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City Council Minutes 2004 02-24-04 MINUTES OF THE REGULAR MEETING OF THE CITY COUNCIL OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS, HELD IN THE CITY COUNCIL CHAMBERS, 800 GAME FARM ROAD ON TUESDAY, FEBRUARY 24, 2004. Mayor Prochaska called the meeting to order at 7:03 P.M and led the Council in the Pledge of Allegiance. ROLL CALL Clerk Milschewski called the roll. Ward I James Absent Sticka Absent Ward II Burd Present Kot Present Ward III Munns Present Ohare Present Ward IV Besco Present Spears Present Also present: City Clerk Milschewski, City Treasurer Powell. Administrator Graff, City Attorney Dan Kramer, Police Lieutenant Schwartzkopf, Director of Public Works Dhuse, Executive Director of Parks & Recreation Laura Brown and Finance Director Pleckham OUORUM A quorum was established. INTRODUCTION OF GUESTS Mayor Prochaska welcomed guests and asked those present to enter their name on the attendance sheet provided. AMENDMENTS TO THE AGENDA Mayor Prochaska noted that the Council did not need to meet in executive session for the �.. purchase or lease of real property for the use of the public body. COMMITTEE MEETING DATES Public Works Committee 7:00 P.M., Monday, March 22, 2004 City of Yorkville Conference Room 800 Game Farm Road Economic Development Committee 7:00 P.M., Thursday, March 18, 2004 City of Yorkville Conference Room 800 Game Farm Road Administration Committee 7:00 P.M., Thursday, March 11, 2004 City of Yorkville Conference Room 800 Game Farm Road Public Safety Committee 6:30 P.M., Thursday, February 26, 2004 City of Yorkville Conference Room 800 Game Farm Road Ad Hoc Technology Committee To Be Announced PUBLIC HEARINGS Pollution Control Ordinance Mayor Prochaska entertained a motion to go into public hearing for the purpose of discussing the proposed Pollution Control Ordinance. So moved by Alderman Kot; seconded by Alderwoman Ohare. Motion approved by a roll call vote. Ayes -6 Nays -0 Besco -aye, Burd -aye, Kot -aye, Munns -aye, Spears -aye, Ohare -aye City Attorney Kramer explained that Illinois State Statute requires a municipality to have an ordinance to regulate the location of pollution control facilities, transfer stations, etc. The ordinance does not indicate that the community is promoting this type of business but is indicating that should it come to the City, it will be regulated. Attorney Kramer stated that #here a public hearing for the ordinance was held by the Plan Commission and the ordinance has been discussed at several committee meetings. Attorney Kramer indicated that Attorney John Watson The Minutes of the Regular Meeting of the Citv Council — February 24, 2004 - page 2 with the City's environmental law firm, Gardner, Carton and Douglas was present to answer any questions. The floor was opened for public comment. There was none. The floor was opened for comments from the City Council. Alderman Kot had a question regarding the hazardous waste referred to in the ordinance. He asked if hazardous waste should be defined in the ordinance. Attorney Watson stated that the ordinance could be more specific however it is designed to address the management of waste under the Illinois Environmental Protection Act. A definition can be added which makes reference to the statutory definition of the term. Mayor Prochaska stated that the state statute should be referred to as it is subject to change. Attorney Watson indicated that the distinction between different types of waste, as regulated under Illinois law, is very important because it defines the permitting needed from the state to site a facility. Alderman Kot asked if the City really wanted to say it would accept hazardous waste. Attorney Watson stated that the City doesn't have a choice in the decision because the Illinois Environmental Protection Act allows parties to pursue siting of any of the facilities mentioned in the ordinance however it does require that they go to the municipality to get siting approval. The Act indicates things a municipality may want to consider as part of this process. The ordinance defines a process whereby the City is able to manage these types of facilities. Mayor Prochaska noted that if the City does not have this ordinance in place, anyone wanting to have a waste site in the City would only have to meet the state's requirements and the City will have no say in the matter. Attorney Watson explained that the statute allows a municipality to make the decision of having an ordinance which outlines what it will allow in the process. He stated that he tried to take the elements of the statute and make them more specific to the things that the City will allow. There was no further discussion. Mayor Prochaska entertained a motion to close the public hearing. So moved by Alderman Besco; seconded by Alderman Kot. Motion approved by a roll call vote. Ayes -6 Nays -0 Burd -aye, Kot -aye, Munns -aye, Spears -aye, Ohare -aye, Besco -aye CITIZEN COMMENTS Debbie Gillette, 1611 Cypress Lane, introduced herself to the City Council and asked them for their support in her run for Kendall County Circuit Court Clerk. PRESENTATIONS Countryside and Hydraulic Bond Sale Update Kevin McCann. of Speer Financial, Inc. presented the debt sales for the Countryside Interceptor Project and the ComEd Sewer projects. The first sale was for the $1,600,000.00 2004A Debt Certificates for the ComEd Sewer Project. Speer Financial received four bids and local bank Old Second Bank came in with the best bid of 2.9816°/x. He indicated that the market is unsettled however this was a very strong bid. He went over the information distributed by Finance Director Pleckham which included information on the bids, the debt service schedule and the City's Standard & Poor's rating. He explained that on the debt certificates the City received a rating of BBB+ whereas on the alternate bonds the City received a rating of A -. He noted that the important thing about the ratings is that they reflect the City's proximity to the strong DuPage County area economy, above - average income and wealth levels and its sound financial position. It also notes that a high debt burden and looming growth pressures offset the strengths. He stated that they are indicating that the City is doing a good job however it will have to keep doing a good job because of the growth that is coming. The high debt levels that they refer to are not just the City's but also the School District's, the Library's, etc. The City received good marks for runnin well financially even with state funding cuts. He reported that the second sale was for the $3,500,000.00 General Obligation Bonds (Alternate Revenue Source) Series 2004B for the Countryside Interceptor Project. Five bids were received with the best from Banc One Capital Markets, Inc. at 3.6147 %. He went over the information distributed by Mrs. Pleckham. The information included a report from Speer Financial indicating that the City has sufficient revenues to pay this debt off. This information is a statutory The Minutes of the Regular Meeting of the Citv Council — February 24, 2004 - vaee 3 requirement because these are General Obligation Bonds which give the City a better interest rate, a better security and the ability to purchase insuran on these bonds. Mr. McCanna indicated that the City will receive its money from the sales on March 11, 2004. He asked if there were any questions or comments from the Council. Mayor Prochaska commented that he was pleased to see a local bank offering the City such a good rate and receiving the bid. Treasurer Powell asked if any other local banks bid on the bonds and Mr. McCann stated they were the only local bank to bid on the securities. There were no further questions; Mayor Prochaska thanked Mr. McCann for his presentation. CONSENT AGENDA 1. School Facility Planning — Scope of Services by Mike Schoppe - authorize in an amount not to exceed $9,500. 00 2. Resolution 2004 -03 — Creating the Position of Community Relations Manager - authorize the Mayor and City Clerk to execute 3. SPS Service Support Agreement — authorize Finance Director to execute in an amount not to exceed $9, 000.00 4. Ordinance 2004 -09 — Abating the Tax Heretofore Levied for the Year 2002 to Pay Debt Service on $625,000.00 Alternate Revenue Source Series 2002 Bond - authorize the Mayor and City Clerk to execute 5. Resolution 2004 -04 — Approving the Revised Job Description of the Part-time Office Assistant - authorize the Mayor and City Clerk to execute Mayor Prochaska entertained a motion to approve the Consent Agenda. So moved by Alderman Munns; seconded by Alderman Besco. Motion approved by a roll call vote. Ayes -6 Nays -0 Burd -aye, Kot -aye, Munns -aye, Spears -aye, Ohare -aye, Besco -aye PLANNING COMMISSIONIZONING BOARD OF APPEAL No report. MINUTES FOR APPROVAL A motion was made by Alderwoman Spears to approve the minutes of the City Council meeting from February 10, 2004; seconded by Alderwoman Burd. Motion approved by a viva voce vote. A motion was made by Alderwoman Spears to approve the minutes of the Committee of the Whole meeting from June 17, 2003; seconded by Alderwoman Burd. Motion approved by a viva voce vote Alderwoman Ohare commented that when the minutes being approved are so old, it is difficult to remember everything about the meetings. She asked Clerk Milschewski if she was getting caught up with old minutes and Clerk Milschewski stated that she still had three old sets of COW minutes outstanding. She also stated that she is working with the minute takers to get minutes finished in a more timely fashion. BILLS FOR APPROVAL A motion was made by Alderwoman Spears to approve the paying of the bills listed on the \ Detailed Board Report dated February 12, 2004 totaling the following amounts: checks in the amount of $648,764.40 (vendor); $126,856.69 (payroll period ending 2/11/04) for a total of $775,621.09. Mayor Prochaska noted that the Council received a memo from Kim King dated February 23, 2004 stating that a payment to Kendall County for $15,542.88 was voided and re- issued in the amount of $7,770.62. A motion was made by Alderwoman Spears to approve the paying of the bills listed on the Detailed Board Report dated February 12, 2004 as revised: checks in the revised amount of The Minutes of the Regular Meeting of the Citv Council — February 24. 