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Ordinance 2005-023 MINUTES of a regular public meeting of the City Council of the United City of Yorkville, Kendall County, Illinois, held at the City Council Chambers of the City Hall, located at 800 Game Farm Road, in said City, at 7:00 o'clock P.M., on the 22nd day of March, 2005. The Mayor called the meeting to order and directed the City Clerk to call the roll. Upon roll call, the following answered present at said location: Arthur F. Prochaska, Jr., Mayor, and Aldermen 1' 4a��r A The following Aldermen were absent: The Mayor announced that in order to finance certain road and street improvements within the City, it would be necessary for the City to issue alternate bonds, and that the City Council would consider the adoption of an ordinance authorizing the issuance of such bonds. Whereupon Alderma presented the following ordinance, copies of which were made available to all in attendance at said meeting who requested a copy: I 1835372.01.07 2128684/KK/3/14/05 NOTICE OF INTENT TO ISSUE BONDS AND RIGHT TO FILE PETITION Notice is hereby given that pursuant to Ordinance Number 2005 -�, adopted March 22, 2005, the United City of Yorkville, Kendall County, Illinois (the "City "), intends to issue one or more series of its General Obligation Bonds (Alternate Revenue Source) (the "Bonds"), being general obligation bonds payable from the hereinafter identified revenue source, in an aggregate principal amount not to exceed $4,000,000 and bearing interest per annum at not to exceed the maximum rate authorized by law at the time the Bonds (or any of them) are sold, for the purpose of paying certain costs to be incurred in connection with road and street improvements within the City (the "Project "). The revenue source for the Bonds shall be those taxes imposed by the City upon public utilities pursuant to Section 8-11-2 of the Illinois Municipal Code, as amended, or substitute taxes therefor as provided by the State of Illinois in the future. If such revenue source is insufficient to pay the Bonds, ad valorem property taxes upon all taxable property in the City without limitation as to rate or amount are authorized to be extended to pay the principal of and interest on the Bonds. A complete copy of said Ordinance accompanies this notice. Notice is hereby further given that if a petition signed by 455 or more electors of the City (the same being equal to the greater of (i) 7.5% of the number of registered voters of the City or (ii) 200 of those registered voters or 15% of the registered voters, whichever is less), requesting that the question of undertaking the Project and the issuance of the Bonds therefor (a "Petition") is submitted to the City Clerk within 30 days after the date of publication of this notice the question of undertaking the Project as provided in said Ordinance and the issuance of the Bonds therefor shall be submitted to the electors of the City at the general primary election to be held on March 21, 2006. The Circuit Court may declare that an emergency referendum should be held prior to said election date pursuant to the provisions of Section 2A -1.4 of the Election Code of the State of Illinois, as amended. A form of petition for such purpose is available from the office of the City Clerk. By order of the City Council of the United City of Yorkville, Kendall County, Illinois. Dated this 22nd day of March, 2005. /s/ Jacauelvn Milschewski City Clerk, United City of Yorkville, Kendall County, Illinois ORDINANCE NUMBER An Ordinance authorizing the issuance of General Obligation Bonds (Alternate Revenue Source), in an aggregate principal amount not to exceed $4,000,000. WHEREAS, the United City of Yorkville, Kendall County, Illinois (the "City"), is a municipality duly organized and operating under the laws of the State of Illinois; and WHEREAS, the City Council has determined that it is advisable, necessary and in the best interests of public health, safety and welfare of the City that the City undertake various road and street improvements, together with related appurtenances, all professional, financial, bond registrar, legal, and other services necessary, useful or advisable to such improvements (the I "Project "); and WHEREAS, the estimated cost of constructing the Project, including engineering, legal, financial, bond interest, bond discount, printing and publication costs, an initial deposit to a capitalized interest account for the bonds hereinafter described, and other related expenses, is not less than $4,000,000, and interest earnings thereon, and there are insufficient funds on hand and lawfully available to pay such costs; and WHEREAS, pursuant to the provisions of the Local Government Debt Reform Act of the State of Illinois, as amended (the "Reform Act "), "Alternate Bonds" as defined in the Reform Act may be issued pursuant to "Applicable Law" (as defined in the Reform Act) for the Project; and WHEREAS, the City has a "revenue source," as defined in the Reform Act, being those taxes imposed by the City upon public utilities pursuant to Section 8-11-2 of the Illinois Municipal Code, as amended, or substitute taxes therefor as provided by the State of Illinois in the future (the "Revenue Source"), and accordingly the City is authorized to issue Alternate Bonds, secured by the Revenue Source or any portion thereof, all pursuant to the provisions of the Reform Act; and WHEREAS, it is necessary and for the best interests of the City that the Project be undertaken and that up to $4,000,000 in aggregate principal amount of Alternate Bonds, being general obligation bonds payable from the Revenue Source, be authorized to be issued at this time pursuant to the Reform Act; and WHEREAS, if the above - mentioned revenue source is insufficient to pay the Alternate Bonds, ad valorem property taxes upon all taxable property in the City without limitation as to rate or amount are authorized to be extended to pay the principal of and interest on the Alternate Bonds: Now, THEREFORE, Be It Ordained by the City Council of the United City of Yorkville, Kendall County, Illinois, as follows: Section 1. Incorporation of Preambles. The City Council hereby finds that the recitals contained in the preambles to this ordinance are true and correct and incorporate them into this ordinance by this reference. Section 2. Determination to Issue Bonds. It is necessary and in the best interests of the City to construct the Project for the public health, safety and welfare, as described and that for the purpose of financing the Project, there are hereby authorized to be issued and sold one or more series of General Obligation Bonds (Alternate Revenue Source) (the "Alternate Bonds "), of the City, in an aggregate principal amount of not to exceed $4,000,000. Section 3. Publication. This ordinance, together with a notice in the statutory form, shall be published once by the City Council in the Kendall County Record, being a newspaper of general circulation in the City, and if no petition, signed by 455 electors (the same being equal to the greater of (i) 7.5% of the registered voters of the City or (ii) 200 of those registered voters or 15% of the registered voters, whichever is less) and asking that the question of the issuance of the Alternate Bonds be submitted to the electors of the City, is filed with the City Clerk within -2- I 30 days after the date of the publication of this ordinance and said notice, then this ordinance i shall be in full force and effect. A petition form shall be provided by the e City Clerk to any individual requesting one. Section 4. Additional Ordinances. If no petition meeting the requirements of Applicable Law is filed during the petition period hereinabove referred to, then the City Council may adopt additional ordinances or proceedings supplementing or amending this ordinance providing for the Project, and the issuance and sale of the Alternate Bonds, prescribing all the details of said Alternate Bonds, so long as the maximum amount of said Bonds as set forth in this ordinance is not exceeded and there is no material change in the Project or purposes described herein. Such additional ordinances or proceedings shall in all instances become effective in accordance with applicable law. This ordinance, together with such additional ordinances or proceedings, shall constitute complete authority for the issuance of said Bonds under applicable law. Section 5. Severability. If any section, paragraph, clause or provision of this ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this ordinance. -3- Section 6. Repealer. All ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this ordinance are to the extent of such conflict hereby repealed. ADOPTED by the City Council on the 22nd day of March, 2005, pursuant to a roll call vote as follows: PAUL JAMES y� � MARTY MUNNS L� RICHARD STICKA WANDA O'HARE VALERIE BURD ROSE SPEARS � \ LARRY KOT L O JOSEPH BESCO APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, i the 22nd day of March, 2005. I I MAYOR PASSED by the City Council of the United City of Yorkville, Kendall County, Illinois, the 22nd day of March, 2005. Atte ICL �Crr RK -4- Alderman 6-12.. moved and Alderman seconded I the motion that said ordinance as presented by the City Clerk be adopted. After a full and complete discussion thereof including a public recital of the nature of the matter being considered and such other information as would inform the public of the business being conducted, the Mayor directed that the roll be called for a vote upon the motion to adopt � the ordinance. c� � Upon the roll being called, the following Aldermen voted AYE: i NAY: i Whereupon the Mayor declared the motion carried and the ordinance adopted, and