City Council Packet 2023 06-13-23REVISED 06-09-23 @ 8:25 AM
Additional agenda item added.
Mayor’s Report Item #6
AGENDA
CITY COUNCIL MEETING
Tuesday, June 13, 2023
7:00 p.m.
City Hall Council Chambers
651 Prairie Pointe Drive, Yorkville, IL
Call to Order:
Pledge of Allegiance:
Roll Call by Clerk: WARD I WARD II WARD III WARD IV
Ken Koch Arden Joe Plocher Chris Funkhouser Seaver Tarulis
Dan Transier Craig Soling Matt Marek Rusty Corneils
Establishment of Quorum:
Amendments to Agenda:
Presentations:
1. Preschool Interns
Public Hearings:
1. 2023 Water Bonds
A public hearing will be held to receive public comments on the proposal to sell revenue bonds
of the City, payable from the revenue derived from the operation of the City’s water delivery
system (the “System”), and other such funds to be pledged, in the amount not to exceed
$11,000,000 and bearing interest per annum at a rate not to exceed the maximum rate authorized
by law at the such revenue bonds are sold (the “Revenue Bonds”) or, in lieu thereof, its general
obligation alternate revenue bonds in the amount not to exceed $11,000,000 (the “Alternate
Bonds”), for the purpose of providing funds for the enhancement of the City’s water delivery
system, including replacing existing water mains, constructing a new well, modifying the
existing raw water main and water treatment plant and other capital improvements relating to the
System.
Citizen Comments on Agenda Items:
Consent Agenda:
1. Minutes of the Regular City Council – May 9, 2023
2. Minutes of the Special City Council – May 30, 2023
United City of Yorkville
651 Prairie Pointe Drive
Yorkville, Illinois 60560
Telephone: 630-553-4350
www.yorkville.il.us
City Council Agenda
June 13, 2023
Page 2
Consent Agenda (cont’d):
3. Bill Payments for Approval
$ 374,361.35 (vendors – FY 23)
$ 515,939.69 (vendors – FY 24)
$ 295,618.93 (wire payments)
$ 377,525.18 (payroll period ending 05/26/2023)
$ 1,563,445.15 (total)
Mayor’s Report:
1. CC 2023-39 2023 Bond – Underwriter Engagement Letter
2. CC 2023-40 Places of Eating Tax Discussion
3. CC 2023-41 Resolution Approving an Agreement for Disbursement of Kendall County’s American
Rescue Plan Act Funds
6. CC 2023-42 Appointments to Boards and Commissions
Public Works Committee Report:
Economic Development Committee Report:
Public Safety Committee Report:
Administration Committee Report:
Park Board:
Planning and Zoning Commission:
City Council Report:
City Clerk’s Report:
Community and Liaison Report:
Staff Report:
Mayor’s Report (cont’d):
4. CC 2021-04 City Buildings Updates
5. CC 2021-38 Water Study Update
Additional Business:
Citizen Comments:
Executive Session:
Adjournment:
City Council Agenda
June 13, 2023
Page 3
COMMITTEES, MEMBERS AND RESPONSIBILITIES
ADMINISTRATION: June 21, 2023 – 6:00 p.m. – East Conference Room #337
Committee Departments Liaisons
Chairman: Alderman Marek Finance Library
Vice-Chairman: Alderman Plocher Administration
Committee: Alderman Koch
Committee: Alderman Corneils
ECONOMIC DEVELOPMENT: July 5, 2023 – 6:00 p.m. – East Conference Room #337
Committee Departments Liaisons
Chairman: Alderman Plocher Community Development Planning & Zoning Commission
Vice-Chairman: Alderman Funkhouser Building Safety & Zoning Kendall Co. Plan Commission
Committee: Alderman Transier
Committee: Alderman Tarulis
PUBLIC SAFETY: July 6, 2023 – 6:00 p.m. – East Conference Room #337
Committee Departments Liaisons
Chairman: Alderman Transier Police School District
Vice-Chairman: Alderman Tarulis
Committee: Alderman Soling
Committee: Alderman Funkhouser
PUBLIC WORKS: June 20, 2023 – 6:00 p.m. – East Conference Room #337
Committee Departments Liaisons
Chairman: Alderman Koch Public Works Park Board
Vice-Chairman: Alderman Soling Engineering YBSD
Committee: Alderman Marek Parks and Recreation
Committee: Alderman Corneils
AGENDA
CITY COUNCIL MEETING
Tuesday, June 13, 2023
7:00 p.m.
City Hall Council Chambers
651 Prairie Pointe Drive, Yorkville, IL
Call to Order:
Pledge of Allegiance:
Roll Call by Clerk: WARD I WARD II WARD III WARD IV
Ken Koch Arden Joe Plocher Chris Funkhouser Seaver Tarulis
Dan Transier Craig Soling Matt Marek Rusty Corneils
Establishment of Quorum:
Amendments to Agenda:
Presentations:
1. Preschool Interns
Public Hearings:
1. 2023 Water Bonds
A public hearing will be held to receive public comments on the proposal to sell revenue bonds
of the City, payable from the revenue derived from the operation of the City’s water delivery
system (the “System”), and other such funds to be pledged, in the amount not to exceed
$11,000,000 and bearing interest per annum at a rate not to exceed the maximum rate authorized
by law at the such revenue bonds are sold (the “Revenue Bonds”) or, in lieu thereof, its general
obligation alternate revenue bonds in the amount not to exceed $11,000,000 (the “Alternate
Bonds”), for the purpose of providing funds for the enhancement of the City’s water delivery
system, including replacing existing water mains, constructing a new well, modifying the
existing raw water main and water treatment plant and other capital improvements relating to the
System.
Citizen Comments on Agenda Items:
Consent Agenda:
1. Minutes of the Regular City Council – May 9, 2023
2. Minutes of the Special City Council – May 30, 2023
United City of Yorkville
651 Prairie Pointe Drive
Yorkville, Illinois 60560
Telephone: 630-553-4350
www.yorkville.il.us
City Council Agenda
June 13, 2023
Page 2
Consent Agenda (cont’d):
3. Bill Payments for Approval
$ 374,361.35 (vendors – FY 23)
$ 515,939.69 (vendors – FY 24)
$ 295,618.93 (wire payments)
$ 377,525.18 (payroll period ending 05/26/2023)
$ 1,563,445.15 (total)
Mayor’s Report:
1. CC 2023-39 2023 Bond – Underwriter Engagement Letter
2. CC 2023-40 Places of Eating Tax Discussion
3. CC 2023-41 Resolution Approving an Agreement for Disbursement of Kendall County’s American
Rescue Plan Act Funds
Public Works Committee Report:
Economic Development Committee Report:
Public Safety Committee Report:
Administration Committee Report:
Park Board:
Planning and Zoning Commission:
City Council Report:
City Clerk’s Report:
Community and Liaison Report:
Staff Report:
Mayor’s Report (cont’d):
4. CC 2021-04 City Buildings Updates
5. CC 2021-38 Water Study Update
Additional Business:
Citizen Comments:
Executive Session:
Adjournment:
City Council Agenda
June 13, 2023
Page 3
COMMITTEES, MEMBERS AND RESPONSIBILITIES
ADMINISTRATION: June 21, 2023 – 6:00 p.m. – East Conference Room #337
Committee Departments Liaisons
Chairman: Alderman Marek Finance Library
Vice-Chairman: Alderman Plocher Administration
Committee: Alderman Koch
Committee: Alderman Corneils
ECONOMIC DEVELOPMENT: July 5, 2023 – 6:00 p.m. – East Conference Room #337
Committee Departments Liaisons
Chairman: Alderman Plocher Community Development Planning & Zoning Commission
Vice-Chairman: Alderman Funkhouser Building Safety & Zoning Kendall Co. Plan Commission
Committee: Alderman Transier
Committee: Alderman Tarulis
PUBLIC SAFETY: July 6, 2023 – 6:00 p.m. – East Conference Room #337
Committee Departments Liaisons
Chairman: Alderman Transier Police School District
Vice-Chairman: Alderman Tarulis
Committee: Alderman Soling
Committee: Alderman Funkhouser
PUBLIC WORKS: June 20, 2023 – 6:00 p.m. – East Conference Room #337
Committee Departments Liaisons
Chairman: Alderman Koch Public Works Park Board
Vice-Chairman: Alderman Soling Engineering YBSD
Committee: Alderman Marek Parks and Recreation
Committee: Alderman Corneils
UNITED CITY OF YORKVILLE
WORKSHEET
CITY COUNCIL
Tuesday, June 13, 2023
7:00 PM
CITY COUNCIL CHAMBERS
----------------------------------------------------------------------------------------------------------------------------------------
AMENDMENTS TO AGENDA:
----------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------------
PRESENTATIONS:
-----------------------------------------------------------------------------------------------------------------------------------------
1. Preschool Interns
-----------------------------------------------------------------------------------------------------------------------------------------
PUBLIC HEARING:
-----------------------------------------------------------------------------------------------------------------------------------------
1. 2023 Water Bonds
-----------------------------------------------------------------------------------------------------------------------------------------
CITIZEN COMMENTS ON AGENDA ITEMS:
-----------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------------
CONSENT AGENDA:
-----------------------------------------------------------------------------------------------------------------------------------------
1. Minutes of the Regular City Council – May 9, 2023
□ Approved: Y ______ N ______ □ Subject to __________________________________________
□ Removed ________________________________________________________________________
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
-----------------------------------------------------------------------------------------------------------------------------------------
2. Minutes of the Special City Council – May 30, 2023
□ Approved: Y ______ N ______ □ Subject to __________________________________________
□ Removed ________________________________________________________________________
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
-----------------------------------------------------------------------------------------------------------------------------------------
3. Bill Payments for Approval
□ Approved ________
□ As presented
□ As amended
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
----------------------------------------------------------------------------------------------------------------------------------------
MAYOR’S REPORT:
-----------------------------------------------------------------------------------------------------------------------------------------
1. CC 2023-39 2023 Bond – Underwriter Engagement Letter
□ Approved: Y ______ N ______ □ Subject to __________________________________________
□ Removed ________________________________________________________________________
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
-----------------------------------------------------------------------------------------------------------------------------------------
2. CC 2023-40 Places of Eating Tax Discussion
□ Approved: Y ______ N ______ □ Subject to __________________________________________
□ Removed ________________________________________________________________________
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
-----------------------------------------------------------------------------------------------------------------------------------------
3. CC 2023-41 Resolution Approving an Agreement for Disbursement of Kendall County’s American
Rescue Plan Act Funds
□ Approved: Y ______ N ______ □ Subject to __________________________________________
□ Removed ________________________________________________________________________
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
-----------------------------------------------------------------------------------------------------------------------------------------
MAYOR’S REPORT (CONT’D):
-----------------------------------------------------------------------------------------------------------------------------------------
4. CC 2021-04 City Buildings Updates
□ Approved: Y ______ N ______ □ Subject to __________________________________________
□ Removed ________________________________________________________________________
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
-----------------------------------------------------------------------------------------------------------------------------------------
5. CC 2021-38 Water Study Update
□ Approved: Y ______ N ______ □ Subject to __________________________________________
□ Removed ________________________________________________________________________
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
-----------------------------------------------------------------------------------------------------------------------------------------
ADDITIONAL BUSINESS:
-----------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------------
CITIZEN COMMENTS:
-----------------------------------------------------------------------------------------------------------------------------------------
Have a question or comment about this agenda item?
Call us Monday-Friday, 8:00am to 4:30pm at 630-553-4350, email us at agendas@yorkville.il.us, post at www.facebook.com/CityofYorkville,
tweet us at @CityofYorkville, and/or contact any of your elected officials at http://www.yorkville.il.us/320/City-Council
Agenda Item Summary Memo
Title:
Meeting and Date:
Synopsis:
Council Action Previously Taken:
Date of Action: Action Taken:
Item Number:
Type of Vote Required:
Council Action Requested:
Submitted by:
Agenda Item Notes:
Reviewed By:
Legal
Finance
Engineer
City Administrator
Community Development
Purchasing
Police
Public Works
Parks and Recreation
Agenda Item Number
Public Hearing #1
Tracking Number
Public Hearing - 2023 Water Bonds
City Council – June 13, 2023
CC – 05/30/23
Authorizing Ordinance Adopted
CC 2023-37
Informational
Please see attached.
Rob Fredrickson Finance
Name Department
Summary
Materials relating to conducting a public hearing on the proposal to sell general obligation (GO) alternate revenue
source (ARS) bonds, in an amount not to exceed $11,000,000.
Background
This item was first discussed at the April 25th meeting, where Council adopted a reimbursement resolution for the
purposes of reimbursing the City’s (51) Water Fund for anticipated costs associated with the 2023 water main
replacement program (which is currently underway as of May 1st) and the Well #10 project (slated for this Fall).
As previously noted, this resolution will serve two primary purposes: (1) it allows the City to reimburse itself
with future bond proceeds on any project related costs incurred 60-days prior to the passage of the reimbursement
resolution; and (2) allows the City to issue a bond at any point over the next 18 months (thru October 2024) from
the resolution’s date of passage. This was followed by the May 9th meeting, where Council formally approved
engagement letters for the City’s financial advisor (Speer Financial) and bond counsel (Saul Ewing).
Most recently, at the May 30th meeting, Council adopted the Intent to Issue Ordinance (i.e., the “Authorizing
Ordinance”), which established the maximum amount of principal that could be issued at $11 million. In addition
to setting the maximum principal amount, the Authorizing Ordinance (Exhibit A) also specified which projects
the City may spend the future bond proceeds on, which included the “replacing of existing water mains (2023
water main replacement program), constructing a new well, modifying the existing raw water main and water
treatment plant (Well #10 project) and other capital improvements relating to the (Water) System”.
Furthermore, the Authorizing Ordinance identified the specific revenues pledged for the repayment of the
proposed bond issue, which is set at 125% of annual debt service amounts. This revenue pledge is essentially a
financial benchmark, created by the bond indenture (i.e., contract) or final bond ordinance, which requires the
City to show that the revenue(s) being used to support debt service payments meet or exceed the 125% threshold.
The pledged revenues for the proposed 2023 bonds are considered “enterprise revenues” consisting of (1) Water
Fund net revenues (i.e., revenues less operating expenses) from the City’s water system; (2) any revenues derived
from a places of eating tax; and (3) certain moneys on deposit from time to time in the funds and accounts held
within the Water Fund (i.e., a portion of fund equity can be used to cover the additional 25% pledge requirement
over actual debt service amounts at 100%. In regard to the places of eating tax pledge (#2), please note that
should Council desire to pledge this revenue stream for future debt issuances (WIFIA, IEPA Loans, etc.) relating
to the DWC/Lake Michigan project, it would need to be included as a pledge for the 2023 bonds as well, as
present and future bond holders would require that revenue pledges remain consistent (i.e., at parity) for all bonds
supported by Water system revenues. A conclusive decision regarding the approval of a places of eating tax
would need to be determined prior to Council adopting the final bond ordinance, presently scheduled for July 11th.
As a final note, please be aware that Council would only need to adopt the places of eating tax ordinance. Actual
implementation of the tax could be deferred to a later date in FY 2024, at Council’s discretion.
Memorandum
To: City Council
From: Rob Fredrickson, Finance Director
Date: June 7, 2023
Subject: Public Hearing on Proposal to Sell GO ARS Bonds
After the passage of the Authorizing Ordinance on May 30th, a copy of the ordinance and statutory notices were
published in the Beacon News on June 2nd, which officially commenced the 30-day challenge period for taxpayers
to file a backdoor referendum (pursuant to the Bond Issuance Notification Act (BINA)). Moreover, notice of a
public hearing (Exhibit B - also required by BINA) was also published and is scheduled to be held at the June 13th
City Council meeting.
After the public hearing on June 13th, the remaining tentative schedule (Exhibit E) for the issuance of the bonds is
as follows:
x The City will conduct a meeting with Standard & Poor’s (S&P) the week of June 19th and should
receive a formal bond rating for the potential issue no later than June 29th.
x The 30-day Backdoor Referendum period will culminate during the week of July 3rd. In addition, the
final preliminary official statement (POS), which describes the terms and features of the bonds, would
be disseminated to potential buyers.
x Adoption of the final bond ordinance by City Council is scheduled for July 11th, with the bond sale
taking place sometime between the 11th and the 13th, depending on market conditions.
x Closing would take place on August 2nd; issuance costs would be paid, and the City would receive
$10 million in new money bond proceeds to finance water improvements.
All and all, the issuance process should take roughly 60 days to complete, from approval of the authorizing
ordinance on May 30th through the closing date in early August.
Attached are two preliminary debt service schedules (prepared by Speer Financial), which show estimated annual
debt service amounts fluctuating between ~$625,000 to ~$675,000, depending on the timeframe (30-year or 25-
year – Exhibits C & D) chosen to finance the project. Staff is currently recommending a 30-year time frame (as
presented in the FY 24 Proposed Budget draft) in order to minimize cash outflows in anticipation of significant
future borrowings related to the DWC/Lake Michigan water sourcing project.
Recommendation
Informational item.
41461234.3
MINUTES of a regular public meeting of the City Council of the United
City of Yorkville, Kendall County, Illinois, held in the City Hall, 651
Prairie Pointe Drive, Yorkville, Illinois, at 7 o’clock P.M., on the 30th
day of May, 2023.
The Mayor called the meeting to order and directed the City Clerk to call the roll.
Upon the roll being called, John Purcell, the City Mayor, and the following Aldermen were
physically present at said location:
________________________________________________ _____________________________
_____________________________________________________________________________.
The following Aldermen were allowed by a majority of the Aldermen of the City Council
in accordance with and to the extent allowed by rules adopted by the City Council to attend the
meeting by video or audio conference: _______________________________________________
______________________________________________________________________________
No Alderman was not permitted to attend the meeting by video or audio conference.
The following Aldermen were absent and did not participate in the meeting in any manner
or to any extent whatsoever: _______________________________________________________
______________________________________________________________________________
The Mayor announced that, in view of the need to provide funds for the enhancement of
the City’s water delivery system, the City Council would consider the adoption of an ordinance
authorizing the issuance of its water revenue bonds or, in lieu thereof, its general obligation
alternate revenue bonds pursuant to Section 15 of the Local Government Debt Reform Act of the
State of Illinois, as amended, and the Municipal Code of the State of Illinois, as amended, and
directing the publication of a notice setting forth the determination of the City Council to issue
such bonds.
Exhibit A
2
Whereupon Alderman ____________________ presented and the City Clerk read by title
an Ordinance as follows, a copy of which was provided to each Alderman prior to said meeting
and to everyone in attendance at said meeting who requested a copy:
AN ORDINANCE authorizing the issuance of water revenue bonds or,
in lieu thereof, general obligation alternate revenue bonds, of the
United City of Yorkville, Kendall County, Illinois in an aggregate
principal amount not to exceed $11,000,000 pursuant to Section 15
of the Local Government Debt Reform Act of the State of Illinois,
as amended, and the Municipal Code of the State of Illinois, as
amended, for the purpose of paying the costs of enhancing the City’s
water delivery system.
* * * * *
WHEREAS, the United City of Yorkville, Kendall County, Illinois (the “City”), is a duly
organized and existing municipality incorporated and existing under the provisions of the laws of
the State of Illinois, and is now operating under the provisions of Illinois Municipal Code, as
amended (the “Code”), and all laws amendatory thereof and supplementary thereto, including
without limitation the Local Government Debt Reform Act of the State of Illinois, as amended (the
“Debt Reform Act”); and
WHEREAS, the City has owned and operated a municipally-owned water supply system
(the “System”) under and pursuant to the provisions of Division 129 of Article 11 of the Code; and
WHEREAS, the Mayor and the City Council of the City (the “City Council”) have
determined that it is advisable, necessary and in the best interests of the public health, safety,
welfare and convenience of the City to enhance the System, including replacing existing water
mains, constructing a new well, modifying the existing raw water main and water treatment plant
and other capital improvements relating to the System (collectively, the “Project”), all in
accordance with the preliminary plans and estimates of costs therefor heretofore presented to the
City Council and
WHEREAS, the estimated costs of the Project, including, without limitation, legal, financial,
bond discount, bond registrar, paying agent and other related banking fees, printing and publication
costs and other expenses, does not exceed $11,000,000, but the City does not currently have
sufficient funds on hand and lawfully available to pay such costs; and
2
WHEREAS, pursuant to Article 8 and Article 11 of the Code, the City is authorized to issue
its water revenue bonds payable solely from the revenue derived from the operation of the System
to pay the costs of the Project (the “Revenue Bonds”), subject to right of backdoor petition for
referendum; and
WHEREAS, pursuant to the provisions of Section 15 of the Debt Reform Act, whenever the
City has been authorized under applicable law (as defined in the Debt Reform Act) to issue revenue
bonds under the Code, the City may issue its general obligation alternate bonds (as defined in the
Debt Reform Act) in lieu of such revenue bonds; and
WHEREAS, it is necessary and for the best interests of the City that the Project be
undertaken, and, in order to finance the cost thereof, it will be necessary for the City to issue (a)
the Revenue Bonds in an aggregate amount not to exceed $11,000,000 payable from the revenue
derived from the operation of the System, or (b) in lieu thereof, its general obligation alternate
revenue bonds (the “Alternate Bonds”), which Alternate Bonds shall be in an aggregate amount
not to exceed $11,000,000 and be payable from (i) the net revenues derived from the operation of
the System, (ii) all collections of any non-home rule “places for eating” sales tax imposed by the
City and deposited into the City’s Water Fund (the “Water Fund”), and (iii) certain moneys on
deposit from time to time in the funds and accounts held within the Water Fund (collectively, the
“Pledged Revenues”), as authorized to be issued at this time pursuant to the Debt Reform Act; and
WHEREAS, as provided in the Debt Reform Act, if the Pledged Revenues are insufficient
to pay the principal and interest on the Alternate Bonds, ad valorem property taxes levied upon all
taxable property in the City without limitation as to rate or amount are authorized to be extended
and collected to pay the principal of and interest on the Alternate Bonds; and
3
WHEREAS, the costs of the Project are expected to be paid for from the proceeds of the
Alternate Bonds which are authorized to be issued pursuant to the Debt Reform Act, subject to the
right of backdoor petition for referendum; and
WHEREAS, pursuant to and in accordance with the provisions of Section 15 of the Debt
Reform Act, and in lieu of the issuance of its Revenue Bonds, the City is authorized to issue its
Alternate Bonds in an aggregate principal amount not to exceed $11,000,000 for the purpose of
providing funds to pay the costs of the Project; and
WHEREAS, before Revenue Bonds or, in lieu thereof, the Alternate Bonds may be issued
for said purpose, Division 129 of Article 11 of the Code and Section 15 of the Debt Reform Act
require that the City Council must first adopt an Ordinance authorizing the issuance of the Revenue
Bonds or, in lieu thereof, the Alternate Bonds for said purpose and directing that notice of such
authorization be published as provided by law.
NOW, THEREFORE, Be It and It Is Hereby 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 all of the
recitals contained in the preambles to this Ordinance are full, true and correct and does incorporate
them into this Ordinance by this reference.
Section 2. Determination to Issue Bonds. It is necessary and in the best interests of
the public health, safety, welfare and convenience of the City to undertake the Project in
accordance with the estimate of costs as hereinabove described, and that for such purpose there
are hereby authorized to be issued and sold by the City its Revenue Bonds in an aggregate principal
amount not to exceed $11,000,000 or, in lieu thereof, its Alternate Bonds in an aggregate principal
amount not to exceed $11,000,000. The issuance of the Revenue Bonds or, in lieu thereof, the
4
Alternate Bonds shall be subject to the right of backdoor petition for referendum as set forth herein
and the adoption of a bond ordinance setting forth the terms for the issuance and sale thereof.
Section 3. Publication. This Ordinance, together with a notice in the statutory form as
set forth herein in Section 4 (the “Notice”), shall be published at least once within ten (10) days
after passage hereof by the City Council in the Beacon-News, the same being a newspaper of
general circulation in the City, and if no petition, signed by not less than 1,531 registered voters
of the City (being the number of registered voters equal to ten percent (10%) of the registered
voters of the City), asking that the question of the Project, as provided in this Ordinance, and the
issuance of the Revenue Bonds therefor be submitted to the electors of this City is filed with the
City Clerk within thirty (30) days after the date of the publication of this Ordinance and the Notice,
then the Revenue Bonds shall be authorized to be issued. If such petition is filed with the City
Clerk within thirty (30) days after the date of publication of this Ordinance and the Notice, an
election on the proposition to issue the Revenue Bonds shall be held on the 19th day of March,
2024 (being the next election held in accordance with the general election law of the State of
Illinois). The City Clerk shall make a petition form available to anyone requesting one.
If no petition, signed by not less than 1,148 registered voters of the City (being the number
of registered voters equal to the greater of (a) seven and one-half percent (7.5%) of the registered
voters of the City, or (b) the lesser of (i) fifteen percent (15%) of the registered voters of the City,
or (ii) 200 registered voters), asking that the issuance of the Alternate Bonds be submitted to
referendum, is filed with the City Clerk within thirty (30) days after the date of the publication of
this Ordinance and the Notice, then the Alternate Bonds shall be authorized to be issued. If such
petition is filed with the City Clerk within thirty (30) days after the date of publication of this
Ordinance and the Notice, an election on the proposition to issue the Alternate Bonds shall be held
on the 19th day of March, 2024 (being the next election held in accordance with the general election
5
law of the State of Illinois). The City Clerk shall make a petition form available to anyone
requesting one.
It is expressly provided that in the event there shall be filed with the City Clerk in a timely
manner a petition, asking that the issuance of the Revenue Bonds be submitted to a referendum,
the Alternate Bonds shall not be authorized to be issued until such time as the issuance of the
Revenue Bonds shall have been submitted to the electors of the City and a majority of votes cast
on such question shall have been in favor thereof.
Section 4. Form of Notice. The notice of the intention to issue the Revenue Bonds or,
in lieu thereof, the Alternate Bonds shall be in substantially the following form:
NOTICE OF INTENT OF
THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
TO ISSUE $11,000,000 REVENUE BONDS OR, IN LIEU THEREOF,
$11,000,000 ALTERNATE REVENUE BONDS
AND RIGHT TO FILE PETITION
PUBLIC NOTICE is hereby given that pursuant to an Ordinance (the “Ordinance”) adopted
on the 30th day of May, 2023 by the City Council (the “City Council”) of the United City of
Yorkville, Kendall County, Illinois (the “City”), the City intends to issue its revenue bonds,
payable solely from the revenue derived from the operation of the City’s water delivery system
(the “System”), in an aggregate amount of not to exceed $11,000,000 and bearing interest per
annum at a rate not to exceed the maximum rate authorized by law at the such revenue bonds are
sold (the “Revenue Bonds”) or, in lieu thereof, its general obligation alternate revenue bonds in an
aggregate amount of not to exceed $11,000,000 (the “Alternate Bonds”), for the purpose of
providing funds for the enhancement of the City’s water delivery system, including replacing
existing water mains, constructing a new well, modifying the existing raw water main and water
treatment plant and other capital improvements relating to the System.
The revenue sources for the payment of the Alternate Bonds will be (i) the net revenues
derived from the operation of the System, (ii) all collections of any non-home rule “places for
eating” sales tax imposed by the City and deposited into the City’s Water Fund, and (iii) certain
moneys on deposit from time to time in the funds and accounts held within the City’s Water Fund.
If these revenue sources are insufficient to pay the Alternate Bonds, the City will also levy ad
valorem property taxes upon all taxable property in the City without limitation as to rate or amount
to pay the principal of and interest on the Alternate Bonds. This notice is incorporated into the
Ordinance.
Notice is hereby further given that a petition may be filed with the City Clerk (the “City
Clerk”) within thirty (30) days after the date of publication of the Ordinance and this notice, signed
by not less than 1,531 registered voters of the City (being the number of registered voters equal to
ten percent (10%) of the registered voters of the City) asking that the question of the Project, as
provided in the Ordinance, and the issuance of the Revenue Bonds be submitted to the voters of
the City. If such petition is filed with the City Clerk within thirty (30) days after the date of
publication of this notice, an election on the proposition to issue the Revenue Bonds shall be held
on the 19th day of March, 2024. Forms of petitions for such purposes are available to any individual
requesting one from the office of the City Clerk.
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. If no such petition is filed within said thirty (30) day period, then the City
shall thereafter be authorized to issue the Revenue Bonds for the purpose hereinabove provided.
Notice is further hereby further given that a petition may be filed with the City Clerk within
thirty (30) days after the date of publication of the Ordinance and this notice, signed by not less
than 1,148 registered voters of the City (being the number of registered voters equal to the greater
of (a) seven and one-half percent (7.5%) of the registered voters of the City, or (b) the lesser of (i)
fifteen percent (15%) of the registered voters of the City, or (ii) 200 registered voters) asking that
the issuance of the Alternate Bonds be submitted to the voters of the City. If such petition is filed
with the City Clerk within thirty (30) days after the date of publication of this notice, an election
2
on the proposition to issue the Alternate Bonds shall be held on the 19th day of March, 2024. Forms
of petitions for such purposes are available to any individual requesting one from the office of the
City Clerk.
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. If no such petition is filed within said thirty (30) day period, then the City
shall thereafter be authorized to issue the Alternate Bonds for the purpose hereinabove provided.
By order of the City Council of the United City of Yorkville, Kendall County, Illinois.
DATED this 30th day of May, 2023.
Jori Behland
City Clerk
United City of Yorkville, Kendall County,
Illinois
Note to Publisher: Please be certain that this notice appears over the name of the City Clerk.
3
Section 5. Additional Ordinances. If no petition with respect to the issuance of the
Revenue Bonds or, in lieu thereof, the Alternate Bonds and 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
issuance and sale of the Revenue Bonds or, in lieu thereof, the Alternate Bonds and prescribing all
the details of the Revenue Bonds or, in lieu thereof, the Alternate Bonds, so long as the maximum
amount of the Revenue Bonds or, in lieu thereof, the Alternate Bonds as set forth in this Ordinance
is not exceeded and there is no material change in the Project described herein. Such additional
ordinances or proceedings shall in all instances become effective immediately without publication
or posting or any further act or requirement. This Ordinance, together with such additional
ordinances or proceedings, shall constitute complete authority for the issuance of the Revenue
Bonds or, in lieu thereof, the Alternate Bonds under applicable law.
Section 6. Severability. If any section, paragraph, clause or provision of this Ordinance
shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of
such section, paragraph, clause or provision shall not affect any of the remaining provisions of this
Ordinance.
(This space is intentionally blank)
4
Section 7. Repealer and Effective Date. All Ordinances and parts of Ordinances in
conflict herewith be and the same are hereby repealed and that this Ordinance be in full force and
effect forthwith upon its adoption.
ADOPTED by the City Council on the 30th day of May, 2023, pursuant to a roll call vote as
follows:
DANIEL V. TRANSIER KEN KOCH
MATT MAREK ARDEN JOE PLOCHER
CHRIS FUNKHOUSER SEAVER TARULIS
CRAIG SOLING RUSTY CORNEILS
APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, the
30th day of May, 2023.
MAYOR
PASSED by the City Council of the United City of Yorkville, Kendall County, Illinois, the
30th day of May, 2023.
CITY CLERK
Alderman _______________________ moved and Alderman
________________________ seconded the motion that said Ordinance as presented and read by
title be adopted.
After a full and complete discussion thereof, the Mayor directed the City Clerk to call the
roll for a vote upon the motion to adopt said Ordinance.
Upon the roll being called, the following Aldermen voted AYE: ____________________
_____________________________________________________________________________.
The following Aldermen voted NAY: __________________________________________
Whereupon the Mayor declared the motion carried and said Ordinance adopted, and in
open meeting approved and signed said Ordinance 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,
which was done.
Other business not pertinent to the adoption of said Ordinance was duly transacted at said
meeting.
Upon motion duly made, seconded and carried, the meeting was adjourned.
____________________________________
City Clerk
STATE OF ILLINOIS )
) SS
COUNTY OF KENDALL )
CERTIFICATION OF MINUTES AND ORDINANCE
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 that as such official I am
the keeper of the records and files of the City and of the City Council thereof (the “City Council”).
I do further certify that the foregoing constitutes a full, true and complete transcript of the
minutes of the meeting of the City Council held on the 30th day of May, 2023, insofar as same
relates to the adoption of Ordinance No. entitled:
AN ORDINANCE authorizing the issuance of water revenue bonds or,
in lieu thereof, general obligation alternate revenue bonds, of the
United City of Yorkville, Kendall County, Illinois in an aggregate
principal amount not to exceed $11,000,000 pursuant to Section 15
of the Local Government Debt Reform Act of the State of Illinois,
as amended, and the Municipal Code of the State of Illinois, as
amended, for the purpose of paying the costs of enhancing the City’s
water delivery system.
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 City Council on the adoption of said
Ordinance were conducted 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 City Council at least 96 hours in advance of the holding of said meeting and on a day
that was not a Saturday, Sunday or legal holiday in the State of Illinois, that a true, correct and
complete copy of said agenda as so posted is attached hereto as Exhibit A, that said meeting was
called and held in strict compliance with the provisions of the Public Code of the State of Illinois,
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 City Council has complied with
all of the provisions of said Acts and with all of the procedural rules of the City Council in the
conduct of said meeting and in the adoption of said Ordinance.
IN WITNESS WHEREOF, I hereunto affix my official signature, this 30th day of May, 2023.
(SEAL)
City Clerk, United City of Yorkville, Kendall
County, Illinois
[Attach Agenda as Exhibit A]
STATE OF ILLINOIS )
) SS
COUNTY OF KENDALL )
PETITION –REVENUE BONDS
We, the undersigned, do hereby certify that we are registered voters of United City of
Yorkville, Kendall County, Illinois, and as such voters, we do hereby petition you to cause that the
following question be submitted to the voters of said City: “Shall the City Council of United City
of Yorkville, Kendall County, Illinois, be authorized to issue not to exceed $11,000,000 revenue
bonds to provide funds for the enhancement of the City’s water delivery system, including
replacing existing water mains, constructing a new well, modifying the existing raw water main
and water treatment plant and other capital improvements relating thereto, as provided for by the
Ordinance adopted by the City Council of said City on the 30th day of May, 2023, with the revenue
sources to be used to pay the principal of and interest on said revenue bonds to be the revenues of
the City’s water delivery system?”; and we do hereby further request that the City Clerk certify
said proposition to the County Clerk of The County of Kendall, Illinois, for submission to said
City voters at the election to be held on the 19th day of March, 2024:
CITY,
STREET ADDRESS OR CITY
SIGNATURE RURAL ROUTE NUMBER OR TOWN COUNTY
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
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), Yorkville,
Kendall County, Illinois, 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 ____________, 2023.
___________________________________
Illinois Notary Public
My commission expires _______________
(NOTARY SEAL)
STATE OF ILLINOIS )
) SS
COUNTY OF KENDALL )
NO PETITION CERTIFICATE
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 official I do further
certify that pursuant to an Ordinance entitled:
AN ORDINANCE authorizing the issuance of water revenue bonds or,
in lieu thereof, general obligation alternate revenue bonds, of the
United City of Yorkville, Kendall County, Illinois in an aggregate
principal amount not to exceed $11,000,000 pursuant to Section 15
of the Local Government Debt Reform Act of the State of Illinois,
as amended, and the Municipal Code of the State of Illinois, as
amended, for the purpose of paying the costs of enhancing the City’s
water delivery system,
duly adopted by the City Council of the City (the “City Council”) on the 30th day of May, 2023,
notice of authorization of the City to issue not to exceed $11,000,000 Revenue Bonds was
published on the day of , 2023, in the Beacon-News, the same being a newspaper of
general circulation in the City, and was not posted electronically on the City’s World Wide Web
pages.
I do further certify that no petition has ever been filed in my office as City Clerk or has
ever been presented to me as such official requesting that the proposition to issue said revenue
bonds be submitted to the voters of the City, but that I provided a petition form regarding the same
to every individual requesting one.
IN WITNESS WHEREOF, I hereunto affix my official signature, this ____ day of ,
2023.
__________________________________
City Clerk
STATE OF ILLINOIS )
) SS
COUNTY OF KENDALL )
PETITION – ALTERNATE REVENUE BONDS
We, the undersigned, do hereby certify that we are registered voters of United City of
Yorkville, Kendall County, Illinois, and as such voters, we do hereby petition you to cause that the
following question be submitted to the voters of said City: “Shall the City Council of United City
of Yorkville, Kendall County, Illinois, be authorized to issue not to exceed $11,000,000 general
obligation alternate revenue bonds to provide funds for the enhancement of the City’s water
delivery system, including replacing existing water mains, constructing a new well, modifying the
existing raw water main and water treatment plant and other capital improvements relating thereto,
as provided for by the Ordinance adopted by the City Council of said City on the 30th day of May,
2023, with the revenue sources to be used to pay the principal of and interest on said bonds to be
(i) the net revenues derived from the operation of the City’s water delivery system, (ii) all
collections of any non-home rule “places for eating” sales tax imposed by the City and deposited
into the City’s Water Fund, and (iii) certain moneys on deposit from time to time in the funds and
accounts held within the City’s Water Fund, unless said revenue sources are insufficient to pay
said bonds, in which case ad valorem property taxes levied upon all taxable property in said City
without limitation as to rate or amount are authorized to be extended for such purpose?”; and we
do hereby further request that the City Clerk certify said proposition to the County Clerk of The
County of Kendall, Illinois, for submission to said City voters at the election to be held on the 19th
day of March, 2024:
CITY,
STREET ADDRESS OR CITY
SIGNATURE RURAL ROUTE NUMBER OR TOWN COUNTY
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
___________________ ____________________, Yorkville, Kendall County, Illinois
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), Yorkville,
Kendall County, Illinois, 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 ____________, 2023.
___________________________________
Illinois Notary Public
My commission expires _______________
(NOTARY SEAL)
STATE OF ILLINOIS )
) SS
COUNTY OF KENDALL )
NO PETITION CERTIFICATE
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 official I do further
certify that pursuant to an Ordinance entitled:
AN ORDINANCE authorizing the issuance of water revenue bonds or,
in lieu thereof, general obligation alternate revenue bonds, of the
United City of Yorkville, Kendall County, Illinois in an aggregate
principal amount not to exceed $11,000,000 pursuant to Section 15
of the Local Government Debt Reform Act of the State of Illinois,
as amended, and the Municipal Code of the State of Illinois, as
amended, for the purpose of paying the costs of enhancing the City’s
water delivery system,
duly adopted by the City Council of the City (the “City Council”) on the 30th day of May, 2023,
notice of authorization of the City to issue not to exceed $11,000,000 Alternate Revenue Bonds
was published on the day of , 2023, in the Beacon-News, the same being a newspaper
of general circulation in the City, and was not posted electronically on the City’s World Wide Web
pages.
I do further certify that no petition has ever been filed in my office as City Clerk or has
ever been presented to me as such official requesting that the proposition to issue said bonds be
submitted to the voters of the City, but that I provided a petition form regarding the same to every
individual requesting one.
IN WITNESS WHEREOF, I hereunto affix my official signature, this ____ day of ,
2023.
__________________________________
City Clerk
ORDER calling a public hearing concerning the intent of the City
Council of the United City of Yorkville, Kendall County, Illinois, to sell
not to exceed $11,000,000 General Obligation Alternate Revenue
Bonds.
* * *
WHEREAS, the United City of Yorkville, Kendall County, Illinois (the “City”), is a duly
organized and existing municipality incorporated and existing under the provisions of the laws of
the State of Illinois, and is now operating under the provisions of Illinois Municipal Code, as
amended, and all laws amendatory thereof and supplementary thereto, including the Local
Government Debt Reform Act of the State of Illinois, as amended (the “Debt Reform Act”); and
WHEREAS, the City Council of the City (the “City Council”) intends to sell bonds in the
amount of not to exceed $11,000,000 (the “Bonds”) for the purpose of providing funds for the
enhancement of the City’s water supply system, including replacing existing water mains,
constructing a new well, modifying the existing raw water main and water treatment plant and
other capital improvements relating thereto; and
WHEREAS, the Bond Issue Notification Act of the State of Illinois, as amended, requires
the City Council to hold a public hearing concerning the City Council’s intent to sell the Bonds
before adopting an ordinance providing for the sale of the Bonds and further requires that the
governing body or the presiding officer of the governing body set the date, time, and location of
such public hearing:
NOW, THEREFORE, Be It and It Is Hereby Ordered by the Mayor of the United City of
Yorkville, Kendall County, Illinois, as follows:
1. Public Hearing. I hereby call a public hearing to be held at 7:00 o’clock P.M. on the
13th day of June, 2023, in the City Hall, 651 Prairie Pointe Drive, Yorkville, Illinois, concerning
the City Council’s intent to sell the Bonds and to receive public comments regarding the proposal
to sell the Bonds (the “Hearing”).
Exhibit B
-2-
2. Notice. I hereby direct the City Clerk (the “City Clerk”) to (i) publish notice of the
Hearing at least once in the Beacon-News, the same being a newspaper of general circulation in
the City, not less than seven (7) nor more than thirty (30) days before the date of the Hearing and
(ii) post at least 48 hours before the Hearing a copy of said notice at the principal office of the City
Council.
3. Form of Notice. Notice of the Hearing shall appear above the name of the City Clerk
and shall be in substantially the following form:
-3-
NOTICE OF PUBLIC HEARING CONCERNING THE INTENT OF
THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS TO SELL
NOT TO EXCEED $11,000,000,000 GENERAL OBLIGATION
ALTERNATE REVENUE BONDS
PUBLIC NOTICE IS HEREBY GIVEN that the United City of Yorkville, KendallCounty, Illinois
(the “City”), will hold a public hearing on the 13th day of June, 2023, at 7:00 o’clock P.M. The
hearing will be held in the City Hall, 651 Prairie Pointe Drive, Yorkville, Illinois. The purpose of
the hearing will be to receive public comments on the proposal to sell general obligation alternate
revenue bonds of the City in the amount of not to exceed $11,000,000 for the purpose of providing
funds for the enhancement of the City’s water supply system, including replacing existing water
mains, constructing a new well, modifying the existing raw water main and water treatment plant
and other capital improvements relating thereto.
In accordance with Public Act 101-0640 and Gubernatorial Disaster Proclamation issued
by Governor Pritzker pursuant to the powers vested in the Governor under the Illinois Emergency
Management Agency Act, the City is encouraging social distancing by allowing remote attendance
to the public hearing. Public comments on such proposal may be emailed to
jbehland@yorkville.il.us. The City publishes a remote participation meeting link for every City
meeting at KWWSV ZZZ\RUNYLOOHLOXV$JHQGDVဨ0LQXWHVဨ3DFNHWV. Each meeting generally has
a phone number IRUDXGLRFDOOဨLQRUDYLGHRPHHWLQJOLQN5HVLGHQWVZKRDWWHQGWKHPHHWLQJYLD
phone or computer through the methods above, may speak during the public hearing.
By order of the Mayor of the United City of Yorkville, Kendall County, Illinois.
DATED the 30th day of May, 2023.
Jori Behland
City Clerk
United City of Yorkville, Kendall County,
Illinois
Note to Publisher: Please be certain that this notice appears above the name of the City Clerk.
-4-
4. Hearing Requirements. At the Hearing, the City Council shall explain the reasons
for the proposed bond issue and permit persons desiring to be heard an opportunity to present
written or oral testimony within reasonable time limits. The City Council shall not adopt an
ordinance selling the Bonds for a period of seven (7) days after the final adjournment of the
Hearing.
ORDERED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois,
the 30th day of May, 2023.
MAYOR
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2023A
Dated: August 2, 2023
$10M Project / 30 Year / Preliminary
Table of Contents
Report
Sources & Uses 1
Debt Service Schedule 2
Net Debt Service Schedule 3
Pricing Summary 4
Proof of D/S for Arbitrage Purposes 5
Proof of Bond Yield @ 4.5601685%6
2023 Bonds PRLM 30 YR Ter | SINGLE PURPOSE | 5/24/2023 | 9:01 AM
Speer Financial, Inc.
Exhibit C
$10M Project / 30 Year / Preliminary i
Preliminary, as of May 24, 2023
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2023A
Dated: August 2, 2023
$10M Project / 30 Year / Preliminary
Sources & Uses
Dated 08/02/2023 | Delivered 08/02/2023
Sources Of Funds
Par Amount of Bonds $9,950,000.00
Reoffering Premium 165,034.05
Total Sources $10,115,034.05
Uses Of Funds
Total Underwriter's Discount (0.330%)33,379.61
Costs of Issuance 80,000.00
Deposit to Project Construction Fund 10,000,000.00
Rounding Amount 1,654.44
Total Uses $10,115,034.05
2023 Bonds PRLM 30 YR Ter | SINGLE PURPOSE | 5/24/2023 | 9:01 AM
Speer Financial, Inc.
PPagee 1
$10M Project / 30 Year / Preliminary m
Preliminary, as of May 24, 2023
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2023A
Dated: August 2, 2023
$10M Project / 30 Year / Preliminary
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
08/02/2023 -----
12/30/2023 --193,833.75 193,833.75 193,833.75
06/30/2024 --235,743.75 235,743.75 -
12/30/2024 155,000.00 5.000%235,743.75 390,743.75 626,487.50
06/30/2025 --231,868.75 231,868.75 -
12/30/2025 160,000.00 5.000%231,868.75 391,868.75 623,737.50
06/30/2026 --227,868.75 227,868.75 -
12/30/2026 170,000.00 5.000%227,868.75 397,868.75 625,737.50
06/30/2027 --223,618.75 223,618.75 -
12/30/2027 180,000.00 5.000%223,618.75 403,618.75 627,237.50
06/30/2028 --219,118.75 219,118.75 -
12/30/2028 190,000.00 5.000%219,118.75 409,118.75 628,237.50
06/30/2029 --214,368.75 214,368.75 -
12/30/2029 195,000.00 5.000%214,368.75 409,368.75 623,737.50
06/30/2030 --209,493.75 209,493.75 -
12/30/2030 205,000.00 5.000%209,493.75 414,493.75 623,987.50
06/30/2031 --204,368.75 204,368.75 -
12/30/2031 215,000.00 5.000%204,368.75 419,368.75 623,737.50
06/30/2032 --198,993.75 198,993.75 -
12/30/2032 230,000.00 5.000%198,993.75 428,993.75 627,987.50
06/30/2033 --193,243.75 193,243.75 -
12/30/2033 240,000.00 5.000%193,243.75 433,243.75 626,487.50
06/30/2034 --187,243.75 187,243.75 -
12/30/2034 250,000.00 5.000%187,243.75 437,243.75 624,487.50
06/30/2035 --180,993.75 180,993.75 -
12/30/2035 265,000.00 5.000%180,993.75 445,993.75 626,987.50
06/30/2036 --174,368.75 174,368.75 -
12/30/2036 275,000.00 5.000%174,368.75 449,368.75 623,737.50
06/30/2037 --167,493.75 167,493.75 -
12/30/2037 290,000.00 5.000%167,493.75 457,493.75 624,987.50
06/30/2038 --160,243.75 160,243.75 -
12/30/2038 305,000.00 4.250%160,243.75 465,243.75 625,487.50
06/30/2039 --153,762.50 153,762.50 -
12/30/2039 320,000.00 4.250%153,762.50 473,762.50 627,525.00
06/30/2040 --146,962.50 146,962.50 -
12/30/2040 330,000.00 4.500%146,962.50 476,962.50 623,925.00
06/30/2041 --139,537.50 139,537.50 -
12/30/2041 345,000.00 4.500%139,537.50 484,537.50 624,075.00
06/30/2042 --131,775.00 131,775.00 -
12/30/2042 360,000.00 4.500%131,775.00 491,775.00 623,550.00
06/30/2043 --123,675.00 123,675.00 -
12/30/2043 380,000.00 4.500%123,675.00 503,675.00 627,350.00
06/30/2044 --115,125.00 115,125.00 -
12/30/2044 395,000.00 4.500%115,125.00 510,125.00 625,250.00
06/30/2045 --106,237.50 106,237.50 -
12/30/2045 415,000.00 4.500%106,237.50 521,237.50 627,475.00
06/30/2046 --96,900.00 96,900.00 -
12/30/2046 430,000.00 4.750%96,900.00 526,900.00 623,800.00
06/30/2047 --86,687.50 86,687.50 -
12/30/2047 450,000.00 4.750%86,687.50 536,687.50 623,375.00
06/30/2048 --76,000.00 76,000.00 -
12/30/2048 475,000.00 4.750%76,000.00 551,000.00 627,000.00
06/30/2049 --64,718.75 64,718.75 -
12/30/2049 495,000.00 4.750%64,718.75 559,718.75 624,437.50
06/30/2050 --52,962.50 52,962.50 -
12/30/2050 520,000.00 4.750%52,962.50 572,962.50 625,925.00
06/30/2051 --40,612.50 40,612.50 -
12/30/2051 545,000.00 4.750%40,612.50 585,612.50 626,225.00
06/30/2052 --27,668.75 27,668.75 -
12/30/2052 570,000.00 4.750%27,668.75 597,668.75 625,337.50
06/30/2053 --14,131.25 14,131.25 -
12/30/2053 595,000.00 4.750%14,131.25 609,131.25 623,262.50
Total $9,950,000.00 -$9,005,408.75 $18,955,408.75 -
Yield Statistics
Bond Year Dollars $191,600.56
Average Life 19.256 Years
Average Coupon 4.7000953%
Net Interest Cost (NIC)4.6313823%
True Interest Cost (TIC)4.5936103%
Bond Yield for Arbitrage Purposes 4.5601685%
All Inclusive Cost (AIC)4.6604209%
IRS Form 8038
Net Interest Cost 4.6086070%
Weighted Average Maturity 18.964 Years
2023 Bonds PRLM 30 YR Ter | SINGLE PURPOSE | 5/24/2023 | 9:01 AM
Speer Financial, Inc.
PPagee 2
$10M Project / 30 Year / Preliminary oject / 30 Year / Preliminar
Debt Service ScheduleService Schedu
Preliminary, as of May 24, 2023
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2023A
Dated: August 2, 2023
$10M Project / 30 Year / Preliminary
Net Debt Service Schedule
Date Principal Coupon Interest Total P+I Net New D/S
12/30/2023 --193,833.75 193,833.75 193,833.75
12/30/2024 155,000.00 5.000%471,487.50 626,487.50 626,487.50
12/30/2025 160,000.00 5.000%463,737.50 623,737.50 623,737.50
12/30/2026 170,000.00 5.000%455,737.50 625,737.50 625,737.50
12/30/2027 180,000.00 5.000%447,237.50 627,237.50 627,237.50
12/30/2028 190,000.00 5.000%438,237.50 628,237.50 628,237.50
12/30/2029 195,000.00 5.000%428,737.50 623,737.50 623,737.50
12/30/2030 205,000.00 5.000%418,987.50 623,987.50 623,987.50
12/30/2031 215,000.00 5.000%408,737.50 623,737.50 623,737.50
12/30/2032 230,000.00 5.000%397,987.50 627,987.50 627,987.50
12/30/2033 240,000.00 5.000%386,487.50 626,487.50 626,487.50
12/30/2034 250,000.00 5.000%374,487.50 624,487.50 624,487.50
12/30/2035 265,000.00 5.000%361,987.50 626,987.50 626,987.50
12/30/2036 275,000.00 5.000%348,737.50 623,737.50 623,737.50
12/30/2037 290,000.00 5.000%334,987.50 624,987.50 624,987.50
12/30/2038 305,000.00 4.250%320,487.50 625,487.50 625,487.50
12/30/2039 320,000.00 4.250%307,525.00 627,525.00 627,525.00
12/30/2040 330,000.00 4.500%293,925.00 623,925.00 623,925.00
12/30/2041 345,000.00 4.500%279,075.00 624,075.00 624,075.00
12/30/2042 360,000.00 4.500%263,550.00 623,550.00 623,550.00
12/30/2043 380,000.00 4.500%247,350.00 627,350.00 627,350.00
12/30/2044 395,000.00 4.500%230,250.00 625,250.00 625,250.00
12/30/2045 415,000.00 4.500%212,475.00 627,475.00 627,475.00
12/30/2046 430,000.00 4.750%193,800.00 623,800.00 623,800.00
12/30/2047 450,000.00 4.750%173,375.00 623,375.00 623,375.00
12/30/2048 475,000.00 4.750%152,000.00 627,000.00 627,000.00
12/30/2049 495,000.00 4.750%129,437.50 624,437.50 624,437.50
12/30/2050 520,000.00 4.750%105,925.00 625,925.00 625,925.00
12/30/2051 545,000.00 4.750%81,225.00 626,225.00 626,225.00
12/30/2052 570,000.00 4.750%55,337.50 625,337.50 625,337.50
12/30/2053 595,000.00 4.750%28,262.50 623,262.50 623,262.50
Total $9,950,000.00 -$9,005,408.75 $18,955,408.75 $18,955,408.75
2023 Bonds PRLM 30 YR Ter | SINGLE PURPOSE | 5/24/2023 | 9:01 AM
Speer Financial, Inc.
PPage 3
Preliminary, as of May 24, 2023
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2023A
Dated: August 2, 2023
$10M Project / 30 Year / Preliminary
Pricing Summary
Maturity Type of Bond Coupon Yield
Maturity
Value Price YTM Call Date Call Price Dollar Price
12/30/2024 Serial Coupon 5.000%3.900%155,000.00 101.492% ---157,312.60
12/30/2025 Serial Coupon 5.000%3.700%160,000.00 102.969% ---164,750.40
12/30/2026 Serial Coupon 5.000%3.600%170,000.00 104.453% ---177,570.10
12/30/2027 Serial Coupon 5.000%3.500%180,000.00 106.078% ---190,940.40
12/30/2028 Serial Coupon 5.000%3.500%190,000.00 107.333% ---203,932.70
12/30/2029 Serial Coupon 5.000%3.500%195,000.00 108.544% ---211,660.80
12/30/2030 Serial Coupon 5.000%3.500%205,000.00 109.714% ---224,913.70
12/30/2031 Serial Coupon 5.000%3.500%215,000.00 110.844% ---238,314.60
12/30/2032 Serial Coupon 5.000%3.550%230,000.00 111.511% ---256,475.30
12/30/2033 Serial Coupon 5.000%3.600%240,000.00 112.063% ---268,951.20
12/30/2034 Serial Coupon 5.000%3.650%250,000.00 111.602%c 3.741%12/30/2033 100.000%279,005.00
12/30/2035 Serial Coupon 5.000%3.800%265,000.00 110.235%c 3.949%12/30/2033 100.000%292,122.75
12/30/2036 Serial Coupon 5.000%3.950%275,000.00 108.888%c 4.130%12/30/2033 100.000%299,442.00
12/30/2037 Serial Coupon 5.000%4.050%290,000.00 108.001%c 4.251%12/30/2033 100.000%313,202.90
12/30/2038 Serial Coupon 4.250%4.350%305,000.00 98.882% ---301,590.10
12/30/2039 Serial Coupon 4.250%4.400%320,000.00 98.256% ---314,419.20
12/30/2042 Term 1 Coupon 4.500%4.550%1,035,000.00 99.356% ---1,028,334.60
12/30/2045 Term 2 Coupon 4.500%4.650%1,190,000.00 97.921% ---1,165,259.90
12/30/2048 Term 3 Coupon 4.750%4.800%1,355,000.00 99.266% ---1,345,054.30
12/30/2053 Term 4 Coupon 4.750%4.850%2,725,000.00 98.414% ---2,681,781.50
Total ---$9,950,000.00 -----$10,115,034.05
Bid Information
Par Amount of Bonds $9,950,000.00
Reoffering Premium or (Discount)165,034.05
Gross Production $10,115,034.05
Total Underwriter's Discount (0.330%)$(33,379.61)
Bid (101.323%)10,081,654.44
Total Purchase Price $10,081,654.44
Bond Year Dollars $191,600.56
Average Life 19.256 Years
Average Coupon 4.7000953%
Net Interest Cost (NIC)4.6313823%
True Interest Cost (TIC)4.5936103%
2023 Bonds PRLM 30 YR Ter | SINGLE PURPOSE | 5/24/2023 | 9:01 AM
Speer Financial, Inc.
PPage 4
Preliminary, as of May 24, 2023
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2023A
Dated: August 2, 2023
$10M Project / 30 Year / Preliminary
Proof of D/S for Arbitrage Purposes
Date Principal Interest Total
08/02/2023 ---
12/30/2023 -193,833.75 193,833.75
06/30/2024 -235,743.75 235,743.75
12/30/2024 155,000.00 235,743.75 390,743.75
06/30/2025 -231,868.75 231,868.75
12/30/2025 160,000.00 231,868.75 391,868.75
06/30/2026 -227,868.75 227,868.75
12/30/2026 170,000.00 227,868.75 397,868.75
06/30/2027 -223,618.75 223,618.75
12/30/2027 180,000.00 223,618.75 403,618.75
06/30/2028 -219,118.75 219,118.75
12/30/2028 190,000.00 219,118.75 409,118.75
06/30/2029 -214,368.75 214,368.75
12/30/2029 195,000.00 214,368.75 409,368.75
06/30/2030 -209,493.75 209,493.75
12/30/2030 205,000.00 209,493.75 414,493.75
06/30/2031 -204,368.75 204,368.75
12/30/2031 215,000.00 204,368.75 419,368.75
06/30/2032 -198,993.75 198,993.75
12/30/2032 230,000.00 198,993.75 428,993.75
06/30/2033 -193,243.75 193,243.75
12/30/2033 1,320,000.00 193,243.75 1,513,243.75
06/30/2034 -160,243.75 160,243.75
12/30/2034 -160,243.75 160,243.75
06/30/2035 -160,243.75 160,243.75
12/30/2035 -160,243.75 160,243.75
06/30/2036 -160,243.75 160,243.75
12/30/2036 -160,243.75 160,243.75
06/30/2037 -160,243.75 160,243.75
12/30/2037 -160,243.75 160,243.75
06/30/2038 -160,243.75 160,243.75
12/30/2038 305,000.00 160,243.75 465,243.75
06/30/2039 -153,762.50 153,762.50
12/30/2039 320,000.00 153,762.50 473,762.50
06/30/2040 -146,962.50 146,962.50
12/30/2040 330,000.00 146,962.50 476,962.50
06/30/2041 -139,537.50 139,537.50
12/30/2041 345,000.00 139,537.50 484,537.50
06/30/2042 -131,775.00 131,775.00
12/30/2042 360,000.00 131,775.00 491,775.00
06/30/2043 -123,675.00 123,675.00
12/30/2043 380,000.00 123,675.00 503,675.00
06/30/2044 -115,125.00 115,125.00
12/30/2044 395,000.00 115,125.00 510,125.00
06/30/2045 -106,237.50 106,237.50
12/30/2045 415,000.00 106,237.50 521,237.50
06/30/2046 -96,900.00 96,900.00
12/30/2046 430,000.00 96,900.00 526,900.00
06/30/2047 -86,687.50 86,687.50
12/30/2047 450,000.00 86,687.50 536,687.50
06/30/2048 -76,000.00 76,000.00
12/30/2048 475,000.00 76,000.00 551,000.00
06/30/2049 -64,718.75 64,718.75
12/30/2049 495,000.00 64,718.75 559,718.75
06/30/2050 -52,962.50 52,962.50
12/30/2050 520,000.00 52,962.50 572,962.50
06/30/2051 -40,612.50 40,612.50
12/30/2051 545,000.00 40,612.50 585,612.50
06/30/2052 -27,668.75 27,668.75
12/30/2052 570,000.00 27,668.75 597,668.75
06/30/2053 -14,131.25 14,131.25
12/30/2053 595,000.00 14,131.25 609,131.25
Total $9,950,000.00 $8,867,158.75 $18,817,158.75
2023 Bonds PRLM 30 YR Ter | SINGLE PURPOSE | 5/24/2023 | 9:01 AM
Speer Financial, Inc.
PPage 5
Preliminary, as of May 24, 2023
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2023A
Dated: August 2, 2023
$10M Project / 30 Year / Preliminary
Proof of Bond Yield @ 4.5601685%
Date Cashflow PV Factor Present Value
Cumulative
PV
08/02/2023 -1.0000000x --
12/30/2023 193,833.75 0.9816339x 190,273.78 190,273.78
06/30/2024 235,743.75 0.9597508x 226,255.25 416,529.04
12/30/2024 390,743.75 0.9383555x 366,656.55 783,185.58
06/30/2025 231,868.75 0.9174372x 212,725.01 995,910.59
12/30/2025 391,868.75 0.8969851x 351,500.45 1,347,411.04
06/30/2026 227,868.75 0.8769891x 199,838.40 1,547,249.44
12/30/2026 397,868.75 0.8574387x 341,148.08 1,888,397.51
06/30/2027 223,618.75 0.8383242x 187,465.02 2,075,862.53
12/30/2027 403,618.75 0.8196358x 330,820.39 2,406,682.92
06/30/2028 219,118.75 0.8013641x 175,593.89 2,582,276.82
12/30/2028 409,118.75 0.7834996x 320,544.38 2,902,821.20
06/30/2029 214,368.75 0.7660334x 164,213.62 3,067,034.82
12/30/2029 409,368.75 0.7489566x 306,599.41 3,373,634.24
06/30/2030 209,493.75 0.7322604x 153,403.98 3,527,038.22
12/30/2030 414,493.75 0.7159365x 296,751.19 3,823,789.40
06/30/2031 204,368.75 0.6999764x 143,053.30 3,966,842.70
12/30/2031 419,368.75 0.6843721x 287,004.29 4,253,847.00
06/30/2032 198,993.75 0.6691157x 133,149.85 4,386,996.85
12/30/2032 428,993.75 0.6541994x 280,647.47 4,667,644.32
06/30/2033 193,243.75 0.6396157x 123,601.73 4,791,246.05
12/30/2033 1,513,243.75 0.6253570x 946,317.57 5,737,563.62
06/30/2034 160,243.75 0.6114162x 97,975.62 5,835,539.24
12/30/2034 160,243.75 0.5977862x 95,791.50 5,931,330.74
06/30/2035 160,243.75 0.5844600x 93,656.06 6,024,986.80
12/30/2035 160,243.75 0.5714309x 91,568.23 6,116,555.03
06/30/2036 160,243.75 0.5586922x 89,526.94 6,206,081.96
12/30/2036 160,243.75 0.5462376x 87,531.15 6,293,613.12
06/30/2037 160,243.75 0.5340605x 85,579.86 6,379,192.98
12/30/2037 160,243.75 0.5221549x 83,672.07 6,462,865.04
06/30/2038 160,243.75 0.5105148x 81,806.80 6,544,671.85
12/30/2038 465,243.75 0.4991341x 232,219.02 6,776,890.87
06/30/2039 153,762.50 0.4880071x 75,037.20 6,851,928.07
12/30/2039 473,762.50 0.4771282x 226,045.45 7,077,973.52
06/30/2040 146,962.50 0.4664918x 68,556.80 7,146,530.32
12/30/2040 476,962.50 0.4560925x 217,539.02 7,364,069.34
06/30/2041 139,537.50 0.4459250x 62,223.26 7,426,292.60
12/30/2041 484,537.50 0.4359842x 211,250.71 7,637,543.31
06/30/2042 131,775.00 0.4262650x 56,171.07 7,693,714.38
12/30/2042 491,775.00 0.4167625x 204,953.37 7,898,667.76
06/30/2043 123,675.00 0.4074718x 50,394.07 7,949,061.83
12/30/2043 503,675.00 0.3983882x 200,658.18 8,149,720.01
06/30/2044 115,125.00 0.3895071x 44,842.01 8,194,562.02
12/30/2044 510,125.00 0.3808240x 194,267.85 8,388,829.86
06/30/2045 106,237.50 0.3723345x 39,555.88 8,428,385.75
12/30/2045 521,237.50 0.3640342x 189,748.27 8,618,134.01
06/30/2046 96,900.00 0.3559189x 34,488.54 8,652,622.56
12/30/2046 526,900.00 0.3479846x 183,353.08 8,835,975.64
06/30/2047 86,687.50 0.3402271x 29,493.44 8,865,469.07
12/30/2047 536,687.50 0.3326426x 178,525.12 9,043,994.19
06/30/2048 76,000.00 0.3252271x 24,717.26 9,068,711.46
12/30/2048 551,000.00 0.3179770x 175,205.32 9,243,916.78
06/30/2049 64,718.75 0.3108885x 20,120.31 9,264,037.09
12/30/2049 559,718.75 0.3039580x 170,130.98 9,434,168.07
06/30/2050 52,962.50 0.2971820x 15,739.50 9,449,907.57
12/30/2050 572,962.50 0.2905570x 166,478.28 9,616,385.86
06/30/2051 40,612.50 0.2840798x 11,537.19 9,627,923.05
12/30/2051 585,612.50 0.2777469x 162,652.06 9,790,575.11
06/30/2052 27,668.75 0.2715552x 7,513.59 9,798,088.70
12/30/2052 597,668.75 0.2655016x 158,681.99 9,956,770.69
06/30/2053 14,131.25 0.2595829x 3,668.23 9,960,438.92
12/30/2053 609,131.25 0.2537961x 154,595.13 10,115,034.05
Total $18,817,158.75 -$10,115,034.05 -
Derivation Of Target Amount
Par Amount of Bonds $9,950,000.00
Reoffering Premium or (Discount)165,034.05
Original Issue Proceeds $10,115,034.05
2023 Bonds PRLM 30 YR Ter | SINGLE PURPOSE | 5/24/2023 | 9:01 AM
Speer Financial, Inc.
PPage 6
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2023A
Dated: August 2, 2023
$10M Project / 25 Year / Preliminary
Table of Contents
Report
Sources & Uses 1
Debt Service Schedule 2
Net Debt Service Schedule 3
Pricing Summary 4
Proof of D/S for Arbitrage Purposes 5
Proof of Bond Yield @ 4.3960219%6
2023 Bonds PRLM 25 YR Ter | SINGLE PURPOSE | 5/24/2023 | 9:01 AM
Speer Financial, Inc.
Exhibit D
$10M Project / 25 Year / Preliminary i
Preliminary, as of May 24, 2023
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2023A
Dated: August 2, 2023
$10M Project / 25 Year / Preliminary
Sources & Uses
Dated 08/02/2023 | Delivered 08/02/2023
Sources Of Funds
Par Amount of Bonds $9,830,000.00
Reoffering Premium 283,445.90
Total Sources $10,113,445.90
Uses Of Funds
Total Underwriter's Discount (0.330%)33,374.37
Costs of Issuance 80,000.00
Deposit to Project Construction Fund 10,000,000.00
Rounding Amount 71.53
Total Uses $10,113,445.90
2023 Bonds PRLM 25 YR Ter | SINGLE PURPOSE | 5/24/2023 | 9:01 AM
Speer Financial, Inc.
PPagee 1
$10M Project / 25 Year / Preliminary m
Preliminary, as of May 24, 2023
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2023A
Dated: August 2, 2023
$10M Project / 25 Year / Preliminary
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
08/02/2023 -----
12/30/2023 --191,325.97 191,325.97 191,325.97
06/30/2024 --232,693.75 232,693.75 -
12/30/2024 210,000.00 5.000%232,693.75 442,693.75 675,387.50
06/30/2025 --227,443.75 227,443.75 -
12/30/2025 220,000.00 5.000%227,443.75 447,443.75 674,887.50
06/30/2026 --221,943.75 221,943.75 -
12/30/2026 230,000.00 5.000%221,943.75 451,943.75 673,887.50
06/30/2027 --216,193.75 216,193.75 -
12/30/2027 245,000.00 5.000%216,193.75 461,193.75 677,387.50
06/30/2028 --210,068.75 210,068.75 -
12/30/2028 255,000.00 5.000%210,068.75 465,068.75 675,137.50
06/30/2029 --203,693.75 203,693.75 -
12/30/2029 270,000.00 5.000%203,693.75 473,693.75 677,387.50
06/30/2030 --196,943.75 196,943.75 -
12/30/2030 280,000.00 5.000%196,943.75 476,943.75 673,887.50
06/30/2031 --189,943.75 189,943.75 -
12/30/2031 295,000.00 5.000%189,943.75 484,943.75 674,887.50
06/30/2032 --182,568.75 182,568.75 -
12/30/2032 310,000.00 5.000%182,568.75 492,568.75 675,137.50
06/30/2033 --174,818.75 174,818.75 -
12/30/2033 325,000.00 5.000%174,818.75 499,818.75 674,637.50
06/30/2034 --166,693.75 166,693.75 -
12/30/2034 340,000.00 5.000%166,693.75 506,693.75 673,387.50
06/30/2035 --158,193.75 158,193.75 -
12/30/2035 360,000.00 5.000%158,193.75 518,193.75 676,387.50
06/30/2036 --149,193.75 149,193.75 -
12/30/2036 375,000.00 5.000%149,193.75 524,193.75 673,387.50
06/30/2037 --139,818.75 139,818.75 -
12/30/2037 395,000.00 5.000%139,818.75 534,818.75 674,637.50
06/30/2038 --129,943.75 129,943.75 -
12/30/2038 415,000.00 4.250%129,943.75 544,943.75 674,887.50
06/30/2039 --121,125.00 121,125.00 -
12/30/2039 435,000.00 4.250%121,125.00 556,125.00 677,250.00
06/30/2040 --111,881.25 111,881.25 -
12/30/2040 450,000.00 4.500%111,881.25 561,881.25 673,762.50
06/30/2041 --101,756.25 101,756.25 -
12/30/2041 470,000.00 4.500%101,756.25 571,756.25 673,512.50
06/30/2042 --91,181.25 91,181.25 -
12/30/2042 490,000.00 4.500%91,181.25 581,181.25 672,362.50
06/30/2043 --80,156.25 80,156.25 -
12/30/2043 515,000.00 4.500%80,156.25 595,156.25 675,312.50
06/30/2044 --68,568.75 68,568.75 -
12/30/2044 540,000.00 4.500%68,568.75 608,568.75 677,137.50
06/30/2045 --56,418.75 56,418.75 -
12/30/2045 560,000.00 4.500%56,418.75 616,418.75 672,837.50
06/30/2046 --43,818.75 43,818.75 -
12/30/2046 585,000.00 4.750%43,818.75 628,818.75 672,637.50
06/30/2047 --29,925.00 29,925.00 -
12/30/2047 615,000.00 4.750%29,925.00 644,925.00 674,850.00
06/30/2048 --15,318.75 15,318.75 -
12/30/2048 645,000.00 4.750%15,318.75 660,318.75 675,637.50
Total $9,830,000.00 -$7,231,938.47 $17,061,938.47 -
Yield Statistics
Bond Year Dollars $154,986.22
Average Life 15.767 Years
Average Coupon 4.6661815%
Net Interest Cost (NIC)4.5048307%
True Interest Cost (TIC)4.4396458%
Bond Yield for Arbitrage Purposes 4.3960219%
All Inclusive Cost (AIC)4.5149551%
IRS Form 8038
Net Interest Cost 4.4267414%
Weighted Average Maturity 15.521 Years
2023 Bonds PRLM 25 YR Ter | SINGLE PURPOSE | 5/24/2023 | 9:01 AM
Speer Financial, Inc.
