Committee of the Whole Packet 2005 03-22-05 $'.cs,o o United City of Yorkville
County Seat of Kendall County
800 Game Farm Road
EST. ss3s Yorkville, Illinois, 60560
Telephone: 630-553-4350
o Fax: 630-553-7575
'F ° `"'"' � Website: www.yorkville.il.us
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AGENDA
COMMITTEE OF THE WHOLE SPECIAL MEETING
Tuesday, March 22, 2005
6:00 p.m.
City Conference Room
Public Hearing: None
Presentations:
Detail Board Report (Bill List):
Items Recommended by Committee for Consent Agenda: None
Mayor:
1. No Report
Economic Development Committee:
1. No Report
Park Board:
1. Park Naming Request for the MPI Regional Park - COW 3/15/05 & PKBD 2/28/05
Public Works Committee:
1. Countryside Pump Station — Results of Bid Opening - COW 3/15/05 & PW 2/28/05
2. IDOT Letter of Understanding with City for Grande Reserve Rt. 34 Improvements -
COW 3/15/05 & PW 2/28/05
3. Grande Reserve Aquatic Center— Plat of Vacation - COW 3/15/05 & PW 2/28/05
4. In Town Road Program — IDNR Storm Sewer Easement - COW 3/15/05 &
PW 2/28/05
5. IDOT Highway Driveway Cut for Nelson Funeral Home - COW 3/15/05 &
PW 2/28/05
6. Results of Street Sweeper Bid - COW 3/15/05
7. Adjustment to New Dump Truck Purchases - COW 3/15/05
Page 2
Committee of the Whole
March 22, 2005
Public Safety Committee:
1. No Report.
Administration Committee:
1. RFQ Policy - COW 3/15/05, Admin 11/4/04, 12/1/04, & 1/6/05
2. Dental/Vision/HSA Contracts - COW 3/15/05 & 2/15/05 & Admin 2/3/05
3. In Town Road Program Bond - COW 3/15/05 & Admin 3/3/05
4. MFT Obligation Retirement Resolution for Fox Industrial Park Bond - COW 3/15/05
& Admin 3/3/05
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,ciDir o United City of Yorkville Memo
,. . , 't` 800 Game Farm Road
ESL 14i la" 1836 Yorkville, Illinois 60560
,� Telephone: 630-553-4350
P 1 ' ISP. Fax: 630-553-7575
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'114LE ‘�y
Date: March 15, 2005
To: Mayor and City Council
From: John Justin Wyeth, City Attorney
CC: City Administrator, Finance Director
Subject: In Town Road Project Bond Issue
The "In Town Road Project"requires funds from the sale of bonds. This memo is to set forth
several actions that must be taken by the City Council in furtherance of the sale of the bonds as
required by the detailed laws governing bond issuance. (The amount of the bonds, i.e. the
amount needed for the road project is not the subject of this memo, and I defer to the City's other
departments to guide you those issues.)
The City engages the firm of Chapman and Cutler as "Bond Council" and that firm prepares the
documents, and guides the City on the necessary actions. I have worked with Chapman and
Cutler for many years. They are highly skilled, and specialize in this area of law. They prepare
the "opinion of bond council" which verifies to purchasers that the bonds have been legally
issued. In my experience, it is virtually impossible to obtain purchasers (i.e. bidders at a
favorable rate)without an"opinion of bond council". It is for this reason, that we must work
closely with Chapman and Cutler and adhere to the very specific documents, notices,
publications and formal approvals.
The following actions will be required of the City Council for this Bond Issue, along with the
anticipated dates for the action:
1. Ordinance Authorizing the issuance of General Obligation Bonds (March 22, 2005)
(This will lead to the publication of the Ordinance, along with a Notice of the opening of
a 30 day back door referendum period)
2. Publication of Notice and subsequent Public Hearing (April 12, 2005)
(Required by Bond Information Notification Act (BINA)
3. Passage of Bond Ordinance (April 26, 2005) (The opening of the Bids will take place
prior to Passage of the Bonds—often the same day)
These items may appear familiar as identical steps were taken over the last two months in
furtherance of the Bond Issue for the Countryside property.