henceforth approved and signed the same in open meeting and directed the City Clerk to record the same in full in the records of the City Council of the United City of Yorkville, Kendall County, Illinois. Other business not pertinent to the adoption of said ordinance was duly transacted at said meeting. Upon motion duly made and seconded, the meeting was adjourned. City Ak STATE OF ILLINOIS ) SS COUNTY OF KENDALL ) CERTIFICATION OF ORDINANCE AND MINUTES I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of the United City of Yorkville, Kendall County, Illinois (the "City"), and as such officer I am the keeper of the books, records, files, and journal of proceedings of the City and of the City Council thereof (the "Council "). I do further certify that the foregoing constitutes a full, true and complete transcript of the minutes of the meeting of the Council held on the 22nd day of March, 2005, insofar as same relates to the adoption of Ordinance No. 2005 � entitled: AN ORDINANCE authorizing the issuance of General Obligation Bonds (Alternate Revenue Source) of the United City of Yorkville, Kendall County, Illinois, in an aggregate principal amount not to exceed $4,000,000. a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcript of the minutes of said meeting. I do further certify that the deliberations of the Council on the adoption of said ordinance were taken openly, that the vote on the adoption of said ordinance was taken openly, that said meeting was held at a specified time and place convenient to the public, that notice of said meeting was duly given to all of the news media requesting such notice, that an agenda for said meeting was posted at the location where said meeting was held and at the principal office of the Council at least 96 hours in advance of the holding of said meeting, that said agenda contained a separate specific item concerning the proposed adoption of said ordinance, a true, correct and complete copy of the agenda as so posted being attached to this certificate as Exhibit A, that said meeting was called and held in strict accordance with the provisions of the Illinois Municipal Code, as amended, the Open Meetings Act of the State of Illinois, as amended, and the Local Government Debt Reform Act of the State of Illinois, as amended, and that the Council has complied with all of the applicable provisions of said Code and said Acts and its procedural rules in the adoption of said ordinance. IN WITNESS WHEREOF I hereunto affix my official signature and the seal of the City, this 22nd day of March, 2005. CL V , Uni d City of Yorkville, Kendall County, Illinois (SEAL) [Agenda attached hereto as Exhibit A] I PETITION To the City Clerk of the United City of Yorkville, Kendall County, Illinois: We, the undersigned, being voters of the United City of Yorkville, Kendall County, Illinois, do hereby petition you to cause to be submitted to the voters of the City the following question: "Shall the United City of Yorkville, Kendall County, Illinois, issue not to exceed $4,000,000 General Obligation Bonds (Alternate Revenue Source) for the purpose of paying certain costs to be incurred in connection with various road and street improvements within the City, said bonds bearing interest at a rate or rates not to exceed the maximum rate authorized by law at the time said bonds (or any portion thereof) are sold, the revenue source that will be used to pay the principal of and interest on said bonds being those taxes imposed by the City upon public utilities pursuant to Section 8 -11 -2 of the Illinois Municipal Code, as amended, or substitute taxes therefor as provided by the State of Illinois in the future; or, if such revenue source shall be insufficient, then from ad valorem property taxes levied upon all taxable property in the City without limitation as to rate or amount ?" We do further request that said question be certified to the County Clerk of The County of Kendall, Illinois, and submitted to the electors of said City at the general primary election to be held on March 21, 2006. I NAME ADDRESS I United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois United City of Yorkville, Kendall County, Illinois I The undersigned, being first duly sworn, deposes and certifies that he or she is at least 18 years of age, his or her residence address is (Street Address), (City, Village or Town), County, (State), that he or she is a citizen of the United States of America, that the signatures on the foregoing petition were signed in his or her presence and are genuine, that to the best of his or her knowledge and belief the persons so signing were at the time of signing said petition registered voters of said City and that their respective residences are correctly stated therein. Signed and sworn to before me this day of , 2005. Illinois Notary Public My commission expires (NOTARY SEAL)