PPagee 2
$10M Project / 25 Year / Preliminary oject / 25 Year / Preliminar
Debt Service Schedule Service Schedu
Preliminary, as of May 24, 2023
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2023A
Dated: August 2, 2023
$10M Project / 25 Year / Preliminary
Net Debt Service Schedule
Date Principal Coupon Interest Total P+I Net New D/S
12/30/2023 --191,325.97 191,325.97 191,325.97
12/30/2024 210,000.00 5.000%465,387.50 675,387.50 675,387.50
12/30/2025 220,000.00 5.000%454,887.50 674,887.50 674,887.50
12/30/2026 230,000.00 5.000%443,887.50 673,887.50 673,887.50
12/30/2027 245,000.00 5.000%432,387.50 677,387.50 677,387.50
12/30/2028 255,000.00 5.000%420,137.50 675,137.50 675,137.50
12/30/2029 270,000.00 5.000%407,387.50 677,387.50 677,387.50
12/30/2030 280,000.00 5.000%393,887.50 673,887.50 673,887.50
12/30/2031 295,000.00 5.000%379,887.50 674,887.50 674,887.50
12/30/2032 310,000.00 5.000%365,137.50 675,137.50 675,137.50
12/30/2033 325,000.00 5.000%349,637.50 674,637.50 674,637.50
12/30/2034 340,000.00 5.000%333,387.50 673,387.50 673,387.50
12/30/2035 360,000.00 5.000%316,387.50 676,387.50 676,387.50
12/30/2036 375,000.00 5.000%298,387.50 673,387.50 673,387.50
12/30/2037 395,000.00 5.000%279,637.50 674,637.50 674,637.50
12/30/2038 415,000.00 4.250%259,887.50 674,887.50 674,887.50
12/30/2039 435,000.00 4.250%242,250.00 677,250.00 677,250.00
12/30/2040 450,000.00 4.500%223,762.50 673,762.50 673,762.50
12/30/2041 470,000.00 4.500%203,512.50 673,512.50 673,512.50
12/30/2042 490,000.00 4.500%182,362.50 672,362.50 672,362.50
12/30/2043 515,000.00 4.500%160,312.50 675,312.50 675,312.50
12/30/2044 540,000.00 4.500%137,137.50 677,137.50 677,137.50
12/30/2045 560,000.00 4.500%112,837.50 672,837.50 672,837.50
12/30/2046 585,000.00 4.750%87,637.50 672,637.50 672,637.50
12/30/2047 615,000.00 4.750%59,850.00 674,850.00 674,850.00
12/30/2048 645,000.00 4.750%30,637.50 675,637.50 675,637.50
Total $9,830,000.00 -$7,231,938.47 $17,061,938.47 $17,061,938.47
2023 Bonds PRLM 25 YR Ter | SINGLE PURPOSE | 5/24/2023 | 9:01 AM
Speer Financial, Inc.
PPage 3
Preliminary, as of May 24, 2023
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2023A
Dated: August 2, 2023
$10M Project / 25 Year / Preliminary
Pricing Summary
Maturity Type of Bond Coupon Yield
Maturity
Value Price YTM Call Date Call Price Dollar Price
12/30/2024 Serial Coupon 5.000%3.900%210,000.00 101.492% ---213,133.20
12/30/2025 Serial Coupon 5.000%3.700%220,000.00 102.969% ---226,531.80
12/30/2026 Serial Coupon 5.000%3.600%230,000.00 104.453% ---240,241.90
12/30/2027 Serial Coupon 5.000%3.500%245,000.00 106.078% ---259,891.10
12/30/2028 Serial Coupon 5.000%3.500%255,000.00 107.333% ---273,699.15
12/30/2029 Serial Coupon 5.000%3.500%270,000.00 108.544% ---293,068.80
12/30/2030 Serial Coupon 5.000%3.500%280,000.00 109.714% ---307,199.20
12/30/2031 Serial Coupon 5.000%3.500%295,000.00 110.844% ---326,989.80
12/30/2032 Serial Coupon 5.000%3.550%310,000.00 111.511% ---345,684.10
12/30/2033 Serial Coupon 5.000%3.600%325,000.00 112.063% ---364,204.75
12/30/2034 Serial Coupon 5.000%3.650%340,000.00 111.602%c 3.741%12/30/2033 100.000%379,446.80
12/30/2035 Serial Coupon 5.000%3.800%360,000.00 110.235%c 3.949%12/30/2033 100.000%396,846.00
12/30/2036 Serial Coupon 5.000%3.950%375,000.00 108.888%c 4.130%12/30/2033 100.000%408,330.00
12/30/2037 Serial Coupon 5.000%4.050%395,000.00 108.001%c 4.251%12/30/2033 100.000%426,603.95
12/30/2038 Serial Coupon 4.250%4.350%415,000.00 98.882% ---410,360.30
12/30/2039 Serial Coupon 4.250%4.400%435,000.00 98.256% ---427,413.60
12/30/2042 Term 1 Coupon 4.500%4.550%1,410,000.00 99.356% ---1,400,919.60
12/30/2045 Term 2 Coupon 4.500%4.650%1,615,000.00 97.921% ---1,581,424.15
12/30/2048 Term 3 Coupon 4.750%4.800%1,845,000.00 99.266% ---1,831,457.70
Total ---$9,830,000.00 -----$10,113,445.90
Bid Information
Par Amount of Bonds $9,830,000.00
Reoffering Premium or (Discount)283,445.90
Gross Production $10,113,445.90
Total Underwriter's Discount (0.330%)$(33,374.37)
Bid (102.544%)10,080,071.53
Total Purchase Price $10,080,071.53
Bond Year Dollars $154,986.22
Average Life 15.767 Years
Average Coupon 4.6661815%
Net Interest Cost (NIC)4.5048307%
True Interest Cost (TIC)4.4396458%
2023 Bonds PRLM 25 YR Ter | SINGLE PURPOSE | 5/24/2023 | 9:01 AM
Speer Financial, Inc.
PPage 4
Preliminary, as of May 24, 2023
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2023A
Dated: August 2, 2023
$10M Project / 25 Year / Preliminary
Proof of D/S for Arbitrage Purposes
Date Principal Interest Total
08/02/2023 ---
12/30/2023 -191,325.97 191,325.97
06/30/2024 -232,693.75 232,693.75
12/30/2024 210,000.00 232,693.75 442,693.75
06/30/2025 -227,443.75 227,443.75
12/30/2025 220,000.00 227,443.75 447,443.75
06/30/2026 -221,943.75 221,943.75
12/30/2026 230,000.00 221,943.75 451,943.75
06/30/2027 -216,193.75 216,193.75
12/30/2027 245,000.00 216,193.75 461,193.75
06/30/2028 -210,068.75 210,068.75
12/30/2028 255,000.00 210,068.75 465,068.75
06/30/2029 -203,693.75 203,693.75
12/30/2029 270,000.00 203,693.75 473,693.75
06/30/2030 -196,943.75 196,943.75
12/30/2030 280,000.00 196,943.75 476,943.75
06/30/2031 -189,943.75 189,943.75
12/30/2031 295,000.00 189,943.75 484,943.75
06/30/2032 -182,568.75 182,568.75
12/30/2032 310,000.00 182,568.75 492,568.75
06/30/2033 -174,818.75 174,818.75
12/30/2033 1,795,000.00 174,818.75 1,969,818.75
06/30/2034 -129,943.75 129,943.75
12/30/2034 -129,943.75 129,943.75
06/30/2035 -129,943.75 129,943.75
12/30/2035 -129,943.75 129,943.75
06/30/2036 -129,943.75 129,943.75
12/30/2036 -129,943.75 129,943.75
06/30/2037 -129,943.75 129,943.75
12/30/2037 -129,943.75 129,943.75
06/30/2038 -129,943.75 129,943.75
12/30/2038 415,000.00 129,943.75 544,943.75
06/30/2039 -121,125.00 121,125.00
12/30/2039 435,000.00 121,125.00 556,125.00
06/30/2040 -111,881.25 111,881.25
12/30/2040 450,000.00 111,881.25 561,881.25
06/30/2041 -101,756.25 101,756.25
12/30/2041 470,000.00 101,756.25 571,756.25
06/30/2042 -91,181.25 91,181.25
12/30/2042 490,000.00 91,181.25 581,181.25
06/30/2043 -80,156.25 80,156.25
12/30/2043 515,000.00 80,156.25 595,156.25
06/30/2044 -68,568.75 68,568.75
12/30/2044 540,000.00 68,568.75 608,568.75
06/30/2045 -56,418.75 56,418.75
12/30/2045 560,000.00 56,418.75 616,418.75
06/30/2046 -43,818.75 43,818.75
12/30/2046 585,000.00 43,818.75 628,818.75
06/30/2047 -29,925.00 29,925.00
12/30/2047 615,000.00 29,925.00 644,925.00
06/30/2048 -15,318.75 15,318.75
12/30/2048 645,000.00 15,318.75 660,318.75
Total $9,830,000.00 $7,043,688.47 $16,873,688.47
2023 Bonds PRLM 25 YR Ter | SINGLE PURPOSE | 5/24/2023 | 9:01 AM
Speer Financial, Inc.
PPage 5
Preliminary, as of May 24, 2023
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source), Series 2023A
Dated: August 2, 2023
$10M Project / 25 Year / Preliminary
Proof of Bond Yield @ 4.3960219%
Date Cashflow PV Factor Present Value
Cumulative
PV
08/02/2023 -1.0000000x --
12/30/2023 191,325.97 0.9822821x 187,936.07 187,936.07
06/30/2024 232,693.75 0.9611558x 223,654.94 411,591.00
12/30/2024 442,693.75 0.9404838x 416,346.31 827,937.31
06/30/2025 227,443.75 0.9202565x 209,306.58 1,037,243.90
12/30/2025 447,443.75 0.9004642x 402,907.07 1,440,150.96
06/30/2026 221,943.75 0.8810976x 195,554.10 1,635,705.06
12/30/2026 451,943.75 0.8621475x 389,642.16 2,025,347.22
06/30/2027 216,193.75 0.8436049x 182,382.11 2,207,729.33
12/30/2027 461,193.75 0.8254612x 380,697.55 2,588,426.88
06/30/2028 210,068.75 0.8077077x 169,674.15 2,758,101.02
12/30/2028 465,068.75 0.7903360x 367,560.59 3,125,661.61
06/30/2029 203,693.75 0.7733380x 157,524.11 3,283,185.72
12/30/2029 473,693.75 0.7567055x 358,446.67 3,641,632.39
06/30/2030 196,943.75 0.7404308x 145,823.21 3,787,455.60
12/30/2030 476,943.75 0.7245060x 345,548.62 4,133,004.22
06/30/2031 189,943.75 0.7089238x 134,655.65 4,267,659.87
12/30/2031 484,943.75 0.6936767x 336,394.19 4,604,054.06
06/30/2032 182,568.75 0.6787576x 123,919.92 4,727,973.98
12/30/2032 492,568.75 0.6641593x 327,144.10 5,055,118.07
06/30/2033 174,818.75 0.6498749x 113,610.32 5,168,728.40
12/30/2033 1,969,818.75 0.6358978x 1,252,603.47 6,421,331.87
06/30/2034 129,943.75 0.6222213x 80,853.77 6,502,185.65
12/30/2034 129,943.75 0.6088390x 79,114.82 6,581,300.47
06/30/2035 129,943.75 0.5957445x 77,413.27 6,658,713.74
12/30/2035 129,943.75 0.5829316x 75,748.31 6,734,462.05
06/30/2036 129,943.75 0.5703942x 74,119.17 6,808,581.22
12/30/2036 129,943.75 0.5581266x 72,525.06 6,881,106.27
06/30/2037 129,943.75 0.5461227x 70,965.23 6,952,071.51
12/30/2037 129,943.75 0.5343770x 69,438.96 7,021,510.47
06/30/2038 129,943.75 0.5228840x 67,945.51 7,089,455.97
12/30/2038 544,943.75 0.5116381x 278,814.01 7,368,269.98
06/30/2039 121,125.00 0.5006341x 60,639.31 7,428,909.29
12/30/2039 556,125.00 0.4898668x 272,427.19 7,701,336.48
06/30/2040 111,881.25 0.4793311x 53,628.16 7,754,964.63
12/30/2040 561,881.25 0.4690219x 263,534.62 8,018,499.26
06/30/2041 101,756.25 0.4589345x 46,699.45 8,065,198.71
12/30/2041 571,756.25 0.4490640x 256,755.15 8,321,953.86
06/30/2042 91,181.25 0.4394058x 40,065.57 8,362,019.43
12/30/2042 581,181.25 0.4299554x 249,881.99 8,611,901.43
06/30/2043 80,156.25 0.4207081x 33,722.39 8,645,623.81
12/30/2043 595,156.25 0.4116598x 245,001.91 8,890,625.73
06/30/2044 68,568.75 0.4028061x 27,619.91 8,918,245.64
12/30/2044 608,568.75 0.3941428x 239,862.99 9,158,108.62
06/30/2045 56,418.75 0.3856658x 21,758.78 9,179,867.41
12/30/2045 616,418.75 0.3773712x 232,618.66 9,412,486.06
06/30/2046 43,818.75 0.3692549x 16,180.29 9,428,666.35
12/30/2046 628,818.75 0.3613132x 227,200.51 9,655,866.86
06/30/2047 29,925.00 0.3535423x 10,579.75 9,666,446.61
12/30/2047 644,925.00 0.3459385x 223,104.40 9,889,551.02
06/30/2048 15,318.75 0.3384983x 5,185.37 9,894,736.39
12/30/2048 660,318.75 0.3312181x 218,709.51 10,113,445.90
Total $16,873,688.47 -$10,113,445.90 -
Derivation Of Target Amount
Par Amount of Bonds $9,830,000.00
Reoffering Premium or (Discount)283,445.90
Original Issue Proceeds $10,113,445.90
2023 Bonds PRLM 25 YR Ter | SINGLE PURPOSE | 5/24/2023 | 9:01 AM
Speer Financial, Inc.
PPage 6
Speer Financial, Inc.
INDEPENDENT MUNICIPAL ADVISORS ESTABLISHED 1954
UNITED CITY OF YORKVILLE, ILLINOIS
GENERAL OBLIGATION (ALTERNATE REVENUE SOURCE) BONDS, SERIES 2023A
PRELIMINARY TIMETABLE
(AS OF MAY 8, 2023)
TASK PARTY/FIRM RESPONSIBLE DATE
Distribute Underwriter Request for Proposal (RFP) Speer April 29
Receive Underwriter RFP Responses Speer and City May 11
Distribute Draft Preliminary Official Statement
(POS)
Speer Week of May 22
Distribute Rating Package Speer Week of May 22
Comments Due on POS All Parties Week of May 29
Adoption of Authorizing Ordinance City May 30
Publish Authorizing Ordinance and Notice of BINA
Hearing
City By June 2
Distribute Second Draft of POS Speer Week of June 5
BINA Hearing City June 13
Rating Agency Call/Meeting City and Speer Week of June 19
Receive Bond Rating City and Speer By June 29
Finalize and Post POS Speer Week of July 3
Adoption of Bond Ordinance City July 11
Bond Sale All Between July 11-July 13
Bond Closing All Parties August 2
All City Council Actions are Highlighted in BLUE
Exhibit E
Have a question or comment about this agenda item?
Call us Monday-Friday, 8:00am to 4:30pm at 630-553-4350, email us at agendas@yorkville.il.us, post at www.facebook.com/CityofYorkville,
tweet us at @CityofYorkville, and/or contact any of your elected officials at http://www.yorkville.il.us/320/City-Council
Agenda Item Summary Memo
Title:
Meeting and Date:
Synopsis:
Council Action Previously Taken:
Date of Action: Action Taken:
Item Number:
Type of Vote Required:
Council Action Requested:
Submitted by:
Agenda Item Notes:
Reviewed By:
Legal
Finance
Engineer
City Administrator
Community Development
Purchasing
Police
Public Works
Parks and Recreation
Agenda Item Number
Consent Agenda #1
Tracking Number
Minutes of the Regular City Council – May 9, 2023
City Council – June 13, 2023
Majority
Approval
Approval of Minutes
Jori Behland Administration
Name Department
DRAFT
MINUTES OF THE REGULAR MEETING OF THE CITY COUNCIL
OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS,
HELD IN THE CITY COUNCIL CHAMBERS,
651 PRAIRIE POINTE DRIVE ON
TUESDAY, MAY 9, 2023
Mayor Purcell called the meeting to order at 7:04 p.m. and led the Council in the Pledge of Allegiance.
ROLL CALL
City Clerk Behland called the roll.
Ward I Koch Present
Transier Present
Ward II Plocher Present
Soling Present
Ward III Funkhouser Present
Marek Present
Ward IV Tarulis Present
Corneils Present
Staff in attendance at City Hall: City Clerk Behland, City Administrator Olson, Chief of Police Jensen,
Attorney Lamb, Public Works Director Dhuse, Community Development Director Barksdale-Noble,
Finance Director Fredrickson, Parks and Recreation Director Evans, Assistant City Administrator
Willrett, and Building Code Official Ratos.
Clerk’s Note: Due to COVID-19, in accordance with Public Act 101-0640 and Gubernatorial Disaster
Proclamation issued by Governor Pritzker pursuant to the powers vested in the Governor under the
Illinois Emergency Management Act, the United City of Yorkville encouraged social distancing by
allowing remote attendance to the City Council meeting.
Members of the public were able to attend this meeting in person while practicing social distancing as
well as being able to access the meeting remotely via Zoom which allowed for video, audio, and
telephonic participation.
A meeting notice was posted on the City’s website on the agenda, minutes, and packets webpage with
instructions regarding remote meeting access and a link was included for the public to participate in the
meeting remotely:https://us02web.zoom.us/j/84065193983?pwd=eUJ1OHVZZ2lUbDVSc0VTRG1OZGwrZz09.
The Zoom meeting ID was 840 6519 3983.
QUORUM
A quorum was established.
COMMENTS BY MAYOR OR ALDERMEN
Mayor Purcell thanked everyone for the past four years. We accomplished a lot by getting through
COVID-19 and helping support the businesses and our staff. There have been a lot of road improvements
these past four years. Mayor Purcell also discussed buying the Prairie Pointe building and hosting the
health department's COVID clinic. Tonight marks the first meeting at the new city hall building.
ADJOURNMENT OF SINE DIE (SESSION)
Mayor adjourned the session of the City Council at 7:08 p.m.
SWEARING-IN
Judge Carlo Colosimo swore in Daniel Transier as Ward I Alderman, Craig Soling as Ward II Alderman,
Chris Funkhouser as Ward III Alderman; and Rusty Corneils as Ward IV Alderman; all to four-year
terms. John Purcell was then sworn in as Mayor by Judge John McAdams for a four-year term of office.
ROLL CALL
City Clerk Behland called the roll.
Ward I Koch Present
Transier Present
Ward II Plocher Present
Soling Present
Ward III Funkhouser Present
Marek Present
Ward IV Tarulis Present
Corneils Present
The Minutes of the Regular Meeting of the City Council – May 9, 2023 – Page 2 of 5
AMENDMENTS TO THE AGENDA
None.
RECESS
Mayor Purcell stated that a brief recess would take place for refreshments.
PRESENTATIONS
Alderman Craig Soling shared with the council that a friend and Bristol Bay resident, Doug Johnson,
passed away in a tragic accident on May 5, 2023. The council then held a round of applause in honor of
Doug.
PUBLIC HEARINGS
None.
CITIZEN COMMENTS ON AGENDA ITEMS
None.
CONSENT AGENDA
1. Minutes of the Regular City Council – April 11, 2023
2. Minutes of the Regular City Council – April 25, 2023
3. Bill Payments for Approval
$ 704,900.88 (vendors – FY 23)
$ 43,058.00 (vendors – FY 24)
$ 148,405.87 (wire payments)
$ 407,316.60 (payroll period ending 04/28/2023)
$ 1,303,681.35 (total)
Mayor Purcell entertained a motion to approve the consent agenda. So moved by Alderman Funkhouser;
seconded by Alderman Soling.
Motion approved by a roll call vote. Ayes-8 Nays-0
Koch-aye, Plocher-aye, Funkhouser-aye, Tarulis-aye,
Transier-aye, Soling-aye, Marek-aye, Corneils-aye
REPORTS
MAYOR’S REPORT
Mayor Purcell said he closed the last meeting by discussing a few accomplishments over the past four
years. He wants to open this meeting with his goals for the next four years. We have the water project
hook up to Lake Michigan with the DuPage Water Commission. The next large project is to finalize the
future public works building. We have big road projects planned in the next few years due to a few
subdivisions coming up on their 20-year mark. And continue to work on new businesses and the
downtown area. Mayor Purcell would also like to continue the great relationships with other governing
boards.
Motorcycle Awareness Proclamation
(CC 2023-22)
Mayor Purcell proclaimed the month of May 2023 as Motorcycle Awareness Month in the United City of
Yorkville (see attached).
United City of Yorkville and Yorkville School
District 115 Intergovernmental Agreements
(CC 2023-23)
Resolution 2023-13 Approving an Intergovernmental Agreement for Operation of a
Preschool By and Between the United City of Yorkville and
Yorkville Community School District 115
Mayor Purcell entertained a motion to approve a Resolution Approving an Intergovernmental Agreement
for Operation of a Preschool By and Between the United City of Yorkville and Yorkville Community
School District 115. So moved by Alderman Transier; seconded by Alderman Plocher.
Motion approved by a roll call vote. Ayes-8 Nays-0
Plocher-aye, Funkhouser-aye, Tarulis-aye, Transier-aye,
Soling-aye, Marek-aye, Corneils-aye, Koch-aye
The Minutes of the Regular Meeting of the City Council – May 9, 2023 – Page 3 of 5
Resolution 2023-14 Approving an Intergovernmental Agreement Between Yorkville
Community Unit School District No. 115 and the United
City of Yorkville for Pre-Closing Possession
of 800 Game Farm Road
Mayor Purcell entertained a motion to approve a Resolution Approving an Intergovernmental Between
Yorkville Community Unit School District No. 115 and the United City of Yorkville for Pre-closing
Possession of 800 Game Farm Road. So moved by Alderman Marek; seconded by Alderman Soling.
Motion approved by a roll call vote. Ayes-7 Nays-1
Funkhouser-aye, Tarulis-aye, Transier-nay, Soling-aye,
Marek-aye, Corneils-aye, Koch-aye, Plocher-aye
Selection of Mayor Pro Tem for Fiscal Year 2024
(CC 2023-24)
Mayor Purcell requested nominations for Mayor Pro Tem for Fiscal Year 2024. Alderman Marek
nominated Alderman Transier. Mayor Purcell entertained a motion to appoint Alderman Transier as
Mayor Pro Tem for Fiscal Year 2024. So moved by Alderman Marek; seconded by Alderman Koch.
Motion approved by a roll call vote. Ayes-8 Nays-0
Tarulis-aye, Transier-aye, Soling-aye, Marek-aye,
Corneils-aye, Koch-aye, Plocher-aye, Funkhouser-aye
Appointments to Boards and Commissions
(CC 2023-25)
No appointments were made at the meeting.
Appointments to City Council Committees – Administration, Economic Development,
Public Safety and Public Works
(CC 2023-26)
Mayor Purcell announced that a list of appointments to City Council committees was emailed, and they
are at each alderperson’s desk.
Appointment of Department Heads
(CC 2023-27)
Mayor Purcell entertained a motion to approve the Mayor's appointments of department heads as follows:
City Administrator and Budget Officer – Bart Olson, four-year appointment; Chief of Police – James
Jensen, four-year appointment; City Clerk – Jori Behland, four-year appointment; City Treasurer and
Director of Finance – Rob Fredrickson, four-year appointment; Director of Public Works – Eric Dhuse,
four-year appointment; Director of Parks and Recreation – Tim Evans, four-year appointment; Building
Inspector/Zoning Officer – Pete Ratos, four-year appointment; City Attorney – Kathleen Field Orr, four-
year appointment; City Engineer – Engineering Enterprises, Inc., four-year appointment. So moved by
Alderman Tarulis; seconded by Alderman Marek.
Motion approved by a roll call vote. Ayes-8 Nays-0
Soling-aye, Marek-aye, Corneils-aye, Koch-aye,
Plocher-aye, Funkhouser-aye, Tarulis-aye, Transier-aye
Oath of Office for Department Heads
(CC 2023-28)
All appointed department heads stood and took an oath of office for their appointed position.
City Administrator Employment Contract
(CC 2023-29)
Mayor Purcell entertained a motion to approve an employment agreement between the United City of
Yorkville and Bart Olson and authorize the Mayor and City Clerk to execute. So moved by Alderman
Transier; seconded by Alderman Marek.
Motion approved by a roll call vote. Ayes-8 Nays-0
Marek-aye, Corneils-aye, Koch-aye, Plocher-aye,
Funkhouser-aye, Tarulis-aye, Transier-aye, Soling-aye
Chief of Police Employment Contract
(CC 2023-30)
Mayor Purcell stated this item was not ready and that it would be back at a future meeting.
The Minutes of the Regular Meeting of the City Council – May 9, 2023 – Page 4 of 5
Appointment of Deputy Clerk
(CC 2023-31)
Mayor Purcell entertained a motion to appoint Monica Cisija as Deputy Clerk for a four-year
appointment. So moved by Soling; seconded by Alderman Marek.
Motion approved by a roll call vote. Ayes-8 Nays-0
Corneils-aye, Koch-aye, Plocher-aye, Funkhouser-aye,
Tarulis-aye, Transier-aye, Soling-aye, Marek-aye
2023 Bond – Municipal Advisor and Bond
Council Engagement Letter
(CC 2023-32)
Mayor Purcell entertained a motion to approve the engagement letters for Speer Financial, the municipal
advisor, with a fee of approximately $26,000, and Saul Ewing, the bond counsel, with a fixed fee of
$30,000, and authorize the Mayor to execute. So moved by Tarulis; seconded by Alderman Plocher.
Motion approved by a roll call vote. Ayes-8 Nays-0
Koch-aye, Plocher-aye, Funkhouser-aye, Tarulis-aye,
Transier-aye, Soling-aye, Marek-aye, Corneils-aye
PUBLIC WORKS COMMITTEE REPORT
No report.
ECONOMIC DEVELOPMENT COMMITTEE REPORT
No report.
PUBLIC SAFETY COMMITTEE REPORT
No report.
ADMINISTRATION COMMITTEE REPORT
No report.
PARK BOARD
Summer Events
Parks and Recreation Director Evans shared the following upcoming events within the City: May 25th –
Margaritas en Mayo at Downtown Yorkville, May 29th – Memorial Day Ceremony at Town Square, May
31st – Cruise Night at Riverfront Park, and June 15th – Fore! Yorkville Golf Outing at Blackberry Oaks
Golf Course.
PLANNING AND ZONING COMMISSION
No report.
CITY COUNCIL REPORT
No report.
CITY CLERK’S REPORT
No report.
COMMUNITY & LIAISON REPORT
No report.
STAFF REPORT
No report.
MAYOR’S REPORT (cont’d)
City Building Updates
Resolution 2023-12 Approving Change Orders Relating
to 651 Prairie Pointe Drive, Yorkville, Illinois
(Thirteenth Set of Change Orders)
(CC 2021-04)
Mayor Purcell entertained a motion to approve a Resolution Approving Change Orders Relating to 651
Prairie Pointe Drive, Yorkville, Illinois (Thirteenth Set of Change Orders) and authorize the Mayor and
City Clerk to execute. So moved by Alderman Funkhouser; seconded by Alderman Soling.
Motion approved by a roll call vote. Ayes-8 Nays-0
Plocher-aye, Funkhouser-aye, Tarulis-aye, Transier-aye,
Soling-aye, Marek-aye, Corneils-aye, Koch-aye
Water Study Update
(CC 2021-38)
No report.
The Minutes of the Regular Meeting of the City Council – May 9, 2023 – Page 5 of 5
ADDITIONAL BUSINESS
None.
CITIZEN COMMENTS
Barb, a Plano resident, would like the council to move onward and upward for what is truly best for the
City in this new building and a new beginning.
EXECUTIVE SESSION
Mayor Purcell entertained a motion to go into executive session for litigation. So moved by Alderman
Transier; seconded by Alderman Funkhouser.
Motion approved by a roll call vote. Ayes-8 Nays-0
Funkhouser-aye, Tarulis-aye, Transier-aye, Soling-aye,
Marek-aye, Corneils-aye, Koch-aye, Plocher-aye
The City Council entered executive session at 8:05 p.m.
The City Council returned to regular session at 8:18 p.m.
ADJOURNMENT
Mayor Purcell entertained a motion to adjourn the City Council meeting. So moved by Alderman Soling;
seconded by Alderman Koch.
Motion unanimously approved by a viva voce vote.
Meeting adjourned at 8:19 p.m.
Minutes submitted by:
Jori Behland,
City Clerk, City of Yorkville, Illinois
Have a question or comment about this agenda item?
Call us Monday-Friday, 8:00am to 4:30pm at 630-553-4350, email us at agendas@yorkville.il.us, post at www.facebook.com/CityofYorkville,
tweet us at @CityofYorkville, and/or contact any of your elected officials at http://www.yorkville.il.us/320/City-Council
Agenda Item Summary Memo
Title:
Meeting and Date:
Synopsis:
Council Action Previously Taken:
Date of Action: Action Taken:
Item Number:
Type of Vote Required:
Council Action Requested:
Submitted by:
Agenda Item Notes:
Reviewed By:
Legal
Finance
Engineer
City Administrator
Community Development
Purchasing
Police
Public Works
Parks and Recreation
Agenda Item Number
Consent Agenda #2
Tracking Number
Minutes of the Special City Council – May 30, 2023
City Council – June 13, 2023
Majority
Approval
Approval of Minutes
Jori Behland Administration
Name Department
DRAFT
MINUTES OF THE SPECIAL MEETING OF THE CITY COUNCIL
OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS,
HELD IN THE CITY COUNCIL CHAMBERS,
651 PRAIRIE POINTE DRIVE ON
TUESDAY, MAY 30, 2023
Mayor Purcell called the meeting to order at 7:00 p.m. and led the Council in the Pledge of Allegiance.
ROLL CALL
City Clerk Behland called the roll.
Ward I Koch Present
Transier Present
Ward II Plocher Present
Soling Present
Ward III Funkhouser Present
Marek Present
Ward IV Tarulis Present
Corneils Present
Staff in attendance at City Hall: City Clerk Behland, City Administrator Olson, Chief of Police Jensen
and Attorney Orr. Public Works Director Dhuse, Community Development Director Barksdale-Noble,
Finance Director Fredrickson, Parks and Recreation Director Evans, Assistant City Administrator
Willrett, and EEI Engineer Sanderson.
Members of the public were able to attend this meeting in person while practicing social distancing as
well as being able to access the meeting remotely via Zoom which allowed for video, audio, and
telephonic participation.
A meeting notice was posted on the City’s website on the agenda, minutes, and packets webpage with
instructions regarding remote meeting access and a link was included for the public to participate in the
meeting remotely:https://us02web.zoom.us/j/81778480678?pwd=TlJHcGF4dnQwRVFaNmp4TWM2OGpMZz09.
The Zoom meeting ID was 817 7848 0678.
QUORUM
A quorum was established.
AMENDMENTS TO THE AGENDA
None.
PRESENTATIONS
Police Commissioner Bob Johnson Recognition
Mayor Purcell, Chief of Police Jensen, and Deputy Chief Mikolasek presented a certificate of
appreciation to Police Commissioner Bob Johnson for his many years of service to the City of
Yorkville and the Yorkville Police Department.
PUBLIC HEARINGS
1. Bristol Ridge Solar Farm 105 & 106 Annexation Agreement Amendment.
Please see attached transcript from the court reporter regarding the public hearing portion of the meeting.
CITIZEN COMMENTS ON AGENDA ITEMS
Lori Haff-Delancy, Plum Street, Bristol resident, shared concerns with the Bristol Ridge Solar Farms, the
water run-off in their area, and the farmland use. She also has property value concerns and them going
down with the solar farm. And she is worried there will be a glare and additional heat from the solar
farm.
Roger, Cross Street, Bristol resident, expressed his concerns with the water and septic system and no
drain tiles regarding the Bristol Ridge Solar Farms. He is concerned with systems being interfered with.
Concerned with moving topsoil. Doesn’t think the road bond will be sufficient.
Michelle Carpenter, Turning Point Energy/Petitioner, we hear the comments that are being raised. Happy
to discuss concerns with the residents directly after this meeting and during the future PZC meeting.
The Minutes of the Special Meeting of the City Council – May 30, 2023 – Page 2 of 7
CONSENT AGENDA
1. Bill Payments for Approval
$ 2,309,790.70 (vendors – FY 23)
$ 504,053.71 (vendors – FY 24)
$ 2,971.98 (wire payments)
$ 388,055.12 (payroll period ending 05/12/2023)
$ 3,204,871.51 (total)
2. Easement for Contract A Water Main – 1308 Game Farm Road – accept the easement and
authorize the Mayor, City Clerk, and City Engineering to execute (PW 2023-42)
3. Grande Reserve Unit 13 – Release of Guarantee – authorize the release of the remaining
performance security in the amount of $87,600 (PW 2023-46)
4. Grande Reserve Unit 14 – Release of Guarantee – authorize the release of the remaining
performance security in the amount of $125,600 (PW 2023-47)
5. Grande Reserve Unit 23 – Release of Guarantee – authorize the release of the remaining
performance security in the amount of $520,410.95 (PW 2023-48)
Mayor Purcell entertained a motion to approve the consent agenda. So moved by Alderman Koch;
seconded by Alderman Marek.
Motion approved by a roll call vote. Ayes-8 Nays-0
Koch-aye, Plocher-aye, Funkhouser-aye, Tarulis-aye,
Transier-aye, Soling-aye, Marek-aye, Corneils-aye
REPORTS
MAYOR’S REPORT
Resolution 2023-16 Approving an Intergovernmental Agreement Between Yorkville Community
Unit School District No. 115 and the United City of Yorkville
for Pre-closing Possession of 800 Game Farm Road
(CC 2023-23)
Mayor Purcell entertained a motion to approve a Resolution Approving an Intergovernmental Between
Yorkville Community Unit School District No. 115 and the United City of Yorkville for Pre-closing
Possession of 800 Game Farm Road. So moved by Alderman Soling; seconded by Alderman Plocher.
Motion approved by a roll call vote. Ayes-7 Nays-1
Plocher-aye, Funkhouser-aye, Tarulis-aye, Transier-nay,
Soling-aye, Marek-aye, Corneils-aye, Koch-aye
Appointments to Boards and Commissions
(CC 2023-25)
Mayor Purcell entertained a motion to approve the Mayor’s appointments of Joseph Gillespie and Jeff
Burgner to the Police Pension Fund Board to terms ending May 2025, the appointment of Maryalice
Lundquist to the Fire and Police Commission to a term ending May 2026, the appointments of Rosie
Millen and Theron Garcia to the Library Board to terms ending May 2026, and the appointments of Rusty
Hyett and Deborah Horaz to the Planning and Zoning Commission to terms ending May 2027. So moved
by Alderman Marek; seconded by Alderman Tarulis.
Motion approved by viva voce vote
Chief of Police Employment Contract
(CC 2023-30)
Mayor Purcell entertained a motion to table the Chief of Police Employment Contract to the next City
Council meeting. So moved by Alderman Plocher; seconded by Alderman Funkhouser.
Motion approved by viva voce vote
Ordinance 2023-15 Amending the Traffic Schedule and Index
(East Main St. and McHugh Rd.)
(CC 2023-23)
Mayor Purcell entertained a motion to approve an Ordinance Approving the Traffic Schedule and Index
(East Main Street and McHugh Road) and authorize the Mayor and City Clerk to execute. So moved by
Alderman Soling; seconded by Alderman Funkhouser.
Motion approved by a roll call vote. Ayes-8 Nays-0
Tarulis-aye, Transier-aye, Soling-aye, Marek-aye,
Corneils-aye, Koch-aye, Plocher-aye, Funkhouser-aye
The Minutes of the Special Meeting of the City Council – May 30, 2023 – Page 3 of 7
Resolution 2023-17 Approving an Intergovernmental Agreement Between the Village of
Oswego and the United City of Yorkville Regarding Joint
Employment of a Training Coordinator
(CC 2023-34)
Mayor Purcell entertained a motion to approve a Resolution Approving an Intergovernmental Agreement
Between the Village of Oswego and the United City of Yorkville Regarding Joint Employment of a
Training Coordinator and authorize the Mayor and City Clerk to execute. So moved by Alderman Marek;
seconded by Alderman Koch.
Chief of Police Jensen shared that this agreement with Oswego will resemble the facilities manager's
shared position. This staff member will oversee all the training requirements between Oswego and
Yorkville, split 50/50. Alderman Koch asked if the staff had an idea of the salary for this position. Chief
Jensen shared that the salary would be around $60,000 and $40,000 towards benefits. Alderman
Funkhouser asked if we could elaborate on how we see cost savings for this position. Chief Jensen
explained they have two deputy chiefs and a sergeant trying to manage our training currently. Alderman
Funkhouser said this is a 50/50 split in which the training coordinator would spend 20 hours at each
municipality. Alderman Funkhouser is concerned that Oswego has more officers than Yorkville, which
means we are not equal staffing-wise. Do you think they will be pulling more hours for Oswego than
Yorkville? Chief Jensen said we have the availability to reconcile time as needed. Alderman Tarulis is
concerned about formalizing the 50/50 split regarding the number of staff for each municipality. Mayor
Purcell asked if we track the hours and reconcile them if needed. Would that be ok with the council
members with concerns? City Administrator Olson said the same process worked with the facilities and
purchasing managers.
Motion approved by a roll call vote. Ayes-8 Nays-0
Transier-aye, Soling-aye, Marek-aye, Corneils-aye,
Koch-aye, Plocher-aye, Funkhouser-aye, Tarulis-aye
2023 Website Redesign – Design Concept Review
(CC 2023-35)
City Administrator Olson shared two website images with the council and asked for their opinion on the
red and blue headline and web page layout. The Council likes the red more and was ok with the design.
Parks and Recreation Playground Purchases
(CC 2023-36)
a. Approval of Parks and Recreation
Playground Purchases
Mayor Purcell entertained a motion to approve the Approval of Parks and Recreation Playground Purchases
So moved by Alderman Funkhouser; seconded by Alderman Marek.
Motion approved by a roll call vote. Ayes-8 Nays-0
Soling-aye, Marek-aye, Corneils-aye, Koch-aye,
Plocher-aye, Funkhouser-aye, Tarulis-aye, Transier-aye
Ordinance 2023-16 b. Authorizing the Second Amendment to the Annual Budget of the
United City of Yorkville, for the Fiscal Year Commencing
on May 1, 2023 and Ending on April 30, 2024
Mayor Purcell entertained a motion to approve an Ordinance Authorizing the Second Amendment to the
Annual Budget of the United City of Yorkville, for the Fiscal Year Commencing on May 1, 2023 and
Ending on April 30, 2024 and authorize the Mayor and City Clerk to execute. So moved by Alderman
Soling; seconded by Alderman Transier.
Motion approved by a roll call vote. Ayes-8 Nays-0
Marek-aye, Corneils-aye, Koch-aye, Plocher-aye,
Funkhouser-aye, Tarulis-aye, Transier-aye, Soling-aye
The Minutes of the Special Meeting of the City Council – May 30, 2023 – Page 4 of 7
Authorizing the issuance of water revenue bonds or, in lieu thereof,
general obligation alternate revenue bonds, of the United City of
Yorkville, Kendall County, Illinois in an aggregate principal
amount not to exceed $11,000,000 pursuant to Section 15 of the
Local Government Debt Reform Act of the State of Illinois, as
amended, and the Municipal Code of the State of Illinois, as
amended, for the purpose of paying the costs of enhancing
the City’s water delivery system
(CC 2023-37)
Mayor Purcell entertained a motion to approve an Ordinance authorizing the issuance of water revenue
bonds or, in lieu thereof, general obligation alternate revenue bonds, of the United City of Yorkville,
Kendall County, Illinois in an aggregate principal amount not to exceed $11,000,000 pursuant to Section
15 of the Local Government Debt Reform Act of the State of Illinois, as amended, and the Municipal
Code of the State of Illinois, as amended, for the purpose of paying the costs of enhancing the City’s
water delivery system and authorize staff to proceed with publishing the public hearing. So moved by
Alderman Transier; seconded by Alderman Corneils.
Finance Director Fredrickson shared that this is the next step in the bond issuance process. This
establishes the maximum amount of principal, which is $11,000,000. This also identifies what proceeds
can be spent on, mainly water system-related items. If this passes, we will publish a public notice of
hearing on Friday, which starts the 30-day referendum period. The final action is the approval of the
ordinance tentatively scheduled for July 11th. Alderman Funkhouser asked for more information on the
place of eating tax. Finance Director Fredrickson shared we are planning on pledging this on this bond
and any future water revenue-related bonds. It does not have to be implemented now but needs to be in
place before we approve the final ordinance. Alderman Koch asked if we had other revenues come
forward. Can they be added to the revenue section? Finance Director Fredrickson said they should be
water-related revenues only.
Motion approved by a roll call vote. Ayes-8 Nays-0
Marek-aye, Corneils-aye, Koch-aye, Plocher-aye,
Funkhouser-aye, Tarulis-aye, Transier-aye, Soling-aye
Green Door
(CC 2023-38)
Ordinance 2023-17 a. Approving a Memorandum of Understanding Between the United
City of Yorkville, Kendall County, Illinois and Yorkville
Nexus, LLC Relating to Engineering Services for
Infrastructure Projects
Mayor Purcell entertained a motion to approve an Ordinance Approving a Memorandum of Understanding
Between the United City of Yorkville, Kendall County, Illinois and Yorkville Nexus, LLC, Relating to the
Engineering Services for Infrastructure Projects and authorize the Mayor and City Clerk to execute. So
moved by Alderman Funkhouser; seconded by Alderman Soling.
Motion approved by a roll call vote. Ayes-8 Nays-0
Corneils-aye, Koch-aye, Plocher-aye, Funkhouser-aye,
Tarulis-aye, Transier-aye, Soling-aye, Marek-aye
Ordinance 2023-18 b. Approving a Memorandum of Understanding Between the United
City of Yorkville, Kendall County, Illinois and Yorkville
Nexus, LLC Relating to the Construction of Water
and Sanitary Services
Mayor Purcell entertained a motion to approve an Ordinance Approving a Memorandum of Understanding
Between the United City of Yorkville, Kendall County, Illinois and Yorkville Nexus, LLC, Relating to the
Construction of Water and Sanitary Services and authorize the Mayor and City Clerk to execute. So moved
by Alderman Koch; seconded by Alderman Marek.
Motion approved by a roll call vote. Ayes-8 Nays-0
Koch-aye, Plocher-aye, Funkhouser-aye, Tarulis-aye,
Transier-aye, Soling-aye, Marek-aye, Corneils-aye
The Minutes of the Special Meeting of the City Council – May 30, 2023 – Page 5 of 7
c. Agreement for Professional Services Lincoln Prairie Water Main,
Agreement for Professional Services Lincoln Prairie Sanitary
Sewer – Corneils, and Agreement for Professional Services
Lincoln Prairie Sanitary Sewer-South
Mayor Purcell entertained a motion to approve an Agreement for Professional Services Lincoln Prairie
Water Main, Agreement for Professional Services Lincoln Prairie Sanitary Sewer – Corneils, and
Agreement for Professional Services Lincoln Prairie Sanitary Sewer – South. So moved by Alderman
Tarulis; seconded by Alderman Soling.
Motion approved by a roll call vote. Ayes-8 Nays-0
Plocher-aye, Funkhouser-aye, Tarulis-aye, Transier-aye,
Soling-aye, Marek-aye, Corneils-aye, Koch-aye
National Safe Boating Week
Mayor Purcell shared that National Safe Boating Week was from May 20, 2023, through May 26, 2023.
Due to having to move last week's meeting, we missed proclaiming this time. Mayor Purcell stated he
urges all those who boat to practice safe boating habits and always wear a life jacket.
PUBLIC WORKS COMMITTEE REPORT
Heartland Meadows – Consideration of
Acceptance
(PW 2023-43)
Alderman Koch made a motion to accept the public improvements (water main, sanitary sewer, storm
sewer, paving, sidewalk, street lighting, and parkway trees) as described in the Bill of Sale for ownership
and maintenance by the City and authorize a reduction to the performance guarantee resulting in a
performance guarantee in the amount of $133,399.30 to cover the one-year maintenance period, subject to
verification that the developer has no outstanding debt owed to the City for this project and subject to
receipt of a signed Bill of Sale; seconded by Alderman Marek.
Motion approved by a roll call vote. Ayes-8 Nays-0
Funkhouser-aye, Tarulis-aye, Transier-aye, Soling-aye,
Marek-aye, Corneils-aye, Koch-aye, Plocher-aye
2023 Sanitary Sewer Lining – Design and
Construction Engineering Agreement
(PW 2023-44)
Alderman Koch made a motion to approve the 2023 Sanitary Sewer Lining – Design and Construction
Engineering Agreement and authorize the Mayor and City Clerk to execute; seconded by Alderman
Plocher.
Motion approved by a roll call vote. Ayes-8 Nays-0
Tarulis-aye, Transier-aye, Soling-aye, Marek-aye,
Corneils-aye, Koch-aye, Plocher-aye, Funkhouser-aye
2024 Water Main Replacement –
Design Engineering Agreement
(PW 2023-45)
Alderman Koch made a motion to approve the 2024 Water Main Replacement – Design Engineering
Agreement and authorize the Mayor and City Clerk to execute; seconded by Alderman Tarulis.
Motion approved by a roll call vote. Ayes-8 Nays-0
Transier-aye, Soling-aye, Marek-aye, Corneils-aye,
Koch-aye, Plocher-aye, Funkhouser-aye, Tarulis-aye
Supplemental MFT Resolution 2023-18 for Bulk Rock Salt
(PW 2023-49)
Alderman Koch made a motion to approve a supplemental MFT Resolution for the purchase of bulk rock
salt and authorize the City Clerk to execute; seconded by Alderman Soling.
Motion approved by a roll call vote. Ayes-8 Nays-0
Soling-aye, Marek-aye, Corneils-aye, Koch-aye,
Plocher-aye, Funkhouser-aye, Tarulis-aye, Transier-aye
The Minutes of the Special Meeting of the City Council – May 30, 2023 – Page 6 of 7
Purchase and Sale of Public Works Vehicles
(PW 2023-50)
a. Approval of the Purchase and Sale
of Public Works Vehicles
Ordinance 2023-19 b. Authorizing the First Amendment to the Annual Budget of the
United City of Yorkville, for the Fiscal Year Commencing
on May 1, 2023 and Ending on April 30, 2024
Alderman Koch made a motion to approve the Purchase and Sale of Public Works Vehicles and an
Ordinance Authorizing the First Amendment to the Annual Budget of the United City of Yorkville, for
the Fiscal Year Commencing on May 1, 2023 and Ending on April 30, 2024 and authorize the Mayor and
City Clerk to execute; seconded by Alderman Marek.
Motion approved by a roll call vote. Ayes-8 Nays-0
Marek-aye, Corneils-aye, Koch-aye, Plocher-aye,
Funkhouser-aye, Tarulis-aye, Transier-aye, Soling-aye
ECONOMIC DEVELOPMENT COMMITTEE REPORT
No report.
PUBLIC SAFETY COMMITTEE REPORT
No report.
ADMINISTRATION COMMITTEE REPORT
No report.
PARK BOARD
Past Events
Parks and Recreation Director Evans thanked everyone for coming to Margaritas en Mayo on May 25th.
He also mentioned they had a great turnout at the Memorial Day Ceremony on May 29th at Town Square
Park, along with the Yorkville American Legion.
Upcoming Events
Parks and Recreation Director Evans shared that Cruise Night is tomorrow night, May 31st at Riverfront
Park from 5:00 pm to 8:00 pm. The ribbon cutting and open house for the New City Hall and Police
Department is scheduled for June 13th at 4:00 pm. Then the FORE! Yorkville Golf Outing will take place
on June 15th with 7:00 am Registration, 8:00 am shotgun start, and 1:00 pm buffet lunch.
PLANNING AND ZONING COMMISSION
No report.
CITY COUNCIL REPORT
No report.
CITY CLERK’S REPORT
No report.
COMMUNITY & LIAISON REPORT
Aurora Area Convention Visitors Bureau
Alderman Funkhouser reported they had their AACVB meeting this month. They introduced a new staff
member for the organization, Brad Banks, Sports Sales Manager. Brad Banks has an extensive
background, and we should see some good things to come.
KenCom
Alderman Funkhouser reported they had a joint meeting between the operations and executive boards. A
discussion occurred on investing some of the money they had built up.
STAFF REPORT
No report.
MAYOR’S REPORT (cont’d)
City Building Updates
(CC 2022-04)
No update.
Water Study Update
(CC 2021-38)
No update.
The Minutes of the Special Meeting of the City Council – May 30, 2023 – Page 7 of 7
ADDITIONAL BUSINESS
None.
CITIZEN COMMENTS
Lori, Plum Street, Bristol, expressed concern about Oak Street and Cannonball Trail in Bristol, now City
property. This area has a lot of traffic and getting out onto Cannonball Trail from Oak Street is
impossible. There is a bus barn where people park, and the entire block is parked cards. She would like no
parking signs on Oak Street. She is also concerned with the event center, parking issues, and noise.
Roger, Cannonball Trail, Bristol, shared he is concerned with the event center by Cannonball Trail and
Septran. He would like a study of traffic on Cannonball and Bristol Ridge. He is concerned with noise
from the event center.
EXECUTIVE SESSION
None.
ADJOURNMENT
Mayor Purcell entertained a motion to adjourn the City Council meeting. So moved by Alderman
Plocher; seconded by Alderman Koch.
Motion unanimously approved by a viva voce vote.
Meeting adjourned at 8:28 p.m.
Minutes submitted by:
Jori Behland,
City Clerk, City of Yorkville, Illinois
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Vitosh Reporting Service
815.993.2832 cms.vitosh@gmail.com
City Council - Public Hearing - May 30, 2023
1
UNITED CITY OF YORKVILLE
KENDALL COUNTY, ILLINOIS
CITY COUNCIL MEETING
PUBLIC HEARING
800 Game Farm Road
Yorkville, Illinois
Tuesday, May 30, 2023
7:00 p.m.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Vitosh Reporting Service
815.993.2832 cms.vitosh@gmail.com
City Council - Public Hearing - May 30, 2023
2
PRESENT:
Mr. John Purcell, Mayor;
Mr. Ken Koch, Alderman;
Mr. Dan Transier, Alderman;
Mr. Arden Joe Plocher, Mayor Pro-Tem;
Mr. Craig Soling, Alderman;
Mr. Chris Funkhouser, Alderman;
Mr. Matt Marek, Alderman;
Mr. Seaver Tarulis, Alderman;
Mr. Rusty Corneils, Alderman.
ALSO PRESENT: (In person and via Zoom)
Mr. Bart Olson, City Administrator;
Ms. Jori Behland, City Clerk;
Ms. Erin Willrett, Assistant City
Administrator;
Ms. Kathleen Field Orr, City Attorney;
Ms. Megan Lamb, City Attorney;
Mr. Brad Sanderson, City Engineer;
Mr. Rob Fredrickson, Finance Director;
Mr. Eric Dhuse, Public Works Director;
Chief James Jensen, Yorkville Police
Department;
Mr. Tim Evans, Parks and Recreation
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Vitosh Reporting Service
815.993.2832 cms.vitosh@gmail.com
City Council - Public Hearing - May 30, 2023
3
Director;
Ms. Krysti Barksdale-Noble, Community
Development Director.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Vitosh Reporting Service
815.993.2832 cms.vitosh@gmail.com
City Council - Public Hearing - May 30, 2023
4
(WHEREUPON, the following
proceedings were had in the public
hearing portion of the meeting:)
MAYOR PURCELL: Well, I will open the
public hearing for Bristol Ridge Solar Farm 105
and 106 for the Annexation Agreement Amendment.
AAA, that's like the motor association, isn't it?
Isn't that triple A? Isn't that Triple A, you
know, for your cars? You're thinking of
something different.
MS. BEHLAND: Well, you said motors.
MAYOR PURCELL: Oh, did I? Okay. Motor
vehicle, okay. So now the public hearing is
open. Is there anyone in the public who would
like to speak to the Bristol Ridge Solar Farm 105
and 106 Annexation Agreement Amendment?
(No response.)
MAYOR PURCELL: I don't see anyone
rushing forward. I will close the public
hearing. Thank you very much.
(Which were all the proceedings had
in the public hearing portion of
the meeting.)
- - - - -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Vitosh Reporting Service
815.993.2832 cms.vitosh@gmail.com
City Council -Public Hearing -May 30,2023
5
STATE OF ILLINOIS )
) SS.
COUNTY OF LASALLE )
I, Christine M. Vitosh, a Certified Shorthand
Reporter, do hereby certify that I transcribed
the proceedings had at the pubic hearing and that
the foregoing, Pages 1 through 5, inclusive, is a
true, correct and complete computer-generated
transcript of the proceedings had at the time and
place aforesaid.
I further certify that my certificate annexed
hereto applies to the original transcript and
copies thereof, signed and certified under my
hand only. I assume no responsibility for the
accuracy of any reproduced copies not made under
my control or direction.
As certification thereof, I have hereunto set
my hand this 2nd day of June, A.D., 2023.
Christine M. Vitosh, CSR
Illinois CSR No. 084-002883
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Vitosh Reporting Service
815.993.2832 cms.vitosh@gmail.com
City Council - Public Hearing - May 30, 2023
6
0
084-002883 [1] - 5:20
1
1 [1] - 5:6
105 [2] - 4:5, 4:15
106 [2] - 4:6, 4:16
2
2023 [2] - 1:20, 5:17
2nd [1] - 5:17
3
30 [1] - 1:20
5
5 [1] - 5:6
7
7:00 [1] - 1:21
8
800 [1] - 1:16
A
A.D [1] - 5:17
AAA [1] - 4:7
accuracy [1] - 5:14
Administrator [2] -
2:13, 2:16
aforesaid [1] - 5:9
Agreement [2] - 4:6,
4:16
Alderman [7] - 2:3,
2:4, 2:6, 2:7, 2:8,
2:9, 2:10
ALSO [1] - 2:12
Amendment [2] - 4:6,
4:16
Annexation [2] - 4:6,
4:16
annexed [1] - 5:10
applies [1] - 5:11
Arden [1] - 2:5
Assistant [1] - 2:15
association [1] - 4:7
assume [1] - 5:13
Attorney [2] - 2:17,
2:18
B
Barksdale [1] - 3:2
Barksdale-Noble [1] -
3:2
Bart [1] - 2:13
BEHLAND [1] - 4:11
Behland [1] - 2:14
Brad [1] - 2:19
Bristol [2] - 4:5, 4:15
C
cars [1] - 4:9
certificate [1] - 5:10
certification [1] - 5:16
Certified [1] - 5:3
certified [1] - 5:12
certify [2] - 5:4, 5:10
Chief [1] - 2:22
Chris [1] - 2:7
Christine [2] - 5:3,
5:20
CITY [2] - 1:6, 1:9
City [6] - 2:13, 2:14,
2:15, 2:17, 2:18,
2:19
Clerk [1] - 2:14
close [1] - 4:19
Community [1] - 3:2
complete [1] - 5:7
computer [1] - 5:7
computer-generated
[1] - 5:7
control [1] - 5:15
copies [2] - 5:12, 5:14
Corneils [1] - 2:10
correct [1] - 5:7
COUNCIL [1] - 1:9
COUNTY [2] - 1:7, 5:2
Craig [1] - 2:6
CSR [2] - 5:20, 5:20
D
Dan [1] - 2:4
Department [1] - 2:23
Development [1] - 3:3
Dhuse [1] - 2:21
different [1] - 4:10
direction [1] - 5:15
Director [4] - 2:20,
2:21, 3:1, 3:3
E
Engineer [1] - 2:19
Eric [1] - 2:21
Erin [1] - 2:15
Evans [1] - 2:24
F
Farm [3] - 1:16, 4:5,
4:15
Field [1] - 2:17
Finance [1] - 2:20
following [1] - 4:1
foregoing [1] - 5:6
forward [1] - 4:19
Fredrickson [1] - 2:20
Funkhouser [1] - 2:7
G
Game [1] - 1:16
generated [1] - 5:7
H
hand [2] - 5:13, 5:17
HEARING [1] - 1:10
hearing [6] - 4:3, 4:5,
4:13, 4:20, 4:22, 5:5
hereby [1] - 5:4
hereto [1] - 5:11
hereunto [1] - 5:16
I
ILLINOIS [2] - 1:7, 5:1
Illinois [2] - 1:17, 5:20
inclusive [1] - 5:6
J
James [1] - 2:22
Jensen [1] - 2:22
Joe [1] - 2:5
John [1] - 2:2
Jori [1] - 2:14
June [1] - 5:17
K
Kathleen [1] - 2:17
Ken [1] - 2:3
KENDALL [1] - 1:7
Koch [1] - 2:3
Krysti [1] - 3:2
L
Lamb [1] - 2:18
LASALLE [1] - 5:2
M
Marek [1] - 2:8
Matt [1] - 2:8
MAYOR [3] - 4:4, 4:12,
4:18
Mayor [2] - 2:2, 2:5
meeting [2] - 4:3, 4:23
MEETING [1] - 1:9
Megan [1] - 2:18
motor [1] - 4:7
Motor [1] - 4:12
motors [1] - 4:11
MS [1] - 4:11
N
Noble [1] - 3:2
O
OF [3] - 1:6, 5:1, 5:2
Olson [1] - 2:13
open [2] - 4:4, 4:14
original [1] - 5:11
Orr [1] - 2:17
P
p.m [1] - 1:21
Pages [1] - 5:6
Parks [1] - 2:24
person [1] - 2:12
place [1] - 5:9
Plocher [1] - 2:5
Police [1] - 2:22
portion [2] - 4:3, 4:22
PRESENT [2] - 2:1,
2:12
Pro [1] - 2:5
Pro-Tem [1] - 2:5
proceedings [4] - 4:2,
4:21, 5:5, 5:8
pubic [1] - 5:5
PUBLIC [1] - 1:10
Public [1] - 2:21
public [6] - 4:2, 4:5,
4:13, 4:14, 4:19,
4:22
Vitosh Reporting Service
815.993.2832 cms.vitosh@gmail.com
City Council - Public Hearing - May 30, 2023
1
Purcell [1] - 2:2
PURCELL [3] - 4:4,
4:12, 4:18
R
Recreation [1] - 2:24
Reporter [1] - 5:4
reproduced [1] - 5:14
response [1] - 4:17
responsibility [1] -
5:13
Ridge [2] - 4:5, 4:15
Road [1] - 1:16
Rob [1] - 2:20
rushing [1] - 4:19
Rusty [1] - 2:10
S
Sanderson [1] - 2:19
Seaver [1] - 2:9
see [1] - 4:18
set [1] - 5:16
Shorthand [1] - 5:3
signed [1] - 5:12
Solar [2] - 4:5, 4:15
Soling [1] - 2:6
SS [1] - 5:1
STATE [1] - 5:1
T
Tarulis [1] - 2:9
Tem [1] - 2:5
thereof [2] - 5:12, 5:16
thinking [1] - 4:9
Tim [1] - 2:24
transcribed [1] - 5:4
transcript [2] - 5:8,
5:11
Transier [1] - 2:4
triple [1] - 4:8
Triple [1] - 4:8
true [1] - 5:7
Tuesday [1] - 1:20
U
under [2] - 5:12, 5:14
UNITED [1] - 1:6
V
vehicle [1] - 4:13
via [1] - 2:12
Vitosh Reporting Service
815.993.2832 cms.vitosh@gmail.com
City Council - Public Hearing - May 30, 2023
2
Vitosh [2] - 5:3, 5:20
W
WHEREUPON [1] -
4:1
Willrett [1] - 2:15
Works [1] - 2:21
Y
YORKVILLE [1] - 1:6
Yorkville [2] - 1:17,
2:22
Z
Zoom [1] - 2:12
Have a question or comment about this agenda item?
