Ordinance 2005-093 STATE OF ILLINOIS
COUNTY OF KENUALL
Ordinance No. !Q` 3 FILED
DEC 16 2005
ORDINANCE ABATING SPECIAL SERVICE AREA T County Clerk
FOR SPECIAL SERVICE AREA NUMBER 2004- 10���f., `( Kendall County
TOTAL 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 Council of the City adopted Ordinance No. 2004 -33 on June 22,
2004 (the "Bond Ordinance ") which: (i) provided for the issuance of Special Service Area
Number 2004 -106 Total Grande Reserve Variable Rate Demand 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; and (ii)
provided for the levy of Special Taxes upon all taxable property within the Special Service Area
sufficient to pay the principal of and interest on the Bonds for each year at maturity or mandatory
sinking fund redemption dates and to pay interest on the Bonds 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 for collection by the County Clerk of Kendall
County to the extent procedures are in place for the City to levy, bill and collect the Special Tax
directly or through the Consultant of the City.
(b) The City hereby determines that procedures are in place for the City to
provide for the direct levying, billing and collecting of the Special Taxes. Accordingly, the
projected Special Tax Requirement for the Bonds which is to be levied and collected by the
County is $0. The projected Special Tax Requirement for the Bonds which is to be levied, billed
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and collected by the City is $0 as there is sufficient investment income and capitalized interest on
deposit in the Bond Fund securing the Bonds and available to pay anticipated debt service owed
on the Bonds through March 1, 2007 all as set forth in the memo of the Consultant delivered to
the City.
Section 2. Of the $2,000,000 of Special Taxes levied for calendar year 2005 pursuant
to Section 6 of the Bond Ordinance $2,000,000 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
for levy year 2005 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.
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PASSED by the City Council of the City this December 13, 2005.
Voting Aye (list names):—
Voting Nay (list names): v
r
Abstaining (list names):
Absent (list names):
ty Clerk
SIGNED by the Mayor this December 13, 2005.
Mayor O
ATTEST:
ik
Published in pamphlet form December 13, 2005.
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