2004 - Da eg_4 $640,992.14 (vendor); $126,856.69 (payroll period ending 2/11/04) for a revised total of 767,848.83; seconded by Alderwoman Ohare. Motion approved by a roll call vote. Ayes -6 Nays -0 Besco -aye, Burd -aye, Kot -aye, Munns -aye, Ohare -aye, Spears -aye REPORTS MAYOR'S REPORT Proclamation for Peace Corps Week March 1 -7, 2004 Mayor Prochaska read a proclamation for Peace Corps Week March 1 -7, 2004. See attached. Certificate of Recognition — Mary K. Sanders Peace Corps Volunteer In association with Peace Corp Week, Mayor Prochaska presented the parents of Mary K. Sanders, a Yorkville resident, with a Certificate of Recognition for her volunteer service in the Peace Corps. Alderwoman Ohare commented that Miss Sanders went to school with her daughter and she knows her as a compassionate and brave person. Mr. Sanders thanked the Mayor and Council for recognizing his daughter and stated that while she is serving in Nepal she understands that she represents the United States of America, Illinois, Yorkville and Chicago Cub fans. FY 04/05 Budget Presentation Mayor Prochaska reminded the Council that the FY 04/05 Budget will be presented at the March 2, 2004 Committee of the Whole meeting. Bowling for Big Brothers/Big Sisters Mayor Prochaska reported that the City had been invited to participate in the annual bowl -a thon for Big Brothers/Big Sisters on Saturday, February 28, 2004 at the bowling alley in Plano. The City's team is schedule to begin at 4:30 and Big Brothers/Big Sisters are asking for a suggested donation of $75.00. He stated that he is still looking for people to join his team so anyone interested in bowling should contact him. ATTORNEY'S REPORT J Attorney Kramer noted that an ordinance for Tax Abatement was passed under Consent Agenda. This ties into Mr. McCanna's presentation because the taxes can only be abated if the City's funds are sufficient to make payment. CITY CLERK'S REPORT No report. CITY TREASURER'S REPORT No report. CITY ADMINISTATOR'S REPORT No report. FINANCE DIRECTOR'S REPORT Director Pleckham thanked Mr. McCanna and Speer Financial for their assistance with the bonds. She also noted that Treasurer Powell had signature cards for the accounts that the Council members need to sign. DIRECTOR OF PUBLIC WORKS REPORT Watermain Break Director Dhuse reported on a watermain break on East Kendall and Mulhern Court that has been repaired. Parkway Damage and Pot Holes He also asked that if any residents call their alderman reporting parkway damage or pot holes to have them call Public Works between 8:00 A.M. and 12:00 P.M. and they will be placed on a list for repairs. CHIEF OF POLICE REPORT No report. EXECUTIVE DIRECTOR OF PARKS & RECREATION REPORT Riverfront Festival Meeting Director Brown reported that a Riverfront Festival meeting was scheduled for noon on February 28, 2004 at the Beecher Center. The Minutes of the Regular Meeting of the City Council — February 24, 2004 - va eg_5 Polar Plunge She also reported that the Polar Plunge fund raiser for Special Olympics was scheduled for noon March 6, 2004 at Silver Springs State Park. COMMUNITY & LIAISON REPORT Aurora Area Convention and Visitors Bureau Lobby Day Alderwoman Burd reported that she went to Springfield on February 19, 2004 with the Aurora Area Convention and Visitors Bureau ( AACVB) for their Lobby Day. She met with Senators �_. Chris Lauzen and Ed Petka and Representatives Patricia Lindner, Tom Cross and Linda Chapa LaVia and several others to discuss the Governor's cut to the tourism budget. Two years ago, the tourism budget was approximately $70 million, last year it was cut to $52 million and it was again cut this year and is down to $26 million. Tourism funds are used to attract tourist to the state and local communities where they spend tourism dollars which are considered "new money ". Sue Vos, Director of the AACVB developed some figures showing the impact of the cuts. The cuts are estimated to affect $22 billion in direct economic activity and another $16 billion in indirect activity. This could hurt approximately 300,000 jobs. The AACVB is asking for support in lobbying the state legislators to get more money put back into the budget for tourism COMMITTEE REPORTS PUBLIC WORKS CONINIITTEE REPORT No report. ECONOMIC DEVELOPMENT COMMITTEE REPORT No report. PUBLIC SAFETY COMMITTEE REPORT No report. ADMINISTRATION COMMITTEE REPORT Ordinance 2004 -10 Alternate Revenue Bond - $3.5 Million Countryside Interceptor A motion was made by Alderwoman Spears to approve an ordinance authorizing and providing for the issue of $3,500,000.00 General Obligation Bonds (Alternate Revenue Source), Series 2004B, of the United City of Yorkville, Kendall County, Illinois, for the purpose of improving the existing waterworks and sewerage system of said City, prescribing all the details of said bonds, and providing for the collection, segregation and distribution of the revenues of the combined waterworks and sewerage system of said City and authorize the Mayor and City Clerk to execute all documents; seconded by Alderwoman Burd. I Motion approved by a roll call vote. Ayes -6 Nays -0 Kot -aye, Munns -aye, Ohare -aye, Spears -aye, Besco -aye, Burd -aye Ordinance 2004 -11 Debt Certificate - $1.6 Million ComEd Sewer A motion was made by Alderwoman Spears to approve an ordinance of the United City of Yorkville, Kendall County, Illinois, authorizing and providing for an Installment Purchase Agreement for the purpose of paying a part of the cost of acquiring and installing sewer improvements within the City (ComEd Sewer Project), and authorizing and providing for the issue of $1,600,000.00 Debt Certificates, Series 2004A, evidencing the rights to payment under such Agreement, prescribing the details of the Agreement and Certificates, and providing for the security for and means of payment under the Agreement of the certificates and authorize the Mayor and City Clerk to execute all documents; seconded by Alderman Munns. Motion approved by a roll call vote. Ayes -6 Nays -0 Kot -aye, Munns -aye, Ohare -aye, Spears -aye, Besco -aye, Burd -aye Ordinance 2004 -12 SSA Number 2004 -103 for North Grande Reserve Ordinance 2004 -13 SSA Number 2004 -104 for Central Grande Reserve Ordinance 2004 -14 SSA Number 2004 -105 for South Grande Reserve Ordinance 2004 -15 SSA Number 2004 -106 for Total Grande Reserve A motion was made by Alderwoman Spears to approve four ordinances proposing the establishment of Special Service Area numbers 2004 - 103,104,105, 106 for the Grande Reserve Project in the United City of Yorkville with a total amount not to exceed $60,000,000.00 and authorize the Mayor and City Clerk to execute the documents; seconded by Alderwoman Burd. The Minutes of the Regular Meeting of the Citv Council — February 24, 2004 - Wage 6 Mayor Prochaska reminded the Council that these SSA's are being created for the Grande Reserve development which will guarantee that the people creating the impact to the City are paying for it. Alderman Munns clarified that not all of the $60,000,000.00 will be issued at one time. Motion approved by a roll call vote. Ayes -6 Nays -0 Munns -aye, Ohare -aye, Spears -aye, Besco -aye, Burd -aye, Kot -aye ADDITIONAL BUSINESS None. EXECUTIVE SESSION Mayor Prochaska entertained a motion to go into executive session to discuss the appointment, employment, compensation, discipline, performance, or dismissal of specific employees. He asked that the City Clerk, and City Attorney be included in the session. He also noted that there would not be any action taken after the session. So moved by Alderwoman Burd; seconded by Alderman Munns. Motion approved by a roll call vote. Ayes -6 Nays -0 Ohare -aye, Besco -aye, Burd -aye, Kot -aye, Munns -aye, Spears -aye The regular session broke at 7:43 P.M. The Council took a seven minute break. The City Council returned to regular session at 8:21 P.M ADJOURNMENT Mayor Prochaska entertained a motion to adjourn. So moved by Alderwoman Burd; seconded by Alderwoman Spears. Motion approved by a viva voce vote. Meeting adjourned at 8:22 P.M. Minutes submitted by: Jacquelyn Milschewski, City Clerk City of Yorkville, Illinois I CITY COUNCIL MEETING FEBRUARY 24, 2004 PLEASE PRINT NAME: ADDRESS. pass i i SIGNIN :1 I i i i i 1 1 I I AZ, 416 I SPEER FINANCIAL, INC. PUBLIC FINANCE CONSULTANTS SINCE 1954 KEVIN W. McCANNA DAVID F. PHILLIPS LARRY P. BURGER DANIEL D. FORBES BARBARA L. CHEVALIER PRESIDENT SR. VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VICEPRESIDENT February 24, 2004 The Honorable Arthur F. Prochaska, Jr. and Members of the City Council United City of Yorkville 800 Game Farm Road Yorkville, Illinois 60560 Dear Mayor Prochaska and City Council Members: Bids were received today for the $3,500,000 General Obligation Bonds (Alternate Revenue Source), Series 2004B. There were five bids received which are listed at the bottom of this letter in accordance with the signed bids. Upon examination, it is our opinion that the bid of Banc One Capital Markets, Inc., Chicago, Illinois, is the best bid received, and it is further our opinion that the bid is favorable to the City and should be accepted. We therefore recommend that the Bonds be awarded to that bidder at a price of $3,500,030.30, plus accrued interest, being at a true interest rate of 3.6147 %. True Account Manaaers Interest Rate Banc One Capital Markets, Inc., Chicago, IL ..................... ............................... 