disseminate its Annual Financial Information and its Audited Financial
Statements, if any (as described below) to the MSRB in such manner and format and accompanied by identifying
information as is prescribed by the MSRB or the Commission at the time of delivery of such information within 210
days after the last day of the City’s fiscal year (currently on April 30). If Audited Financial Statements are not
available when the Annual Financial Information is filed, the City will file unaudited financial statements. The City
will submit Audited Financial Statements to MSRB’s Electronic Municipal Market Access (“EMMA”) system within 30
days after availability to the City. MSRB Rule G-32 requires all EMMA filings to be in word-searchable PDF format.
This requirement extends to all documents to be filed with EMMA, including financial statements and other externally
prepared reports.
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“Annual Financial Information” means
• The table under the heading of Retailers’ Occupation, Service Occupation and Use Tax
within this Official Statement;
• All of the tables under the heading PROPERTY ASSESSMENT AND TAX
INFORMATION within this Official Statement;
• All of the tables under the heading DEBT INFORMATION within this Official Statement; and
• All of the tables under the heading FINANCIAL INFORMATION (Excluding Budget and
Interim Financial Information) within this Official Statement.
“Audited Financial Statements” means financial statements of the City as audited annually by independent
certified public accountants. Audited Financial Statements are expected to continue to be prepared according to
Generally Accepted Accounting Principles as applicable to governmental units (i.e., as subject to the pronouncements
of the Governmental Accounting Standards Board and subject to any express requirements of State law).
Reportable Events Disclosure
The City covenants that it will disseminate in a timely manner (not in excess of ten business days after the
occurrence of the Reportable Event) Reportable Events Disclosure to the MSRB in such manner and format and
accompanied by identifying information as is prescribed by the MSRB or the Commission at the time of delivery of
such information. MSRB Rule G-32 requires all EMMA filings to be in word-searchable PDF format. This
requirement extends to all documents to be filed with EMMA, including financial statements and other externally
prepared reports. The “Reportable Events” are:
1. Principal and interest payment delinquencies
2. Non-payment related defaults, if material
3. Unscheduled draws on debt service reserves reflecting financial difficulties
4. Unscheduled draws on credit enhancements reflecting financial difficulties
5. Substitution of credit or liquidity providers, or their failure to perform
6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations
of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or
determinations with respect to the tax status of the security, or other material events affecting the tax
status of the security
7. Modifications to the rights of security holders, if material
8. Bond calls, if material, and tender offers
9. Defeasances
10. Release, substitution or sale of property securing repayment of the securities, if material
11. Rating changes
12. Bankruptcy, insolvency, receivership or similar event of the City*
13. The consummation of a merger, consolidation, or acquisition involving the City or the sale of all or
substantially all of the assets of the City, other than in the ordinary course of business, the entry into a
definitive agreement to undertake such an action or the termination of a definitive agreement relating to
any such actions, other than pursuant to its terms, if material
14. Appointment of a successor or additional trustee or the change of name of a trustee, if material.
* This event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the City in a
proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has
assumed jurisdiction over substantially all of the assets or business of the City, or if such jurisdiction has been assumed by leaving the existing governing
body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order
confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially
all of the assets or business of the City.
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Consequences of Failure of the City to Provide Information
The City shall give notice in a timely manner to the MSRB of any failure to provide disclosure of Annual
Financial Information and Audited Financial Statements when the same are due under the Undertaking.
In the event of a failure of the City to comply with any provision of the Undertaking, the beneficial owner of
any Bond may seek mandamus or specific performance by court order, to cause the City to comply with its obligations
under the Undertaking. A default under the Undertaking shall not be deemed a default under the Bond Ordinance, and
the sole remedy under the Undertaking in the event of any failure of the City to comply with the Undertaking shall be
an action to compel performance.
Amendment; Waiver
Notwithstanding any other provision of the Undertaking, the City by resolution or ordinance authorizing such
amendment or waiver, may amend the Undertaking, and any provision of the Undertaking may be waived, if:
(a) (i) The amendment or the waiver is made in connection with a change in circumstances that arises
from a change in legal requirements, including, without limitation, pursuant to a “no-action” letter issued by
the Commission, a change in law, or a change in the identity, nature, or status of the City, or type of business
conducted; or
(ii) The Undertaking, as amended, or the provision, as waived, would have complied with the
requirements of the Rule at the time of the primary offering, after taking into account any amendments or
interpretations of the Rule, as well as any change in circumstances; and
(b) The amendment or waiver does not materially impair the interests of the beneficial owners of the
Bonds, as determined by parties unaffiliated with the City (such as Bond Counsel).
In the event that the Commission or the MSRB or other regulatory authority approves or requires Annual
Financial Information or notices of a Reportable Event to be filed with a central post office, governmental agency or
similar entity other than the MSRB or in lieu of the MSRB, the City shall, if required, make such dissemination to such
central post office, governmental agency or similar entity without the necessity of amending the Undertaking.
Termination of Undertaking
The Undertaking shall be terminated if the City shall no longer have any legal liability for any obligation on or
relating to repayment of the Bonds under the Bond Ordinance. The City shall give notice to the MSRB in a timely
manner if this paragraph is applicable.
Additional Information
Nothing in the Undertaking shall be deemed to prevent the City from disseminating any other information,
using the means of dissemination set forth in the Undertaking or any other means of communication, or including any
other information in any Annual Financial Information or Audited Financial Statements or notice of occurrence of a
Reportable Event, in addition to that which is required by the Undertaking. If the City chooses to include any
information from any document or notice of occurrence of a Reportable Event in addition to that which is specifically
required by the Undertaking, the City shall have no obligation under the Undertaking to update such information or
include it in any future disclosure or notice of occurrence of a Reportable Event.
52
Dissemination of Information; Dissemination Agent
When filings are required to be made with the MSRB in accordance with the Undertaking, such filings are
required to be made through its EMMA system for municipal securities disclosure or through any other electronic
format or system prescribed by the MSRB for purposes of the Rule.
The City may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its
obligations under the Undertaking, and may discharge any such Agent, with or without appointing a successor
Dissemination Agent.
OPTIONAL REDEMPTION
The Bonds due December 1, 2016-2025, inclusive, are non-callable. The Bonds due December 1, 2026-2034,
inclusive, are callable in whole or in part on any date on or after December 1, 2025, at a price of par and accrued
interest. If less than all the Bonds are called, they shall be redeemed in such principal amounts and from such
maturities as determined by the City and within any maturity by lot.
The Bond Registrar will give notice of redemption, identifying the Bonds (or portions thereof) to be redeemed,
by mailing a copy of the redemption notice by first class mail not less than thirty (30) days nor more than sixty (60)
days prior to the date fixed for redemption to the registered owner of each Bond (or portion thereof) to be redeemed at
the address shown on the registration books maintained by the Bond Registrar. Unless moneys sufficient to pay the
redemption price of the Bonds to be redeemed are received by the Bond Registrar prior to the giving of such notice of
redemption, such notice may, at the option of the City, state that said redemption will be conditional upon the receipt of
such moneys by the Bond Registrar on or prior to the date fixed for redemption. If such moneys are not received, such
notice will be of no force and effect, the City will not redeem such Bonds, and the Bond Registrar will give notice, in
the same manner in which the notice of redemption has been given, that such moneys were not so received and that
such Bonds will not be redeemed. Otherwise, prior to any redemption date, the City will deposit with the Bond
Registrar an amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds which are to
be redeemed on the date.
Subject to the provisions for a conditional redemption described above, notice of redemption having been given
as described above and in the Bond Ordinance, the Bonds or portions of Bonds so to be redeemed will, on the
redemption date, become due and payable at the redemption price therein specified, and from and after such date
(unless the City shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to
bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds will be paid by
the Bond Registrar at the redemption price.
LITIGATION
There is no litigation of any nature now pending or threatened restraining or enjoining the issuance, sale,
execution or delivery of the Bonds, or in any way contesting or affecting the validity of the Bonds or any proceedings
of the City taken with respect to the issuance or sale thereof. There is no litigation now pending, or to the knowledge
of the City, threatened against the City that is expected to materially impact the financial condition of the City.
OFFICIAL STATEMENT AUTHORIZATION
This Official Statement has been authorized for distribution to prospective purchasers of the Bonds. All
statements, information, and statistics herein are believed to be correct but are not guaranteed by the consultants or by
the City, and all expressions of opinion, whether or not so stated, are intended only as such.