Call us Monday-Friday, 8:00am to 4:30pm at 630-553-4350, email us at agendas@yorkville.il.us, post at www.facebook.com/CityofYorkville,
tweet us at @CityofYorkville, and/or contact any of your elected officials at http://www.yorkville.il.us/320/City-Council
Agenda Item Summary Memo
Title:
Meeting and Date:
Synopsis:
Council Action Previously Taken:
Date of Action: Action Taken:
Item Number:
Type of Vote Required:
Council Action Requested:
Submitted by:
Agenda Item Notes:
Reviewed By:
Legal
Finance
Engineer
City Administrator
Community Development
Purchasing
Police
Public Works
Parks and Recreation
Agenda Item Number
Consent Agenda #3
Tracking Number
Bills for Payment
City Council – June 13, 2023
Majority
Approval
Amy Simmons Finance
Name Department
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 12:22:43 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------900132 FNBO FIRST NATIONAL BANK OMAHA 05/25/23042523-S.AUGUSTINE-A 04/30/23 02 AMAZON-REPORT COVERS 82-820-56-00-5671 9.9903 FVFS-ANNUAL EXTINGUISHER CHECK 82-820-54-00-5462 115.0004 YORK CHAMBER-DUES RENEWAL 82-820-54-00-5460 100.0005 AMAZON-PRINTER FILAMENT 82-820-56-00-5671 24.9907 AMAZON-STICKERS 82-820-56-00-5671 18.6108 ADOBE-ACROBAT PRO 82-820-54-00-5462 575.7609 TRIBUNE-SUBSCRITION THROUGH 82-820-54-00-5460 236.8310 5/15/23 ** COMMENT **11 AMAZON-PRIME MONTHLY FEE 82-820-54-00-5460 14.9912 AMAZON-3 RING BINDERS 82-820-56-00-5610 18.4713 AMAZON-THERMAL PAPER ROLLS 82-820-56-00-5610 59.9914 YORK CHAMBER-APRIL LUNCHEON 82-820-54-00-5412 50.0015 REMOTE PC-ACCESS RENEWAL 82-820-54-00-5460 49.5016 QUILL-COPY PAPER 82-820-56-00-5610 186.8117 QUILL-STAINLESS STEEL POLISH, 82-820-56-00-5635 610.7418 PAPER TOWEL, TOILET TISSUE ** COMMENT **19 TARGET-EARTH DAY SUPPLIES 82-820-56-00-5671 76.30INVOICE TOTAL: 2,147.98 *052523-A.HERNANDEZ-A 04/30/23 01 MENARDS#041123-SPRING SNAPS 79-790-56-00-5620 61.0202 RURAL KING-CABLE TIES 79-790-56-00-5620 103.92INVOICE TOTAL: 164.94 *052523-A.SIMMONS-A 04/30/23 01 QUADIENT-APR 2023 POSTAGE 01-120-54-00-5485 53.9902 MACHINE LEASE ** COMMENT **03 VERIZON-3/2-4/1 IN CAR UNITS 01-210-54-00-5440 612.1704 COMCAST-3/20-4/19 INTERNET AT 01-110-54-00-5440 46.7305 651 PRAIRIE POINTE ** COMMENT **06 COMCAST-3/20-4/19 INTERNET AT 01-220-54-00-5440 41.5407 651 PRAIRIE POINTE ** COMMENT **08 COMCAST-3/20-4/19 INTERNET AT 01-120-54-00-5440 20.7709 651 PRAIRIE POINTE ** COMMENT **10 COMCAST-3/20-4/19 INTERNET AT 79-790-54-00-5440 41.5411 651 PRAIRIE POINTE ** COMMENT **12 COMCAST-3/20-4/19 INTERNET AT 01-210-54-00-5440 207.6913 651 PRAIRIE POINTE ** COMMENT **14 COMCAST-3/20-4/19 INTERNET AT 79-795-54-00-5440 41.5415 651 PRAIRIE POINTE ** COMMENT **16 AMAZON-MONITOR STAND,DESK 01-120-56-00-5610 72.1917 ORGANIZER ** COMMENT **18 AMAZON-MONITOR STAND 01-110-56-00-5610 44.4419 CINTAS-ALARM MONITORING AT 51-510-54-00-5445 267.1220 610 TOWER ** COMMENT **21 CINTAS-ALARM MONITORING AT 51-510-54-00-5445 267.1222 2224 TREMONT ** COMMENT **)<Page 1 of 61
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 12:22:43 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------900132 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-A.SIMMONS-A 04/30/23 23 CINTAS-ALARM MONITORING AT 51-510-54-00-5445 267.1224 3299 LEHMAN CROSSING ** COMMENT **25 KENDALL PRINT-AP CHECK STOCK 01-120-56-00-5610 401.4526 METRO INDUSTRY-REPLACED RADAR 52-520-54-00-5444 3,156.0027 TRANSDUCER ** COMMENT **28 METRO INDUSTRY-REPLACED HMI 52-520-54-00-5444 1,022.0029 LCD SCREEN ** COMMENT **30 AMAZON-CORK BAR STRIP, HOOKS 01-120-56-00-5610 24.0531 AMAZON-CORK BAR STRIPS, HOOKS 01-110-56-00-5610 24.04INVOICE TOTAL: 6,611.50 *052523-B.BEHRENS-A 04/30/23 01 MENARDS#040423-PVC COUPLING 01-410-56-00-5620 2.0802 MENARDS#041323-BARREL BOLTS 01-410-56-00-5620 11.9803 HOME DEPO-PRIMER, SHEAR HANGER 01-410-56-00-5640 55.9704 HOME DEPO-RUG REACHER 01-410-56-00-5620 34.71INVOICE TOTAL: 104.74 *052523-B.OLSON-A 04/30/23 01 ZOOM-03/23-04/23 USER FEES 01-110-54-00-5462 213.96INVOICE TOTAL: 213.96 *052523-B.PFIZENMAIER 04/30/23 02 NATIONAL IMPRINT-SUNGLASSES, 01-210-56-00-5650 1,269.0003 GLOW STICKS ** COMMENT **04 KENDALL PRINT-STAR BADGE 01-210-56-00-5650 452.0405 STICKERS ** COMMENT **INVOICE TOTAL: 1,721.04 *052523-B.VALLES-A 04/30/23 01 MENARDS#040423-WHEEL BARROW, 01-410-56-00-5640 88.5302 HANDLES, POLY TRAY, WHEEL ** COMMENT **03 PARTS BOX ** COMMENT **04 MENARDS#041723-SHACKLES 01-410-56-00-5620 53.8805 HOME DEPO-U-BOLTS 01-410-56-00-5620 19.0406 MENARDS#042023-SHEATHING 01-410-56-00-5620 72.1207 MENARDS#042023-BOLTS,SHEATHING 01-410-56-00-5620 43.62INVOICE TOTAL: 277.19 *052523-D.BROWN-A 04/30/23 01 AMAZON-INK CARTRIDGES 51-510-56-00-5620 64.7902 AMAZON-RAINGEAR 51-510-56-00-5600 46.8003 MENARDS#033123-NIPPLES,BUSHING 51-510-56-00-5620 30.44INVOICE TOTAL: 142.03 *052523-D.HENNE-A 04/30/23 01 ACE-NUTS, WASHERS 01-410-56-00-5620 2.3802 MENARDS#042523-ADAPTER 01-410-56-00-5620 5.9903 MENARDS#033123-TC PACS, ANT 01-410-54-00-5435 47.0604 BAIT ** COMMENT **05 MENARDS#032923-WIRE 01-410-56-00-5620 109.00)<Page 2 of 61
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 12:22:43 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------900132 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-D.HENNE-A 04/30/23 06 MENARDS#041923-ANT BAIT 01-410-54-00-5435 5.69INVOICE TOTAL: 170.12 *052523-D.SMITH-A 04/30/23 01 MENARDS#032723-DECKING 79-790-56-00-5640 123.6102 MENARDS#033023-RETURNED 79-790-56-00-5640 -70.3803 DECKING ** COMMENT **04 MENARDS#032923-TIE WIRE 79-790-56-00-5646 29.1605 HOME DEPO-CONCRETE 79-790-56-00-5620 107.3606 NAPA#338373-SPARK PLUGS, 79-790-56-00-5640 79.2007 IGNITOR COIL ** COMMENT **08 HOME DEPO-SHELVING 24-216-56-00-5656 498.00INVOICE TOTAL: 766.95 *052523-E.DHUSE-A 04/30/23 01 AMAZON-MARKERS 52-520-56-00-5610 34.7202 AMAZON-BADGE HOLDERS 52-520-56-00-5610 138.13INVOICE TOTAL: 172.85 *052523-E.HERNANDEZ-A 04/30/23 01 MENARDS#033023-STRAW 01-410-56-00-5640 25.9602 GROUND EFFECTS-DIRT,GRASS SEED 01-410-56-00-5640 613.50INVOICE TOTAL: 639.46 *052523-E.SCHREIBER 04/30/23 01 TARGET-BATTERIES 79-795-56-00-5606 15.4902 AMAZON-GIFT BAGS, BALLOONS, 79-795-56-00-5606 124.5003 POPSICLES, GOLDFISH, BANNER ** COMMENT **04 AMAZON-DRINKS 79-795-56-00-5606 22.4805 AMAZON-TISSUE PAPER, PICTURE 79-795-56-00-5606 24.8506 HANGERS ** COMMENT **07 AMAZON-GARDENING PLAY SET 79-795-56-00-5606 36.2408 AMAZON-GLOVES 79-795-56-00-5606 23.9709 AMAZON-MATCHING TOYS, WHISTLES 79-795-56-00-5606 24.2011 AMAZON-SAND & WATER TABLE 25-225-60-00-6010 312.9812 AMAZON-SUCKERS 79-795-56-00-5606 13.9813 AMAZON-DOOR STOPS 79-795-56-00-5606 14.9814 AMAZON-RETURNED POPSICLES 79-795-56-00-5606 -10.2415 DOLLAR TREE-DOLLAR TREE-MAY 79-795-56-00-5606 53.7516 PRESCHOOL SUPPLIES ** COMMENT **17 AMAZON-SNOW SHOVELS 79-795-56-00-5606 25.7418 TEACHING STRATEGIES-PRESCHOOL 25-225-60-00-6010 713.40INVOICE TOTAL: 1,396.32 *052523-E.WILLRETT-A 04/30/23 01 WALMART-KEURIG MACHINES FOR 24-216-56-00-5656 643.0102 NEW CITY HALL ** COMMENT **03 ILCMA-APR 2023 CMA 01-110-54-00-5412 65.0004 PROFESSIONAL DEVELOPMENT EVENT ** COMMENT **05 REGISTRATION ** COMMENT **)<Page 3 of 61
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 12:22:43 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------900132 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-E.WILLRETT-A 04/30/23 06 AMAZON-STORAGE CABINETS 24-216-56-00-5656 255.8007 DEW DRAFTING-DRAFTING TABLES 24-216-56-00-5656 1,335.9008 ELEMENT FOUR-APR 2023 CLOUD 01-640-54-00-5450 627.2109 CONNECT OFFSITE BACKUPS ** COMMENT **10 AMAZON-3 DRAWER FILE CABINET 24-216-56-00-5656 249.9911 PARABIT SYSTEMS-HANDS FREE 24-216-56-00-5656 1,816.3912 HEADSETS ** COMMENT **13 IML-ELECTED OFFICIALS HANDBOOK 01-110-56-00-5610 130.0014 AMAZON-FIRST AID CABINETS, 24-216-56-00-5656 5,718.9815 DRY ERASE BOARDS, BULLETIN ** COMMENT **16 BOARDS, LITERATURE ORGANIZERS, ** COMMENT **17 HARDWARE KITS, WHITEBOARD ** COMMENT **18 CALENDARS, ETHERNET CABLES, ** COMMENT **19 ZIPLOCK BAGS, ELECTRICAL TAPE ** COMMENT **INVOICE TOTAL: 10,842.28 *052523-G.JOHNSON-A 04/30/23 01 LOCAL 150 TRAINING-MEAL CARD 51-510-54-00-5415 20.0002 HOME DEPO-RATCHET,WEATHERSTRIP 51-510-56-00-5620 13.71INVOICE TOTAL: 33.71 *052523-G.KLEEFISCH-A 04/30/23 01 MENARDS#040323-SQUEEGEE, BULBS 79-790-56-00-5640 64.9802 FLATSOS#27143-TIRE REPAIR 79-790-54-00-5495 20.00INVOICE TOTAL: 84.98 *052523-G.NELSON-A 04/30/23 01 WAREHOUSE-FILE FOLDERS 01-220-56-00-5620 107.5002 MENARDS#041023-WATER 01-220-56-00-5620 5.9803 PARADISE-DEC-MAR2023 CAR 01-220-54-00-5462 52.0004 WASHES ** COMMENT **05 MENARDS#041723-WATER 01-220-56-00-5620 5.5806 WAREHOUSE-PAPER 01-220-56-00-5620 155.9707 WAREHOUSE-WALL POCKETS, 01-220-56-00-5620 290.6108 VELCRO ** COMMENT **09 MENARDS#042523-WATER, CUTTLERY 01-220-56-00-5620 12.98INVOICE TOTAL: 630.62 *052523-G.STEFFENS-A 04/30/23 01 LOCAL 150 TRAINING-MEAL CARD 52-520-54-00-5415 10.0002 MENARDS#041723-PVC, UBOLTS, 01-410-56-00-5628 122.6703 SPRAY PAINT, CORNER BRACES, ** COMMENT **04 HEXCAPS, ADAPTERS, PLUGS ** COMMENT **05 MENARDS#041323-NIPPLES, 52-520-56-00-5620 16.4306 REDUCERS ** COMMENT **INVOICE TOTAL: 149.10 *052523-J.BAUER-A 04/30/23 01 AMAZON-PAPER TOWEL HOLDER, 51-510-56-00-5620 44.7502 CAR SEAT FILE ORGANIZER ** COMMENT **INVOICE TOTAL: 44.75 *)<Page 4 of 61
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 12:22:43 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------900132 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-J.BEHLAND-A 04/30/23 01 AMAZON-CABINET LOCK BOX 01-110-56-00-5610 211.08INVOICE TOTAL: 211.08 *052523-J.DYON-A 04/30/23 01 WALMART-LEGAL PADS,PRINTER INK 01-120-56-00-5610 14.9402 WALMART-LEGAL PADS,PRINTER INK 51-510-56-00-5620 22.5403 WALMART-LEGAL PADS,PRINTER INK 52-520-56-00-5610 6.50INVOICE TOTAL: 43.98 *052523-J.ENGBER-A 04/30/23 01 ADOBE-MONTHLY CREATIVE CLOUD 01-220-54-00-5462 54.9902 AMAZON-I PHONE CHARGER 01-220-56-00-5620 21.9803 AMAZON-DRY ERASE BOARD ERASER 01-220-56-00-5620 31.7804 AMAZON-SPEAKERS, MONITOR 01-220-56-00-5620 303.4405 MOUNT, MOUSE, KEYBOARD, ** COMMENT **06 WIRELESS PHONE CHARGING PAD, ** COMMENT **07 MOUSE PAD ** COMMENT **10 AMAZON-LOUNGE ACCENT CHAIR 01-220-56-00-5620 122.9811 AMAZON-BOOKCASE 01-220-56-00-5620 46.84INVOICE TOTAL: 582.01 *052523-J.GALAUNER-A 04/30/23 01 BSN#921163315-SOCCER TSHIRTS 79-795-56-00-5606 1,177.7502 AMAZON-BALL PUMPS 79-795-56-00-5606 73.9203 BSN#921298364-BASEBALL JERSEYS 79-795-56-00-5606 1,086.7504 BSN#921298375-SOFTBALL JERSEYS 79-795-56-00-5606 1,358.4405 BSN#921298353-BASEBALL JERSEYS 79-795-56-00-5606 1,738.8006 BSN#921315725-BASEBALL JERSEYS 79-795-56-00-5606 470.9307 RUNNING AWARDS-SOFTBALL MEDALS 79-795-56-00-5606 2,181.0008 BSN#921388876-BASE PLUGS 79-795-56-00-5606 211.50INVOICE TOTAL: 8,299.09 *052523-J.JACKSON-A 04/30/23 01 MENARDS#042423-WALL BASKET, 52-520-56-00-5620 25.9702 ROPE ** COMMENT **INVOICE TOTAL: 25.97 *052523-J.JENSEN-A 04/30/23 01 AMAZON-FIREARM BAGS 01-210-56-00-5620 391.9802 MENARDS#041823-AMONIA, CART, 01-210-56-00-5620 46.1503 SPRAY BOTTLE ** COMMENT **04 LLCC-LABOR LAW POSTERS 01-210-54-00-5460 42.90INVOICE TOTAL: 481.03 *052523-J.SLEEZER-A 04/30/23 01 PETE TRUCK PARTS-AIR GATE 01-410-56-00-5628 472.1102 GAMMA SCIENTIFIC-PORTABLE 01-410-56-00-5630 9,369.0003 RETROFLCTOMETER SYSTEM, ** COMMENT **04 EXTENSION POLE KIT, ** COMMENT **05 CALIBRATION ** COMMENT **INVOICE TOTAL: 9,841.11 *)<Page 5 of 61
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 12:22:43 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------900132 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-J.WEISS-A 04/30/23 01 LIFE STUDIES-LIVE ANTS 82-000-24-00-2480 9.96INVOICE TOTAL: 9.96 *052523-K.BALOG-A 04/30/23 01 KENDALL PRINT-PAYROLL VOUCHERS 01-210-54-00-5430 255.4002 QUILL-COPY PAPER, RUBBER 01-210-56-00-5610 885.2903 FINGERS ** COMMENT **04 AMAZON-IMUSK OEM UPPER SHELL 01-210-56-00-5620 15.9905 EXPANSION KIT ** COMMENT **06 COMCAST-03/15-04/14 INTERNET 01-640-54-00-5449 1,165.3307 AMAZON-DRAWER ORGANIZERS 01-210-56-00-5610 215.8608 ROSATIS-KENCOM PIZZAS 01-210-56-00-5650 209.6309 AMAZON-ID LANYARDS 01-210-56-00-5620 31.7910 AMAZON-CHAIR MATS, MOUSE PADS 01-210-56-00-5610 704.8711 ROSATIS-MOVING DAY LUNCH 01-210-56-00-5650 497.3912 COMCAST-04/08-05/07 CABLE AT 01-210-54-00-5440 21.0813 800 GAME FARM RD ** COMMENT **14 AMAZON-DRY ERASE BOARDS 01-210-56-00-5620 169.0015 ACCURINT-MAR 2023 SEARCHES 01-210-54-00-5462 200.00INVOICE TOTAL: 4,371.63 *052523-K.BARKSDALE-A 04/30/23 01 APA NATIONAL CONFERENCE 01-220-54-00-5415 1,586.9202 LODGING AND TRANSPORTATION ** COMMENT **03 AMAZON-KEYBOARDS, MOUSE PADS, 01-220-56-00-5620 198.2704 AIR PURIFIER, SMALL FAN ** COMMENT **INVOICE TOTAL: 1,785.19 *052523-K.JONES-A 04/30/23 01 AMAZON-TISSUE 01-110-56-00-5610 29.2002 AMAZON-PENCILS 01-110-56-00-5610 6.4103 AMAZON-NEOPOST BRUSH KIT 01-110-56-00-5610 34.9504 AMAZON-EMPLOYEE RECORD FILE 01-110-56-00-5610 37.6805 FOLDERS ** COMMENT **06 AMAZON-FELT TIP PENS,LEGAL PAD 01-110-56-00-5610 269.0507 TAPE, COPY PAPER, CORRECTION ** COMMENT **08 TAPE ** COMMENT **INVOICE TOTAL: 377.29 *052523-M.CARYLE-A 04/30/23 01 ILEAS CONFERENCE LODGING 01-210-54-00-5415 302.5002 FAA DRONE REGISTRATION 01-210-54-00-5462 5.0003 HOLIDAY INN-CONFERENCE LODGING 01-210-54-00-5415 512.4604 GJOVIK#426824-INSTALLED NEW 01-210-54-00-5495 834.5905 WATER PUMP AND THERMOSTAT ** COMMENT **06 HOUSING ** COMMENT **07 GJOVIK#426934-OIL CHANGE, 01-210-54-00-5495 299.3208 INSTALLED NEW PURGE VALVE ** COMMENT **09 GJOVIK#427494-OIL CHANGE 01-210-54-00-5495 45.83)<Page 6 of 61
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 12:22:43 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------900132 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-M.CARYLE-A 04/30/23 10 GJOVIK#427517-OIL CHANGE 01-210-54-00-5495 49.4911 GJOVIK#423740-OVERPAYMENT CR 01-210-54-00-5495 -100.7812 MENARDS-KEY TAGS, WEATHER 01-210-56-00-5620 22.9113 STRIPPING ** COMMENT **INVOICE TOTAL: 1,971.32 *052523-M.CISIJA-A 04/30/23 01 AMAZON-MAILING ENVELOPES, 01-110-56-00-5610 88.6102 CARD STOCK, GOLD SEALS ** COMMENT **03 MENARDS#042023-CABLE TIES, 01-110-56-00-5610 23.7904 HEX KEY SET ** COMMENT **INVOICE TOTAL: 112.40 *052523-M.CURTIS-A 04/30/23 01 MEIJER-FRENCH ROLLS 82-820-56-00-5671 10.58INVOICE TOTAL: 10.58 *052523-M.DONOVAN-A 04/30/23 01 AMAZON-WHISTLES, JERSEYS, 79-795-56-00-5606 103.9502 STOPWATCHES ** COMMENT **03 TARGET-BUNS, COFFEE, COCOA 79-795-56-00-5607 89.40INVOICE TOTAL: 193.35 *052523-M.MCGREGORY 04/30/23 01 KEYME LOCKSMITH-KEYS 51-510-56-00-5620 7.06INVOICE TOTAL: 7.06 *052523-M.NELSON-A 04/30/23 01 ARROWHEAD FORENSICS-LARGE 01-210-56-00-5620 106.7602 WEAPON BOXES ** COMMENT **03 SIRCHE-EVIDENCE TAPE 01-210-56-00-5620 194.9504 MENARDS#040523-MOUNTING STRIPS 01-210-56-00-5620 24.8605 ARROWHEAD FORENSICS-EVIDENCE 01-210-56-00-5620 97.3206 TUBES ** COMMENT **07 FBI LEEDA-3/16/23 SLI TRAINING 01-210-54-00-5412 795.0008 AMAZON-DUAL MONITOR MOUNT, 01-210-56-00-5620 349.9509 FILE TRAY ** COMMENT **10 AMAZON-DUAL MONITOR MOUNT 01-210-56-00-5620 426.9511 MENARDS#042423-ELECTRICAL TAPE 01-210-56-00-5620 46.8312 MOUNTING STRIPS ** COMMENT **INVOICE TOTAL: 2,042.62 *052523-M.SENG-A 04/30/23 01 ACE-BOLTS 01-410-56-00-5620 12.0002 HOME DEPO-CEDAR BOARDS 01-410-56-00-5640 11.8803 HOME DEPO-SCREWS 01-410-56-00-5620 9.4704 MENARDS#041123-BYPASS LOPPER 01-410-56-00-5630 69.9805 MONTGOMERY LANDSCAPE-MULCH 01-410-56-00-5640 200.00INVOICE TOTAL: 303.33 *052523-P.MCMAHON 04/30/23 01 GALLS-GARRISON BELTS 01-210-56-00-5600 201.58)<Page 7 of 61
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 12:22:43 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------900132 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-P.MCMAHON 04/30/23 02 GALLS-TACLITE UNIFORM SHIRTS 01-210-56-00-5600 1,695.5003 AMAZON-MANUAL HEAT SEALER 01-210-56-00-5620 146.8904 GALLS-GARRISON BELTS 01-210-56-00-5600 251.3905 HOME DEPO-HAND TRUCKS 01-210-56-00-5620 199.9606 AMAZON-BUTCHER PAPER ROLL 01-210-56-00-5620 50.9807 AMAZON-TACTICAL BOOTS 01-210-56-00-5600 121.9908 AMAZON-LEATHER DUTY BELTS 01-210-56-00-5600 254.7609 GRAINGER-RETURNED HEAT SEALER 01-210-56-00-5620 -1,143.62INVOICE TOTAL: 1,779.43 *052523-P.RATOS 04/30/23 01 BFCA-UNDERSTANDING ILLINOIS 01-220-54-00-5412 100.0002 PLUMBING CODE 04/07/23 ** COMMENT **03 SEMINAR-RATOS ** COMMENT **04 AMAZON-KEY CABINET ORGANIZER 01-220-56-00-5620 39.9905 MENARDS#042023-CORDS, CABLES 01-220-56-00-5620 77.9706 MENARDS#042523-WATER COOLER 01-220-56-00-5620 269.46INVOICE TOTAL: 487.42 *052523-P.SCODRO-A 04/30/23 01 AMAZON-TRUCK FLOOR LINERS 51-510-56-00-5628 88.8902 AMAZON-TRUCK SEAT COVERS 51-510-56-00-5628 99.9503 LOCAL 150 TRAINING-CAFE CARDS 51-510-54-00-5415 35.0004 MENARDS#040423-USB DRIVE 51-510-56-00-5620 15.4805 MENARDS#041323-SHOVEL, TOTE 51-510-56-00-5620 93.91INVOICE TOTAL: 333.23 *052523-R.CONARD-A 04/30/23 01 NAPA#337083-BOXED MINIATURES 51-510-56-00-5628 25.4002 MENARDS#042123-CAR CLEANING 51-510-56-00-5620 35.7403 SUPPLIES ** COMMENT **04 MENARDS#042423-SCREWDRIVER 51-510-56-00-5630 114.7105 SET, TASK LIGHTS, PLIERS, ** COMMENT **06 CRATES, WRENCHES, BASKET ** COMMENT **INVOICE TOTAL: 175.85 *052523-R.FREDRICKSON 04/30/23 01 COMCAST-3/12-4/11 CABLE AT 800 01-110-54-00-5440 21.0802 GAME FARM RD ** COMMENT **03 COMCAST-3/13-4/12 INTERNET AT 51-510-54-00-5440 116.8504 610 TOWER OFC WATER PLANT ** COMMENT **05 COMCAST-3/15-4/14 INTERNET AT 79-795-54-00-5440 200.8006 102 E VAN EMMON ** COMMENT **07 NEWTEK-4/11-5/11 WEB HOSTING 01-640-54-00-5450 17.2108 COMCAST-3/24-4/23 INTERNET AT 79-790-54-00-5440 78.4209 201 W HYDRAULIC ** COMMENT **10 COMCAST-3/24-4/23 INTERNET AT 79-795-54-00-5440 78.4311 201 W HYDRAULIC ** COMMENT **12 COMCAST-3/24-4/23 INTERNET AT 01-110-54-00-5440 64.29)<Page 8 of 61
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 12:22:43 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------900132 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-R.FREDRICKSON 04/30/23 13 800 GAME FARM RD ** COMMENT **14 COMCAST-3/24-4/23 INTERNET AT 01-220-54-00-5440 73.4715 800 GAME FARM RD ** COMMENT **16 COMCAST-3/24-4/23 INTERNET AT 01-120-54-00-5440 36.7417 800 GAME FARM RD ** COMMENT **18 COMCAST-3/24-4/23 INTERNET AT 01-210-54-00-5440 367.3519 800 GAME FARM RD ** COMMENT **20 COMCAST-3/29-4/28 INTERNET, 79-790-54-00-5440 251.8021 PHONE AND CABLE AT 185 WOLF ST ** COMMENT **22 COMCAST-3/30-4/29 INTERNET AT 52-520-54-00-5440 31.5823 610 TOWER ** COMMENT **24 COMCAST-3/30-4/29 INTERNET AT 01-410-54-00-5440 126.3225 610 TOWER ** COMMENT **26 COMCAST-3/30-4/29 INTERNET AT 51-510-54-00-5440 78.9527 610 TOWER ** COMMENT **INVOICE TOTAL: 1,543.29 *052523-R.HORNER-A 04/30/23 01 YORK ACE-PROPANE REFILL 79-790-56-00-5620 29.9802 MENARDS041423-CLAY 79-790-56-00-5620 9.19INVOICE TOTAL: 39.17 *052523-R.MIKOLASEK-A 04/30/23 01 MENARDS#041923-KEY TAGS 01-210-56-00-5620 17.9102 O'HERRON-RMV KWIQ-CLIP SETS, 01-210-56-00-5620 3,968.0003 HELMETS ** COMMENT **INVOICE TOTAL: 3,985.91 *052523-R.WOOLSEY-A 04/30/23 01 BEACON-3/8-4/21 SUBSCRIPTION 01-110-54-00-5426 36.8702 TRAFFIC CONTROL#114163-POSTS, 23-230-56-00-5619 639.6003 ANCHORS ** COMMENT **04 ARNESON#211683-MAR 2023 DIESEL 01-410-56-00-5695 80.7905 ARNESON#211683-MAR 2023 DIESEL 51-510-56-00-5695 80.7806 ARNESON#211683-MAR 2023 DIESEL 52-520-56-00-5695 80.7807 ARNESON#225081-MAR 2023 DIESEL 01-410-56-00-5695 246.0008 ARNESON#225081-MAR 2023 DIESEL 51-510-56-00-5695 246.0009 ARNESON#225081-MAR 2023 DIESEL 52-520-56-00-5695 246.0010 ARNESON#225082-MAR 2023 DIESEL 01-410-56-00-5695 256.0011 ARNESON#225082-MAR 2023 DIESEL 51-510-56-00-5695 255.9912 ARNESON#225082-MAR 2023 DIESEL 52-520-56-00-5695 256.0013 LAWSON-SCREWS, NUTS, PINS, 01-410-56-00-5620 202.7914 CABLE TIES ** COMMENT **15 LAWSON-SCREWS, NUTS, PINS, 51-510-56-00-5620 202.7916 CABLE TIES ** COMMENT **17 LAWSON-SCREWS, NUTS, PINS, 52-520-56-00-5620 202.7818 CABLE TIES ** COMMENT **19 AQUAFIX-VITASTIM GREESE 52-520-56-00-5613 1,057.22)<Page 9 of 61
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 12:22:43 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------900132 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-R.WOOLSEY-A 04/30/23 20 MINER#342505-APR 2023 MANAGED 01-410-54-00-5462 366.8521 SERVICES RADIO ** COMMENT **22 MINER#342505-APR 2023 MANAGED 51-510-54-00-5462 430.6523 SERVICES RADIO ** COMMENT **24 MINER#342505-APR 2023 MANAGED 52-520-54-00-5462 287.1025 SERVICES RADIO ** COMMENT **26 MINER#342505-APR 2023 MANAGED 79-790-54-00-5462 510.4027 SERVICES RADIO ** COMMENT **28 KENDALL PRINT-"WE'VE MOVED" 01-110-56-00-5610 51.0029 POSTCARDS ** COMMENT **30 METRO INDUSTRY-INSTALLED NEW 52-520-54-00-5444 1,634.0031 CONTROL CORD AND GRIP FOR PUMP ** COMMENT **32 METRO INDUSTRY-APR 2023 LIFT 52-520-54-00-5444 270.0033 STATION METRO CLOUD DATA ** COMMENT **34 SERVICE ** COMMENT **35 ARNESON#225148-MAR 2023 DIESEL 01-410-56-00-5695 94.0236 ARNESON#225148-MAR 2023 DIESEL 51-510-56-00-5695 94.0337 ARNESON#225148-MAR 2023 DIESEL 52-520-56-00-5695 94.0338 FIRST PLACE-TRASH PUMP 51-510-56-00-5630 359.9539 STANDARD-ROTATING DCASE 52-520-56-00-5640 372.0540 ARNESON#225147-MAR 2023 GAS 01-410-56-00-5695 191.6041 ARNESON#225147-MAR 2023 GAS 51-510-56-00-5695 191.6042 ARNESON#225147-MAR 2023 GAS 52-520-56-00-5695 191.6143 ARNESON#225200-MAR 2023 DIESEL 01-410-56-00-5695 133.4644 ARNESON#225200-MAR 2023 DIESEL 51-510-56-00-5695 133.4645 ARNESON#225200-MAR 2023 DIESEL 52-520-56-00-5695 133.4546 ARNESON#227051-MAR 2023 DIESEL 01-410-56-00-5695 185.5647 ARNESON#227051-MAR 2023 DIESEL 51-510-56-00-5695 185.5648 ARNESON#227051-MAR 2023 DIESEL 52-520-56-00-5695 185.5749 ARNESON#227001-MAR 2023 GAS 01-410-56-00-5695 287.0350 ARNESON#227001-MAR 2023 GAS 51-510-56-00-5695 287.0251 ARNESON#227001-MAR 2023 GAS 52-520-56-00-5695 287.0352 FOX VALLEY FIRE-ANNUAL FIRE 24-216-54-00-5446 30.0053 EXTINGUISHER SERVICE FOR ** COMMENT **54 BEECHER CENTER ** COMMENT **55 FOX VALLEY FIRE-ANNUAL FIRE 24-216-54-00-5446 134.2556 EXTINGUISHER SERVCE FOR 800 ** COMMENT **57 GAME FARM RD ** COMMENT **58 FOX VALLEY FIRE-ANNUAL FIRE 24-216-54-00-5446 269.0559 EXTINGUISHER SERVCE FOR 651 ** COMMENT **60 PRAIRIE POINTE DRIVE ** COMMENT **61 FOX VALLEY FIRE-ANNUAL FIRE 24-216-54-00-5446 26.3562 EXTINGUISHER SERVCE FOR 610 ** COMMENT **63 TOWER LANE ** COMMENT **64 FOX VALLEY FIRE-ANNUAL FIRE 24-216-54-00-5446 144.95)<Page 10 of 61
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 12:22:43 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------900132 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-R.WOOLSEY-A 04/30/23 65 EXTINGUISHER SERVCE FOR SENIOR ** COMMENT **66 SERVICES ** COMMENT **67 POLLARD WATER-CHEMICALS 51-510-56-00-5638 1,999.0068 WELDSTAR-CYLINDER RENTAL 01-410-54-00-5485 58.8069 GJOVIKS#427758-REPLACE 01-410-54-00-5490 1,692.5470 CONVERTER ASSEMBLY ** COMMENT **71 TRAFFIC CONTROL-PED CROSSING 23-230-56-00-5619 338.1072 SIGN ** COMMENT **73 WATER PRODUCTS-CURB BOX,PLUG 51-510-56-00-5640 562.5074 AMPERAGE-LAMPS 23-230-56-00-5642 19.8975 AMPERAGE-PHOTOCELLS, PHOTO 23-230-56-00-5642 510.8476 CONTROL, FUSE HOLDER, LAMPS ** COMMENT **77 AMPERAGE-FUSE HOLDERS, FUSES, 23-230-56-00-5642 339.8778 INSULATING BOOT ** COMMENT **79 ARNESON#227052-MAR 2023 DIESEL 01-410-56-00-5695 295.7880 ARNESON#227052-MAR 2023 DIESEL 51-510-56-00-5695 295.7981 ARNESON#227052-MAR 2023 DIESEL 52-520-56-00-5695 295.7882 SUPERIOR ASPHALT-ASPHALT 23-230-56-00-5632 1,220.5683 TRAFFIC CONTROL-SIGNS 23-230-56-00-5619 1,243.1584 TRAFFIC CONTROL-SIGNS 23-230-56-00-5619 2,146.7085 TRAFFIC CONTROL-POSTS, ANCHORS 01-410-56-00-5640 2,433.9486 TRAFFIC CONTROL-POSTS, ANCHORS 23-230-56-00-5619 4,352.5087 DOUBLETREE-LEGISLATIVE 01-110-54-00-5415 316.9288 DRIVEDOWN LODGING FOR 2 ** COMMENT **89 ALDERMEN ** COMMENT **90 PLANO BP-NEWSPAPERS 01-110-54-00-5460 16.0091 PLEET PRIDE-BRAKE CHAMBER 01-410-56-00-5628 60.90INVOICE TOTAL: 29,851.58 *052523-S,IWANSKI-A 04/30/23 01 MENARDS#041323-SPRINGS, PAINT, 82-820-56-00-5621 40.7502 ANT BAIT ** COMMENT **03 YORKVILLE POST-POSTAGE 82-820-54-00-5452 35.19INVOICE TOTAL: 75.94 *052523-S.RAASCH-A 04/30/23 01 AMAZON-GARBAGE BAGS 24-216-60-00-6030 438.1702 SECURITY BUILDERS-KEYS 24-216-60-00-6030 1,520.9603 OMALLEY WELDING-DESIGN SIGN 24-216-60-00-6030 1,160.0004 FOR CITY HALL ** COMMENT **05 AMAZON-HAND SOAP DISPENSERS, 24-216-60-00-6030 296.7906 VISION BOARDS, STRIP LIGHTING, ** COMMENT **07 PAPER TOWEL HOLDERS ** COMMENT **08 AMAZON-DRY ERASE BOARDS 24-216-60-00-6030 777.9709 AMAZON-SURGE PROTECTORS, 24-216-60-00-6030 463.5610 BATTERIES ** COMMENT **11 AMAZON-SOAP DISPENSER, VIDEO 24-216-60-00-6030 663.13)<Page 11 of 61
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 12:22:43 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------900132 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-S.RAASCH-A 04/30/23 12 SURVEILLANCE SIGNS, PAPER ** COMMENT **13 TOWEL DISPENSERS, COAT HANGERS ** COMMENT **14 AMAZON-DUSTER 24-216-60-00-6030 7.9815 AMAZON-STICKY MATS 24-216-60-00-6030 40.7116 AMAZON-OUTDOOR HANDRAILS 24-216-60-00-6030 96.8917 AMAZON-SOAP DISPENSERS 24-216-60-00-6030 46.5518 AMAZON-CLEANING CLOTHS 24-216-60-00-6030 32.9419 AMAZON-FORMULA 409 24-216-60-00-6030 35.8120 AMAZON-TRASH CANS 24-216-60-00-6030 187.4621 AMAZON-MAGIC ERASERS, 24-216-60-00-6030 628.9222 STAINLESS STEEL POLISH, DRY ** COMMENT **23 ERASE BOARDS ** COMMENT **24 AMAZON-GARBAGE BAGS,SANITIZING 24-216-60-00-6030 1,582.5125 SPRAY, PAPER TOWEL HOLDERS, ** COMMENT **26 BADGE HOLDERS, DUST MOPS, ** COMMENT **27 VACUUM BAGS, LEVEL, TRASH ** COMMENT **28 CANS, DRAFTING TABLE, MOP ** COMMENT **29 BUCKETS ** COMMENT **INVOICE TOTAL: 7,980.35 *052523-S.REDMON-A 04/30/23 01 PMG-BASEBALL BANNER 79-795-56-00-5606 200.0002 AMAZON-EASTER EGG RETURN CR 79-795-56-00-5606 -243.1203 AT&T-3/24-4/23 TOWN SQUARE 79-795-54-00-5440 89.0004 PARK SIGN INTERNET ** COMMENT **05 RUNCO-PAPER TOWELS, TISSUE, 79-795-56-00-5640 198.9006 CLEANERS, MOP HEADS ** COMMENT **07 RUNCO-BULLETIN BOARD 79-795-56-00-5606 63.5908 RUNCO-COPY PAPER 79-795-56-00-5610 45.9909 RUNCO-HANDSOAP 79-795-56-00-5640 12.7610 AMAZON-LABELS 79-795-56-00-5610 24.9911 PLUG-N-PAY-MAR 2023 FEES 79-795-54-00-5462 62.4812 ARNESON#227003-MAR 2023 DIESEL 79-790-56-00-5695 146.8413 ARNESON#227053-MAR 2023 GAS 79-790-56-00-5695 377.1414 GOLD MEDAL-BRIDGE CONCESSION 79-795-56-00-5607 636.7915 SUPPLIES ** COMMENT **16 GOLD MEDAL-BEECHER CONCESSION 79-795-56-00-5607 1,092.5217 SUPPLIES ** COMMENT **18 GOLD MEDAL-ICE CREAM 79-795-56-00-5607 73.0819 PMG-BASEBALL BANNERS 79-795-56-00-5606 200.0020 AMAZON-RACE CLOCK 25-225-60-00-6010 192.0021 AMAZON-CHARGER FOR PORTABLE 25-225-60-00-6010 129.4922 ELECTRICAL SYSTEM ** COMMENT **23 KENDALL PRINT-BUSINESS CARDS 79-795-56-00-5620 360.0024 RUNCO-TOILET PAPER DISPENSER 79-795-56-00-5640 30.8825 JACKSON-HIRSH-LAMINATING 79-795-56-00-5610 286.72)<Page 12 of 61
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 12:22:43 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------900132 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-S.REDMON-A 04/30/23 26 SUPPLIES ** COMMENT **27 RUNCO-COPY PAPER, BREAK ROM 79-795-56-00-5610 644.6628 SUPPLIES, PENS, CLIPS, TAPE, ** COMMENT **29 ENVELOPES, BATTERIES, MARKERS, ** COMMENT **30 LABELS ** COMMENT **31 BSN#921470467-BALL LOCKER 25-225-60-00-6010 222.6032 BSN#921439413-SOFTBALL JEARSEY 79-795-56-00-5606 1,177.3133 BSN#921423316-BASEBALL JERSEYS 79-795-56-00-5606 1,231.6534 BSN#921439393-BASEBALL JERSEYS 79-795-56-00-5606 1,612.0135 BSN#921439374-SOFTBALL JERSEYS 79-795-56-00-5606 1,538.1936 AMAZON-PORTABLE ELECTRICAL 25-225-60-00-6010 1,299.0037 SYSTEM FOR SPECIAL EVENTS ** COMMENT **38 AMAZON-UNDELIVERED PRODUCT CR 79-795-56-00-5606 -40.8939 STATUS SHARE-RENEW RAINOUTLINE 79-795-56-00-5606 399.0040 ARNESON#227053-MAR 2023 GAS 79-790-56-00-5695 650.83INVOICE TOTAL: 12,714.41 *052523-S.SLEEZER-A 04/30/23 01 GROUND EFFECTS#478984-MULCH 79-790-56-00-5620 1,602.2502 HOME DEPO-RYB IMPACT SETS, 24-216-56-00-5656 517.1303 UTILITY KNIFE ** COMMENT **04 GROUND EFFECTS#479603-GRASS 79-790-56-00-5646 465.0005 SEED ** COMMENT **06 STEVENS-STAFF SHIRTS 79-790-56-00-5600 771.1007 AHW-LINING 79-790-56-00-5640 85.00INVOICE TOTAL: 3,440.48 *052523-T.HOULE-A 04/30/23 01 NAPA#336781-OIL 79-790-56-00-5640 34.4702 MENARDS#032923-DOOR SWEEP 79-790-56-00-5640 12.9903 BDK DOOR-SURFACE MOUNT 3 79-790-54-00-5495 2,117.2004 BUTTON STATIONS ON DOORS ** COMMENT **05 MENARDS#040623-TOGGLE BOLTS 79-790-56-00-5620 15.6306 BURRIS-AERA-VATOR RENTAL 79-790-54-00-5485 228.0007 FARM&FLEET-SADDLE BRITES 79-790-56-00-5646 329.9908 MENARDS#041823-NUTS, BOLTS, 79-790-56-00-5620 1,874.2109 WASHERS, HAMMER, NAILS, LUMBER ** COMMENT **10 MENARDS#041923-TIE WIRE,FENCE 79-790-56-00-5646 678.2711 MENARDS#042023-SHACKLES, TOW 79-790-56-00-5630 80.9612 STRAPS, NYLON WEB ** COMMENT **13 MENARDS#042023-STORAGE BINS 24-216-56-00-5656 399.6014 ALTA-REPLACED VALVE COVER 79-790-54-00-5495 798.1515 GASKET ** COMMENT **16 BEACON ATHLETICS-DRAG MATS 79-790-56-00-5646 606.00INVOICE TOTAL: 7,175.47 *052523-T.MILSCHEWSKI 04/30/23 01 HOME DEPO-PATCH CABLES, 24-216-60-00-6030 200.65)<Page 13 of 61
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 12:22:43 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------900132 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-T.MILSCHEWSKI 04/30/23 02 PLUNGERS, NUTS, WASHERS, STRIP ** COMMENT **03 LIGHTING ** COMMENT **04 MENARDS#042523-STRAW, DRILL 24-216-60-00-6030 52.1805 BITS, NUTS, WASHERS, BOLTS ** COMMENT **06 MENARDS#041923-SALT 24-216-60-00-6030 35.9407 MENARDS#041923-PLIERS, AUGE 24-216-60-00-6030 38.9408 MENARDS#040523-NUT DRIVER, 24-216-60-00-6030 20.9309 TOGGLE BOLTS, DRIVE BIT HOLDER ** COMMENT **10 MENARDS#041123-GORILLA GLUE, 24-216-60-00-6030 38.9711 WINDOW SCRAPERS, DUCT TAPE, ** COMMENT **12 EDGELOCK, GOO GONE ** COMMENT **13 MENARDS#033123-BATTERIES,DRILL 24-216-60-00-6030 63.0314 BITS ** COMMENT **15 MENARDS#040423-WALL GRIPPERS, 24-216-60-00-6030 86.7116 BOLTS, ANCHORS ** COMMENT **INVOICE TOTAL: 537.35 *CHECK TOTAL: 127,103.40TOTAL AMOUNT PAID: 127,103.40)<Page 14 of 61127,103.40
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23 UNITED CITY OF YORKVILLETIME: 08:25:33 CHECK REGISTERPRG ID: AP215000.WOWCHECK DATE: 06/13/23CHECK # VENDOR # INVOICE INVOICE ITEMNUMBER DATE # DESCRIPTION ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538612 AACVB AURORA AREA CONVENTION04/23-HAMPTON 05/24/23 01 APR 2023 HAMPTON INN HOTEL TAX 01-640-54-00-5481 3,787.82INVOICE TOTAL: 3,787.82 *04/23-SUNSET 05/24/23 01 APR 2023 SUNSET HOTEL TAX 01-640-54-00-5481 24.30INVOICE TOTAL: 24.30 *04/23-SUPER 05/24/23 01 APR 2023 SUPER 8 HOTEL TAX01-640-54-00-5481 1,282.53INVOICE TOTAL: 1,282.53 *CHECK TOTAL: 5,094.65538613 ARTLIP ARTLIP & SONS, INC.206978 03/31/23 01 REMOVED NECESSARY DRYWALL AND 24-216-60-00-6030 1,092.0002 INSULATION FOR REPAIR OF ** COMMENT **03 CEILING TILES ** COMMENT **INVOICE TOTAL: 1,092.00 *207292 03/08/23 01 PROVIDE AND INSTALL MOTOR 24-216-60-00-6030 2,578.0002 SPEED CONTROL AND CAPACITOR ** COMMENT **INVOICE TOTAL: 2,578.00 *207295 03/08/23 01 PROVIDE AND INSTALL MORTOR AND 24-216-60-00-6030 1,803.0002 CAPACITOR ** COMMENT **INVOICE TOTAL: 1,803.00 *CHECK TOTAL: 5,473.00538614 AURORA CITY OF AURORA223853 05/17/23 01 APR 2023 WATER PRODUCTION LAB 51-510-54-00-5429 10.5002 TEST ** COMMENT **INVOICE TOTAL: 10.50 *CHECK TOTAL: 10.50&zϮϯPage 15 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23 UNITED CITY OF YORKVILLETIME: 08:25:33 CHECK REGISTERPRG ID: AP215000.WOWCHECK DATE: 06/13/23CHECK # VENDOR # INVOICE INVOICE ITEMNUMBER DATE # DESCRIPTION ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538615 BATTERYS BATTERY SERVICE CORPORATION0097919 03/28/23 01 BATTERIES 01-410-56-00-5628 164.45INVOICE TOTAL: 164.45 *CHECK TOTAL: 164.45538616 COMED COMMONWEALTH EDISON0435057364-0523 05/24/23 01 04/25-05/24 RT126 & SCHLHSE RD 23-230-54-00-5482 103.51INVOICE TOTAL: 103.51 *7110074020-0523 05/25/23 01 04/26-05/25 104 E VAN EMMON01-110-54-00-5480 328.70INVOICE TOTAL: 328.70 *7982120022-0523 05/26/23 01 04/27-05/26 609 N BRIDGE 01-110-54-00-5480 17.84INVOICE TOTAL: 17.84 *CHECK TOTAL: 450.05538617 COREMAIN CORE & MAIN LPS727737 04/24/23 01 TOUCHPADS 51-510-56-00-5664 261.11INVOICE TOTAL: 261.11 *S739742 04/26/23 01 METER WIRE 51-510-56-00-5664 697.01INVOICE TOTAL: 697.01 *CHECK TOTAL: 958.12538618 DIRENRGY DIRECT ENERGY BUSINESS1704705-231230051596 05/03/23 01 03/28-04/25 KENNEDY & MCHUGH 23-230-54-00-5482 51.81INVOICE TOTAL: 51.81 *1704706-231290051637 05/09/23 01 03/31-04/30 RT34 & BEECHER 23-230-54-00-5482 67.15INVOICE TOTAL: 67.15 *)<Page 16 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23 UNITED CITY OF YORKVILLETIME: 08:25:33 CHECK REGISTERPRG ID: AP215000.WOWCHECK DATE: 06/13/23CHECK # VENDOR # INVOICE INVOICE ITEMNUMBER DATE # DESCRIPTION ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538618 DIRENRGY DIRECT ENERGY BUSINESS1704707-231390051725 05/19/23 01 04/17-05/16 RT47 & KENNEDY 23-230-54-00-5482 1,072.13INVOICE TOTAL: 1,072.13 *1704711-231300516488 05/10/23 01 04/07-05/08 KENNEDY & MILLS 23-230-54-00-5482 1.01INVOICE TOTAL: 1.01 *1704712-231430051744 05/23/23 01 04/20-05/19 421 POPLAR 23-230-54-00-5482 3,763.41INVOICE TOTAL: 3,763.41 *1704714-231230051596 05/03/23 01 03/29-04/26 MCHUGH RD 23-230-54-00-5482 73.03INVOICE TOTAL: 73.03 *1704715-231430051744 05/23/23 01 04/20-05/19 998 WHITE PLAINS 23-230-54-00-5482 7.62INVOICE TOTAL: 7.62 *1704717-231360051696 05/16/23 01 04/12-05/10 RT47 & ROSENWINKLE 23-230-54-00-5482 31.50INVOICE TOTAL: 31.50 *1704718-231290051637 05/09/23 01 04/05-05/04 RT34 & CANNONBALL 23-230-54-00-5482 16.68INVOICE TOTAL: 16.68 *1704719-231460051774 05/26/23 01 04/24-05/23 LEASURE & SUNSET 23-230-54-00-5482 108.63INVOICE TOTAL: 108.63 *CHECK TOTAL: 5,192.97538619 DYNEGYDYNEGY ENERGY SERVICES386643523051 05/30/23 01 03/29-04/26 420 FAIRHAVEN 52-520-54-00-5480 103.5102 03/30-04/27 6780 RT47 51-510-54-00-5480 86.1403 04/26-05/24 456 KENNEDY 51-510-54-00-5480 48.7604 04/12-05/10 4600 N BRIDGE 51-510-54-00-5480 69.5305 04/25-05/23 1106 PRAIRIE CR 52-520-54-00-5480 109.4906 04/26-05/24 301 E HYDRAULIC 79-795-54-00-5480 38.29)<Page 17 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23 UNITED CITY OF YORKVILLETIME: 08:25:33 CHECK REGISTERPRG ID: AP215000.WOWCHECK DATE: 06/13/23CHECK # VENDOR # INVOICE INVOICE ITEMNUMBER DATE # DESCRIPTION ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538619 DYNEGY DYNEGY ENERGY SERVICES386643523051 05/30/23 07 03/31-04/30 FOXHILL 7 LIFT 52-520-54-00-5480 74.1208 04/25-05/23 872 PRAIRIE CR79-795-54-00-5480 55.5009 04/12-05/10 9257 GALENA PARK 79-795-54-00-5480 37.6910 03/29-04/26 101 BRUELL ST 52-520-54-00-5480 262.2611 04/25-05/23 1908 RAINTREE 51-510-54-00-5480 469.9512 04/26-05/24 PRESTWICK LIFT 52-520-54-00-5480 106.2913 04/26-05/24 1991 CANNONBALL TR 51-510-54-00-5480 186.2714 03/29-04/26 610 TOWER LN 51-510-54-00-5480 170.5515 04/26-05/24 276 WINDHAM LIFT 52-520-54-00-5480 148.4216 04/26-05/24 133 E HYDRAULIC 79-795-54-00-5480 69.7117 03/2-04/26 1975 N BRIDGE LIFT 52-520-54-00-5480 384.68INVOICE TOTAL: 2,421.16 *CHECK TOTAL: 2,421.16538620 EEI ENGINEERING ENTERPRISES, INC.77136 05/24/23 01 BRISTOL RIDGE ROAD 23-230-60-00-6032 1,289.72INVOICE TOTAL: 1,289.72 *77168 05/24/23 01 UTILITY PERMIT REVIEWS 01-640-54-00-5465 1,341.50INVOICE TOTAL: 1,341.50 *77169 05/24/23 01 PRESTWICK 01-640-54-00-5465 159.75INVOICE TOTAL: 159.75 *77171 05/24/23 01 BLACKBERRY WOODS PHASE B 01-640-54-00-5465 570.00INVOICE TOTAL: 570.00 *77172 05/24/23 01 WELL #7 REHAB 51-510-60-00-6022 950.00INVOICE TOTAL: 950.00 *77173 05/24/23 01 GRANDE RESERVE UNIT 23 01-640-54-00-5465 430.75INVOICE TOTAL: 430.75 *)<Page 18 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23 UNITED CITY OF YORKVILLETIME: 08:25:33 CHECK REGISTERPRG ID: AP215000.WOWCHECK DATE: 06/13/23CHECK # VENDOR # INVOICE INVOICE ITEMNUMBER DATE # DESCRIPTION ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538620 EEI ENGINEERING ENTERPRISES, INC.77174 05/24/23 01 GRANDE RESERVE UNIT 8 01-640-54-00-5465 313.25INVOICE TOTAL: 313.25 *77176 05/24/23 01 STORM WATER BASIN INSPECTIONS 01-640-54-00-5465 324.00INVOICE TOTAL: 324.00 *77177 05/24/23 01 GRANDE RESERVE UNIT 3 01-640-54-00-5465 1,031.00INVOICE TOTAL: 1,031.00 *77178 05/24/23 01 RAINTREE VILLAGE PUBLIC 01-640-54-00-5465 2,464.0002 IMPROVEMENT COMPLETION ** COMMENT **INVOICE TOTAL: 2,464.00 *77179 05/24/23 01 BEAVER ST PUMP STATION 51-510-60-00-6060 89.0002 IMPROVEMENTS ** COMMENT **INVOICE TOTAL: 89.00 *77180 05/24/23 01 PRAIRIE POINTE SITE 24-216-60-00-6030 383.7502 IMPROVEMENTS ** COMMENT **INVOICE TOTAL: 383.75 *77181 05/24/23 01 GRANDE RESERVE UNIT 7 01-640-54-00-5465 168.50INVOICE TOTAL: 168.50 *77182 05/24/23 01 FOX HILL ROADWAY IMPROVEMENTS 23-230-54-00-5465 294.00INVOICE TOTAL: 294.00 *77184 05/24/23 01 GRANDE RESERVE UNITS 13 & 14 01-640-54-00-5465 276.75INVOICE TOTAL: 276.75 *77185 05/24/23 01 GRANDE RESERVE UNIT 9 01-640-54-00-5465 3,609.75INVOICE TOTAL: 3,609.75 *77188 05/24/23 01 NORTH CENTRAL EWST REHAB 01-640-54-00-5465 5,995.25INVOICE TOTAL: 5,995.25 *CHECK TOTAL: 19,690.97)<Page 19 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23 UNITED CITY OF YORKVILLETIME: 08:25:33 CHECK REGISTERPRG ID: AP215000.WOWCHECK DATE: 06/13/23CHECK # VENDOR # INVOICE INVOICE ITEMNUMBER DATE # DESCRIPTION ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538621 EEI ENGINEERING ENTERPRISES, INC.77190 05/24/23 01 CORNEILS RD INTERCEPTOR SEWER 52-520-60-00-6092 45,136.25INVOICE TOTAL: 45,136.25 *CHECK TOTAL: 45,136.25538622 EEI ENGINEERING ENTERPRISES, INC.77191 05/24/23 01 MUNICIPAL ENGINEERING SERVICES 01-640-54-00-5465 1,900.00INVOICE TOTAL: 1,900.00 *77192 05/24/23 01 LSL INVENTORY 01-640-54-00-5465 2,378.90INVOICE TOTAL: 2,378.90 *77194 05/24/23 01 2023 WATER MAIN REPOLACEMENT-A 51-510-60-00-602514,174.88INVOICE TOTAL: 14,174.88 *77195 05/24/23 01 KENNEDY RD & FREEDOM PLACE 23-230-60-00-6087 1,185.0002 INTERSECTION IMPROVEMENTS ** COMMENT **INVOICE TOTAL: 1,185.00 *77197 05/24/23 01 GENERAL LAKE MICHIGAN/DWC 01-640-54-00-5465 570.0002 COORDINATION ** COMMENT **INVOICE TOTAL: 570.00 *77199 05/24/23 01 GRANDE RESERVE UNIT 4 01-640-54-00-5465 1,521.00INVOICE TOTAL: 1,521.00 *77200 05/24/23 01 GRANDE RESERVE UNIT 6 01-640-54-00-5465 1,370.00INVOICE TOTAL: 1,370.00 *77201 05/24/23 01 LAKE MICHIGAN 51-510-60-00-6011 3,079.1602 CONNECTION-PRELIMINARY ** COMMENT **03 ENGINEERING ** COMMENT **INVOICE TOTAL: 3,079.16 *CHECK TOTAL: 26,178.94)<Page 20 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23 UNITED CITY OF YORKVILLETIME: 08:25:33 CHECK REGISTERPRG ID: AP215000.WOWCHECK DATE: 06/13/23CHECK # VENDOR # INVOICE INVOICE ITEMNUMBER DATE # DESCRIPTION ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538623 EEI ENGINEERING ENTERPRISES, INC.77202 05/24/23 01 BASELINE ROAD IMPROVEMENTS 23-230-60-00-6071 3,242.44INVOICE TOTAL: 3,242.44 *CHECK TOTAL: 3,242.44538624 EEI ENGINEERING ENTERPRISES, INC.77203 05/24/23 01 2023 ROAD PROGRAM 23-230-60-00-6025 4,134.72INVOICE TOTAL: 4,134.72 *77204 05/24/23 01 YORKVILLE SOURCE WATER 01-640-54-00-5465 2,701.6802 PROTECTION PLAN ** COMMENT **INVOICE TOTAL: 2,701.68 *77205 05/24/23 01 GAWNE LANE IMPROVEMENTS 01-640-54-00-5465 1,218.75INVOICE TOTAL: 1,218.75 *77208 05/24/23 01 2023 WATER MAIN REPLACEMENT-B 51-510-60-00-602542,544.28INVOICE TOTAL: 42,544.28 *77209 05/24/23 01 CITY OF YORKVILLE 01-640-54-00-5465 1,276.00INVOICE TOTAL: 1,276.00 *77210 05/24/23 01 WELL#10 AND RAW WATER MAIN 51-510-60-00-6029 7,485.00INVOICE TOTAL: 7,485.00 *77211 05/24/23 01 YORKVILLE HIGH SCHOOL STADIUM 01-640-54-00-5465 1,914.0002 PROJECT ** COMMENT **INVOICE TOTAL: 1,914.00 *77214 05/24/23 01 LAKE MICHIGAN-WIFIA LOI 51-510-60-00-6011 1,200.00INVOICE TOTAL: 1,200.00 *77216 05/24/23 01 CITY HALL-800 GAME FARM RD 01-640-54-00-5465 1,161.00INVOICE TOTAL: 1,161.00 *CHECK TOTAL: 63,635.43)<Page 21 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23 UNITED CITY OF YORKVILLETIME: 08:25:33 CHECK REGISTERPRG ID: AP215000.WOWCHECK DATE: 06/13/23CHECK # VENDOR # INVOICE INVOICE ITEMNUMBER DATE # DESCRIPTION ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538625 GENEVA GENEVA CONSTRUCTION60492 05/24/23 01 ENGINEERS PAYMENT ESTIMATE 5 23-230-60-00-6025 34,303.1302 AND FINAL FOR 2022 ROAD ** COMMENT **03 PROGRAM ** COMMENT **INVOICE TOTAL: 34,303.13 *CHECK TOTAL: 34,303.13538626 HARRISHARRIS COMPUTER SYSTEMSMSIMN0000586 05/30/23 01 MSI MYGOVHUB RENEWAL FOR APR 01-120-54-00-5462 577.5002 2023 - DEC 2023 ** COMMENT **INVOICE TOTAL: 577.50 *MSIXT0000342 02/27/23 01 MYGOVHUB FEES - FEB 2023 01-120-54-00-5462 96.2702 MYGOVHUB FEES - FEB 2023 51-510-54-00-5462 145.2803 MYGOVHUB FEES - FEB 2023 52-520-54-00-5462 41.93INVOICE TOTAL: 283.48 *MSIXT0000364 04/28/23 01 MYGOVHUB FEES - APR 2023 01-120-54-00-5462 96.6702 MYGOVHUB FEES - APR 2023 51-510-54-00-5462 145.8903 MYGOVHUB FEES - APR 2023 52-520-54-00-5462 42.10INVOICE TOTAL: 284.66 *CHECK TOTAL: 1,145.64538627 IAPD ILLINOIS ASSOCIATION OF PARKDUES 2023 12/14/22 01 2023 ANNUAL DUES 79-795-54-00-5460 663.56INVOICE TOTAL: 663.56 *CHECK TOTAL: 663.56538628 IMPERIAL IMPERIAL SERVICE SYSTEMS, INC161664 05/08/23 01 MAY 2023 PRESCHOOL CLEANING 79-795-54-00-5488 1,192.00INVOICE TOTAL: 1,192.00 *CHECK TOTAL: 1,192.00)<Page 22 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23 UNITED CITY OF YORKVILLETIME: 08:25:33 CHECK REGISTERPRG ID: AP215000.WOWCHECK DATE: 06/13/23CHECK # VENDOR # INVOICE INVOICE ITEMNUMBER DATE # DESCRIPTION ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538629 KENDCROS KENDALL CROSSING, LLCAMU REBATE 04-23 05/26/23 01 NCG APR 2023 AMUSEMENT TAX 01-640-54-00-5439 4,249.0702 REBATE ** COMMENT **INVOICE TOTAL: 4,249.07 *CHECK TOTAL: 4,249.07538630 LINDCO LINDCO EQUIPMENT SALES INC230444R 04/28/23 01 REPLACE WIRE ROPE & HOOK 52-520-54-00-5490 936.28INVOICE TOTAL: 936.28 *CHECK TOTAL: 936.28538631 LITE LITE CONSTRUCTION161452 04/28/23 01 CONSTRUCTION CONTRACT 24-216-54-00-5446 9,140.0002 CLEANING AT 651 PRAIRIE POINTE ** COMMENT **INVOICE TOTAL: 9,140.00 *CHECK TOTAL: 9,140.00538632 MESIMPSO M.E. SIMPSON CO, INC40346 04/30/23 01 RED TAIL LN LEAK LOCATION 51-510-54-00-5462 695.0002 SERVICES ** COMMENT **INVOICE TOTAL: 695.00 *CHECK TOTAL: 695.00538633 MIDWSALT MIDWEST SALTP467699 03/30/23 01 BULK ROCK SALT 51-510-56-00-5638 3,154.08INVOICE TOTAL: 3,154.08 *CHECK TOTAL: 3,154.08)<Page 23 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23 UNITED CITY OF YORKVILLETIME: 08:25:33 CHECK REGISTERPRG ID: AP215000.WOWCHECK DATE: 06/13/23CHECK # VENDOR # INVOICE INVOICE ITEMNUMBER DATE # DESCRIPTION ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538634 MIDWSCOR MIDWEST SCOREBOARDS LLC2557 04/06/23 01 2 SCOREBOARD MONITORS 25-225-60-00-6010 1,575.00INVOICE TOTAL: 1,575.00 *CHECK TOTAL: 1,575.00538635 NATIONW NATIONAL SOFTWASH, INC23343 04/19/23 01 WINDOW CLEANING 24-216-60-00-6030 1,485.00INVOICE TOTAL: 1,485.00 *CHECK TOTAL: 1,485.00538636 NICORNICOR GAS12-43-53-5625 3-0423 05/04/23 01 04/04-05/04 609 N BRIDGE 01-110-54-00-5480 56.57INVOICE TOTAL: 56.57 *15-41-50-1000 6-0423 05/04/23 01 04/03-05/03 804 GAME FARM RD 01-110-54-00-5480 320.45INVOICE TOTAL: 320.45 *16-00-27-3553 4-0423 05/12/23 01 04/13-05/12 1301 CAROLYN CT 01-110-54-00-5480 52.14INVOICE TOTAL: 52.14 *23-45-91-4862 5-0423 05/04/23 01 04/04-05/04 101 BRUELL ST 01-110-54-00-5480 168.95INVOICE TOTAL: 168.95 *31-61-67-2493 1-0423 05/11/23 01 04/12-05/11 276 WINDHAM CR 01-110-54-00-5480 52.13INVOICE TOTAL: 52.13 *37-35-53-1941 1-0423 06/09/23 01 04/10-06/09 185 WOLf STREET 01-110-54-00-5480 159.99INVOICE TOTAL: 159.99 *40-52-64-8356 1-0423 05/05/23 01 04/05-05/05 102 E VAN EMMON 01-110-54-00-5480 280.75INVOICE TOTAL: 280.75 *)<Page 24 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23 UNITED CITY OF YORKVILLETIME: 08:25:33 CHECK REGISTERPRG ID: AP215000.WOWCHECK DATE: 06/13/23CHECK # VENDOR # INVOICE INVOICE ITEMNUMBER DATE # DESCRIPTION ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538636 NICOR NICOR GAS45-12-25-4081 3-0423 05/15/23 01 04/12-05/11 201 W HYDRAULIC 01-110-54-00-5480 161.51INVOICE TOTAL: 161.51 *46-69-47-6727 1-0423 05/09/23 01 04/10-05/09 1975 N BRIDGE ST 01-110-54-00-5480 165.34INVOICE TOTAL: 165.34 *61-60-41-100 9-0423 05/05/23 01 04/04-05/04 610 TOWER 01-110-54-00-5480 298.94INVOICE TOTAL: 298.94 *66-70-44-6942 9-0423 05/09/23 01 04/10-05/09 1908 RAINTREE RD 01-110-54-00-5480 173.41INVOICE TOTAL: 173.41 *80-56-05-1157 0-0423 05/09/23 01 04/10-05/09 2512 ROSEMONT 01-110-54-00-5480 54.93INVOICE TOTAL: 54.93 *83-80-00-1000 7-0423 05/05/23 01 04/04-05/04 610 TOWER UNIT B 01-110-54-00-5480 145.58INVOICE TOTAL: 145.58 *CHECK TOTAL: 2,090.69538637 NICORNICOR GAS91-85-68-4012 8-0423 05/04/23 01 04/03-05/03 902 GAME FARM RD 82-820-54-00-5480 1,077.33INVOICE TOTAL: 1,077.33 *CHECK TOTAL: 1,077.33538638 NICOR NICOR GAS95-16-10-1000 4-0423 05/04/23 01 04/04-05/04 1 RT47 01-110-54-00-5480 50.45INVOICE TOTAL: 50.45 *CHECK TOTAL: 50.45538639 OTTOSEN OTTOSEN DINOLFO)<Page 25 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23 UNITED CITY OF YORKVILLETIME: 08:25:33 CHECK REGISTERPRG ID: AP215000.WOWCHECK DATE: 06/13/23CHECK # VENDOR # INVOICE INVOICE ITEMNUMBER DATE # DESCRIPTION ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538639 OTTOSEN OTTOSEN DINOLFO154957 04/30/23 01 MISC CITY ADMIN LEGAL MATTERS 01-640-54-00-5461 4,994.00INVOICE TOTAL: 4,994.00 *CHECK TOTAL: 4,994.00538640 PRINTSRC LAMBERT PRINT SOURCE, LLC3362 04/30/23 01 DOOR DECALS FOR REC OFFICES24-216-60-00-6030 345.00INVOICE TOTAL: 345.00 *CHECK TOTAL: 345.00538641 R0002581 AMANDA WEBBER060523-REIMB 06/05/23 01 LIBRARY CARD REIMBURSEMENT 82-000-44-00-4401 344.4402 FOR BEING CHARGED AS A ** COMMENT **03 NON-RESIDENT ** COMMENT **INVOICE TOTAL: 344.44 *CHECK TOTAL: 344.44538642 SUBURLAB SUBURBAN LABORATORIES INC.211021 02/17/23 01 ROUTINE WATER SAMPLING 51-510-54-00-5429 513.00INVOICE TOTAL: 513.00 *211509 02/28/23 01 ROUTINE WATER SAMPLING 51-510-54-00-5429 1,546.83INVOICE TOTAL: 1,546.83 *CHECK TOTAL: 2,059.83538643 TODAYS TODAY'S BUSINESS SOLUTIONS INC051523-11 05/15/23 01 OCT-DEC 2022 FAXES 82-820-54-00-5462 23.52INVOICE TOTAL: 23.52 *CHECK TOTAL: 23.52)<Page 26 of 61
01-110 ADMINISTRATION01-120 FINANCE01-210 POLICE01-220 COMMUNITY DEVELOPMENT01-410 STREETS OPERATION01-640 ADMINISTRATIVE SERVICES01-111 FOX HILL SSA01-112 SUNFLOWER ESTATES15-155 MOTOR FUEL TAX23-216 MUNICIPALBUILDING23-230 CITY-WIDE CAPITAL24-216 BUILDING & GROUNDS25-205 POLICE CAPITAL25-215 PUBLIC WORKS CAPITAL25-225 PARK & REC CAPITAL42-420 DEBT SERVICE51-510 WATER OPERATIONS52-520 SEWER OPERATIONS72-720 LAND CASH79-790 PARKS DEPARTMENT79-795 RECREATION DEPARTMENT82-820 LIBRARY OPERATIONS84-840 LIBRARAY CAPITAL87-870 COUNTRYSIDE TIF88-880 DOWNTOWN TIF89-890 DOWNTOWN TIF II90-XXX DEVELOPER ESCROW950-XXX ESCROW DEPOSITDATE: 06/06/23 UNITED CITY OF YORKVILLETIME: 08:25:33 CHECK REGISTERPRG ID: AP215000.WOWCHECK DATE: 06/13/23CHECK # VENDOR # INVOICE INVOICE ITEMNUMBER DATE # DESCRIPTION ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538644 YOUNGM MARLYS J. YOUNG041823-PW 05/08/23 01 04/18/23 PW MEETING MINUTES 01-110-54-00-5462 85.00INVOICE TOTAL: 85.00 *CHECK TOTAL: 85.00TOTAL AMOUNT PAID: 247,257.95FY 23Page 27 of 61247,257.95
01-110 ADMINISTRATION01-120 FINANCE01-210 POLICE01-220 COMMUNITY DEVELOPMENT01-410 STREETS OPERATION01-640 ADMINISTRATIVE SERVICES01-111 FOX HILL SSA01-112 SUNFLOWER ESTATES15-155 MOTOR FUEL TAX23-216 MUNICIPALBUILDING23-230 CITY-WIDE CAPITAL24-216 BUILDING & GROUNDS25-205 POLICE CAPITAL25-215 PUBLIC WORKS CAPITAL25-225 PARK & REC CAPITAL42-420 DEBT SERVICE51-510 WATER OPERATIONS52-520 SEWER OPERATIONS72-720 LAND CASH79-790 PARKS DEPARTMENT79-795 RECREATION DEPARTMENT82-820 LIBRARY OPERATIONS84-840 LIBRARAY CAPITAL87-870 COUNTRYSIDE TIF88-880 DOWNTOWN TIF89-890 DOWNTOWN TIF II90-XXX DEVELOPER ESCROW950-XXX ESCROW DEPOSITDATE: 05/26/23 UNITED CITY OF YORKVILLETIME: 14:08:15 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------131214 KCR KENDALL COUNTY RECORDER'S 05/19/23143701 05/19/23 01 FINAL PLAT OF CALEDONIA SUB.90-188-00-00-0011 142.00INVOICE TOTAL: 142.00 *CHECK TOTAL: 142.00TOTAL AMOUNT PAID: 142.00)<Page 28 of 61142.00
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 13:28:37 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 900133 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-A.SIMMONS-B 04/30/23 01 MAY-JUN 2023 POSTAGE MACHINE 01-120-54-00-5485 107.9802 LEASE ** COMMENT **INVOICE TOTAL: 107.98 *052523-B.PFIZENMAIER 04/30/23 01 FITNESS FACTORY-TREADMILL 01-000-24-00-2420 2,600.00INVOICE TOTAL: 2,600.00 *052523-E.DHUSE-B 04/30/23 01 APWA-PWX CONFERENCE 01-410-54-00-5412 276.3302 REGISTRATION ** COMMENT **03 APWA-PWX CONFERENCE 51-510-54-00-5412 276.3304 REGISTRATION ** COMMENT **05 APWA-PWX CONFERENCE 52-520-54-00-5412 276.3406 REGISTRATION ** COMMENT **07 APWA CONFERENCE TRAVEL 01-410-54-00-5415 29.9908 PROTECTION ** COMMENT **09 APWA CONFERENCE AIRFAIR 01-410-54-00-5415 159.9410 APWA CONFERENCE AIRFAIR 51-510-54-00-5415 159.9311 APWA CONFERENCE AIRFAIR 52-520-54-00-5415 159.93INVOICE TOTAL: 1,338.79 *052523-E.WILLRETT-B 04/30/23 01 ICMA-ANNUAL DUES RENEWAL 01-110-54-00-5460 877.00INVOICE TOTAL: 877.00 *052523-G.NELSON-B04/30/23 01 BFCA-BLUEPRINT READING FOR 01-220-54-00-5412 195.0002 PERMIT SEMINAR REGISTRATION ** COMMENT **INVOICE TOTAL: 195.00 *052523-J.ENGBERU-B 04/30/23 01 APA-MEMBERSHIP RENEWAL 01-220-54-00-5460 575.00INVOICE TOTAL: 575.00 *052523-J.JENSEN-B 04/30/23 01 IACP CONFERENCE REGISTRATION 01-210-54-00-5412 500.00INVOICE TOTAL: 500.00 *052523-K.BALOG-B 04/30/23 01 LEADS ONLINE-TOTALTRACK 01-210-54-00-5462 2,639.0002 INVESTIGATION STSYEM SERVICE ** COMMENT **03 PACKAGE RENEWAL ** COMMENT **INVOICE TOTAL: 2,639.00 *052523-M.CARYLE 04/30/23 01 IACP CONFERENCE REGISTRATION 01-210-54-00-5412 445.00INVOICE TOTAL: 445.00 *052523-M.CISIJA-B 04/30/23 01 CASEYS-FRAUD CHARGE IN DISPUTE 01-000-24-00-2440 3.28INVOICE TOTAL: 3.28 *052523-M.CURTIS-B 04/30/23 01 AMAZON-YOGA MATS 82-000-24-00-2480 99.65)<Page 29 of 61
DATE: 05/30/23 UNITED CITY OF YORKVILLETIME: 13:28:37 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 900133 FNBO FIRST NATIONAL BANK OMAHA 05/25/23052523-M.CURTIS-B 04/30/23 02 AMAZON-BOOKS 82-000-24-00-2480 78.36INVOICE TOTAL: 178.01 *052523-S.AUGUSTINE-B 04/30/23 01 AMAZON-DISECTION KITS 82-000-24-00-2480 12.9902 AMAZON-BOX BUILDING SET 82-000-24-00-2480 40.00INVOICE TOTAL: 52.99 *052523-S.REDMON-B 04/30/23 01 COOKNIGHTS-DISPUTED CHARGE 01-000-24-00-2440 6.9902 BMI-EVENT MUSIC LICENSING 79-795-56-00-5606 421.0003 RENEWAL ** COMMENT **INVOICE TOTAL: 427.99 *052523-S.REMUS-B04/30/23 01 FOAM PARTY-BEACH PARTY KIDS 79-795-56-00-5606 100.0002 ATTRACTION ** COMMENT **INVOICE TOTAL: 100.00 *CHECK TOTAL: 10,040.04TOTAL AMOUNT PAID: 10,040.04)<Page 30 of 6110,040.04
01-110 ADMINISTRATION01-120 FINANCE01-210 POLICE01-220 COMMUNITY DEVELOPMENT01-410 STREETS OPERATION01-640 ADMINISTRATIVE SERVICES01-111 FOX HILL SSA01-112 SUNFLOWER ESTATES15-155 MOTOR FUEL TAX23-216 MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216 BUILDING & GROUNDS25-205 POLICE CAPITAL25-215 PUBLIC WORKS CAPITAL25-225 PARK & REC CAPITAL42-420 DEBT SERVICE51-510 WATER OPERATIONS52-520 SEWER OPERATIONS72-720 LAND CASH79-790 PARKS DEPARTMENT79-795 RECREATION DEPARTMENT82-820 LIBRARY OPERATIONS84-840 LIBRARAY CAPITAL87-870 COUNTRYSIDE TIF88-880 DOWNTOWN TIF89-890 DOWNTOWN TIF II90-XXX DEVELOPER ESCROW950-XXX ESCROW DEPOSITDATE: 05/31/23 UNITED CITY OF YORKVILLETIME: 11:00:03 CHECK REGISTERPRG ID: AP215000.WOWCHECK DATE: 05/31/23CHECK # VENDOR # INVOICE INVOICE ITEMNUMBER DATE # DESCRIPTION ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538609 HAGGERTY HAGGERTY FORD053123-f23048 05/31/23 01 PURCHASE OF NEW FORD F-150 51-510-60-00-607044,985.00INVOICE TOTAL: 44,985.00 *CHECK TOTAL: 44,985.00538610 WINWIN WIN WIN AGAIN, LLC20-T2466 05/30/23 01 REFURBISHED GENIE GS1930 25-225-60-00-6060 9,650.00INVOICE TOTAL: 9,650.00 *CHECK TOTAL: 9,650.00TOTAL AMOUNT PAID: 54,635.00)<Page 31 of 6154,635.00
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538645 ALTEC ALTEC INDUSTRIES, INC.51221896 05/19/23 01 COMPLETE DIELECTRIC 01-410-54-00-5490 1,351.44INVOICE TOTAL: 1,351.44 *CHECK TOTAL: 1,351.44538646 ALTORFER ALTORFER INDUSTRIES, INCPO630013869 05/01/23 01 GENERATOR REPAIR 52-520-54-00-5444 5,203.39INVOICE TOTAL: 5,203.39 *CHECK TOTAL: 5,203.39538647 AMPERAGE AMPERAGE ELECTRICAL SUPPLY INC1407274-IN 05/17/23 01 PED FIXTURE 23-230-56-00-5642 16,169.41INVOICE TOTAL: 16,169.41 *CHECK TOTAL: 16,169.41538648 ASHMOREE EARL ASHMORE051723 05/17/23 01 REFEREE 79-795-54-00-5462 45.00INVOICE TOTAL: 45.00 *CHECK TOTAL: 45.00538649 ATT AT&T6305536805-0523 05/25/23 01 05/25-06/24 RIVERFRONT PARK 79-795-54-00-5440 121.47INVOICE TOTAL: 121.47 *CHECK TOTAL: 121.47538650 BEEBED DAVID BEEBE)<Page 32 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538650 BEEBED DAVID BEEBE05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 195.00INVOICE TOTAL: 195.00 *052123 05/21/23 01 REFEREE 79-795-54-00-5462 105.00INVOICE TOTAL: 105.00 *CHECK TOTAL: 300.00538651 BNYMGLOB THE BANK OF NEW YORK MELLON252-2549769 05/09/23 01 LIBRARY BOND SERIES 2013 ADMIN 82-820-54-00-5498 1,100.0002 FEES ** COMMENT **INVOICE TOTAL: 1,100.00 *CHECK TOTAL: 1,100.00D002961 BROWND DAVID BROWN060123 06/01/23 01 MAY 2023 MOBILE EMAIL 51-510-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538652 CALLONE PEERLESS NETWORK, INC23120 05/15/23 01 05/15-06/14 ADMIN LINES 01-110-54-00-5440 211.1002 05/15-06/14 PD LINES 01-210-54-00-5440 702.7603 05/15-06/14 PW LINES 51-510-54-00-5440 4,855.1304 05/15-06/14 CITY HALL NORTEL 01-110-54-00-5440 1,188.8405 05/15-06/14 CITY HALL NORTEL 01-210-54-00-5440 1,188.8406 05/15-06/14 CITY HALL NORTEL 51-510-54-00-5440 1,188.8407 05/15-06/14 SEWER DEPT LINES 52-520-54-00-5440 227.1108 05/15-06/14 RECREATION LINES 79-795-54-00-5440 290.65)<Page 33 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538652 CALLONE PEERLESS NETWORK, INC23120 05/15/23 09 05/15-06/14 TRAFFIC SIGNAL 01-410-54-00-5440 60.0610 MAINTENANCE ** COMMENT **INVOICE TOTAL: 9,913.33 *CHECK TOTAL: 9,913.33538653 CAMBRIA CAMBRIA SALES COMPANY INC.43412 05/02/23 01 PAPER TOWEL 79-790-56-00-5620 162.81INVOICE TOTAL: 162.81 *43430 05/16/23 01 PAPER TOWEL 52-520-56-00-5620 162.81INVOICE TOTAL: 162.81 *CHECK TOTAL: 325.62538654 CISIJAM MONICA CISIJA051623-JEWEL 05/16/23 01 REFRESHMENTS FOR CHAMBER 01-110-56-00-5610 23.8302 LUNCHEON ** COMMENT **INVOICE TOTAL: 23.83 *CHECK TOTAL: 23.83D002962 CONARDR RYAN CONARD060123 06/01/23 01 MAY 2023 MOBILE EMAIL 51-510-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538655 CONFORTM MASON CONFORTI05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 220.00INVOICE TOTAL: 220.00 *CHECK TOTAL: 220.00)<Page 34 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538656 DEKANE DEKANE EQUIPMENT CORP.EA14162 05/11/23 01 REAR BLADE 25-215-60-00-6060 5,040.00INVOICE TOTAL: 5,040.00 *CHECK TOTAL: 5,040.00D002963 DHUSEE DHUSE, ERIC060123 06/01/23 01 MAY 2023 MOBILE EMAIL 01-410-54-00-5440 15.0002 REIMBURSEMENT ** COMMENT **03 MAY 2023 MOBILE EMAIL 51-510-54-00-5440 15.0004 REIMBURSEMENT ** COMMENT **05 MAY 2023 MOBILE EMAIL 52-520-54-00-5440 15.0006 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00D002964 DLK DLK, LLC261 05/30/23 01 MAY 2023 ECONOMIC DEVELOPMENT 01-640-54-00-5486 9,685.0002 HOURS ** COMMENT **INVOICE TOTAL: 9,685.00 *DIRECT DEPOSIT TOTAL: 9,685.00538657 DONOVANM MICHAEL DONOVAN060123 06/01/23 01 JUN 2023 MOBILE EMAIL 79-795-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *CHECK TOTAL: 45.00538658 DUTEK THOMAS & JULIE FLETCHER)<Page 35 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538658 DUTEK THOMAS & JULIE FLETCHER1020284 05/09/23 01 PIPE BUSHING 01-410-56-00-5628 9.50INVOICE TOTAL: 9.50 *CHECK TOTAL: 9.50538659 ECO ECO CLEAN MAINTENANCE INC11798 05/26/23 01 MAY 2023 OFFICE CLEANING 01-110-54-00-5488 349.5602 MAY 2023 OFFICE CLEANING 01-210-54-00-5488 349.5603 MAY 2023 OFFICE CLEANING 79-795-54-00-5488 525.0004 MAY 2023 OFFICE CLEANING 79-790-54-00-5488 254.0005 MAY 2023 OFFICE CLEANING 01-410-54-00-5488 65.0006 MAY 2023 OFFICE CLEANING 51-510-54-00-5488 65.0007 MAY 2023 OFFICE CLEANING 52-520-54-00-5488 65.01INVOICE TOTAL: 1,673.13 *11799 05/26/23 01 MAY 2023 ADDITIONAL CLEANING 01-110-54-00-5488 85.7502 MAY 2023 ADDITIONAL CLEANING 01-210-54-00-5488 85.7503 MAY 2023 ADDITIONAL CLEANING 79-795-54-00-5488 105.0004 MAY 2023 ADDITIONAL CLEANING 79-790-54-00-5488 97.5005 MAY 2023 ADDITIONAL CLEANING 01-410-54-00-5488 42.5006 MAY 2023 ADDITIONAL CLEANING 51-510-54-00-5488 42.5007 MAY 2023 ADDITIONAL CLEANING 52-520-54-00-5488 42.50INVOICE TOTAL: 501.50 *CHECK TOTAL: 2,174.63538660 EEI ENGINEERING ENTERPRISES, INC.77170 05/24/23 01 HEARTLAND MEADOWS 90-064-64-00-0111 2,090.00INVOICE TOTAL: 2,090.00 *77175 05/24/23 01 WINDETT RIDGE UNIT 2 90-048-48-00-0111 224.50INVOICE TOTAL: 224.50 *)<Page 36 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538660 EEI ENGINEERING ENTERPRISES, INC.77183 05/24/23 01 KENDALL MARKETPLACE LOT 52 90-154-00-00-0111 45.7502 PHASE 2 & 3 ** COMMENT **INVOICE TOTAL: 45.75 *77186 05/24/23 01 BRIGHT FARMS 90-173-00-00-0111 2,537.50INVOICE TOTAL: 2,537.50 *77187 05/24/23 01 KENDALLWOOD ESTATES-RALLY 90-174-00-00-0111 4,605.50INVOICE TOTAL: 4,605.50 *77189 05/24/23 01 LOT 8 YORKVILLE BUSINESS 90-176-00-00-0111 154.0002 CENTER ** COMMENT **INVOICE TOTAL: 154.00 *77193 05/24/23 01 GREEN DOOR LINCOLN PRAIRIE 90-191-00-00-0111 3,549.00INVOICE TOTAL: 3,549.00 *77196 05/24/23 01 CALEDONIA UNIT 3 90-188-00-00-0111 7,132.75INVOICE TOTAL: 7,132.75 *77198 05/24/23 01 BRISTOL BAY UNIT 10 90-186-00-00-0111 1,451.75INVOICE TOTAL: 1,451.75 *77206 05/24/23 01 BOWMAN SUBDIVISION 90-194-00-00-0111 1,338.00INVOICE TOTAL: 1,338.00 *77207 05/24/23 01 NEW LEAF ENERGY-SOLAR FARM 90-196-00-00-0111 616.50INVOICE TOTAL: 616.50 *77212 05/24/23 01 BRISTOL RIDGE SOLAR 105 90-201-00-00-0111 219.75INVOICE TOTAL: 219.75 *77213 05/24/23 01 BRISTOL RIDGE SOLAR 106 90-201-00-00-0111 131.50INVOICE TOTAL: 131.50 *)<Page 37 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538660 EEI ENGINEERING ENTERPRISES, INC.77215 05/24/23 01 SCOOTERS COFFEE 90-204-00-00-0111 1,558.25INVOICE TOTAL: 1,558.25 *CHECK TOTAL: 25,654.75538661 ELEMENT N-VINT SERVICES LLCSER0026192 05/10/23 01 MAY 2023 CLOUD CONNECT 01-640-54-00-5450 684.4802 OFFSITE BACKUPS ** COMMENT **INVOICE TOTAL: 684.48 *CHECK TOTAL: 684.48D002965 EVANST TIM EVANS060123 06/01/23 01 MAY 2023 MOBILE EMAIL 79-795-54-00-5440 22.5002 REIMBURSEMENT ** COMMENT **03 MAY 2023 MOBILE EMAIL 79-790-54-00-5440 22.5004 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538662 EVINST W. THOMAS EVINS051523 05/15/23 01 REFEREE 79-795-54-00-5462 35.00INVOICE TOTAL: 35.00 *051823 05/18/23 01 REFEREE 79-795-54-00-5462 35.00INVOICE TOTAL: 35.00 *052023 05/20/23 01 REFEREE 79-795-54-00-5462 175.00INVOICE TOTAL: 175.00 *CHECK TOTAL: 245.00)<Page 38 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D002966 FREDRICR ROB FREDRICKSON060123 06/01/23 01 MAY 2023 MOBILE EMAIL 01-120-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00D002967 GALAUNEJ JAKE GALAUNER060123 06/01/23 01 MAY 2023 MOBILE EMAIL 79-795-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538663 GAMBROK KATE GAMBRO05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 220.00INVOICE TOTAL: 220.00 *CHECK TOTAL: 220.00538664 GLATFELT GLATFELTER UNDERWRITING SRVS.165371127-6 05/31/23 01 LIABILITY INSTALLMENT #6 01-640-52-00-5231 14,528.1602 LIABILITY INSTALLMENT #6-PR 01-640-52-00-5231 3,020.7503 LIABILITY INSTALLMENT #6 51-510-52-00-5231 1,601.9904 LIABILITY INSTALLMENT #6 52-520-52-00-5231 767.9305 LIABILITY INSTALLMENT #6 82-820-52-00-5231 1,204.17INVOICE TOTAL: 21,123.00 *CHECK TOTAL: 21,123.00538665 GOODRICG GAVIN GOODRICH05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 35.00INVOICE TOTAL: 35.00 *CHECK TOTAL: 35.00)<Page 39 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538666 HARRIS HARRIS COMPUTER SYSTEMSMSIXT0000369 05/29/23 01 MYGOVHUB FEES - MAY 2023 01-120-54-00-5462 291.5902 MYGOVHUB FEES - MAY 2023 51-510-54-00-5462 440.0403 MYGOVHUB FEES - MAY 2023 52-520-54-00-5462 126.99INVOICE TOTAL: 858.62 *CHECK TOTAL: 858.62D002968 HENNED DURK HENNE060123 06/01/23 01 MAY 2023 MOBILE EMAIL 01-410-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00D002969 HERNANDA ADAM HERNANDEZ060123 06/01/23 01 MAY 2023 MOBILE EMAIL 79-790-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00D002970 HERNANDN NOAH HERNANDEZ060123 06/01/23 01 MAY 2023 MOBILE EMAIL 01-410-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538667 HIXH HAROLD HIX05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 130.00INVOICE TOTAL: 130.00 *CHECK TOTAL: 130.00)<Page 40 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D002971 HORNERR RYAN HORNER060123 06/01/23 01 MAY 2023 MOBILE EMAIL 79-790-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00D002972 HOULEA ANTHONY HOULE060123 06/01/23 01 MAY 2023 MOBILE EMAIL 79-790-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538668 HRENR ROBERT HREN05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 115.00INVOICE TOTAL: 115.00 *CHECK TOTAL: 115.00538669 HUMBERSC CARTER HUMBERS05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 215.00INVOICE TOTAL: 215.00 *CHECK TOTAL: 215.00538670 HUNTR RUSSEL J. HUNT051323 05/13/23 01 REFEREE 79-795-54-00-5462 105.00INVOICE TOTAL: 105.00 *051523 05/15/23 01 REFEREE 79-795-54-00-5462 70.00INVOICE TOTAL: 70.00 *CHECK TOTAL: 175.00)<Page 41 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538671 IMPERIAL IMPERIAL SERVICE SYSTEMS, INC161680 05/08/23 01 MAY 2023 OFFICE CLEANING 01-110-54-00-5488 953.9502 MAY 2023 OFFICE CLEANING 01-120-54-00-5488 953.9403 MAY 2023 OFFICE CLEANING 01-210-54-00-5488 2,739.8604 MAY 2023 OFFICE CLEANING 79-795-54-00-5488 821.1805 MAY 2023 OFFICE CLEANING 01-220-54-00-5488 525.07INVOICE TOTAL: 5,994.00 *CHECK TOTAL: 5,994.00538672 INTERDEV INTERDEV, LLCCW1038817 05/05/23 01 FIXED FEE FOR NEW CITY HALL 01-640-54-00-5450 22,176.0002 MOVE ** COMMENT **INVOICE TOTAL: 22,176.00 *MSP1039193 05/31/23 01 MONTHLY IT BILLING - MAY 2023 01-640-54-00-5450 8,302.91INVOICE TOTAL: 8,302.91 *CHECK TOTAL: 30,478.91538673 IPRF ILLINOIS PUBLIC RISK FUND83496 05/10/23 01 JUL 2023 WORKER COMP INS 01-640-52-00-5231 12,689.9202 JUL 2023 WORKER COMP INS-PR 01-640-52-00-5231 2,581.4503 JUL 2023 WORKER COMP INS 51-510-52-00-5231 1,203.3704 JUL 2023 WORKER COMP INS 52-520-52-00-5231 543.5705 JUL 2023 WORKER COMP INS 82-820-52-00-5231 1,025.69INVOICE TOTAL: 18,044.00 *CHECK TOTAL: 18,044.00D002973 JACKSONJ JAMIE JACKSON060123 06/01/23 01 MAY 2023 MOBILE EMAIL 52-520-54-00-5440 45.00)<Page 42 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D002973 JACKSONJ JAMIE JACKSON060123 06/01/23 02 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538674 JENKINSL LANDON JENKINS05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 435.00INVOICE TOTAL: 435.00 *CHECK TOTAL: 435.00538675 JIMSTRCK JIM'S TRUCK INSPECTION LLC197314 05/12/23 01 TRUCK INSPECTION 52-520-54-00-5490 56.00INVOICE TOTAL: 56.00 *CHECK TOTAL: 56.00D002974 JOHNGEOR GEORGE JOHNSON060123 06/01/23 01 MAY 2023 MOBILE EMAIL 51-510-54-00-5440 22.5002 REIMBURSEMENT ** COMMENT **03 MAY 2023 MOBILE EMAIL 52-520-54-00-5440 22.5004 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538676 KCSHERIF KENDALL CO. SHERIFF'S OFFICEDUPAGE-APR 2023 05/31/23 01 DUPAGE COUNTY FTA BOND FEE 01-000-24-00-2412 70.