3.6147% Griffin, Kubik, Stephens & Thompson, Inc., Chicago, IL ........ ............................... 4.0125% Harris Trust and Savings Bank, Chicago, IL .......................... ............................... 3.6706% Old Second Bank - Yorkville, Yorkville, IL ............................. ............................... 3.7940% UBS Financial Services Inc., Chicago, IL .............................. ............................... 3.6769% Respectfully submitted, Kevin W. McCanna President I KW M /rmr Enclosures SUITE 4100.ONE NORTH LASALLE STREET - CHICAGO, ILLINOIS 60602 - (312) 346 -3700 - FAX (312) 346 -8833 SUITE 608.531 COMMERCIAL STREET • WATERLOO, IOWA 50701 - (319) 291 -2077 , FAX (319) 291 -8628 SPEER FINANCIAL, INC. PUBLIC FINANCE CONSULTANTS SINCE 1954 SUITE 4100 • ONE NORTH LASALLE STREET • CHICAGO, ILLINOIS 60602 • (312) 346 -3700 • FAX (312) 346 -8833 Insured Investment Rating: Standard & Poor's ... AAA (MB/A Insured) Underlying Investment Rating: Standard & Poor's ... A- $3,500,000 UNITED CITY OF YORKVILLE Kendall County, Illinois General Obligation Bonds (Alternate Revenue Source), Series 2004B Date of Sale: February 24, 2004 Average Life: 10.268 Years Bond Buyer Index: 4.50 (Based on TIC) Bidders* Price Maturities Rates Interest Banc One Capital Markets, Inc., Chicago, IL 100.001% 2005 -2007 2.500% 3.6147% A.G. Edwards & Sons, Inc. 2008 -2009 2.750% $1,306,503.35 t 2010 -2012 3.000% 2013 -2015 3.500% 2016 -2018 4.000% Harris Trust and Savings Bank, Chicago, IL 100.002% 2005 2.800% 3.6706% First Tennessee /Kansas City 2006 2.900% $1,323,894.72 Wachovia Capital Markets 2007 3.000% Kirlin Securities, Inc. 2008 -2010 3.100% Ruan Securities 2011 -2014 3.550% Southwest Securities 2015 3.650% 2016 3.750% 2017 3.900% 2018 4.000% UBS Financial Services Inc., Chicago, IL 100.028% 2005 -2006 2.250% 3.6769% Citigroup Global Markets, Inc. 2007 -2008 2.500% $1,329,296.06 2009 -2010 3.000% 2011 -2012 3.250% 2013 3.300% 2014 3.500% 2015 -2018 4.000% *Syndicate information is provided by the underwriter. The information contained in this report is the most current available. SPEER FINANCIAL, INC. Page 2 of 2 $3,500,000 UNITED CITY OF YORKVILLE Kendall County, Illinois General Obligation Bonds (Alternate Revenue Source), Series 2004B Bidders* Price Maturities Rates Interest Old Second Bank - Yorkville, Yorkville, IL 100.000% 2005 1.400% 3.7940% 2006 1.700% $1,344,090.85 2007 2.050% 2008 2.300% 2009 2.550% 2010 2.800% 2011 3.150% 2012 3.250% 2013 3.450% 2014 3.600% 2015 3.800% 2016 3.950% 2017 4.200% 2018 4.300% Griffin, Kubik, Stephens & Thompson, Inc., 100.000% 2005 -2008 2.500% 4.0125% Chicago, IL 2009 3.000% $1,452,429.13 2010 3.250% 2011 -2012 3.500% 2013 -2014 3.750% 2015 -2016 4.250% 2017 -2018 4.500% *Syndicate information is provided b the underwriter. The information contained in this re e p y port is the most current available. BANK ONE Fax :3127329282 Feb 23 2004 7:26 i P.01 OFFICIAL HID FORM United City of Yorkville February 24, 2004 800 Game Farm Read Spear Fina» taal, Inc. Yorkville, Illinois 60560 Facsimilt. (312) 346.8833 City Council Members: For the $3,500,000 General Obligation Bonds (Alternate Revenue Source). Series 20048, of the United City of Yorkville, Kendall Coup, Illinois, as described in the annexed Official Notice of Sale, which is expressly trade a part of this bid, we will pay you S 3, :�=-r3tf - 00 (no teas than par) plus accrued interest from March 1, M. to the date of delivery for Bonds bearing interest as foll (each rate a multiple of 1/8 or 1/20 of 1%). ✓/ 5_6 � 0 0 a MATURITIES — DECEMBER 30 $120,000......,.....2005 o2'6 $170,000............2012 125,000 ............ 2006 "✓ % 280,000 ............ 2013 3-. t 135,000 ............ 2007 a-' SD % 375,000 ............ 2014 -3''2I % 140,000 ............ 2008 % 395,000............201 g 3' �✓D 145,000 ............ 2009 9 4 410,000 ............ 201 6 0 C'(7 155,000 ............ 2010 -3 - BV % .435,000............201761, �'OD 160,000........,,.. 201 - � $ 455,000 ............ 2018 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 Chapman and Curler LLP, Chicago, Illinois. The City will pay for the legal opinion. The underwriter agrees to apply for CUSIP numbers wlthlrn 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, we enclose herewith a chock or Surety Bond payable to the order of the Treasurer of the City in the amount of TWO PERCENT OF PAR (the "Deposit ") under the terms provided in your Official Notice of Sale. Attached hereto is a list of members of our account on whose behalf this bid is made. Fo m of Deposit Aceaunt M9naeer Inrormation Check One: Name g�WC 06r GW (14 L I►+, C? jr Certified /Cashier's Check [ ] Financial Surety Bond Address ( faAJLAc a4A OLA 2.p Amount: 570,000 By The above Certified /Cashier's Check was returned and received City CUI.. EA GO State /Zip L !. By: Direct Phone ( 711— P 090 Check Number: FAX Number ( 3 [ 2) 7 $ 2 — E -Mail Address The foregoing bid was accepted and the Bonds sold by ordinance of the City on February 24, 2004, 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 Mayor NOT PART OF THE BID (C alculation 4f tr in terest cote) G ross In _ s -- I 504", b.1 Less Premium S -3U — Tue:.Interest-C_ost S= 3 0(,/ �t73 3S� True Interest Rate % TOTAL BOND YEARS $35,936.94 AVERAGE LIFE 10.268 Years _ _ United City of Yorkville, Kendall County, Illinois $3,500,000 General Obligation Bonds (Alternate Revenue Source), Series 2004B "Final" Debt Service Schedule Part 1 of 2 Date Principal Coupon Interest Total P +I Fiscal Total 03/01/2004 - - - - 06/30/2004 - - 39,877.40 39,877.40 - 12/30/2004 - 60,318.75 60,318.75 100,196.15 06/30/2005 - - 60,318.75 60,318.75 - 12/30/2005 120,000.00 _ — _— 2.500% _ _ _ 75 — ] 80,318.75 2 06/30/2006 - 58,818.75 58,818.75 - 12/30/2006 125,000.00 2.500% 58,818.75 183,818.75 242,637.50 06/30/2007 - - 57,256.25 57,256.25 - 12/30/2007 135,000.00 2.500% 57,256.25 192,256.25 249,512.50 06/30/2008 - - 55.568.75 55,568.75 - 12/30/2008 140,000.00 2.750% 55,568.75 195,568.75 251,137.50 06/30/2009 - - 53,643.75 53,643,75 - 12/30/2009 145,000.00 2.750% 53,643.75 198,643.75 252,287.50 06/30/2010 - - 51,650.00 51,650.00 - 1 2/30/2010 155,000.0 3.000% 51,650.00 —` 2_06,6 258,300.00 06/30/2011 - 49,325.00 49,325.00 _ - 12/30/2011 160,000.00 3.000% 49,325.00 209,325.00 258,650.00 06/30/2012 - - 46,925.00 46,925.00 - 12/30/2012 170,000.00 3.000% 46,925.00 216,925.00 263,850.00 06/30/2013 - - 44,375.00 44,375.00 - 12/30/2013 280,000.00 3.500% 44,375.00 324,375.00 368,750.00 06/3012014 - 39,475.00 39,475.00 - 12/30/2014 375,000.00 3.500% 39,475.00 414,475.00 453,950.00 06/30/2015 - - 32,912.50 32,912.50 - 12 39 _ —_ 3.50 — 32,912.50 427,912 _ _ 460,825.00_ 06/30/2016 - - 26,000.00 26,000.00 - 12/30/2016 410,000.00 4.000% 26,000.00 436,000.00 462,000.00 06130/2017 - 17,800.00 17,800.00 - 12/30/2017 435,000.00 4.000% 17,800.00 452,800.00 470,600.00 _06 _ - - 9,100.00 9,100 -0 _ 12/30/2018 455,000.00 4.000% 9,100.00 464,100.00 473,200.00 Total $3,500,000.00 - $1,306,533.65 $4,806,533.65 - Series 2004B - Bid Check I SINGLE PURPOSE 1 2/24/2004 1 10:12 AM I Speer Consultants Public Finance Pagel United City of Yorkville, Kendall County, Illinois $3,500,000 General Obligation Bonds (Alternate Revenue Source), Series 2004B **Final** Debt Service Schedule Part 2 of 2 Yield Statistics Bond Year Dollars $35,936.94, Average Life 10.268 Years Average Coupon 3,6356281% Net Interest Cost (NIC) 3.6355438% True Interest Cost (TIC) 3.6147812% Bond Yield for Arbitrage Purposes 3.6148845% All Inclusive Cost ( Iq 3 61478]2% .