53
INVESTMENT RATING
The Bonds have been rated “AA-“ (Stable Outlook) from Standard & Poor’s, a Division of the McGraw-Hill
Companies. The City has supplied certain information and material concerning the Bonds and the City to the rating
service shown on the cover page, including certain information and materials which may not have been included in this
Official Statement, as part of its application for an investment rating on the Bonds. A rating reflects only the views of
the rating agencies assigning such rating and an explanation of the significance of such rating may be obtained from
such rating agencies. Generally, each rating service bases its rating on such information and material, and also on such
investigations, studies and assumptions that it may undertake independently. There is no assurance that such rating will
continue for any given period of time or that it may not be lowered or withdrawn entirely by such rating service if, in
its judgment, circumstances so warrant. Any such downward change in or withdrawal of such rating may have an
adverse effect on the secondary market price of the Bonds. An explanation of the significance of the investment rating
may be obtained from the rating agency: Standard & Poor’s Corporation, 55 Water Street, New York, New York
10041, telephone 212-438-2000. The City will provide appropriate periodic credit information to the rating service to
maintain a rating on the Bonds.
CERTAIN LEGAL MATTERS
Certain legal matters incident to the authorization, issuance and sale of the Bonds are subject to the approving
legal opinion of Ice Miller LLP, Chicago, Illinois, as Bond Counsel (the “Bond Counsel”) who has been retained by,
and acts as, Bond Counsel to the City. Bond Counsel has not been retained or consulted on disclosure matters and has
not undertaken to review or verify the accuracy, completeness or sufficiency of this Official Statement or other offering
material relating to the Bonds and assumes no responsibility for the statements or information contained in or
incorporated by reference in this Official Statement, except that in its capacity as Bond Counsel, Ice Miller LLP,
Chicago, Illinois, has, at the request of the City reviewed only those sections of this Official Statement involving the
description of the Bonds, the security for the Bonds and the description of the federal tax exemption of interest on the
Bonds. This review was undertaken solely at the request and for the benefit of the City and did not include any
obligation to establish or confirm factual matters set forth herein.
DEFEASANCE
The Bonds are subject to legal defeasance by the irrevocable deposit of full faith and credit obligations of the
United States of America, obligations the timely payment of which are guaranteed by the United States Treasury, or
certificates of participation in a trust comprised solely of full faith and credit obligations of the United States of
America (collectively, the “Government Obligations”) with a bank or trust company acting as escrow agent. Any such
deposit must be of sufficient amount that the receipts from the Government Obligations plus any cash on deposit will be
sufficient to pay debt service on the Bonds when due or as called for redemption.
UNDERWRITING
The Bonds were offered for sale by the City at a public, competitive sale on June 23, 2015. The best bid
submitted at the sale was submitted by ____________________ (the “Underwriter”). The City awarded the contract
for sale of the Bonds to the Underwriter at a price of $___________. The Underwriter has represented to the City that
the Bonds have been subsequently re-offered to the public initially at the yields or prices set forth in the Final Official
Statement to this Official Statement.
54
MUNICIPAL ADVISOR
The City has engaged Speer Financial, Inc. as municipal advisor (the “Municipal Advisor”) in connection with
the issuance and sale of the Bonds. The Municipal Advisor is a Registered Municipal Advisor in accordance with the
rules of the MSRB. The Municipal Advisor will not participate in the underwriting of the Bonds. The financial
information included in the Official Statement has been compiled by the Municipal Advisor. Such information does not
purport to be a review, audit or certified forecast of future events and may not conform with accounting principles
applicable to compilations of financial information. The Municipal Advisor is not obligated to undertake any
independent verification of or to assume any responsibility for the accuracy, completeness or fairness of the information
contained in this Official Statement, nor is the Municipal Advisor obligated by the City’s continuing disclosure
undertaking.
CERTIFICATION
We have examined this Official Statement dated June 15, 2015, for the $5,930,000* General Obligation
(Alternate Revenue Source) Bonds, Series 2015A, believe it to be true and correct and will provide to the purchaser of
the Bonds at the time of delivery a certificate confirming to the purchaser that to the best of our knowledge and belief
information in the Official Statement was at the time of delivery of the Bonds true and correct in all material respects
and does not include any untrue statement of a material fact, nor does it omit the statement of any material fact required
to be stated therein, or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading.
/s/ GARY J. GOLINSKI /s/ ROB FREDRICKSON
Mayor Finance Director
UNITED CITY OF YORKVILLE UNITED CITY OF YORKVILLE
Kendall County, Illinois Kendall County, Illinois
*Subject to change.
55
APPENDIX A
UNITED CITY OF YORKVILLE
KENDALL COUNTY, ILLINOIS
EXCERPTS OF FISCAL YEAR 2014 AUDITED FINANCIAL STATEMENTS
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389,31211,362,609
22
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59
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NO
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1
–
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M
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Fu
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Ag
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l
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(
o
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)
,
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,
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d
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s
.
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d
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(
w
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)
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d
.
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d
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s
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l
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s
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r
a
t
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o
n
s
;
t
h
e
r
e
f
o
r
e
,
m
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a
s
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r
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m
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t
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c
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s
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s
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a
p
p
l
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c
a
b
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o
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h
e
m
.
UN
I
T
E
D
C
I
T
Y
O
F
Y
O
R
K
V
I
L
L
E
,
I
L
L
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N
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t
e
s
t
o
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e
F
i
n
a
n
c
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l
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t
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t
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m
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t
s
Ap
r
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l
3
0
,
2
0
1
4
NO
T
E
1
–
S
U
M
M
A
R
Y
O
F
S
I
G
N
I
F
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C
A
N
T
A
C
C
O
U
N
T
I
N
G
P
O
L
I
C
I
E
S
–Continued
ME
A
S
U
R
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M
E
N
T
F
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C
U
S
A
N
D
B
A
S
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S
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A
C
C
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N
T
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G
–Continued
Ba
s
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s
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f
A
c
c
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n
t
i
n
g
In
t
h
e
g
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nd
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t
a
t
e
m
e
n
t
o
f
A
c
t
i
v
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t
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e
s
,
both governmental and
bu
s
i
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s
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y
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87
APPENDIX B
DESCRIBING BOOK-ENTRY-ONLY ISSUANCE
1.The Depository Trust Company (“DTC”), New York, New York, will act as securities depository for
the Bonds (the “Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede
& Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC.
One fully-registered Security certificate will be issued for each issue of the Securities, each in the aggregate principal
amount of such issue, and will be deposited with DTC.
2.DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the
New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of
the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code,
and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934.
DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and
municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct
Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and
other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges
between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates.
Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing
corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing
Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed
Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its
regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities
brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial
relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has Standard &
Poor’s rating: AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange
Commission. More information about DTC can be found at www.dtcc.com.
3.Purchases of Securities under the DTC system must be made by or through Direct Participants, which
will receive a credit for the Securities on DTC’s records. The ownership interest of each actual purchaser of each
Security (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial
Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected
to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings,
from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of
ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect
Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their
ownership interests in Securities, except in the event that use of the book-entry system for the Securities is
discontinued.
4.To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are
registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an
authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede &
Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the
actual Beneficial Owners of the Securities; DTC’s records reflect only the identity of the Direct Participants to whose
accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect
Participants will remain responsible for keeping account of their holdings on behalf of their customers.
88
5.Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants
to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by
arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.
Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of
significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to
the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding
the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative,
Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be
provided directly to them.
6.Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being
redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be
redeemed.
7.Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to
Securities unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual
procedures, DTC mails an Omnibus Proxy to the City as soon as possible after the record date. The Omnibus Proxy
assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts Securities are credited
on the record date (identified in a listing attached to the Omnibus Proxy).
8.Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede &
Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit
Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the City or the
Paying Agent, on payable date in accordance with their respective holdings shown on DTC’s records. Payments by
Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with
securities held for the accounts of customers in bearer form or registered in “street name,” and will be the
responsibility of such Participant and not of DTC, the Paying Agent, or the City, subject to any statutory or regulatory
requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend
payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the
responsibility of the City or the Paying Agent, disbursement of such payments to Direct Participants will be the
responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct
and Indirect Participants.
9.A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its
Participant, to any Tender/Remarketing Agent, and shall effect delivery of such Securities by causing the Direct
Participant to transfer the Participant’s interest in the Securities, on DTC’s records, to any Tender/Remarketing Agent.
The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will
be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC’s records
and followed by a book-entry credit of tendered Securities to any Tender/Remarketing Agent’s DTC account.
10.DTC may discontinue providing its services as depository with respect to the Securities at any time by
giving reasonable notice to the City or the Paying Agent. Under such circumstances, in the event that a successor
depository is not obtained, Security certificates are required to be printed and delivered.
11.The City may decide to discontinue use of the system of book-entry-only transfers through DTC (or a
successor securities depository). In that event, Security certificates will be printed and delivered to DTC.
12.The information in this section concerning DTC and DTC’s book-entry system has been obtained from
sources that the City believes to be reliable, but the City takes no responsibility for the accuracy thereof.