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 70.00 *)<Page 43 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538676 KCSHERIF KENDALL CO. SHERIFF'S OFFICEKENDALL-APR 2023 05/31/23 01 KENDALL COUNTY FTA BOND FEE 01-000-24-00-2412 210.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 210.00 *CHECK TOTAL: 280.00D002975 KLEEFISG GLENN KLEEFISCH060123 06/01/23 01 MAY 2023 MOBILE EMAIL 79-790-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538677 LATHENA ALIVIA LATHEN05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 25.00INVOICE TOTAL: 25.00 *CHECK TOTAL: 25.00538678 LAUTAMEN LAUTERBACH & AMEN, LLP78520 05/26/23 01 APR 30, 2023 AUDIT PROGRESS 01-120-54-00-5414 12,000.0002 BILLING ** COMMENT **INVOICE TOTAL: 12,000.00 *CHECK TOTAL: 12,000.00538679 LIPSCOJA JACOB LIPSCOMB05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 260.00INVOICE TOTAL: 260.00 *CHECK TOTAL: 260.00)<Page 44 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538680 LOPEZJ JENNIFER LOPEZ051323 05/13/23 01 REFEREE 79-795-54-00-5462 175.00INVOICE TOTAL: 175.00 *CHECK TOTAL: 175.00538681 MACKEYM MICHAEL J. MACKEY051823 05/18/23 01 UMPIRE 79-795-54-00-5462 120.00INVOICE TOTAL: 120.00 *CHECK TOTAL: 120.00538682 MADBOMB MAD BOMBER FIREWORK PRODUCTION2023 JULY 4TH 05/12/23 01 JULY 4TH 2023 FIREWORKS 79-795-56-00-5606 33,000.00INVOICE TOTAL: 33,000.00 *CHECK TOTAL: 33,000.00538683 MALKOWSO OLIVER MALKOWSKI05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 125.00INVOICE TOTAL: 125.00 *CHECK TOTAL: 125.00538684 MARTINEB BEN MARTINEK05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 335.00INVOICE TOTAL: 335.00 *CHECK TOTAL: 335.00538685 MATSONA AIDAN MATSON)<Page 45 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538685 MATSONA AIDAN MATSON05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 120.00INVOICE TOTAL: 120.00 *CHECK TOTAL: 120.00538686 MATSONT THOMAS MATSON05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 100.00INVOICE TOTAL: 100.00 *CHECK TOTAL: 100.00D002976 MCGREGOM MATTHEW MCGREGORY060123 06/01/23 01 MAY 2023 MOBILE EMAIL 01-410-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538687 METRONET METRO FIBERNET LLC1961635-051623 05/16/23 01 MAY 2023 INTERNET AT 800 GAME 01-110-54-00-5440 35.8502 FARM RD ** COMMENT **03 MAY 2023 INTERNET AT 800 GAME 01-220-54-00-5440 40.9804 FARM RD ** COMMENT **05 MAY 2023 INTERNET AT 800 GAME 01-120-54-00-5440 20.4906 FARM RD ** COMMENT **07 MAY 2023 INTERNET AT 800 GAME 01-210-54-00-5440 204.8808 FARM RD ** COMMENT **INVOICE TOTAL: 302.20 *CHECK TOTAL: 302.20538688 MIDWSALT MIDWEST SALT)<Page 46 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538688 MIDWSALT MIDWEST SALTP468126 05/09/23 01 BULK ROCK SALT 51-510-56-00-5638 3,389.56INVOICE TOTAL: 3,389.56 *P468141 05/10/23 01 BULK ROCK SALT 51-510-56-00-5638 3,179.36INVOICE TOTAL: 3,179.36 *P468274 05/23/23 01 BULK ROCK SALT 51-510-56-00-5638 3,337.01INVOICE TOTAL: 3,337.01 *P468294 05/24/23 01 BULK ROCK SALT 51-510-56-00-5638 3,326.79INVOICE TOTAL: 3,326.79 *CHECK TOTAL: 13,232.72D002977 MILSCHET TED MILSCHEWSKI060123 06/01/23 01 MAY 2023 MOBILE EMAIL 24-216-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538689 MULDERC COLLIN MULDER05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 25.00INVOICE TOTAL: 25.00 *CHECK TOTAL: 25.00538690 MULDERCH CHRISTIAN MULDER05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 40.00INVOICE TOTAL: 40.00 *CHECK TOTAL: 40.00)<Page 47 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538691 MULLENSA ANTHONY MULLENS05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 65.00INVOICE TOTAL: 65.00 *CHECK TOTAL: 65.00538692 NARVICK NARVICK BROS. LUMBER CO, INC85024 05/18/23 01 4000 PSI 23-230-56-00-5637 853.00INVOICE TOTAL: 853.00 *CHECK TOTAL: 853.00D002978 NAVARROJ JESUS NAVARRO060123 06/01/23 01 MAY 2023 MOBILE EMAIL 24-216-54-00-5440 14.5002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 14.50 *DIRECT DEPOSIT TOTAL: 14.50538693 NEOPOST QUADIENT FINANCE USA, INC050923-CITY 05/09/23 01 POSTAGE MACHINE REFILL 01-000-14-00-1410 300.00INVOICE TOTAL: 300.00 *CHECK TOTAL: 300.00538694 NEOPOST QUADIENT FINANCE USA, INC052223-PR 05/22/23 01 POSTAGE MACHINE REFILL 79-000-14-00-1410 250.00INVOICE TOTAL: 250.00 *CHECK TOTAL: 250.00538695 NICOR NICOR GAS)<Page 48 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538695 NICOR NICOR GAS15-41-50-1000 6-FINA 05/11/23 01 05/03-05/10 804 GAME FARM RD 01-110-54-00-5480 57.62INVOICE TOTAL: 57.62 *CHECK TOTAL: 57.62538696 NYDEGGEA AYDEN NYDEGGER05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 175.00INVOICE TOTAL: 175.00 *CHECK TOTAL: 175.00538697 PATTONS SHANE PATTON05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 130.00INVOICE TOTAL: 130.00 *CHECK TOTAL: 130.00538698 PEPSI PEPSI-COLA GENERAL BOTTLE46960251 05/15/23 01 CONCESSION DRINKS 79-795-56-00-5607 409.95INVOICE TOTAL: 409.95 *CHECK TOTAL: 409.95D002979 PIAZZA AMY SIMMONS060123 06/01/23 01 MAY 2023 MOBILE EMAIL 01-120-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538699 PIZZO PIZZO AND ASSOCIATES, LTD)<Page 49 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538699 PIZZO PIZZO AND ASSOCIATES, LTD339-2 05/01/23 01 HERBICIDE 24-216-54-00-5446 732.19INVOICE TOTAL: 732.19 *CHECK TOTAL: 732.19538700 PRINTSRC LAMBERT PRINT SOURCE, LLC3361 05/10/23 01 MARGARITAS EN MAYO BANNERS 79-795-56-00-5606 180.00INVOICE TOTAL: 180.00 *3367 05/12/23 01 PRESCHOOL SIGNAGE 79-795-56-00-5606 200.00INVOICE TOTAL: 200.00 *3386 05/22/23 01 SPECIAL EVENT & SCHOOL PARKING 79-795-56-00-5606 1,356.5002 SIGNAGE ** COMMENT **INVOICE TOTAL: 1,356.50 *CHECK TOTAL: 1,736.50538701 PURCELLJ JOHN PURCELL060123 06/01/23 01 MAY 2023 MOBILE EMAIL 01-110-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *CHECK TOTAL: 45.00538702 R0001975 RYAN HOMES4432 TAMPA 05/18/23 01 SECURITY GUARANTEE REFUND 01-000-24-00-2415 5,000.00INVOICE TOTAL: 5,000.00 *4438 TAMPA 05/18/23 01 SECURITY GUARANTEE REFUND 01-000-24-00-2415 5,000.00INVOICE TOTAL: 5,000.00 *)<Page 50 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538702 R0001975 RYAN HOMES4442 TAMPA 05/18/23 01 SECURITY GUARANTEE REFUND 01-000-24-00-2415 5,000.00INVOICE TOTAL: 5,000.00 *CHECK TOTAL: 15,000.00538703 R0002578 MIKE COY051623-RFND 05/16/23 01 REFUND OVERPAYMENT ON FINAL UB 01-000-13-00-1371 135.4702 BILL FOR ACCT#0109020700-07 ** COMMENT **INVOICE TOTAL: 135.47 *CHECK TOTAL: 135.47538704 R0002579 NEW RAJ ENTERPRISES LLC051723-RFND 05/17/23 01 REFUND OVERPAYMENT ON FINAL UB 01-000-13-00-1371 91.2202 BILL FOR ACCT#0103244270-03 ** COMMENT **03 REFUND OVERPAYMENT ON FINAL 01-000-13-00-1371 91.2204 UB BILL FOR ACCT#0103244350-01 ** COMMENT **INVOICE TOTAL: 182.44 *CHECK TOTAL: 182.44538705 R0002580 VAULT PUB LLC051523-RFND 05/15/23 01 REFUND PARTIAL LIQUOR LICENSE 01-000-42-00-4200 300.0002 AS THEY CHANGED TO BAR & GRILL ** COMMENT **03 LICENSE ** COMMENT **INVOICE TOTAL: 300.00 *CHECK TOTAL: 300.00D002980 RATOSP PETE RATOS060123 06/01/23 01 MAY 2023 MOBILE EMAIL 01-220-54-00-5440 45.00)<Page 51 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D002980 RATOSP PETE RATOS060123 06/01/23 02 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00D002981 REDMONST STEVE REDMON060123 06/01/23 01 MAY 2023 MOBILE EMAIL 79-795-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538706 RIETZR ROBERT L. RIETZ JR.051123 05/11/23 01 UMPIRE 79-795-54-00-5462 160.00INVOICE TOTAL: 160.00 *051823 05/18/23 01 UMPIRE 79-795-54-00-5462 160.00INVOICE TOTAL: 160.00 *CHECK TOTAL: 320.00D002982 ROSBOROS SHAY REMUS060123 06/01/23 01 MAY 2023 MOBILE EMAIL 79-795-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538707 RUNNINGA RUNNING AWARDS & APPAREL15412 05/18/23 01 SOFTBALL MEDALS 79-795-56-00-5606 2,181.00INVOICE TOTAL: 2,181.00 *CHECK TOTAL: 2,181.00)<Page 52 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538708 SAFESUPP EMERGENT SAFETY SUPPLY1902778237 05/15/23 01 CLIMBING HARNESSES 51-510-56-00-5620 1,030.36INVOICE TOTAL: 1,030.36 *CHECK TOTAL: 1,030.36538709 SCHOUD DECLAN SCHOU05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 50.00INVOICE TOTAL: 50.00 *CHECK TOTAL: 50.00D002983 SCHREIBE EMILY J. SCHREIBER060123 06/01/23 01 MAY 2023 MOBILE EMAIL 79-795-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00D002984 SCODROP PETER SCODRO060123 06/01/23 01 MAY 2023 MOBILE EMAIL 51-510-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00D002985 SCOTTTR TREVOR SCOTT060123 06/01/23 01 MAY 2023 MOBILE EMAIL 79-790-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00)<Page 53 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D002986 SENDRAS SAMANTHA SENDRA060123 06/01/23 01 MAY 2023 MOBILE EMAIL 79-795-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00D002987 SENGM MATT SENG060123 06/01/23 01 MAY 2023 MOBILE EMAIL 01-410-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538710 SENICA SENICA INTERSTATE TOWING LLC46834 05/09/23 01 WINCHED BOBCAT ONTO FLATBED 01-410-54-00-5490 495.0002 AND TRANSPORTED ** COMMENT **INVOICE TOTAL: 495.00 *CHECK TOTAL: 495.00D002988 SLEEZERJ JOHN SLEEZER060123 06/01/23 01 MAY 2023 MOBILE EMAIL 01-410-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00D002989 SLEEZERS SCOTT SLEEZER060123 06/01/23 01 MAY 2023 MOBILE EMAIL 79-790-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00)<Page 54 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D002990 SMITHD DOUG SMITH060123 06/01/23 01 MAY 2023 MOBILE EMAIL 79-790-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00D002991 STEFFANG GEORGE A STEFFENS060123 06/01/23 01 MAY 2023 MOBILE EMAIL 52-520-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538711 SWEENEYA ADAN SWEENEY05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 35.00INVOICE TOTAL: 35.00 *CHECK TOTAL: 35.00D002992 THOMASL LORI THOMAS060123 06/01/23 01 MAY 2023 MOBILE EMAIL 01-120-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538712 TRAFFIC TRAFFIC CONTROL CORPORATION143562 05/22/23 01 HANDHELD EMITTER FOR TESTING 01-410-54-00-5435 565.0002 EVP ** COMMENT **INVOICE TOTAL: 565.00 *CHECK TOTAL: 565.00)<Page 55 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538713 TRCONTPR TRAFFIC CONTROL & PROTECTION114833 05/26/23 01 CITY HALL & POLICE SIGNS 24-216-60-00-6030 131.10INVOICE TOTAL: 131.10 *114834 05/26/23 01 STREET SIGNS 23-230-56-00-5619 871.20INVOICE TOTAL: 871.20 *CHECK TOTAL: 1,002.30538714 VALLASB BRYAN VALLES-MATA060123 06/01/23 01 MAY 2023 MOBILE EMAIL 01-410-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *CHECK TOTAL: 45.00538715 VERMONT VERMONT SYSTEMSVS008218 05/23/23 01 PAYTRAC IMPLEMENTATION AND 79-795-54-00-5462 733.7502 TRAINING ** COMMENT **INVOICE TOTAL: 733.75 *CHECK TOTAL: 733.75538716 VESTALK KYLE VESTAL05/10-05/23 05/26/23 01 UMPIRE 79-795-54-00-5462 65.00INVOICE TOTAL: 65.00 *CHECK TOTAL: 65.00538717 VITOSH CHRISTINE M. VITOSH2110 05/24/23 01 05/10/23 P&Z MEETING 90-201-00-00-0011 437.50INVOICE TOTAL: 437.50 *CHECK TOTAL: 437.50)<Page 56 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538718 VOITIKM MICHAEL VOITIK051123 05/11/23 01 UMPIRE 79-795-54-00-5462 120.00INVOICE TOTAL: 120.00 *051823 05/18/23 01 UMPIRE 79-795-54-00-5462 120.00INVOICE TOTAL: 120.00 *CHECK TOTAL: 240.00538719 WALDEB BRYAN WALDE051723 05/17/23 01 REFEREE 79-795-54-00-5462 35.00INVOICE TOTAL: 35.00 *052023 05/20/23 01 REFEREE 79-795-54-00-5462 105.00INVOICE TOTAL: 105.00 *CHECK TOTAL: 140.00538720 WASONG GERALD WASON051123 05/11/23 01 UMPIRE 79-795-54-00-5462 120.00INVOICE TOTAL: 120.00 *CHECK TOTAL: 120.00538721 WATERSYS WATER SOLUTIONS UNLIMITED, INC112771 05/12/23 01 CHEMICALS 51-510-56-00-5638 4,075.00INVOICE TOTAL: 4,075.00 *CHECK TOTAL: 4,075.00D002993 WEBERR ROBERT WEBER060123 06/01/23 01 MAY 2023 MOBILE EMAIL 01-410-54-00-5440 45.00)<Page 57 of 61
01-110ADMINISTRATION01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATION01-640ADMINISTRATIVESERVICES01-111FOXHILLSSA01-112SUNFLOWERESTATES15-155MOTORFUELTAX23-216MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECCAPITAL42-420DEBTSERVICE51-510WATEROPERATIONS52-520SEWEROPERATIONS72-720LANDCASH79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARAYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNTIFII90-XXXDEVELOPERESCROW950-XXXESCROWDEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D002993 WEBERR ROBERT WEBER060123 06/01/23 02 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538722 WEX WEX BANK89685897 05/31/23 01 MAY 2023 GASOLINE 01-210-56-00-5695 7,578.9502 MAY 2023 GASOLINE 01-220-56-00-5695 772.50INVOICE TOTAL: 8,351.45 *CHECK TOTAL: 8,351.45D002994 WILLRETE ERIN WILLRETT060123 06/01/23 01 MAY 2023 MOBILE EMAIL 01-110-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00D002995 WOLFB BRANDON WOLF060123 06/01/23 01 MAY 2023 MOBILE EMAIL 79-790-54-00-5440 45.0002 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00538723 WTRPRD WATER PRODUCTS, INC.0316054 05/17/23 01 PLUG, GASKETS, NUTS, BOLTS 51-510-56-00-5640 130.00INVOICE TOTAL: 130.00 *CHECK TOTAL: 130.00)<Page 58 of 61
01-110 ADMINISTRATION01-120 FINANCE01-210 POLICE01-220 COMMUNITY DEVELOPMENT01-410 STREETS OPERATION01-640 ADMINISTRATIVE SERVICES01-111 FOX HILL SSA01-112 SUNFLOWER ESTATES15-155 MOTOR FUEL TAX23-216 MUNICIPALBUILDING23-230CITY-WIDECAPITAL24-216 BUILDING & GROUNDS25-205 POLICE CAPITAL25-215 PUBLIC WORKS CAPITAL25-225 PARK & REC CAPITAL42-420 DEBT SERVICE51-510 WATER OPERATIONS52-520 SEWER OPERATIONS72-720 LAND CASH79-790 PARKS DEPARTMENT79-795 RECREATION DEPARTMENT82-820 LIBRARY OPERATIONS84-840 LIBRARAY CAPITAL87-870 COUNTRYSIDE TIF88-880 DOWNTOWN TIF89-890 DOWNTOWN TIF II90-XXX DEVELOPER ESCROW950-XXX ESCROW DEPOSITDATE: 06/06/23TIME: 08:29:20UNITED CITY OF YORKVILLE&+(&.5(*,67(5ID: AP211001.W0WINVOICES DUE ON/BEFORE 06/13/2023CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------538724 YOUNGM MARLYS J. YOUNG050223-EDC 05/17/23 01 05/02/23 EDC MEETING MINUTES 01-110-54-00-5462 85.00INVOICE TOTAL: 85.00 *CHECK TOTAL: 85.00247,119.8311,184.50TOTAL CHECKS PAID:TOTAL',5(&7 DEPOSITS PAID:TOTAL AMOUNT PAID:258,304.33)<Page 59 of 61258,304.33
REGULAR OVERTIME TOTAL IMRF FICA TOTALSMAYOR & LIQ. COM.908.34$ -$ 908.34$ -$ 69.49$ 977.83$ ALDERMAN4,000.00 - 4,000.00 - 306.00 4,306.00 ADMINISTRATION18,913.62 - 18,913.62 1,240.74 1,393.65 21,548.01 FINANCE12,750.61 - 12,750.61 836.44 944.22 14,531.27 POLICE136,051.06 1,646.66 137,697.72 431.24 10,196.02 148,324.98 COMMUNITY DEV.30,606.53 - 30,606.53 2,007.79 2,267.54 34,881.86 STREETS23,434.84 - 23,434.84 1,537.33 1,735.09 26,707.26 BUILDING & GROUNDS2,392.75 - 2,392.75 156.96 183.04 2,732.75 WATER24,660.97 55.63 24,716.60 1,621.41 1,807.38 28,145.39 SEWER7,795.89 - 7,795.89 511.40 568.80 8,876.09 PARKS33,970.31 - 33,970.31 1,962.37 2,525.45 38,458.13 RECREATION25,405.20 - 25,405.20 1,370.38 1,891.61 28,667.19 LIBRARY17,362.56 - 17,362.56 710.49 1,295.37 19,368.42 TOTALS338,252.68$ 1,702.29$ 339,954.97$ 12,386.55$ 25,183.66$ 377,525.18$ TOTAL PAYROLL 377,525.18$ UNITED CITY OF YORKVILLEPAYROLL SUMMARYMay 26, 2023Page 60 of 61377,525.18$
ACCOUNTS PAYABLE DATE
FY 23
City MasterCard Bill Register - FY 23 (Pages 1 - 14)05/25/2023 127,103.40$
City Check Register - FY 23 (Pages 15 - 27)06/13/2023 247,257.95
SUB-TOTAL: 374,361.35$
FY 24
Clerk's Check #131214 Kendall County Recorder (Page 28)05/19/2023 142.00$
City MasterCard Bill Register - FY 24 (Pages 29 - 30)05/25/2023 10,040.04
City Check Manual Register - FY 24 (Page 31)05/31/2023 54,635.00
City Check Register - FY 24 (Pages 32 - 59)05/30/2023 451,122.65
SUB-TOTAL: $515,939.69
WIRE/ACH PAYMENTS
Dearborn Insurance - June 2023 06/02/2023 2,904.87$
Blue Cross/ Blue Shield Insurance-June 2023 05/28/2023 147,937.81
Amalgamated Bank of Chicago - 2015A Bond - Interest PMT 05/25/2023 69,900.00
Amalgamated Bank of Chicago - 2014A Bond -Interest PMT 05/25/2023 51,518.75
BNY Mellon - 2014 Refi Bond - Interest PMT 05/25/2023 23,357.50
TOTAL PAYMENTS: $295,618.93
Bi - Weekly (Page 6)05/26/2023 377,525.18$
SUB-TOTAL: 377,525.18$
TOTAL DISBURSEMENTS: 1,563,445.15$
UNITED CITY OF YORKVILLE
BILL LIST SUMMARY
Tuesday, May 30, 2023
PAYROLL
Page 61 of 61
Have a question or comment about this agenda item?
Call us Monday-Friday, 8:00am to 4:30pm at 630-553-4350, email us at agendas@yorkville.il.us, post at www.facebook.com/CityofYorkville,
tweet us at @CityofYorkville, and/or contact any of your elected officials at http://www.yorkville.il.us/320/City-Council
Agenda Item Summary Memo
Title:
Meeting and Date:
Synopsis:
Council Action Previously Taken:
Date of Action: Action Taken:
Item Number:
Type of Vote Required:
Council Action Requested:
Submitted by:
Agenda Item Notes:
Reviewed By:
Legal
Finance
Engineer
City Administrator
Community Development
Purchasing
Police
Public Works
Parks and Recreation
Agenda Item Number
Mayor’s Report #1
Tracking Number
CC 2023-39
Proposed 2023 Bond – Underwriter Engagement Letter
City Council – June 13, 2023
Majority
Approval
Please see attached.
Rob Fredrickson Finance
Name Department
Summary
Approval of engagement letter for Robert W. (RW) Baird & Co. (underwriter) for services related to the
issuance of General Obligation Bonds (Alternate Revenue Source), Series 2023.
Background
In late April, with assistance from the City’s financial advisor (Speer Financial, Inc.), Staff issued a
Request for Qualifications (RFQ) for underwriting services for the proposed 2023 water bonds. The
underwriter is primarily responsible for marketing and facilitating the purchase of the City’s bond
offering to potential investors. The proposed 2023 bonds will be sold through a negotiated sale, since
investor demand for longer term bonds (greater than 20 years) is unpredictable. In order to mitigate this
volatility, the underwriter will initially purchase the City’s bonds and then resell them to niche investors
who are active in the longer term bond markets.
At the recommendation of Speer Financial, RFQ’s were sent to four prominent local/regional
underwriting firms: Stifel (Exhibit D); Robert W. Baird (Exhibit B); Bernardi Securities (Exhibit E);
and Northland Securities (Exhibit F). Upon receipt of the RFQ’s in mid-May, Speer evaluated the firms
on several attributes (Exhibit C), including:
x Recent applicable underwriting experience (30% weight)
x Water system financing experience (20% weight)
x Marketing plan (20% weight)
x Firm resources, personal experience & references (20% weight)
x Proposed Fee (10% weight)
After consultation with City Staff, Robert W. Baird (Baird) was selected as the preferred underwriter, as
they received the highest composite review score (9.48) and were also the low cost provider, coming in
at $33,518 based on preliminary debt service issuance figures.
Robert W. Baird & Co., (www.rwbaird.com) is a nationally recognized firm that specializes in wealth
management, investment banking, institutional equities, fixed income, private equity and public finance.
Baird has a large municipal sales and trading department and currently leads the Midwest in the number
of underwritten issues. Additionally, Baird has underwritten three of Yorkville’s last seven competitive
bond sales and is the second largest holder of City debt. Baird is well seasoned in the issuance of
longer term debt, having participated in 23 issuances of 20+ year debt within the last twelve months. In
regard to water and sewer related debt issues, Baird has been a national leader since 2018, based on the
number of underwritten issues. As noted on page 2 of the engagement letter (Exhibit A), Baird’s fee
Memorandum
To: City Council
From: Rob Fredrickson, Finance Director
Date: June 7, 2023
Subject: Proposed 2023 Bond – Underwriter Engagement Letter
will be 0.33% of the public offering price. However, Baird’s fee is contingent on the sale of the bonds,
so if Council decide not to move forward with the issuance, no fees would be charged. All fees paid to
Baird would be funded by bond proceeds, since these costs would be directly correlated to the issuance
of the 2023 bonds.
Recommendation
Staff recommends approval of the engagement letter for Robert W. Baird & Co. (underwriter).
Robert W. Baird & Co.
300 E Fifth Avenue, Suite 200
Naperville, IL 60563
Main 630.778.9100
www.rwbaird.com
June 2, 2023
Mr. Rob Frederickson
Finance Director/Treasurer
United City of Yorkville
651 Prairie Pointe Dr.
Yorkville, IL 60560
Re: Underwriting Engagement Letter
Mr. Frederickson:
On behalf of Robert W. Baird & Co. Incorporated (“we” or “Baird”), we wish to thank you for the opportunity
to serve as sole underwriter for the United City of Yorkville, Illinois (“you” or “the “Issuer”) on its proposed offering
and issuance of approximately $10 million General Obligation Bonds (Alternate Revenue Source), Series 2023A (the
“Securities”) to finance enhancements to the City’s water supply system. This letter will confirm the terms of our
engagement; however, it is anticipated that this letter will be replaced and superseded by a bond purchase agreement
to be entered into by the parties (the “Purchase Agreement”) if and when the Securities are priced following successful
completion of the offering process. The Purchase Agreement will set forth the terms and conditions on which Baird
will purchase the Securities and will contain provisions that are consistent with those stated in this letter.
1. Services to be Provided by Baird. Baird is hereby engaged to serve as sole underwriter, and not as
municipal advisor, of the proposed offering and issuance of the Securities, and in such underwriter capacity Baird
agrees to provide the following services:
x Review and evaluate the proposed terms of the offering and the Securities
x Develop a marketing plan for the offering, including identification of potential purchasers of the
Securities
x Assist in the preparation of the preliminary official statement and final official statement and other
offering documents
x Contact potential purchasers of the Securities and provide them with copies of the offering materials
and related information
x Respond to inquiries from potential purchasers and, if requested, coordinate their due diligence calls
and meetings
x If the Securities are to be rated, assist in the preparation of information and materials to be provided
to securities rating agencies and in the development of strategies for meetings with the rating
agencies
x Consult with counsel and other service providers about the offering and the terms of the Securities
x Inform the Issuer of the marketing and offering process
x Negotiate the pricing, including the interest rate, and other terms of the Securities
x Obtain CUSIP number(s) for the Securities and arrange for their DTC book-entry eligibility
x Submit documents and other information about the offering to the MSRB’s EMMA website
x Plan and arrange for the closing and settlement of the issuance and the delivery of the Securities
x Such other usual and customary underwriting services as may be requested by the Issuer
Exhibit A
Page 2 of 4
In addition, as part of our underwriting services, Baird may provide advice concerning the structure, timing,
terms and other similar matters about the offering at the Issuer’s request. Please note that Baird would be providing
such advisory services in its capacity as underwriter and not as a municipal advisor to the Issuer.
2. Fees and Expenses. Baird’s proposed underwriting fee/spread is 0.33% of the public offering price of
the Securities issued. The underwriting fee/spread will represent the difference between the price that Baird pays for
the Securities and the public offering price stated on the cover of the final official statement. The underwriting
fee/spread will be contingent upon the closing of the proposed offering and the amount of the fee/spread will be based
on the public offering price of the Securities.
Baird shall be responsible for paying the fees of underwriter’s counsel and other expenses it incurs in
connection with the offering, including without limitation, CUSIP, DTC, MSRB, and IPREO (electronic book-
running/sales order system) fees and charges. The Issuer shall be responsible for paying all other costs of issuance,
such as fees of bond counsel, issuer counsel and disclosure counsel (if any); municipal advisory and other consultant
fees; a day loan charge (currently at the rate of 1% per annum of the par amount); ratings agency fees and expenses
and travel expenses directly related thereto; auditor and other expert fees; trustee, registrar and paying agent fees; and
official statement printing and mailing/distribution costs.
3. Conflicts of Interest and Disclosures Pursuant to MSRB Rules. Baird is registered with the Municipal
Securities Rulemaking Board (“MSRB”) and the SEC. The MSRB website is www.msrb.org. Two investor
brochures, Information for Municipal Securities Investors and Information for Municipal Advisory Clients, describe
the protections that may be provided by the MSRB’s rules. The brochures are available on the MSRB website. The
MSRB website also contains information about how to file a complaint with an appropriate regulatory authority.
Baird makes the following conflict of interest and other disclosures as required by MSRB Rule G-17.
x Disclosures Concerning the Underwriter’s Role:
R MSRB Rule G-17 requires an underwriter to deal fairly at all times with both issuers and investors.
R The underwriter’s primary role is to purchase the Securities with a view to distribution in an arm’s-length
commercial transaction with the Issuer. The underwriter has financial and other interests that differ from
those of the Issuer.
R Unlike a municipal advisor, an underwriter does not have a fiduciary duty to the Issuer under the federal
securities laws and is, therefore, not required by federal law to act in the best interests of the Issuer
without regard to its own financial or other interests.
R The Issuer may choose to engage the services of a municipal advisor with a fiduciary obligation to
represent the Issuer’s interest in this transaction.
R The underwriter has a duty to purchase the Securities from the Issuer at a fair and reasonable price but
must balance that duty with its duty to sell the Securities to investors at prices that are fair and reasonable.
R The underwriter will review the official statement for the Securities in accordance with, and as a part of,
its responsibilities to investors under the federal securities laws, as applied to the facts and circumstances
of this transaction.
x Disclosures Concerning the Underwriter’s Compensation:
Payment or receipt of the underwriting fee or underwriting discount will be contingent on the closing of the
transaction and the amount of the fee or discount will be based, in whole or in part, on a percentage of the principal
amount of the Securities. While this form of compensation is customary in the municipal securities market, it presents
a conflict of interest since the underwriter may have an incentive to recommend to the Issuer a transaction that is
unnecessary or to recommend that the size of the transaction be larger than is necessary.
Page 3 of 4
x Baird-Specific Conflicts of Interest Disclosures:
Baird is a full-service securities firm and as such Baird and its affiliates may from time to time provide
advisory, brokerage, consulting and other services and products to municipalities, other institutions, and individuals
including the Issuer, certain Issuer officials or employees, and potential purchasers of the Securities for which Baird
may receive customary compensation; however, such services are not related to the proposed offering. Baird may also
be engaged from time to time by the Issuer to manage investments for the Issuer (including the proceeds from the
proposed offering) through a separate contract that sets forth the fees to be paid to Baird. Baird may compensate its
associates for any referrals they have made that resulted in the Issuer’s selection of Baird to serve as underwriter on
the proposed offering of the Securities. Baird manages various mutual funds, and from time to time those funds may
own bonds and other securities issued by the Issuer (including the Securities). Additionally, clients of Baird may from
time to time purchase, hold and sell bonds and other securities issued by the Issuer (including the Securities).
In the ordinary course of fixed income trading business, Baird may purchase, sell, or hold a broad array of
investments and may actively trade securities and other financial instruments, including the Securities and other
municipal bonds, for its own account and for the accounts of customers, with respect to which Baird may receive a
mark-up or mark-down, commission or other remuneration. Such investment and trading activities may involve or
relate to the offering or other assets, securities and/or instruments of the Issuer and/or persons and entities with
relationships with the Issuer. Spouses and other family members of Baird associates may be employed by the Issuer.
Baird has not identified any other actual or potential material conflicts of interest.
x Disclosures of Material Financial Characteristics and Material Financial Risks.
R Accompanying this letter is a disclosure document describing the material financial characteristics
and material financial risks of the Securities as required by MSRB Rule G-17.
4. Term and Termination. The term of this engagement shall extend from the date of this letter to the
closing of the offering of the Securities. Notwithstanding the foregoing, either party may terminate Baird’s
engagement at any time without liability of penalty upon at least 30 days’ prior written notice to the other party. If
Baird’s engagement is terminated by the Issuer, the Issuer agrees to compensate Baird for the services provided and
to reimburse Baird for its out-of-pocket expenses incurred until the date of termination.
5. Limitation of Liability. The Issuer agrees that neither Baird nor its employees, officers, agents or
affiliates shall have any liability to the Issuer for the services provided hereunder except to the extent it is judicially
determined that Baird engaged in gross negligence or willful misconduct.
6. Miscellaneous. This letter shall be governed and construed in accordance with the laws of the State of
Illinois. This letter contains the entire agreement between the parties relating to the rights granted herein and
obligations assumed herein. This letter may not be amended or modified except by means of a written instrument
executed by both parties hereto. This letter may not be assigned by either party without the prior written consent of
the other party. The Issuer acknowledges that Baird may, at its option and expense and after announcement of the
offering, place announcements and advertisements or otherwise publicize a description of the offering and Baird’s
role in it on Baird’s website and/or other marketing material and in such financial and other newspapers and journals
as it may choose, stating that Baird has acted as underwriter for the offering. The Issuer also agrees that Baird may
use the Issuer’s name and logo or official seal for these purposes.
In addition, the Issuer agrees that all opinions of counsel written in connection with the offering of the
Securities, including but not limited to those opinions from bond counsel and issuer counsel, will include Baird as an
addressee or alternatively will be accompanied by letters from such counsel entitling Baird to rely on such opinions.
If there is any aspect of this letter that requires further clarification, please do not hesitate to contact us. In
addition, please consult your own financial and/or municipal, legal, accounting, tax and other advisors as you deem
appropriate. We understand that you have the authority to bind the Issuer by contract with us, and that you are not a
party to any conflict of interest relating to the proposed offering. If our understanding is not correct, please let us
know.
Page 4 of 4
If the foregoing is consistent with your understanding, please send me an email at dwelkomer@rwbaird.com to
acknowledge your receipt of this letter and your agreement with its terms.
Again, we thank you for the opportunity to assist you with your proposed financing and the confidence you
have placed in us.
Very truly yours,
ROBERT W. BAIRD & CO. INCORPORATED
By:__________________________________
MagDalena Welkomer, Director
cc: Mr. Anthony Miceli, Speer Financial Inc.
1
Disclosures of Material Financial Characteristics
and Financial Risks of Proposed Offering of General Obligation Bonds
Robert W. Baird & Co. Incorporated (“Baird”) has been engaged as underwriter or placement
agent for the proposed offering by you (or the “Issuer”) of fixed rate bonds, notes or other debt
securities (the “Securities”), to be sold on a negotiated basis. The Securities to be issued will be
general obligation notes or bonds. The following is a general description of the financial
characteristics and security structures of general obligation bonds, as well as a general
description of certain financial risks that you should consider before deciding whether to issue
general obligation bonds.
This document is being provided to an official of the Issuer who has the authority to bind the
Issuer by contract with Baird, who does not have a conflict of interest with respect to the
offering.
Financial Characteristics
The Securities will be general obligations of the Issuer. The Issuer’s full faith and credit and
unlimited taxing powers will be pledged to the payment of principal of and interest on the
Securities when due. Under current law, taxes may be levied by the Issuer on all taxable property
in the county without limitation as to rate or amount.
Maturity and Interest. The Securities are interest-bearing debt securities that the Issuer will issue.
Maturity dates for the Securities will be fixed at the time of issuance and may include serial
maturities (specified principal amounts are payable on the same date in each year until final
maturity) or one or more term maturities (specified principal amounts are payable on each term
maturity date) or a combination of serial and term maturities. Maturity dates, including the final
maturity date, are subject to negotiation and will be reflected in the official statement. The state
may impose limitations on the final maturity date. At each maturity, the scheduled principal or
par amount of the Securities will have to be repaid.
The Securities will pay fixed rates of interest typically semi-annually on scheduled payment dates.
The interest rates to be paid on the Securities may differ for each series or maturity date of the
Securities. The specific interest rates will be determined based on market conditions and
investor demand and reflected in the official statement for the Securities. Securities with longer
maturity dates will have interest rates that are greater than securities with shorter maturity dates.
Redemption. The Securities may be subject to optional redemption, which allows the Issuer, at
its option, to redeem some or all of the Securities on a date prior to scheduled maturity, such as
in connection with the issuance of refunding bonds to take advantage of lower interest rates.
The Securities will be subject to optional redemption only after the passage of a specified period
of time, to be negotiated with investors and reflected in the official statement. The amount and
maturities of the Securities to be redeemed will be selected by the Issuer. The redemption price
will be equal to 100% of the principal amount being redeemed, plus accrued interest. The Issuer
will be required to send out a notice of optional redemption to the holders of the Securities at
a certain period of time prior to the redemption date.
2
The Securities may also be subject to mandatory sinking fund redemption, which requires the
Issuer to redeem specified principal amounts of the Securities annually in advance of the term
maturity date, at a redemption price equal to 100% of the principal amount of the Securities to
be redeemed. The Securities may also be subject to extraordinary or mandatory redemption
upon the occurrence of certain events, authorizing or requiring you to redeem the Fixed Income
Bonds at their par amount (plus accrued interest).
Credit Enhancements. Fixed Rate Bonds may feature credit enhancements, such as an insurance
policy provided by a municipal bond insurance company that guarantees the payment of
principal of an interest on the bonds when due in the event of default. Other credit
enhancements could include a letter of credit provided by a financial institution, or financial
support from a state agency.
Tax Status. If the Securities are tax-exempt, counsel will provide an opinion that the interest on
the Securities will be excluded from gross income for federal income tax purposes. If the
Securities (or a portion thereof) are taxable, interest on the Securities will be included in gross
income for federal and state income tax purposes.
Security
The Securities are general obligations of the Issuer. “General obligations” are debt securities to
which your full faith and credit is pledged to pay principal and interest when due. The basic
security for payment of the Securities is the requirement that the Issuer levy ad valorem
(property) taxes, which taxes are unlimited as to rate and amount, as needed to pay the debt
service on the Securities. The Issuer’s full faith and credit pledge also means that other funds of
the Issuer may be used to pay debt service, except if such funds are prohibited from use by state
or federal law or specifically limited to another use.
The description above regarding “Security” is only a brief summary of certain possible security
provisions for the Bonds and is not intended as legal advice. You should consult with your bond
counsel for further information regarding the security for the Securities.
Financial Risk Considerations
Certain risks may arise in connection with your issuance of the Securities, including some or all
of the following:
Issuer Default Risk
You may be in default if the funds pledged to secure the Securities are not sufficient to pay debt
service on the Securities when due. The consequences of a default may be serious for you and,
depending on applicable state law and the terms of the authorizing documents, the holders of
the Securities may be able to exercise a range of available remedies against you. For example,
you may be ordered by a court to raise taxes. Other budgetary adjustments also may be necessary
to enable you to provide sufficient funds to pay debt service on the Securities. Further, if you
are unable to provide sufficient funds to remedy the default, subject to applicable state law and
the terms of the authorizing documents, you may find it necessary to consider available
alternatives under state law, including bankruptcy or receivership. Bond holders will also have
the right of mandamus or other actions to require you to levy, collect and apply taxes to pay
3
principal and interest on the Securities.
The State of Illinois may impose debt and/or revenue limits on the Issuer. The Issuer’s payment
of debt service on the Securities may be subject to such limits.
This description is only a brief summary of issues relating to defaults and is not intended as legal
advice. You should consult with your bond counsel for further information regarding defaults
and remedies.
Redemption Risk
Your ability to redeem the Securities prior to maturity may be limited, depending on the terms
of any optional redemption provisions. In the event that interest rates decline, you may be
unable to take advantage of the lower interest rates to reduce future debt service. In addition, if
the Securities are subject to extraordinary or mandatory redemption, you may be required to
redeem the bonds at times that are disadvantageous.
Refinancing Risk
If your financing plan contemplates refinancing some or all of the Securities at maturity (for
example, if you have term maturities or if you choose a shorter final maturity than might
otherwise be permitted under the applicable federal tax rules), market conditions or changes in
law may limit or prevent you from refinancing those Securities when required. Further,
limitations in the federal tax rules on advance refunding of bonds (an advance refunding of
bonds occurs when tax-exempt bonds are refunded more than 90 days prior to the date on
which those bonds may be retired) may restrict your ability to refund the Securities to take
advantage of lower interest rates.
Reinvestment Risk
You may have proceeds to invest prior to the time that you are able to spend those proceeds
for the authorized purpose. Depending on market conditions, you may not be able to invest
those proceeds at or near the rate of interest that you are paying on the Securities, which is
referred to as “negative arbitrage”.
Tax Compliance Risk (applicable if the Securities are tax-exempt bonds)
The issuance of tax-exempt bonds is subject to a number of requirements under the United
States Internal Revenue Code, as enforced by the Internal Revenue Service (IRS), and applicable
state tax laws. You must take certain steps and make certain representations prior to the issuance
of tax-exempt bonds. You also must covenant to take certain additional actions after issuance
of the tax-exempt bonds. A breach of your representations or your failure to comply with certain
tax-related covenants may cause the interest on the Securities to become taxable retroactively
to the date of issuance of the Securities, which may result in an increase in the interest rate that
you pay on the Securities or the mandatory redemption of the Securities. The IRS also may audit
you or the Securities or your other bonds, in some cases on a random basis and in other cases
targeted to specific types of bond issues or tax concerns. If the Securities are declared taxable,
or if you are subject to audit, the market price of the Securities and/or your other bonds may
be adversely affected. Further, your ability to issue other tax-exempt bonds also may be limited.
This description of tax compliance risks is not intended as legal advice and you should consult
with your bond counsel regarding tax implications of issuing the Securities.
4
Continuing Disclosure Risk.
In connection with the issuance of the Securities, you may be subject to continuing disclosures
which require dissemination of annual financial and operating information and notices of
material events. Compliance with these continuing disclosure requirements is important and
facilitates an orderly secondary market. Failure to comply with continuing disclosure
requirements may affect the liquidity and marketability of the Securities, as well as your other
outstanding securities. Because instances of material non-compliance with previous continuing
disclosure requirements must be disclosed in an official statement, failure to comply with
continuing disclosure requirements may also make it more difficult or expensive for you to
market and sell future bonds.
A - 1
Response to Request for Proposals for Underwriting Services
United City of Yorkville, Illinois
May 11, 2023 | 5:00 PM CDT
Robert W. Baird & Co. Incorporated is providing this information in response to a request for proposal or qualifications from a municipal entity, in seeking
to serve as underwriter for a possible issuance of municipal securities, and not as a financial advisor or municipal advisor. Any advice or recommendations
contained in this information have been made by Baird pursuant to Rule 15Ba1-1 under the Securities Exchange Act of 1934, which permits firms to provide
advice in response to a request for proposal or qualifications for services in connection with an issuance of municipal securities without such firms to be
regarded as municipal advisors. See “Important Disclosures” contained herein.
Robert W. Baird & Co. Incorporated
300 East Fifth Avenue, Suite 200
Naperville, IL, 60563
630.778.9100
Ms. MagDalena Welkomer
Director
630.778.9857
dwelkomer@rwbaird.com
Exhibit B
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
Important Disclosures
Important Disclosures
Robert W. Baird & Co. Incorporated (“Baird”) is providing the information contained herein and/or accompanying
materials (the “Materials”) in response to a request for proposal or qualification (“RFP”) from a municipal entity
(“Potential Client” or “you”) with respect to a possible issuance of municipal securities. In responding to the RFP,
Baird seeks a role as underwriter and not as a financial advisor or municipal advisor to the Potential Client in
connection with the issuance consistent with MSRB Rule G-23 interpretive guidance. Baird understands that the
RFP has identified a particular objective, has remained open for a reasonable period and involves a competitive
process (e.g., it has been sent to at least three reasonably competitive market participants or has been publicly
disseminated by posting it on the Potential Client’s official website). Under Rule 15ba1-1 under the Securities
Exchange Act of 1934, Baird, in responding to the RFP, may provide advice and recommendations to the Potential
Client regarding a possible issuance of municipal securities without being regarded as a municipal advisor. The
RFP has been distributed by the Potential Client to Baird and Baird is providing the information contained herein
and/or accompanying materials (the “Materials”) for discussion or general informational purposes only, in
anticipation of being engaged to serve as underwriter (or placement agent) for a possible issuance of municipal
securities you may be considering. Baird is not recommending that you take or not take any action. Baird is not
acting as a financial advisor or municipal advisor to you and does not owe a fiduciary duty under Section 15B of
the Securities Exchange Act of 1934 to you with respect to the Materials. Baird is acting for its own interests. You
should discuss the Materials with any internal or external advisors and experts that you deem appropriate before
acting on the Materials.
The role of an underwriter includes the following: Municipal Securities Rulemaking Board Rule G-17 requires an
underwriter (or placement agent) to deal fairly at all times with both municipal issuers and investors. As an
underwriter, Baird’s primary role is to purchase the proposed securities to be issued with a view to distribution in
an arm’s length commercial transaction between you and Baird. In its role as underwriter (or placement agent),
Baird has financial and other interests that differ from your interests. As part of our services as underwriter (or
placement agent), Baird may provide advice concerning the structure, timing, terms, and other similar matters
concerning issuance of municipal securities you are considering. Any such advice, however, would be provided by
Baird in the context of serving as an underwriter (or placement agent) and not as a municipal advisor, financial
advisor or fiduciary. Unlike a municipal advisor, Baird as an underwriter (or placement agent) does not have a
fiduciary duty to the issuer under the federal securities laws and is therefore not required by federal law to act in
the best interests of an issuer without regard to its own financial or other interests. As underwriter (or placement
agent), Baird must purchase (or facilitate the purchase of) securities from an issuer at a fair and reasonable price
but must balance that duty with its duty to sell those securities to investors at prices that are fair and reasonable.
As underwriter (or placement agent), Baird will review the official statement (if any) applicable to the proposed
issuance in accordance with, and as part of, its responsibilities to investors under the federal securities laws, as
applied to the facts and circumstances of the proposed issuance.
Any information or estimates contained in the Materials are based on publicly available data or information
provided by the Potential Client and are subject to change without notice. Baird has not independently verified
the accuracy of such data or information. Interested parties are advised to contact Baird for more information.
If you have any questions or concerns about the above disclosures, please contact Baird Public Finance.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that the
Materials do not constitute tax advice and shall not be used for the purpose of (i) avoiding tax penalties or (ii)
promoting, marketing or recommending to another party any transaction or matter addressed herein.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
Table of Contents
Table of Contents
Cover Letter ................................................................................................................................................ Following Page
1. Firm Description ......................................................................................................................................................... 1
2. Personnel ................................................................................................................................................................... 3
3. General Experience .................................................................................................................................................... 4
4. General Experience .................................................................................................................................................. 12
5. Market Plan .............................................................................................................................................................. 20
6. References ............................................................................................................................................................... 25
7. Underwriting Fees .................................................................................................................................................... 27
Structuring Considerations ............................................................................................................................................. 28
Update on Potential Refunding Opportunities .............................................................................................................. 30
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
Cover Letter
Cover Letter
May 11, 2023
Mr. Rob Fredrickson, Finance Director
United City of Yorkville
(630) 553-8537
rfredrickson@yorkville.il.us
Mr. Anthony Miceli, Senior Vice President
Speer Financial
(312) 529-5881
amiceli@speerfinancial.com
Dear Mr. Fredrickson and Mr. Miceli,
On behalf of Robert W. Baird & Co. Incorporated (“Baird” or the “Firm”), we are pleased to present our credentials
to serve as underwriter to United City of Yorkville, Illinois (the “City”) on its upcoming project to deliver Lake
Michigan water to the City through a connection with the DuPage Water Commission. Baird and our public finance
professionals have the expertise and dedicated resources required to meet all the City’s financing needs and
should be engaged for the following principal reasons:
Dedication to the City. Dalena Welkomer, the banker assigned to the City, has a vested interest in achieving the
City’s financial objectives given she resides in Bristol (5 miles from City Hall) and has children that participate in
Yorkville Recreation Department’s activities and attend Grande Reserve Elementary. She previously contacted
the City and its Municipal Advisor regarding the potential refunding of its 2014 Bonds and 2004 SSA Bonds.
Of the City’s last seven general obligation bond issues brought competitive sale, Baird won 43% based on number
of issues (3 out of 7) and 24% based on par ($7.9 million of $32.7 million) surpassing all of our local competitors
and demonstrating our ability to generate market interest rates for the City. Baird is currently the second largest
holder of the City’s general obligation debt, according to Bloomberg. We hope all the above illustrates our ongoing
commitment to serving the City.
Top Underwriter in Illinois, the Midwest, and Nation. Baird’s proven ability to market, price and sell municipal
bonds is evidenced in our rankings. From 2018-2022, Baird ranks as the No. 1 underwriter in the Midwest and
United States, and one of the top two underwriters in Illinois based on number of issues. This includes ranking
as the number one underwriter in the Midwest and United States for bank qualified issues, issues $10 million
or less and issues $20 million or less (the size of the City’s proposed debt issue).1
Comparable Underwriting Experience. There has been a dearth of relevant experience in the municipal market,
yet Baird can demonstrate recent activity underwriting comparable credits in Illinois in addition to 30-year deals
and pure water/sewer revenue transactions nationwide.
Water and Sewer Experience. Baird has extensive experience underwriting water and sewer
transactions. In fact, over the last five years (2018-2022) Baird ranked as the number two underwriter
in Illinois and the number one underwriter in the Midwest and nation of water and sewer transactions
based on number of issues according to IPREO MuniAnalytics.1 The last 10 years, Baird has served as
sole or senior managing underwriter on approximately 960 water and sewer transactions throughout
the United States for a total par amount of over $9.4 billion. Of these, 28 issues totaling $279 million in
par amount. Dalena Welkomer, has served on utility financings for such issuers as the cities of
Champaign, Decatur, East Peoria, Geneva and St. Charles, the villages of Bedford Park, Downers
Grove, Oswego and Plainfield, DuPage County, the Northwest Suburban Joint Action Water Agency
and Clark Edgar Rural Water District.
1 Source: Ipreo MuniAnalytics as of December 31, 2022. Does not include Private Placements or Notes.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
Cover Letter
Long Bond Experience. Since March 29th alone, Baird has underwritten 23 transactions with terms
beyond 20 years. Of those transactions, six had a term of 30 years and two had a term of 35 years.
This includes a 30-year deal which priced just May 9th and a 30-year water revenue bond for the Greater
Texoma Utility Authority, Texas that priced on March 30th.
Sophistication of Baird’s Team. As your underwriter, Baird will work alongside the City becoming an extension of
its staff especially as it relates to the creation of an inaugural trust indenture. Baird has conducted an in-depth
review of the rating agencies methodologies and the current market environment to provide detailed
recommendations herein with regards to legal covenants, structure, and rating agency strategy. We hope our
efforts illuminate Baird’s experience and willingness to go above and beyond our competitors.
Diverse Distribution Network. An invaluable asset will be Baird’s tremendous ability to access diverse buyers
across the country, ultimately helping drive down interest costs. Baird’s distinct bond distribution network has
the capabilities of three channels: institutional, retail individuals and retail aggregators (trust departments and
money managers). In addition, Baird’s national retail network includes approximately 1,400 advisors across 160
locations that manage $255 billion in assets. Our retail efforts would be led by our nearby offices in Elgin and
Oakbrook Terrace with 9 registered financial advisors. These financial advisors currently manage 223 retail
accounts with assets totaling over $95.4 million in value in Kendall County. In the Cities of Yorkville and Bristol
alone, Baird manages 58 retail accounts with assets totaling $7.8 million.
We appreciate the opportunity to submit this proposal to the City. We pledge comprehensive service, innovative
financial solutions and superior execution. We respectfully submit our proposal and thank you for considering
Baird to serve as the City’s underwriter.
Sincerely,
MagDalena Welkomer, Director
Baird Public Finance
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
1
Firm Description
Please provide a brief description of your firm, including the location of the office assigned to this transaction, and the firm’s
presence in the Chicago metropolitan area.
Firm Overview. Baird was founded in 1919 through the merger of two fixed income bond desks in Milwaukee,
Wisconsin, where our headquarters remains. Our corporate structure includes five core businesses that provide
fixed income markets (public finance and fixed income sales and trading), private wealth management, investment
banking, private equity, and asset management services across the country. Baird is also a premier investment
banking, private equity, and equity sales and trading partner to corporations and institutional clients around the
world. Employee-owned, conservatively managed and operating the five diverse financial businesses mentioned
above, we are able to maintain balanced revenues and grow in multiple market cycles, even in environments
where other firms were forced to cut back or become absorbed by larger entities.
Firm Strength - Longevity. For more than 100 years, Baird has navigated our clients through the highs and lows of
the market and conservatively grown. After the most recent financial crisis prior to the COVID-19 pandemic, the
2008 Great Recession, numerous investment banks left the public finance business or merged/been acquired by
other firms making the public finance business a trivial component, particularly as operational and compliance
costs rose. By contrast, Baird has thrived. We continue to strategically hire in all departments, including public
finance/fixed income capital markets. We do not enter/exit markets at random, but rather value the revenue
diversification and cyclicality of the sectors in which we conduct business. In 2019, Baird acquired regional
brokerage Hilliard Lyons (the largest acquisition in the firm’s history) and in 2022, acquired Pittsburgh-based,
Hefren-Tillotson. Today, Baird has more than 4,800 employees in over 200 locations globally with assets totaling
$375 billion.
Commitment to the Municipal Markets and Depth of Market Knowledge. Baird has one of the deepest municipal
underwriting and trading teams in the country with 30+ specialists, including 18 traders and 11 salespeople.
Additionally, Baird has an in-house credit analyst dedicated to municipals providing timely information on the
overall market, credit environment, and offers insight on unique sectors, difficult credits, and revenue-backed
issues. We also have a team of analysts focusing on all fixed income products. Furthermore, award-winning
macro research firm, Strategas – A Baird Company, combines investment strategy, macroeconomic perspective,
government policy research, technical analysis and a deep understanding of the fixed income and equity markets.
A value-add unique to Baird and a significant resource to our public finance clients is our nationally recognized
underwriting and trading desk, offering real-time market access and guidance when planning and pricing a bond
sale. As a result, Baird is ranked as the No. 1 underwriter nationally based on number of issues collectively since
2009. This ranking further illustrates Baird’s ability to successfully price and place nearly 1,000 deals on average
since 2018 with institutional and retail investors nationwide.2 The depth of accessible market knowledge furthers
Baird’s ability to provide public finance clients with timely and relevant information specific to them.
Baird’s Municipal Strength
Significant and real-time market access Willingness and ability to deploy capital
Depth and sophistication of our resources Efficiencies in execution
Ongoing commitment to municipal business Diverse retail/institutional distribution
Public Finance Department. Baird has been dedicated to serving governmental agencies since the 1970s, and we
only continue to grow, adding 12 public finance offices and 50+ associates since 2018. Today, our platform is made
up of 100+ professionals located in 21 public finance offices across 15 states. Baird has become an industry leader
2 Source: Ipreo MuniAnalytics as of December 31, 2022. Does not include Private Placements or Notes.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
2
in public finance due to our continued growth and dedication to the municipal business. Public Finance has and
will continue to be an important and growing component of Baird’s overall business objective.
