Ordinance 2005-092 STA'�" iLt11015
Co LL
FILED NpALL
i
Ordinance No. �C�pS-�� ppC g 2005
ORDINANCE ABATING SPECIAL SERVICE AREA T S County Clerk
FOR SPECIAL SERVICE AREA NUMBER 2004 -10 � " Kendall County
CENTRAL GRANDE RESERVE
BE IT ORDAINED BY THE CITY COUNCIL OF THE UNITED CITY OF
YORKVILLE, KENDALL COUNTY, ILLINOIS, AS FOLLOWS:
Section 1. It is found and declared by the City Council of the United City of
Yorkville, Kendall County, Illinois (the "City "), as follows:
a The City Y p Council of the City adopted Ordinance No. 2004 -61 on October
26, 2004 (the "Bond Ordinance ") which: (i) provided for the issuance of Special Service Area
Number 2004 -104 Central Grande Reserve Special Tax Bonds, Series 2004 (MPI Grande
Reserve Project) (the "Bonds "), of the United City of Yorkville, for the purpose of paying for the
costs of certain improvements benefitting the Special Service Area Number 2004 -104 Central
Grande Reserve (the "Special Service Area "); and (ii) provided for the levy of Special Taxes
upon all taxable property within the Special Service Area sufficient to pay the principal of the
Bonds for each year at maturity or mandatory sinking fund redemption dates and to pay interest
and Administrative Expenses of the Special Service Area for each such year. The Bond
Ordinance also authorized the City to abate the taxes levied pursuant to such Ordinance to the
extent the taxes levied exceeded the Special Tax Requirement (as defined in the Bond
Ordinance) as calculated pursuant to the Special Service Area Number 2004 -104 Special Tax
Roll and Report (the "Special Tax Report ") prepared by David Taussig & Associates, Inc. (the
"Consultant ").
(b) Pursuant to the Special Tax Report, the Consultant of the City has
determined that the Special Tax Requirement for 2005 for the Bonds is $0 and the 2005 Levy for
Special Taxes is $0 as there is sufficient investment income and capitalized interest on deposit in
CH 12_604365.1
the Bond Fund securing the Bonds and available to pay the debt service owed on the Bonds
through March 1, 2007.
Section 2. Of the $2,334,285 of Special Taxes levied for calendar year 2005 pursuant
to Section 6 of the Bond Ordinance $2,334,285 of such Special Tax is hereby abated resulting in
a 2005 calendar year levy of $0.
Section 3. It is the duty of the County Clerk of Kendall County to abate those taxes
as provided in Section 2 of this Ordinance.
Section 4. All ordinances, resolutions and orders or parts of ordinances, resolutions
and orders in conflict with this ordinance are repealed to the extent of such conflict. The City
Clerk shall cause this Ordinance to be published in pamphlet form. This Ordinance shall be in
full force and effect after passage and publication as provided by law.
2
CH 12_604365.1
{ PASSED by the City Council of the City this December 13, 2005.
Voting Aye (list names):
Voting Nay (list names):
Abstaining (list names):
Absent (list names):
Y
Clerk
SIGNED by the Mayor this December 13, 2005.
v
jayor
ATTEST:
�� v C
Published in pamphlet form December 13, 2005.
3
CH12_604372.1