89
___________, 2015
United City of Yorkville
Kendall County, Illinois
Re: United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2015A
Total Issue: $__________
Original Date: ______, 2015
Ladies and Gentlemen:
We have acted as bond counsel in connection with the issuance by the United City of
Yorkville, Kendall County, Illinois (the “City”) of $______ of its General Obligation Bonds,
Series 2015, dated ______, 2015 (the “Bonds”). We have examined the law and the certified
transcript of proceedings of the City relative to the authorization, issuance and sale of the Bonds
and such other papers as we deem necessary to render this opinion. We have relied upon the
certified transcript of proceedings and other certificates of public officials, including the City’s
tax covenants and representations (“Tax Covenants”), and we have not undertaken to verify any
facts by independent investigation.
Based upon our examination, we are of the opinion, as of the date hereof, as follows:
1.The Bonds are valid and binding general obligations of the City.
2.The Bonds are payable as to principal and interest from all collections distributed
to the City from Retailer's Occupation Taxes, Service Occupation Taxes, Use Taxes and Service
Use Taxes and ad valorem taxes of the City for which its full faith and credit have been
irrevocably pledged, unlimited as to rate or amount.
3.Under federal statutes, decisions, regulations and rulings existing on this date, the
interest on the Bonds is excludable from gross income for purposes of federal income taxation
pursuant to Section 103 of the Internal Revenue Code of 1986, as in effect on the date hereof (the
“Code”), is not an item of tax preference for purposes of the federal alternative minimum tax
imposed on individuals and corporations, but is taken into account in determining adjusted
current earnings for the purpose of computing the federal alternative minimum tax imposed on
certain corporations. This opinion is conditioned on continuing compliance by the City with the
Tax Covenants. Failure to comply with the Tax Covenants could cause interest on the Bonds to
lose the exclusion from gross income for purposes of federal income taxation retroactive to the
date of issuance of the Bonds.
90
The Bonds have been properly designated as “qualified tax exempt obligations” for
purposes of Section 265(b)(3) of the Code, as amended to this date, relating to the exception
from the 100% disallowance for the deduction for interest expense allocable to interest on tax
exempt obligations acquired by financial institutions. The designation is conditioned upon
continuing compliance with the Tax Covenants.
The opinions set forth herein express the professional judgment of the attorneys
participating in the transactions as to the legal issues addressed herein. By rendering such
opinions, the undersigned does not become an insurer or guarantor of that expression of
professional judgment or of the transaction opined upon. Nor does the rendering of that opinion
guarantee the outcome of any legal dispute that may arise out of the transaction.
We have not been engaged nor have we undertaken to review the accuracy, completeness
or sufficiency of any offering material relating to the Bonds and we express no opinion thereon.
It is to be understood that the rights of the owners of the Bonds and the enforceability
thereof may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar
laws affecting creditors’ rights heretofore or hereafter enacted and that their enforcement may be
subject to the exercise of judicial discretion in accordance with general principles of equity. It is
to be understood that the rights of the owners of the Bonds and the enforceability thereof may be
subject to the valid exercise of the constitutional powers of the City, the State and the United
States of America.
Very truly yours,
91
APPENDIX D
UNITED CITY OF YORKVILLE
KENDALL COUNTY, ILLINOIS
EXCERPTS OF FISCAL YEAR 2014 AUDITED FINANCIAL STATEMENTS
RELATING TO THE CITY’S PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS
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99
OFFICIAL BID FORM
(Open Speer Auction)
United City of Yorkville June 23, 2015
800 Game Farm Road Speer Financial, Inc.
Yorkville, Illinois 60560
City Council Members:
For the $5,930,000* General Obligation (Alternate Revenue Source) Bonds, Series 2015A (the “Bonds”), of the United City of Yorkville, Kendall
County, Illinois (the “City”), as described in the annexed Official Notice of Sale, which is expressly made a part of this bid, we will pay you
$________________________ (no less than $5,883,000), to the date of delivery for Bonds bearing interest as follows (each rate a multiple of 1/8 or 1/100 of 1%).
The Bonds are to be dated the date of delivery, which is expected to be on or about July 8, 2015. The premium or discount, if any, is subject to adjustment
allowing the same $___________ gross spread per $1,000 bond as bid herein.
MATURITIES*– DECEMBER 1
$135,000 ................... 2016 $475,000 ................... 2022 $255,000 ................... 2029
185,000 ................... 2017 485,000 ................... 2023 260,000 ................... 2030
190,000 ................... 2018 500,000 ................... 2024 270,000 ................... 2031
445,000 ................... 2019 225,000 ................... 2025 280,000 ................... 2032
450,000 ................... 2020 230,000 ................... 2026 295,000 ................... 2033
465,000 ................... 2021 235,000 ................... 2027 305,000 ................... 2034
245,000 ................... 2028
Any consecutive maturities may be aggregated into five term bonds at the option of the bidder,
in which case the mandatory redemption provisions shall be on the same schedule as above.
The Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Katten Muchin
Rosenman LLP, Chicago, Illinois. The City will pay for the legal opinion. The underwriter agrees to apply for CUSIP numbers within 24 hours and pay the fee
charged by the CUSIP Service Bureau and will accept the Bonds with the CUSIP numbers as entered on the Bonds.
As evidence of our good faith, if we are the winning bidder, we will wire transfer the amount of TWO PERCENT OF PAR (the “Deposit”) WITHIN
TWO HOURS after the bid opening time to the City’s good faith bank and under the terms provided in the Official Notice of Sale for the Bonds. Alternatively, we
have wire transferred or enclosed herewith a check payable to the order of the Treasurer of the City in the amount of the Deposit under the terms provided in the
Official Notice of Sale for the Bonds.
Form of Deposit (Check One) Account Manager Information Bidders Option Insurance
Prior to Bid Opening: Name
Certified/Cashier’s Check [ ]
Wire Transfer [ ] Address
Within TWO hours of Bidding: By
Wire Transfer [ ]
City State/Zip
Amount: $118,600
Direct Phone ( )
FAX Number ( )
E-Mail Address
The foregoing bid was accepted and the Bonds sold by ordinance of the City on June 23, 2015, and receipt is hereby acknowledged of the good faith
Deposit which is being held in accordance with the terms of the annexed Official Notice of Sale.
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
*Subject to change.Mayor
---------------------- NOT PART OF THE BID -----------------------
(Calculation of true interest cost)
Bid Post Sale Revision
Gross Interest $ $
Less Premium/Plus Discount $ $
True Interest Cost $ $
True Interest Rate % %
BOND YEAR DOLLARS 60,395.53
AVERAGE LIFE 10.185 Years Years
We have purchased
insurance from:
Name of Insurer
(Please fill in)
_____________________
Premium: _____________
Maturities: (Check One)
[__] ______________Years
[__] All
100
OFFICIAL NOTICE OF SALE
$5,930,000*
UNITED CITY OF YORKVILLE
Kendall County, Illinois
General Obligation (Alternate Revenue Source) Bonds, Series 2015A
(Open Speer Auction)
The United City of Yorkville, Kendall County, Illinois (the “City”), will receive open auction electronic bids on the SpeerAuction
(“SpeerAuction”) website address “www.SpeerAuction.com” for its $5,930,000* General Obligation (Alternate Revenue Source) Bonds, Series 2015A
(the “Bonds”), on an all or none basis between 10:00 A.M. and 10:15 A.M., C.D.T., Tuesday, June 23, 2015. To bid, bidders must have: (1) completed
the registration form on the SpeerAuction website, and (2) requested and received admission to the City’s sale (as described below). Award will be made
or all bids rejected by designated officials of the City on that date. The City reserves the right to change the date or time for receipt of bids. Any such
change shall be made not less than twenty-four (24) hours prior to the revised date and time for receipt of the bids for the Bonds and shall be
communicated by publishing the changes in the Amendments Page of the SpeerAuction webpage and through Thompson Municipal News.
The Bonds will constitute valid and legally binding obligations of the City payable as to principal and interest ratably and equally with the City’s
outstanding General Obligation (Alternate Revenue Source) Refunding Bonds, Series 2014 (the “Series 2014 Bonds”) and General Obligation (Alternate
Revenue Source) Bonds, Series 2014A (the “Series 2014A Bonds”) from (a) the sales taxes received by the City pursuant to the Use Tax Act, the Service
Use Tax Act, the Service Occupation Tax Act, and the Retailer’s Occupation Tax Act, each as supplemented and amended from time to time by the
General Assembly of the State of Illinois and from (b) ad valorem taxes levied against all taxable property within the City without limitation as to rate or
amount, except that the rights of the owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, moratorium,
reorganization and other similar laws affecting creditors’ rights and by equitable principles, whether considered at law or in equity, including the exercise
of judicial discretion.
Bidding Details
Bidders should be aware of the following bidding details associated with the sale of the Bonds.