Strong Illinois Presence and Municipal Underwriting Leadership. Currently,
Baird has more than 375 associates in eight offices throughout the State,
including: Chicago, Elgin, Naperville, Oakbrook Terrace, Peoria, Rockford, Shiloh
and Winnetka. Our engagement with the City will be handled through our
Naperville Public Finance office with our six-member team located. The full
Bairdteam is located approximately 20 miles fromCity Hall, giving us an on the
ground presence.Dalena Welkomer, the Baird banker that would service the
City, resides in Bristol (less than 5 miles from City Hall).With our local presence,
we can be at the City office with short notice ready to serve. Importantly, our
clients can reasonably expect we will be available to support them for the life of
any bond issue given our firm’s long history.
Additionally, one key advantage of Baird is that Baird’s Illinois underwriter is
based out of the Firm’s Naperville office.Baird is one of the few firms that has
an underwriter that lives and works in Illinois. The majority of the underwriters
for our local competitors are based in other states (e.g. California, Minnesota,
Missouri, New York and Ohio). He knows the intricacies of Illinois credits which is
extremely valuable during our Illinois pricings.
Strong Capital Position.As of December 31, 2022, our firm has a secure regulatory capital base, also known as
total capital, of $1.8 billion, excess net capital of $752.3 million and net capital of $757.0 million, more than 163
times the net capital. This theoretically allows us to sole manage a financing of up to $10.7 billion.Baird does
not allocate capital by specific business unit or office thus we do not maintain a stated limitation on municipal
underwriting liability. There are no firm-imposed underwriting and
trading limits more restrictive than the respective regulatory limits
identified above. We use our capital every day to support our clients
as a firm, maintain one of the strongest and most conversative net
capital ratios amongst regional firms.
Often, we generate enough demand by “finding the market” and placing bonds with investors at strong pricing
levels. Baird understands the true meaning of “underwriting” and stands fast to its importance. We believe that
it is our duty to take reasonable risk for our clients for us to deliver the best overall execution. In 2022 alone,
which was a very difficult rate environment with rates quickly rising from near zero to over 4% and many firms
becoming more risk adverse from positioning bond, Baird continued to commit capital and underwrote over
$55 million of unsold bonds for negotiated balances.The table on the next page provides a few examples of
situations in which Baird used its capital to support the sale and market distribution of tax-exempt Illinois bonds.
Baird’s Public Finance Offices
Blue Bell, PA Denver, CO Milwaukee, WI San Antonio, TX
Boston, MA Houston, TX (2)Naperville, IL Sarasota, FL
Chicago, IL Indianapolis, IN Paducah, KY St. Louis, MO
Columbus, OH Lansing, MI Philadelphia, PA St. Paul/Minneapolis, MN
Dallas, TX Louisville, KY Red Bank, NJ Winston-Salem, NC
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
3
Baird Inventoried at
Conclusion of Pricing
Sold Issuer Baird % Deal Size ($)Purchased ($)% of Par
4/25/2023 City of Rochelle, GO Bonds (Elec System ARS), Ser 2023 100% $4,800,000 $145,000 3%
4/17/2023 South Beloit CUSD #320 (Winn County), GOLT Bonds, Ser 2023 100% $5,500,000 $1,375,000 25%
9/29/2022 Lindop SD 92 (Cook County), GOLT School Bonds, Ser 2022 100% $5,235,000 $290,000 6%
6/22/2022 Village of Roselle, GO Bonds (ARS), Ser 2022 100% $3,470,000 $350,000 10%
9/20/2021 East Dundee & Countryside FPD GORBs & Debt Certs, Ser 2021 100% $3,395,000 $1,170,000 34%
Personnel
Please provide brief biographies of the professional staff who would be assigned to this financing.
Our engagement with the City will be coordinated and executed through our Naperville Public Finance office.
MagDalena Welkomer, Director,will lead our engagement with the City and will serve as the day-to-day contact.
Adam Holstine, Vice President, will provide banking support and Dale Jacques, Senior Vice President, will provide
quantitative and technical support. Bryan Derdenger, Managing Director and negotiated underwriter, will provide
current market information and place the City’s bonds.
BANKING
MAGDALENA WELKOMER, Director
630.778.9857~~dwelkomer@rwbaird.com
Primary Contact
Dalena has been a member of Baird’s public finance team since 2004. She has assisted many Illinois
issuers with financing utility infrastructure through the issuance of general obligation bonds. This
includes transactions for the villages of Downers Grove, Maple Park, Oswego, Roanoke and
Westfield and the cities of Champaign, Decatur, East Peoria, Geneva, and St. Charles. She has served such issuers
as the Detroit Water and Sewer Department, the Northwest Suburban Municipal Joint Action Water Agency,
Clark Edgar Rural Water District, the County of DuPage, and the Villages of Bedford Park and Plainfield on their
water/sewer revenue bond transactions.She has also served such local issuers as the Village of Sugar Grove, the
cities of Batavia and DeKalb and the Kendall County Forest Preserve District.Her experience cuts across many
types of financings including general obligation, special revenue, special district, water and sewer, tax increment,
and pension bonds. She serves on the Women in Public Finance Chicago Chapter Board of Directors and as a
Regional Coordinator for the Downstate IGFOA Central Region. Dalena graduated magna cum laude from
Benedictine University in Lisle, Illinois where she received a Bachelor of Business Administration in Finance with a
minor in International Business and Economics. She is licensed through the Financial Industry Regulatory
Authority (FINRA) as a Municipal Advisor Representative and Principal (Series 50 and 54) and Municipal Securities
Representative and Principal (Series 52 and 53), and a Uniform Securities Agent (Series 63).
Dalena resides in Bristol (less than 5 miles from City Hall) and has children that participate in Yorkville
Recreation Department’s activities and attend Grande Reserve Elementary.
SUPPORT BANKING
ADAM HOLSTINE, Vice President
630.778.6427~aholstine@rwbaird.com
Adam joined Baird in 2015 as an intern, and in 2017 he transitioned to a support banker. He is
responsible for coordinating the municipal bond financing process, which includes but is not limited
to, analyzing financing alternatives, performing quantitative analysis, and reviewing legal
documents and official statements for financings. Adam graduated Magna Cum Laude from North
Central College in Naperville, Illinois where he earned a Bachelor of Science Degree in Finance and Economics with
a minor in Mathematics. He is licensed through the Financial Industry Regulatory Authority (FINRA) as a Municipal
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
4
Securities Representative (Series 52), is a registered Municipal Securities Rulemaking Board Municipal Advisor
(MSRB) (Series 50), and a Uniform Securities Agent (Series 63).
QUANTITATIVE ANALYSIS
DALE JACQUES, Senior Vice President
414.298.6037~~djacques@rwbaird.com
Mr. Jacques has more than 20 years of experience in the financial services industry and is a senior
analyst in Baird’s Quantitative Resource Group. His experience includes structuring long-term
capital improvement plans, envisioning various refinancing scenarios, providing analysis for project
finance, and creating rating comparison models. The clients that Dale serves include state and local
governments, school districts, transportation entities, healthcare, and higher education. He is licensed through
Financial Industry Regulatory Authority (FINRA) as a General Securities Representative (Series 7), Municipal
Advisor Representative (Series 50), Municipal Securities Representative (Series 52), and Uniform Securities Agent
(Series 63). Dale graduated magna cum laude from the University of Wisconsin-Milwaukee with a Bachelor of
Business Administration in Finance.
MUNICIPAL MARKET EXPERTISE AND UNDERWRITING
BRYAN DERDENGER, Managing Director
312.578.2064~bderdenger@rwbaird.com
Bryan joined Baird as a managing director in 2019 and brings more than 20+ years of experience. He
most recently served as senior negotiated underwriter and head of fixed income analytics at
Hutchinson, Shockey, Erley & Co/Huntington Securities. He currently leads all negotiated infrastructure
transactions as well as higher education across the country and all underwritings for Illinois, North
Carolina, South Carolina, Virginia, Texas and Northeast issuers, to name a few. He has also helped incorporate the use
of technology to better identify pricing levels and further enhance the efficiency of information across the team of
Bankers and underwriters. Since 2011, Bryan has served as an underwriter on over $100 billion in securities in states
across the country. Bryan earned his Bachelor of Business Administration in Finance and International Business from
George Washington University in Washington D.C. and his Master of Business Administration from the University of
Chicago Booth School of Business. Bryan is licensed through Financial Industry Regulatory Authority (FINRA) as a
General Securities Representative (Series 7), Municipal Advisor Representative (Series 50), Municipal Securities
Principal (Series 53), and a Uniform Securities Agent (Series 63).
General Experience
Please provide information on your firm’s experience in Illinois, including recent sales of securities for issuers comparable to
the City. Please provide detailed information on your firm’s recent comparable sales. Please include the date of the sale, the
spread per maturity to MMD, the total underwriter’s discount (if applicable) on the transaction, and any other descriptive
information you deem important.
Top Underwriter in the Nation, Midwest, and Illinois. Baird is a proven market leader serving as the No. 1 lead
managing underwriter in the nation over the last five years.3 As the most active underwriter in the market, we
have proven our ability to sell bonds effectively, even during times of extreme volatility. As a testament to Baird’s
national marketing and distribution capabilities, Baird has achieved numerous successes in the industry resulting
in multiple national and regional rankings in key categories for managing underwriters.
3 Source: Ipreo MuniAnalytics as of January 1, 2018 through December 31, 2022. Does not include Private Placements or Notes.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
5
Since 2018, Baird ranks as the number one underwriter
in the Midwest and United States, and one of the top
two underwriters in Illinois based on number of issues.
This includes ranking as the number one underwriter
in the Midwest and United States for bank qualified
issues,issues $10 million or less, and issues $20 million
or less (the size of the City’s proposed bond issue).
4
Competitive Underwriting Rankings.While overall
rankings are important, an appropriate criterion in
which to judge an underwriter’s ability to generate low
interest rates is performance on competitive
transactions. On competitive transactions, the
underwriter that bids the lowest interest rate is
awarded the bonds and receives credit in the rankings.
Since 2019, Baird competitively purchased 18.2% of
the 16,059 competitive transactions offered
nationwide. As a result, Baird ranked as the No. 1 lead
managing underwriter of competitive bond issues in
Illinois, the Midwest, and nationally based on number
of issues.4 Baird has won more bond sales than the
2nd, 3rd, and 4th ranked firms combined.
Supporting the City’s Competitive Sales.While we have not had the opportunity to serve as
negotiated underwriter on prior City bond issues, we have supported the City’s debt issuances by
actively bidding on its competitive sales. Since 2014, Baird was the winning underwriter on three
bond issues totaling $7.9 million in par amount. This represents 43% and 24% of the City’s bond
sales, based on number of issues and par amount, respectively, and surpasses all of our local
underwriting competitors.This highlights our underwriting platform’s ability to write on-market scales and access
proven investors that are familiar with and willing to hold the City’s bonds.
Recent Comparable Illinois Underwriting Experience. Baird is uniquely qualified to serve as underwriter due to
our depth of experience underwriting Illinois bonds. Below are recent sales that Baird has executed similar in
credit and/or size to the City’s proposed bonds. We highlight the final pricing results of our successful negotiated
sales for the City of Peoria (rated “A+”),City of Rochelle (rated “AA-”), South Beloit Community Unit School
District #320 (rated “A1”), and Palatine Community Unit School District # 15 (rated “Aa2”), and the competitive
sale for the City of Galesburg (rated “A1”). We are also engaged as sole underwriter to Jo Daviess County on its
$8 million General Obligation Bonds (Alternate Revenue Source), Series 2023 scheduled to price the first week of
June.
<< The rest of this page is intentionally left blank >>
4 Source: Ipreo MuniAnalytics as of December 31, 2022. Does not include Private Placements or Notes.
Baird’s National, Midwest and Illinois Underwriting
Rankings by # of Issues4 (2018-2022)
Category Illinois Midwest National
Bank Qualified 2 1 1
Issues of $10M or less 2 1 1
Issues of $20M or less 3 1 1
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
6
City of Peoria.OnApril 26, 2023, Baird served
as sole manager on the negotiated sale of the
City of Peoria’s $19,575,000 General
Obligation Bonds, Series 2023Awhich carried
an “A+” underlying rating and qualified for
“AA” rated bond insurance through Assured Guaranty. To the
right we provide our final pricing results to the MMD.
Financing Highlights:
x Baird received $69,280,000 in orders (3.6x the par
amount) with oversubscriptions on 8 of 10 maturities
by as much as 8.6x.
x On a day where MMD was flat, we were able to lower
yields by 2 to 8 (0.02% to 0.08%) basis points on six
maturities, which decreased debt service by
approximately $82,000.
x Generated $20 million to finance various
improvements to the Peoria Civic Center.
City of Rochelle. On April 25, 2023, Baird
served as sole manager on the
negotiated sale of the City of Rochelle’s
$4,800,000 General Obligation Bonds
(Electric System Alternate Revenue Source), Series 2023 which
carried an “AA-” underlying rating and qualified for “AA”
rated bond insurance through Build America Mutual. To the
right we provide our final pricing results to the MMD.
Financing Highlights:
x Assisted the City through the rating process, which
the City achieved an upgrade to “AA-” from “A+” by
S&P.
x Implemented a 2-day marketing strategy to give
investors ample time to review the credit in a
fluctuating market environment.
x Received $11.7 million in orders (2.4x total par)
including orders from two of the City’s local banks.
x With strong demand 2037-2038 with
oversubscriptions over 7x, we lowered yields 5 to 7
basis points (0.05% to 0.07%) on those two
maturities.
x Baird underwrote the unsold balance of one
maturity totaling $145,000 and took them into its
inventory, demonstrating Baird’s willingness to
commit capital and lock in market pricing for the
benefit of its clients.
x Generated $5 million to finance improvements to the City’s electric system.
PRICED SALE TYPE
SECURITY
TAX STATUS SIZE
RATING
UNDERLYING
ENHANCEMENT
CALL DATE
YEAR MTY AMT CPN YTW SPR YTM SPR
1
2
3
4
5
6
7 1/1/2030 1,120,000 5.000% 3.200%92 3.200% 92
8 1/1/2031 1,175,000 5.000% 3.250%95 3.250% 95
9 1/1/2032 1,235,000 5.000% 3.300%97 3.300% 97
10 1/1/2033 1,295,000 5.000% 3.350%99 3.350% 99
11 1/1/2034 1,360,000 5.000% 3.400%101 3.518% 113
12 1/1/2035 1,430,000 5.000% 3.550%104 3.746% 124
13 1/1/2036 1,500,000 5.000% 3.750%105 3.982% 128
14 1/1/2037 1,575,000 4.000% 4.150%128 4.150% 128
15
16 1/1/2039 3,345,000 4.000% 4.300%130 4.300% 130
17
18
19 1/1/2042 5,540,000 4.125% 4.430%130 4.430% 130
AGM UNDERWRITER
1/1/2033 ROBERT W BAIRD & CO INC
UW DISCOUNT $6.25
NBQ / TAXABLE $19,575,000
A+ / AA AGM INS SECTOR
A+ General Obligation
BAIRD'S PRE-PRICING SCALE
CITY OF PEORIA
4/26/2023 NEGOTIATED
GENERAL OBLIGATION UNLTD
PRICED SALE TYPE
SECURITY
TAX STATUS SIZE
RATING
UNDERLYING
ENHANCEMENT
CALL DATE
YEAR MTY AMT CPN YTW SPR YTM SPR
0
1 5/1/2024 225,000 5.000% 3.450%60 3.450% 60
2 5/1/2025 235,000 5.000% 3.250%69 3.250% 69
3 5/1/2026 245,000 5.000% 3.150%69 3.150% 69
4 5/1/2027 260,000 5.000%3.100%71 3.100% 71
5 5/1/2028 270,000 5.000% 3.100%74 3.100% 74
6 5/1/2029 285,000 5.000% 3.150%84 3.150% 84
7 5/1/2030 300,000 5.000% 3.200%92 3.200% 92
8 5/1/2031 315,000 5.000% 3.250%94 3.250% 94
9 5/1/2032 330,000 5.000% 3.300%96 3.300% 96
10 5/1/2033 345,000 5.000% 3.350%98 3.482% 111
11 5/1/2034 365,000 5.000% 3.400%99 3.632% 122
12 5/1/2035 380,000 5.000% 3.500%95 3.799% 125
13 5/1/2036 400,000 4.000% 3.950%123 3.963% 124
14 5/1/2037 415,000 4.000% 4.000%113 4.000% 125
15 5/1/2038 430,000 4.000% 4.100%114 4.100% 124
BAM UNDERWRITER
5/1/2032 @ 100 ROBERT W BAIRD & CO INC
UW DISCOUNT $10.00
BQ / TAXABLE $4,800,000
AA- / AA BAM INS SECTOR
AA- General Obligation
BAIRD'S FINAL PRICING SCALE
CITY OF ROCHELLE
4/25/2023 NEGOTIATED
GENERAL OBLIGATION UNLTD
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
7
South Beloit Community Unit School C
No. 320. On April 17, 2023,Baird served
as sole manager on the negotiated sale
of South Beloit CUSD #320’s $5,500,000
General Obligation Limited Tax School
Bonds, Series 2023 which carried an “A1” underlying
rating and qualified for “AA” rated bond insurance
through Assured Guaranty. To the right we provide our
final pricing results to the MMD.
Financing Highlights:
x Hired via competitive RFP process.
x Implemented a 2-day marketing strategy to give
investors ample time to review the credit in an ever-
changing market environment.
x Received $4,675,000 in orders in a difficult market
that saw MMD increase 3-5 basis points in the
District’s maturities.
x Baird underwrote the unsold balances of three
maturities totaling $1,375,000 (25% of the par
amount) and took them into its inventory,
demonstrating Baird’s willingness to commit capital
for the benefit of its clients.
City of Galesburg. On March 6, 2023, Baird was
the winning competitive underwriter of the City
of Galesburg’s $4,920,000 General Obligation
Bonds, Series 2023 which carried an “A1”
underlying rating and qualified for “AA” rated
bond insurance through Build America Mutual. To the right we
provide our final pricing results to the MMD.
Financing Highlights:
x Baird was one of five bidders.
x Our true interest cost was over 3 basis points lower than
the cover bid and over 41 basis points lower than the
highest bid.
x We believe this demonstrates our ability to price bonds
aggressively in a volatile market.
PRICED SALE TYPE
SECURITY
TAX STATUS SIZE
RATING
UNDERLYING
ENHANCEMENT
CALL DATE
YEAR MTY AMT CPN YTW SPR YTM SPR
1
2
3
4
5
6
7
8
9 2/1/2032 400,000 5.000% 2.850%80
10 2/1/2033 400,000 5.000% 2.880%80
11 2/1/2034 440,000 5.000% 3.000%88 3.146% 103
12 2/1/2035 465,000 5.000% 3.150%89 3.367% 114
13 2/1/2036 485,000 5.000% 3.330%88 3.638% 119
14 2/1/2037 510,000 4.000% 3.850%124 3.886% 128
15 2/1/2038 530,000 4.000% 3.950%125 3.964% 126
16 2/1/2039 550,000 4.000% 4.000%126
17
18
19 2/1/2042 1,720,000 4.250% 4.080%119 4.145% 126
BAIRD'S FINAL PRICING SCALE
SOUTH BELOIT COMMUNITY UNIT SCH DIST #320 WINN CTY, IL
4/17/2023 NEGOTIATED
GENERAL OBLIGATION LTD
AGM UNDERWRITER
2/1/2033 @ 100 ROBERT W BAIRD & CO
UW DISCOUNT $3.25
BQ / TAXABLE $5,500,000
A1 / AA AGM INS SECTOR
A1 School District
PRICED SALE TYPE
SECURITY
TAX STATUS SIZE
RATING
UNDERLYING
ENHANCEMENT
CALL DATE
MTY AMT CPN YTW SPR YTM SPR
12/30/2024 275,000 5.000% 3.250%26 3.250% 26
12/30/2025 485,000 5.000% 3.250%26 3.250% 26
12/30/2026 510,000 5.000% 3.100%28 3.100% 28
12/30/2027 535,000 5.000% 3.100%37 3.100% 37
12/30/2028 565,000 5.000% 3.100%42 3.100% 42
12/30/2029 590,000 5.000% 3.130%51 3.130% 51
12/30/2030 620,000 5.000% 3.150%56 3.150% 56
12/30/2031 655,000 5.000% 3.200%59 3.200% 59
12/30/2032 685,000 5.000% 3.250%63 3.250% 63
BAIRD'S FINAL PRICING SCALE
CITY OF GALESBURG IL
3/6/2023 COMPETITIVE
GENERAL OBLIGATION UNLTD
BQ / TAXABLE $4,920,000
A1 / AA / NR SECTOR
A1 / NR / NR General Obligation
BAM UNDERWRITER
N/C ROBERT W BAIRD & CO INC
UW DISCOUNT $9.59
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
8
Palatine Community Consolidated School District
Number 15. On January 11, 2023, Following a
competitive RFP process, Baird was selected to
serve as senior managing underwriter on
Palatine Community Consolidated School District
Number 15’s (“District”) $45,700,000 General Obligation School
Bonds, Series 2023 which carried an “Aa2” underlying rating. To
the right we provide our final pricing results to the MMD.
Financing Highlights:
x $50 million in bond proceeds will be used for projects
approved by District voters which include altering, repairing
and equipping existing buildings and constructing and
equipping building additions.
x Developed a robust marketing plan to generate interest
from retail investors, including publications in the District’s
local newspaper, an investor presentation, social media
posts and a press release on the District’s website.
x The underwriting team received over $311 million in orders
(6.8x the total par amount) from 31 different investors,
including $11.3 million in orders from individual and
professional retail investors.
x Baird alone brought in $295 million in orders (95% of orders
received).
x With strong demand throughout the curve, we lowered yields 4 to 9 basis points (0.04% to 0.09%) on all
maturities which resulted in lower debt service by approximately $295,000.
x The Bonds achieved an all-in true interest cost of 3.67% on a non-bank qualified 20-year transaction.
Recent Comparable 30-Year Underwriting Experience.Given the dearth of 30-year paper brought to market in
Illinois to date in 2023, we highlight our recent comparable experience nationally. Since March 29
th alone, Baird
has underwritten 23 transactions with terms beyond 20 years. Of those transactions, six had a term of 30 years
and two had a term of 35 years.This experience includes credits ranging from “BBB-” with no bond insurance to
“AAA”. These transactions also had different security structures (GO, revenue, COPs) further demonstrating
Baird’s ability to market and sell all types of transactions in the current volatile market environment. Baird has
also been engaged on a financing for Jo Daviess County, Illinois that is expected to have a 25-year term and will
price in early June. Baird just completed a 30-year deal for the Greater Texoma Utility Authority, Texas that was
a pure water and sewer revenue bond which we highlight below.
Greater Texoma Utility Authority, TX.On March 30, 2023 Baird’s financing team served as senior
manager to the Greater Texoma Utility Authority (“GTUA”) in connection with its issuance of $137.4
million in Contract Revenue Bonds to finance water improvements to facilitate a $30 billion semi-
conductor water plant being built by Texas Instruments in Sherman (to date the largest single
economic development project in the history of Texas). The transaction was rated “A” (S&P) but
sold with Assured Guaranty insurance (providing a “AA” rating). Many investors had concernswith the transaction
due to its relatively large size when compared to what GTUA had historically been able to finance. In order to
address this concern, Baird’s banking team made sure to highlight the underlying project and the massive
additional revenues that will result from the facility. The financing priced with 5% coupons in 2039, 4% coupons
from 2040 to 2043, with 5% on a 2048 term bond and 4.5% on the 2053 term bond. The market was flat-to-firm
the day of pricing. Baird’s distribution and underwriting team found significant interest in most maturities,
PRICED SALE TYPE
SECURITY
TAX STATUS SIZE
RATING
UNDERLYING
ENHANCEMENT
CALL DATE
YEAR MTY AMT CPN YTW SPR YTM SPR
0 12/1/2023 4,640,000 5.000% 2.650%13 2.650% 13
1
2 12/1/2025 2,500,000 5.000% 2.480%17 2.480% 17
3 12/1/2026 2,610,000 5.000% 2.490%18 2.490% 18
4 12/1/2027 1,615,000 5.000% 2.500%21 2.500% 21
5 12/1/2028 1,595,000 5.000% 2.510%21 2.510% 21
6 12/1/2029 1,670,000 5.000% 2.590%28 2.590% 28
7 12/1/2030 1,760,000 5.000% 2.610%28 2.610% 28
8 12/1/2031 1,845,000 5.000% 2.650%30 2.650% 30
9 12/1/2032 1,935,000 5.000% 2.750%35 2.750% 35
10 12/1/2033 2,035,000 5.000% 2.820%37 2.978% 53
11 12/1/2034 2,135,000 5.000% 2.940%39 3.213% 66
12 12/1/2035 2,240,000 5.000% 3.110%41 3.455% 75
13 12/1/2036 2,355,000 5.000% 3.310%44 3.691% 82
14 12/1/2037 2,470,000 5.000% 3.390%49 3.812% 91
15 12/1/2038 2,595,000 5.000% 3.480%51 3.927% 96
16 12/1/2039 2,720,000 5.000% 3.570%56 4.030% 102
17 12/1/2040 2,860,000 5.000% 3.600%55 4.085% 104
18 12/1/2041 3,000,000 4.000% 4.040%96 4.040% 96
19 12/1/2042 3,120,000 4.000% 4.070%96 4.070% 96
20
12/1/2032 @ 100 ROBERT W BAIRD & CO INC
UW DISCOUNT $5.00
UNDERWRITER
BAIRD'S FINAL PRICING SCALE
COOK CNTY IL CMNTY CONSOL SCHD #15 (PALATINE)
1/11/2023 NEGOTIATED
GENERAL OBLIGATION UNLTD
N (NON-BQ) / TAXABLE $45,700,000
Aa2 / NR / NR SECTOR
Aa2 / NR / NR School District
N/A
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
9
resulting in a bump in prices (lower yields) of 2 to 5 basis points in various maturities between 2035 and
2043. After pricing, the client and their advisors were very pleased with Baird’s performance.Bryan Derdenger,
the underwriter assigned to the City’s account, served as the underwriter on this transaction and many of the
other 30-year deals recently priced by Baird.
Below are the final pricing results of the six 30-year bonds Baird underwrote since March 30th, the most recent
pricing occurred on May 9
th .
<< The rest of this page is intentionally left blank >>
PRICED SALE TYPE PRICED SALE TYPE PRICED SALE TYPE
SECURITY SECURITY SECURITY
TAX STATUS SIZE TAX STATUS SIZE TAX STATUS SIZE
RATING RATING RATING
UNDERLYING UNDERLYING UNDERLYING
ENHANCEMENT ENHANCEMENT ENHANCEMENT
CALL DATE CALL DATE CALL DATE
YEAR MTY AMT CPN YTW SPR YTM SPR MTY AMT CPN YTW SPR YTM SPR MTY AMT CPN YTW SPR YTM SPR
1 3/1/2024 295,000 5.000% 3.860%90 3.860% 90
2 3/1/2025 320,000 5.000% 3.560%95 3.560% 95 2/15/2025 430,000 5.000% 2.460%23 2.460% 23
3 8/15/2026 345,000 5.000% 3.050%60 3.050% 60 3/1/2026 345,000 5.000% 3.610%110 3.610% 110 2/15/2026 455,000 5.000% 2.370%23 2.370% 23
4 8/15/2027 365,000 5.000% 3.040%70 3.040% 70 3/1/2027 370,000 5.000% 3.520%113 3.520% 113 2/15/2027 480,000 5.000% 2.320%23 2.320% 23
5 8/15/2028 380,000 5.000% 3.060%75 3.060% 75 3/1/2028 400,000 4.000% 3.510%115 3.510% 115 2/15/2028 500,000 5.000% 2.310%23 2.310% 23
6 8/15/2029 400,000 5.000% 3.060%80 3.060% 80 3/1/2029 420,000 5.000% 3.500%119 3.728% 142 2/15/2029 530,000 5.000% 2.280%23 2.280% 23
7 8/15/2030 420,000 5.000% 3.090%86 3.090% 86 3/1/2030 450,000 5.000% 3.540%126 3.918% 164 2/15/2030 555,000 5.000% 2.280%26 2.280% 26
8 8/15/2031 440,000 5.000% 3.140%88 3.140% 88 2/15/2031 585,000 5.000% 2.300%26 2.300% 26
9 8/15/2032 465,000 5.000% 3.190%91 3.358% 108 2/15/2032 615,000 5.000% 2.330%26 2.330% 26
10 8/15/2033 485,000 5.000% 3.250%93 3.535% 121 3/1/2033 1,560,000 5.000% 3.750%142 4.311% 198 2/15/2033 645,000 5.000% 2.360%26 2.596% 50
11 2/15/2034 680,000 5.000% 2.430%29 2.829% 69
12 2/15/2035 715,000 5.000% 2.570%29 3.080% 80
13 2/15/2036 750,000 5.000% 2.750%28 3.325% 85
14 3/1/2037 2,600,000 5.000% 3.940%110 4.546% 171 2/15/2037 790,000 5.000% 2.900%27 3.518% 89
15 2/15/2038 830,000 5.000% 3.000%28 3.656% 94
16 3/1/2039 1,555,000 4.125% 4.340%137 4.340% 137 2/15/2039 865,000 4.000% 3.500%74 3.686% 93
17 2/15/2040 900,000 4.000% 3.600%75 3.760% 91
18 2/15/2041 940,000 4.000% 3.650%77 3.798% 92
19 2/15/2042 975,000 4.000% 3.700%79 3.833% 92
20 8/15/2043 6,135,000 4.000% 4.120%100 4.120% 100 3/1/2043 3,645,000 4.375% 4.560%141 4.560% 141 2/15/2043 1,015,000 4.000% 3.750%79 3.866% 91
21
22 2/15/2045 2,160,000 4.000% 3.870%85 3.934% 91
23
24 2/15/2047 2,340,000 4.000% 3.920%82 3.962% 86
25 8/15/2048 4,095,000 4.000% 4.250%94 4.250% 94 3/1/2048 5,800,000 4.500% 4.770%145 4.770% 145
26
27
28
29
30 8/15/2053 4,980,000 4.000% 4.270%91 4.270% 91 3/1/2053 7,545,000 4.625% 4.870%150 4.870% 150 2/15/2053 8,245,000 4.000% 4.000%82 4.000% 82
31
32
33
34
35 8/15/2058 6,080,000 4.125% 4.350%99 4.350% 99
Baa3 / NR / NR Charter School
PSF-GTD UNDERWRITER
8/15/2031 @ 100 ROBERT W BAIRD & CO INC
UW DISCOUNT Not Available
BAIRD'S FINAL PRICING SCALE
ARLINGTON TX HGR EDU FIN CORP, UME PREPARATORY ACADEMY
5/9/2023 NEGOTIATED
REVENUE BONDS
N (NON-BQ) / N $24,590,000
Aaa / NR / NR SECTOR
UW DISCOUNT $16.75UW DISCOUNT $7.50
2/15/2032 @ 100 ROBERT W BAIRD & CO INC
UNDERWRITERPSF-GTD
3/1/2028 @ 100 ROBERT W BAIRD & CO INC
N/A UNDERWRITER
NR / A / NR School DistrictNR / A- / NR Appropriation
NR / AAA / NR SECTOR
$26,000,000
NR / A- / NR SECTOR
N (NON-BQ) / NN (NON-BQ) / N $25,305,000
GENERAL OBLIGATION UNLTDCERTIFICATE PARTICIPATION
4/17/2023 COMPETITIVE4/27/2023 NEGOTIATED
HARRISONVILLE MO LEASE COPS, REF-TRANSPRTN IMPTS PROJ-SER A NEWTON TX INDEP SCH DIST
BAIRD'S FINAL PRICING SCALEBAIRD'S FINAL PRICING SCALE
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
10
Recent Comparable Water Revenue BondUnderwriting Experience.Given the lack of Illinois utility revenue bonds
brought to market, we turn to our national underwriting experience to demonstrate Baird’s relative experience.
Since March 1st, Baird served as senior or sole managing underwriter on 7 pure water and sewer revenue bond
issues totaling over $222.5 million in par amount. Below we highlight a recent water revenue bond sale for Bell
County WCID, TX.
Bell County Water Control and Improvement District, TX.On March 1, 2023, Baird served as senior
managing underwriter to the Bell County Water Control and Improvement District No. 1 (the
“District”) on the issuance of the Water System Revenue Refunding Bonds, Series 2023 (the
“Bonds”). Proceeds from the sale of the Bonds will be used to refund the Water System Revenue
Refunding Bonds, Series 2012 and the Water System Revenue Bonds, Series 2014. The Bonds were
rated A1 by Moody’s and insured by BAM. The bonds amortized through July of 2039.
There was a softer tone in treasuries on the day of pricing as a result of higher than expected inflation in the
manufacturing sector. While municipal bonds took a cautious tone, investor reception for the District’s offering
was strong. Baird received $218 million in orders from 25 unique institutional buyers, and $1.14 million in orders
from retail buyers. On aggregate, $260.9 million in orders were received from the syndicate (5.4x over
subscription). The largest proportion of orders came from separately managed accounts and bond funds (39.6%
and 30.9%, respectively). Orders were also received from banks, trust departments, insurance companies, money
managers, retail and trading accounts. With strong interest across the curve, Baird successfully repriced every
maturity 3 to 7 basis points lower. The true-interest cost of the issue was finalized at 3.75%. Bryan Derdenger,
the underwriter assigned to the City’s account, served as the underwriter on this transaction.
On the next page, we provide the final pricing results vs. the comparable MMD for the most comparable
transactions to the City’s in terms of credit or size. We excluded the Greater Texoma Utility Authority, TX water
and sewer revenue bond results since that was included in 30-year experience above.
PRICED SALE TYPE PRICED SALE TYPE PRICED SALE TYPE
SECURITY SECURITY SECURITY
TAX STATUS SIZE TAX STATUS SIZE TAX STATUS SIZE
RATING RATING RATING
UNDERLYING UNDERLYING UNDERLYING
ENHANCEMENT ENHANCEMENT ENHANCEMENT
CALL DATE CALL DATE CALL DATE
YEAR MTY AMT CPN YTW SPR YTM SPR MTY AMT CPN YTW SPR YTM SPR MTY AMT CPN YTW SPR YTM SPR
1 2/1/2024 50,000 5.000% 2.700%34 2.700% 34 4/1/2024 90,000 5.000% 2.950%44 2.950% 44
2 2/1/2025 50,000 5.000% 2.600%37 2.600% 37 4/1/2025 85,000 5.000% 2.850%45 2.850% 45
3 2/1/2026 50,000 5.000% 2.500%36 2.500% 36 4/1/2026 90,000 5.000% 2.800%51 2.800% 51
4 2/1/2027 50,000 5.000% 2.500%41 2.500% 41 4/1/2027 90,000 5.000% 2.800%56 2.800% 56 10/1/2027 785,000 4.000% 2.610%38 2.610% 38
5 2/1/2028 50,000 5.000% 2.500%44 2.500% 44 4/1/2028 100,000 5.000% 2.800%58 2.800% 58 10/1/2028 1,360,000 4.000% 2.650%43 2.650% 43
6 2/1/2029 50,000 4.000% 2.500%46 2.617% 58 4/1/2029 100,000 5.000% 2.800%57 2.800% 57 10/1/2029 1,420,000 5.000% 2.680%45 2.680% 45
7 2/1/2030 50,000 4.000% 2.550%53 2.840% 82 4/1/2030 110,000 5.000% 2.800%57 2.800% 57 10/1/2030 1,520,000 5.000% 2.720%49 2.720% 49
8 2/1/2031 160,000 4.000% 2.600%56 3.006% 97 4/1/2031 115,000 5.000% 2.800%54 2.800% 54 10/1/2031 2,510,000 5.000% 2.800%53 2.800% 53
9 2/1/2032 170,000 4.000% 2.630%56 3.122% 105 4/1/2032 120,000 5.000% 2.850%58 2.850% 58 10/1/2032 2,815,000 5.000% 2.840%56 2.840% 56
10 2/1/2033 170,000 4.000% 2.660%56 3.215% 112 4/1/2033 125,000 5.000% 2.900%61 2.900% 61 10/1/2033 3,235,000 5.000% 2.890%57 3.050% 73
11 2/1/2034 180,000 4.000% 2.750%61 3.324% 118 10/1/2034 3,535,000 5.000% 3.030%60 3.302% 87
12 2/1/2035 195,000 4.000% 2.900%62 3.446% 117 4/1/2035 265,000 5.000% 3.150%64 3.391% 88 10/1/2035 4,000,000 5.000% 3.140%60 3.494% 95
13 2/1/2036 195,000 4.000% 3.100%63 3.574% 110 10/1/2036 4,200,000 5.000% 3.350%65 3.737% 104
14 2/1/2037 200,000 4.000% 3.250%62 3.665% 104 4/1/2037 285,000 5.000% 3.500%68 3.834% 101 10/1/2037 4,420,000 5.000% 3.470%65 3.886% 107
15 2/1/2038 210,000 4.000% 3.400%68 3.746% 103 10/1/2038 4,645,000 5.000% 3.590%68 4.019% 111
16 2/1/2039 565,000 4.000% 3.500%74 3.798% 104 10/1/2039 4,885,000 5.000% 3.680%73 4.120% 117
17 2/1/2040 585,000 4.000% 3.600%75 3.845% 100 4/1/2040 465,000 4.000% 4.000%96 4.000% 96 10/1/2040 1,725,000 4.000% 4.110%107 4.110% 107
18 2/1/2041 610,000 4.000% 3.650%77 3.870% 99 4/1/2041 170,000 4.000% 4.050%98 4.050% 98 10/1/2041 5,350,000 4.000% 4.170%110 4.170% 110
19 2/1/2042 635,000 4.000% 3.700%79 3.893% 98 4/1/2042 175,000 4.000% 4.100%100 4.100% 100 10/1/2042 5,570,000 4.000% 4.180%108 4.180% 108
20 2/1/2043 660,000 4.000% 3.750%79 3.914% 95 4/1/2043 185,000 4.125% 4.150%100 4.150% 100 10/1/2043 5,795,000 4.000% 4.200%105 4.200% 105
21 2/1/2044 685,000 4.000% 3.800%80 3.933% 93
22 2/1/2045 710,000 4.000% 3.850%83 3.951% 93 4/1/2045 390,000 4.125% 4.200%100 4.200% 100
23 2/1/2046 740,000 4.000% 3.900%83 3.968% 90
24
25 10/1/2048 33,590,000 5.000% 4.080%78 4.525% 122
26
27
28
29
30 2/1/2053 6,080,000 4.000% 4.000%82 4.000% 82 4/1/2053 1,970,000 4.250% 4.250%90 4.250% 90 10/1/2053 42,310,000 4.250% 4.450%110 4.450% 110
UW DISCOUNT $6.13UW DISCOUNT $22.97UW DISCOUNT $14.02
ROBERT W BAIRD & CO INC 10/1/2032 @ 100 ROBERT W BAIRD & CO INC4/1/2033 @ 100ROBERT W BAIRD & CO INC
AGM UNDERWRITERST AID WITHHLDG
8/1/2028 @ 100
BAM UNDERWRITERUNDERWRITER
Water & SewerNR / A / NR General Revenue Tax-Guaranteed NR / A / NRNR / NR / NR School District
SECTOR NR / AA / NR SECTORNR / AA / NR
N (NON-BQ) / N $137,070,000N (NON-BQ) / N $4,930,000$13,100,000 N (NON-BQ) / N
Aa2 / NR / NR SECTOR
REVENUE BONDSREVENUE BONDSGENERAL OBLIGATION LTD
3/30/2023 NEGOTIATED3/30/2023 COMPETITIVE4/12/2023 COMPETITIVE
GTR TEXOMA TX UTILITY AUTH CON, CITY OF SHERMAN PROJBUCHANAN MI BLDG AUTH
BAIRD'S FINAL PRICING SCALEBAIRD'S FINAL PRICING SCALEBAIRD'S FINAL PRICING SCALE
POTTSVILLE AR SCH DIST #61, REF
United City of Yorkville, IllinoisResponse to Request for Proposals for Underwriting Services May 11, 202311PRICEDSALE TYPE PRICEDSALE TYPE PRICEDSALE TYPE PRICEDSALE TYPE PRICEDSALE TYPESECURITY SECURITY SECURITY SECURITY SECURITYTAX STATUS SIZE TAX STATUS SIZE TAX STATUS SIZE TAX STATUS SIZE TAX STATUS SIZERATING RATING RATING RATING RATINGUNDERLYING UNDERLYING UNDERLYING UNDERLYING UNDERLYINGENHANCEMENT ENHANCEMENTENHANCEMENTENHANCEMENT ENHANCEMENTCALL DATE CALL DATE CALL DATE CALL DATE CALL DATEYEARMTY AMT CPN YTW SPR YTM SPR MTY AMT CPN YTW SPR YTM SPR MTY AMT CPN YTW SPR YTM SPR MTY AMT CPN YTW SPR YTM SPR MTY AMT CPN YTW SPR YTM SPR07/10/2023 420,000 5.000% 3.300% 3.300%12/1/2024 40,000 5.000% 3.100%713.100% 71 5/1/2024 115,000 5.000% 3.050%563.050% 567/10/2024 1,805,000 5.000% 3.330%313.330% 31211/1/2025 85,000 4.250% 3.500%813.500% 81 2/1/2025 95,000 5.000% 3.000%743.000% 74 5/1/2025 120,000 5.000% 2.950%552.950% 55 5/1/2025 105,000 4.000% 3.250%743.250% 74 7/10/2025 1,910,000 5.000% 3.290%343.290% 34311/1/2026 160,000 4.250% 3.350%863.350% 86 2/1/2026 100,000 5.000% 2.900%742.900% 74 5/1/2026 130,000 5.000% 2.950%662.950% 66 5/1/2026 110,000 4.000% 3.200%793.200% 79 7/10/2026 2,010,000 5.000% 3.130%353.130% 35411/1/2027 200,000 4.250% 3.250%863.250% 86 2/1/2027 105,000 5.000% 2.850%742.850% 74 5/1/2027 135,000 5.000% 2.950%712.950% 71 5/1/2027 110,000 4.000% 3.200%823.200% 82 7/10/2027 2,115,000 5.000% 3.090%403.090% 40511/1/2028 240,000 4.250% 3.250%893.250% 89 2/1/2028 110,000 5.000% 2.850%772.850% 77 5/1/2028 140,000 5.000% 2.950%732.950% 73 5/1/2028 115,000 4.000% 3.200%853.200% 85 7/10/2028 2,215,000 5.000% 3.080%443.080% 44611/1/2029 250,000 4.250% 3.250%943.250% 94 2/1/2029 115,000 5.000% 2.850%792.850% 79 5/1/2029 150,000 5.000% 2.980%752.980% 75 5/1/2029 120,000 4.000% 3.300%953.300% 95 7/10/2029 2,490,000 5.000% 3.070%493.070% 49711/1/2030 260,000 4.250% 3.300%1023.300% 102 2/1/2030 120,000 5.000% 2.900%862.900% 86 5/1/2030 155,000 5.000% 3.000%773.000% 77 5/1/2030 125,000 4.000% 3.300%963.300% 96 7/10/2030 2,580,000 5.000% 3.070%523.070% 52811/1/2031 270,000 4.250% 3.350%1043.350% 104 2/1/2031 125,000 5.000% 2.950%892.950% 89 5/1/2031 165,000 5.000% 3.050%783.050% 787/10/2031 2,705,000 5.000% 3.110%543.110% 54911/1/2032 285,000 4.250% 3.400%1073.400% 107 2/1/2032 135,000 5.000% 3.000%933.000% 937/10/2032 2,855,000 5.000% 3.140%563.140% 561011/1/2033 295,000 4.250% 3.500%1123.559% 118 2/1/2033 140,000 4.000% 3.050%953.138% 104 5/1/2033 355,000 5.000% 3.000%703.326% 103 5/1/2033 405,000 4.000% 3.450%1063.592% 120 7/10/2033 3,130,000 5.000% 3.200%593.200% 591111/1/2034 305,000 4.250% 3.600%1163.693% 1257/10/2034 3,565,000 5.000% 3.310%603.426% 721211/1/2035 320,000 4.250% 3.700%1133.808% 124 2/1/2035 295,000 4.000% 3.300%1023.453% 117 5/1/2035 390,000 5.000% 3.260%753.731% 1227/10/2035 3,750,000 5.000% 3.450%623.646% 821311/1/2036 335,000 4.250% 3.800%1063.909% 1177/10/2036 3,950,000 5.000% 3.650%663.886% 901411/1/2037 350,000 4.250% 3.900%1043.998% 114 2/1/2037 320,000 4.000% 3.600%973.723% 109 5/1/2037 430,000 4.000% 3.900%1083.936% 1127/10/2037 4,145,000 5.000% 3.800%684.059% 941511/1/2038 365,000 4.250% 4.000%1054.079% 1137/10/2038 4,345,000 4.000% 4.180%974.180% 971611/1/2039 380,000 4.250% 4.050%1064.119% 113 2/1/2039 345,000 4.000% 3.800%1043.874% 111 5/1/2039 470,000 4.000% 4.030%1084.030% 1087/10/2039 4,515,000 4.125% 4.230%984.230% 98171811/1/2041 805,000 4.250% 4.100%1014.159% 1075/1/2041 500,000 4.000% 4.100%1034.100% 103192/1/2042 575,000 4.000% 4.000%1094.000% 1092011/1/2043 875,000 4.250% 4.150%984.193% 102 2/1/2043 205,000 4.000% 4.040%1084.040% 108 5/1/2043 545,000 4.000% 4.180%1034.180% 103212/1/2044 215,000 4.000% 4.070%1074.070% 1072211/1/2045 950,000 4.250% 4.250%1024.250% 102 2/1/2045 225,000 4.000% 4.100%1084.100% 108232/1/2046 235,000 4.000% 4.120%1054.120% 1052411/1/2047 1,030,000 4.250% 4.300%994.300% 99 2/1/2047 245,000 4.000% 4.140%1044.140% 104252/1/2048 255,000 4.000% 4.160%1034.160% 103UW DISCOUNT $15.00 UW DISCOUNT$11.00UW DISCOUNT $17.54 UW DISCOUNT $16.65 UW DISCOUNT5/1/2030 @ 100 ROBERT W BAIRD & CO INC 7/10/2033 @ 100 ROBERT W BAIRD & CO INC$6.2011/1/2032 @ 100 ROBERT W BAIRD & CO INC 2/1/2032 @ 100 ROBERT W BAIRD & CO INC 5/1/2031 @ 100 ROBERT W BAIRD & CO INCN/A UNDERWRITER AGM UNDERWRITER N/A UNDERWRITERNR / NR / NR Water & Sewer A1 / NR / NR Water & SewerAGM UNDERWRITER BAM UNDERWRITERNR / A- / NR Water & Sewer NR / BBB+ / NR Water & Sewer Aa2 / NR / NR Water & SewerNR / A- / NR SECTOR NR / AA / NR SECTOR Aa2 / NR / NR SECTORBQ / TAXABLE $1,090,000 N (NON-BQ) / N $48,505,000NR / AA / NR SECTOR A1 / AA / NR SECTORBQ / N $7,760,000 BQ / N $4,000,000 N (NON-BQ) / TAXABLE $3,800,0003/1/2023 NEGOTIATEDREVENUE BONDS REVENUE BONDS REVENUE BONDS REVENUE BONDS3/21/2023 NEGOTIATED5/4/2023 COMPETITIVE 4/11/2023 COMPETITIVE 3/29/2023 NEGOTIATEDREVENUE BONDSBAIRD'S FINAL PRICING SCALELIVINGSTON MI CMTY WTR AUTH SY NUECES CNTY TX WC&ID #3, NTS WAUKESHA WI SWR SYS REVENUE, REF-SER C WAUPACA WI SWR SYS REVENUE BELL CNTY TX WC&ID #1 WTR REVE, REFBAIRD'S FINAL PRICING SCALE BAIRD'S FINAL PRICING SCALE BAIRD'S FINAL PRICING SCALE BAIRD'S FINAL PRICING SCALE
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
12
Water System Experience
Please detail the experience of the firm and the assigned professional staff with issues similar to the financing for the Project
that is being considered by the City.
a. Describe your experience with any financings of similar size, types and structure.
Water and Sewer Transaction Rankings.Baird is one of the lead managing underwriters of water and sewer
transactions in Illinois, the Midwest and United States.In fact, over the last five years (2018-2022) Baird ranked
as the number two underwriter in Illinois and the number one underwriter in the Midwest and nation of water
and sewer transactions based on number of issues according to IPREO MuniAnalytics.5
Top Lead Managing Underwriters for Water and Sewer Transactions (2018-2022)
5
Midwest National
Experience on National Water and Sewer Transactions. Baird has extensive experience underwriting water and
sewer transactions throughout the country. Baird is unique as a large, regional firm because, in addition to our
traditional regional firm client base, we play key leadership roles in major, multi-hundred million-dollar and billion-
dollar city and state level financings. As such, our investment bankers are able to make available to all of our
clients the sophisticated financing techniques developed while serving major issuers. Over the past 10 years, Baird
has served on over 960 water and sewer bond transactions totaling over $9.4 billion in par amount for issuers
throughout the United States.5 We highlight our recent national underwriting experience of water and sewer
revenue bonds in our response to question 3.
Experience on Illinois Water and Sewer Transactions.Baird has a wealth of experience serving Illinois issuers on
water and sewer transactions including pure revenue bonds and general obligation alternate revenue source
bonds which pledge system revenues.Over the past 10 years, Baird has served as sole or senior managing
underwriter on 28 water and sewer transactions for Illinois issuers totaling $279 million in par amount.
5 This
does not include Baird’s vast experience serving on general obligation debt issued by home rule municipalities to
finance utility infrastructure projects. Below are local clients Baird has served recently on water and sewer
financings.
5 Source: Ipreo MuniAnalytics as of December 31, 2022. Does not include Private Placements or Notes.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
13
We provide financing highlights below for comparable general obligation bond transactions Baird underwrote that
funded water and/or sewer infrastructure projects. Dalena Welkomer served on all of these transactions.
City of Decatur
$24,840,000 General Obligation Bonds, Series 2022
Baird’s Role: Sole Underwriter
Financing Highlights
x The bonds carried a “A2” underlying rating and qualified for “AA” rated BAM insurance.
x The bonds were labeled with BAM’s GreenStar designation.
x Implemented a 2-day marketing strategy because of the volatile municipal market.
x Received approximately $79.3 million in orders (3.2x total par) from 21 different investors.
x With strong demand inside 10 years, we lowered yields 2 to 6 basis points (0.02% to 0.06%) on 9 maturities
decreasing aggregate debt service by $40,900.
x Generated $25 million for water and sewer system improvements.
x Locked in a true interest cost of 3.83% on a non-bank qualified 20 year transaction.
City of St. Charles
$35,465,000 General Obligation Corporate Purpose Bonds, Series 2021A & 2021B
Baird’s Role: Sole Underwriter
Financing Highlights
x Implemented a 2-day marketing strategy that resulted in over $31.9 million in orders (2.7x total par) for
Series 2021A and $24.6 million in orders (1.1x total par) for Series 2021B.
x With strong demand inside 12 years, we lowered yields 3 to 5 basis points (0.03% to 0.05%) on 11 maturities
of Series 2021A and 2 to 11 basis points (0.02%-0.11%) on 7 maturities of Series 2021B.
x Priced the Taxable Series 2021B on a yield basis (vs. spread basis) which allowed us to lock in attractive rates
with U.S. Treasuries moving against the City the day of pricing (up 0.03%-0.05%).
x Took down an unsold $1.98 million of Series 2021B (12% of total par) into inventory with no price
adjustments to lock in aggressive market pricing for the City.
x Generated $7.9 million for capital improvements in the City.
o Over $4.7 million went towards water and wastewater projects and that portion of the bonds was
structured to wrap around existing water or wastewater debt (GO and IEPA) to achieve a level overall
debt service structure payable from each respective utility fund.
x Refinanced 4 bond issues which generated over $3.95 million in gross debt service savings and $3.33 million
in present value savings (12.29% of refunded par).
City of Geneva
$10,885,000 General Obligation Refunding Bonds (Waterworks and Sewerage Alternate Revenue
Source), Series 2021
Baird’s Role: Sole Underwriter
Financing Highlights
x The bonds carried a rating of “Aa2”.
x Refunded three IEPA loans and one series of general obligation bonds which collectively generated
$673,869 in present value debt service savings (5.48% of refunded par) for the Water and Sewer Funds.
x Rather than deem designate a portion of the refunding and split the sale between two series of bank-
qualified bonds, Baird recommended the City proceed with one series of non-bank qualified bonds.
o No trading differential in the current market between BQ and NBQ on this short of a transaction.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
14
o Increased maturity block sizes which brought in larger institutional investors that otherwise would not
have participated.
o Eliminated market risk on the second sale 15 days later.
x Generated over $54.4 million in orders (5X oversubscribed) which allowed Baird to lower yields 6 to 7 basis
points (0.06%-0.07%) 2023-2024 and 3 to 5 basis points (0.03%-0.05%) 2025-2028.
We provide the case studies below to demonstrate our depth of experience underwriting and restructuring
existing or creating new master resolutions for local issuers of water revenue bonds. We seek to only provide
relevant information and how these examples are applicable to the City. Dalena Welkomer served on all of these
transactions.
Northwest Suburban Municipal Joint Action Water Agency, Elk Grove Village
$57,455,000 Water Supply System Revenue Bonds, Series 2020
Baird’s Role: Senior Managing Underwriter
Baird served as senior managing underwriter on the Northwest Suburban Municipal Joint Action Water Agency’s
(“Agency”) $57,455,000 Water Supply System Revenue Bonds, Series 2020. The proceeds were used to pay off a
note owed to the Illinois State Toll Highway Authority (“Tollway”). In order to secure the business, Baird competed
against numerous national and regional underwriting firms through an RFP process. We won based on our
experience with comparable Illinois credits, aggressive marketing plan and innovative ideas.
The Agency was looking for advice on changes to its antiquated master resolution. After extensive research, we
proposed prudent changes that balanced flexibility for the Agency with market receptibility. Baird advised the
Agency that it eliminate a redundant debt service reserve, increase its rate covenant, and simplify the additional
bonds test through a “springing” provision to modernize its resolution. We further conducted a ratings analysis
to access how the proposed changes would impact the Agency’s Aa2 Moody’s rating.
To add to the difficulty, the bond sale was scheduled during the initial dislocation of the municipal market caused
by the COVID-19 pandemic. Asset values were difficult to determine and a lack of liquidity had pervaded the
market. The pandemic caused extreme volatility across all markets, starting with a steep decline in equity markets.
Municipal markets initially followed suit, with a sharp decrease in yields through the last week of February to
never-before-seen record lows the first week of March. Over a three-week period, the 10-year MMD yield rose
steeply from 0.49% on March 9th, to 2.79% on March 20th, and back down to 1.33% on March 31st. These extreme
fluctuations made it very difficult to gauge interest rate levels.
During this period of time, all Illinois transactions were day-to-day with nobody wanting to be the first in the
market with investor liquidity and appetite uncertain. These conditions, combined with general market reticence
to purchase Illinois credits, created strong headwinds to pricing the transaction.
A final complication was that delaying the transaction was not a viable option because the Tollway had a hard
funding date. Knowing this would be a challenging sale with no room for mistakes, Baird recommended the Agency
authorize both a private placement and public offering in its parameters ordinance to have maximum flexibility.
Prior to proceeding with a public offering, we contacted large regional and national banks for indicative rates and
had an attractive offer in our back pocket in the event a public offering was not successful. Baird also conducted
a robust marketing campaign. We contacted local banking relationships of the Agency and each of its members.
We had orders for 1x the par amount all of which were going away. In the end, Baird successfully priced the
transaction in the public market at interest rate spreads that were up to 50 basis points better than comparable
transactions in Illinois and nationally. We are extremely pleased with our performance on this transaction and
Baird’s ability to provide sophisticated services on all facets of the transaction.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
15
Relevance – We believe this demonstrates our ability to price/sell bonds in a volatile market environment and
modernize legal covenants for the benefit of the client through a “springing” provision that was well received by
Moody’s and bondholders.
Village of Plainfield
$21,935,000 First Lien Water and Sewer System Revenue Bonds, Series 2008 & 2015
$8,190,000 Second Lien Water and Sewer System Revenue Bonds, Series 2008
Baird’s Role: Sole Underwriter
Baird provided services on the Village’s first ever water and sewer revenue transaction in 2008. The Village had
only issued general obligation bonds even though technically a large percentage of its outstanding debt is
supported by revenue sources other than property taxes (water, sewer and sales tax revenues). The Village issued
bonds to fund various water and sewer system public improvements, expand its wastewater facility and demolish
a facility that was not operating efficiently. Rather than issue general obligation bonds, as they normally had done,
Baird recommended issuing water and sewer system revenue bonds which would formally transfer the debt
service burden from the property taxpayers to the actual users of the water and sewer system. Baird ran
preliminary cashflow projections to determine if current and historical water and sewer revenues would have
been sufficient to cover the proposed bond issue. Debt service on the bonds was well over two times covered
assuming no revenue growth. The Village chose to proceed with a revenue bond issue since the system could
easily manage the estimated debt service and it would not impact the Village’s general obligation debt burden.
Rather than issuing all of the bonds as first lien, Baird suggested issuing half of the bonds as first lien and the other
half as second lien. This structure enhanced the first lien security to over four times while second lien debt service
remained at a strong two times covered. This option provided the Village with enhanced coverage and stronger
ratings on half of the bonds being issued and the flexibility to issue first lien bonds in the future. All of this was
accomplished at minimal cost to the Village since the current trading differential between first and second lien
bonds was approximately five basis points.
Baird worked closely with bond counsel and Village officials in drafting legal documents that incorporated industry
standard covenants to provide significant coverage to bondholders, minimize restrictive covenants, and generate
favorable treatment from the rating agencies. It was important to make the Village’s covenants consistent with
other highly rating water and sewer issuer’s to ensure this favorable treatment from the rating agencies. Baird
coordinated the rating agency process on the Village’s behalf by preparing a presentation book, scheduling the
meetings, and rehearsing with Village officials. The Village achieved inaugural ratings from Moody’s and S&P of
A1 and AA on the first lien bonds and A2 and AA on the second lien bonds, respectively.
Relevance – An example of Baird’s involvement in creating a master indenture from scratch that established
favorable bond covenants and resulted in a positive inaugural rating outcome.
DuPage County Public Works
$10,695,000 Waterworks and Sewerage Project Net Revenue First Lien Bonds, Series 2008A & 2012
$8,250,000 Waterworks and Sewerage Project Net Revenue Second Lien Bonds, Series 2008B
Baird’s Role: Sole Underwriter
In 2008, the County issued $16.5 million in water and sewer revenue bonds to upgrade its existing water and
sewer system infrastructure. Prior to issuing the 2008 bonds, Baird recommended that the County amend the
resolution used for prior water and sewer revenue debt to modernize the legal covenants and ease the County’s
compliance burdens.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
16
In order to amend the resolution, bondholder consent was required. Baird recommended that the County retire
its existing 2003 bonds through an advance refunding for savings and the related defeasance to achieve the
deemed consent of the new bondholders. Baird worked closely with bond counsel and County officials in drafting
legal documents that incorporated industry standard covenants to simplify the flow of funds, provide significant
coverage protection to bondholders, minimize restrictive covenants and generate favorable treatment from the
rating agencies.
Rather than issuing all of the bonds as first lien, Baird suggested issuing half of the bonds as first lien and the other
half as second lien. This structure enhanced the first lien security to nearly six times coverage while second lien
debt service remained at a strong three times covered. This option provided the County with enhanced coverage
and stronger ratings on the senior lien bonds being issued and the flexibility to issue first lien bonds in the future.
All of this was accomplished at minimal cost to the County since the trading differential between first and second
lien bonds was approximately five basis points at the time.
It was important to make the County’s covenants consistent with other highly rating water and sewer issuer’s to
ensure favorable treatment from the rating agencies as well as enhance the County’s chances of rating upgrades.
With Baird’s help, the County’s water and sewer revenue bond ratings improved one notch across the board from
Aa3/AA/AA to Aa2/AA+/AA+ by Moody’s, S&P and Fitch, respectively.
Relevance – We believe this demonstrates our ability to modernize legal covenants for the benefit of the client
such that that “new” transaction receives greater acceptance from the rating agencies and investors alike.
b. Given credit and marketing implications of water revenue bonds, please describe your firm’s suggestion for additional
bonds test and reserve requirements for such obligations.
As part of Baird’s comprehensive service, we can assist the City and its Municipal Advisor in the development of a
master trust indenture that governs the operation of the system and provides covenants for the protection of
bondholders. Baird assisted Northwest Suburban Joint Action Water Agency, the Village of Plainfield and DuPage
County similarly (see case studies herein). When establishing bond covenants, it is important to balance rating
and bondholder considerations (which both impact overall cost of funds) with providing flexibility and minimizing
restrictive covenants for the City.
Potential Rating Agency Impact. Before we discuss our bond covenant recommendations, we first touch on
Moody’s and S&P’s views on legal covenants within their respective methodologies. Again, these decisions would
impact the inaugural rating outcome for the City’s water revenue bonds and thus the City’s overall borrowing cost
on its 2023 Bonds in addition to future financings.
Moody’s. According to Moody’s US Municipal Utility Revenue Debt Methodology dated April 13, 2022, the City’s
legal covenants (rate covenant and debt service reserve (“DSR”)) would represent 10% of the overall Moody’s
rating outcome. The table on the next page illustrates how the rate covenant and DSR track to various rating
levels.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
17
For example, having a rate covenant of 1.2x annual debt service would result in a “Aa” score (5% of overall
scorecard) and having no debt service reserve fund would result in a “Baa” score (5% of overall scorecard).
Moody’s does acknowledge in its methodology “a strong coverage requirement would be for net revenues to
cover maximum annual debt service (“MADS”).” In the end, the scoring of these two legal covenants will directly
impact a Moody’s rating outcome.
S&P.According to S&P’s U.S. Municipal Water, Sewer, and Solid Waste Utilities: Methodology and Assumptions
dated April 14, 2022, it is evident that S&P does not apply as much weight on these legal covenants as Moody’s.
Under S&P’s methodology, it could notch (weaken) the Financial Management Assessment score if a minimum
set of covenants does not exist.
For example, the methodology states “We believe that in the municipal utility sector those minimums generally
include the following covenants:
x A rate covenant to maintain an annual debt service coverage ratio of at least 1.0x or higher from recurring
or ongoing revenues…
x An additional bonds test that places some limits on the amount of increased leverage that will otherwise
impair the credit quality of the entity; and
x Provisions establishing remedies for when a rate covenant is violated, such as a review of current rates.”
If the issuer’s Liquidity and Reserve Assessment is considered weak and there is no DSR equal to at least half of
annual debt service, the issuer’s Financial Management Assessment score would be weakened. S&P also notes
that it will not recognize conditionally funded or “springing” DSRs and would not recognize a surety bond if S&P
believes the counterparty offering the surety policy would be unable to provide funding under a stressed scenario.
Rating Recommendation.If the City is leaning towards issuing its WIFIA loans on a parity basis with its senior lien
revenue bonds and is looking for greater flexibility in its covenants given the large anticipated costs of connecting
with DuPage Water Commission, we’d recommend seeking an inaugural water revenue bond rating from S&P.
Since S&P rates the City’s general obligation bonds, they should come with institutional knowledge on the local
economy, service area and management practices. Given the size of the proposed 2023 Bonds, only one rating
would be necessary from a pricing perspective.
As part of Baird’s comprehensive service, we can assist the City’s Municipal Advisor in the coordination and
development of the rating strategy. Baird can draft a rating presentation book for the City’s financing at no
additional cost. Our expertise includes close knowledge of the rating agencies and a thorough understanding of
the critical components of their credit analysis. We feel it is part of our job to help explain the City’s strengths
while maintaining full disclosure.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
18
Additional Bonds Test and Rate Covenant. We believe the City should consider the following with regards to an
additional bonds test (“ABT”).
x Consider an ABT of 1.20x to allow for additional bonding capacity while meeting bondholder expectations.
x Consider establishing an ABT test based on lien status. For example, senior lien ABT equal to the rate
covenant of 1.2x MADS, second lien ABT of 1.1x MADS and junior lien ABT of 1.0x MADS.
o Consistent with many large, sophisticated utility systems;
o Protects senior lien holders and would be familiar to investors;
o Generates more bonding flexibility to the City as it contemplates future issuances to fund the
project;
o Allows the City to take advantage of market bond pricing which does not always discriminate
much between lien status and reduced demand on water rates to generate required coverage;
o Allows for participation in IEPA and WIFIA borrowings at subordinate lien levels.
x If the WIFIA loans are issued on a parity basis with the senior lien water revenue bonds, we believe the
ABT could be lowered to 1.15x MADS with junior lien ABT still at 1.0x MADS.
o Doing so could have rating ramifications (lower overall senior lien debt service coverage) which
could increase the City’s overall cost of borrowing.
x Consider expanding the ABT to allow for projections by a nationally recognized consulting engineer, that
shows net revenues (before depreciation, interest and amortization) is over the ABT requirement.
o This may be necessary to finance initial project costs prior to the implementation of gradual water
rate increases.
x Establish a rate covenant equal to 1.2x MADS (or 1.15x MADS) to match the ABT.
o Could allow for more gradual water rate increases.
Debt Service Reserve. To ensure bondholder marketability (more so than a positive rating outcome), it has been
our past recommendation that client’s fund a DSR at the lesser of (i) 10% of par; (ii) 100% of MADS or (iii) 125% of
average annual debt service.
It is our understanding that WIFIA loans do not require a DSR. However, if issued on a parity basis with the water
revenue bonds, any DSR requirement would likely apply to the WIFIA loan as well. If the City does not issue the
WIFIA loans as subordinate lien, Baird could get comfortable with funding the DSR at a lesser amount (e.g. 50%
of MADS) or possibly eliminating a DSR entirely. This level of comfort will be largely dependent on the underlying
rating outcome and if the City purchases “AA” rated bond insurance.
For example, if the City achieves a high “A” category or “AA-” rating and purchases bond insurance, we believe
the bonds would be marketable without a DSR with bond insurance serving as a back stop. If the bonds carry an
“A-” underlying rating, to ensure marketability, we may recommend a DSR regardless if the bonds carry insurance.
Upon engagement, we can analyze these options further with our underwriter and sales team.
Bond Insurance Discussion. Bond insurance is purchased when it broadens the universe of investors and lowers
interest rates enough to offset the insurance premium. If the City were to achieve a rating of “AA-” or lower, we
believe there could be value to purchasing “AA” rated bond insurance, in particular for a water revenue bond with
no DSR. It will be dependent on market conditions at the time, investor demand, general Illinois credit views and
the structure/term of the bonds.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
19
The only active bond insurers writing policies are Assured Guaranty Municipal (“AGM”) and Build America Mutual
Assurance Company (“BAM”). AGM is currently rated “A2” and “AA” (stable outlook) from Moody’s and S&P,
respectively. BAM is rated AA (stable outlook) by S&P. Both insurers have indicated they would be able to insure
water revenue bonds without a DSR (subject to credit approval).
Baird or the City’s Municipal Advisor would request an insurance quote from both insurers. Prior to the sale of the
bonds, Baird would review the suitability of credit enhancement and calculate the cost/benefit of the available
options. Such analysis will take into account the bids received and the trading differential between insured and
uninsured. Assuming the City’s water revenue bonds are rated “AA-”, we estimate that those bonds would trade
approximately 5 to 10 basis points (0.05%-0.10%) better in yield if they carry “AA” rated bond insurance. The value
would increase to approximately 10 to 15 basis points (0.10%-0.15%) if the City achieved a water revenue bond
rating in the “A” category.
Funding a DSR. If the City decides to proceed with a DSR, it could be funded using (i) cash/reserves on hand; (ii)
bond proceeds or (iii) through a surety bond policy. We offer additional insight for these three methods below.
x Cash Funded – This assumes the City utilizes reserves on hand to fund the DSR. One perk of cash funding
a DSR is the City may be able to invest at or above the bond’s arbitrage yield. This is achievable in the
current market with high short-term rates. Any investment earnings could be used towards debt service.
x Bond Proceeds – Funding a DSR with bond proceeds increases the size of the bonds and therefor increases
the ultimate cost of the borrowing. This increase in cost over the life of the bonds can be offset by
investment earnings. The City could invest the DSR (needs remain liquid) up to the bond’s arbitrage yield
which is achievable in the current market, but may not be over the 30 year life of the bonds. The DSR
could be liquidated and used to pay the bonds’ final maturity payment.
x Surety Bond - The purchase of a surety is often tied to the purchase of bond insurance; however, both
AGM and BAM offer stand-alone sureties (without bond insurance) subject to credit approval. The ability
to offer a stand-alone surety will ultimately be dependent on credit quality (typically “A” category or
better for AGM and “AA-” or better for BAM) and it may only be offered at 50% of the DSR requirement.
The cost of a stand-alone surety would be higher (~300-500 basis points) vs. a surety purchased in
conjunction with bond insurance (~150-300 basis points). A surety bond could reduce the upfront
borrowing amount and lower the City’s overall cost of funds. Both insurers have also indicated that they
could evaluate/bid a stand-alone surety for the WIFIA loan so long as provisions are the same as the water
revenue bonds and credit criteria are met. Since the City will likely request bond insurance bids on a water
revenue bond transaction, we believe a surety bond is worth exploring.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
20
Marketing Plan
Please provide your anticipated marketing plan for the City’s Bonds. Please detail how this plan will benefit the City given
the proposed structure and term of the Bonds.
Over the last month, the municipal market has experienced an
increase in absolute yields. For illustrative purposes, the table to the
right is the BVAL curve for a “AA” rated entity. The BVAL curve
includes actual trades reported to the MSRB (the yellow dots),
indicative pricing quotes (the purple circles), and the yield curves
from April 10, 2023, (the blue dashes) until May 9, 2023 (the red
line). The red blocks on the bottom represent the increase in yields
or the difference between the two lines. Since April 10th, the 2-year,
10-year and 20-year MMD have increased by 43, 21, and 16 basis
points, respectively.