(L . .. . .......... . ... ...... . ... ............. IRS Form 8038 - Net Interest Cost 3.6356281% Weighted Average Maturity 10.268 Years Series 2004B - Bid Check I SINGLE PURPOSE 1 2/24/2004 1 10:12 AM Speer Financial, Inc. Public Finance ConSUltants Since 1954 Page 2 SPEER FINANCIAL, INC. PUBLIC FINANCE CONSULTANTS SINCE 1954 KEVIN W. McCANNA DAVID E PHILLIPS LARRY P. BURGER DANIEL D. FORBES BARBARA L. CHEVALIER PRESIDENT SR. VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT February 24, 2004 Mayor and City Council United City of Yorkville 800 Game Farm Road Yorkville, Illinois 60560 Attention: Ms. Traci Pleckham, Finance Director Re: Coverage Analysis for $3,500,000 General Obligation Bonds (Alternate Revenue Source), Series 2004B Dear Members of the City Council: As you requested, Speer Financial, Inc. has prepared the report attached hereto as Exhibit A. This report is based upon information supplied by the United City of Yorkville (the "City ") as to the revenues from the taxes imposed under the Income Tax Act and the revenues produced by the Water and Sewerage System of the City (the "Pledged Revenues "). Based solely upon such information and such assumptions, the report demonstrates the sufficiency of the City's Pledged Revenues to provide an amount not less than 1.25 times debt service of the above - referenced bonds (the "Bonds ") as required by the Local Government Debt Reform Act, P.A. 85 -1419, as amended (the "Act "). I Speer Financial, Inc. is not a legal or accounting firm, and accordingly does not express any legal or accounting interpretations or conclusions in this report. This report is not a guarantee of the sufficiency of the Pledged Revenues to pay debt service on the Bonds. Speer Financial, Inc. hereby certifies that it is a feasibility analyst having a national reputation for expertise in such matters within the meaning of the Act. Speer Financial, Inc. is a nationally recognized firm of - employee -owned municipal finance consultants. Since our founding in 1954, we have participated in the sale of over $13.0 billion in taxable and tax- exempt securities as general obligation bonds, revenue bonds, refunding bonds, tax increment bonds and special service area bonds. Attached hereto as Exhibit B is a list of the bond issues completed by Speer Financial, Inc. in the calendar year 2003. Sincerely, SPEER FINANCIAL, INC. Kevin W. McCanna President Enclosures Copy to: Kelly K. Kost, Esq., Chapman and Cutler LLP SUITE 4100.ONE NORTH LASALLE STREET - CHICAGO, ILLINOIS 60602 • (312) 346 -3700 • FAX (312) 346 -8833 SUITE 608.531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291 -2077 - FAX (319) 291 -8628 United City of Yorkville, Kendall County, Illinois F X H T R T T A-1 $3,500,000 General Obligation Bonds (Alternate Revenue Source), Series 2004B * *Final* * Debt Service Schedule Part 1 of 2 Date Principal Coupon Interest Total P +I Fiscal Total 03101/2004 - - - 06/30/2004 - 39,877.40 39,877.40 - 12/30/2004 - 60,318.75 60,318.75 100,196.15 06/30/2005 - - 60,318.75 60,318.75 - 1 2/ 3 0/200 5 _ 120,000.00 2. 5_00%0 60,31 240,637.50 06/3012006 - 58,818.75 58,818.75 - 12/30/2006 125,000.00 2.500% 58,818.75 183,818.75 242,637.50 06/30/2007 - - 57,256.25 57,256.25 - 12/30/2007 135,000.00 2.500% 57,256.25 192,256.25 249,512.50 06/30/ 2008 — _- - - -- -------..-------- .__- _..- .- .-- .-- -_..._.. -._. _._._...��.__5 55,568.75 12/30/2008 140,000.00 2.750% 55,568.75 195,568.75 _ 251,137.50 06/30/2009 - - 53,643.75 53,643.75 - 12/30/2009 145,000.00 2.750% 53,643.75 198,643.75 252,287.50 06/30/2010 - - 51,650.00 51,650.00 - 12/30/2010 155,000.00 3.000% 51,650.00 206,650.00 258,300.00 06/30/2011 - - 49,325.00 49,325.00 - 12/30/2011 160,000.00 3.000% 49,325.00 209,325.00 258,650.00 06/30/2012 - - 46,925.00 46,925.00 - 12/30/2012 170,000.00 3.000% 46,925.00 216,925.00 263,850.00 06/30/2013 - _ - _ - 44,375.00 44,375.00 - 12/30/2013 280,000.00 3.500% 44,375.00 324,375.00 368,750.00 06/30/2014 - - 39,475.00 39,475.00 12/30/2014 375,000.00 3.500% 39,475.00 414,475.00 453,950.00 06/30/2015 - 32,912.50 32,912.50 - 12/30/2015 395,000.00 3.500% 32,912.50 _ 427,912.50 — _ _ _ 460,825.00 06/30/2016 - - 26,000.00 26,000.00 - 12/30/2016 410,000.00 4.000% 26,000.00 436,000.00 462,000.00 06/30/2017 - - 17,800.00 17,800.00 12/30/2017 435,000.00 4.000% 17,800.00 452,800.00 470,600.00 _0 - _ - 9,100.00 9,100.00 - 12/30/2018 — 455,000.00 4.000% 9,100.00 464,100.00 473,200.00 Total $3,500,000.00 - $1,306,533.65 $4,806,533.65 - Series 2004B - Bid Check 1 SINGLE PURPOSE 1 2/24/2004 1 10:18 AM S Public Finance Consultants 1954 Page United City of Yorkville, Kendall County, Illinois $3,500,000 General Obligation Bonds (Alternate Revenue Source), Series 2004B **Final** Debt Service Schedule Part 2 of 2 Yield Statistics Bond Year Dollars $35,936.94 A Life — -.. -- -- ..__ —. - - - -- — -- — --- - -_.._ _ —_ - - -- — _._._ 10.2 Years Average Coupon 3.6356281% Net Interest Cost (NIQ 3.6355438% True Interest C . _. —. - -- —_..._ — ...._ -- __ - -- -- _ - -- - _....— _..._. -- — - _......._.. Bond Yield for Arbitrage Purposes 3.6148845 % All Inclusive Cost (AICL 3.6147812 % IRS Form 8038 Net Interest Cost 3.6356281% Weighted Average Maturity 10.268 Years I Series 2004B - Bid Check I SINGLE PURPOSE 12/24/2004 1 10:18 AM S Pu blic • EXHIBIT A -2 United City of Yorkville, Kendall County, Illinois General Obligation Bonds, Series 2004B (Alternate Revenue Source) Debt Service Coverage Calendar Pledged Debt Service Year Revenues(1) Series 2004B Coveraae 2004 $ 863,084 $ 100,196 8.61 X 2005 863,084 240,637 3.59 X 2006 863,084 242,637 3.56 X 2007 863,084 249,512 3.46 X 2008 863,083 251,137 3.44 X 2009 863,084 252,287 3.42 X j 2010 863,084 258,300 3.34 X 2011 863,084 258,650 3.34 X 201.2 863 263,850 3.27 X 2013 863,084 368,750 2.34 X 2014 863,084 453,950 1.90 X 2015 863,084 460,825 1.90 X 2016 863,084 462,000 1.87 X 2017 863,084 470,600 1.83 X 2018 863,084 473,200 1.82 X Note: (1) Revenues consist of $402,578 Income Taxes and $460,506 revenues from the Water and Sewerage System as reported in the City's audited financial statements for fiscal year ended April 30, 2003. EXHIBIT A -3 United City of Yorkville, Kendall County, Illinois General Obligation Bonds, Series 2004B (Alternate Revenue Source) Sources of Pledged Revenues Income Taxes $ 460,506 Water and Sewerage System 402,578 Total $ 863,084 Sources of pledged revenues based on the City's audited financial statements for its fiscal year ended April 30, 2003. �I I II i EXHIBIT A -4 EXHIBIT 3 UNITED CITY OF YORKVILLE, ILLINOIS GENERAL FUND SCHEDULE OF REVENUES - BUDGET (BUDGETARY BASIS) AND ACTUAL For the Year Ended April 30, 2003 Variance Favorable Budget Actual (Unfavorable) REVENUES { Property Taxes Real Estate Taxes S 1,038,757 S 1,036,545 $ (2,212) Personal Property Replacement Taxes 10,800 8,421 (2,379) i; Township Road & Bridge Taxes 85,000 80,906 (4,094) Total Property Taxes 1,134,557 1,125,872 (8,685) Sales Tax Municipal Sales Taxes 1,375,000 1,520,080 145,080 Income Tax Illinois State Income Taxes 452,416 402,578 (49,838) $ Utility Tax $i Municipal Utility Taxes 525,000 475,638 (49,362) j Other Taxes NICOR Franchise Fees 23,000 22,628 (372) Photo Processing Sales Taxes 4,828 1,792 (3,036) Use Tax 64,160 54,433 (9,727) Cable TV Franchise Taxes 40,000 24,549 (15,451) Telephone Franchise Taxes 100,000 218,883 118,883 Hotel Taxes 16,500 17,208 708 {. Reimbursements Other Governments 19,875 19,000 (875) Reimbursements Police Protection 1,850 1,838 (12) a Total Other Taxes 270,213 360,331 90,118 r Licenses, Permits & Fees Development Fees - Public Work 335,000 355,544 20,544 Liquor Licenses 18,000 15,105 (2,895) Other Licenses 1,800 1,050 (750) Building Permits 560,000 586,345 26,345 Filing Fees 40,000 36,688 (3,312) Garbage Surcharge 139,302 114,764 (24,538) Collection Fees - YBSD 15,000 15,000 - r- Sidewalk Construction 1,000 1,671 671 is Total Licenses, Permits & Fees 1,110,102 1,126,167 16,065 Fines Traffic Fines 70,000 70,928 928 City Ordinance Fines 4,000 3,275 (725) ; Total Fines 74,000 74,203 203 Investment Income Working Cash Interest 2,100 1,864 (236) Investment Income 8,400 9,006 606 Total Investment Income 10,500 10,870 370 t- 36 i EXHIBIT A -5 EXHIBIT 24 (CONTINUED) UNITED CITY OF YORKVILLE, ILLINOIS ` -1 WATER OPERATING FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS BUDGET (BUDGETARY BASIS) AND ACTUAL For The Year Ended April 30, 2003 Variance %r Favorable €P Budget Actual (Unfavorable) Travel Expenses $ 2,000 E 2,343 $ (343) Publishing /Advertising 1,550 742 808 Printing /Copying 2,500 4,448 (1,948) ` Subscriptions 250 194 56 Postage /Shipping 10,000 10,874 (874) Telephone 15,500 17,083 (1,583) Cellular Phones 6,000 6,258 (258) JULIE Service 4,500 3,950 550 Contingency 9,250 5,220 4,030 Computer & Software 3,100 - 3,100 Accounting System Review 25,000 25,000 - Total Administration 91,500 90,657 843 = I Total operating expenses 1,089,498 589,776 499,722 Operating income 191,177 450,146 258,969 NONOPERATING REVENUES (EXPENSES) Investment Income 14,000 10,360 (3,640) Other Revenue 500 - (500) - I Total Nonoperating revenues (expenses) 14,500 10,360 (4,140) Income before operating transfers 205,677 460,506 254,829 OPERATING TRANSFERS Operating Transfers In 228,702 228,702 -J Operating Transfers Out (205,677) (205,677) - Total operating transfers (205,677) 23,025 228,702 Net Income $ - 483,531 $ 483,531 _ - Retained Earnings at beginning of year 1,428,776 Retained Earnings at end of year $ 1,912,307 ,. -A l - 67 SPEER FINANCIAL, INC. 219/2004 CLIENT SALES OF SECURITIES 2003 EXHIBIT B Investment Issue Type of Date # of Net Interest Rate Last Issuer Rating Size Securi of Sale Bidders Low Bid High Bid Maturi 1 Winnetka, IL Aaa 3,190,000 G.O. Ref (Sales Alt. Rev. Source) 7-Jan 9 3.1761% 3.4464% 2014 2 Palos Heights, IL (Public Library) Aaa(Ins) 5,000,000 G.O. Library 7 -Jan 7 4.0063% 4.1717% 2022 3 Bensenville PD, IL N/R 660,000 Debt Certificates 8-Jan Neg. 4.8727% 2022 4 Northwest Water Commission Aaa/AAA(Ins) 20,970,000 Water Revenue Refunding 8-Jan Neg. 3.1111% 2013 5 Lake County, IL Aaa/AAA(Ins) 2,500,000 Debt Certificates 14-Jan 9 2.0147% 2.2458% 2007 6 Waubonsee CCD # 516, IL Aaa /AAA(Ins) /A1 /AA- 4;035,000 G.O. 15-Jan 8 2.5365% 2.8349% 2008 7 Waubonsee CCD # 516, IL Aaa /AAA(Ins )1A1 /AA- . 25,957,903 G.O. Capital Appreciation 15 -Jan 4 5.0832% 5.1782% 2020 8 Round Lake, IL N/R 12,600,000 SSA # 1 Special Tax 15-Jan Neg. 6.7000% 2033 9 Black Hawk County, IA N/R 915,000 Revenue Refunding 15 -Jan 5 3.8000% 5.4900% 2012 10 Monmouth, IL Aaa(Ins) 10,000,000 G.O. 21-Jan 10 3.6331% 3.7868% 2018 11 Waukegan, IL Aaa(Ins) /A1 9,430,000 Taxable G.O. Ref 21-Jan 9 3.1376% 3.3412% 2007 12 Bensenville, IL Aaa(Ins) 1,122,071 G.O. Capital Appreciation Alt Rev 21 -Jan Neg. 5.5106% 2022 13 Bensenville, IL Aaa(Ins) 1 Waterworks & Sewerage Rev Ref 21 -Jan Neg. 3.5330% 2014 14 Elgin 509 Kane PBC, IL AAA(Ins) /AA- 16,525,000: CC facilities Rev Ref.''. 