(1) All bids must be submitted on the SpeerAuction website at www.SpeerAuction.com. No telephone, telefax or personal
delivery bids will be accepted. The use of SpeerAuction shall be at the bidder’s risk and expense and the City shall have
no liability with respect thereto, including (without limitation) liability with respect to incomplete, late arriving and non-
arriving bid. Any questions regarding bidding on the SpeerAuction website should be directed to the Auction
Administrator, Grant Street Group, at (412) 391-5555 x 370.
(2) If any new bid in the auction becomes a leading bid two (2) minutes prior to the end of the auction, then the auction will be
automatically extended by two (2) minutes from the time such bid was received by SpeerAuction. The auction end time will
continue to be extended, indefinitely, until a single leading bid remains the leading bid for at least two minutes.
(3) Bidders may change and submit bids as many times as they like during the bidding time period; provided, however, each
and any bid submitted subsequent to a bidder’s initial bid must result in a lower true interest cost (“TIC”) with respect to a
bid, when compared to the immediately preceding bid of such bidder. In the event that the revised bid does not produce a
lower TIC with respect to a bid, the prior bid will remain valid.
(4) The last bid submitted by a bidder before the end of the bidding time period will be compared to all other final bids
submitted by others to determine the winning bidder or bidders.
(5) During the bidding, no bidder will see any other bidder’s bid, but bidders will be able to see the ranking of their bid relative
to other bids (i.e., “Leader”, “Cover”, “3rd” etc.)
(6) On the Auction Page, bidders will be able to see whether a bid has been successfully submitted.
Rules of SpeerAuction
Bidders must comply with the Rules of SpeerAuction in addition to the requirements of this Official Notice of Sale. To the extent there is a
conflict between the Rules of SpeerAuction and this Official Notice of Sale, this Official Notice of Sale shall control.
*Subject to change.
101
United City of Yorkville, Kendall County, Illinois
$5,930,000* General Obligation (Alternate Revenue Source) Bonds, Series 2015A
Official Notice of Sale, Page 2 of 4
*Subject to change.
Rules
(1) A bidder (“Bidder”) submitting a winning bid (“Winning Bid”) is irrevocably obligated to purchase the Bonds at the rates
and prices of the winning bid, if acceptable to the City, as set forth in the related Official Notice of Sale. Winning Bids are
not officially awarded to Winning Bidders until formally accepted by the City.
(2) Neither the City, Speer Financial, Inc., nor Grant Street Group (the “Auction Administrator”) is responsible for
technical difficulties that result in the loss of the Bidder’s internet connection with SpeerAuction, slowness in
transmission of bids, or other technical problems.
(3) If for any reason a Bidder is disconnected from the Auction Page during the auction after having submitted a Winning Bid,
such bid is valid and binding upon such Bidder, unless the City exercises its right to reject bids, as set forth herein.
(4) Bids which generate error messages are not accepted until the error is corrected and the bid is received prior to the
deadline.
(5) Bidders accept and agree to abide by all terms and conditions specified in the Official Notice of Sale (including
amendments, if any) related to the auction.
(6) Neither the City, Speer Financial, Inc., nor the Auction Administrator is responsible to any bidder for any defect or
inaccuracy in the Official Notice of Sale, amendments, or Preliminary Official Statement as they appear on SpeerAuction.
(7) Only Bidders who request and receive admission to an auction may submit bids. SpeerAuction and the Auction
Administrator reserve the right to deny access to SpeerAuction website to any Bidder, whether registered or not, at any time
and for any reason whatsoever, in their sole and absolute discretion.
(8) Neither the City, Speer Financial, Inc., nor the Auction Administrator is responsible for protecting the confidentiality of a
Bidder’s SpeerAuction password.
(9) If two bids submitted in the same auction by two or more different Bidders result in same True Interest Cost, the first
confirmed bid received by SpeerAuction prevails. Any change to a submitted bid constitutes a new bid, regardless of
whether there is a corresponding change in True Interest Cost.
(10) Bidders must compare their final bids to those shown on the Observation Page immediately after the bidding time period
ends, and if they disagree with the final results shown on the Observation Page they must report them to the Auction
Administrator within 15 minutes after the bidding time period ends. Regardless of the final results reported by
SpeerAuction, Bonds are definitively awarded to the winning bidder only upon official award by the City. If, for any
reason, the City fails to: (i) award Bonds to the winner reported by SpeerAuction, or (ii) deliver Bonds to winning bidder
at settlement, neither the City, Speer Financial, Inc., nor the Auction Administrator will be liable for damages.
The City reserves the right to reject all proposals, to reject any bid proposal not conforming to this Official Notice of Sale, and to waive any
irregularity or informality with respect to any proposal. Additionally, the City reserves the right to modify or amend this Official Notice of Sale; however,
any such modification or amendment shall not be made less than twenty-four (24) hours prior to the date and time for receipt of bids on the Bonds and any
such modification or amendment will be announced on the Amendments Page of the SpeerAuction webpage and through Thompson Municipal News.
The Bonds will be in fully registered form in the denominations of $5,000 and integral multiples thereof in the name of Cede & Co. as nominee
of The Depository Trust Company (“DTC”), New York, New York, to which principal and interest payments on the Bonds will be paid. Individual
purchases will be in book-entry form only. Interest on each Bond shall be paid by check or draft of the Bond Registrar to the person in whose name such
bond is registered at the close of business on the fifteenth day of the month next preceding any interest payment date. The principal of the Bonds shall be
payable in lawful money of the United States of America at the principal corporate trust office of the Bond Registrar in Chicago, Illinois. Interest is due
June 1 and December 1, commencing June 1, 2016, and is payable by Amalgamated Bank of Chicago, Chicago, Illinois (the “Bond Registrar”). The
Bonds are to be dated the date of delivery, which is expected to be on or about July 8, 2015.
If the winning bidder is not a direct participant of DTC and does not have clearing privileges with DTC, the Bonds will be issued as registered
Bonds in the name of the purchaser. At the request of such winning bidder, the City will assist in the timely conversion of the registered Bonds into book-
entry bonds with DTC as described herein.
MATURITIES* – DECEMBER 1
$135,000 .................. 2016 $475,000 .................. 2022 $255,000 ................. 2029
185,000 .................. 2017 485,000 .................. 2023 260,000 ................. 2030
190,000 .................. 2018 500,000 .................. 2024 270,000 ................. 2031
445,000 .................. 2019 225,000 .................. 2025 280,000 ................. 2032
450,000 .................. 2020 230,000 .................. 2026 295,000 ................. 2033
465,000 .................. 2021 235,000 .................. 2027 305,000 ................. 2034
245,000 .................. 2028
Any consecutive maturities may be aggregated into five term bonds at the option of the bidder,
in which case the mandatory redemption provisions shall be on the same schedule as above.
The Bonds due December 1, 2016-2025, inclusive, are non-callable. The Bonds due December 1, 2026-2034, inclusive, are callable in whole or
in part on any date on or after December 1, 2025, at a price of par and accrued interest. If less than all the Bonds are called, they shall be redeemed in
such principal amounts and from such maturities as determined by the City and within any maturity by lot.
*Subject to change.
102
United City of Yorkville, Kendall County, Illinois
$5,930,000* General Obligation (Alternate Revenue Source) Bonds, Series 2015A
Official Notice of Sale, Page 3 of 4
*Subject to change.
All interest rates must be in multiples of one-eighth or one one-hundredth of one percent (1/8 or 1/100 of 1%), and not more than one rate for a
single maturity shall be specified. The rates bid shall be in non-descending order. The differential between the highest rate bid and the lowest rate bid
shall not exceed four percent (4%). All bids must be for all of the Bonds and must be for not less than $5,883,000.
Award of the Bonds: The Bonds will be awarded on the basis of true interest cost, determined in the following manner. True interest cost shall
be computed by determining the annual interest rate (compounded semi-annually) necessary to discount the debt service payments on the Bonds from the
payment dates thereof to the dated date and to the bid price. For the purpose of calculating true interest cost, the Bonds shall be deemed to become due in
the principal amounts and at the times set forth in the table of maturities set forth above. In the event two or more qualifying bids produce the identical
lowest true interest cost, the winning bid shall be the bid that was submitted first in time on the SpeerAuction webpage.
The Bonds will be awarded to the bidder complying with the terms of this Official Notice of Sale whose bid produces the lowest true interest
cost rate to the City as determined by the City’s Financial Advisor, which determination shall be conclusive and binding on all bidders; provided, that the
City reserves the right to reject all bids or any non-conforming bid and reserves the right to waive any informality in any bid. Bidders should verify the
accuracy of their final bids and compare them to the winning bids reported on the SpeerAuction Observation Page immediately after the bidding.