This increase in yields since the beginning of April has been driven
by:
x Low ratios between the tax-exempt and taxable market;
o At the beginning of the Fed’s rate hikes (January 1, 2022)
the ratio on the 10-year was 79%.
o At the beginning of the week of May 8th, the ratio on the
10-year was 66%.
x A lack of demand from insurance companies; and
x Ten weeks of outflows from municipal funds.
Thus far in May, yields have remained flat and decreased slightly, in part due to early month reinvestment by
investors. There have been several countervailing forces this month including the regional bank crisis, the Federal
Reserve’s 0.25% rate hike and speculation about future Fed action, a strong jobs report, and now U.S. debt ceiling
concerns. Going forward, the U.S. debt ceiling standoff will have a big impact on the economy and could keep
investors on the sideline as a result. Until then, the present political disfunction and intransigence on both sides
of the equation, provides us with a very high possibility that we stumble into a crisis. A default would be
catastrophic to the U.S. and ramifications would lead to increased inflation, unemployment, and interest rates.
To mitigate the increases in interest rates, it takes a robust marketing plan and experience navigating turbulent
market conditions. As we discussed in question 3, Baird has recently priced transactions and generated attractive
market levels for our clients even with general market conditions worsening. Below please find a discussion of our
marketing approach for the City’s financing, including how we will leverage our diverse distribution network.
Identifying Target Investors. Strong investor outreach is important to maximize the investor universe and
generate the most attractive market interest rates. The table on the next page summarizes the bond types and
structures institutional and retail investors prefer. Assuming the City proceeds with a 30-year tax-exempt
transaction that carries a “AA” category rating (insured and/or underlying), we expect money managers, local
banks, separately managed accounts (SMAs or professional retail), bond funds, and “true” retail to be
interested in the City’s bonds. On our recent transactions, the interest from the above investors has more than
substituted for the dearth of interest from insurance companies.
Source: Bloomberg
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
21
Understanding the appetite of the potential buyers will be invaluable to the finance team when drafting the plan
of finance. Knowing the current demand across the yield curve, couponing preferences and who has an appetite
for shorter optional par calls are all important factors to consider. Baird has the market knowledge and resources
available to develop a marketing plan that will target new investors in addition to former and existing bondholders.
Bondholder Analysis. Baird conducted a bondholder analysis that identified (i) current holders of the City’s general
obligation debt and (ii) opportunistic bondholders that do not hold the City’s debt. Of note, Baird is currently the
second largest bondholder of the City’s debt according to Bloomberg. In the table to below, we have identified
investors that could have interest in the City’s issuance based on their interest in and current holdings of Illinois
transactions for issuers with underlying ratings in the “AA” category. Baird’s main task during pricing is to generate
the largest universe of investors in order to generate aggressive market interest rates. This analysis will serve as a
starting point in generating that demand.
Source: Bloomberg as of May 4, 2023
TIAA-CREF ROBERT W BAIRD AND COMPANY INC NEWCASTLE PARTNERS LP
AIG ASSET MANAGEMENT US LLC GOLDMAN SACHS GROUP INC PRINCIPAL FINANCIAL GROUP INC
ALLIANCE BERNSTEIN GUARDIAN LIFE INSURANCE CO OF AM PRUDENTIAL FINANCIAL INC
ALLIANZ SE GUGGENHEIM SECURIAN ASSET MANAGEMENT INC
AMERICAN CENTURY COMPANIES INC HARTFORD FINANCIAL SERV GRP INC SEI INVESTMENTS CO
AMERIPRISE FIN GRP INDEXIQ ADVISORS LLC SIX CIRCLES TRUST
APOLLO ASSET MANAGEMENT INC INVESCO LTD STATE STREET CORP
BANK OF NEW YORK MELLON CORP JPMORGAN CHASE & CO T ROWE PRICE GROUP INC
BLACKROCK KOHLBERG KRAVIS ROBERTS & CO LP THORNBURG INVESTMENT MGMT INC
BLACKSTONE STRUCTURED PROD AD LEGG MASON TRAVELERS COMPANIES INC
CAPITAL GROUP COMPANIES INC LORD ABBETT & CO LLC UBS ASSET MGMT AMERICAS INC
CHARLES SCHWAB CORPORATION MANULIFE FINANCIAL CORP VANGUARD GROUP
CONNING INC METLIFE INVESTMENT MANAGEMENT VARAGON CAPITAL PARTNERS LP
DEUTSCHE BANK AG NEW YORK LIFE GROUP VICTORY CAPITAL MANAGEMENT INC
EATON VANCE CORP NORTHERN TRUST CORPORATION WELLINGTON MANAGEMENT GROUP LLP
FEDERATED HERMES INC NORTHWESTERN MUTUAL WELLS FARGO & COMPANY
FMR LLC NUVEEN ALTERNATIVES ADVISORS LLC WESTERN ASSET MANAGEMENT CO
FRANK RUSSELL COMPANY OLIVE STREET INVESTMENT ADV
City of Yorkville Bondholders
Top 50 Bondholders of Illinois Debt Rated in the "AA" Category
That Do Not Report Holdings of City of Yorkville Bonds
Retail Aggregators
(Seprately Managed Accounts &
Money Managers)
• 1-3 years (corporations); 12-20 years
(local banks); 15-20 years
(intermediate bond funds); 15+ years
(bond funds & insurance companies)
• 1-15 years, some beyond 20 years • 1-5 years, some beyond 25 years
• Sensitive to initial yield and resale
opportunities
• Sensitive to initial yield and resale
opportunities
• Focused on initial yield
• Very interest rate sensitive • Moderately interest rate sensitive • Less interest rate sensitive
• Generally looking for premium bonds
in a rising rate environment
• Generally looking for premium
bonds in a rising rate environment
• Generally looking for bonds sold
close to par
• May have portfolio restrictions on
ratings
• Generally looking for “AA” and
“AAA” ratings
• Prefer “A” and higher but may
compromise to get higher yield
• Often performs own credit analysis • Looks for solid ratings • Key on broker recommendations,
ratings and yield
• Seeks geographically diverse
portfolio
• Diversity less of a concern • Prefer issuers with which they have
personal familiarity
• Buys blocks of $1,000,000 to
$2,000,000 minimum
• Buys blocks of $100,000 -
$2,000,000
• Buys blocks of $5,000 - $1,000,000
Retail – Individuals Institutions
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
22
Local Bank Participation.One key component of Baird’s marketing
strategy will be marketing to bank trust departments with a focus on
local financial institutions, retail aggregators and SMAs in order to
maximize order flow and provide pricing pressure on the institutional
accounts.
Due to our extensive Illinois experience, Baird has developed banking
relationships across the State. These banks, even with a relatively
small asset base, have shown outsized interest in supporting local
bond issues in the early to middle part of the curve. They will be an
integral component of our proposed marketing campaign.
To the right is a list of banks and financial institutions that have a
presence within the City and surrounding area that we would
target during the marketing process. We would also work with the
Cityand its Municipal Advisor to identify local institutions/individuals
the City has relationships with or who have been supportive of the
City and its mission in the past. We have the ability to give priority in
orders to retail investors and local banks.
Marketing to Local Units of Government.Baird could also target local governmental entities during the marketing
process. Certain local units of government with excess reserves have expressed interest in buying bonds from
neighboring or overlapping units of government. We believe there could be interest on the short end of the curve
(1-5 year range) and we would be sure to include these governments in our marketing process.
Baird’s Targeted Investors for the City’s Bonds. In addition to the investors identified in our bondholder analysis
and research herein, Baird would specifically target the following accounts which are the latest buyers of the long
dated water deals and past few Illinois transactions Baird priced.
We would target the same investors regardless if the City issues general obligation alternate revenue source bonds
or pure water revenue bonds. The buyers will not change given the essential service nature of the bonds, only the
price. Assuming a one notch rating differential between the City’s general obligation bonds (rated “AA”) and a
water revenue bond (assumed “AA-” with “AA” rated bond insurance), we estimate a trading differential of
1-5 Year Term 6-10 Year Term 11-15 Year Term 16-20 Year Term 21-30 Year Term
Asset Preservation Asset Preservation Belle Haven Belle Haven 16th Amendment
Cavanal Hill Belle Haven C.L. King Charles Schwab Investment BlueFin Trading
Commerce Trust Cavanal Hill Charles Schwab Investment Commerce Trust C.L King
Cypress Capital Commerce Trust Commerce Trust Fidelity Bank and Trust Charles Schwab Investment
EV Cypress Capital Cypress Capital Midland Sercurities Cincinati Insurance
JP Trust Fiduciary Trust Fidelity Bank and Trust Multi Bank Securities Frost Bank Portfolio
Nuveen SMA Nuveen SMA Midland Sercurities Nuveen Gulfstream
The Northern Trust Regions Multi Bank Securities One Oak Hexagon Asset
The Northern Trust Nuveen SMA RBC Global Asset Lance Global Investments
US Capital Advisors One Oak Midland Sercurities
RBC Global Asset Multi Bank Securities
The Northern Trust Old Orchard
Raymond James ARB
RBC Global Asset
Spring Lake Asset
Thrivent Financial for Lutherans
Structure as terms with discounts.
Investors by Maturity Range Baird Would Market the City's Bonds
Lack of demand in 7-13 year range, the steepest inversion of the
yield curve.
Baird would contact the following local
banks/institutions which have a presence
in Yorkville and the surrounding area:
x Bank of Yorkville
x BMO Harris Bank
x Chase Bank
x Earthmover Credit Union
x Fifth Third Bank
x First National Bank of Ottawa
x Midland States Bank
x Old Second National Bank
x U.S. Bank
LOCAL BANKS BAIRD WOULD TARGET
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
23
approximately 5 basis points (0.05%). Pure revenue bonds
would offer investors additional diversification and be more
marketable with slightly higher yields.
Structure the Financing to Receive Optimal Investor Interest.
After understanding what potential investors desire in their
respective portfolios and the market appetite for the
proposed bonds, Baird will collaborate with the City and its
Municipal Advisor on a structure and interest rate scale.
Carefully adjusting nominal rates, premiums or discounts,
call feature, maturity block sizes, and term maturities in
certain years can often mean the difference of several basis
points which, when applied to an issuance like the City’s
bonds, can add up to tens of thousands of dollars over the
life of the issuance. We highlight current market
considerations to the right.
Baird’s Marketing Strategy for the City.Given the recent
increase in interest rates, Baird will employ multiple
marketing strategies to ensure the placement of the City’s
bonds to the widest universe of investors at the most
aggressive interest rates we can. These strategies may
include identifying and marketing the City’s bonds to local and regional bank investors, educating Baird’s sales
team and engaging our retail sales team (specifically our Elgin and Oakbrook Terrace offices). We will accomplish
this through our extensive marketing process which is described in greater detail below.
For the proposed financing, Baird recommends at least a one-week marketing process starting with the posting
of the Preliminary Official Statement (“POS”). In addition to the POS, one week prior to pricing, Baird would
distribute the rating report and a sales memo to its fixed income sales force. The sales memo is a one-page
document that summarizes the bond offering as a tool for educating Baird’s sales team. It is distributed internally
only and is accessible via internal webpage. Most institutional accounts have analysts that perform their own
credit reviews. They will have questions and need to time to conduct their review of the City and its offering. Our
early marketing effort allows enough time for them to complete this process.
Pre-Marketing Reads to Potential Investors Leading up to Pricing.In this market environment, Baird believes in a
thorough pre-marketing process to get a read of investor appetite prior to executing an order period. Two days
prior to pricing, Baird will begin “Price Talk” with all interested investors. They are advised of the proposed interest
rates and are asked to express a preliminary indication of interest for the securities at these rates. Baird then gains
feedback on call feature, block sizes, and coupon levels, among other factors.From the information received from
investors, Baird can make adjustments that meet demand while achieving an aggressive interest rate. Baird will
explore structuring and pricing options as well as additional marketing activities to attract sufficient investor
interest if there does not appear to be enough investor demand. If there is more than enough demand for the
securities, Baird will modify its interest rate estimate to a lower level.
Lack of Demand 7-13 Years
There has been a lack of demand in this maturity
range because it’s the steepest inversion of the
yield curve. Investors that have alternatives are
going inside 5 years or further out on the curve for
greater value. Until MMD adjustments are made
to normalize the steepness of the curve, to
generate investor interest and minimize the
inversion, we have had to widen spreads slightly
in this maturity range.
Demand Beyond 20 Years
In the current market, we are seeing high demand
for discount bonds beyond 20 years. This is largely
driven by the dollar price. Trading and active
managed funds like to potentially sell into retail
bit by bit later. Also, this part of the curve has
been very strong just from the steepness of it.
CURRENT MARKET CONSIDERATIONS
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
24
Below is a summary of Baird’s marketing plan to assure maximum investor participation.
At least 1 week prior to pricing 2 days before pricing Day of pricing
x Distribute POS, rating report
and Sales Memo.
x Frequently update our sales
force with information at daily
sales meetings.
x Update the sales calendar with
information regarding the
financing and yields.
x Contact the local banks.
x Provide an aggressive “range” scale
of interest rates by maturity to
generate optimal investor interest.
x Conduct price talk with investors,
including local banks and retail
investors.
x Receive preliminary indication from
fixed income sales staff on investor
commitment and market depth.
x Continue to market to
investors (total pre-
marketing efforts – 48
hours); and,
x Finalize institutional orders.
x Allocate all orders with
priority given to retail
investors and local banks.
Investor Road Show. Should the City proceed with a pure water revenue bond, it could potentially enhance
investor participation by effectively communicating the proposed transaction and the City’s future water
infrastructure projects through the use of a web-based investor road show such as that offered by the firm
NetRoadshow. Baird offers a similar platform at no additional cost. We would assist the City and its Municipal
Advisor in preparing a virtual investor presentation (could piggy back off rating presentation). The road show
creates a forum for institutional and retail investors and Baird’s sales team to gain information about the financing.
Baird’s Distribution Capabilities.Our ability to successfully underwrite a high volume of transactions, even in
difficult market conditions, is proven by our efficient execution and Baird’s willingness to do the necessary work
to access a diverse investor network. This is illustrated by the firm’s recent success underwriting comparable
transactions and our ranking as the No. 1 underwriter nationally since 2009 by number of issues collectively.6
Baird’s distinct bond distribution network has the capability of multiple channels: institutional, retail individuals,
retail aggregators (trust departments, SMAs and money managers), local banks and local units of government.
Below we discuss each investor class and Baird’s capabilities.
Institutional Account Coverage.In the last ten years, Baird’s fixed income sales and trading presence has expanded
throughout the U.S. and the U.K. to keep up with the growing demand for our public finance services. Baird’s
institutional fixed income sales and trading team has grown to 22 offices in 15 states and the U.K. The addition of
senior traders and sales professionals brings our team of registered representatives to over 140 institutional sales,
trading and analytical professionals, 95+ being salespersons (8 in Illinois). Baird’s municipal underwriting and
trading platform includes 5 municipal underwriters, 13 secondary traders (3 institutional and 10 retail)and a
municipal credit analyst.Our underwriters operate from desks in Milwaukee (WI) and Naperville (IL) (with a
dedicated Illinois underwriter).
Baird’s institutional sales force provides direct access to over 2,000 financial institutions throughout the United
States including private corporations, portfolio managers, commercial banks, life and casualty insurance
companies as well as sponsors of unit investment trusts and mutual funds. Portfolio managers continually trade
their portfolio to adjust for maturity, credit or geographic exposure and Baird supports their trading with a robust
secondary market presence. As a result, we have day-to-day working knowledge of these portfolio managers’
objectives and criterion when they are purchasing new issue product.
6 Source: Ipreo MuniAnalytics as of December 31, 2022. Does not include Private Placements or Notes.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
25
Focusing on Second and Third Tier Institutional Investors.As a regional firm, we do not solely focus our institutional
efforts on the same “high-impact, Tier 1” buyers that other firms emphasize. Tier 1 investors may overlook certain
bonds if they do not meet the block size or
structure (“lower coupons”) they need at the time
of the offering or, are larger funds that need to
offload a significant volume of bonds due to
economic conditions. Baird leverages relationships
with buyers in the second and third tiers and our
retail relationships while also providing research
and sales support to Tier 1 investors to ensure the
widest net of investors are accessed. We have
worked diligently to develop and maintain long-
standing relationships with these buyers.
Retail Distribution Platform.Baird has approximately 1,400 retail financial advisors in 160+ offices located in 33
states. These advisors serve 700,000+ retail accounts totaling $255 billion in assets. As the map indicates, Baird
offers expanded retail distribution in the Upper Midwest, South, and Pacific Northwest given the high
concentration of retail branches in those regions. Since retail investors are not
generally aware of bonds available in the primary market, Baird’s robust retail
financial advisor network can bridge the gap by providing notice of an
upcoming offering to place an order for the bonds. In addition to
complementary coverage, Baird has the ability to offer in-state support from
our retail advisory network.
Part of our marketing strategy for the City’s bonds will be implemented by our
seven Illinois retail offices (Chicago, Elgin, Oakbrook Terrace, Peoria,
Rockford, Shiloh and Winnetka) employing nearly 70 registered, retail
professionals. These financial advisors service more than 34,800 accounts
holding $11.7 billion in assets. The map to the right shows Baird’s account
coverage by county. Baird has retail accounts in every county in Illinois except
those shaded in white. Baird has the capability to directly target Illinois
residents during bond pricings. Our retail efforts would be led by our nearby
offices in Elgin and Oakbrook Terrace with 9 registered financial advisors.
These financial advisors currently manage 223 retail accounts with assets totaling over $95.4 million in value in
Kendall County. In the Cities of Yorkville and Bristol alone, Baird manages 58retail accounts with assets totaling
$7.8 million.
References
Provide names, addresses, and phone numbers of at least six governmental references.
The following references were selected to give you a representative list of Baird’s underwriting capabilities on
Illinois revenue or general obligation bonds that financed water and sewer infrastructure projects. Following the
references, we include two additional case studies. Dalena Welkomer, the banker assigned to the City’s bonds,
served all these issuers.
Illinois Retail Coverage By County
Diverse account coverage to balance various investor demand
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
26
Village of Bedford Park
Mr. Larry Gryczewski
Village Administrator
6701 S. Archer Avenue
Bedford Park, IL 60501
708.458.2067 ext. 325
larry@villageofbedfordpark.com
City of Decatur
Mr. Scot Wrighton
City Manager
One Gary K. Anderson Plaza
Decatur, IL 62525
217.424.2801
wrighton@decaturil.gov
City of Geneva
Ms. Rita Kruse
Finance Director
22 South First Street
Geneva, IL 60134
630.938.4542
rkruse@geneva.il.us
Baird served as underwriter on
the Village’s last 4 water revenue
bonds totaling $16.8 million in
par. Case study below.
Baird served as underwriter or
placement agent on the City’s last
2 bond issues totaling $42.9
million par. Of this total, $36.5
million financed water
infrastructure projects.
Baird served as underwriter on 6
bond issues totaling $26.3 million in
par. This includes 4 alternate bonds
totaling $19.4 million with a water,
sewer or electric revenue pledge.
Northwest Suburban Municipal
Joint Action Water Agency
Mr. Paul May
Former Executive Director (Now
DuPage Water Commission’s
General Manager)
600 E Butterfield Road
Elmhurst, IL 60126
630-834.0100
may@dpwc.org
Village of Oswego
Ms. Andrea Lamberg
Finance Director
100 Parkers Mill
Oswego, IL 60543
630.551.2325
alamberg@oswegoil.org
Village of Plainfield
Ms. Traci Pleckham
Director of Management Services
24401 W. Lockport St.
Plainfield, IL 60544
815.439.2924
tpleckham@goplainfield.com
Baird served as senior managing
underwriter on the Agency’s $57.5
million water revenue bonds
issued in 2020.
Baird served as underwriter on
the Village’s last 8 bond issues
totaling $86.6 million in par. Of
this total, over $9.7 million
financed water and sewer
infrastructure projects.
Baird served as underwriter on the
Village’s last 8 bond issues totaling
$86.6 million in par. This includes 3
water and sewer revenue bonds
totaling $30.1 million in par.
Clark Edgar Rural Water District
$1,995,000 Waterworks Refunding Revenue Bonds, Series 2022
Baird’s Role: Placement Agent
Financing Highlights:
x Negotiated the interest rate level with a local banking relationship that purchased the bonds.
x Identified an excess of $550,000 in the debt service reserve account which was released to the Surplus
Fund to be used for capital projects.
x Accelerated the amortization of the refunding bonds to achieve overall level annual coverage to avoid
budgetary fluctuations in future years.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
27
x Generated $375,340 in gross debt service savings and $261,678 in present value savings or 12.89% of the
refunded par.
Village of Bedford Park
$11,535,000 First Lien Water System Revenue Bonds, Series 2014A & Taxable Series 2014B,
$5,265,000 First Lien Water System Revenue Bonds, Series 2009A & Taxable Series 2009B
Baird’s Role: Sole Underwriter
Baird has underwritten all of the Village’s water revenue bonds issued since 2009 which includes four transactions
totaling $16.8 million in par value. The Village is a wholesale treated water customer of the City of Chicago. The
Village’s System currently serves all of the properties within the Village’s corporate limits and provides wholesale
service to the Village of Burr Ridge and Illinois American Lake Water Company (Illinois American distributes water
to the Villages of Bolingbrook, Homer Glen and Plainfield). The System serves 239 commercial and industrial users.
Prior to 2009, the Village’s water revenue bonds had never carried an underlying rating (only insured). Baird
assisted the Village in applying for an inaugural rating from S&P and achieved an “A-”. A negative factor
constraining the Village’s rating is the very high customer concentration with Illinois American representing 54%
of consumption and the top 10 users representing practically all 100%. Factors that helped in the marketability of
these bonds were the historical coverage which ranged from 1.5x to 2.0x maximum annual debt service (including
general obligation debt supported by the System) and legal covenants which include a debt service reserve funded
at the lesser of the three IRS tests, an additional bonds test of 1.2x maximum annual debt service (MADS) for first
lien and 1.1x MADS for second lien and a rate covenant of 1.2x MADS.
Given more than 60% of consumption is purchased wholesale from Illinois American and the Village of Burr Ridge,
tax counsel evaluates and determines how much of each transaction must be issued at taxable rates. As a result,
Baird is well versed in structuring bonds to achieve multiple constraints. For these water transactions we had to
achieve (i) a specific percent allocation between taxable and tax-exempt taking into account project funds, reserve
funds and costs of issuance, (ii) the same weighted average maturity for both the taxable and tax-exempt portions
(taxable bonds could not be shorter than the tax-exempt), and (iii) a debt service structure that wrapped around
overall System supported debt.
Underwriting Fees
Please state a spread (in dollars per Bond) representing your firm’s proposed total compensation on this issue assuming your
firm serves as underwriter in a public bond sale. If you would expect the City to reimburse your firm for third party expenses,
please provide an itemized list of such expenses. At this point the City has not engaged a Disclosure Counsel. If your firm
requires the use of an underwriter’s counsel, please include that in your proposed expenses.
Baird’s Proposed Underwriting Spread.Baird proposes an
underwriting spread of $3.30 per $1,000 of the public offering
price of the City’s bonds. Our proposed fee is a not-to-exceed
amount that includes our management fee, takedown and
expenses. Using the assumptions provided in the RFP and
contained in the footnote below the table, we estimate
underwriting expenses to total $3.236.50 or $0.32 per $1,000.
After you net out underwriting expenses, this lowers Baird’s
direct compensation to $2.98 per $1,000 or $29,800 assuming
total proceeds of $10 million. Baird would not require underwriter’s counsel on the proposed transaction. Baird’s
fee is subject to negotiation with the City and its Municipal Advisor.
Itemized Underwriting Expenses
$/$1,000 Total
DTC Charges $0.08 $800
CUSIP $0.16 $1,640
Ipreo (Sole Manager) $0.08 $797
Total $0.32 $3,236.50
(1) Assumes par amount of $10,000,000 and 30 maturities.
Preliminary, subject to change.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
28
Structuring Considerations
Structuring Considerations. Baird has conducted an interest rate comparison for the various loan programs (IEPA
and WIFIA) and a public offering in the capital markets (GO alternate revenue source bonds and water revenue
bonds). For the IEPA loan, we assumed the current rate of 1.24% which is valid through June 30, 2023. For public
offered bonds, Baird’s underwriter provided preliminary interest rates for a general obligation alternate revenue
bond using the City’s current “AA” S&P rating and a water revenue bond assuming a “AA-” rating with “AA” rated
bond insurance. For the WIFIA loan, we assumed a 35 year term with deferred payments for five years and level
debt service thereafter to come up with a hypothetical weighted average maturity of 22.8 years to approximate
a rate of 3.89% (we realize this may not be the optimal structure for the City’s WIFIA loan). Because the yield curve
is so flat out long,the WIFIA loan rate is currently the same for a 30 year term, level debt service with no deferment
in payments (WAM of 18 years).
As you can see in the chart below, the IEPA loan program offers the most attractive interest rates through the 20-
year mark versus a public offering or WIFIA loan program. The public offering has an attractive cost of capital
before the 13-mark when compared to the WIFIA loan program. The WIFIA loan program is advantageous versus
a public offering after 13 years because of its weighted average maturity methodology.
If the City were to pursue bonds and loans in the current market at the same time, we could structure the public
offering portion of the financing to amortize more principal in the early part of yield curve while utilizing
programmatic monies (especially WIFIA) in the middle to later maturities within the structuring limitations in each
program. The relationship between the funding sources is dynamic and everchanging, so Baird would continue to
monitor the yield curves and revise its recommendation accordingly.
GO Alternate Revenue Source vs. Water Revenue Bonds.We understand that the City has not yet made the
decision on whether the proposed bonds will be issued as general obligation alternate revenue source bonds or
water revenue bonds. We prepared a generic comparative analysis using the following assumptions:
x Project fund deposit of $10 million.
x Issuance of general obligation alternate revenue source bonds that carry a “AA” underlying rating, and
water revenue bonds that carry a “AA-” underlying rating (one notch lower) with “AA” rated bond
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
29
insurance at a cost of 20 basis points.
x Current market non-bank qualified tax-exempt interest rates as of May 2, 2023.
x Term of 30 years amortized level debt service.
x For water revenue bonds, a debt service reserve is funded at the lesser of (i) maximum annual debt
service, (ii) 125% of average annual debt service, or (iii) 10% of par, is liquidated at final maturity and not
invested over the life of the bonds.
Based on these assumptions above, we estimate a trading differential between the two scenarios of 5 basis points
(0.05%). This minimal trading differential is largely driven by the assumption that bond insurance is purchased for
the water revenue bonds. Should the water revenue bonds be rated lower than the assumed “AA-”, we estimate
5 to 7 basis points higher in yield per notch in rating (~$150,000 in additional debt service cost).
Assuming the water revenue bonds trade 5 basis points higher in yield and a DSR is funded with bond proceeds,
we estimate the all-in true interest cost to be approximately 8 basis points higher (0.08%) and debt service to be
approximately $745,000 higher (present value of approximately $595,000) than a general obligation alternate
revenue source bond. The cost differential could be substantially less if the DSR generates investment earnings.
In fact, if the DSR earned the bond arbitrage yield over the next 30 years, it would generate a lower overall cost
of funds than the general obligation alternate revenue source bonds by approximately $120,000. The use of a DSR
and how its funded/invested should also be evaluated when comparing costs of the City’s financing options. We
can refine this comparative analysis based on more realistic assumptions upon engagement.
Structuring Liens. Using April 30, 2022 fiscal year end results for the Water Fund, we estimate that a $10 million
water revenue bond amortized level debt service over 30 years would achieve debt service coverage in excess of
4x. This assumes existing general obligation alternate revenue source bonds would be subordinate to this new
issuance and the WIFIA loan has not been finalized. Issuing the WIFIA loans on a parity basis could put downward
pressure on the water revenue bond rating and result in a higher borrowing cost, if not for the initial water revenue
bond financing, for future issuances. This ultimately depends on the timing of the WIFIA loan and what the rating
agency analysts assume for coverage ratios. Given the majority of this water project will be financed through
WIFIA, upon issuance of that loan, senior lien coverage will be stressed reducing future capacity under the senior
lien.
If the City issues the WIFIA loan subordinate to the senior lien, the City could target specific coverage levels for
the various liens (e.g. senior 1.20x, second 1.10x). We believe this would enhance coverage of the senior lien
bonds, strengthen the senior level rating with notching to the second lien and potentially achieve more attractive
interest rates on the senior lien portion of the debt issue. We implemented this strategy for the County of DuPage
and the Village of Plainfield (see case studies herein).
To put this into perspective, a one notch rating differential equates to roughly 5 to 7 basis point (0.07%) trading
differential in the current municipal market. On a $10 million bond issue amortized over 30 years level debt
service, this equates to approximately $150,000 in additional interest cost for each notch in rating.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
30
Green Bond Designation. The City has several initiatives that encourage “Living Green”. The integrative
transportation plan states “The United City of Yorkville is environmentally conscious and is currently looking for
ways to conserve, reuse and recycle”. To be consistent with the City’s current initiatives, it could issue its
proposed bonds as “Green Bonds”.
The number of municipal Green Bonds outstanding is still small relative to the size of the overall municipal bond
market, and its greatest use has generally been with major issuers. Within the investor community, the number
of ESG funds continues to grow, which should drive demand for Green Bonds going forward. If the City’s bond
proceeds are used towards projects that improve the water system itself, water loss or overflow, the bonds may
qualify for a “Green Bond” designation. There are currently no binding standards for defining a financing as a
“Green Bond”, and most municipal Green Bonds continue to be self-labeled. There are a number of firms (such as
Sustainalytics, Build America Mutual and Moody’s, among others) that offer third-party certifications for a fee to
assure investors of an issuance’s “green compliance.”
The most cost-effective approach to labeling the City’s bonds as “Green” would be to qualify for BAM’s
“GreenStar” designation. Their framework is based on reviewing the financed projects against the International
Capital Markets Association’s Green Bonds Principles and the United Nation’s Sustainable Development Goals.
There is no additional fee for this label and no ongoing staff burden (no future disclosure requirements or follow-
ups with BAM). The City would simply need to purchase bond insurance through BAM for the designation. Having
such a designation could broaden the universe of investors on the City’s bonds which could help drive lower
interest rate levels. Also, if there are competing Illinois bond sales, investors are more likely to lean towards a
“Green” bond when given the option. We utilized BAM’s GreenStar on the City of Decatur’s bonds that financed
water projects in 2022.
Bank Qualified vs. Non Bank Qualified. The Village can designate up to $10 million of tax-exempt bonds each year
as bank qualified (“BQ”). If total proceeds exceed $10 million in the calendar year, the bonds must be issued as
non-BQ (“NBQ”). It is unclear in the RFP if these bonds will be BQ or NBQ. The trading differential between such
changes with market conditions. It is not unusual to see a trading differential of 10 to 20 basis points (0.10%-
0.20%) across the curve. Based on current market conditions, we estimate very little trading differential between
BQ and NBQ inside 11 years and a yield to maturity benefit for BQ bonds of 5 to 10 basis points (0.05% to 0.10%)
in the 12 to 15 year range and approximately 15 basis points (0.15%) in the 16 to 30 year range. This differential
could be even less with sizable block sizes on the longer maturities. For the City, it would not significantly impact
the overall economics issuing the bonds as NBQ. Upon engagement, Baird can assist the City’s Municipal Advisor
in analyzing the optimal size and timing of the City’s bonds.
Update on Potential Refunding Opportunities
General Obligation (Alternate Revenue Source) Refunding Bonds, Series 2014. Baird would like to update the
City on the potential refunding of its 2014 Bonds that can be current refunded at tax-exempt interest rates up to
90 days prior to its December 1, 2023 call date with a delivery in September 2023. Given the size and term of the
hypothetical refunding, the City may be able to achieve greater debt service savings through a private placement.
A private placement typically has lower costs of issuance and an accelerated timeline given an Official Statement
and rating are typically not required. While placements typically have higher interest rates, it could be offset by
lower costs of issuance. The benefits of a private placement or public offering will change with market conditions,
but based on current market conditions, a private placement looks more favorable.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
31
We received an indicative interest rate of 3.15% as of May 4, 2023 from a national bank active in purchasing Illinois
bonds. Using this indicative rate and flat costs of issuance of $25,000, we estimate potential gross debt service
savings of $29,950 and potential present value debt service savings of $27,600 or 2.24% of the refunded par
amount.
2014 Bonds
Call Date December 1, 2023
Par Amount $1,245,000
Refunded Par Amount $1,235,000
Refunded Maturities 2025-2029
Total Hypothetical Savings $29,946
Hypothetical Present Value Savings* $27,605
Hypothetical PV Savings as %* 2.24%
*Calculated using the refunding bond yield of 3.148% as the discount rate. Assumes tax-exempt bank qualified
interest rates.
We’d also like to acknowledge that the national bank that provided this indicative is able to lock in a tax-exempt
rate in advance of the delivery of the refunding bonds in September 2023, known as a forward delivery. Based on
the bank’s rate setting methodology and current market conditions, there is currently no forward premium
(penalty). The hypothetical refunding statistics for a forward delivery based on current market conditions would
be the same as what’s presented above. Forward deliveries carry additional risks which Baird can discuss with the
City and its Municipal Advisor.
Deem Designate as BQ. Should the City issue its $10 million water bonds as BQ, the refunding of the 2014 Bonds
may be able to be deemed designated BQ given it would be a tax-exempt current refunding of prior BQ bonds. In
order to deem designate, the refunding bond par amount would have to be less than or equal to the refunded
bond par amount (anything above would apply to the BQ limit) and the refunding bond weighted average maturity
(“WAM”) would need to be less than or equal to the refunding bond WAM.
Special Service Area No 2004-104 Central Grande Reserve Special Tax Bonds, Series 2004. Baird would also like
to update the City on the potential current refunding of its outstanding Grande Reserve Special Service Area Bonds
that carry an interest rate of 6.375%. Given there are no prior bond documents posted on EMMA, we relied on
information available on Bloomberg, and in the City’s Grande Reserve SSA FAQ and abatement ordinance to make
the following assumptions for our hypothetical analysis.
x The refunding is tax-exempt and non-bank qualified;
x The prior bonds are currently callable at any time;
x Outstanding par of $4,088,00 following the September 1, 2022 and March 1, 2023 sinking fund
redemptions; and
x A debt service reserve is fully funded at the lesser of the three IRS tests.
Using the above assumptions, we identified a bank that has interest in purchasing the SSA refunding bonds direct
which would simplify the issuance process. This bank provided an indicative interest rate of 4.85% as of April 28,
2023 which is subject to bond covenant and document review and formal credit approval.
United City of Yorkville, Illinois
Response to Request for Proposals for Underwriting Services
May 11, 2023
32
Based on the assumptions above, we estimate potential gross debt service savings of $240,000 and potential
present value debt service savings of $196,000 or 4.80% of the refunded par amount.
2004 Bonds
Call Date Any Time
Par Amount $4,330,000
Refunded Par Amount $4,088,000
Refunded Maturities 2024-2034
Total Hypothetical Savings $240,415
Hypothetical Present Value Savings* $196,257
Hypothetical PV Savings as %* 4.80%
*Calculated using the refunding bond yield of 4.85% as the discount rate. Assumes tax-exempt non bank qualified
interest rates.
FirmRecent applicable underwriting experience (5 Points Per reviewer - 30% Weight)Water System Financing Experience (5 Points per reviewer - 20% Weight)Marketing plan (5 Points per reviewer - 20% Weight)Firm resources, personnel experience and references (5 Points per reviewer - 20% Weight)Proposed Fee (Scored based on deviation from the average, 10% Weight)Composite ScoreStifelTotal Points988948.25Robert W. BairdTotal Points9.5 8.5 10 9.5 8 9.48Total Points9 10 8 9.5 6 8.58Total Points7 7 6 7.5 6 6.78High Score 9.48Average Score 8.27Disclaimer: Each proposal is reviewed by two municipal advisors. Each reviewer assigns a score of up to five points per category based on their review and opinion of each proposers relative qualifications. The score listed represents the sum of scores provided in each category. The Proposed Fee category is scored based upon the proposers deviation from the average fee proposed. The composite scoring is a weighted average based upon the relative weight of each category. This scoring is provided to aid the City in choosing an underwriting firm to serve on the issuance of the Bonds.Northland SecuritiesUnited City of YorkvilleGeneral Obligation Bonds (Alternate Revenue Source), Series 2023ASummary of Underwriter RFQ ResponsesProposals Received May 11, 2023Bernardi SecuritiesSPEER FINANCIAL, INC.Exhibit C
Request for Proposal
United City of Yorkville, IL
May 11, 2023
Exhibit D
May 11, 2023
United City of Yorkville Speer Financial
ATTN: Rob Fredrickson ATTN: Andrew Miceli
651 Prairie Pointe Dr. 230 W. Monroe St., Suite 2630
Yorkville, IL 60560 Chicago, IL 60606
rfredrickson@yorkville.il.us amiceli@speerfinancial.com
Re: Proposal to provide Underwriting Services to the United City of Yorkville, Illinois - General Obligation Bonds
(Alternate Revenue Source) or Water System Revenue Bonds, Series 2023
Dear Mr. Fredrickson and Mr. Miceli:
On behalf of Stifel, Nicolaus & Company, Incorporated (“Stifel” or the “Firm”), we thank you for the opportunity to present our
qualifications to the United City of Yorkville, Illinois (the “City”) as underwriter of the proposed Bonds referenced above.
Currently, the bond market is experiencing historic volatility as a result of persistent levels of elevated inflation, recent
instability in the banking sector, geopolitical tensions, and potential recession fears. In this volatile bond market, extensive
and varied distribution systems are essential for delivering the lowest cost of funds. Stifel continues to be an underwriter of
more negotiated municipal transactions than any other firm, despite the current market volatility. Recent and relevant
experience is especially important during this market period, and absolutely essential in Illinois. Our proposal highlights the
following key reasons why Stifel will provide the City with the lowest cost of borrowing and highest level of service:
Illinois and National Dominance: Stifel has been one of the top participants in the Illinois market for the past decade.
Since January 1, 2016, Stifel has lead managed more than 368 negotiated municipal offerings in Illinois with a total
par amount of over $3.7 billion. Stifel is headquartered in St. Louis, Missouri and maintains a very strong presence
throughout Illinois with Public Finance offices in Chicago and Bloomington. Additionally, Stifel employs over 100
brokers in 17 offices who manage over 92,000 accounts and $17.5 billion in assets in Illinois. Such local presence
will provide the opportunity to advertise to and encourage individual local retail buyers at no cost to the City, if desired.
On a national level, Stifel has been the #1 ranked underwriter of negotiated municipal bonds based on number of
issues for each of the last eight years. By virtue of constantly being in touch with the market day after day, Stifel has
built a dominant municipal platform in which our bankers, underwriters, and sales force are able to draw from their
wealth of experience to provide unrivaled advice and expertise to our clients.
Significant Water System Experience: The Stifel team assigned to the City’s proposed issuance has significant
experience working on water-related issued within Illinois, including most recently serving as lead manager of the City
of Chicago’s Second Lien Wastewater Transmission Revenue Bonds, Project Series 2023A and Refunding Series
2023B, on Thursday, May 4, 2023. Overall, Stifel has sole or senior managed $6.55 billion in water-related issuance
and co-managed another $26.39 billion since 2019.
Comprehensive Distribution Capabilities: Stifel has the largest distribution network in the Midwest and we are one of
the few remaining firms in the municipal market with the ability to directly market to all classes of investors without
reliance on distribution or third-party agreements. Importantly, we reach in-state Illinois investors through 17 offices
throughout the State. These offices support over 100 brokers managing more than 95,000 retail accounts totaling
more than $16 billion in assets. Furthermore, we continue to expand our institutional investor reach as demonstrated
by our acquisition of Vining Sparks in November 2021. Vining Sparks, which covers more than 4,000 important
accounts, has been fully integrated into Stifel.
We are pleased to be given this opportunity to serve the City and believe that the depth of our experience, our approach, and
the quality of our execution provides the best combination for Stifel to serve the City as its underwriter. If you should have any
further questions or would like additional information, please feel free to contact us. We look forward to hearing from you.
Sincerely,
Tom Reedy Anne Noble Claude Lockhart
Managing Director Managing Director Director
(312) 423 – 8245 (314) 342-8488 (312) 454-3820
reedyt@stifel.com noblea@stifel.com lockhartc@stifel.com
United City of Yorkville, IL
Request for Proposals for Underwriting Services
Table of Contents
FIRM DESCRIPTION ........................................................................................................................................................... 1
PERSONNEL ...................................................................................................................................................................... 4
GENERAL EXPERIENCE ....................................................................................................................................................... 5
WATER SYSTEM EXPERIENCE ............................................................................................................................................. 8
MARKETING PLAN ........................................................................................................................................................... 12
REFERENCES ................................................................................................................................................................... 14
UNDERWRITING FEES ...................................................................................................................................................... 14
APPENDIX I
APPENDIX II
DISCLOSURE: As outlined in the SEC’s Municipal Advisor Rule, Stifel, Nicolaus & Company, Incorporated (“Stifel”) is providing the attached
material and all information and advice contained therein in response to a request for proposals or request for qualifications (the “RFP”) by
a municipal issuer or obligated person with respect to a specific issue of municipal securities. Stifel has not acted, and will not act, as your
municipal advisor with respect to the issuance of the municipal securities that is the subject to the RFP.
Stifel is providing information and is declaring to the proposed municipal issuer and any obligated person that it has done so within the
regulatory framework of MSRB Rule G-23 as an underwriter (by definition also including the role of placement agent) and not as a financial
advisor, as defined therein, with respect to the referenced proposed issuance of municipal securities. The primary role of Stifel, as an
underwriter, is to purchase securities for resale to investors in an arm’s- length commercial transaction. Serving in the role of underwriter,
Stifel has financial and other interests that differ from those of the issuer. The issuer should consult with its’ own financial and/or municipal,
legal, accounting, tax and other advisors, as applicable, to the extent it deems appropriate.
These materials have been prepared by Stifel for the client or potential client to whom such materials are directly addressed and delivered
for discussion purposes only. All terms and conditions are subject to further discussion and negotiation. Stifel does not express any view
as to whether financing options presented in these materials are achievable or will be available at the time of any contemplated transaction.
These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Stifel to provide or
arrange any financing for any transaction or to purchase any security in connection therewith and may not relied upon as an indication that
such an offer will be provided in the future. Where indicated, this presentation may contain information derived from sources other than
Stifel. While we believe such information to be accurate and complete, Stifel does not guarantee the accuracy of this information. This
material is based on information currently available to Stifel or its sources and is subject to change without notice. Stifel does not provide
accounting, tax or legal advice; however, you should be aware that any proposed indicative transaction could have accounting, tax, legal or
other implications that should be discussed with your advisors and /or counsel as you deem appropriate.
United City of Yorkville, IL Page-1
FIRM DESCRIPTION
Please provide a brief description of your firm, including the location of the office assigned to this transaction, and the firm’s presence in
the Chicago metropolitan area.
Overview of Firm
Stifel is a wholly owned subsidiary of Stifel Financial Corp., headquartered in
St. Louis, Missouri. We are a publicly traded broker-dealer providing securities
brokerage, investment banking, research, trading, investment advisory, and
related financial services to individual investors, professional money
managers, businesses, and municipalities throughout the country. Stifel
Financial Corp. shares were publicly listed in 1983 and trade on the NYSE
under the ticker symbol “SF.”
Stifel was founded in 1890 and with its affiliated companies has more than
8,000 employees globally with over $3.5 billion in annual revenue and a
market capitalization of over $5 billion. Stifel’s growth has been a result of
strategic acquisitions and organic expansion. The graphic to the right presents
the firms which Stifel has acquired since 2005.
Public Finance at Stifel
Stifel’s Municipal Securities Group has over 350 employees, including its Public Finance Department which serves clients
across the nation through 36 offices and five municipal bond underwriting desks. Stifel’s Public Finance Department provides
underwriting, placement and financial advisory services to over one thousand municipal and non-profit clients on an annual
basis including securities backed by a wide variety of revenue, security pledges and credit attributes. Stifel’s Municipal
Securities Group includes one of the largest distribution platforms in the municipal securities industry, and as the most active
underwriter of negotiated municipal bonds in the nation, Stifel’s calendar is one of the most important sources of new issue
securities for investors of all types. Our banking staff has built deep expertise and experience beneficial to many issuers
across the country as they seek to accomplish their financing needs.
Public Finance is a core line of business for Stifel.
Unlike many of our competitors who have downsized
their Public Finance business or even closed it
altogether, Stifel has expanded the scope of its Public
Finance practice. In September 2019, Stifel significantly
expanded the size of its Public Finance Department with
the acquisition of certain assets of George K. Baum &
Company. Stifel’s Public Finance department now has
over 200 experienced investment bankers across the
country. In 2022, for the eighth consecutive year, Stifel
ranked #1 serving as senior or sole manager for
negotiated municipal bond issues, annually pricing
more than one in every seven issues in the nation on a
Stifel desk.
StifelPublicFinancePresence
United City of Yorkville, IL Page 2
At Stifel, we believe that one of the main reasons that we have been so
successful in municipal finance is because we maintain one of the
strongest and most comprehensive distribution networks in the entire
securities industry. This strength is perhaps the primary differentiating
factor between our Firm and others, and we would ensure that – regardless
of structure or type of financing – we would leverage this extensive
distribution network for a successful marketing of the City’s Bonds.
Stifel’s wealth management presence in the state of Illinois includes over
100 FINRA registered representatives located in 17 offices, managing
89,000 accounts and $16.5 billion in assets, of which nearly $800 million
is municipal bonds. Stifel’s national brokerage network currently holds
approximately $440 million in Illinois issuers’ bonds. This strong wealth
management presence can greatly assist with local and retail distribution
of the Bonds. Over the past 10 years, Stifel executed nearly 70,000 trades
totaling $10 billion in bonds from Illinois issuers, including more than
13,000 retail sales trades.
Stifel
truly
believes
the City can benefit from the Firm’s unmatched distribution
platform. Stifel has the ability to reach all of the Tier I
accounts covered by the bulge bracket firms, but our pricing
advantage stems from our ability to canvass the middle
market accounts throughout the country like no other
underwriter. We have greater access to these accounts due to
the way that Stifel has grown strategically through the
acquisition of regional firms and the retention of their existing
institutional salesforces. Stifel has more than 200
institutional salespeople across more than 50 sales offices
that can reach the Tier II & Tier III accounts that are not covered by other underwriting firms. When combined with our extremely
strong retail presence in Illinois, this allows Stifel to price bonds across the entire yield curve at lower interest rates, which will
help the City to reach the broadest mix of investors and thereby obtain the lowest possible cost of borrowing.
Distribution plays a key role in helping achieve the lowest cost of borrowing when it comes to an issuer’s financing, and the
City will benefit most from an underwriter that can blend both institutional and retail sales of the City’s proposed transaction.
Both buyers bring a unique value, but each investor sector will focus on and provide the most aggressive pricing and bond
structure in different parts of the yield curve. Stifel is one of the premier investment banking firms that brings both
comprehensive Illinois retail distribution and institutional sales coverage second to none across all investor types from large
insurance to small regional banks. Stifel’s exceptional market coverage is illustrated in the chart below. Stifel can accomplish
best execution throughout the yield curve, providing the City with a low cost of funds for any transaction via access to our
broad distribution network which essentially increases demand for bonds across all market segments. The ability of Stifel’s
retail and institutional distribution system to secure low interest rates will be optimized when a customized marketing plan for
the City’s debt is designed and implemented, as described further below. Stifel begins a preliminary level of internal pre-
marketing to prepare its sales force for a bond pricing and makes sure buyers are prepared for the issue. Roughly one-two
weeks in advance of a targeted pricing date, Stifel’s sales force begins additional marketing efforts in preparation for the
forthcoming bond offering.
United City of Yorkville, IL Page 3
Illinois Presence
The Firm is headquartered in St. Louis and maintains a very strong presence throughout the entire state of Illinois, including
Public Finance offices in Chicago and Bloomington. Stifel’s Chicago Public Finance office includes seven full time staff
dedicated to public finance. As the #1 underwriter of negotiated bond issues nationwide in 2022, as ranked by number of
issues, our team can provide the City with an unmatched level of firsthand knowledge of what it takes to sell its bonds in the
current market. The City will need an underwriter that has its thumb on the pulse of Illinois bond buyers, including a strong
retail presence in Illinois, especially those second- and third- tier investors who remain willing to look through the news to the
true credit behind the bonds. Stifel has been and remains nimble and in touch with the Illinois bond market and will bring this
same level of expertise and diligence to ensure that the City prices at the right time and at the right levels. The table below
further details Stifel’s retail broker presence in Illinois.
Stifel's Illinois Presence
Office Brokers Accounts Municipal Assets
Under Management Assets Under
Management
Alton 1 1,713 $1,798,331 $185,352,976
Barrington 5 2,074 $1,468,757 $422,431,907
Bourbonnais 7 4,921 $4,241,967 $781,278,291
Chicago* 27 23,150 $243,023,224 $6,469,883,274
Decatur 6 9,758 $35,972,068 $1,394,122,817
Edwardsville 4 4,001 $23,479,961 $597,211,715
Galesburg 2 1,094 $1,988,204 $189,273,886
Jacksonville 2 3,668 $10,486,612 $396,422,558
Lake Forest 9 3,259 $20,786,785 $683,321,892
Naperville 8 9,375 $7,539,824 $757,502,670
O'Fallon 7 9,598 $15,883,191 $935,046,378
Orland Park 6 4,314 $15,971,760 $587,511,227
Quincy 5 5,129 $3,737,406 $578,278,932
Rockford 5 2,804 $11,417,499 $339,913,596
Springfield 7 7,367 $199,262,224 $1,327,973,264
Waterloo 2 4,799 $57,135,081 $557,614,934
Total: 103 97,024 $654,192,893 $ 18,232,306,933
*Inclusive of the Private Client Group office location.
United City of Yorkville, IL Page 4
Office Location Assignment
The primary office and main point of contact for the City will be based in Stifel’s Chicago Public Finance office located at 1
North Wacker Drive, Suite 3400, Chicago, IL 60606, allowing us to serve the City from a short distance away while providing
the national resources of our top-ranked and growing platform. Additional support will be provided by staff located in Stifel’s
headquarters in St. Louis.
PERSONNEL
Please provide brief biographies of the professional staff who would be assigned to this financing.
Personnel Experience Role on Team
Tom Reedy Managing Director Chicago, IL reedyt@stifel.com (312) 423 – 8245
Tom Reedy is a Managing Director with Stifel's Illinois public finance practice.
He is based in Stifel’s Chicago office. Mr. Reedy has worked with a variety of
Illinois municipalities, counties, school districts, college districts, park
districts, library districts, and sanitary districts on both taxable and tax-exempt
debt financings. Throughout his career, he has served as the lead banker on
nearly $1.5 billion of financings for local government entities in Illinois. Mr.
Reedy began his career in public finance in 2011 with George K. Baum &
Company, certain assets of which were subsequently acquired by Stifel in
2019. Mr. Reedy graduated from Indiana University with a B.S. in Finance.
Lead Banker
Anne Noble Managing Director St. Louis, MO noblea@stifel.com (314) 342-8488
Anne Noble leads the Firm’s Illinois team. She is based in Stifel’s headquarters
in St. Louis. Ms. Noble specializes in municipal finance with Illinois issuers
with a particular emphasis on essential purpose revenue bonds. She assists
her clients in all municipal financing needs including debt modeling,
borrowing capacity analysis, debt refunding and restructuring and credit
analysis.
Lead Banker
Claude Lockhart Director Chicago, IL lockhartc@stifel.com (312) 454 – 3820
Claude Lockhart, Jr. serves in Stifel’s Chicago Public Finance office, where he
provides banking coverage and quantitative expertise for large issuers in the
Midwest and Northeast as well as certain pension-related financings
nationally. He has served on financing teams for over $4 billion of lead-
managed transactions across a variety of credits and market conditions for
states and state agencies, cities, towns, counties, fire districts, joint powers
authorities, and water and wastewater utilities. He is particularly experienced
in credit analysis and rating discussions, investor outreach, pension liability
management, and revenue securitization (sales tax revenue, contractual
revenue, and state revolving fund loan and lease revenue, among others). Mr.
Lockhart received a B.A. in Economics and Political Science from the University
of Chicago
Co-Banker
In addition to Mr. Reedy, Ms. Noble and Mr. Lockhart, the following Stifel employees will comprise the main team that will work
with the City and Speer Financial. All of these staff are experienced in Illinois financings and make up Stifel’s primary Illinois
team.
Deb Davis, Assistant Vice President will provide general transaction support. She currently assists the Stifel Illinois public
finance team in the research, marketing, and analysis for the structure of bond issues. She has over 25 years of experience
United City of Yorkville, IL Page 5
working in public finance, and joined Stifel in 2015. Her entire time at Stifel has been in the support of the completion of
various financings in the state of Illinois. Ms. Davis is based in Stifel’s St. Louis headquarters.
Nicholas von Raab, Vice President will serve as a quantitative specialist. He has served as the primary analytical support for
over 300 successful transactions in Illinois. He joined Stifel in 2016 after working for a federal government agency in
Washington, D.C. Mr. von Raab received a B.A. in Economics from the University of Virginia and is based in Stifel’s St. Louis
headquarters.
GENERAL EXPERIENCE
Please provide information on your firm’s experience in Illinois, including recent sales of securities for issuers comparable to the City. Please
provide detailed information on your firm’s recent comparable sales, focusing on negotiated tax-exempt issuances. Please include the date
of the sale, the spread per maturity to the MMD, the total underwriter’s discount (if applicable) on the transaction, and any other descriptive
information you deem important.
Stifel is fortunate to be an active underwriter throughout the State of Illinois, having worked extensively with local governments
of all sizes. Stifel has been a leading underwriter in Illinois for several years, and as shown in the table below, was the #2
underwriter of lead managed negotiated issues in Illinois in 2022 when ranked by number of issues. This is evidence of Stifel’s
ability to accomplish successful bond sales despite the difficult conditions that have characterized the Illinois bond market in
recent months and years. Stifel’s investment banking team, underwriters and salesforce have the experience and knowledge
that it takes in order to successfully bring the City’s Bonds to market at the right time and at the optimal interest rates. Please
see Stifel’s underwriting experience over the last three years in the State of Illinois in Appendix I.
Shown below and on the following pages is pricing information for four recent bond issues that Stifel has completed in recent
months in Illinois that we believe compare to the City’s proposed financing. We have assumed that the City’s proposed
issuance will not be bank qualified given the preliminary size of the issue. Each of the issues listed below were priced within
the recent months, was a negotiated, tax-exempt non-bank qualified transaction, and includes a mix of both water/sewer
revenue bond issues and Illinois-based general obligation issues.
Rank Firm # of
Issues Mkt.
Share
Par
Amount
(US$ mil)
1 Bernardi 44 22.6% $397.8
2 STIFEL 40 20.5 579.5
3 Raymond James 13 6.7 187.6
4 J P Morgan 12 6.2 2,390.9
5 Mesirow 10 5.1 125.5
6 Robert W Baird 9 4.6 287.4
7* Goldman Sachs 7 3.6 1,510.1
7* RBC 7 3.6 803.2
7* First Midstate 7 3.6 37.3
10* Huntington
Bancshares 5 2.6 165.2
Rank Firm # of
Issues Mkt.
Share
Par
Amount
(US$ mil)
1 STIFEL 729 15.3% $16,344.5
2 Piper Sandler 391 8.2 11,930.2
3 RBC 348 7.3 23,301.6
4 Raymond James 324 6.8 11,213.6
5 D A Davidson 296 6.2 3,610.7
6 Robert W Baird 218 4.6 4,715.4
7 BAML 203 4.3 29,429.2
8 J P Morgan 160 3.4 28,383.0
9 Wells Fargo 137 2.9 15,175.7
Source:SDC(FulltoBookEqualifJoint)negotiatedtransactionsrankedbynumberofissues.
AsofJanuary3,2023.
Illinois Rankings
2022 Lead Managed Negotiated Issues (Ranked by # of Issues)
National Lead Managed Financings
2022 Negotiated Issues (Ranked by # of Issues)
United City of Yorkville, IL Page 6
United City of Yorkville, IL Page 7
PRICED
TAXSTATUS SIZE
RATING
UNDERLYING
CALLDATE
MTY AMT CPN YTW SPR YTM SPR
2/1/2024 595,0005.000% 3.470%42 3.470% 42
2/1/2025 490,0005.000% 3.410%52 3.410% 52
2/1/2026 515,0005.000% 3.330%63 3.330% 63
2/1/2027 540,0005.000% 3.340%73 3.340% 73
2/1/2028 570,0005.000% 3.360%79 3.360% 79
2/1/2029 595,0005.000% 3.360%85 3.360% 85
2/1/2030 625,0005.000% 3.340%85 3.340% 85
2/1/2031 660,0005.000% 3.350%85 3.350% 85
2/1/2032 690,0005.000% 3.360%85 3.360% 85
2/1/2034 1,485,0005.000% 3.470%85 3.695% 107
2/1/2036 1,640,0005.250% 3.790%85 4.147% 121
2/1/2038 1,820,0005.500% 4.020%83 4.483% 129
2/1/2040 2,025,0005.500% 4.100%83 4.612% 134
2/1/2043 3,470,0005.500% 4.190%83 4.746% 139
2/1/2047 5,590,0005.500% 4.310%83 4.879% 140
N(NONͲBQ)/TAXABLE $21,310,000
ISSUE
ROCHESTERCUSD#3A
2/22/2023 SALETYPE NEGOTIATED
A1/AA/NR UNDERWRITER
A1/NR/NR STIFELNICOLAUS&COINC
2/1/2032@100 UWDISCOUNT $7.00
United City of Yorkville, IL Page 8
United City of Yorkville, IL Page 9
WATER SYSTEM EXPERIENCE
Please detail the experience of the firm and the assigned professional staff with issues similar to the financing for the Project that is being
considered by the City.
a. Describe your experience with any financings of similar size, types and structure
b. Given credit and marketing implications of water revenue bonds, please describe your firm’s suggestion for additional bonds test
and reserve requirements for such obligations.
Water System Experience
Since 2019, Stifel has ranked 1st amongst firms in senior managed water revenue issuances, and has senior managed 204
such transactions as well as co-managed another 160 transactions. Of the combined 364 transactions that Stifel served on,
117 of them were $10-$30 million of par, portraying Stifel’s familiarity with pricing water revenue bonds of the City’s
proposed size. Please see Stifel’s nationwide underwriting experience with water revenue bonds over the last two years
depicted in Appendix II. In 2022, Stifel was the #1 underwriter of negotiated water and sewer financings in the nation. Stifel
has extensive experience with water and sewer bonds, and some of our relevant Illinois experience is highlighted in the case
studies below.
Case Study—City of Springfield - City Water Light & Power, IL – Water System:
Stifel has served as municipal advisor to the City of Springfield, Illinois City Water, Light and Power (“CWLP”) since 2015.
Particular to the Water System, Stifel has worked with CWLP on several transactions to refinance outstanding bonds and secure
funds for new money projects. In 2018, Stifel worked with CWLP to refinance the outstanding Water Revenue Bonds, Series of
2008. This transaction was completed as a private placement with Texas Capital Bank and secured CWLP $1.7 million in NPV
savings or 9.87%. Since the reserve fund requirement is the sum of the maximum aggregate interest payment for each series
of outstanding bonds, the 2018 Bonds were structured with a short first coupon (20 days) to maximize the funds released from
the reserve in connection with the refinancing.
In 2020, Stifel worked with CWLP through the RFP process to select an underwriter for the negotiated sale of CWLP’s
$57,740,000 Water Revenue Bonds, Series of 2020A (Taxable) and $8,355,000 Water Revenue Bonds, Series of 2020B (Tax-
Exempt). Proceeds were used to refund all of the outstanding Water Revenue Bonds, Series of 2012 and pay the costs of
relocating the Water Distribution Facility due to the proximity of a high speed rail project and the age of current structures in
the approximate amount of $8 million. With the 2020 Bonds being the only publicly rated water debt, CWLP pursued a rating
from S&P. Moody’s rated the bonds lower than S&P and based on discussions with the underwriter, it was determined that
there would be no pricing differential from obtaining two ratings. The taxable refunding bonds amortize before the tax-exempt
new money bonds to lower the overall borrowing cost and the final maturity of the refunding bonds was extended to help debt
service coverage and prevent a rate increase in the near term. The 2020 Bonds were structured for additional cash flow relief
in the first five years to coincide with CWLP’s projections that include reduced revenues tied to the retirement of CWLP’s electric
generation plants. After year five, annual debt service increases slightly to allow CWLP to implement future rate increases over
time. In connection with the issuance, CWLP lowered the annual renewal and replacement fund contribution in the Ordinance
to 10% from 15% to help CWLP manage days cash on hand target and still cover qualified expenditures. Pricing for the 2020
Bonds occurred prior to the presidential election to lock in rates and secure savings for FY 2021.
Rank Firm #of
Issues Mkt.
Share
Par
Amount
(US$mil)
1 STIFEL 28 8.6% $773.3
2 Raymond James 26 8.0 629.6
3 Piper Sandler 18 5.5 1020.9
4 BofA Securities 17 5.2 1693.7
5 Baird 15 4.6 336.0
Water & Sewer Financings
2022 Negotiated Issues (Ranked by # of Issues)
United City of Yorkville, IL Page 10
In 2021, Stifel worked with CWLP to refinance the outstanding Water Revenue Refunding Bonds, Series of 2018. The 2020
Bonds were structured to align with CWLP’s revenue projections so level savings for the 2021 Bonds maintains the prior
structure established with the 2020 Bonds. The 2021 Bonds were privately placed with Marine Bank for NPV savings of $1.4
million or 10.64%.
Case Study—City of Chicago (IL) Second Lien Wastewater Transmission Revenue Bonds, Project Series 2023A and Refunding
Series 2023B ($452.58 million):
In May 2023, Stifel served as Bookrunner on the City of Chicago’s $452.48 million wastewater transaction. While Stifel was
Bookrunner of the City’s wastewater bonds, in the same week the City priced an issue of Second Lien Water Revenue Bonds,
Project Series 2023A and Refunding Series 2023B. While Stifel was not an underwriter of City’s water transaction, they were
issued pursuant to the same plan of finance as the wastewater issuance, and Stifel was closely involved in the document
review, input on the indenture, etc. Importantly, many of the same principles important to the success of the wastewater issue
carried over to the water issue. The wastewater bonds were the first Chicago wastewater issuance since 2017 and featured
both a new money and current refunding component. The new money proceeds will be used to fund the City’s sewer capital
improvement plan, including sewer mains, relining, and new sewer structures. The current refunding of the City’s Series 2012
bonds will produce economic savings and optimize the City’s aggregate debt service schedule to facilitate level to increasing
annual debt service coverage. Stifel crafted the plan of finance to meet a number of City financing objectives: integrate new
long-term revenue, expense, and consumption assumptions; produce a higher coverage requirement (at least 1.4x) excluding
certain pledged cash assets; and to modernize the legal structure of the credit by implementing a new Master Trust Indenture.
Stifel led a three-city investor roadshow with lunches in Chicago and Boston and a breakfast in New York, plus virtual one-on-
one meetings with key accounts in other geographies to communicate the City’s success in meeting their objectives.
The credit earned a rating upgrade to “A+” from S&P, maintained an “A” rating with a Positive outlook from Fitch, and
maintained a “AA-” rating from Kroll. The City qualified for bond insurance and economically insured all maturities (Assured
Guaranty). The new money component was structured with a 39-year final maturity using a mixture of coupons to best meet
investor demand at pricing. The plan of finance also brought exceptional optionality through a combination of 9-year and 10-
year par call options.
Due to certain time constraints, the Bonds priced on May 4th, the day after an FOMC meeting (25 basis point hike), the failure
of First Republic Bank, and two other City of Chicago transactions (including a similar Water credit mentioned above which was
rated one notch higher by Kroll). Despite significant volatility the week of pricing and accounts having already participated in
two City sales prior to the wastewater pricing, the bonds were met with strong participation from investors. Retail investors
accounted for 18% of all orders, with local IL retail accounting for 8% of orders. Bond funds participated most heavily in the
term bonds in years 25/30/35 and SMAs were very active in the belly and year 25. Stifel began pricing at spreads slightly
tighter than the higher underlying rated water credit that priced earlier that week, but the strength of the order book allowed
Stifel to reprice certain maturities 1-7 bps further tighter on the day of pricing which ultimately resulted in spreads 3 to 13 bps
tighter across the curve than the Water credit. The order book was very tight with 1x subscriptions in certain years. Stifel
ultimately committed to underwrite about $8 million of balances when a 1 basis point reprice caused 3 accounts to all drop
their orders in one maturity, but Stifel was able to find a new going-away account to purchase those bonds by the end of pricing
day.
Separately from the bonds, in the role of Solicitation Agent, Stifel helped the City obtain voluntary consent from bondholders
to release over $32.5 million of cash in two DSRFs, generating savings relative to alternatives for the City without any negative
change to ratings or pricing. The City released cash used to pay down prior bonds and further improve coverage.
United City of Yorkville, IL Page 11
Additional Bonds Test and Reserve Requirements
As the City prepares its financing plan, it is important to recognize broader rating themes and the context of the overall
infrastructure program. An issuance of General Obligation (ARS) bonds would simply require 1.25x coverage, per statute,
and would not require consideration of a debt service reserve fund, but it could also create direct rating pressure on the City’s
AA/stable from S&P, especially given S&P’s characterization of the City’s debt and contingent liability profile as “very weak.”
Should this rating pressure eventually result in a downgrade, this would result in increased borrowing costs for other capital
projects, which is why a pure Water System Revenue Bond may be preferred. Stifel’s experience with both Illinois GO issues
and water/sewer credits will enable us to assist the City and Speer Financial in determining the most advantageous security
structure. For a pure Water System Revenue Bond issuance, rating agencies will consider not only immediate funding needs,
but overall funding needs and the resulting pro forma. Further, rating agencies have also gravitated towards linking revenue
credits, even for essential service utility credits, to the issuer’s general creditworthiness either explicitly (number of notches
from GO-equivalent rating) or implicitly (incorporate issuer pension funding status, financial performance, etc.). Given the
City’s strong general creditworthiness, Stifel’s rating approach to a Water System Revenue Bond issue would account for the
City’s existing ratings and debt portfolio as well as the comprehensive water infrastructure plan and would be designed to
provide appropriate flexibility for the City while also maximizing marketability.
Additional Bonds Test
From a credit rating perspective (assuming use of only an S&P rating given expected transaction size), the ABT is a
requirement for sound legal provisions but will not be an important determinant for the rating because S&P’s rating
methodology for water revenue-supported credits focuses on actual coverage rather than an ABT. While their methodology
provides an indication for the rating score connected to particular coverage ranges, we find in practice that issuers generally
maintain coverage above the range indicated in S&P’s criteria. For example, while it is suggested in S&P’s criteria that
coverage in the range of 1.2-1.4x is commensurate with an ‘A’ rating, the median coverage for ‘A’-rated entities was 1.6x.
Coverage will ultimately be determined by borrowing need and prevailing market conditions, but it will be possible to
estimate the rating impact of estimated coverage levels. We also note that S&P will consider rate-setting policy and authority
to contextualize coverage levels.
From a marketing perspective, the City can attract a wide range of investors with a robust ABT given the relative size and
scope of the water utility. Given the exceptional stability of water revenues, an ABT of approximately 1.2-1.3x would be seen
as very strong, and Stifel would be highly involved in the drafting of the credit structure to allow for the issuance of additional
parity or subordinated debt at more favorable terms (i.e. subordinated IEPA loans with 1x ABT and rate covenant).
Reserve Requirements
Liquidity is another important element of S&P’s rating methodology, with particular focus on days’ cash on hand. The median
days’ cash on hand for ‘A’-rated water revenue credits was 374. As the City composes a long-term rate plan, it will be
important to maintain cash resources to support the rating and thereby reduce interest costs. Based on the City’s Water Fund
cash and investments as of April 30, 2022, we do not anticipate that additional liquidity by way of a debt service reserve
fund would make a difference in the rating outcome, but would provide an ultimate recommendation on such important
structuring factors after reviewing preliminary financial information as of the recently-ended fiscal year.
Investor liquidity preference closely track S&P’s criteria: a credit with significant system cash will be most marketable, with
a debt service reserve fund providing modest value. As described in the case study above, Stifel recently served the City of
Chicago as Bookrunning Senior Manager on its $452 million sewer revenue bonds, and also served the City as Solicitation
Agent in which role we solicited consent from holders of two prior bond series to eliminate their debt service reserve
requirement, which would allow the City to use over $32.5 million of cash in those reserves for the sewer system, with
investors receiving a modest $5 per $1,000 of par for which consent was submitted. Stifel successfully solicited consent on
both prior bond series which saved Chicago an estimated $1.8 million relative to other options to access the DSRF cash. The
small payment needed in exchange for releasing the cash illustrates the modest security value assigned by investors.
Stifel has significant recent experience crafting sophisticated, long-term water and sewer capital programs in line with client
rating and cost objectives and would be privileged to help the City consider a plan of finance that will optimize flexibility as
it embarks on this transformative service change at the lowest possible interest cost.
United City of Yorkville, IL Page 12
MARKETING PLAN
Please provide your anticipated marketing plan for the City’s Bonds. Please detail how this plan will benefit the City given the proposed
structure and term of the Bonds.
The following table outlines a preliminary marketing plan for the City’s Bonds. Importantly, our recommended plan may vary
slightly depending on the ultimate security for the City’s offering, and we have included a discussion of potentially differing
strategies for certain items. The plan starts with identifying strategies for generating institutional investor interest because
institutions are likely to drive the bond sale. Then, the plan quickly pivots to the importance of scheduling and a strong focus
on strategies for targeting retail investors. Importantly, Stifel boasts both one of the largest institutional sales forces in the
industry and one of the largest wealth management practices in Illinois, as described above, meaning these efforts will
complement one another rather than cannibalize one another. When community participation in a bond sale is a high priority,
the level of attention paid to the creation of a timeline takes on greater importance because local residents require ample time
to make an investment decision.