22 -Jan Neg. 3.0540% 2010 15 Elgin, IL Aa2/AA 15,625,000 G.O. Refunding 22-Jan Neg. 3.8700% 2016 16 Wheeling, IL_. AA/AA+ 4,595,000 G.O. Refunding 27 -Jan 9 2.2861% 2.4440% 2011 17 Bensenville, IL N/R i 1,500,000 Taxable G.O. Debt Certificates 4 -Feb Neg. 4.7900% 2008 18 Bensenville, IL N/R 1,000,000. G.O. Debt Certificates 4 -Feb Neg. 3.9400% 2013 19 Elmwood CUSD # 322. Aaa(Ins) 790,000 G.O. School 10-Feb 7 2.2702% 2.6194% 2008 20 Elmwood CUSD #'322 Aaa(Ins) 2,020,000 G.O. School 10-Feb 3 4.9181% 5.0315% 2016 21 North Aurora, IL AAA(Ins) 1,770,000 G.O. Alt Rev 10 -Feb 8 2.9554% 3.1140% 2012 22 St. Charles PD, IL' N/R 750,000 G.O. Limited 11 -Feb 5 1.2500% 2.0830% 2003 23 Fox Valley PD, IL N/R 2,138,190 G.O. Ltd Tax Park 11 -Feb Neg. 1.2000% 2003 24 Kingsbury PD, IL . N/R 210,000 G.O. Park 13-Feb 4 2.1126% 3.7500% 2005 25 Walker, IA N/R 117,000. G.O. Capital Loan 13 -Feb Neg. 3.7262% 2012 26 Des Plaines PD, IL N/R 3,820,000 G.O. Refunding 18-Feb 8 1.4787% 2.0123% 2005 27 Dysart, IA N/R 600,000 Electric Revenue Notes' 19 -Feb 4 3.5040% 4.1126% 2013 28 Decatur PD, IL N/R 460,000 G.O. Airport 19-Feb 7 1.7585% 2.9732% 2006 29 Decatur PD, IL N/R 2,185,000 G.O. Park 19-Feb 9 1.3203% 2.3570% 2004 30 Pecatonica PLD, IL N/R 270,000 Debt Certificates 20-Feb 3 4.5860% 5.1500% 2013 31 River Trails PD, IL N/R ... - - 734,595: G.O. Ltd Tax Park 20 -Feb Neg. 1.4500% 2003 32 Glenbard Township HSD 87, IL N/R 2,995,000:, G.O. 24-Feb Neg. 3.8445% 2017 33 Fairfax, IA - N/R 465,000 G.O. Corporate Purpose Notes 25-Feb 4 3.2139% 3.4469% 2013 34 Ottumwa, IA Aaa(Ins) 11,000,000 G.O. 26-Feb 2 3.8696% 4.0578% 2014 35 Northwest Sub Mun JAWA, IL Aaa/AAA(Ins) /Aa3 /AA- 46,240,000 -.Water Supply System, Rev Ref 26-Feb 8 3.7325% 3.8723 2015 36 Green Oaks, IL N/R 1,950,000 Special Service Area No. 10 26 -Feb Neg. 5.0248% 2022 37 Moline SD # 40, IL A21Aaa(Ins) 2,000,000 G.O. School 10 -Mar 7 3.0760% 3.2144% 2014 38 Harwood Heights, IL A + /AAA(Ins) 3,500,000 G.O. 13 -Mar 6 3.4410% 3.6177% 2018 39 Oakbrook Terrace, IL Aaa(Ins) 3,020,000 G.O. Ref 13-Mar Neg. 3.0527% 2016 40 Buffalo Grove, IL Aa1 1AA+ 2,600,000 G.O. Corporate Purpose 17 -Mar 5 2.9280% 3.1382% 2013 41 Oak Park, IL Aaa/AAA(Ins )/Aa3 /AA 4,500,000 G.O. Corporate Purpose 17 -Mar 4 4.1814% 4.2629% 2023 42 Mattoon, IL Aaa(Ins) 6,180,000 G.O. Waterworks Ref Alt Rev 18-Mar 5 3.1456% 3.2304% 2015 43 Elkhart CSD, Ind A1/Aa3 /Aaa(Ins) 11,155,000 First Mortgage 25-Mar 4 4.5066% 4.6372% 2022 44 Cambridge, IL N/R 1,000,000 G.O. Alternate Revenue Source 31 -Mar Neg. 4.7756% 2022 45 Hiawatha, IA N/R 1,980,000 G.O. Capital Loan Notes 2 -Apr 6 3.0219% 3.3222% 2013 46 Peotone, IL AAA(Ins) 3,245,000 G.O. Refunding 7 -Apr 6 3.5952% 3.8041% 2015 47 La Porte City, IA N/R 600,000 G.O. Capital Loan Notes 8 -Apr 7 3.2755% 4.4327% 2013 48 Bensenville, IL N/R 1,500,000 G.O. Debt Certificates 15-Apr Neg. 4.0303% 2012 49 Knox County, IL Aaa(Ins) 7,390,000 G.O. Ref (Sales AIL Rev. Source) 16-Apr Neg. 3.6562% 2018 50 Lombard, IL N/R 525,000 SSA #2 Unitd Ad Valorem ' Ref 17 -Apr Neg. 3.0840% 2012 1 �- SPEER FINANCIAL, INC. 2/9/2004 CLIENT SALES OF SECURITIES 2003 EXHIBIT B - Investment Issue Type of Date # of Net Interest Rate Last „• Issuer Ratinq _. Size :Securi of Sale Bidders Low Bid High Bid Maturi 51 Galesburg, 1- Al /Aaa(Ins) 4,000,000 Taxable G.O. 21 -Apr 3 5.2212% 5.8319% 2023 52 Dunkerton, IA N/R 225,000. G: O. Capital Loan Notes 21 -Apr .4 3.5646% 3.8048% 2013 53 Cary PD, IL N/R 780,000 G.O. Alternate Revenue Source 21 -Apr 3 2.9200% 3.6200% 2013 54 Cary PD, IL N/R -920,000 G.O. Alternate Revenue Source 21 -Apr 2 4.3032% 4.8322% 2022 55 Elgin, IL Aaa/AAA(InsyAa21AA 3,700,000 G.O. Corporate Purpose 23 -Apr 6 4.1933% 4.3146% 2022 56 Burr Ridge, IL Aa2 5,650,000 G.O. Refunding 28-Apr 10 3.1805% 3.3323% 2016 57 Dundee Township PD, IL N/R 74415,00O..G.O. Park Alt Rev - 29-Apr Neg.- 3.8800% 2014 58 Loves Park, IL Aaa(lnsyA1 3 875,000 ,• G.O. Ref Alt (Watenriorks Alt Rev) 5 -May 8 3.1450% 3.2255% 2015 59 Palos Hills, IL A 2 Debt Certificates 5 -May 3 3.9267% 4.2420% 2022 60 Lineville -Clio CSD, IA ` • N/R 980,000': G.O. School Facility 7 -May 2 •4.4967% 4.7913% 2023 61 Western Dubuque, IA A 11 - .School Infrastructure/Tax Revenue 12 -May 2 3.7460% 3.8070% 2013 62 Warrenville PD, IL N/R - 335,000'. G.O. Refunding 15-May 3 1.7867% 2.2000% 2006 63 Warrenville RD; IL -N/R _445,000 r G.O. Ltd Tax (Capital: Appre) Park 15-May " 2 4.1071% 4.6811% 2017 64 Grundy County, IA . N/R `890,00(Y G:O. Ref Capital Loan Notes 27 -May ' • 5 2.1765% 2.6034% 2010 65 Elkhart CSD, Ind N/R 13;700,000: Tax Anticipation Time Warrants 27 -May ' ' 4 1.1055% 1.4888% 2003 66 Waverly -Shell Rock.CSD, IA :`. N/R 2,270,000 G.O. Refunding 28-May , 8 2.9063% 2.3156% 2009 67 Wheaton, IL Aal 825,009 :. - Taxable G.O. Refunding 2 -Jun -Neg. 2.6879% 2007 68 Wheaton, IL Aal 10;000,000• 'G.O. Refunding 2-Jun 'Neg. 2.9610% 2018 69 Hampshire, IL N/R 1,500,000. r .Debt Certificates 4 -Jun 'Neg. 4.2550% 2020 70 Kane County FPD, IL AAA(lnsyAA 38;000,0001 " G.O. Limited Tax 9 -Jun 74 3.4771% 3.7008% 2020 71 Waterloo, IA.. A2 - 870,000' G.O. Taxable 9-Jun 4 4.7370% 6.2695% 2015 72 Waterloo, IA N/R 385,000' ` G.O. Capital Loan 9 -Jun 2 3.1500% 3.2258% 2004 73 Villa Park, IL Aaa(Ins) 4,1.40,000 G.O. Refunding 9-Jun Neg. 2.9466% 2015 74 Elgin CCD # 509, IL Aaa(InsYAa3' 13;000,000' G.O. 10 -Jun 4 3.9663% 4.1955% 2022 75 Waterloo, IA - Aaa(Ins) 8,825,000• G.O. 10 -Jun 8 2.6736% 2.7502% 2018 76 Lake in the Hills, IL Al 925,000 - G:O. Limited Tax 12 -Jun 3 3.7261% 4.0730% 2023 77 Bensenville, IL N/R 2 Taxable G.O. Debt Certificates 17 -Jun Neg. 4.7796% 2013 " 78 Crystal Lake PD, IL' N/R - 590,000 - •Debt Certificates 19 -Jun 4 2.8717% 3.5353% 2012 79 Wauconda, IL N/R 6,280,000. SSA #1 20-Jun Neg. 6.6250% 2033 80 Wheeling, IL AAA/AAA(InsYAA/AA 2;250,000 G.O. 23-Jun 6 3.3001% 3.5201% 2018 81 Wheeling, IL AAA/AAA(Ins) /AA/AA 1 G.O. (Capital Appreciation) 23 -Jun 3 4.7039% 4.8184% 2022 82 Granite CUSD # 9, IL N/R 5,000,000 °.. Debt Certificates 24-Jun Neg. 4.1301% 2017 83 Yorkville, IL AA(Ins) 4,800,000 Debt Certificates 24-Jun Neg. 4.7938% 2022 84 Chicago Ridge PD, IL N/R 3,405,000 Installment ContrackLtd Tax Ref 25 -Jun Neg. 4.0175% 2022 85 Dysart, IA N/R 1,375,000' G.O 25-Jun 3 3.7870% 4.3182% 2023 86 ACCA AAA/AAA(InsyAA - /A+ `7;670,000: Taxable Rev Ref 25 -Jun Neg. 3.0406% 2010 87 Peoria County, IL Aaa(lns) /A2 7,025,000• G.O. 26-Jun Neg. 2.7388% 2012 88 Bensenville Park District, IL N/R 665,000. Debt Certificates 9 -Jul 3 4.7992% 5.0389% 2022 89 Winnebago, IL Al 1,945,000• G.O. Alt Ref 10 -Jul 6 2.8504% 4.3690% 2012 90 Minooka, IL - N/R 7,495,000. Special Assess Improvement 10 -Jul Neg. 6.6250% 2033 91 Hinsdale, IL AAAIAAA 4,000,000 - G.O. Alt Rev 15-Jul 10 2.6486% 2.9457% 2013 92 Coulter, IA N/R 70,000 Road Use Tax Rev Notes 16-Jul Neg. 3.3888% 2013 93 Coulter, IA N/R 195,000 G.O. Street Improvement Notes 16 -Jul Neg. 2.9889% 2013 94 Round Lake, IL N/R 1,500,000 Debt Certificates 21 -Jul Neg. 4.8487% 2021 95 Round Lake, IL N/R 1,250,000 Taxable Debt Certificates 21 -Jul Neg. 4.2293% 2009 96 Round Lake, IL N/R 3,000,000 G.O. (Alternate Revenue Source) 21 -Jul Neg. 4.0329% 2021 97 Woodbine, IA N/R 1,530,000 G.O. Corporate Purpose Notes 22-Jul 4 3.8985% 4.6281% 2018 98 Peoria, IL Aaa/AAA/Aa3 /AA 4,110,000 G.O. 22 -Jul 2 4.4519% 4.4908% 2023 99 Woodridge, IL Aaa/AAA(Ins) 3,790,000 G.O. Corporate Purpose Refunding 24 -Jul Neg. 3.4927% 2016 100 Woodridge, IL Aaa/AAA(Ins) 4,280,000 Taxable General Obligatior , , f. 24 -Jul Neg. 4.8510% 2016 2 SPEER FINANCIAL, INC. 2/9/2004 CLIENT SALES OF SECURITIES 2003 EXHIBIT B Investment Issue Type Date # of Net Interest Rate Last Issuer Rating Size. .Securi of Sale Bidders Low Bid Hiqh Bid Maturi 101 Dyersville, IA N/R 895,000 'G.O. Refunding 28-Jul 7 2.6770% 4.7654% 2010 102 East Moline, IL Aaa /AAA(InsyA3 3,600,000 G.O. Utility Tax Alt Rev 4 -Aug 4 4.3564% 4.5979% 2023 103 East Moline, IL Aaa/AAA(Ins) /A3 1,400,000. G.O. Tax Incre, Lic. Perm. Alt Rev 4 -Aug 4 4.3564% 4.5979% 2023 104 Des Plaines, IL Aaa(Ins) /Aa2= 6,915,000 Taxable G.O.: 4-Aug 6 5.1433% 5.4689% 2021 105 Des Plaines, IL Aaa(InsyAa3 : 7,835,000 G.O. = '. 4 -Aug 7 4.0668% 4.1866% 2021 106 Forest Park PD, IL A- 1,500,000 t G.O. Park-Alt Rev 7 -Aug 5 4.5887% 5.1861% 2022 107 Collinsville, IL N/R 1;355,000, . G.0. Refunding 11 -Aug 7 2 86.11 °k: 3.2430 °� 2013 108 Collinsville, IL N/R 715,000. 'G.O. Refunding Alt Rev: 11 Aug 7 2.8611% 3.2430% 2013 109 Lake County, IL Aaa/AAA(Ins) /Aa2/AA+ .. 11;594,225 ::.Water& :Sewer System Revenue 11 -Aug 3 5.3363% 5.3954% 2021 110 Fake County, IC -. Aaa/AAA(lns) /Aa2/AAt . 3;405,000 _':Water.:& Sewer System :.Revenue 11 -Aug 6 3.7261 %'-:3.8549% 2012 .111 Winnebago County, IL Aaa(InsyA1 • 1;340,000 _.'-G:0. (State Income Tax:Alt Rev) 14-Aug - 1 4.2268W , 2015 112 Winnebago County, IL Aaa(Ins) /A2 " , 900,000' ' G.O. Cty- Nursing Hm_Tax Alt Rev 14-Aug 3 . • 2.7021% . 2.9759% 2008 113 Waukegan, IL, Aaa(Ins) /A1 25 G.O. : : 5 14 -Aug 3_r: 5.2323 °k'. +5.3566% 2022 114 Round Lake Park;1L Aaa(Ins) ;;;,600,000 , ,: - G:O. Refunding 19 -Aug : Neg. 2.7476% 2009 115 Round Lake Park, IL - Aaa(Ins) 980,000=•" G.O. Ref Waterworks Alt Rev 19-Aug Neg. 2.9991% 2010 116 Des Plaines, IL. Aa2 2,390,000-- G.O. Corp'Pupose Refunding 20 -Aug 8 •2.2190 % 2.4950% 2008 117 Lombard, IL - :.. AA 4 'G:0. Limited Tax Debt Certificates 21 -Aug 7 2.6983% 2.8998% 2010 118 Lena Comm PD, IL N/R 248,000 :- G.O. limited Tax Park = 21 -Aug 3 2.1000% 3.1800% 2004 119 - Lansing BWL, MI Aa3 /AA- /Aaa /AAA(Ins) 29, :Water - Stipply System Rev Ref 25-Aug 9 4.7971% 4.8787% 2026 120 Peru, IL Aaa(Ins) .. �_• Library 25-Aug 'Neg. 3.8091% " 2015 121 Peru, IL Aaa(Ins) 1,440,000 G.O. Refunding 25 -Aug Neg.. 3.1732% 2011 122 Hawthome.Woods, IL A 2,925,000 SSA #1 unitd Ad Valorem Tax 25-Aug Neg. 4.9460% 2022 123 Hawthorne Woods, IL A 2,925,000 SSA #2 unitd Ad Valorem Tax 25-Aug Neg. 4.9460% 2022 124 Hawthorne Woods, IL A 2,925,000 -- SSA # 3 unitd Ad Valorem Tax 25-Aug Neg. 4.9460% 2022 125 Aurora, IL AAA(Ins) /AA 1,450,000 �G.0. Library 26-Aug 3 4.5448% 4.7615% 2022 126 Aurora, IL AAA(Ins) /AA 31,860,000 G.O. Refunding 26-Aug 5 3.7084% 3.8253% 2018 127 Peoria, IL Aa3 /AA '5;485,000 ~ G.O. 26-Aug Neg. . 