The premium or discount, if any, is subject to pro rata adjustment if the maturity amounts of the Bonds are changed, allowing the same
dollar amount of profit per $1,000 bond as submitted on the Official Bid Form. The dollar amount of profit must be written on the Official Bid
Form for any adjustment to be allowed, and is subject to verification.
The true interest cost of each bid will be computed by SpeerAuction and reported on the Observation Page of the SpeerAuction webpage
immediately following the date and time for receipt of bids. These true interest costs are subject to verification by the City’s Financial Advisor, will be
posted for information purposes only and will not signify an actual award of any bid or an official declaration of the winning bid. The City or its Financial
Advisor will notify the bidder to whom the Bonds will be awarded, if and when such award is made.
The winning bidder will be required to make the standard filings and maintain the appropriate records routinely required pursuant to MSRB
Rules G-8, G-11 and G-32. The winning bidder will be required to pay the standard MSRB charge for Bonds purchased. In addition, the winning bidder
who is a member of the Securities Industry and Financial Markets Association (“SIFMA”) will be required to pay SIFMA’s standard charge per bond.
The winning bidder is required to wire transfer from a solvent bank or trust company to the City’s good faith bank the amount of TWO
PERCENT OF PAR (the “Deposit”) WITHIN TWO HOURS after the bid opening time as evidence of the good faith of the bidder. Alternatively, a
bidder may submit its Deposit upon or prior to the submission of its bid in the form of a certified or cashier’s check on, or a wire transfer from, a solvent
bank or trust company for TWO PERCENT OF PAR payable to the Treasurer of the City. The City reserves the right to award the Bonds to a winning
bidder whose wire transfer is initiated but not received within such two hour time period provided that such winning bidder’s federal wire reference
number has been received. In the event the Deposit is not received as provided above, the City may award the Bonds to the bidder submitting the next best
bid provided such bidder agrees to such award.
The Deposit of the successful bidder will be retained by the City pending delivery of the Bonds and all others will be promptly returned. Should
the successful bidder fail to take up and pay for the Bonds when tendered in accordance with this Notice of Sale and said bid, said Deposit shall be retained
as full and liquidated damages to the City caused by failure of the bidder to carry out the offer of purchase. Such Deposit will otherwise be applied on the
purchase price upon delivery of the Bonds. No interest on the Deposit will accrue to the purchaser.
If a wire transfer is used for the Deposit, it must be sent according to the following wire instructions:
Amalgamated Bank of Chicago
Corporate Trust
One West Monroe
Chicago, IL 60603
ABA # 071003405
Credit To: 3281 Speer Bidding Escrow
RE: United City of Yorkville, Kendall County, Illinois
bid for the $5,930,000* General Obligation (Alternate Revenue Source) Bonds, Series 2015A
Contemporaneously with such wire transfer, the bidder shall send an email to biddingescrow@aboc.com with the following information: (1)
indication that a wire transfer has been made, (2) the amount of the wire transfer, (3) the issue to which it applies, and (4) the return wire instructions if
such bidder is not awarded the Bonds. The City and any bidder who chooses to wire the Deposit hereby agree irrevocably that Speer Financial, Inc.
(“Speer”) shall be the escrow holder of the Deposit wired to such account subject only to these conditions and duties: (i) if the bid is not accepted, Speer
shall, at its expense, promptly return the Deposit amount to the unsuccessful bidder; (ii) if the bid is accepted, the Deposit shall be forwarded to the City;
(iii) Speer shall bear all costs of maintaining the escrow account and returning the funds to the bidder; (iv) Speer shall not be an insurer of the Deposit
amount and shall have no liability except if it willfully fails to perform, or recklessly disregards, its duties specified herein; and (v) income earned on the
Deposit, if any, shall be retained by Speer.
If a Financial Surety Bond is used for the Deposit, it must be from an insurance company licensed to issue such a bond in the State of Illinois
and such bond must be submitted to Speer prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose deposit is
guaranteed by such Financial Surety Bond. If the Bonds are awarded to a bidder using a Financial Surety Bond, then that purchaser is required to submit
its Deposit to the City in the form of a certified or cashier’s check or wire transfer as instructed by Speer, or the City not later than 3:00 P.M. on the next
business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit
requirement.
*Subject to change.
103
United City of Yorkville, Kendall County, Illinois
$5,930,000* General Obligation (Alternate Revenue Source) Bonds, Series 2015A
Official Notice of Sale, Page 4 of 4
*Subject to change.
The City covenants and agrees to enter into a written agreement or contract, constituting an undertaking (the “Undertaking”) to provide ongoing
disclosure about the City for the benefit of the beneficial owners of the Bonds on or before the date of delivery of the Bonds as required under Section
(b)(5) of Rule 15c2-12 (the “Rule”) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934. The Undertaking
shall be as described in the Official Statement, with such changes as may be agreed in writing by the Underwriter.
The Underwriter's obligation to purchase the Bonds shall be conditioned upon the City delivering the Undertaking on or before the date of
delivery of the Bonds.
The winning bidder shall provide a certificate, in form as drafted by or acceptable to Bond Counsel, to evidence the issue price of each maturity
of the Bonds, the form of which certificate is available upon request.
By submitting a bid, any bidder makes the representation that it understands Bond Counsel represents the City in the Bond transaction and, if
such bidder has retained Bond Counsel in an unrelated matter, such bidder represents that the signatory to the bid is duly authorized to, and does consent to
and waive for and on behalf of such bidder any conflict of interest of Bond Counsel arising from any adverse position to the City in this matter; such
consent and waiver shall supersede any formalities otherwise required in any separate understandings, guidelines or contractual arrangements between the
bidder and Bond Counsel.
The Bonds will be delivered to the successful purchaser against full payment in immediately available funds as soon as they can be prepared and
executed, which is expected to be on or about July 8, 2015. Should delivery be delayed beyond sixty (60) days from the date of sale for any reason
beyond the control of the City except failure of performance by the purchaser, the City may cancel the award or the purchaser may withdraw the good
faith deposit and thereafter the purchaser's interest in and liability for the Bonds will cease.
The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts, and interest
rates of the Bonds, and any other information required by law or deemed appropriate by the City, shall constitute a “Final Official Statement” of the City
with respect to the Bonds, as that term is defined in the Rule. Any such addendum or addenda shall, on and after the date thereof, be fully incorporated
herein and made a part hereof by reference. Alternatively, such final terms of the Bonds and other information may be included in a separate document
entitled “Final Official Statement” rather than through supplementing the Official Statement by an addendum or addenda. By awarding the Bonds to any
underwriter or underwriting syndicate, the City agrees that, no more than seven (7) business days after the date of such award, it shall provide, without
cost to the senior managing underwriter of the syndicate to which the Bonds are awarded, up to 100 copies of the Final Official Statement to permit each
“Participating Underwriter” (as that term is defined in the Rule) to comply with the provisions of such Rule. The City shall treat the senior managing
underwriter of the syndicate to which the Bonds are awarded as its designated agent for purposes of distributing copies of the Final Official Statement to
each Participating Underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Bonds agrees thereby that if its bid is
accepted by the City it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by
each such Participating Underwriter of the Final Official Statement.
By submission of its bid, the senior managing underwriter of the successful bidder agrees to supply all necessary pricing information and any
Participating Underwriter identification necessary to complete the Official Statement within 24 hours after award of the Bonds. Additional copies of the
Final Official Statement may be obtained by Participating Underwriters from the printer at cost.
The City will, at its expense, deliver the Bonds to the purchaser in New York, New York, through the facilities of DTC and will pay for the
bond attorney’s opinion. At the time of closing, the City will also furnish to the purchaser the following documents, each dated as of the date of delivery
of the Bonds: (1) the unqualified opinion of Ice Miller LLP, Chicago, Illinois, that the Bonds are valid and legally binding obligations of the City, in
accordance with their terms; (2) the opinion of said attorneys that the interest on the Bonds is exempt from federal income taxes as and to the extent set
forth in the Official Statement for the Bonds; and (3) a no litigation certificate by the City.
The City intends to designate the Bonds as “qualified tax-exempt obligations” pursuant to the small issuer exception provided by Section 265(b)
(3) of the Internal Revenue Code of 1986, as amended.
The City has authorized the printing and distribution of an Official Statement containing pertinent information relative to the City and the Bonds.
Copies of such Official Statement or additional information may be obtained from Mr. Bart Olson, City Administrator, United City of Yorkville, 800
Game Farm Road, Yorkville, Illinois 60560; telephone (630) 553-8537 or an electronic copy of this Official Statement is available from the
www.speerfinancial.com web site under “Debt Auction Center/Official Statements Sales - Competitive” from the Independent Public Finance Consultants
to the City, Speer Financial, Inc., One North LaSalle Street, Suite 4100, Chicago, Illinois 60602, telephone (312) 346-3700.