United City of Yorkville Sample Bond Marketing Plan
Strategy Description Benefit
Target Investors
Along the Yield
Curve
The municipal bond market receives interest from a
wide array of investor accounts, and different types of
investors tend to show interest in different parts of the
yield curve, as detailed in Exhibit 1 below. As a high
volume, active underwriter, our sales force is constantly
in communication with all of the most active buyers of
municipal bonds. As a result, our read on investment
accounts’ interest in various credits, structures,
couponing, etc. is always current and continually
updated, especially in Illinois. These buyers check in
daily with our underwriting and trading desk to look for
new inventory to fill their debt demand. Below we have
included a list of the largest holders of high-grade
Illinois GO and water/sewer revenue bonds for issues
under $100mm below, which would be high-priority
targets for the City’s proposed issuance.
Stifel utilizes this on-going information feedback
loop and frequent communication to maximize
pockets of demand, which is especially important
on deals with transactions maturing over 30 years
like the City’s, thereby driving yields lower due to
increased investor participation.
Internet
Roadshow with
Playback
Optional: Stifel can produce an internet roadshow
presentation and coordinate its release concurrently
with posting of the Preliminary Official Statement if the
financing team deems it worthwhile. This strategy may
be more worthwhile if the City pursues an issuance of
Water System Revenue Bonds as opposed to GO (ARS)
bonds, especially since it would be a new credit with
covenants that are unique to the City’s offering, versus
a standard general obligation pledge.
This platform has the ability to reach the greatest
number of interested buyers at their convenience,
and to effectively provide additional information and
color on the City’s credit. This is especially valuable
for new credits and those having unusual features.
Early Release of
POS
We recommend the offering document be available for
ten business days prior to the sale date.
Earlier release of the Preliminary Official Statement,
along with rating report(s), enhances the possibility
of a favorable response from institutional investors
and local residents alike.
Retail Order
Priority
Optional: Priority to Illinois or local area retail orders is
common on certain transactions, and Stifel would
recommend granting priority to retail investors for the
City’s bonds, particularly if local engagement is a
desired goal of the City’s. If this strategy is pursued,
we would also recommend targeting a limited number
of maturities with a dollar-price closer to par to help
attract retail investors, and offering a higher retail
takedown for these targeted maturities. An
appropriate definition of “retail investor” can vary by
transaction, but Stifel would recommend a broad
definition to include SMAs, or separately managed
accounts.
This strategy provides incentive for local investors to
take an active interest in the transaction since those
investors know their orders will likely get filled.
While a specifically designated retail order period
may not be appropriate for the City’s transaction, a
retail priority designation should be beneficial in
driving retail participation.
United City of Yorkville, IL Page 13
United City of Yorkville Sample Bond Marketing Plan
Strategy Description Benefit
Internal Sales
Communication
Stifel will create a sales point memorandum describing
the details of the financing and current information
related to the City for all of our retail and institutional
sales professionals, distributed at the time the
Preliminary Official Statement is posted. The
memorandum highlights salient points and summarizes
the credit for potential buyers.
This strategy is designed to disseminate
information succinctly and maximize interest with
our sales staff and, ultimately, investors.
As noted in the table above when discussing investor targeting, different types of investors tend to show interest in different
parts of the yield curve. Understanding this dynamic in the investor community will allow Stifel to appropriately target investors
across the yield curve. This is especially important for an issue such as the City’s, which is expected to be structured with level
debt service over 30 years. We would expect to target a diverse mix of investors in order to maximize pockets of demand across
the yield curve for the City’s bonds, as demonstrated in Exhibit 1 below.
Exhibit 1
In addition to targeting different types of accounts along different parts of the yield curve, we will target investors that we know
are large holders of both high-grade (“AA” category and above) Illinois general obligation bonds and water/sewer revenue
credits. We will not ignore those investors who have focused on issues and issuers that are significantly larger than the City’s
proposed issuance, but we have focused here on issues with a coupon of at least 3% and deal sizes of under $100 million. We
will consider investors who have actively participated in these relatively smaller issues to be the highest-priority targets. These
investors are shown in the tables below
United City of Yorkville, IL Page 14
REFERENCES
Provide names, addresses, and phone numbers of at least six governmental references.
Client references provide the best measure of performance, and Stifel encourages the City to call any of our clients to hear their
personal perspective of our level of service. The following information pertains to select, current banker references. Should
the City like to contact any of our other clients, Stifel would be happy to provide additional contact information
UNDERWRITING FEES
Please state a spread (in dollars per Bond) representing your firm’s proposed total compensation on this issue assuming your firm serves as
underwriter in a public bond sale. If you would expect the City to reimburse your firm for third party expenses, please provide an itemized
list of such expenses. At this point the City has not engaged a Disclosure Counsel. If your firm requires the use of an underwriter’s counsel,
please include that in your proposed expenses.
Shown below is Stifel’s proposed underwriting discount for the Bonds should the Bonds be issued via a negotiated public
offering. This underwriting spread includes expenses as detailed below; the expense component of the proposed spread
assumes an exact par amount of $10,000,000 for the Series 2023 Bonds.
Stifel’s philosophy on compensation for public offerings is to propose an underwriter’s discount that adequately compensates
brokers for selling the Bonds and covers the professional time of the bankers.
Stifel’s Proposed Underwriter’s Discount($ per Bond)
Underwriter’s Discount: $3.750 per $1,000
Estimated Expenses (detailed below): $0.332 per $1,000
Total Underwriter’s Discount: $4.082 per $1,000
Top Illinois GO Bondholders
Managing Firm Par ($)
The Vanguard Group, Inc 62,970,000
USAA Investment Management Company 36,225,000
Country Trust Bank 24,790,000
Cincinnati Financial Corporation 23,875,000
Farm Bureau Life Insurance Company 20,925,000
Hartford Investment Management Company 20,260,000
40/86 Advisors Inc 18,200,000
JP Morgan Asset Management 16,015,000
First Trust Advisors LP 15,480,000
MacKay Shields LLC 15,116,000
Top Illinois Water & Sewer Bondholders
Managing Firm Par ($)
New York Life Investment Management LLC 30,150,000
The Vanguard Group, Inc 29,995,000
Goldman Sachs Asset Management 27,685,000
USAA Asset Management Company 23,500,000
USAA Investment Management Company 21,725,000
Sentry Investment Management LLC 13,250,000
Country Trust Bank 10,945,000
Nuveen Asset Management LLC 10,780,000
Nuveen LLC 9,050,000
Columbia Threadneedle Investments 8,500,000
Client Name Client Contact Person Contact Information
City of Berwyn Ben Daish, Finance Director bdaish@ci.berwyn.il.us; (708) 749-6539
City of Chicago Jack Brofman, Deputy CFO Jack.brofman@cityofchicago.org; (312) 744-
5042
City of Springfield – City Water,
Light & Power Doug Brown, Chief Utility Engineer doug.brown@cwlp.com; (217) 789-2116
Community College City No. 510
(South Suburban College) Patrick Rush, VP of Administration prush@ssc.edu; (708) 296-2000 ext. 5721
Village of Franklin Park Barrett Pedersen, Mayor barrett@vofp.com; (847) 671-8235
Village of Orland Hills Brian O’Neill, Village Administrator boneill@orlandhills.org; (708) 789-1709
United City of Yorkville, IL Page 15
Below is a listing of additional expenses that would be applicable, which are included in the total underwriting spread shown
above.
Expense Description Estimated Cost ($) Estimated Cost ($ per Bond)*
DTC Setup $800 $0.080
Ipreo (estimated) $669 $0.067
CUSIPs (estimated) $1,105 $0.111
3rd-Party Continuing Disclosure Report $750 $0.075
Total: $3,324 $0.332
*Note: The Estimated Cost expressed as $ per Bond assumes a par amount of exactly $10,000,000 for the Series 2023 Bonds.
If the Bonds are to be sold as General Obligation Bonds (Alternate Revenue Source), and the City engages a disclosure counsel,
Stifel would not require underwriter’s counsel for this issuance. However, if the City does not engage disclosure counsel, then
Stifel will require underwriter’s counsel. If the Bonds are to be sold as Water System Revenue Bonds, Stifel will engage
underwriter’s counsel regardless of the presence of disclosure counsel. Stifel has received an indicative fee for the cost of
underwriter’s counsel, as shown below, which we would request to be reimbursed from costs of issuance:
Underwriter’s Counsel Estimated Fee
Underwriter’s Counsel Fee: $5,000
United City of Yorkville, IL Page-1
Appendix I
Stifel Illinois Underwriting Experience Since 2020
United City of Yorkville, IL Page 2
Dated Date Issuer Par ($ mils) State Issue Description Stifel Role
05/11/2023 Chicago City-Illinois 182.550 IL Wastewater Transmission
Bonds
Lead Manager
05/11/2023 Chicago City-Illinois 270.025 IL Wastewater Transmission
& Ref Bonds
Lead Manager
05/10/2023 South Suburban Comm Coll Dt
#510
10.340 IL GO Limited Tax Bonds Lead Manager
04/10/2023 Montgomery (Hillsboro) CUSD #3 7.205 IL GO School Bonds Lead Manager
04/06/2023 Vernon Hills Park Dt 5.115 IL GO Park Bonds Lead Manager
04/04/2023 Greene Co (Carrollton) CUSD #1 2.825 IL Debt Certificates Lead Manager
03/22/2023 Christian Co (Pana) CUSD #8 6.375 IL GO School Bonds Lead Manager
03/15/2023 St Clair Co (E St Louis) SD #189 9.610 IL GO School Bonds Lead Manager
03/14/2023 Sangamon (Rochester) CUSD #3A 21.310 IL GO School Bonds Lead Manager
03/08/2023 Lee Co (Dixon) SD #170 .650 IL GO Refunding School
Bonds
Lead Manager
03/01/2023 Cook Co (Thorton) College Dt
#510
10.037 IL GO Debt Certificates Bonds Lead Manager
02/24/2023 Chicago Heights Park Dt 1.675 IL GO Limited Tax Park Bonds Lead Manager
02/22/2023 Black Hawk Comm College Dt
#503
67.735 IL GO Community College
Bonds
Lead Manager
02/14/2023 Wabash Co CUSD #348 2.145 IL GO School Bonds Lead Manager
02/01/2023 Cook Co (Palatine) Ccsd 15 45.700 IL GO School Bonds Co-Manager
01/31/2023 Pleasant Plains CUSD #8 .275 IL GO Refunding School
Bonds
Lead Manager
01/31/2023 Pleasant Plains CUSD #8 7.630 IL GO Limited & School
Bonds
Lead Manager
12/30/2022 Lake Co (North Shore) SD #112 54.045 IL GO School Bonds Co-Manager
12/15/2022 Pike Co (Pikeland) CUSD #10 4.800 IL GO School Bonds Lead Manager
12/01/2022 Christian Co (Pana) CUSD #8 9.540 IL GO School Bonds Lead Manager
12/01/2022 Pleasant Dale Park Dt .700 IL GO Limited Tax Park Bonds Lead Manager
12/01/2022 Alsip Park Dt .990 IL GO Limited Park Bonds Lead Manager
12/01/2022 Burbank Park Dt .550 IL GO Limited Tax Park Bonds Lead Manager
12/01/2022 Bridgeview Park Dt .650 IL GO Limited Tax Park Bonds Lead Manager
12/01/2022 Summit Park Dt .290 IL GO Limited Park Bonds Lead Manager
11/30/2022 Rock Island SD #41 19.400 IL GO School Bonds Lead Manager
11/30/2022 West Chicago Park Dt .747 IL GO Limited Park Bonds Lead Manager
11/16/2022 Peoria Metropolitan Airport Auth 4.001 IL GO Airport Bonds Lead Manager
11/09/2022 Cook Co (Argo) CHSD #217 17.060 IL GO Limited Tax School
Bonds
Lead Manager
11/08/2022 DuPage Co (Glen Ellyn) CCSD #89 18.180 IL GO School Bonds Co-Manager
11/03/2022 Winnebago Co (Rockford) SD
#205
59.330 IL GO Refunding School
Bonds
Lead Manager
11/03/2022 Adams Co (Quincy) SD #172 9.951 IL Unlimited Tax GO Ref Schl
Bond
Lead Manager
10/28/2022 Black Hawk Comm College Dt
#503
75.000 IL GO Ltd Tax Debt Certs Lead Manager
United City of Yorkville, IL Page 3
10/03/2022 Williamson Co (Johnston) CSD #1 6.772 IL GO Limited Tax School
Bonds
Lead Manager
09/28/2022 Sangamon (New Berlin) CUSD
#16
23.495 IL GO School Bonds Lead Manager
09/28/2022 Sangamon (New Berlin) CUSD
#16
8.945 IL GO School Bonds Lead Manager
09/28/2022 Joliet City-Illinois 93.595 IL General Obligation Bonds Lead Manager
09/21/2022 Wabash Co (Mt Carmel) SD #348 3.915 IL GO School Bonds Lead Manager
09/21/2022 Orland Hills Village-Illinois 3.810 IL GO Alternate Rev Source
Bonds
Lead Manager
09/20/2022 Crystal Lake City-Illinois 6.770 IL GO Refunding Bonds Lead Manager
09/19/2022 St Clair Co (Millstadt) SD #160 .672 IL Debt Certificates Lead Manager
09/15/2022 Chicago City-Illinois 40.453 IL Multi-Family Housing Rev
Bonds
Lead Manager
09/13/2022 St Clair Co (OFallon) THSD #203 7.105 IL GO School Bonds Lead Manager
09/08/2022 Moultrie Co (Okaw Vlly) CUSD
#302
1.500 IL GO School Bonds Lead Manager
09/08/2022 Macoupin Co (Bunker Hill) CUSD
#8
2.025 IL Debt Certs & GO School
Bonds
Lead Manager
09/07/2022 Vermilion Co (Danville) CCSD
#118
4.520 IL GO Refunding School
Bonds
Lead Manager
09/07/2022 St Clair Co (Freeburg) CHSD #77 5.190 IL GO School Bonds Lead Manager
09/01/2022 Madison Co (Highland) CUSD #5 1.980 IL GO Refunding School
Bonds
Lead Manager
09/01/2022 Madison Co (Highland) CUSD #5 37.730 IL GO School Bonds Lead Manager
08/03/2022 McLean Co (Lexington) CUSD #7 6.435 IL GO School Bonds Lead Manager
07/12/2022 La Salle Co (Ottawa) SD #141 3.460 IL GO School Bonds Lead Manager
07/07/2022 Schuyler Co (Schuyler Ind) CUSD
#5
2.000 IL GO Alt Rev Source School
Bonds
Lead Manager
07/06/2022 Will Co (Wilmington) CUSD #209-
U
10.345 IL GO Ref & School Bonds Lead Manager
07/05/2022 St Clair Co (Freeburg) CHSD #77 1.666 IL Debt Certificates Lead Manager
07/05/2022 St Clair Co (Freeburg) CHSD #77 1.667 IL Debt Certificates Lead Manager
07/05/2022 St Clair Co (Freeburg) CHSD #77 1.667 IL Debt Certificates Lead Manager
06/28/2022 Cook Co (Homewood-Flossmoor)
CHSD #233
20.000 IL GO Limited Tax School
Bonds
Lead Manager
06/15/2022 Whiteside (Sterling) CUSD #5 2.260 IL GO School Bonds Lead Manager
06/15/2022 Whiteside (Sterling) CUSD #5 9.160 IL GO School Bonds Lead Manager
06/08/2022 Orland Park Village-Illinois 21.600 IL General Obligation Bonds Lead Manager
06/08/2022 Willowbrook-Illinois 1.020 IL General Obligation Bonds Lead Manager
06/08/2022 Willowbrook-Illinois 8.920 IL General Obligation Bonds Lead Manager
06/03/2022 McLean Co (Lexington) CUSD #7 2.520 IL Debt Certificates Lead Manager
05/25/2022 Vermilion Co (Rossville-Alvin)
CUSD #7
.665 IL GO School Bonds Lead Manager
05/24/2022 Bloomington City-Illinois 19.475 IL General Obligation Bonds Co-Manager
05/19/2022 Danville Area Comm Coll Dt #507 1.500 IL GO Community College
Bonds
Lead Manager
05/19/2022 Hickory Hills-Illinois 15.095 IL GO Alt Revenue Source
Bonds
Lead Manager
05/18/2022 Broadview Village-Illinois 1.065 IL GO Limited Tax Bonds Lead Manager
United City of Yorkville, IL Page 4
05/12/2022 Carmi-White Co CUSD #5 .435 IL GO Refunding School
Bonds
Lead Manager
05/12/2022 Carmi-White Co CUSD #5 3.940 IL GO Refunding School
Bonds
Lead Manager
05/12/2022 Logan Co (New Holland
Middletown) SD #88
.555 IL GO School Bonds Lead Manager
05/11/2022 Mattoon Twp Park Dt .849 IL GO Limited Tax Park Bonds Lead Manager
05/10/2022 St Clair Co (Freeburg) CCSD #70 1.171 IL GO School Bonds Lead Manager
05/04/2022 Prairieview-Ogden CCSD #197 .900 IL GO School Bonds Lead Manager
04/21/2022 Woodstock City-Illinois 9.000 IL General Obligation Bonds Lead Manager
04/21/2022 Woodstock City-Illinois 9.860 IL General Obligation Bonds Lead Manager
04/20/2022 Peoria Metropolitan Airport Auth .699 IL GO Airport Bonds Lead Manager
04/12/2022 Woodford Co (Metamora) SD #1 3.280 IL GO School Bonds Lead Manager
04/07/2022 Lake Co (Winthrop Harbor) SD #1 1.300 IL GO Limited Tax Debt Cert Lead Manager
04/05/2022 Round Lake Beach Village-Illinois 9.075 IL General Obligation Bonds Lead Manager
04/01/2022 Herrin City-Illinois 25.195 IL General Obligation Bonds Lead Manager
03/29/2022 Rock Valley Comm College Dt
#511
23.675 IL GO Comm Coll Refunding
Bonds
Co-Manager
03/25/2022 Wabash Co (Mt Carmel) SD #348 .664 IL GO School Bonds Lead Manager
03/17/2022 McDonough ( W Prairie) CUSD
#103
1.980 IL General Obligation School
Bonds
Lead Manager
03/15/2022 Monroe Co (Waterloo) CUSD #5 5.275 IL GO Refunding School
Bonds
Lead Manager
03/15/2022 Rock Island Co (Silvis) SD #34 2.245 IL GO School Bonds Lead Manager
03/09/2022 Peoria Co (Dunlap) CUSD #323 8.520 IL GO Refunding School
Bonds
Lead Manager
03/09/2022 Henry Co (Kewanee) CUSD #229 1.700 IL Debt Certificates Lead Manager
03/08/2022 Randolph Co (Chester) CUSD
#139
1.325 IL GO Ltd Tax Refunding
Bonds
Lead Manager
03/08/2022 Randolph Co (Chester) CUSD
#139
2.730 IL GO Ltd Tax & Ref School
Bonds
Lead Manager
03/03/2022 Henry-Stark-Bureau CUSD #230 1.500 IL GO School Bonds Lead Manager
03/03/2022 Cook Co (Homewood-Flossmoor)
CHSD #233
12.165 IL GO Limited Tax Ref School
Bonds
Lead Manager
03/03/2022 Sangamon Co (Springfield) SD
#186
60.570 IL GO Limited Tax School
Bonds
Lead Manager
03/02/2022 Macon Co (Maroa-Forsyth) CUSD
#2
2.000 IL GO School Bonds Lead Manager
03/02/2022 Pike Co (Western) CUSD #12 .750 IL General Obligation School
Bonds
Lead Manager
02/23/2022 Joliet Park Dt 3.713 IL GO Limited Tax Park Bonds Lead Manager
02/22/2022 Kendall Co (Oswego) CUSD #308 16.245 IL GO Limited Tax School
Bonds
Lead Manager
02/15/2022 Lake Co (Lake Forest) CHSD #115 13.525 IL GO Debt Certs Limited Tax
Bonds
Co-Manager
02/15/2022 St Clair Co (High Mount) SD #116 2.113 IL GO School Bonds Lead Manager
02/09/2022 Madison etc Comm Coll Dt #536 7.650 IL GO Ltd Tx Debt Certificates Lead Manager
02/09/2022 Skokie Village-Illinois 177.120 IL General Obligation Bonds Co-Manager
02/08/2022 Jo Daviess (E Dubuque) USD#119 4.125 IL GO Limited Tax School
Bonds
Lead Manager
02/03/2022 Henry Co (Geneseo) CUSD #228 3.825 IL GO School Bonds Lead Manager
United City of Yorkville, IL Page 5
02/03/2022 Livingston Co (Pontiac) CCSD
#429
1.300 IL GO Limited Tax School
Bonds
Lead Manager
02/02/2022 Franklin(Sesser-Valier)CUSD
#196
1.445 IL GO Limited Tax School
Bonds
Lead Manager
02/02/2022 Clinton Co (Breese) SD #12 1.350 IL GO School Bonds Lead Manager
02/01/2022 Grundy Co (Minooka) CHSD #111 8.660 IL GO Refunding School
Bonds
Lead Manager
02/01/2022 Bradley-Bourbonnais CHSD #307 8.360 IL GO Limited Tax School
Bonds
Lead Manager
01/25/2022 Berwyn City-Illinois 9.000 IL General Obligation Bonds Co-Manager
01/25/2022 Berwyn City-Illinois 90.800 IL General Obligation Bonds Co-Manager
01/18/2022 Madison etc Comm Coll Dt #536 13.900 IL GO Refunding Bonds Lead Manager
01/06/2022 Randolph (Red Bud) CUSD #132 8.275 IL GO Alt Rev Source School
Bonds
Lead Manager
01/04/2022 St Clair (Mascoutah) CUSD #19 5.880 IL GO Alt Rev Source Ref Sch
Bonds
Lead Manager
01/04/2022 Madison Co (Triad) CUSD #2 4.420 IL GO School Bonds Lead Manager
01/04/2022 Madison Co (Triad) CUSD #2 9.595 IL GO Refunding School
Bonds
Lead Manager
12/30/2021 Henry Co (Wethersfield) CUSD
#230
2.000 IL GO School Bonds Lead Manager
12/28/2021 Harwood Heights-Illinois 11.170 IL General Obligation Bonds Lead Manager
12/22/2021 Chicago City-Illinois 219.153 IL General Obligation Bonds Co-Manager
12/22/2021 Chicago City-Illinois 447.260 IL General Obligation Bonds Co-Manager
12/22/2021 Sales Tax Securitization Corp 394.155 IL Second Lien Sales Tax Sec
Bonds
Co-Manager
12/22/2021 Sales Tax Securitization Corp 609.865 IL Second Lien Sales Tax Sec
Bonds
Co-Manager
12/21/2021 Leyden Fire Protection Dt 10.625 IL GO Alt Rev Source Bonds Lead Manager
12/15/2021 Chicago Heights City-Illinois 9.200 IL General Obligation Bonds Lead Manager
12/07/2021 Macon Co (Maroa-Forsyth) CUSD
#2
27.360 IL GO School Bonds Lead Manager
12/07/2021 McHenry Co (Prairie Grove) CSD
#46
10.430 IL General Obligation School
Bonds
Co-Manager
12/01/2021 Galesburg City-Illinois 4.780 IL Revenue Bonds Lead Manager
12/01/2021 Galesburg City-Illinois 36.150 IL Revenue Bonds Lead Manager
12/01/2021 Bridgeview Park Dt .650 IL GO Limited Park Bonds Lead Manager
12/01/2021 Alsip Park Dt .950 IL GO Limited Tax Bonds Lead Manager
11/09/2021 Burbank City-Illinois 30.630 IL General Obligation Bonds Lead Manager
11/03/2021 St Clair (Belleville) THSD #201 16.395 IL GO School Bonds Lead Manager
10/28/2021 Henry Co (Geneseo) CUSD #228 4.000 IL Lease Certificates Lead Manager
10/27/2021 Westchester Village-Illinois 3.445 IL GO Sales Tx Alt Rev Source
Bonds
Lead Manager
10/27/2021 Franklin Park Village-Illinois 10.000 IL GO Refunding Debt Certs Lead Manager
10/26/2021 Wheaton City-Illinois 45.740 IL General Obligation Bonds Lead Manager
10/19/2021 Wilmette Village-Illinois 34.995 IL General Obligation Bonds Co-Manager
10/05/2021 Boone Co (Belvidere) CUSD #100 9.125 IL GO Refunding School
Bonds
Lead Manager
10/05/2021 Boone Co (Belvidere) CUSD #100 9.730 IL GO Refunding School
Bonds
Lead Manager
United City of Yorkville, IL Page 6
10/05/2021 Coles Co (Mattoon) CUSD #2 11.585 IL Debt Certificates Lead Manager
09/30/2021 Orland Hills Village-Illinois 4.690 IL GO Alt Rev Source Bonds Lead Manager
09/29/2021 Lake Co (Fox Lake) SD #114 6.615 IL GO Alt Rev Source School
Bonds
Lead Manager
09/22/2021 West Chicago Park Dt .580 IL GO Limited Park Bonds Lead Manager
09/22/2021 West Chicago Park Dt 1.830 IL GO Limited Park Bonds Lead Manager
09/21/2021 Madison Co (Bethalto) CUSD #8 .835 IL GO Refunding Bonds Lead Manager
09/21/2021 Madison Co (Bethalto) CUSD #8 18.420 IL General Obligation Bonds Lead Manager
09/15/2021 Cook Co (Burbank) SD #111 1.880 IL GO Alt Rev Source Schl
Bonds
Lead Manager
09/02/2021 Henry Co (Kewanee) CUSD #229 .095 IL GO Alt Rev Source School
Bonds
Lead Manager
09/02/2021 Henry Co (Kewanee) CUSD #229 3.525 IL GO Alt Rev Source School
Bonds
Lead Manager
08/24/2021 Lincolnwood Village-Illinois 9.085 IL General Obligation Bonds Co-Manager
08/17/2021 Morgan (Jacksonville) CUSD #117 3.265 IL GO Alt Revenue Source
Bonds
Lead Manager
08/17/2021 Morgan (Jacksonville) CUSD #117 9.200 IL GO Alt Revenue Source
Bonds
Lead Manager
08/12/2021 Danville Area Comm Coll Dt #507 1.499 IL GO Community College
Bonds
Lead Manager
07/30/2021 St Clair Co (Lebanon) CUSD #9 7.605 IL GO Refunding School
Bonds
Lead Manager
07/29/2021 Country Club Hills City-Illinois 4.235 IL GO Refunding Bonds Lead Manager
07/15/2021 Godfrey Fire Protection Dt 7.125 IL General Obligation Bonds Lead Manager
07/08/2021 Du Quoin-Illinois 7.665 IL General Obligation Bonds Lead Manager
06/16/2021 Bensenville Fire Protection Dt #2 15.350 IL General Obligation Bonds Lead Manager
06/15/2021 Marion Co (Salem) SD #111 5.330 IL GO Ltd Sch & Alt Rev
Source Bonds
Lead Manager
06/15/2021 Monroe Co (Valmeyer) CUSD #3 3.125 IL General Obligation Bonds Lead Manager
06/10/2021 McLean Co (Lexington) CUSD #7 2.235 IL GO Refunding School
Bonds
Lead Manager
06/09/2021 Coles-Cumberland Cos CUSD #1 12.108 IL Debt Certificates Lead Manager
06/03/2021 Randolph Co (Sparta) CUSD #140 5.630 IL GO Limited Tax School
Bonds
Lead Manager
06/01/2021 Southern Illinois Univ Bd of Tr 49.075 IL Hsg & Aux Facs Sys Ref Rev
Bonds
Lead Manager
05/25/2021 Franklin Park Village-Illinois 6.130 IL GO Alt Rev Source Ref
Bonds
Lead Manager
05/20/2021 Champaign Co (Urbana) SD #116 2.650 IL GO Refunding School
Bonds
Lead Manager
05/20/2021 Champaign Co (Urbana) SD #116 3.065 IL GO Limited Tax School
Bonds
Lead Manager
05/20/2021 Champaign Co (Urbana) SD #116 8.845 IL GO Limited Tax School
Bonds
Lead Manager
04/29/2021 Westchester Village-Illinois 16.525 IL General Obligation Bonds Lead Manager
04/22/2021 Evanston City-Illinois 8.275 IL Educational Facility Rev
Bonds
Lead Manager
04/14/2021 Sangamon Co (Ball-Chatham)
CUSD #5
6.775 IL GO Refunding Bonds Lead Manager
04/07/2021 Belleville City-Illinois 4.850 IL Tx Inc & Sales Tax Ref Rev
Bonds
Lead Manager
04/07/2021 Belleville City-Illinois 10.300 IL Tx Inc & Sales Tax Ref Rev
Bonds
Lead Manager
United City of Yorkville, IL Page 7
03/25/2021 Jersey Co-Illinois 3.175 IL GO Alt Rev Source Bonds Lead Manager
03/24/2021 Illinois 1,257.960 IL General Obligation & Ref
Bonds
Co-Manager
03/16/2021 De Witt (Blue Ridge) CUSD #18 .700 IL GO School Bonds Lead Manager
03/16/2021 De Witt (Blue Ridge) CUSD #18 2.510 IL GO School Refunding
Bonds
Lead Manager
03/11/2021 Macoupin Co (Carlinville) CUSD
#1
.785 IL GO Limited Tax School
Bonds
Lead Manager
03/11/2021 Macoupin Co (Carlinville) CUSD
#1
4.045 IL GO Limited Tax School
Bonds
Lead Manager
03/10/2021 La Salle Co (Ottawa) SD #141 4.000 IL GO School Bonds Lead Manager
03/10/2021 Calhoun-Greene Cos CUSD #40 .550 IL GO Refunding School
Bonds
Lead Manager
03/10/2021 Calhoun-Greene Cos CUSD #40 1.495 IL GO School Bonds Lead Manager
03/04/2021 Brown Co (Mount Sterling) CUSD
#1
3.305 IL GO Refunding School
Bonds
Lead Manager
03/03/2021 Cook Co (Niles) TSED #807 3.095 IL Special Education Bonds Lead Manager
03/03/2021 Bureau (Bureau Vlly) CUSD #340 1.897 IL GO School Bonds Lead Manager
03/02/2021 Adams Co (Quincy) SD #172 3.150 IL GO School Bonds Lead Manager
03/01/2021 Madison Co (Edwardsville) CUSD
#7
11.230 IL GO Refunding School
Bonds
Lead Manager
02/25/2021 Woodford Co (Fieldcrest) CUSD
#6
13.350 IL GO School Bonds Lead Manager
02/25/2021 Joliet Park Dt 7.755 IL GO Limited Tax Park Bonds Lead Manager
02/25/2021 Broadview Village-Illinois 1.050 IL GO Limited Tax Bonds Lead Manager
02/23/2021 Bradley Village-Illinois 11.880 IL GO Alt Revenue Source
Bonds
Lead Manager
02/18/2021 Macon Co (Decatur) SD #61 18.310 IL GO School Bonds Lead Manager
02/16/2021 McDonough ( W Prairie) CUSD
#103
1.980 IL GO School Bonds Lead Manager
02/16/2021 Rock Island Co (Silvis) SD #34 2.450 IL GO Refunding School
Bonds
Lead Manager
02/11/2021 St Clair Co (Freeburg) CHSD #77 5.430 IL GO School Bonds Lead Manager
02/10/2021 Fayette (Vandalia) CUSD #203 .270 IL GO Refunding School
Bonds
Lead Manager
02/10/2021 Fayette (Vandalia) CUSD #203 3.750 IL GO School Bonds Lead Manager
02/10/2021 Madison Co (Highland) CUSD #5 3.840 IL GO School Bonds Lead Manager
02/10/2021 Illinois Housing Dev Authority 10.500 IL Multi-Family Housing Rev
Bonds
Lead Manager
02/01/2021 Coles Co (Mattoon) CUSD #2 3.875 IL GO Alt Rev Source Ref Sch
Bonds
Lead Manager
02/01/2021 Jefferson Co (Mt Vernon) SD# 80 1.846 IL GO Refunding Debt
Certificates
Lead Manager
02/01/2021 Jo Daviess Co (Galena) USD #120 12.650 IL GO Alt Rev Source School
Bonds
Lead Manager
01/04/2021 St Clair (Mascoutah) CUSD #19 6.580 IL GO Alt Rev Source Ref Sch
Bonds
Lead Manager
12/29/2020 Rend Lake Comm Coll Dt #521 1.140 IL GO Refunding Bonds Lead Manager
12/29/2020 Rend Lake Comm Coll Dt #521 5.785 IL GO Community College
Bonds
Lead Manager
12/29/2020 Woodford Co (Fieldcrest) CUSD
#6
18.780 IL GO School Bonds Lead Manager
12/23/2020 Marengo Park Dt .910 IL GO Alt Rev Source Ref Park
Bonds
Lead Manager
United City of Yorkville, IL Page 8
12/23/2020 Marengo Park Dt 1.220 IL GO Alt Rev Source Ref Park
Bonds
Lead Manager
12/22/2020 Jackson (Murphysboro) CUSD
#186
2.830 IL GO Alt Rev Source School
Bonds
Lead Manager
12/17/2020 Illinois State Toll Highway Auth 500.000 IL Toll Highway Sr Revenue
Bonds
Co-Manager
12/10/2020 Perry Co (Duquoin) CUSD #300 1.539 IL GO Refunding School
Bonds
Lead Manager
12/01/2020 Bridgeview Park Dt .635 IL GO Limited Tax Bonds Lead Manager
12/01/2020 Hoffman Estates Park Dt .560 IL GO Limited Tax Bonds Lead Manager
12/01/2020 Hoffman Estates Park Dt 2.680 IL GO Limited Tax Bonds Lead Manager
11/24/2020 Berwyn City-Illinois 7.140 IL Tax Increment Revenue
Bonds
Lead Manager
11/17/2020 Community College Dt #522 4.290 IL GO Refunding Bonds Lead Manager
11/17/2020 Community College Dt #522 12.500 IL General Obligation Bonds Lead Manager
11/12/2020 Kendall Co (Oswego) CUSD #308 44.690 IL GO Refunding School
Bonds
Lead Manager
11/05/2020 Vermilion Co (Rossville-Alvin)
CUSD #7
2.970 IL GO School Bonds Lead Manager
11/05/2020 Summit-Illinois 4.985 IL General Obligation Bonds Lead Manager
11/04/2020 De Witt (Blue Ridge) CUSD #18 4.695 IL GO Refunding School
Bonds
Lead Manager
10/28/2020 Schaumburg Village-Illinois 12.085 IL General Obligation Bonds Co-Manager
10/28/2020 Williamson Co (Marion) CUSD #2 9.065 IL GO LTd Tx & School Ref
Bonds
Lead Manager
10/27/2020 Knox Co (Galesburg) CUSD #205 10.925 IL GO Alt Rev Source Sch Re
Bonds
Lead Manager
10/27/2020 Knox Co (Galesburg) CUSD #205 13.930 IL GO School Bonds Lead Manager
10/15/2020 Woodford Co (Roanoke-Benson)
CUSD #60
5.855 IL GO Refunding School
Bonds
Lead Manager
10/14/2020 De Witt Co (Clinton) CUSD #15 6.555 IL GO Refunding School
Bonds
Lead Manager
10/13/2020 Oak Park Village-Illinois 3.810 IL GO Corporate Purpose Ref
Bonds
Co-Manager
10/07/2020 Macon Co (Decatur) SD #61 59.755 IL GO Alt Rev Source Ref Sch
Bonds
Lead Manager
10/07/2020 Chicago City-Illinois 465.785 IL Gen Airport Sr Ln Rev Ref
Bonds
Co-Manager
10/07/2020 Chicago City-Illinois 753.330 IL Gen Airport Sr Ln Rev & Ref
Bonds
Co-Manager
10/06/2020 Chicago Park District 107.970 IL GO Ref & Alt Rev Source
Bonds
Co-Manager
09/30/2020 West Chicago Park Dt 5.545 IL GO Refunding Park Bonds Lead Manager
09/30/2020 West Chicago Park Dt .570 IL GO Limited Park Bonds Lead Manager
09/30/2020 West Chicago Park Dt 7.515 IL GO Limited Tax & Ref Park
Bonds
Lead Manager
09/22/2020 Vermilion Co (Danville) CCSD
#118
1.090 IL GO Refunding School
Bonds
Lead Manager
09/22/2020 Vermilion Co (Danville) CCSD
#118
8.050 IL GO Refunding School
Bonds
Lead Manager
09/15/2020 Macon Co (Maroa-Forsyth) CUSD
#2
5.640 IL GO School Bonds Lead Manager
09/09/2020 De Kalb Co-Illinois 13.000 IL GO Alt Revenue Source
Bonds
Co-Manager
09/03/2020 Chicago Transit Authority 534.005 IL Sales Tax Receipts Ref
Bonds
Co-Manager
United City of Yorkville, IL Page 9
08/10/2020 DuPage Co (Villa Park) SD #45 26.270 IL GO School Building Bonds Co-Manager
08/04/2020 DuPage Co (Lombard) SD #44 .675 IL GO Limited School Bonds Lead Manager
08/04/2020 DuPage Co (Lombard) SD #44 8.785 IL GO Limited School Bonds Lead Manager
07/30/2020 Sangamon (Williamsville) CUSD
#15
40.000 IL GO School Bonds Lead Manager
07/16/2020 Sangamon (Williamsville) CUSD
#15
.940 IL GO Alt Rev Source School
Bonds
Lead Manager
07/16/2020 Sangamon (Williamsville) CUSD
#15
9.020 IL GO Alt Rev Source School
Bonds
Lead Manager
07/13/2020 Illinois Finance Authority 45.055 IL Local Government Prog Rev
Bonds
Co-Manager
07/09/2020 Wilmette Village-Illinois 30.025 IL General Obligation Bonds Co-Manager
06/30/2020 St Clair Co (Lebanon) CUSD #9 2.885 IL GO School Bonds Lead Manager
06/23/2020 Boone Co (Belvidere) CUSD #100 26.180 IL GO Refunding School
Bonds
Lead Manager
06/23/2020 Williamson Co (Crab Orchard)
CUSD #3
.400 IL GO Limited Tax School
Bonds
Lead Manager
06/17/2020 Madison Co (Bethalto) CUSD #8 .860 IL GO School Refunding
Bonds
Lead Manager
06/17/2020 Madison Co (Bethalto) CUSD #8 6.150 IL GO School Bonds Lead Manager
06/15/2020 St Clair Co (Signal Hill) SD #181 2.455 IL GO School Bonds Lead Manager
06/10/2020 Greene Co (Greenfield) CUSD #10 2.100 IL GO Limited Tax School
Bonds
Lead Manager
06/10/2020 Rock Island SD #41 14.700 IL GO Alt Rev Source School
Bonds
Lead Manager
05/28/2020 Chicago Heights City-Illinois 40.000 IL GO Refunding Bonds Lead Manager
05/22/2020 St Clair Co (Dupo) SD #196 6.930 IL GO School Bonds Lead Manager
05/20/2020 Macon Co (Decatur) SD #61 4.985 IL GO Refunding School
Bonds
Lead Manager
05/20/2020 Macon Co (Decatur) SD #61 31.235 IL GO School Bonds Lead Manager
05/15/2020 Randolph Co (Chester) CUSD
#139
3.295 IL GO Limited Tax School
Bonds
Lead Manager
05/13/2020 Madison Co (Alton) CUSD #11 16.765 IL GO School Bonds Lead Manager
05/06/2020 Sangamon Co (Springfield) SD
#186
8.415 IL General Obligation Bonds Lead Manager
05/06/2020 Sangamon Co (Springfield) SD
#186
75.285 IL General Obligation Bonds Lead Manager
05/05/2020 Rock Island Co (Moline) SD #40 6.395 IL GO Refunding Schools
Bonds
Lead Manager
04/09/2020 McDonough ( W Prairie) CUSD
#103
3.890 IL GO Alt Rev Source School
Bonds
Lead Manager
03/31/2020 Western Illinois Univ Bd of Trust 36.765 IL Auxiliary Facs Sys Ref Rev
Bonds
Lead Manager
03/30/2020 DuPage Co (Queen Bee) SD #16 7.610 IL GO Alt Rev Source School
Bonds
Co-Manager
03/24/2020 Westchester Village-Illinois 4.885 IL Motor Fuel Tax Alt Source
Bonds
Lead Manager
03/05/2020 Champaign Co (Rantoul) SD #137 4.450 IL GO Ref Sch Alt Rev Source
Bonds
Lead Manager
03/05/2020 St Libory Fire Protection Dt .495 IL GO Refunding Bonds Lead Manager
02/26/2020 Peoria SD #150 1.115 IL GO Refunding School
Bonds
Lead Manager
02/26/2020 Peoria SD #150 12.975 IL GO School Bonds Lead Manager
United City of Yorkville, IL Page 10
02/25/2020 Highland Comm College Dt #519 4.950 IL GO Community College
Bonds
Lead Manager
02/18/2020 Lewis & Clark Comm Coll Dt #536 31.560 IL GO Refunding Bonds Lead Manager
02/18/2020 Joliet Park Dt 4.520 IL GO Limited Tax Park Bonds Lead Manager
02/13/2020 Cook Co (Indian Springs) SD
#109
5.465 IL GO Limited Tax School
Bonds
Lead Manager
02/12/2020 Maywood-Melrose Park-
Broadview SD #89
5.870 IL GO Debt Certificates Lead Manager
02/12/2020 St Clair Co (Smithton) CSD #130 5.000 IL General Obligation School
Bonds
Lead Manager
02/09/2020 St Clair Co (Freeburg) CHSD #77 3.495 IL General Obligation Bonds Lead Manager
01/30/2020 Chicago City-Illinois 466.495 IL GO Refunding Bonds Co-Manager
01/30/2020 Sales Tax Securitization Corp 495.810 IL 2nd Ln Sales Tax
Securitization
Co-Manager
01/30/2020 Sales Tax Securitization Corp 521.105 IL 2nd Ln Sales Tax
Securitization
Co-Manager
01/23/2020 Champaign CUSD #4 14.518 IL GO School Building Bonds Lead Manager
01/23/2020 Champaign CUSD #4 65.860 IL GO School Building & Ref
Bonds
Lead Manager
Source: Thomson Reuters, SDC
United City of Yorkville, IL Page-1
Appendix II
Stifel Water Revenue Underwriting Experience Since 2021
United City of Yorkville, IL Page 2
Dated Date Issuer Par ($ mils) State Issue Description Stifel Role
05/18/2023 Oklahoma Water Res Bd
(OWRB)
175.000 OK Revenue Bonds Co-Manager
05/11/2023 Chicago City-Illinois 182.550 IL Wastewater Transmission
Bonds
Lead Manager
05/11/2023 Chicago City-Illinois 270.025 IL Wastewater Transmission
& Ref Bonds
Lead Manager
05/03/2023 Jersey City Municipal Util Auth 130.000 NJ Sewer & Water Project
Notes
Lead Manager
04/26/2023 New Hampshire Business Fin
Auth
.105 NH Water Facility Revenue
Bonds
Lead Manager
03/23/2023 Dallas City-Texas 166.330 TX Wtrwks and Swr Sys Rev
Ref Bonds
Lead Manager
03/21/2023 NYC Municipal Water Fin Auth 1,293.000 NY Wtr &Swr Sys 2nd Gen Res
Rev Bonds
Co-Manager
01/26/2023 Northern Kentucky Water Dt 17.615 KY Revenue Bonds Co-Manager
12/21/2022 Bucks Co Water & Sewer Auth 144.325 PA Sewer Sys Revenue Bonds Co-Manager
12/15/2022 San Jose Financing Authority 268.355 CA Wastewater Revenue
Bonds
Co-Manager
12/01/2022 Dayton City-Ohio 23.080 OH Water System Rev Bonds Lead Manager
11/22/2022 Mt View Shoreline Reg Pk
Comm
21.565 CA Refunding Revenue Bonds Lead Manager
11/22/2022 NYC Municipal Water Fin Auth 24.915 NY Water & Sewer System
Bonds
Co-Manager
11/22/2022 NYC Municipal Water Fin Auth 27.145 NY Water & Sewer System
Bonds
Co-Manager
11/22/2022 NYC Municipal Water Fin Auth 27.150 NY Water & Sewer System
Bonds
Co-Manager
11/22/2022 NYC Municipal Water Fin Auth 670.790 NY Water & Sewer System
Bonds
Co-Manager
11/17/2022 Pittsburgh Water & Sewer
Auth
44.550 PA Water & Swr Sys 1st Lien
Bonds
Co-Manager
11/16/2022 Pima Co-Arizona 68.225 AZ Sewer Sys Rev & Ref Oblig
Bonds
Co-Manager
11/10/2022 Temple City-Texas 17.695 TX Utility System Rev Bonds Co-Manager
11/09/2022 White City Water Improvement
Dt
8.000 UT Water Revenue Bonds Lead Manager
11/08/2022 Indiana Finance Authority 79.900 IN State Revolv Fund Program
Bonds
Co-Manager
10/13/2022 Texas Water Development
Board
961.850 TX St Wtr Implementation Rev
Fund
Co-Manager
10/12/2022 Walton Co Wtr & Sewerage Au 22.925 GA Revenue Bonds Lead Manager
10/12/2022 Walton Co Wtr & Sewerage Au 42.860 GA Revenue Bonds Lead Manager
09/30/2022 SE Monmouth Municipal Utils
Auth
3.530 NJ Water Revenue Bonds Lead Manager
09/30/2022 SE Monmouth Municipal Utils
Auth
4.035 NJ Water Revenue Project
Notes
Lead Manager
09/15/2022 Danville-Indiana 12.715 IN Water Revenue Bonds Lead Manager
09/15/2022 El Paso City-Texas 267.585 TX Water & Swr Rev Imp & Ref
Bonds
Co-Manager
09/08/2022 St Charles Co Pub Wtr Supp Dt
#2
43.145 MO Certificates of Participation Co-Manager
08/25/2022 Mesa City-Arizona 57.655 AZ Utility Sys Rev Ref Oblig
Bonds
Co-Manager
08/16/2022 Windsor Town-Colorado 17.120 CO Wastewater Enterprise Rev
Bonds
Lead Manager
United City of Yorkville, IL Page 3
08/16/2022 Philadelphia City-
Pennsylvania
294.810 PA Water & Wastewater Rev
Bonds
Co-Manager
08/01/2022 Ohio Water Development
Authority
31.000 OH Revenue BANs Lead Manager
07/15/2022 Corpus Christi City-Texas 92.465 TX Utility Sys Jr Lien Rev Imp
Bonds
Co-Manager
07/12/2022 Olathe City-Kansas 3.025 KS Stormwater Syste Rev
Bonds
Co-Manager
07/12/2022 Olathe City-Kansas 11.740 KS Water & Sewer Sys Imp Rev
Bonds
Co-Manager
06/30/2022 Limestone Co Water & Sewer
Auth
22.520 AL Water & Sewer Rev Bonds Lead Manager
06/23/2022 North Versailles Twp Sanit
Auth
5.437 PA Guaranteed Sewer Rev
Bonds
Lead Manager
06/23/2022 Bloomington City-Indiana 15.430 IN Waterworks Revenue
Bonds
Lead Manager
06/22/2022 Mesa City-Arizona 16.075 AZ Utility System Rev Oblig
Bonds
Co-Manager
06/22/2022 Mesa City-Arizona 54.705 AZ Utility System Rev Oblig
Bonds
Co-Manager
06/17/2022 Hanceville Water Works & Swr
Bd
4.225 AL Water and Sewer Rev
Bonds
Lead Manager
06/09/2022 Evansville City-Indiana 52.550 IN Waterworks Dt Revenue
Bonds
Lead Manager
06/07/2022 North Colorado Water Conserv
Dt
33.940 CO Certificates of Participation Lead Manager
05/25/2022 Indiana Finance Authority 16.000 IN Water Utility Revenue
Bonds
Lead Manager
05/25/2022 Honolulu City & Co-Hawaii 241.355 HI Wastewater System Rev
Bonds
Co-Manager
05/20/2022 Orange Beach Wtr Swr & Fire
Auth
65.540 AL Water Revenue Bonds Lead Manager
05/19/2022 Oklahoma Water Res Bd
(OWRB)
74.465 OK State Loan Program Rev
Bonds
Co-Manager
05/13/2022 Donalsonville-Georgia 6.070 GA Revenue Bonds Lead Manager
05/13/2022 Knoxville City-Tennessee 14.915 TN Wastewater Sys Rev Ref
Bonds
Co-Manager
05/05/2022 Coachella Water Authority 6.225 CA Water Revenue Refunding
Bonds
Lead Manager
05/05/2022 Colorado Wtr Res & Pwr Dev
Au
37.150 CO State Revolving Fund Rev
Bonds
Lead Manager
05/05/2022 Jersey City Municipal Util Auth 130.000 NJ Water & Sewer Project
Notes
Lead Manager
05/03/2022 Jones Co Public Facilities Auth 15.735 GA Revenue Bonds Lead Manager
05/01/2022 Brownsville City-Texas 17.165 TX Utility Sys Revenue Ref
Bonds
Co-Manager
05/01/2022 Brownsville City-Texas 35.605 TX Utility Sys Revenue Ref
Bonds
Co-Manager
04/07/2022 Fairview City-Utah 1.275 UT Water & Sewer Rev Ref
Bonds
Lead Manager
04/07/2022 West Lafayette City-Indiana 7.630 IN Sewage Works Revenue
Bonds
Lead Manager
04/05/2022 Jefferson Parish Consol Swr Dt
#1
94.785 LA Sewer Revenue Bonds Lead Manager
03/31/2022 Beauregard Parish Wtrwrks Dt
#3
4.000 LA Water Revenue Bonds Lead Manager
03/31/2022 West Knox Utility Dt 25.435 TN Wtr & Swr Rev Ref Bonds Co-Manager
03/29/2022 Jefferson Parish Water Dt #2 180.780 LA Water Revenue & Ref
Bonds
Lead Manager
United City of Yorkville, IL Page 4
03/17/2022 NYC Municipal Water Fin Auth 778.970 NY Wtr&Swr Sys 2nd Gen Res
Rev Bonsd
Co-Manager
03/16/2022 Oklahoma Water Res Bd
(OWRB)
29.260 OK State Loan Program Rev
Bonds
Co-Manager
03/14/2022 University Area Joint Authority 9.000 PA Sewer Revenue Bonds Lead Manager
03/03/2022 Manheim Area Wtr & Swr Auth 8.875 PA Guaranteed Wtr & Sewer
Rev Bonds
Lead Manager
03/01/2022 Huntsville City-Texas 19.575 TX Water & Wastewtr Sys Rev
Bonds
Co-Manager
02/23/2022 Coachella Water Authority 4.895 CA Water Revenue Refunding
Bonds
Lead Manager
02/17/2022 Pineville-Louisiana 10.000 LA Utilities Revenue Bonds Lead Manager
02/10/2022 Castle Rock Town-Colorado 25.455 CO Water&Sewer Enterprise
Rev Bonds
Lead Manager
02/10/2022 NYC Municipal Water Fin Auth 500.000 NY Water & Sewer Revenue
Bonds
Co-Manager
01/31/2022 Bargersville Town-Indiana 24.825 IN Waterworks Rev & Ref
Bonds
Lead Manager
01/27/2022 Kentucky Rural Water Fin Corp 14.820 KY Public Project Ref Rev
Bonds
Co-Manager
12/29/2021 Gresham City-Oregon 41.455 OR Water Revenue Bonds Co-Manager
12/28/2021 Russell Co Water Authority 4.535 AL Water Rev Refunding
Bonds
Lead Manager
12/28/2021 Yuma City-Arizona 71.040 AZ Utility System Rev Oblig
Bonds
Lead Manager
12/23/2021 Bargersville Town-Indiana 7.275 IN Sewage Works Rev Bonds Lead Manager
12/22/2021 Oklahoma Water Res Bd
(OWRB)
26.320 OK State Loan Program Rev
Bonds
Co-Manager
12/22/2021 Fishers City-Indiana 88.055 IN Sewage Works Revenue
Bonds
Lead Manager
12/22/2021 Oklahoma Water Res Bd
(OWRB)
199.000 OK Revolving Fund Revenue
Bonds
Co-Manager
12/21/2021 Bloomington City-Indiana 5.705 IN Sewage Works Ref
Revenue Bonds
Lead Manager
12/21/2021 Stonegate Village Metro Dt 11.400 CO Wastewater Enterprise Ref
Bonds
Lead Manager
12/21/2021 Stonegate Village Metro Dt 12.670 CO Water Enterprise Rev Ref
Bonds
Lead Manager
12/21/2021 Owensboro Reg Water
Resource Agy
13.890 KY Wastewater Revenue
Bonds
Co-Manager
12/16/2021 Bargersville Town-Indiana 1.660 IN Stormwater Ref Rev Bonds Lead Manager
12/15/2021 Yarmouth Water Dt 3.780 ME Water System Revenue
Bonds
Co-Manager
12/08/2021 Escondido City-California 21.550 CA Wastewater Rev Ref Bonds Lead Manager
11/23/2021 Walton Co Wtr & Sewerage Au 26.540 GA Revenue Refunding Bonds Lead Manager
11/18/2021 Poway Public Finance Auth 12.930 CA Water Revenue Bonds Lead Manager
11/10/2021 Midland Co Fresh Wtr Supply
Dt #1
31.020 TX Revenue Refunding Bonds Co-Manager
11/09/2021 Kentucky Rural Water Fin Corp 17.430 KY Construction Bonds Lead Manager
11/04/2021 Show Low City-Arizona 4.758 AZ Excise Tax Rev Obligation Lead Manager
11/04/2021 Texas Water Development
Board
386.155 TX State Revolving Fund Rev
Bonds
Co-Manager
11/03/2021 Jefferson Co Pub Wtr Sup Dt
#6
3.395 MO Certificates of Participation Lead Manager
10/29/2021 Montevallo Wtrwks & Swr
Board
8.360 AL Water Revenue Bonds Lead Manager
United City of Yorkville, IL Page 5
10/29/2021 Montevallo Wtrwks & Swr
Board
8.945 AL Water Revenue Bonds Lead Manager
10/22/2021 Cleveland Town-Alabama 3.840 AL Water & Sewer Rev
Warrants
Lead Manager
10/19/2021 Kentucky Rural Water Fin Corp 10.015 KY Public Project Ref Rev
Bonds
Co-Manager
10/19/2021 Jackson Co Water and Sewer
Auth
16.455 GA Revenue Bonds Lead Manager
10/12/2021 Wyoming City-Michigan 4.085 MI Water Supply System Rev
Bonds
Lead Manager
09/28/2021 Hammond Local Pub Imp
Bond Bank
19.585 IN Refunding Bonds Lead Manager
09/23/2021 NYC Municipal Water Fin Auth 88.100 NY Wtr & Swr Sys 2nd Gen Res
Bonds
Co-Manager
09/23/2021 NYC Municipal Water Fin Auth 542.235 NY Wtr & Swr Sys 2nd Gen Res
Bonds
Co-Manager
09/15/2021 White City Water Improvement
Dt
1.515 UT Water Rev Ref Bonds Lead Manager
09/15/2021 White City Water Improvement
Dt
7.150 UT Water Rev Refunding
Bonds
Lead Manager
09/15/2021 St Paul City-Minnesota 14.665 MN Sewer Revenue &
Refunding Bonds
Co-Manager
09/09/2021 Oklahoma Water Res Bd
(OWRB)
21.330 OK State Loan Program Rev
Bonds
Co-Manager
09/09/2021 Aurora City-Colorado 265.230 CO Util Enterp 1st Ln Wtr Ref
Bonds
Co-Manager
09/02/2021 Carefree Utilities CFD 18.535 AZ Water System Revenue
Bonds
Lead Manager
09/01/2021 Johnstown-Colorado 46.585 CO Wastewater Revenue
Bonds
Lead Manager
08/31/2021 Arab Water Works Board 8.980 AL Water Revenue Bonds Lead Manager
08/31/2021 Arab Water Works Board 9.135 AL Water Revenue Bonds Lead Manager
08/30/2021 Helen Downtown Dev Auth 5.810 GA Revenue Bonds Lead Manager
08/25/2021 Livermore-Amador Water 54.790 CA Sewer Revenue Refunding
Bonds
Lead Manager
08/25/2021 Santa Monica City-California 70.525 CA Water Enterprise Revenue
Bonds
Co-Manager
08/24/2021 Orange Beach Wtr Swr & Fire
Auth
8.365 AL Water Revenue Bonds Lead Manager
08/19/2021 Windy Gap Firm Proj Wtr Act
Enterprise
169.705 CO Senior Revenue Bonds Co-Manager
08/18/2021 Dubuque City-Iowa 3.505 IA Water Revenue Refunding
Bonds
Co-Manager
08/12/2021 La Vergne City-Tennessee 11.840 TN Wtr & Swr Rev & Tax Ref
Bonds
Lead Manager
08/11/2021 Alabaster Water Board 7.950 AL Water Revenue Bonds Lead Manager
08/11/2021 North Colorado Water Conserv
Dt
52.050 CO Certificates of Participation Lead Manager
07/29/2021 Hercules Public Financing
Auth
8.450 CA Wastewater Revenue
Bonds
Lead Manager
07/27/2021 Kentucky Rural Water Fin Corp 6.760 KY Refunding & Imp Revenue
Bonds
Co-Manager
07/15/2021 Central Utah Wtr Conservancy
Dt
4.680 UT Revenue Refunding Bonds Lead Manager
07/15/2021 Towns Co Wtr & Sewarage
Auth
6.313 GA Water System Revenue
Bonds
Lead Manager
07/15/2021 Solano Irrigation Dt 22.915 CA Wtr Rev Certs of
Participation
Lead Manager
United City of Yorkville, IL Page 6
07/14/2021 Fayette Co-Georgia 8.101 GA Water Refunding Rev
Bonds
Lead Manager
07/14/2021 Fayette Co-Georgia 10.798 GA Water Refunding Rev
Bonds
Lead Manager
07/14/2021 NYC Municipal Water Fin Auth 50.000 NY Wtr & Swr Sys 2nd Gen Res
Bonds
Co-Manager
07/14/2021 NYC Municipal Water Fin Auth 400.000 NY Wtr & Swr Sys 2nd Gen Res
Bonds
Co-Manager
07/08/2021 Coweta Co Water & Sewerage
Auth
17.255 GA Water & Swrg Revenue
Bonds
Lead Manager
07/08/2021 Coweta Co Water & Sewerage
Auth
22.803 GA Revenue Refunding Bonds Lead Manager
07/08/2021 Coweta Co Water & Sewerage
Auth
55.000 GA Water & Swrg Rev Ref
Bonds
Lead Manager
07/07/2021 Calcasieu Ward 5 Wtrwks Dt
#14
2.370 LA Water Revenue Refunding
Bonds
Lead Manager
07/07/2021 Jordan Valley Water Conserv
Dt
61.855 UT Water Revenue &
Refunding Bonds
Lead Manager
07/07/2021 Indiana Finance Authority 81.595 IN State Revolving Fund Prog
Bonds
Co-Manager
07/06/2021 Indiana Finance Authority 182.955 IN Wstwtr Utility Ref Rev
Bonds
Co-Manager
07/06/2021 Indiana Finance Authority 458.285 IN Wstwtr Utility Ref Rev
Bonds
Co-Manager
07/01/2021 Montgomery Wtrwks Sanit Swr
Bd
75.145 AL Water and Sewer Revenue
Bonds
Lead Manager
07/01/2021 San Antonio City-Texas 274.375 TX Wtr Sys Jr Ln Rev & Ref
Bonds
Co-Manager
06/24/2021 Missouri Env Imp & Energy
Res Au
.145 MO Water Facilities Revenue
Bonds
Lead Manager
06/24/2021 Cullman Co-Alabama 3.310 AL Water Revenue Warrants Lead Manager
06/24/2021 Cullman Co-Alabama 6.555 AL Water Revenue Taxable
Warrants
Lead Manager
06/24/2021 Missouri Env Imp & Energy
Res Au
11.950 MO Water Facilities Revenue
Bonds
Lead Manager
06/24/2021 Jeffersonville City-Indiana 15.070 IN Sewage Works Ref Rev
Bonds
Lead Manager
06/15/2021 Oklahoma Water Res Bd
(OWRB)
15.795 OK State Loan Program
Revenue Bonds
Co-Manager
06/08/2021 Kentucky Rural Water Fin Corp 8.585 KY Refunding Revenue Bonds Co-Manager
06/03/2021 Central Valley Wtr
Reclamation Fac
23.720 UT Sewer Revenue Bonds Lead Manager
06/03/2021 Colorado Wtr Res & Pwr Dev
Au
33.835 CO State Revolving Fund Ref
Bonds
Lead Manager
06/03/2021 Central Valley Wtr
Reclamation Fac
127.105 UT Sewer Revenue Bonds Lead Manager
06/01/2021 Allen City-Texas 10.675 TX Wtrwrks & Swr Sys Rev
Bonds
Co-Manager
05/27/2021 Oceanside City-California 8.950 CA Water Revenue Refunding
Bonds
Lead Manager
05/27/2021 Aurora City-Colorado 48.970 CO 1st Ln Sewer Revenue
Bonds
Co-Manager
05/27/2021 Aurora City-Colorado 122.760 CO 1st Ln Water Revenue
Bonds
Co-Manager
05/19/2021 California Dept of Wtr
Resources
217.640 CA Water System Revenue
Bonds
Co-Manager
05/19/2021 California Dept of Wtr
Resources
316.160 CA Water System Revenue
Bonds
Co-Manager
05/13/2021 Bossier City-Louisiana 124.115 LA Utilities Revenue Ref
Bonds
Lead Manager
United City of Yorkville, IL Page 7
04/30/2021 Glennville City-Georgia 4.835 GA Water & Sewer Ref
Revenue Bonds
Lead Manager
04/29/2021 Baldwin City-Georgia 7.330 GA Water & Swr Ref & Imp Rev
Bonds
Lead Manager
04/29/2021 Suisun Solano Water
Authority
9.090 CA Water Revenue Refunding
Bonds
Lead Manager
04/27/2021 Orem City-Utah 29.320 UT Water & Storm Sewer Rev
Bonds
Lead Manager
04/20/2021 Miami-Dade Co-Florida 605.600 FL Water & Sewer Sys
Revenue Bonds
Co-Manager
04/15/2021 Noblesville City-Indiana 10.740 IN Sewage Works Rev Ref
Bonds
Lead Manager
04/15/2021 Tyler City-Texas 26.875 TX Water and Sewer Revenue
Bonds
Co-Manager
04/14/2021 Oklahoma Water Res Bd
(OWRB)
15.845 OK State Loan Program Rev
Bonds
Co-Manager
03/25/2021 Honolulu Water Supply Board 43.515 HI Water System Revenue
Bonds
Co-Manager
03/25/2021 Honolulu Water Supply Board 50.020 HI Water System Revenue
Bonds
Co-Manager
03/18/2021 NYC Municipal Water Fin Auth 75.000 NY Wtr & Swr 2nd Gen Reso
Rev Bonds
Co-Manager
03/18/2021 NYC Municipal Water Fin Auth 75.000 NY Wtr & Swr 2nd Gen Reso
Rev Bonds
Co-Manager
03/18/2021 NYC Municipal Water Fin Auth 403.260 NY Wtr & Swr 2nd Gen Reso
Rev Bonds
Co-Manager
03/18/2021 NYC Municipal Water Fin Auth 574.795 NY Municipal Wtr Finance
Auth
Co-Manager
03/17/2021 East Baton Rouge Sewerage
Comm
18.500 LA Multi-Model Revenue Ref
Bonds
Co-Manager
03/17/2021 East Baton Rouge Sewerage
Comm
118.710 LA Multi-Modal Revenue Ref
Bonds
Co-Manager
03/03/2021 Oxnard Financing Authority 23.305 CA Water Revenue Bonds Lead Manager
02/22/2021 Wisconsin Public Finance
Auth
2.147 WI Revenue Obligation Lead Manager
02/17/2021 Limestone Co Water & Sewer
Auth
48.425 AL Water and Sewer Revenue
Bonds
Lead Manager
02/11/2021 Western Riverside Wtr &
Wstwtr Fin Au
24.935 CA Local Agency Rev Ref
Bonds
Lead Manager
02/10/2021 Weber Basin Water
Conservancy Dt
20.645 UT Water Revenue Refunding
Bonds
Lead Manager
02/10/2021 Weber Basin Water
Conservancy Dt
22.670 UT Water Revenue Bonds Lead Manager
02/02/2021 Calera Water Works Board 9.345 AL Water Revenue Bonds Lead Manager
01/27/2021 Fallbrook Public Utility Dt 5.035 CA Wastewater Revenue Ref
Bonds
Lead Manager
01/27/2021 Fallbrook Public Utility Dt 14.845 CA Wastewater Revenue Ref
Bonds
Lead Manager
01/20/2021 Oro Valley Town-Arizona 1.951 AZ Water Revenue Ref
Obligation
Lead Manager
01/20/2021 Oro Valley Town-Arizona 3.631 AZ Water Rev Ref Obligations Lead Manager
01/12/2021 Lumpkin Co Water Sewer Auth 3.400 GA Revenue Bonds Lead Manager
Source: Thomson Reuters, SDC
PRESENTED TO:UNITED CITY OF YORKVILLEKENDALL COUNTY,ILLINOISMr. Anthony Miceli, Senior Vice President, Speer Financial, Inc.Mr. Rob Fredrickson, Finance Director, United City of YorkvilleRESPONSE TO:REQUEST FOR PROPOSALDATED APRIL 26,2023Presented by:Robert P. Vail, Senior VP/ Managing DirectorElena Boteva, CFA, Senior AnalystMay 11, 2023Exhibit E
1 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP BERNARDI SECURITIES, INC. ROLE AS UNDERWRITER Thank you for the opportunity to submit a proposal to act as underwriter for the City’s upcoming bond issue. We believe our experience as an exclusive municipal bond specialty firm will provide great value to the City and its advisor. Our response addresses each question set forth in the Request for Proposal. This proposal is submitted in response to your Request for Proposal dated April 26, 2023. The City’s advisor has certified that this RFP was sent to three or more underwriters/financial services institutions and the RFP is open for a time less than six months from the date of receipt. The contents of this proposal and any subsequent discussions between us, including any and all information, recommendations, opinions, indicative pricing, quotations and analysis with respect to any municipal financial product or issuance of municipal securities, are provided to you in reliance upon the exemption provided for responses to requests for proposals or qualifications under the municipal advisor rules (the “Rules”) of the Securities and Exchange Commission (Rule 15Ba1-1 et seq.). In submitting this proposal, we are not undertaking to act as a “municipal advisor” to you or any other person within the meaning of Section 15B of the Securities Exchange Act of 1934 and the Rules. In connection with this proposal and the transactions described herein, we are not acting as a financial advisor or municipal advisor to you or any other person, and are not subject to any fiduciary duty to you or to any other person. We understand that you will consult with and rely on the advice of your own municipal, financial, tax, legal and other advisors in connection with your evaluation of this proposal and the transactions described herein. The format of this response follows the questions as asked in the City’s RFP. TABLE OF CONTENTS 1. FIRM OVERVIEW 2 2. FINANCING TEAM 4 3. ILLINOIS UNDERWRITING EXPERIENCE 7 4. WATER SYSTEM EXPERIENCE 18 5. MARKETING PLAN 24 5. REFERENCES 28 6. UNDERWRITING FEES, EXPENSES 30 REGULATORY COMPLIANCE AND REQUIRED DISCLOSURES 31 ILLINOIS ISSUES UNDERWRITTEN BY BSI (LAST 5-YEARS) APPENDIX A
2 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP 1. FIRM OVERVIEW Established and based in Illinois since 1984, Bernardi Securities, Inc. is an independent broker-dealer offering public finance and asset management services. The Bernardi team is strictly committed to the municipal bond market. We are a municipal bond specialist firm. We focus our expertise on assisting issuers like the City raise capital and by placing its debt with investors across the country. We make a conscious effort to keep our clients informed on pertinent information affecting the municipal finance industry. We encourage you to view our website, www.bernardisecurities.com, and read our Municipal Industry White Papers, President’s Letters, and Municipal Market Updates. Since our founding we have served municipal bond issuers, high net-worth investors, community banks and other municipal bond investors. Our dedication and commitment to the municipal bond market has been continuous since our inception. We pride ourselves on a strong client focus and reputation for interacting in an honest, straightforward manner. Our core principles, combined with our transaction experience and commitment to excellence, helps us achieve successful results for our clients. Core Principles: x Serve our clients honestly and in a forthright manner. x Remain municipal bond experts in our area of the bond market through-in- depth research, continuing education and plain hard work. x Maintain timely and clear communication with our clients. x Achieve superior performance for our clients. We have devoted our efforts to the same industry for nearly four decades. Our Company principles are exemplified in each and every one of our employees. We encourage you to view our exemplary compliance record at www.brokercheck.finra.org. With our deep resources and coordinated team approach, we are positioned to provide our clients with high quality service and above average results. FIRM LOCATIONS Bernardi Securities, Inc. has three offices within the State of Illinois. We are headquartered in Northfield, Illinois and also have offices in O’Fallon, Illinois and Peru, Illinois. The Northfield team will serve as the lead on this transaction and Robert Vail will serve as the lead banker. PUBLIC FINANCE DEPARTMENT Bernardi Securities, Inc. is one of the Midwest’s most active municipal bond underwriters. Our Public Finance Team collectively draws on their diverse backgrounds in accounting, finance, financial analysis, economics and quantitative analysis to deliver innovative and cost-effective results. Our underwriting team includes 3 Investment Bankers, 3 Analysts, 4 traders and a municipal sales force. Over the past five years, we have participated as manager or co-manager in over 330 negotiated transactions. Visit us at: WWW.BERNARDISECURITIES.COM
3 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP SALES, TRADING AND UNDERWRITING DEPARTMENTS Our Sales, Trading and Underwriting Departments are responsible for marketing firm underwritings. Our Trading Department actively participates in the secondary market to maintain a dynamic inventory of investment grade municipal bonds. Over the past five years, we have participated as manager or co-manager in over 877 competitive bid transactions. During calendar year 2022, our firm bought and traded approximately $2.8 billion in par amount of fixed income securities in the primary and secondary markets combined. For many decades, we have supported and traded bonds issued by numerous communities located around the City. MUNICIPAL CREDIT DEPARTMENT Our Municipal Credit Department is the foundation of our underwriting process. Mr. Pat Squeglia is the director of municipal bond credit at Bernardi Securities. He oversees and direct the firm’s municipal credit analysis process and he also serves on the firm’s Credit Committee. Pat and his team are responsible for maintaining the surveillance of municipal bond issues, updating internal credit files and periodically releasing market commentary. Prior to Bernardi, he was a senior associate and investment grade credit research analyst for PIMCO Municipals in the Chicago office. Mr Squeglia holds a master’s degree in public administration from Cornell University and a bachelor’s degree in psychology from Penn State University. MUNICIPAL PORTFOLIO MANAGEMENT DEPARTMENT The Portfolio Management Department manages or assists in the management of municipal portfolios exceeding $1.75 billion. Bernardi’s portfolio managers provide our clients with a value-added perspective seeking above average rate of returns on high quality fixed-income portfolios. If selected to serve as an Underwriter, we plan to direct initial marketing efforts to our large network of retail investor clients, community banks, bank trust departments and investment advisors. We will allocate a meaningful amount of time before and during the order period to contact investor clients who we believe will have an interest in the debt issue. In our experience, this approach often results with buy-and-hold investors supporting your issue. Support from these investor groups serves to complement orders we receive from other large institutional clients. COMPLIANCE DEPARTMENT Ronald P. Bernardi serves as our Chief Compliance Officer. We do not outsource our compliance responsibilities and take great pride in our exemplary compliance record. He is assisted in this area by Michelle B. Landis, Senior Vice President, Lisa Evensky, Financial Operations Principal & Vice President and Armando Paz, Operations Manager. Our firm is vertically integrated: control and execution of the firm’s critical services are in-house and are not farmed out to third parties. This means our public banking services, underwriting, trading, compliance, credit, and portfolio management are completely under the control of our management team. This structure ensures our issuer clients significant advantages in terms of flexibility, marketing efficiency and operational integrity.