3.2268% 2011 128 Independence, IA . Aaa(Ins) 5,035,000; • Sewer- Rev improvement & Ref 27 -Aug 6 4.2051% 4.2935% 2023 129 South Holland, IL Aaa(InsuA3 . ^ . 1,500,000 Taxable'G.O. 2-Sep 9 4.1226% 4.4500% 2008 130 South Holland, IL Aaa(Ins) /A3 _ 2,665,000 G.O. Refunding 2 -Sep 10 3.1020% 3.3193% 2011 131 ..East Moline, IL Aaa/AAA(InsYA3 '1,310,000' :G.O. Refunding Alt Rev: 2 -Sep -Neg. 3.7766% 2015 132 Winnebago County, IL Aaa(InsuA1 = 25 G.O. (Public Safety Tax Alt Rev) 4 -Sep 4 4.8619 %'• 4.9360% 2022 133 Gurnee, IL AA+ 1,775,000• - .G.O. Refunding 8-Sep Neg. 2.3906% 2007 134 Villa Park, IL A2 1;600,000- : Debt Certificates 8 -Sep .3 -4.4495% 4.7715% 2022 135 Savanna PD, IL N/R - 120,000 G.O. 8-Sep 4 1.9800% 3.1500% 2004 136 Yorkville, IL . N/R '7,042,750 " Special Service Area No. 2003 - 100 8 -Sep Neg. 6.8750% . 2033 137 Yorkville, IL N/R 6,796,500' Special Service Area No. 2003 -101 8 -Sep - Neg. 6.8750% 2033 138 Winfield PD, IL N/R 1,205,000 G.O. Refunding Alt Rev. 9-Sep 2 2.7796% 3.9818% 2010 139 Dyersville, IA N/R 600,000 G.O. Corp Purpose Loan Notes 15 -Sep 5 3.6174% 4.2693% 2014 140 Kankakee Valley PD, IL N/R 1,815,000 Debt Certificates 15-Sep 2 4.0890% 4.1162% 2015 141 Franklin Park, IL N/R 650,250. G.O. 15-Sep 1 3.9587% 2012 142 Geneva PD, IL AAA(Ins) 8,440,000 G.O. Refunding Alt Rev 15 -Sep 8 3.1819% 3.2831% 2016 143 Orland Park, IL Aa3 /AA 14,570,000 G.O. Refunding 16-Sep Neg. 4.1295% 2019 144 Glen Ellyn PD, IL N/R 850,000 G.O. Limited Tax Park 16-Sep 3 2.8432% 3.4280% 2009 145 Mattoon, IL N/R 1,550,000 Taxable G.O. Alt. Rev 16-Sep 4 4.5419% 4.9204% 2013 146 Robins, IA N/R 820,000 G.O. Corporate Notes 17 -Sep 5 3.5067% 3.9700% 2014 147 Crystal Lake PD, IL N/R 392,490 G.O. Limited Tax Park 18-Sep 3 1.6000% 2.4610% 2004 148 Winfield, IL Aaa(Ins) /A1 6,500,000 G.O. Alt Rev 18 -Sep 9 4.1394% 4.2633% 2025 149 Glendale Heights, IL Aaa(Ins) 9,995,000 G.O. Refunding 18-Sep 8 2.6295% 2.7613% 2012 150 Minooka, IL N/R 5,910,000 Special Assessment Impro ?nt 19-Sep Neg. 6.8750% 2033 3 SPEER FINANCIAL, INC. 2/9/2004 CLIENT SALES OF SECURITIES 2003 EXHIBIT B Investment Issue Type of Date # of Net Interest Rate Last Issuer Rating Size Securi of Sale Bidders Low Bid Hi-gh Bid Maturi 151 Des Plaines, IL Aa3 4,545,000 Taxable G.O. Corp Purpose 19-Sep Neg. 4.3592% 2011 152 Western Springs, IL Aaa(Ins) 1Aa3 4,000,000 G.O. Utility Tax Alt Rev 22 -Sep 6 3.4655% 3.6232% 2017 153 Western Springs, IL Aa3 640,000 G.O. Ref. Alt Rev 22 -Sep 2 2.6367% 2.8593% 2010 154 Western Springs, IL Aa3 430,000 Taxable.G.O. Ref Alt Rev 22 -Sep 2 4.0283% 4.2097% 2010 155 Western Springs, IL Aaa(Ins) /Aa3 2,000,000 WW & Sewerage Alt Rev 22 -Sep 4 3.9395% 4.1153% 2020 156 Western Springs, IL Aaa(Ins) /Aa3 2,285,000 G.O. Ref (WW & Sewerage Alt Rev; 22 -Sep 4 .3.1722%. 3.3404% 2014 157 Elmhurst, IL N/R 10,000,000 G.O. Refunding 22 -Sep Neg. 3.9652% 2019 158 Tripoli, IA N/R 755,000 Care Facility Revenue 22 -Sep Neg. 4.2500% 2013 159 Mt Prospect PD, IL N/R 2,500,000 G.O. Limited Tax Park 24-Sep 3 1.8226% 1.9636% 2006 160 Mt. Prospect PD, IL N/R 3,800,000 Debt Certificates 24 -Sep 3 3.8388% 4.3885% 2015 161 Elkhart CSD, Ind N/R 32,765,000 First Mortgage Refunding 26-Sep Neg. 3.7185% 2015 162 Charleston, IL Aaa(Ins) 9,155,000 G.O. WW & Sewerage 30 -Sep 9 3.7909% 3.8898% 2022 163 Round Lake, IL N/R 3,570,000 Special Service Area #3 30 -Sep Neg. 164 Round Lake, IL N/R 5,040,000 Special Service Area #4 30 -Sep Neg. 165 Boone, IA AAA(Ins) 2,400,000 G.O. Capital Loan Notes 30-Sep .7 3.3963% 4.3965% 2016 166 Cary, IL 1,605,000 Waterworks & Sewerage Rev Ref 1 -Oct Neg. 3.3665% 2015 167 Homewood Flossmoor PD, IL N/R 887,900 G.O. Limited Tax Park 7 -Oct 4 1.5000 % - 2.4807% 2004 168 Pekin PD, IL N/R 487,000 G.O. Limited Tax Park 8 -Oct 3 2.0259% 2.4693% 2005 169 Central City, IA N/R '950,000 G.O. Street Improvement Notes 8 -Oct 4 3.2993% 3.6083% 2014 170 Vinton, IA N/R 1,390,000 G.O. Corporate Purpose Notes 9-Oct 4 3.6309% 4.6829% 2018 171 Clinton, IA N/R 630,000 G.O. Essential Corp Purpose Tax 14-Oct 7 4.2324% 5.8474% 2013 172 Clinton, IA Al 2,800,000 G.O. ' 14-Oct 7 3.4802% 3.6969% 2015 173 Tinley Park PD, IL N/R 621,335 G.O. Limited Tax Park 15-Oct 3 1.7500% 2.0586% 2004 174 Tinley Park PD, IL N/R 77,100 Taxable G.O. Limited Tax Park 15-Oct 2 2.9000% 3.5000% 2004 175 Forest Park PD, IL N/R 512,000 G.O. 16-Oct Neg. 1.6970% 2006 176 Round Lake, IL A- 4,250,000 Debt Certificates 20-Oct Neg. 5.1401% 2022 177 Sycamore PD, IL N/R 484,030 G.O. Limited Tax Park 21 -Oct 5 1.3500% 2.1109% 2004 178 Batavia PD, IL AAA/A 3,700,000 G.O. Ref Park (Aft Rev) 21 -Oct 8 3.1658% 3.3883% 2014 179 Bensenville, IL Aaa(Ins) 200,000 G.O. Ref 21 -Oct Neg. 3.0890% 2008 180 Bensenville, IL Aaa(Ins) 2,200,000 G.O. (WW & Sewerage Alt Rev) 21 -Oct Neg. 4.8827% 2021 181 Bensenville, IL Aaa(Ins) 1,000,000 G.O. Debt Certificates 21 -Oct Neg. 4.9117% 2022 182 Schaumburg SD 54, IL N/R 50,435,000 G.O. Ref School 21 -Oct Neg. 2.4832% 2009 183 Dixon USD #170, IL Aaa/AAA(InsYA3 /A 2,510,000 G.O. Ref 22 -Oct 8 3.4917% 3.6192% 2014 184 Chicago Ridge PD, IL N/R 298,600 G.O. Ltd Tax Park 22 -Oct 2 1.7000% 2.0800% 2004 185 Oak Forest PD, IL N/R 775,000 G.O. Ltd Tax Park 23 -Oct 3 1.5994% 2.0655% 2005 186 Lake County, IL Aaa/AAA(Ins) /Aa21AA+ 20,790,000 Water Sewer System Rev Ref 27-Oct Neg. 5.5000% 2011 187 Prospect Heights PD, IL N/R 501,660 G.O. Ltd Tax Park 28 -Oct 2 1.7000% 2.0817% 2004 188 Westchester PD, IL N/R 470,595 G.O. Ltd Tax Park 3 -Nov Neg. 1.5000% 2004 189 Riverside, IL Aaa(Ins) 2,500,000 WW & Sewerage Alt Rev 3 -Nov 5 4.3808% 4.4376% 2023 190 Matteson, IL Aaa(Ins) /A1 4,345,000 G.O. Ref (Alt Rev) 3 -Nov 9 3.4082% 3.5478% 2015 191 Freeport PD, IL N/R 825,000 G.O. Ltd Tax Park 4 -Nov 5 1.9238% 2.8700% 2004 192 Rock Falls, IL N/R 700,000 G.O. Taxable 4 -Nov Neg. 4.9550% 2012 193 Sumner Comm Hosp, IA N/R 450,000 Hospital Rev 4 -Nov Neg. 4.0000% 2015 194 Dundee Township PD, IL N/R 1,670,500 G.O. Ltd Tax Park 5 -Nov 3 1.4340% 2.5090% 2004 195 Hampshire, IL N/R 865,000 G.O. Ref Alt Rev 6 -Nov Neg. 4.0084% 2015 196 Prospect Heights PD, IL N/R 845,511 G.O. Ref CAB (Alt Rev) 11 -Nov Neg. 4.0278% 2014 197 Bensenville PD, IL N/R 500,000 G.O. Ltd Tax Park 12 -Nov 2 2.1609% 2.8466% 2006 198 Urbana, IA N/R 910,000 G.O. Corp Purpose Loan Notes 12 -Nov 4 4.1160% 4.2904% 2019 199 Hanover Park PD, IL N/R 754,020 G.O. Ltd Tax Park 17 -Nov 2 1.7000% 2.5639% 2004 200 Rochester CUSD # 3A, IL Aaa(Ins) 8,000,000 G.O. School Building 17 -Nov 3 3.6384% 3.7445% 2016 4 _ -. SPEER FINANCIAL, INC. 2/9/2004 CLIENT SALES OF SECURITIES 2003 EXHIBIT B Investment Issue Type of Date # of Net Interest Rate Last Issuer Rating Size Securi of Sale Bidders Low Bid High Bid Maturi 201 Oak Park, IL Aa3 /AA 1,925,000 G.O. Corp Purpose Ref 17 -Nov 5' 2.2080 % 2.5495% 2009 202 Batavia PD, IL N/R 800,000 G.O. Ltd Tax . 18 -Nov 2 1.9524% 1.9960% 2006 203 Joliet, IL AAA(Ins) /A+ 10,000,000 Waterworks & Sewerage Rev 18-Nov 5 3.9756% 4.3639% 2019 204 Parkersburg, IA N/R 350,000 G.O. Corp Purpose Loan Notes 18-Nov 2 3.0225% 3.7412% 2014 205 Hawthorne PD, IL N/R 163,000 G.O. Park 20 -Nov 3 2.0759% 2.7687% 2005 206 Cary PD, IL N/R 615,300 G.O. Ltd Tax Park 20 -Nov 3 1.2000% 2.0643% 2004 207 StCharles CUSD # 303, IL Al 850,000 G.O. Refunding 24-Nov 4 2.1177% 2.3942% 2008 208 Bartlett PD, IL N/R 559,500 G.O. Ltd Tax Park 25-Nov 4 2.2078% 2.9500% 2006 209 Minooka, IL AAA(Ins) /A- 5,100,000 G.O. Alt Rev 25 -Nov 5 4.1663% 4.2424% 2023 210 Batavia CUSD 101, IL Aaa(Ins) 4,200,000 G.O. Ref 25-Nov 4 3.1542% 3.3979% 2012 211 Hawthorn Woods 610,000 SSA # 1 Special Tax 26-Nov Neg. 4.4032% 2004 212 Hawthorn Woods 610,000 SSA # 2 Special Tax 27 -Nov Neg. 4.4032% 2004 213 Hawthorn Woods 610,000 SSA # 3 Special Tax 28-Nov Neg. 4.4032% 2004 214 Bloomingdale PD, IL N/R 203,805 G.O. Ltd Tax Park 1 -Dec Neg. 1.6000% 2004 215 Homewood Flossmoor PD, IL A+ 3,500,000 G.O. Park Alt Rev 2 -Dec 2 4.1865% 4.5176% 2023 216 Virden Sanitary District, IL N/R 800,000 Sewerage Ref Rev 2 -Dec Neg. 2010 217 Hanover Park PD, IL Aaa(Ins) 6,050,000 G.O. Park Alt Rev 8 -Dec 2 4.1516% .4.2683% 2022 218 Highland Park Aaa 9,000,000 G.O. 8 -Dec 8 3.1900% 3.2773% 2015 219 Elgin CCD # 509, IL Aa3 /AA 8,000,000 G.O. 9 -Dec 5 1.8490% 2.2861% 2006 220 Elkhart CSD, Ind N/R 8,500,000 Tax Anticipation Time Warrants A 9 -Dec 5 1.2994% 3.2300% 2004 221 Elkhart CSD, Ind N/R 9,000,000 Tax Anticipation Time Warrants B 9 -Dec 5 1.2850% 3.2300% 2004 222 Arlington Heights, IL AAA (Ins) /Aa2 2,600,000 G.O. Refunding 15-Dec Neg. 3.4874% 2016 223 Arlington Heights, IL AAA (Ins) /Aa2 3,330,000 G.O. Refunding 15-Dec Neg. 3.5196% 2016 224 Arlington Heights, IL Aa2 2,765,000 G.O. Refunding 15-Dec Neg. 1.1907% 2005 225 Itasca PD, IL N/R 398,865 G.O. Ltd. Tax Park 15 -Dec Neg. 1.2000% 2004 226 St. Charles PD, IL N/R 1,302,490 G.O Ltd. Tax Park 16-Dec 4 1.3750% 2.5000% 2004 227 Matteson, IL Al 2,250,000 G.O. Utility Tax Alt Rev 29-Dec Neg. 4.2850% 2023 Totals The above listing is a full and complete record of Speer Financial's sales of municipal securities for the time period shown. Percentages Note: All interest rates are Net Interest Cost (NIC) except where True Interest Cost (TIC) is specified. THSD = Township High School District Ref. = Refunding PBC = Public Building Commission ICC = Installment Contract Certificates Moodv's Ratina Code: High to Low SD = School District (Alt.) = G.O. (Alternate Revenue Source) Bonds Grades: Aaa, Aa, A, Baa PD = Park District (Ins.) = Insured Within Each Non -Aaa Grade: 1, 2, 3 CCD = Community College District DC = Debt Certificates FPD = Forest Preserve District N/R = Not Rated CUSD = Community Unit School District Number Par Tvoe of Sale of Issues %e Amount %o Number of Bidders Negotiated ........................... 