/s/ GARY J. GOLINSKI /s/ ROB FREDRICKSON
Mayor Finance Director
UNITED CITY OF YORKVILLE UNITED CITY OF YORKVILLE
Kendall County, Illinois Kendall County, Illinois
104
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UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
FINANCIAL AND COMPLIANCE REPORT
FOR THE FISCAL YEAR ENDED
APRIL 30, 2016
105
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT .............................................................................................. 1
FINANCIAL STATEMENTS
Balance Sheet .............................................................................................................................................. 2
Statement of Revenues, Expenditures and Changes in Fund Balance ....................................................... 3
Notes to the Financial Statements ............................................................................................................... 4
INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GENERALLY ACCEPTED AUDITING STANDARDS ............................................................... 5
106
INDEPENDENT AUDITORS’ REPORT
107
Lauterbach &Amen, LLP .27W457 WARRENVILLE RD. . WARRENVILLE, ILLINOIS 60555
PHONE 630.393.1483 o FAX 630.393.2516
www. lauterbachamen.com
CÊRTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITqRS' REPORT
August 22,2016
The Honorable City Mayor
Members of the City Council
United City of Yorkville, Illinois
We have audited the accompanying basic financial statements of the governmental activities of the
Countryside and Downtown Tax Incremental Financing Districts of the United City of Yorkville, Illinois as
of and for the year ended April 30, 2016, which collectively comprise the Countryside and Downtown Tax
Incremental Financing Districts as listed in the table of contents. The basic financial statements are the
responsibility of the United City of Yorkville, Illinois' management. Our responsibility is to express an
opinion on these basic financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the basic financial statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the basic financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
As described in Note 1 to the basic financial statements, the basic financial statements present only the
Countryside and Downtown Tax Incremental Financing Districts of the United City of Yorkville, Illinois,
and are not intended to present fairly the financial position or results of operations of the United City of
Yorkville, Illinois, in conformity with accounting principles generally accepted in the United States of
America.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the Countryside and Downtown Tax Incremental Financing Districts of the United City of
Yorkville, Illinois as of April 30,2016, and the results of its operations for the year then ended in conformity
with accounting principles generally accepted in the United States of America.
We have also issued a report dated August 22,2016 on our consideration of the Countryside and Downtown
Tax Incremental Financing Districts' compliance with laws, regulations, contracts and grants.
lÅ^JÅèûve,^LcP
LAUTERBACH & AMEN, LLP
108
FINANCIAL STATEMENTS
109
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
Balance Sheet
April 30, 2016
Downtown
TIF
Cash and Investments $- 268,259
Receivables - Net of Allowances
Accounts - 52
Prepaids - 618
Total Assets - 268,929
Liabilities
Accounts Payable - 15,226
Due to Other Funds 549,946 -
Total Liabilities 549,946 15,226
Fund Balances
Nonspendable - 618
Restricted - 253,085
Unassigned (549,946)-
Total Fund Balances (549,946)253,703
Total Liabilities and Fund Balances - 268,929
Countryside
TIF
LIABILITIES
FUND BALANCES
ASSETS
The notes to the financial statements are an integral part of this statement.
2
110
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Fiscal Year Ended April 30, 2016
Downtown
TIF
Revenues
Taxes
Property Taxes $143,784 68,868
Interest 5 1
Miscellaneous - 236
Total Revenues 143,789 69,105
Expenditures
General Government
Administration Fees 638 -
Professional Services - 2,051
Legal Services - 556
TIF Incentive Payout - 15,223
Capital Outlay - 36,668
Debt Service
Interest and Fiscal Charges 103,581 -
Total Expenditures 104,219 54,498
Excess (Deficiency) of Revenues
Over (Under) Expenditures 39,570 14,607
Other Financing (Uses)
Debt Issuance 1,475,000 -
Premium on Debt Issuance 122,288 -
Payment to Escrow Agent (1,581,984)-
15,304 -
Net Change in Fund Balances 54,874 14,607
Fund Balances - Beginning (604,820)239,096
Fund Balances - Ending (549,946)253,703
Countryside
TIF
The notes to the financial statements are an integral part of this statement.
3
111
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
Notes to the Financial Statements
April 30, 2016
4
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The operations of Countryside and Downtown Tax Incremental Financing Districts are accounted for
through special revenue funds of the United City of Yorkville, Illinois. It applies the following
policies:
Basis of Accounting
The financial statements are prepared on the modified accrual basis of accounting under which revenue
is recognized when it becomes both measurable and available, and expenditures generally are
recognized when the liability is incurred.
112
@
27W457 WARRENVILLE RD. . WARRENVILLE, ILLINOIS 60555Lauterb ach &, Amen, LLP
CERTIFIED PUBLIC ACCOUNTANTS
PHONE 630.393.1483 . FAX 630.393.2516
www.lauterbachamen.com
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GENERALLY
ACCEPTED AUDITING STANDARDS
August 22,2016
The Honorable City Mayor
Members of the City Council
United City of Yorkville, Illinois
We have audited the accompanying basic financial statements of the governmental activities of the
Countryside and Downtown Tax Incremental Financing Districts of the United City of Yorkville, Illinois,
as of and for the year ended April 30, 2016, and have issued our report thereon dated August22,20l6. We
conducted our audit in accordance with auditing standards generally accepted in the United States of
America.
Compliance
Compliance with laws, regulations, contracts, and grants applicable to the Financing Districts are the
responsibility of the United City of Yorkville's management. As part of obtaining reasonable assurance
about whether basic financial statements are free of material misstatement, we performed tests of the City's
compliance with certain provisions of laws, regulations, contracts and grants applicable to the Financing
District, includingthe City's compliance with subsection (q) of Section ll-74.4-3 of the State of Illinois
Public Act 85-1 142, An Act in Relation to Tax Increment Financing, noncompliance with which could have
a direct and material effect on the determination of basic financial statement amounts. However, providing
an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do
not express such an opinion. The results of our tests disclosed no instances of noncompliance with the
provisions referred to in the preceding paragraph.
This report is intended for the information of the members of the City Council and management, and is not
intended to be used and should not be used by anyone other then these specified parties.
f*,üÅrt,^^LÛ
LAUTERBACH & AMEN, LLP
5
113
Downtown TIF District
114
SECTION 2 [Sections 2 through 5 must be completed for each redevelopment project area listed in Section 1.]
FY 2016
Name of Redevelopment Project Area:
Primary Use of Redevelopment Project Area*:
If "Combination/Mixed" List Component Types:
No Yes
Werethere any amendments to theredevelopmentplan,theredevelopmentproject area,or the State
Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)]
If yes, please enclose the amendment labeled Attachment A x
Certificationof theChiefExecutive Officerof the municipality that the municipality has compliedwith all
of therequirements of the Act duringthepreceding fiscalyear.[65 ILCS 5/11-74.4-5 (d)(3)and 5/11-74.6-
22 (d) (3)]
Please enclose the CEO Certification labeled Attachment B x
Opinionof legalcounsel that municipalityisincompliancewith the Act.[65 ILCS 5/11-74.4-5 (d)(4)and
5/11-74.6-22 (d) (4)]
Please enclose the Legal Counsel Opinion labeled Attachment C x
Werethere any activities undertaken in furtherance of theobjectives of theredevelopmentplan,
including any projectimplemented in thepreceding fiscalyearand adescriptionof the activities
undertaken? [65 ILCS 5/11-74.4-5 (d) (7) (A and B) and 5/11-74.6-22 (d) (7) (A and B)]
If yes, please enclose the Activities Statement labeled Attachment D
x
Were any agreementsentered into bythe municipalitywith regard to the dispositionor redevelopment
of any property within theredevelopmentproject area or the area within the State Sales Tax Boundary?