79 34.80% 369,962,632 35.99% Competitive .......................... 148 65.20% 657.908.683 64.01% 710 Bidders Total Bond Sales To Date In 2003 227 100.00% 1,027,871,314 100.00% 4.8 Average FOR PRIOR YEAR 2002: Number 5 SPEER FINANCIAL, INC. 2/9/2004 CLIENT SALES OF SECURITIES 2003 EXHIBIT B Investment Issue Type of Date # of Net Interest Rate Last Issuer Rating Size Securi of Sale Bidders Low Bid High Bid Maturi Tvoe of Sale of Issues % Amount oo Number of Bidders Negotiated ........................... 83 38.50% 644,329,624 47.41% Competitive .......................... 131 61.50% 713.400.212 52.59% 662 Bidders Total Bond Sales In Calendar Year 2002 214 100.00% 1,357,729,836 100.00% 5.1 Average 6 SPEER FINANCIAL, INC. PUBLIC FINANCE CONSULTANTS SINCE 1954 KEVIN W. McCANNA DAVID F. PHILLIPS LARRY P. BURGER DANIEL D. FORBES BARBARA L. CHEVALIER PRESIDENT SR. VICE PRESIDENT' VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT February 24, 2004 The Honorable Arthur F. Prochaska, Jr. and Members of the City Council United City of Yorkville 800 Game Farm Road Yorkville, Illinois 60560 Dear Mayor Prochaska and City Council Members: Bids were received today for the $1,600,000 Debt Certificates, Series 2004A. There were four bids received which are listed at the bottom of this letter in accordance with the signed bids. Upon examination, it is our opinion that the bid of Old Second Bank - Yorkville, Yorkville, Illinois, is the best bid received, and it is further our opinion that the bid is favorable to the City and should be accepted. We therefore recommend that the Certificates be awarded to that bidder at a price of $1,600,000.00, plus accrued interest, being at a true interest rate of 2.9816 %. True Account Manaaers Interest Rate Bernardi Securities, Inc., Chicago, IL ............ ............................... . 4.3130% ....................... Griffin, Kubik, Stephens & Thompson, Inc., Chicago, IL ........ ............................... 4.0470% Harris Trust and Savings Bank, Chicago, IL .......................... ............................... 3.6304% Old Second Bank - Yorkville, Yorkville, IL ......................... ............................... 2.9816% Respectfully submitted, Kevin W. McCanna President KW M /rmr Enclosures SUITE 4100.ONE NORTH LASALLE STREET • CHICAGO, ILLINOIS 60602 - (312) 346 -3700 - FAX (312) 346 -8833 SUITE 608.531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291 -2077 - FAX (319) 291 -8628 SPEER FINANCIAL, INC. PUBLIC FINANCE CONSULTANTS SINCE 1954 SUITE 4100 • ONE NORTH LASALLE STREET • CHICAGO, ILLINOIS 60602 • (312) 346 -3700 • FAX (312) 346 -8833 Investment Rating: Standard & Poor's ... BBB+ $1,600,000 UNITED CITY OF YORKVILLE Kendall County, Illinois Debt Certificates, Series 2004A Date of Sale: February 24, 2004 Average Life: 6.640 Years Bond Buyer Index: 4.50 (Based on TIC) Bidders* Price Maturities Rates Interest Old Second Bank - Yorkville, Yorkville, IL 100.000% 2005 1.400% 2.9816% 2006 1.700% $319,179.53 2007 2.050% 2008 2.300% 2009 2.550% 2010 2.800% 2011 3.150% 2012 3.250% 2013 3.450% 2014 3.600% Harris Trust and Savings Bank, Chicago, IL 100.085% 2005 2.000% 3.6304% First Tennessee /Kansas City 2006 -2007 2.900% $388,176.75 Wachovia Capital Markets 2008 3.200% Kirlin Securities, Inc. 2009 3.400% Ruan Securities 2010 3.500% ( Southwest Securities 2011 3.750% 2012 -2014 4.000% Griffin, Kubik, Stephens & Thompson, Inc., 102.688% 2005 3.000% 4.0470% Chicago, IL 2006 3.500% $440,141.81 2007 -2008 4.000% 2009 -2012 4.500% 2013 -2014 5.000% Bernardi Securities, Inc., Chicago, IL 100.002% 2005 4.950% 4.3130% 2006 -2007 5.000% $458,397.83 2008 4.350% 2009 3.700% 2010 4.000% 2011 4.100% 2012 4.200% 2013 4.400% 2014 4.500% *Syndicate information is provided by the underwriter. The information contained in this report is the most current available. ICI 02/24/2004 10:11 FAX 6308920170 OSNB TRUST Q903 OFFICIAL, BID FORM United City of Yorkville 800 Game Farm Road February 24, 2004 Yorkville, Illinois 60560 Speer Financial, Inc. Facsimile: (312) 346-8833 City Council Members: For the $1,600,000 Debt Certificates, Seriee 2004A, of the United City of Yorkville Kendall County, Illinois, as described in the annexed Official Notice of Sale, which is expressly mAe a part of this bid, we will pay you $ r r, interest from March 1, 2004, to the date of delivery for Certificates bearing interest as fo lows (ea h Tate a multiple of 1/8 or 1/20 of 1q6). accrued MATURITIES — DECEMBER 30 4135,000 ............ 2005 Jam $160,000 . ............ 2010 240,000 ............ 2006 / 7 % 170,000 ............ 2011 145,000......... ....2012 ...2007� 175,000.. 150,000 ............ 2008 �� 180,000 ............ 2023 3+ CIS $ 155,000............2009 190,000 ............ 2014 34 C) s The Certificates are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Chapman and Cutlet LLP, Chicago, Illinois. The City will pay for the legal opinion. The underwriter agrees to apply for CYTS EP numbers within 24 hours and pay the fee charged by the CUSIP Service Bureau and will accept the Certificates with the CUSIP numbers as entered on the Certificates. I As evidence of our good faith, we enclose herewith a check or Surety Bond payable to the order of the Treasurer of the City is the amount of TWO PERCENT OF PAR (the "Deposit'l under the terms provided in your Official Notice of Sale. Attached hereto is a list of members of our account on whose behalf this bid is made. Fo rm of Danosit Account Manner Information_ Bidders ODddO Insurance Check One: f d J P and( �[,2 Ltd ox Name plc! t �..,d 1Qn, c ,ems We have purchaud Ce Cashiet Cheep [ ] /� r insurance from: Financial Surety Bond [ l Address 0, r/, , J � . (Check One) ( rra n q mount: $31', 00 gy �b _ 1 ANISAC The above Ccrtificd/Cashier's — FGIr" Cheek was returned and roceived Ci FSA By: Direct Phone f'0, (p• / r � 7 Maturties:(Check One) Check Number: FAX Number ((030) t5 44 U / _?C) Years E-Mail Addres 1 -n C rj L The foregoing bid was accepted and the Certificates sold by ordinance of the City on February 24, 20M, 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 NOT PART OF THE BID _Plcdlation of true interest cost) Gross Inter I $ I-ass Premium ` $ - True Intrrest Cost $ I True Interest Rate D TOTAL CERTIFICATE YEARS � 10, l ? 623.89 AVERAGE LIFE 6.640 Years United City of Yorkville, Kendall County, Illinois $1,600,000 Debt Certificates, Series 2004A **Final** Debt Service Schedule Date Principal Coupon Interest Total P +I Fiscal Total 03/01/2004 - - - - 12/30/2004 - - 35,894.53 35,894.53 35,894,53 06/30/2005 - - 21,608.75 21,608.75 - 12/30/2005 135,000.00 1.400% 21,608.75 156,608.75 178,217.50 06/30/2006 - - 20,663 20,663.75 - 12/30/2006 140,000.00 1.700% 20,663.75 160,663.75 181,327.50 06/30/2007 - - 19,473.75 19,473.75 - 12/30/2007 145,000.00 2.050% 19,473.75 164,473.75 183,947.50 06/30/2008 - - 17,987.50 17,987.50 - 12/30/2008 150,000.00 2.300% 17,987.50__ — 167,987.50 185975-00 06/30/2009 - - 16,262.50 16,262.50 - 12/30/2009 155,000.00 2.550% 16,262.50 171,262.50 187,525.00 06/30/2010 - - 14,286.25 14,286.25 - 12/30/2010 160,000.00 2.800% 14,286.25 174,286.25 188,572.50 06/30/2011 - -- --- - -.�._ --- --- - - - - -- — — - -- - -- - -- 12,046.25 _ - -- -- 12,046.25 - 12/30/2011 170,000.00 3.150% 12,046.25 182,046.25 194,092.50 06/30/2012 - - 9,368.75 9,368.75 - 12/30/2012 175,000.00 3.250% 9,368.75 184,368.75 193,737.50 06/30/2013 - - 6,525.00 6,525.00 - 1 180,000.00 _ _ -- 3.450 % 6,525.00 186 _ — 193,050_.00 06/30/2014 -- - 3,420.00 3,420.00 - 12/30/2014 190,000.00 3.600% 3,420.00 193,420.00 196,840.00 Total $1,600,000.00 - S319,179.53 51,919,179.53 - Yield Statistics Bond Year Dollars $10,623.89 Average Life _ _ 6.640 Years Average Coupon 3.0043568% Net Interest Cost (NIC) 3.0043568% True Interest Cost TIC 2.9816701% Bond Yield for Arbitrage Purposes 2.9816701% All Inclusive Cost (A1C) 2,9816701% IRS Form 8038 Net Interest Cost 3.0043568% Weighted Average Maturity 6.640 Years Series 2004A- Bid Check I SINGLE PURPOSE 1 2/24/2004 1 10:07 AM S P • a•. [11- Feb -2004] United City of Yorkville, Illinois; Appropriation, Appropriation; Tax Secu... Page 1 of 3 STA NDARD I RATIN13SWRECT W OWS Research: Return to Regular Format United City of Yorkville, Illinois; Appropriation, Appropriation; Tax Secured, General Obligation Publication date: 11- Feb -2004 Credit Analyst: Michael Zinman, New York (1) 212 - 438 -2037; Jeffrey Panger, New York (1) 212 - 438 -2076 Credit Profile US$1.6 mil debt certs ser 2004A dtd 03/01/2004 due 12/30/2005 -2014 BBB+ Sale date: 24 -FEB -2004 US$3.5 mil GO wtr & swr bnds (alternate rev source) ser 2004B dtd 03/01/2004 due 12/30/2005 -2018 A- Sale date: 24 -FEB -2004 AFFIRMED $2.899 mil. United City of Yorkville debt certs cap apprec bnds ser 2002 dtd 08/29/2002 due 05/01/2004 -2021 AA/BBB +(SPUR) OUTLOOK: STABLE HE Rationale The 'A -' rating on United City of Yorkville, Ill.'s general obligation water and sewer bonds (alternate revenue source), series 2004B, reflects the general obligation (GO) pledge of the city. The'BBB +' rating on United City of Yorkville, Ill.'s debt certificates, series 2004A, reflects the city's covenant to make payments payable from any funds legally available and annually appropriated by the city, through an installment contract between the city and city treasurer. The ratings additionally reflect the city's: r - • Proximity to the strong DuPage County area economy, . Above - average income and wealth levels, and • Sound financial position. .. A high debt burden and looming growth pressures offset the above strengths. The 2004B bonds are structured as alternate revenue source bonds, secured by the city's pledge of several revenue streams and by its general obligation pledge to make up any deficiencies with unlimited property taxes. Property taxes will be abated only if the city has adequate funds on hand to pay debt service. The 2004A bonds are secured by the city's covenant to make payments payable from any funds legally available and annually appropriated by the city, through an installment contract between the city and city treasurer. Yorkville is a nonhome rule jurisdiction, situated in Kendall County, southwest of Aurora, III. ('AA' GO rating) and Naperville, III. ('AAA' GO rating). The city has seen relatively significant population increases, due to the combination of the high demand for affordable residential development in the area file: //C:\ Documents %20and %20S ettings \bhouste\ Local %20S ettings \Temp\Articleid =3 5 8 8... 2/12/2004 [11- Feb -2004] United City of Yorkville, Illinois; Appropriation, Appropriation; Tax Secu... Page 2 of 3 and numerous annexations. Population has grown from 6,189 in 2000 to 8,749 in 2003, a 41.3% increase in three years. The city is poised for considerable development, as growth from Chicago, III. pushes westward. Management estimates that future annexations and continued strong demand for new houses will drive the population to nearly 13,000 by 2006. Assessed value (AV) has had solid gains in recent history, growing 22% and 15% in fiscal 2003 and fiscal 2002, respectively, to a current $165 million. Prior to fiscal 2002, the tax base had increased 5.8% on average, annually since fiscal 1996. Residents commute to jobs in Kane and DuPage counties ('AA' and 'AAA' GO ratings, respectively). Major area employers include: . Harper -Wyman Co., Appliance Control Group, thermostatic controls (1,400 employees); • Waubonsee Community College, education (750); and • Lyon Metal Products, steel storage equipment (600). Despite access to a wide - variety of employment opportunities, the city's unemployment rate typically exceeds state and national averages. In 2002, the city's unemployment rate averaged 8.2 %, which was high compared to the state (6.1 %) and nation (5.8 %). Although more recent figures are unavailable for the city, through June 2003, the county's unemployment rate (7.3 %) also exceeded that of the state (6.7 %) and nation (6.1 %). Income levels are above average. Median household income levels for Yorkville are 117% and 129% of state and national averages, respectively. An above - average market value per capita ($80,060) paints an accurate picture of the wealth levels in the township, as the tax base is predominantly residential. The city's financial position remains healthy in light of rapid population growth that is expected to translate into capital pressures on the city and other local jurisdictions, potentially leading to higher debt burden as new school, library, and park facilities are built to serve the larger population. At fiscal year- end 2003 (April 30), the unreserved general fund balance stood at $955,000, or a sound 17.4% of operating expenditures, up from the previous fiscal year when the unreserved general fund balance totaled $704,000 (restated), or 17.1 % of operating expenditures. i The influx of new residents in the city has lead to the tripling of license, permit, and fee revenues over a three -year period from $342,000 in fiscal 2001 to $1.1 million in fiscal 2003. Additionally, sales tax revenues have increased from $1.0 million to $1.5 million over the same time frame. Continual growth of these revenue streams in conjunction with higher- than - anticipated property taxes revenues due to new residential construction has lead management to expect that financial operations will generate a surplus in fiscal 2004, despite state - shared revenue cuts. The city relies on state distributions of sales and income tax revenues (41 %) and property taxes (29 %) as its primary operating revenue sources. Based on 2003 special census results, management expects the city to realize an additional $200,000 of income tax revenues in fiscal 2005, as the state's income tax distribution is population driven. However, despite the city's pro- active approach to setting appropriate staffing levels and improving processes to accommodate heightened service needs, staffing costs are expected to significantly rise in the future, potentially offsetting gains related to population growth. N Outlook The stable outlook reflects the expectation that the city will maintain balanced financial operations as capital needs rise from growth. E Debt The city's overall debt burden is high at $3,941 per capita and 6.9% of market value. Debt - service carrying charges are moderate at 8% of expenditures, while amortization of outstanding debt is slow as only 35% will have matured within 10 years. The city maintains a six -year (2004 -2009) capital improvement plan (CIP) totaling $51.0 million. The plan is relatively evenly distributed among water, sewer and street projects, with the bulk of the projects planned for the first four years (see chart below). Despite the relatively large size of the CIP, management does not intend to raise the necessary funds file://C:\ Documents %20and %20Settings \bhouste \Local %20Settings \Temp\Articleid = 3588... 2/12/2004 [11- Feb -2004] United City of Yorkville, Illinois; Appropriation, Appropriation; Tax Secu... Page 3 of 3 through debt financing. Instead, the city is expecting to be able to use monies previously raised through the issuance of debt certificates, future water system connection fees, funding from developers, motor fuel taxes, and a small portion of the general fund balance, to fund various capital projects. Proceeds from the 20046 bonds will go towards funding various water system improvements while proceeds from the 2004A debt certificates will finance various sewer system projects. Image Copyright ®1994 -2004 Standard & Poor's, a division of The McGraw -Hill Companies. All Rights Reserved. Privacy Policy 1 x/111 A �•r.0 r s - Z�_vr_ ®/- i I'l � t� t. �� .v. ��o -v. a ! _=Z _ 7; . f v. ` A o..v.s� �....�� O �..T.�� t a �.�.v o A a�.v..� �'v�.o �. o osa..M r sa.�.aa O ��. ►� O ea.v.�� 0 m�� r � 0 �h ' � ° � �0I /� �� tfi ei �dlf /� ��Bl�i (l / -s �1� / X11 s ° \�� /�� 11� ' ��lf / 'g ` 1 ? P. i .:._: .�1. ?.li; :.:.`ZYLi;:.. _. �1lli,:... ��12 P�;._.. .�1.2.P.i;._:.t1_Ll.�:._ .. �Z.Lr�;..:;elllo;:.,�a..;;,:� �G�si!.ise� ... �- .. - - - --- --' - - - - - - - -' - - ----- - - ' fit:.•. I ► ;; UNITED CITY OF YORKVILLE ? ►�' to oSv IQ:• J E Igo ; al l +' 1 ►� ~i� ° . C WI�REAS, the Peace Corps has become an enduring symbol of our e;1P�1 - - qo - r "• ►fir i r nation's commitment to encourage progress, create opportunity, and expand pHe• g p � . t tit E¢ development at the grass -roots level in the developing world; and •,� + = ��►� @► WIMREAS more than 170 000 Americans have served as Peace Corps °c �� ►�tre•v. ° > > ¢ b,. Volunteers in 13 7 countries since 1961; and WHEREAS over the past 43 years men and women from the state of Illinois have responded to our nation's call to serve by joining the Peacea�' 01 : Corps; and .`'��.1►' bf ►' WIMREAS, Peace Corps Volunteers have made significant and lasting 1¢¢P ; contributions around the world in agriculture, business development, b '�iC�e•% information technology, education, health and HIV /AIDS, and the ;°,<<l<�� P001 %, : environment, and have improved the lives of individuals and communities ;!�,•1'i1' ' �i around the world; and ► °�! ±j I�p401- d: WHEREAS, Peace Corps Volunteers have strengthened the ties of friendship and understanding between the people of the United States and ® , d al ►`•�• i 40 �� - ►�.► those of other countries; and : °q; ►,� PPP +, ►p WHEREAS, Peace Corps Volunteers, enriched by their experiences ; !.•�pql! �d`1111bfe. overseas have brought their communities throughout the United States a I ►, deeper understanding of other cultures and traditions, thereby bringing a /. -• domestic dividend to our nation; and ' de�164 WIEREAS It is indeed fitting to recognize the achievements of the Peace Corps and honor its Volunteers, past and present, and reaffirm our x,`111 country's commitment to helping people help themselves throughout the ` 445 ►, world• now : ,'•, I¢ �TIEREFORE, I, Arthur F. Prochaska, Jr., Mayor of the United City of 0 f Yorkville, do hereby proclaim March 1 through 7, 2004, Peace Corps Week PI'1'�F� in the United City of Yorkville.�e�b1, Ib s? Dated this 24 h day of February, 2004, A.D. PQ r kbOaPa•ei F \ 4 Idi6lPbpoe' -``; r f' t ' Arthur F. Prochaska, Jr., M�oreV 7. .,• 1IL ... 1 �L' ..•.e , .• t \��1�4 e...e � � as Ill• � . ■1 ■r• ` ` •.■1■1■r• ` 0 ■1 ■• � ! •111 ■1 ■1• ` � •I ■111 ■1•..1111 ■Ilr• � � 1. ■1 ■1 ■r6 � .1 0 frnP.'% 0 "o� l`e�Ua .1 '�•�a — a�'�'�a 0 `a'�sa �aas.ea — r �. ��.�.aa Iw'a'a► A •i'!'>• t IU /•' /r \a�e.►ee a <� ' +�. <�s�iowo <��ea Yv v►f��'u' a ►�e�w 1A / va °sA ,