[65 ILCS 5/11-74.4-5 (d) (7) (C) and 5/11-74.6-22 (d) (7) (C)]
If yes, please enclose the Agreement(s) labeled Attachment E x
Is there additionalinformationon the use of all fundsreceivedunder thisDivision and steps taken bythe
municipality to achieve theobjectives of theredevelopmentplan?[65 ILCS 5/11-74.4-5 (d)(7)(D)and
5/11-74.6-22 (d) (7) (D)]
If yes, please enclose the Additional Information labeled Attachment F x
Did the municipality's TIF advisors or consultantsenter into contracts with entities or persons thathave
received or are receivingpaymentsfinancedby tax incrementrevenuesproducedbythe same TIF?[65
ILCS 5/11-74.4-5 (d) (7) (E) and 5/11-74.6-22 (d) (7) (E)]
If yes, please enclose the contract(s) or description of the contract(s) labeled Attachment G x
Werethere any reports or meetingminutessubmitted to the municipality bythe joint reviewboard?[65
ILCS 5/11-74.4-5 (d) (7) (F) and 5/11-74.6-22 (d) (7) (F)]
If yes, please enclose the Joint Review Board Report labeled Attachment H x
Were any obligations issued by municipality? [65 ILCS 5/11-74.4-5 (d) (8) (A) and
5/11-74.6-22 (d) (8) (A)]
If yes, please enclose the Official Statement labeled Attachment I x
Wasanalysis preparedby a financialadvisor or underwritersetting forth thenature and term of
obligation and projecteddebt service includingrequiredreserves and debtcoverage?[65 ILCS 5/11-74.4-
5 (d) (8) (B) and 5/11-74.6-22 (d) (8) (B)]
If yes, please enclose the Analysis labeled Attachment J x
Cumulatively,havedeposits from any source equalorgreaterthan$100,000beenmade into the special
tax allocation fund? 65 ILCS 5/11-74.4-5 (d) (2) and 5/11-74.6-22 (d) (2)
If yes, please enclose Audited financial statements of the special tax allocation fund
labeled Attachment K x
Cumulatively,havedepositsofincrementaltaxesrevenueequal to orgreaterthan$100,000beenmade
into the special tax allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)]
If yes,pleaseenclose a certifiedletterstatement reviewing compliance with the Act labeled
Attachment L x
A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting
of any money transferred or received by the municipality during that fiscal year pursuant to those
intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d) (10)]
If yes, please enclose list only, not actual agreements labeled Attachment M x
* Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
Downtown Yorkville
Commercial
Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one):
Tax Increment Allocation Redevelopment Act __x__ Industrial Jobs Recovery Law _____
115
FY 2016
Fund Balance at Beginning of Reporting Period 239,096$
Revenue/Cash Receipts Deposited in Fund During Reporting FY:Reporting Year Cumulative* % of Total
Property Tax Increment 68,868$ 559,754$ 99%
State Sales Tax Increment 0%
Local Sales Tax Increment 0%
State Utility Tax Increment 0%
Local Utility Tax Increment 0%
Interest 1$ 610$ 0%
Land/Building Sale Proceeds 0%
Bond Proceeds 0%
Transfers from Municipal Sources 0%
Private Sources 0%
Miscellaneous Income 236$ 4,158$ 1%
Total Amount Deposited in Special Tax Allocation
Fund During Reporting Period 69,105$
Cumulative Total Revenues/Cash Receipts 564,522$ 100%
Total Expenditures/Cash Disbursements (Carried forward from Section 3.2)54,498$
Distribution of Surplus
Total Expenditures/Disbursements 54,498$
NET INCOME/CASH RECEIPTS OVER/(UNDER) CASH DISBURSEMENTS 14,607$
FUND BALANCE, END OF REPORTING PERIOD*253,703$
* if there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
SURPLUS*/(DEFICIT)(Carried forward from Section 3.3)(716,936)$
SECTION 3.1 - (65 ILCS 5/11-74.4-5 (d) (5) and 65 ILCS 5/11-74.6-22 (d) (5))
Provide an analysis of the special tax allocation fund.
*must be completed where current or prior
year(s) have reported funds
TIF NAME: Downtown Yorkville
116
FY 2016
TIF NAME: Downtown Yorkville
Amounts Reporting Fiscal Year
1. Costs of studies, administration and professional services—Subsections (q)(1) and (o) (1)
Legal Services 653
Auditing Services - TIF Compliance Report 260
JRB Packet Postage 7
Appraisal Services 1,650
Canoecopia Conference 1,473
Engineering Services 345
4,389$
2. Cost of marketing sites—Subsections (q)(1.6) and (o)(1.6)
-$
-$
Improvements to Buildings 27,466
27,466$
IL Route 47 Expansion 7,420
7,420$
-$
SECTION 3.2 A- (65 ILCS 5/11-74.4-5 (d) (5) and 65 ILCS 5/11-74.6-22 (d) (5))
Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6-
10 (o)]
FOR AMOUNTS >$10,000 SECTION 3.2 B MUST BE COMPLETED
ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND
(by category of permissible redevelopment cost, amounts expended during reporting period)
3.Propertyassembly:propertyacquisition,buildingdemolition,site preparationandenvironmental
site improvement costs. Subsections (q)(2), (o)(2) and (o)(3)
4.Costs ofrehabilitation,reconstruction,repairorremodelingofexistingpublicorprivatebuildings.
Subsection (q)(3) and (o)(4)
5. Costs of construction of public works and improvements. Subsection (q)(4) and (o)(5)
6.Costs ofremovingcontaminantsrequiredbyenvironmental laws orrules (o)(6)-IndustrialJobs
Recovery TIFs ONLY
117
-$
-$
-$
-$
-$
-$
-$
9. Approved taxing district's capital costs. Subsection (q)(7) and (o)(9)
10.Cost ofReimbursingschool districtsfor theirincreased costs causedby TIF assisted housing
projects. Subsection (q)(7.5) - Tax Increment Allocation Redevelopment TIFs ONLY
11. Relocation costs. Subsection (q)(8) and (o)(10)
12.Payments inlieu oftaxesasdefined in Subsections11-74.43(m)and11-74.6-10(k).Subsection
(q)(9) and (o)(11)
13.Costs ofjobtraining,retrainingadvancedvocationalorcareereducationprovidedbyother
taxing bodies. Subsection (q)(10) and (o)(12)
8.Financing costs related to obligations issued by the municipality. Subsection (q) (6) and (o)(8)
7.Cost ofjobtrainingandretraining,including"welfare to work"programsSubsection (q)(5),(o)(7)
and (o)(12)
PAGE 2
SECTION 3.2 A
118
Developer Incentive 15,223
15,223$
-$
-$
54,498$
15.Costs ofconstructionofnewhousingunits for lowincomeand very low-incomehouseholds.
Subsection (q)(11)(F) - Tax Increment Allocation Redevelopment TIFs ONLY
16.Cost ofday care services andoperational costs ofday care centers.Subsection (q)(11.5)-
Tax Increment Allocation Redevelopment TIFs ONLY
TOTAL ITEMIZED EXPENDITURES
14.Costs ofreimbursingprivatedevelopers for interestexpensesincurredonapproved
redevelopment projects. Subsection (q)(11)(A-E) and (o)(13)(A-E)
SECTION 3.2 A
PAGE 3
119
FY 2016
______ There were no vendors, including other municipal funds, paid in excess of
$10,000 during the current reporting period.
Name Service Amount
Imperial Investments Developer Incentive 15,222.92$
Advanced Roofing Building Improvements 22,700.00$
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current
reporting year.
Section 3.2 B
TIF NAME: Downtown Yorkville
120
FY 2016
FUND BALANCE, END OF REPORTING PERIOD 253,703$
Amount of Original
Issuance Amount Designated
1. Description of Debt Obligations
Total Amount Designated for Obligations -$ -$
2. Description of Project Costs to be Paid
IL Route 47 Expansion 100,000$
Imperial Investments Redevelopment Phase 1 (est.)870,639$
Total Amount Designated for Project Costs 970,639$
TOTAL AMOUNT DESIGNATED 970,639$
SURPLUS*/(DEFICIT)(716,936)$
* NOTE: If a surplus is calculated, the municipality may be required to repay the amount to overlapping taxing
SECTION 3.3 - (65 ILCS 5/11-74.4-5 (d) (5) 65 ILCS 11-74.6-22 (d) (5))
Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period
TIF NAME: Downtown Yorkville
121
FY 2016
__x___ No property was acquired by the Municipality Within the Redevelopment Project Area
Property Acquired by the Municipality Within the Redevelopment Project Area
Property (1):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (2):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (3):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (4):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Providea descriptionofallpropertypurchasedbythemunicipalityduringthereporting fiscal year within the
redevelopment project area.
SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)]
TIF NAME: Downtown Yorkville
122
FY 2016
Box below must be filled in with either a check or number of projects, not both
______
___2___
TOTAL:11/1/99 to Date
Estimated Investment
for Subsequent Fiscal
Year
Total Estimated to
Complete Project
Private Investment Undertaken (See Instructions)8,000,000$ -$ 8,000,000$
Public Investment Undertaken 67,797$ 826,905$ 894,702$
Ratio of Private/Public Investment 118 8 16/17
Project 1: *IF PROJECTS ARE LISTED NUMBER MUST BE ENTERED ABOVE
Landscaping
Private Investment Undertaken (See Instructions)-$ -$ -$
Public Investment Undertaken 24,063$ -$ 24,063$
Ratio of Private/Public Investment 0 0
Project 2:
Imperial Investments - Phase 1 est.
Private Investment Undertaken (See Instructions)8,000,000$ -$ 8,000,000$
Public Investment Undertaken 43,734$ 826,905$ 870,639$
Ratio of Private/Public Investment 182 73/79 9 10/53
SECTION 5 - 65 ILCS 5/11-74.4-5 (d) (7) (G) and 65 ILCS 5/11-74.6-22 (d) (7) (G)
PAGE 1
*Page 1 is to be included with TIF Report. Pages 2-3 are to be included ONLY if projects are listed.
ENTER total number of projects undertaken by the Municipality Within the Redevelopment Project Area
and list them in detail below*.
Check if NO projects were undertaken by the Municipality Within the Redevelopment Project Area:
TIF NAME: Downtown Yorkville
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SECTION 6
FY 2016
Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area
Year redevelopment
project area was
designated Base EAV
Reporting Fiscal Year
EAV
6/13/2006 5,745,902$ 5,865,094$
SECTION 7
Provide information about job creation and retention
Number of Jobs
Retained
Number of Jobs
Created
Description and Type
(Temporary or
Permanent) of Jobs Total Salaries Paid
-$
-$
-$
-$
-$
-$
-$
SECTION 8
Provide a general description of the redevelopment project area using only major boundaries:
Optional Documents Enclosed
Legal description of redevelopment project area previously provided
Map of District previously provided
Optional:Information in the following sections is not required by law,butwouldbehelpful in evaluating the performance
of TIF in Illinois. *even though optional MUST be included as part of complete TIF report
List all overlapping tax districts in the redevelopment project area.
If overlapping taxing district received a surplus, list the surplus.
__x___ The overlapping taxing districts did not receive a surplus.
Overlapping Taxing District
Surplus Distributed from redevelopment
project area to overlapping districts
TIF NAME: Downtown Yorkville
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
124
125
126
Unit Code 047/035/30
Attachment D
Activities Statement
Downtown Yorkville
The Downtown TIF district was created in 2006 to help facilitate mixed use development in the
downtown area. Over the last several fiscal years, the City has entered into several agreements with
Imperial Investments for the redevelopment of several buildings in the downtown area. This proposed mixed
use development has resulted in several new store fronts being added to the downtown, including the Law
Office Pub & Music Hall which opened in the current fiscal year.
The downtown portion of the IL Route 47 expansion was completed in fiscal year 2015. This expansion is a
joint project between the City and the Illinois Department of Transportation (IDOT), and includes various
roadway and infrastructure (water, sanitary sewer, storm sewer) improvements on Route 47, from just south
of Kennedy Road through its intersection with IL Route 71. The cost of the project that is applicable to the
Downtown TIF district is approximately $200,000, which will be paid to the State over a period of ten years.
In the current fiscal year, the City continued to rehab its buildings in the downtown area, including a new roof
for the building located at 131 East Hydraulic Street.
In Fiscal Year 2016 the City neared completion of its Comprehensive Plan Update, which focuses on existing
conditions in the City regarding land use, transportation, infrastructure, parks and open space, community
facilities, neighborhoods and housing, and commercial and industrial areas. In regards to the TIF District, a
formal recommendation was made to develop the downtown area as a potential overlay district, which will be
explored further in the upcoming fiscal year.
127
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
FINANCIAL AND COMPLIANCE REPORT
FOR THE FISCAL YEAR ENDED
APRIL 30, 2016
128
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT .............................................................................................. 1
FINANCIAL STATEMENTS
Balance Sheet .............................................................................................................................................. 2
Statement of Revenues, Expenditures and Changes in Fund Balance ....................................................... 3
Notes to the Financial Statements ............................................................................................................... 4
INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GENERALLY ACCEPTED AUDITING STANDARDS ............................................................... 5
129
INDEPENDENT AUDITORS’ REPORT
130
Lauterbach &Amen, LLP .27W457 WARRENVILLE RD. . WARRENVILLE, ILLINOIS 60555
PHONE 630.393.1483 o FAX 630.393.2516
www. lauterbachamen.com
CÊRTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITqRS' REPORT
August 22,2016
The Honorable City Mayor
Members of the City Council
United City of Yorkville, Illinois
We have audited the accompanying basic financial statements of the governmental activities of the
Countryside and Downtown Tax Incremental Financing Districts of the United City of Yorkville, Illinois as
of and for the year ended April 30, 2016, which collectively comprise the Countryside and Downtown Tax
Incremental Financing Districts as listed in the table of contents. The basic financial statements are the
responsibility of the United City of Yorkville, Illinois' management. Our responsibility is to express an
opinion on these basic financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the basic financial statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the basic financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
As described in Note 1 to the basic financial statements, the basic financial statements present only the
Countryside and Downtown Tax Incremental Financing Districts of the United City of Yorkville, Illinois,
and are not intended to present fairly the financial position or results of operations of the United City of
Yorkville, Illinois, in conformity with accounting principles generally accepted in the United States of
America.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the Countryside and Downtown Tax Incremental Financing Districts of the United City of
Yorkville, Illinois as of April 30,2016, and the results of its operations for the year then ended in conformity
with accounting principles generally accepted in the United States of America.
We have also issued a report dated August 22,2016 on our consideration of the Countryside and Downtown
Tax Incremental Financing Districts' compliance with laws, regulations, contracts and grants.
lÅ^JÅèûve,^LcP
LAUTERBACH & AMEN, LLP
131
FINANCIAL STATEMENTS
132
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
Balance Sheet
April 30, 2016
Downtown
TIF
Cash and Investments $- 268,259
Receivables - Net of Allowances
Accounts - 52
Prepaids - 618
Total Assets - 268,929
Liabilities
Accounts Payable - 15,226
Due to Other Funds 549,946 -
Total Liabilities 549,946 15,226
Fund Balances
Nonspendable - 618
Restricted - 253,085
Unassigned (549,946)-
Total Fund Balances (549,946)253,703
Total Liabilities and Fund Balances - 268,929
Countryside
TIF
LIABILITIES
FUND BALANCES
ASSETS
The notes to the financial statements are an integral part of this statement.
2
133
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Fiscal Year Ended April 30, 2016
Downtown
TIF
Revenues
Taxes
Property Taxes $143,784 68,868
Interest 5 1
Miscellaneous - 236
Total Revenues 143,789 69,105
Expenditures
General Government
Administration Fees 638 -
Professional Services - 2,051
Legal Services - 556
TIF Incentive Payout - 15,223
Capital Outlay - 36,668
Debt Service
Interest and Fiscal Charges 103,581 -
Total Expenditures 104,219 54,498
Excess (Deficiency) of Revenues
Over (Under) Expenditures 39,570 14,607
Other Financing (Uses)
Debt Issuance 1,475,000 -
Premium on Debt Issuance 122,288 -
Payment to Escrow Agent (1,581,984)-
15,304 -
Net Change in Fund Balances 54,874 14,607
Fund Balances - Beginning (604,820)239,096
Fund Balances - Ending (549,946)253,703
Countryside
TIF
The notes to the financial statements are an integral part of this statement.
3
134
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
Notes to the Financial Statements
April 30, 2016
4
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The operations of Countryside and Downtown Tax Incremental Financing Districts are accounted for
through special revenue funds of the United City of Yorkville, Illinois. It applies the following
policies:
Basis of Accounting
The financial statements are prepared on the modified accrual basis of accounting under which revenue
is recognized when it becomes both measurable and available, and expenditures generally are
recognized when the liability is incurred.
135
@
27W457 WARRENVILLE RD. . WARRENVILLE, ILLINOIS 60555Lauterb ach &, Amen, LLP
CERTIFIED PUBLIC ACCOUNTANTS
PHONE 630.393.1483 . FAX 630.393.2516
www.lauterbachamen.com
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GENERALLY
ACCEPTED AUDITING STANDARDS
August 22,2016
The Honorable City Mayor
Members of the City Council
United City of Yorkville, Illinois
We have audited the accompanying basic financial statements of the governmental activities of the
Countryside and Downtown Tax Incremental Financing Districts of the United City of Yorkville, Illinois,
as of and for the year ended April 30, 2016, and have issued our report thereon dated August22,20l6. We
conducted our audit in accordance with auditing standards generally accepted in the United States of
America.
Compliance
Compliance with laws, regulations, contracts, and grants applicable to the Financing Districts are the
responsibility of the United City of Yorkville's management. As part of obtaining reasonable assurance
about whether basic financial statements are free of material misstatement, we performed tests of the City's
compliance with certain provisions of laws, regulations, contracts and grants applicable to the Financing
District, includingthe City's compliance with subsection (q) of Section ll-74.4-3 of the State of Illinois
Public Act 85-1 142, An Act in Relation to Tax Increment Financing, noncompliance with which could have
a direct and material effect on the determination of basic financial statement amounts. However, providing
an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do
not express such an opinion. The results of our tests disclosed no instances of noncompliance with the
provisions referred to in the preceding paragraph.
This report is intended for the information of the members of the City Council and management, and is not
intended to be used and should not be used by anyone other then these specified parties.
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LAUTERBACH & AMEN, LLP
5
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