4UNITED CITY OF YORKVILLE–BOND UNDERWRITER RFP2. FINANCING TEAMPROJECT TEAM LEADERSOn the following page is a short biography and role of each of the above individuals listed above.Ronald P. BernardiPresident/CEO(312) 281-2030rbernardi@bernardisecurities.comRobert P. VailSR V.P. & Public Finance Director(312) 281-2014rvail@bernardisecurities.comPat SquegliaDirector of Credit Research (312) 281-2026psqueglia@bernardisecurities.comLou LambertiSenior Vice President(312) 281-2022llamberti@bernardisecurities.comMatthew P. BernardiVice President(312) 281-2015matt.bernardi@bernardisecurities.com
5 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP Ronald P. Bernardi, President and CEO rbernardi@bernardisecurities.com / 312.281.2030 Role: Oversees all deal team personnel involved in this transaction. Mr. Bernardi is President & Chief Executive Officer of Bernardi Securities, Inc. with over forty (40) years of experience in the municipal bond industry. He is a graduate of Bucknell University with a BA in Economics. Ron served two terms on the Board of Directors of Bond Dealers of America (BDA) and as Chairman of its Municipal Fixed Income Committee. In June 2017, Ron was elected and served three years as an industry representative on FINRA’s Fixed Income Committee, which regularly meets in Washington D.C. In the past, he served on the technical advisory committee of the non-partisan Municipal Bonds for America coalition. Mr. Bernardi has published extensively on the municipal bond market, including the white papers Tax-Exempt Municipal Bonds: The Case for an Efficient, Low Cost, Job Creating Tax Expenditure and REPEALING TAX-EXEMPTION – Impact on Small and Medium sized Communities. He is a former Board Member and Treasurer of the Union League Club of Chicago, a current Trustee of the ULC Foundation for Boys & Girls Clubs and founding Chairman of the Lake Forest, Illinois High School Foundation. Robert P. Vail, Senior Vice President/ Director of Public Finance rvail@bernardisecurities.com / 312.281.2014 (PRIMARY CONTACT) Role: Lead Investment banker on the transaction and he will interact and coordinate with areas of the firm, the City and the City’s Advisor working together on the potential bond issue to ensure a successful financing. Bob joined the firm in 1998 and manages the Public Finance Department. Bob is responsible for structuring general obligation and revenue-backed bond issues for clients around the country. Bob has worked on over 460 Illinois negotiated municipal bond transactions with a total par amount of approximately $1.840 billion since 1998. Bob has helped numerous municipalities, counties, school districts, and park districts throughout Illinois find immediate and future financing, refinancing and debt restructuring solutions. He has extensive knowledge in advanced and current refunding bond issues, alternate revenue source bonds, enterprise system revenue issues, and debt and levy structuring. Bob holds a B.S. in Finance from the University of Kentucky and the Series 52, 53, and 63 securities licenses. Matthew P. Bernardi, Vice President/ Investment Specialist matt.bernardi@bernardisecurities.com / 312.281.2015 Role: Will lead the marketing strategy on this transaction. Matt joined the firm in August of 2013 after trading for 3 years at Chesapeake Partners, a hedge fund located in Baltimore, Maryland. Matt currently assists individuals, pension funds, banks, and other institutions regarding their municipal bond portfolios. He graduated from Johns Hopkins University in 2010 with a B.A. in history and economics minor. Matt holds the Series 7, 24, 27, 52, 53, 63, and 65 licenses. Matt currently serves on the Union League Boys & Girls Club investment committee and is past President of the Associate Board.
6 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP Lou Lamberti, Senior Vice President llamberti@bernardisecurities.com / 312.281.2022 Role: Head Underwriter and will be responsible for underwriting and pricing responsibilities on the issue. Mr. Lamberti is Principal and Senior Vice President, has over thirty-eight (38) years of experience in the fixed income industry in various areas including trading, underwriting, public finance sales and operations. He has been involved in the marketing, trading and underwriting of over $20 billion in municipal bond transactions. A 1981 graduate of Indiana University, he is a member of the Municipal Bond Club Chicago and holds Series 24, 52, 53, 63 and 7 securities licenses Pat Squeglia, Director of Municipal Credit psqueglia@bernardisecurities.com / 312.281.2026 Role: Is the firm’s lead credit analyst and will provide the financing team with credit analysis and insights on the proposed financing. Mr. Squeglia joined Bernardi Securities in January 2023. Prior to this, he was a senior associate and investment grade credit research analyst for PIMCO Municipals in the Chicago office. Before joining PIMCO in 2021, he was a senior associate on the credit research team within the investment research and strategy department at Gurtin Municipal Bond Management, a PIMCO company. Prior to joining Gurtin in 2016, Mr. Squeglia worked as a water capacity infrastructure consultant at Danby Volunteer Fire Company, as well as a graduate assistant at Cornell University in the department of policy analysis and management. Previously, he worked in risk management and policy research for the New York State government. He has nine years of investment experience and holds a master’s degree in public administration from Cornell University and a bachelor’s degree in psychology from Penn State University. Elena Boteva, CFA, Senior Analyst eboteva@bernardisecurities.com / 312.281.2013 Role: Quantitative and analytical support. Elena is a senior analyst on our Public Finance team. She is responsible for assisting senior bankers in all phases of the tax-exempt financing process. She joined the company in 2017 and has previously worked for Boenning & Scattergood Inc., where she assisted in over 150 public finance transactions. Prior to her municipal finance career, she worked in forensic accounting, reconstructing and analyzing financial activity used as evidence in litigation proceedings. Elena graduated magna cum laude from Drexel University with a Bachelor of Science in Business Administration and Accounting and Finance.
7 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP 3. ILLINOIS UNDERWRITING EXPERIENCE ILLINOIS NEGOTIATED BOND RANKINGS – ALL ISSUERS Bernardi Securities has been an active underwriter of municipal debt for decades. Our marketing approach and experience has enabled us to become one of Illinois’ most active underwriters, evidenced by our rankings below. As shown in the table below, for calendar years 2018 through 2022, per Bloomberg L.P., Bernardi Securities, Inc. underwrote more Illinois negotiated municipal bond issues than any other investment bank in the United States. Source: Bloomberg L.P. CumulativeNumber of Number of Number of Number of Number of Number ofRankBook Runner (Equal if Joint)Issues 2018Issues 2019Issues 2020Issues 2021Issues 2022IssuesMarket Share1 Bernardi Securities Inc. 29 47 55 52 41 224 23.05%2Stifel Nicolaus & Co.29 37 48 56 36 20621.19%3 Robert W. Baird & Co.14 23 31 37 9 11411.73%4 First Midstate Inc.41 34 22 8 4 10911.21%5 Mesirow Financial Inc.15 14 29 23 10 919.36%6 Raymond James & Associates19 22 23 12 11 878.95%7 DA Davidson10 8 17 7 4 464.73%8Piper Sandler & Co3 6 13 8 5 353.60%9 J P Morgan Securities Inc.85686333.40%10 George K. Baum & Co.16 11 0 0 0 272.78%State of Illinois Municipal RankingsTotal Illinois Negotiated Senior or Sole Managed Underwritings(Number of Issues from 2018 through 2022)
8 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP ILLINOIS NEGOTIATED BOND RANKINGS – CITY AND VILLAGE ISSUERS Since 2018 Bernardi Securities, Inc. has underwritten more Illinois City, Town & Village negotiated bond issues than any other underwriter nationally: Source: Bloomberg L.P. ILLINOIS – TOTAL ISSUES UNDERWRITTEN BY BSI LAST FIVE YEARS(1) Over the past 5-years, Bernardi Securities has been the most active underwriter for Illinois negotiated municipal issues (over 23% of all negotiated issues underwritten). Our high level of underwriting activity and expertise has strengthened our Illinois marketing strategies and we are proud of the level of service that we provide to our clients. Please see Appendix A for a full list of Illinois transactions that Bernardi Securities has underwritten over the past 5-years through February 28, 2023. (1) Includes Senior and Sole Managed, Co-Managed and Private Placement Issues. (2) Through February 28, 2023.Book RunnerFull to Number of Number of Number of Number of Number of CumulativeRankBook Runner Issues 2018Issues 2019Issues 2020Issues 2021Issues 2022IssuesMarket Share1 Bernardi Securities Inc. 15 20 30 32 17 114 40.14%2 Robert W. Baird912162056221.83%3 Mesirow Financial Inc.6 4 51153110.92%4Stifel Nicolaus & Co.2 2 3138289.86%5 George K. Baum & Co.11 8 0 0 0 196.69%6 DA Davidson21611113.87%7 Raymond James & Associates2220282.82%8 Cabrera Capital Markets0013041.41%8 J P Morgan Securities Inc.0012141.41%10 First Midstate Inc.3000031.06%State of Illinois Municipal RankingsCity, Town & Village Negotiated Issues(Number of Issues from 2018 through 2022)No. of Issues Par No. of Issues Par No. of Issues ParNegotiated Negotiated Competitive Competitive Total Total2023(2)15 75,172,000$ 0 -$ 15 75,172,000$ 2022 59 694,606,000$ 6 162,250,000$ 65 856,856,000$ 2021 86 1,311,576,000$ 13 272,850,000$ 99 1,584,426,000$ 2020 74 317,358,000$ 18 258,775,000$ 92 576,133,000$ 2019 70 944,256,000$ 15 183,310,000$ 85 1,127,566,000$ 2018 38174,841,000$ 17181,205,000$ 55 356,046,000$ 342 3,517,809,000$ 69 1,058,390,000$ 411 4,576,199,000$
9 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP HISTORY WITH THE CITY Bernardi Securities Inc. has long history underwriting the City’s bond obligations: Our records indicate that 11 different investor clients of Bernardi Securities, Inc. have previously purchased $3,305,000 in par amount of outstanding United City of Yorkville bonds. We believe some of these investors will have interest in the City’s upcoming issue. * The Series 2013 Bonds are callable at anytime and the Series 2014 Bonds are callable December 1, 2023. Both bond issues may be potential refunding candidates if wrapped with the current proposed issuance. $6,625,000* United City of Yorkville, Kendall County, Illinois General Obligation Library Refunding Bonds, Series 2013 May 9, 2013 $4,800,000 United City of Yorkville, Kendall County, Illinois Debt Certificates, Series 2003 July 1, 2003 $1,280,000 United City of Yorkville, Kendall County, Illinois Refunding Debt Certificates, Series 2002A December 15, 2002 $1,235,000* United City of Yorkville, Kendall County, Illinois General Obligation (ARS) Refunding Bonds, Series 2014 January 6, 2014
10 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP EXPERIENCE UNDERWRITING ILLINOIS CREDITS DURING THE LAST SIX MONTHS: a) First Fire Protection District of Antioch Township, Lake County, IL (Negotiated, Non-BQ)– S&P “AA-” Rated, BAM Insured (Priced 2/7/2023) As shown below and described in detail in the case study on page 23-24, our large retail distribution of the Bonds resulted in favorable bond yields for First Fire Protection District of Antioch Township compared to other similar rated issues underwritten by other firms. We believe this is important as it is a similar size, rating, General Obligation (ARS) and non-bank qualified status as the United City of Yorkville’s proposed bonds. Par Amount: SS SS SS SS PP PP PP PP RR RR RR RR EEEE EE EEAA AA AA AA DD DD DD DD 2/7/2023 1/19/2023 2/21/2023 4/25/2023 Early MMD Coup YieldYTMLate MMD Coup YieldYTMEarly MMDCoup YieldYTMMMD Coup YieldYTM 12.23 4.000 2.9000.6722.54 5.000 2.900 0.362.23 4.000 2.8000.573.06 5.000 3.4700.412.95 5.000 3.4500.5032.31 5.000 2.800 0.492.14 4.000 2.7500.612.9 5.000 3.4100.512.61 5.000 3.2500.6442.18 5.000 2.850 0.672.10 4.000 2.8000.702.70 5.000 3.3300.632.50 5.000 3.1500.6552.11 5.000 2.880 0.772.07 4.000 2.8500.782.61 5.000 3.3400.732.39 5.000 3.1000.7162.09 5.000 2.900 0.812.08 4.000 2.9000.822.57 5.000 3.3600.792.36 5.000 3.1000.7472.12 5.000 2.930 0.812.11 4.000 3.0000.892.51 5.000 3.3600.852.31 5.000 3.1500.8482.13 5.000 2.970 0.842.11 4.000 3.0500.942.49 5.000 3.3400.852.28 5.000 3.2000.9292.14 5.000 3.020 0.882.14 4.000 3.1000.962.50 5.000 3.3500.852.30 5.000 3.2500.95102.17 5.000 3.050 0.882.16 2.51 5.000 3.3600.852.33 5.000 3.3000.97112.23 5.000 3.130 0.902.25 4.000 3.2501.00 1.122.55 2.33 5.000 3.3501.02 1.15122.30 5.000 3.2100.91 1.042.35 2.61 5.000 3.4700.861.092.37 5.000 3.4001.03 1.26132.42 2.50 4.000 3.5501.05 1.172.74 2.51 5.000 3.5000.99 1.29142.61 5.000 3.5500.94 1.202.66 2.93 5.250 3.7900.861.222.69 4.000 3.9501.26 1.27152.78 2.69 4.000 3.8301.141.203.10 2.84 4.000 4.0001.16162.87 5.000 3.7600.89 1.212.76 3.19 5.500 4.0200.831.292.93 4.000 4.1001.17172.80 5.000 3.6200.82 1.343.23182.84 3.27 5.500 4.1000.83 1.34192.87 3.30 202.90 5.000 3.7700.87 1.403.3321 3.36 5.500 4.1900.83 1.392204/25/23 $ 4,795,000 City of Rochelle Ogle & Lee Co.'s, ILAA-/BAMBQ5/1/2032RW Baird5/1NBQStifel2/1A1 / BAM2/1/20322023YEAR2032 20242025203020312029204420432042204120262027203520282034203320402039203820372036Sale Date:Rating:Callable:Underwriter:Due Date:02/22/23 $ 21,330,000 Rochester CUSD No. 3A , IL First Fire Protection District of Antioch Township, IL 9,210,000$ 02/08/23AA- / BAM1/1/2033Bernardi1/112/30Piper Sandler12/30/2031A1 / BAMHampshire Fire Protection District, IL $ 4,360,000 01/20/23NBQBQ
11 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP b) Goreville CUSD No.1, Johnson, Union and Williamson Counties, IL (Negotiated, BQ) – S&P “A” Rated, BAM Insured (Priced 4/5/2023) Below are the details of Goreville CUSD No.1, Johnson, Union and Williamson Counties, Illinois negotiated S&P’s “A” rated, BAM insured bonds, underwritten by Bernardi Securities, Inc. As shown below and highlighted in green, Bernardi Securities successfully underwrote the bonds at lower borrowing spreads to the District than higher “AA-“ and “A+” rated bonds underwritten by other bond underwriters. Par Amount: SS SS SS SS PP PP PP PP RR RR RR RR EE EE EE EE AA AA AA AADD DD DD DD 4/4/2023 4/25/2023 4/26/2023 3/13/2023 Late MMD Coup YieldYTMMMD Coup YieldYTMEarly MMD Coup YieldYTMLate MMD Coup YieldYTM232.95 5.000 3.450 0.50 2.98 3.450 0.47 2.71 5.000 3.090 0.38 42.61 5.000 3.250 0.64 2.65 3.250 0.60 2.71 5.000 3.190 0.48 52.50 5.000 3.150 0.65 2.52 3.150 0.63 2.57 5.000 3.170 0.60 62.39 5.000 3.100 0.71 2.4 3.100 0.70 2.52 5.000 3.200 0.68 72.36 5.000 3.100 0.74 2.36 3.100 0.74 2.49 5.000 3.260 0.77 82.31 5.000 3.150 0.84 2.31 3.150 0.84 2.48 5.000 3.300 0.82 92.28 5.000 3.200 0.92 2.28 5.000 3.170 0.89 2.44 5.000 3.340 0.90 102.30 5.000 3.250 0.95 2.30 5.000 3.230 0.93 2.43 5.000 3.380 0.95 112.33 5.000 3.3000.97 2.33 5.000 3.3000.97 2.44 122.24 5.000 3.1900.95 1.082.33 5.000 3.3501.02 1.152.33 5.000 3.3501.02 2.49 5.000 3.4400.951.18132.33 5.000 3.2800.95 1.182.37 5.000 3.4001.03 1.262.36 5.000 3.4001.041.162.60 142.44 5.000 3.3900.95 1.252.51 5.000 3.5000.99 1.292.48 5.000 3.5301.051.252.71 5.000 3.6600.951.29152.60 5.000 3.5500.95 1.282.69 4.000 3.9501.261.272.67 5.000 3.7301.06 1.302.87 162.71 5.000 3.6600.95 1.312.84 4.000 4.0001.16 2.84 4.000 4.1001.26 2.98 172.80 5.000 3.7300.93 1.312.93 4.000 4.1001.17 2.93 3.07 4.220 4.2201.15 182.84 5.000 3.7700.93 1.332.97 4.000 4.1701.20192.93 5.000 3.8700.94 1.343.04202.96 5.000 3.9200.96 1.363.07213.10 4.375 4.3601.26 1.27 Rating:12/1/2032Bernardi12/104/05/233,170,000$ GorevilleSD 1ILBQA / BAM2027YEARDue Date:2023202420382037Sale Date:203120252026202920342036Callable:Underwriter:203520332032203020282042204120402039Stifel12/104/26/2319,305,000$ City of Peoria Ilinois NBQA+ / AGM5/1/2032RW Baird1/103/14/237,205,000$ HillsboroSD 3IL BQA / BAM12/1/2031RW Baird5/104/25/234,795,000$ City of RochelleLee and Ogle Co.'s, IL BQAA- / BAM5/1/2032
12 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP c) Germantown Hills SD No. 69, Woodford and Tazewell Counties, IL (Bank Qualified) – S&P “A+” Rated, BAM Insured (Priced 02/23/2023) Below are the details of Germantown Hills SD No. 69, Woodford and Tazewell Counties, Illinois negotiated S&P’s “A+” rated, BAM insured bonds, underwritten by Bernardi Securities, Inc. As shown below and highlighted in green, Bernardi Securities successfully underwrote the bonds at lower borrowing spreads to the District than similar “A1” and “A+” rated bonds underwritten by other bond underwriters: Par Amount: SSS S PPP P RRR R EEE E AAA ADDD D 2/22/2023 2/21/2023 2/24/2023 1/18/2023Late Early Late Late MMD Coup Yield MMD Coup Yield MMD Coup Yield MMD Coup Yield 122.25 4.00 2.900.6533.00 6.000 3.400 0.403.06 5.000 3.470 0.412.98 4.000 3.460 0.482.25 4.00 2.800.5542.93 6.000 3.390 0.462.90 5.000 3.410 0.512.95 4.000 3.480 0.532.16 4.00 2.750.5952.74 6.000 3.340 0.602.70 5.000 3.330 0.632.78 4.000 3.480 0.702.12 4.00 2.800.6862.65 6.000 3.350 0.702.61 5.000 3.340 0.732.69 4.000 3.490 0.802.10 4.00 2.850.7572.57 6.000 3.320 0.752.57 5.000 3.360 0.792.61 4.000 3.500 0.892.11 4.00 2.900.7982.51 6.000 3.330 0.822.51 5.000 3.360 0.852.55 4.000 3.500 0.952.14 4.00 3.000.8692.49 5.000 3.340 0.852.49 5.000 3.340 0.852.53 4.000 3.500 0.972.14 4.00 3.050.91102.51 5.000 3.360 0.852.50 5.000 3.350 0.852.55 4.000 3.520 0.972.16 4.00 3.100.94112.52 5.000 3.3700.852.51 5.000 3.3600.852.56 4.000 3.5400.982.18 122.59 5.000 3.4400.852.55 2.25 4.00 3.251.00132.66 5.000 3.5100.852.61 5.000 3.4700.862.74 4.000 3.7901.052.35142.81 2.74 2.50 4.00 3.551.05152.99 2.93 5.250 3.7900.863.01 4.000 4.1001.092.66163.10 3.10 2.69 4.00 3.831.14173.19 5.000 4.0400.853.19 5.500 4.0200.833.21 4.125 4.3601.152.76183.23 3.23 2.8 5.00 3.620.82193.27 5.000 4.1200.853.27 5.500 4.1000.832.84203.30 3.30 3.32 4.250 4.4901.172.87213.33 5.000 4.1800.853.33 2.9 5.00 3.770.87204020392022YEARDue Date: 20232024Sale Date:2031202520262029203020282027Underwriter:Stifel12/12038203720342036Bernardi12/12042204120352033203202/27/236,375,000$ Pana CUSD No.8, IL BQRating:Callable:A+ / BAM12/1/203202/23/236,985,000$ Germantown HillsSD No. 69ILBQA+ / BAM12/1/2032Piper12/3001/19/234,360,000$ Hampshire Fire DistIL BQA1 / BAM12/30/2031Stifel2/102/22/2321,330,000$ Sangamon CntySD 3AILNBQA1 / BAM2/1/2032
13 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP d) Village of Cherry Valley, Winnebago and Boone Counties, IL (Bank Qualified) – S&P “AA” Rated, (Priced 10/4/2023) Below are the details of the Village of Cherry Valley, Winnebago and Boone Counties, Illinois negotiated S&P “AA” rated bonds, underwritten by Bernardi Securities, Inc. As shown below and highlighted in green, Bernardi Securities successfully underwrote the bonds at lower borrowing spreads to the Village than similar rated bonds underwritten by other bond underwriters. We believe this is important as it is a similar rated bond issue as the United City of Yorkville’s proposed bonds and were issued with a 20-year maturity as General Obligation (Waterworks ARS). Par Amount: SSS PPP RRR EEE AAADDD 10/3/2023 11/6/2022 9/28/2022 MMD Coup Yield MMD Coup Yield MMD Coup Yield 123.04 5.000 3.250 0.213.00 5.000 3.470 0.473.04 5.000 3.550 0.5133.06 5.000 3.350 0.293.01 5.000 3.620 0.613.09 5.000 3.640 0.5543.07 5.000 3.400 0.333.03 5.000 3.670 0.643.10 5.000 3.730 0.6353.09 5.000 3.450 0.363.04 5.000 3.760 0.723.11 5.000 3.800 0.6963.09 5.000 3.500 0.413.04 5.000 3.820 0.783.12 5.000 3.850 0.7373.12 5.000 3.550 0.433.05 4.000 3.930 0.883.12 5.000 3.930 0.8183.13 5.000 3.600 0.473.07 4.000 4.000 0.933.13 5.000 3.970 0.8493.15 5.000 3.700 0.553.09 4.000 4.070 0.983.18 5.000 4.050 0.87103.21 5.000 3.800 0.593.10 5.000 4.120 1.023.24 5.000 4.120 0.88113.25 5.000 3.9000.653.14 5.000 4.1901.053.28123.33 5.000 4.0000.673.20 5.250 4.2701.073.35133.43 3.30 5.500 4.3701.073.46 5.000 4.3200.86143.46 5.000 4.1900.733.37 5.500 4.4201.053.49 153.46 3.41 5.500 4.4401.033.50 5.000 4.4700.97163.48 5.000 4.2400.763.45 5.500 4.4901.043.52 173.52 3.47 5.500 4.5201.053.56 183.56 5.000 4.3400.783.51 5.500 4.5601.053.60 5.000 4.6501.05193.6 3.59 5.500 4.6401.053.64 203.65 5.000 4.4400.79 3.69 213.67 5.000 5.091.423.71 5.00 4.761.0511/07/2219,400,000$ Rock Island County School District No.41, ILAa3 / AGM12/1/2031Stifel12/1/20412042203520362037203820392040203420232024202520262027202820292030203120322033YEAR 2022BernardiDue Date:Callable:12/1/203212/112/15/2031Underwriter:Baird12/1Cook CntySD 92ILCherry Valley ILRating:A+ / AGMAA10/04/225,235,000$ Sale Date:09/29/224,925,000$
14 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP e) Stookey Township Road District, St. Clair County, Illinois (Bank Qualified) – S&P “A” Rated, BAM Insured (Priced 10/18/2022) Below are the details of Stookey Township Road District, St. Clair County, Illinois negotiated S&P’s “A” rated, BAM insured bonds, underwritten by Bernardi Securities, Inc. As shown below and highlighted in green, Bernardi Securities successfully underwrote the bonds at lower borrowing spreads to the District than higher rated “A+” and similar “A” rated bonds underwritten by other bond underwriters: Par Amount: SSS S PPP P RRR R EEE E AAA ADDD D 10/17/2022 FINAL10/14/2022 9/28/2022 9/6/2022 MMD Coup Yield MMD Coup Yield MMD Coup Yield YTM MMD Coup Yield 122.93 5.000 3.290 0.363.04 5.000 3.550 0.5133.09 5.000 3.640 0.5542.97 5.000 3.350 0.383.1 5.000 3.730 0.632.32 5.000 2.970 0.6552.98 5.000 3.400 0.423.11 5.000 3.800 0.692.34 3.000 3.060 0.7262.98 5.000 3.450 0.473.12 5.000 3.850 0.732.4 3.000 3.160 0.7673.00 5.000 3.550 0.553.12 5.000 3.930 0.812.47 3.125 3.270 0.8083.02 5.000 3.600 0.583.13 5.000 3.970 0.842.51 3.125 3.320 0.8193.04 5.000 3.700 0.663.18 5.000 4.050 0.872.56103.09 5.000 3.800 0.713.11 5.000 3.820 0.713.24 5.000 4.120 0.882.68113.13 5.000 3.8500.723.15 5.000 3.8900.743.28 2.72123.19 5.000 3.9500.763.21 5.000 3.9700.763.35 2.84133.29 5.000 4.0500.763.31 5.000 4.1200.813.46 5.000 4.3200.862.95143.34 5.000 4.2000.863.49 3.03153.35 5.000 4.2200.873.5 5.000 4.4700.973.07 5.000 3.8200.75Pana CUSD No.8, IL BQA+ / AGM12/1/2030Stifel12/1Village of Orland Hills, IL BQA / BAM12/1/2029Stifel12/1BAIRD12/1Lindop SD No.92, IL BQA+ / AGM12/1/203209/07/223,810,000$ Sale Date:10/17/229,540,000$ 09/29/225,235,000$ 203320322034203620352031202520262029203020282027Rating:Callable:Underwriter:Due Date: 202320242022YEARBernardi2/1510/18/222,680,000$ Stookey TwpRoad Dist ILBQA / BAM2/15/2032
15 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP f) Leland Community Unit SD No. 1, LaSalle and DeKalb Counties, Illinois (Negotiated, Bank Qualified) – S&P “AA-” Rated, (Priced 11/9/2022) Below are the details of Leland CUSD No.1, LaSalle and DeKalb Counties, Illinois negotiated S&P’s “AA-” rated bonds, underwritten by Bernardi Securities, Inc. As shown below and highlighted in green, Bernardi Securities successfully underwrote the “AA-” rated, bank qualified Leland CUSD No.1 bonds at lower borrowing spreads to the District than similar rated bank qualified bonds, underwritten by other bond underwriters: Par Amount: SSS S PPP P RRR R EEE E AAA ADDD D 11/8/2022 11/6/2022 9/28/2022 10/14/2022 MMD Coup Yield MMD Coup Yield MMD Coup Yield MMD Coup Yield 123.00 5.000 3.470 0.473.04 5.000 3.550 0.515.000 3.290 33.01 5.000 3.620 0.613.09 5.000 3.640 0.5543.03 5.000 3.670 0.643.10 5.000 3.730 0.6353.04 5.000 3.760 0.723.11 5.000 3.800 0.6963.18 5.000 3.750 0.573.04 5.000 3.820 0.783.12 5.000 3.850 0.7373.21 5.000 3.800 0.593.05 4.000 3.930 0.883.12 5.000 3.930 0.8183.23 5.000 3.850 0.623.07 4.000 4.000 0.933.13 5.000 3.970 0.8493.25 5.000 3.900 0.653.09 4.000 4.070 0.983.18 5.000 4.050 0.87103.26 5.000 3.950 0.693.10 5.000 4.120 1.023.24 5.000 4.120 0.883.11 5.000 3.820 0.71113.30 5.000 4.0000.703.14 5.000 4.1901.053.28 3.15 5.000 3.8900.74123.39 5.000 4.1000.713.20 5.250 4.2701.073.35 3.21 5.000 3.9700.76133.30 5.500 4.3701.073.46 5.000 4.3200.863.31 5.000 4.1200.81143.37 5.500 4.4201.053.49 3.34 5.000 4.2000.86153.41 5.500 4.4401.033.50 5.000 4.4700.973.35 5.000 4.2200.8710/17/2211/09/225,235,000$ Sale Date:09/29/229,540,000$ 1,175,000$ Cook CntySD 92ILChristianCounty SD 8ILLaSalle CountyCUSD 1ILRating:A+ / AGMA+ / AGMAA-Callable:12/1/203212/1/203012/112/112/30/2031Underwriter:BairdStifel12/30YEAR 2022BernardiDue Date:203420232024202520262027202820292030203120322033203611/07/2219,400,000$ Rock Island County School District No.41, ILAa312/1/2031Stifel12/1/2035
16 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP g) Lake Egypt Water District, Counties of Williamson, Johnson and Union, IL (Bank Qualified) – S&P “A” Rated, BAM Insured (Priced 1/25/22) Below are the details of the Lake Egypt Water District, Counties of Williamson, Johnson and Union, Illinois negotiated S&P “A” rated, BAM insured bonds, underwritten by Bernardi Securities, Inc. As shown below and highlighted in green, Bernardi Securities successfully underwrote the Water Revenue Bonds at favorable borrowing spreads to the District than higher and similar rated G.O. Bonds underwritten by other bond underwriters. We believe this is important as the United City of Yorkville is contemplating a water revenue bond issue and this comparison shows our ability to market and price water revenue bonds near pricing levels of similarly rated general obligation bond issues. Par Amount: SS SS SS SS PP PP PP PP RR RR RR RR EE EE EE EE AA AA AA AADD DD DD DD 1/25/2022 1/19/2022 2/17/2022 2/8/2022 MMD Coup YieldYTMLate MMD Coup YieldYTMLate MMD Coup YieldYTMLate MMD Coup YieldYTM10.39 3.000 0.6000.210.43 3.000 0.5600.1320.41 3.000 0.850 0.440.47 3.000 0.810 0.341.02 4.000 1.470 0.450.78 30.66 3.000 1.150 0.490.62 3.000 1.010 0.39 1.20 4.000 1.800 0.60 0.97 40.80 3.000 1.350 0.550.77 3.000 1.160 0.39 1.33 4.000 1.860 0.53 1.08 50.92 3.000 1.450 0.530.87 3.000 1.260 0.39 1.39 4.000 2.000 0.61 1.14 61.00 3.000 1.650 0.651.01 3.000 1.450 0.44 1.47 4.000 2.100 0.63 1.22 71.10 3.000 1.750 0.651.09 3.000 1.560 0.47 1.54 4.000 2.200 0.66 1.28 81.19 3.000 1.850 0.661.17 3.000 1.650 0.48 1.59 4.000 2.280 0.69 1.34 91.26 3.000 1.900 0.641.21 3.000 1.720 0.51 1.63 1.38 101.30 1.25 3.000 1.780 0.53 0.631.67 5.000 2.360 0.69 1.43 111.34 3.000 2.0000.66 0.741.27 3.000 1.8500.58 0.761.69 1.46 121.36 1.29 4.000 1.6900.40 0.891.73 4.000 2.4200.69 0.911.50 131.38 1.31 4.000 1.7400.43 1.02 1.52 141.40 3.000 2.1000.70 0.931.34 1.57 151.43 1.35 4.000 1.7900.44 1.19 1.59 161.46 1.38 4.000 1.8200.44 1.24 1.62 3.000 2.3600.74 1.35171.49 3.000 2.2000.71 1.001.41 4.000 1.8500.44 1.29 1.65 3.000 2.4500.80 1.42181.52 1.44 4.000 1.8800.44 1.33 1.68 4.000 2.2800.60 1.33191.54 1.47 4.000 1.9100.44 1.36 1.71 4.000 2.3100.60 1.35201.57 3.000 2.3000.73 1.031.50 4.000 1.9400.44 1.39 1.73 4.000 2.3300.60 1.3821 Stifel12/101/19/228,360,000$ Bradley-Bourbonnais HSD No. 307 G.O. Bonds ILAA- / AGM12/1/2030Davidson12/102/17/222,450,000$ Silvis School District No. 34, Rock Island Co. G.O. Bonds ILAA- / BAM12/1/2031Stifel12/102/08/227,555,000$ Warren County SD No. 238 G.O. Bonds ILA / BAM12/1/2030204220412040203920382037Sale Date:203120252026202920342036Callable:Underwriter:2035203320322030202820272022YEARDue Date:20232024Rating:12/1/2031Bernardi9/1501/25/224,190,000$ Lake Egypt Water Revenue ILA / BAM
17 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP h) Village of Slinger, Washington County, Wisconsin (Bank Qualified) – BAM Insured (Priced 12/15/22) Below are the details of the Village of Slinger, Washington County, Wisconsin, Illinois competitive sale, non-rated, BAM insured bonds, underwritten by Bernardi Securities, Inc. As shown below, Bernardi Securities successfully underwrote the Sewer Revenue Bonds at favorable borrowing spreads to the Village than higher rated Water Revenue and G.O. Bonds underwritten by other bond underwriters. Par Amount: SS SS SS PP PP P P RR RR R R EE EE EE AA AA A ADD DD D D 12/15/2022 12/16/2022 11/9/2022 MMD Coup YieldYTMMMD Coup YieldYTMMMD Coup YieldYTM12.66 2.66 4.000 3.000 0.343.08 6.000 3.400 0.3222.49 5.000 2.750 0.262.49 4.000 2.900 0.41 3.11 6.000 3.500 0.39 32.42 5.000 2.800 0.382.42 4.000 2.870 0.45 3.13 6.000 3.550 0.42 42.41 5.000 2.900 0.492.41 4.000 2.890 0.48 3.14 6.000 3.600 0.46 52.43 5.000 2.950 0.522.43 4.000 2.910 0.48 3.14 6.000 3.630 0.49 62.44 5.000 3.000 0.562.44 4.000 2.930 0.49 3.17 6.000 3.660 0.49 72.45 5.000 3.100 0.652.45 4.000 2.950 0.50 3.19 6.000 3.700 0.51 82.46 5.000 3.150 0.692.46 4.000 2.980 0.52 3.21 6.000 3.750 0.54 92.47 5.000 3.200 0.73 0.912.47 4.000 3.010 0.54 0.653.22 4.000 3.800 0.58 0.60102.47 4.000 3.3000.83 0.962.47 4.000 3.0500.58 0.763.26 4.000 3.9000.64 0.66112.52 4.000 3.4000.88 1.032.52 3.35 4.000 4.0000.65 122.62 4.000 3.5000.88 1.032.62 4.000 3.3500.73 0.933.45 4.000 4.0500.60132.77 2.77 142.90 4.000 3.8500.95 1.002.90 152.99 2.99 4.000 3.7500.76 0.87 163.06 4.000 4.0000.943.06 173.10 3.10 183.13 4.150 4.1501.023.13 193.19 3.19 203.21 4.250 4.2501.043.21 Rating:5/1/2031Bernardi5/112/15/222,200,000$ Village of Slinger Sewer Revenue WINR/BAM2027YEARDue Date:2023202420382037Sale Date:203120252026202920342036Callable:Underwriter:20352033203220302028204220412040203911/09/221,500,000$ Monticello School District, Green County G.O. Bonds WIA14/1/2030Baird4/1Baird5/112/16/223,150,000$ Village of Windsor Water Revenue WIA+/BAM5/1/2030
18 UNITED CITY OF YORKVILLE – BOND UNDERWRITER RFP 4. WATER SYSTEM EXPERIENCE A. RECENT ILLINOIS WATER BOND EXPERIENCE $3,025,000 Village of Huntley, McHenry & Kane Co.’s, IL General Obligation Bonds (Waterworks and Sewer Projects), Series 2022 Rated: S&P “AA+” Maturity: December 1, 2041 June 2, 2022 $4,925,000 Village of Cherry Valley, Winnebago & Boone Co.’s, IL General Obligation Bonds (Waterworks System ARS), Series 2022 Rated: S&P “AA” Maturity: December 15, 2041 October 18, 2022 $2,340,000 Village of Brookfield, Cook County, IL General Obligation Bonds (Waterworks and Sewer ARS), Series 2022 Rated: Moody’s “A2”/BAM Insured Maturity: December 1, 2032 May 26, 2022 $1,000,000 Sangamon Valley Water District Champaign County, IL Water Revenue Bonds, Series 2022 Rated: S&P “AA-”/BAM Insured Maturity: December 1, 2031 June 7, 2022 $8,580,000 Village of Romeoville, Will County, IL General Obligation Refunding Bonds, Series 2021B Rated: Moody’s “Aa2” Maturity: December 30, 2027 October 26, 2021 $6,700,000 Village of Lemont, Cook, DuPage & Will Co.’s, IL General Obligation Bonds (Waterworks and Sewer ARS), Series 2022 Rated: Moody’s “Aa2” Maturity: December 1, 2041 February 10, 2022 $28,550,000 South Sangamon Water Commission Sangamon County, IL General Obligation Refunding Bonds (Waterworks ARS), Series 2022 Rated: Moody’s “Baa1”/BAM Insured Maturity: January 1, 2041 July 7, 2020 $4,150,000 Lake Egypt Water District, Williamson, Johnson & Union Co.’s, IL Waterworks Revenue Bonds, Series 2022 Rated: S&P “A” / BAM Insured Maturity: September 15, 2041 February 15, 2022
19WATER AND SEWER EXPERIENCE SINCE 2018Since 2018, Bernardi Securities, Inc. has underwritten 79 different bond issues that were directly involved with water systems of Illinois municipalities. This experience correlates directly to our #1 rankings in Illinois as shown on page 8 of this presentation.Issuer NameTitle of BondsIssuer NameTitle of BondsCity of Ottawa General Obligation Bonds (ARS), Series 2022B Village of Beckemeyer General Obligation Refunding Bonds (ARS), Series 2020Village of Cherry Valley General Obligation Bonds (ARS), Series 2022 Village of Diamnond General Obligation Refunding Bonds (ARS), Series 2020Sangamon Valley PWD Water Revenue Bonds, Series 2022 Village of Lostant General Obligation Refunding Bonds (ARS), Series 2020Village of Huntley General Obligation Bonds, Series 2022 Village of Tilton General Obligation Refunding Bonds (ARS), Series 2020Village of Brookfield General Obligation Bonds (ARS), Series 2022 Village of Tremont General Obligation Bonds (ARS), Series 2020Village of Green Oaks General Obligation Bonds (ARS), Series 2022 City of Canton General Obligation Refunding Bonds (ARS), Series 2020City of Polo General Obligation Bonds (ARS), Series 2022 City of Flora General Obligation Refunding Bonds, Series 2020City of Carmi General Obligation Refunding Bonds (ARS), Series 2022B City of LeRoy General Obligation Bonds (ARS), Series 2020Village of Fox Lake General Obligation Refunding Bonds (ARS), Series 2022C City of Nashville General Obligation Refunding Bonds (ARS), Series 2020Village of River Forest General Obligation Limited Tax Debt Certificates, Series 2022A City of Macomb General Obligation Refunding Bonds (ARS), Series 2020Village of Lemont General Obligation Bonds (ARS), Series 2022 City of Oglesby General Obligation Refunding Bonds (ARS), Series 2020Lake Egypt Water District Water Revenue Bonds, Series 2022 City of Pekin General Obligation Refunding Bonds, Series 2020ALong Grove SSA Special Tax Refunding Bonds, Series 2021 City of Wilmington General Obligation Refunding Bonds (ARS), Series 2020Village of Romeoville General Obligation Refunding Bonds, Series 2021B Henderson Water District Waterworks Refunding Revenue Bonds, Series 2020Urbana & Champaign Sanitary Revenue Refunding Bonds, Series 2021A Mill Creek Water District Waterworks Refunding Revenue Bonds, Series 2020Village of River Grove General Obligation Refunding Bonds, Series 2021B Village of Huntley General Obligation Bonds, Series 2020City of Herrin General Obligation Bonds (ARS), Series 2021A + 2021C Village of Johnsburg General Obligation (ARS) Bonds, Series 2020AVillage of Bourbonnais General Obligation Bonds (ARS), Series 2021A Village of Bourbonnais General Obligation (ARS) Bonds, Series 2020Johnsburg SSA Special Tax Bonds, Series 2021 City of Hickory Hills General Obligation Bonds, Series 2020City of Hillsboro General Obligation Bonds (ARS), Series 2021A Calhoun County RWD Waterworks Refunding Revenue Bonds, Series 2019City of Ottawa General Obligation Bonds (ARS), Series 2021A + 2021B City of Altamont General Obligation Refunding Bonds (ARS), Series 2019AVillage of Dwight General Obligation Refunding Bonds, Series 2021A City of Colona General Obligation Refunding Bonds (ARS), Series 2019Village of Green Oaks General Obligation Bonds (ARS), Series 2021 City of Farmer City General Obligation Refunding Bonds (ARS), Series 2019AVillage of Mahomet General Obligation Bonds (ARS), Series 2021 City of Princeton General Obligation Bonds (ARS), Series 2019ACity of Marseilles General Obligation Bonds (ARS), Series 2021A + 2021B City of Princeton General Obligation Bonds (ARS), Series 2019CCity of O'Fallon General Obligation Refunding Bonds, Series 2021 City of Robinson General Obligation Bonds (ARS), Series 2019Village of Trout Valley General Obligation Bonds (ARS), Series 2021 City of Sumner General Obligation Refunding Bonds (ARS), Series 2019City of Effingham General Obligation Refunding Bonds, Series 2021A City of Watseka General Obligation Bonds, Series 2019City of Leroy General Obligation Bonds (ARS), Series 2021 Village of Leaf River General Obligation Refunding Bonds (ARS), Series 2019Village of Channahon General Obligation Bonds, Series 2021 Village of Lemont General Obligation Refunding (ARS) Bonds, Series 2019AGreene County RWD Water Revenue Refunding Bonds, Series 2021 Village of Lemont General Obligation (ARS), Series 2019CCarlyle-Southwest PWD Water Revenue Refunding Bonds, Series 2021 Village of Mundelein General Obligation Bonds, Series 2019Lost Lake RCD General Obligation Bonds, Series 2021 Village of Sauk Village General Obligation (ARS) Bonds, Series 2019AVillage of Manhattan General Obligation Refunding Bonds, Series 2021 Village of North Barrington Special Ad Valorem Tax Bonds, Series 2019City of Kankakee Taxable Sewer Revenue Refunding Bonds, Series 2021C SLM Water Commission Waterworks Refunding Revenue Bonds, Series 2018City of Kankakee Sewer Revenue Refunding Bonds, Series 2020D Village of Granville General Obligation Refunding Bonds (ARS), Series 2018BCity of Highwood General Obligation Refunding Bonds, Series 2020 Village of Barrington General Obligation Bonds, Series 2015City of Carbondale Taxable General Obligation Refunding Bonds, Series 2020B Village of Johnsburg General Obligation Refunding Bonds (ARS), Series 2018ACity of Harvard General Obligation Bonds (ARS), Series 2020B City of Waukegan First Lien Water and Sewer System Revenue Bonds, Series 2018CSouth Sangamon Water Commission General Obligation Refunding Bonds (ARS), Series 2020
20PERCENTAGE OF WATER CLIENTS IN ILLINOISApproximately 48% of the water districts/commissions in Illinois with outstanding bonds on the MSRB’s “EMMA” website financed their most recent bond issue with Bernardi Securities, Inc.¾Calhoun County Rural Water District¾Kankakee River Metropolitan Agency¾Carlyle Southwest Public Water District¾Lake Egypt Water District¾Clark-Edgar Rural Water, Clark and Edgar Counties¾Lost Lake River Conservancy District¾Curran-Gardner Township Public Water District¾Mill Creek Water District¾Fountain Water District, Monroe County¾Sangamon Valley Public Water District¾Greene County Rural Water District¾South Sangamon Water Commission¾Henderson Water District¾Summerfield Lebanon, Mascoutah Water Commission¾Hillside Berkley Water CommissionBAM GREENSTARIn 2018, Bernardi Securities, Inc. had the privilege of underwriting the firstdesignated “GreenStar” bond insured by Build America Mutual (“BAM”) in Illinois for Summerfield, Lebanon, Mascoutah Water Commission.The “GreenStar” designation is applied to municipal bonds that have a purpose of renewable energy, environmentally sustainable management of living natural resources, clean transportation and sustainable water and wastewater management.In 2020, Bernardi Securities, Inc underwrote the City of Kankakee, Sewer Revenues Bonds, Series 2020C&D, which were also “GreenStar” designated by Build America Mutual. This was the second “GreenStar designated bond issue in 2020 in Illinois and only the third, since the program began. Bernardi Securities, Inc. has underwritten 50% of all BAM “GreenStar” designated bonds by Illinois issuers since the assessment program began in 2018.
21PROJECT TEAM EXPERIENCEWe believe our vast experience underwriting bond issues for Illinois based water systems sets us apart and can provide a great service to the City. Our Public Finance Department, Municipal Credit Department, Sales, Trading, and Underwriting teams each have decades of expertise in water and sewer related financings. They will be able to provide knowledgeable insight to both the City and Speer Financial, which is rooted in these years of market activity and experience.Bernardi Securities has experience underwriting both Water Revenue Bonds and General Obligation Bonds (Waterworks Alternate Revenue Source) for Illinois municipalities. Selecting an underwriter that has knowledge of both financing options is important, as we can provide updated preliminary pricing analysis and potential market feedback to the City and Speer Financial. We have provided below our preliminary analysis of each financing alternative that the City is contemplating. B. WATER REVENUE BONDS1. Water Revenue Bond AnalysisGiven the proposed project and the total borrowing amounts that will be needed in the near term, ourMunicipal Credit Department reviewed the City’s credit profile (both G.O. and Water System). Bernardi Securities, Inc. regularly assists municipalities in determining how to structure their financing based on their financial profile, cashflow models and debt outstanding.Based on our initial analysis, although financial operations of the Water System are sound, the required approximate $95 million in additional parity loans (WIFIA and SRF) will weaken the overall balance sheetof the City’s Water Fund. Extending debt service out 30-years on the proposed bonds, in lieu of a 20-year borrowing, is beneficial as it will lower annual debt service payments. We also understand that the City has been and continues to raise water rates to pay for the project, which will in turn offset a portion of the liabilities in the long-term by driving revenue growth. Currently, we estimate that the debt service coverage ratio to debt that the water system is servicing is approximately 1.30x in FY 2022.
22We expect there may be pressure on a water revenue rating from Standard and Poor’s to finance the Lake Michigan water project, due to the current size of the water system, the significant increase in the debt burden and potential decline in debt service coverage. Given the constraints on a water revenue rating, we believe these credit implications will require more robust covenants for a water revenue bond financing:a. In regard to the rate covenant, we suggest a net revenue amount of no less than 1.20x annual debt service.b. We also suggest that the additional bonds test of no less than 1.20x maximum annual debt service on parity lien debt. c. A debt service reserve requirement equal to the lesser of MADS, 1.25x annual debt service or 10% of principal is recommended. The reserve requirement may be funded with cash or a combination of cash/surety bond. In our view, based on the following: 1) size of the water system, 2) current water fund financial statements, 3) future debt burden, 4) proposed debt structure and 5) covenants suggested above weestimate an S&P water system credit rating in the range of “A” to “A+”.2. General Obligation (Alternate Revenue Source) BondsThe City’s general obligation rating is currently “AA” from Standard and Poor’s. Therefore, by financing the water project with General Obligation (Alternate Revenue Source) Bonds, the City will be able to lessen interest expenses due to the higher rated G.O. bond rating. Advantages of General Obligation (Alternate Revenue Source) Bonds:a. Lower bond yields due to higher credit rated bonds.b. No requirement to fund a separate dedicated debt service reserve account.c. Ability to pledge other revenue sources towards the repayment of debt service to lower the burden solely placed on the water fund. The potential additional pledged revenues may include certain general fund revenues and potential new revenues (food & beverage taxes, restaurant taxes, etc.). d. If the bonds are rated S&P “AA”, bond insurance likely will not be needed, and this cost will be saved by the City. Although the minimum debt service coverage requirement for Alternate Bonds is 1.25x annual debt service, the burden on the water system can be offset or even lessened by the ability to pledge additional revenues towards the repayment of the bonds.
23Potential Interest SavingsAs shown below, the net potential interest savingsin today’s market is estimated to be 15 to 20 basis points with the issuance of S&P “AA” rated General Obligation (Alternate Revenue Source) Bonds over S&P “A+” rated Water Revenue Bonds. This interest savings equates to approximately $370,000.Hypothetical Debt Service Savings AnalysisGeneral Obligation Bonds (ARS) - S&P "AA" RatedandWaterworks Revenue Bonds - S&P "A+" RatedYear G.O. (ARS) Water RevenueEnding Debt Service (1)Debt Service (2)Savings12/01/2023 192,812.50 196,770.833,958.3312/01/2024 612,750.00 622,250.009,500.0012/01/2025 610,250.00 624,750.0014,500.0012/01/2026 612,500.00 621,750.009,250.0012/01/2027 609,250.00 623,500.0014,250.0012/01/2028 610,750.00 624,750.0014,000.0012/01/2029 611,750.00 625,500.0013,750.0012/01/2030 612,250.00 625,750.0013,500.0012/01/2031 612,250.00 625,500.0013,250.0012/01/2032 611,750.00 624,750.0013,000.0012/01/2033 610,750.00 623,500.0012,750.0012/01/2034 609,250.00 621,750.0012,500.0012/01/2035 612,250.00 624,500.0012,250.0012/01/2036 609,500.00 621,500.0012,000.0012/01/2037 611,250.00 623,000.0011,750.0012/01/2038 612,250.00 623,750.0011,500.0012/01/2039 612,500.00 623,750.0011,250.0012/01/2040 612,000.00 623,000.0011,000.0012/01/2041 610,750.00 621,500.0010,750.0012/01/2042 608,750.00 624,250.0015,500.0012/01/2043 611,000.00 626,000.0015,000.0012/01/2044 612,250.00 621,750.009,500.0012/01/2045 612,500.00 621,750.009,250.0012/01/2046 611,750.00 625,750.0014,000.0012/01/2047 610,000.00 623,500.0013,500.0012/01/2048 612,250.00 625,250.0013,000.0012/01/2049 608,250.00 625,750.0017,500.0012/01/2050 613,250.00 625,000.0011,750.0012/01/2051 611,750.00 623,000.0011,250.0012/01/2052 609,000.00 624,750.0015,750.00Total $17,917,562.50 $18,288,270.83$370,708.33(1) Assumes "AA" Rated Hypothetical Rate. Nets $10 million - Does not include estimated costs of issuance. Does not include a cost for Bond Insurance. Dated July 1, 2023.(2) Assumes "A+" Rated Hypothetical Rate. Nets $10 million - Does not include estimated costs of issuance. Includes 20BP for Bond Insurance. Dated July 1, 2023.
24 5. MARKETING PLAN We are one of a few broker/dealers that specialize exclusively in municipal securities. Consequently, we have developed an extensive network of investors that regularly purchase tax-exempt municipal securities. This network of investors enables broad-based distribution and attractive pricing for issuer clients. Our firm directly manages or assists in the management of municipal bond portfolios in excess of $1.75 billion in market value. It is important to note that over the past year, we have added over $220 million in assets under management with a significant portion of these being retail-investor oriented. As we outline on pages 26-27 of our case study for First Fire Protection District of Antioch Township, bank sector demand for tax-exempt municipal bonds has sharply decreased, while retail investor demand has remained constant. In our experience, allocating adequate time to market the bonds to our retail investor clients results in a significant placement of the issue with buy and hold investors that are investing in the credit for the long term. Based on the proposed 30-year debt service structure and current municipal bond market demand, receiving meaningful orders from our large retail investor client base (whom we intend to market the Bonds) should benefit the City by lowering borrowing costs from a stable investor base. We believe there will be strong retail investor demand on bonds within the first 20-years of the maturity schedule, with more institutional investor demand for the remaining bonds in the last 10-years. Retail investors serve as the backbone of demand for the municipal market and our firm is most directly focused on this investor class. We will work with the City and its Advisor to develop an appropriate marketing plan for the proposed bond issue. Our preliminary marketing strategies include: A) Market Timing: The negotiated bond process allows for flexibility when pricing the Bonds given the market environment. To help minimize interest costs, it is important to come to market when market supply is low, and the overall new issue calendar is favorable. Other factors are potentially avoiding volatile economic news releases, Federal Reserve events, and/or coinciding the underwriting during a time of positive market trends. B) Pre-Marketing: a. If time allows and the City approves, we can direct a local mailing campaign notifying select residents of the City and the surrounding area of the Bond sale. This local marketing effort has historically provided local interest in bond issues we underwrite and increases the investor base for the bond issue. The campaign will include a postcard or letter announcing the Bond sale and will be mailed approximately 3 to 4 weeks in advance of the order period. b. For the week leading up to pricing of the City’s Bonds, Bernardi Securities will conduct extensive pre-marketing and seeks to engage many different investor groups. We will allocate a meaningful amount of time to direct a portion of our marketing efforts to our large network of retail investor clients, bank trust departments, and investment advisors.
25 We will provide and discuss with the City’s municipal advisor Speer Financial recent comparable pricing and preliminary scales. After a preliminary scale is agreed upon, we will initiate preliminary spread talk with potential investors 1-2 days prior to the formal order period. Our pre-marketing approach may include: (i.) First, we will approach Bernardi investor clients that have previously invested in various local governmental entities located near the City. We have identified 135 investor clients that have previously bought $26,415,000 of bonded debt for issuers located within Kendall County. We will reach out to these investors first, as they are already familiar with the area and may have an interest in additional bonds. (ii.) Secondly, we will contact our retail investor clients who currently own similar quality Illinois bonds. (iii.) Once we have exhausted the previously mentioned options, we will contact traditional institutional investors including local banks and bank trust departments within and around the City and throughout the State/Country. (iv.) Lastly, we will contact other institutional municipal bond investors including bond funds, insurance companies, foundations, investment advisors and hedge funds. During the pre-marketing period, we will continually update Speer Financial of investor feedback and any potential yield adjustments that may be required. C) Initial Order Period and Over Subscription: During the order period for the Bonds, Bernardi will work closely with Speer Financial to assure fair pricing of the Bonds. In the event of substantial over subscription, we would re-price the oversubscribed maturities to lower bond yields. In the event of a slight oversubscription, we would prioritize orders to be placed with local investors first and retail investors second. These investors are long-term investors, likely to be relied upon in future borrowings. Placing issues with them reduces the overall cost to the issuer and creates a stable core base of investors that can be relied upon for future debt sales. D) Capital Commitment: Bernardi commits to underwriting and purchasing issues even if less than 100% of the issue is sold at final pricing. Oftentimes during volatile markets, we have less than 100% of the securities sold to investors at the time the bond purchase agreement is executed. Therefore, Bernardi absorbs the market risk. We will provide the City and its Municipal Advisor with a Final Pricing Summary that details how well the City’s securities priced vs. similar credits in the marketplace. Bernardi believes it is important to support our clients and their advisors, and when appropriate, to transfer the risk of unsold balances to our firm. Selecting an underwriter with a quality marketing strategy for the City’s Bonds is important. Our total company commitment to one bond issue at a time, and our proven and specialized marketing plan has helped us become a leader in the municipal bond community. Bernardi Securities, Inc can achieve the City’s financing needs, despite current volatile market conditions.
26 As shown with our recent pricing comparison experience on pages 10 through 17, our marketing strategies and understanding of the market generated attractive borrowing rates for our clients. These strategies are outlined in more detail in our recent case study for First Fire Protection District of Antioch Township, which illustrates the effectiveness of our marketing strategy during an extremely volatile market like we are seeing today: CASE STUDY | First Fire Protection District of Antioch Township, Lake County Illinois Below is a case study highlighting the effectiveness of our marketing strategy for the First Fire Protection District of Antioch Township. This was during an extremely volatile market – similar to today - and for an issuer with a similar issue structure and size as being contemplated by North Aurora Fire Protection District. First Fire Protection District of Antioch Township, Lake County, Illinois $9,210,000 General Obligation Bonds (ARS), Series 2023 S&P “AA-” (Stable Outlook); BAM Insured Non-Bank Qualified Dated: February 7, 2023 Bernardi Securities Sole Manager In February 2023, Bernardi Securities acted as underwriter for the issuance of $9,210,000 General Obligation Bonds (Alternate Revenue Source), Series 2023 (the “Bonds”) for First Fire Protection District of Antioch Township, Lake County, Illinois (the “District”). Proceeds of the Bonds were used to renovate, repair, and equip District’s facilities, including all three of the Fire District’s existing fire stations. Referendum - 2022 On June 28, 2022, voters of the District approved a referendum which allows the District to increase its limiting rate under the Illinois Property Tax Limitation Law. The increase of the limiting rate authorizes the District to increase the property taxes levied for the operation of the District, including Corporate Taxes. The District expects to use the additional property tax revenues to replace equipment which has passed its useful life, increase employee salaries over a period of several years and to repay debt service on the Bonds which are being issued to finance fire station improvements.
27 Marketing Strategy Financial markets were extremely volatile in 2022. Inflation hit a 40-year high which prompted the Federal Reserve to aggressively raise the federal funds rate from nearly zero in March 2022 to approximately 4.50% in January 2023. Low ratios (muni yield/treasury yield), and bank liquidity issues underpinned by a sharp increase in the federal funds rate (the interest rate at which a depository institution can lend or borrow funds that are required to meet overnight balances) has made tax-exempt municipal bonds less attractive to the U.S. banking sector. Given the unstable bond market and recent reduced commercial bank demand, Bernardi Securities implemented extensive premarketing efforts to our retail and institutional investor clients. Our marketing efforts resulted in over $13.75 million in orders (1.5x total par). Bernardi Securities successfully placed all of the bonds with retail investor accounts* as detailed below: Our strategy prioritized marketing to hold-to-maturity investors. The process to identify these buyers was based on experience marketing similar bonds as well as an internal data-sheet tracking holders of similar Illinois-based bonds. We seek to avoid securities being reoffered a short time after the deal prices well above the primary market sales price. Our bond distribution benefited the District and is evidenced by the fact that during the 9-week period after final pricing (February 10, 2023 to April 18, 2023), there were no secondary trades of the District’s bonds(1). The effectiveness of our marketing strategy and distribution to retail investors during an extremely volatile market resulted in beneficial pricing for the District as shown in the following pricing comparison on the next page. (1) Source: Electronic Municipal Market Access (EMMA) * Retail investors above include individual investors, investment advisors and bank trust departments. All trades were executed on February 8, 2023. First Fire Protection District of Antioch, Lake County, IL $9,210,000.00 General Obligation Bonds (ARS), Series 2023 S&P "AA-" (Stable Outlook), BAM Insured: FINAL Pricing Investor Summary* Maturity Type of BondMaturity ValueRetail Investor Accounts ($)*# of Retail Investor Accounts*Institutional Investor Accounts ($)# of Institutional Investor 01/01/2024 Serial Coupon 485,000 485,000 13 - -01/01/2025 Serial Coupon 445,000 445,000 2 - -01/01/2026 Serial Coupon 470,000 470,000 1 - -01/01/2027 Serial Coupon 490,000 490,000 1 - -01/01/2028 Serial Coupon 515,000 515,000 4 - -01/01/2029 Serial Coupon 540,000 540,000 3 - -01/01/2030 Serial Coupon 570,000 570,000 3 - -01/01/2031 Serial Coupon 595,000 595,000 2 - -01/01/2032 Serial Coupon 625,000 625,000 9 - -01/01/2033 Serial Coupon 660,000 660,000 5 - -01/01/2034 Serial Coupon 690,000 690,000 10 - -01/01/2036 Term 1 Coupon 1,485,000 1,485,000 13 - -01/01/2038 Term 2 Coupon 1,640,000 1,640,000 15 - -Total $9,210,000 $9,210,00081--Bernardi Securities, Inc.Public Finance - Since 1984
28 6. REFERENCES Bernardi Securities, Inc. is proud to have developed many long-term relationships with various issuers throughout the State of Illinois. Below is a list of references that we encourage you to contact: Village of Lemont BSI Client Since: 2000 Contact: Mr. George Schafer, Village Administrator Outstanding Debt: $33,190,000 Address: 418 Main Street, Lemont IL 60439 Outstanding Rating: Moody’s “Aa2” Tel: (630) 257-1590 Email: gschafer@lemont.il.us Village of Channahon BSI Client Since: 2011 Contact: Thomas J. Durkin, Administrator Outstanding Debt: $8,140,000 Address: 24555 S. Navajo, Channahon, Illinois 60410 Outstanding Rating: Moody’s “Aa2” Tel: (815) 467-6644 Email: tdurkin@channahon.org City of Kankakee BSI Client Since: 2006 Contact: Elizabeth D. Kubal, Comptroller Outstanding Debt: $72,795,000 Address: 304 S. Indiana Street, Kankakee, IL 60901 Outstanding Rating: S&P “BBB” Tel: (815) 937-3570 Email: edkubal@citykankakee-il.gov City of Sandwich BSI Client Since: 2013 Contact: Denise Li, Controller Outstanding Debt: $3,400,000 Address: 144 E. Railroad St. Sandwich, Illinois 60548 Outstanding Rating: S&P “AA-” Tel: (815) 570-1402 Email: City.clerk@sandwich.il.us City of Dixon BSI Client Since: 2022 Contact: Danny Langloss Jr., City Manager Outstanding Debt: $22,750,000 Address: 121 W. 2nd Avenue, Dixon, Illinois 61021 Outstanding Rating: S&P “A” Tel: (815) 288-1485 Email: danny.langloss@discoverdixon.org
29 Village of Bourbonnais BSI Client Since: 2006 Contact: Michael Van Mill, Administrator Outstanding Debt: $26,270,000 Address: 600 Main St. NW, Bourbonnais, Illinois 60914 Outstanding Rating: S&P “A” Tel: (815) 937-3570 Email: vanmillm@villageofbourbonnais.com Village of Huntley BSI Client Since: 2017 Contact: David Johnson, Village Manager Outstanding Debt: $8,185,000 Address: 10987 Main Street, Huntley, Illinois 60142 Outstanding Rating: Moody’s “Aa1” Tel: (847) 515-5244 Email: djohnson@huntley.il.us Village of Brookfield BSI Client Since: 1998 Contact: Doug Cooper, Finance Director Outstanding Debt: $13,370,000 Address: 8820 Brookfield, Brookfield, Illinois 60513 Outstanding Rating: Moody’s “A2” Tel: (708) 485-1166 Email: dcooper@brookfieldil.gov Village of Fox Lake BSI Client Since: 2021 Contact: Wayde Frerichs, Finance Director Outstanding Debt: $14,305,000 Address: 66 Thillen Drive, Fox Lake, Illinois 60020 Outstanding Rating: Moody’s “Aa2” Tel: (847) 587-2151 Email: frerichsw@foxlake.org City of Morris BSI Client Since: 1995 Contact: Mayor Chris Brown Outstanding Debt: $2,525,000 Address: 700 North Division St, Morris, Illinois 60450 Outstanding Rating: Moody’s “Aa2” Tel: (815) 942-0103 Email: mayor@morrisil.org Village of Elwood BSI Client Since: 2015 Contact: Julie Friebele, Administrator Outstanding Debt: $17,325,000 Address: 401 E. Mississippi Ave, Elwood, Illinois 60421 Outstanding Rating: S&P “A+” Tel: (815) 423-5011 Email: julie.friebele@villageofelwood.com
30 7. UNDERWRITING FEES UNDERWRITING DISCOUNT If selected to underwrite the City’s proposed Bonds, our underwriting discount (which includes management fees, takedown fees and other underwriting syndicate expenses) will not exceed 0.395% or ($3.95 per $1,000) of the par amount of the Bonds to be issued. Underwriting Discount 2023 Bonds* Percentage 0.393% Per $1,000 $3.93_ *The above underwriting discount is based on (1) “A” category or above rated bonds, (2) non-bank qualified status. UNDERWRITER EXPENSES Below please find an itemized list of third-party expenses expected to be paid by the City in relation to the proposed financing: DTC Setup Fees $1,020.00 CUSIP 1,105.00 Total $2,125.00 *The above listed fees are estimates. If Underwriter’s Counsel is required on the transaction, their fee will be paid out of our Underwriting Discount proposed above and not Bond proceeds. Bernardi Securities is structured in a unique way allowing us to focus on the City’s issue. The bulk of our resources and marketing will be focused on the pricing of the City’s bonds when it comes to market. Oftentimes, sales and trading teams of other firms are focused on multiple issues that are pricing simultaneously. Our underwriting, trading and sales teams will focus on marketing your bonds – other underwriting and trading opportunities will be overseen by senior staff to make sure this is the case.
31 REGULATORY COMPLIANCE AND REQUIRED DISCLOSURES There are no criminal investigations or pertinent litigation pending against our firm. There have not been any orders, judgments or decrees of any federal or state authority barring, suspending or otherwise limiting the right of the firm, its management, any subsidiary engaging as a counterparty in derivative agreements, or any principal in the firm’s municipal bond or public finance operations to engage in any business activity. We are in complete compliance with MSRB rule G-37 concerning political contributions. There are no prohibitions on municipal securities business imposed on our firm. MSRB RULE G-23 DISCLOSURE, G-17 DISCLOSURE AND SEC MUNICIPAL ADVISOR RULE In recent years, Congress has enacted legislation seeking to reform financial markets in the wake of the 2008-2009 financial crisis. One of the most prominent pieces of legislation is the Dodd-Frank Wall Street Reform and Consumer Protection Act. The implementation of Dodd-Frank has led to a series of regulatory changes governing municipal securities. Until the passage of the Dodd-Frank Act, the activities of municipal advisors (commonly referred to as “financial advisors”) were largely unregulated, and municipal advisors were generally not required to register with the Securities Exchange Commission (SEC) or any other federal, state, or self-regulatory entity with respect to their municipal advisory activities. The Dodd-Frank Act amended the Exchange Act to require municipal advisors to register with the Commission. In addition, the Exchange Act, as amended by the Dodd-Frank Act, grants the MSRB regulatory authority over municipal advisors when advising municipal entities. The SEC Municipal Advisor Rule, the 2011 amendments to Rule G-23, and the 2012 amendments to Rule G-17, of the Municipal Securities Rulemaking Board (MSRB) require Bernardi Securities, Inc. to define its role at the earliest stages of our relationship with the potential issuer. Bernardi Securities, Inc. will only serve as an underwriter. As an underwriter, we will be acting as a principal in a commercial, arms’ length transaction, and not as a municipal advisor, financial advisor, or fiduciary. As an underwriter, our purchase of securities will be with a view to distribute these securities to investors. It is important for you to understand that in this role Bernardi Securities, Inc. has financial and other interests that may differ from yours. MSRB Rule G-17 requires us to deal fairly at all times with both municipal issuers and investors. Our duty to purchase securities from an issuer at fair and reasonable prices must be balanced with the duty to sell securities to investors at fair and reasonable prices. Section 975 of the Dodd-Frank Act created a new class of regulated persons, “municipal advisors,” and requires these advisors to register with the SEC. This new registration requirement, which became effective October 1, 2010, makes it unlawful for any municipal advisor to provide certain advice to or on behalf of, or to solicit, municipal entities or certain other persons without registering with the SEC. The new registration requirements and regulatory standards are intended to mitigate some of the problems observed with the conduct of some municipal advisors, including “pay to play” practices, undisclosed conflicts of interest, advice rendered by financial advisors without adequate training or qualifications, and failure to place the duty of loyalty to their clients ahead of their own interests. As of September 23, 2014, Speer Financial, Inc. has registered with the SEC as an Independent Municipal Advisor.
32 This information has been provided directly to the Issuer with the intent of being distributed in compliance with the Request for Proposal (RFP) Exemption defined in the SEC’s Municipal Advisor Rule. Anthony Miceli has not been employed by Bernardi Securities, Inc. within the past two years. It is important for you to understand that under the new regulatory standards effective July 1, 2014 Bernardi Securities, Inc., after receiving a formal RFP, is allowed to provide advice on these specific areas operating under the RFP exemption section of the rule: x Advice regarding the structure, timing, terms, and other similar matters concerning a particular issuance of municipal securities (except as otherwise provided herein with respect to advice on investment strategies, municipal derivatives, or other activities identified by the Commission as outside the scope of an underwriting) x Preparation of rating strategies and presentations related to the issuance being underwritten x Preparations for and assistance with investor “road shows” and investor discussions related to the issuance being underwritten x Advice regarding retail order periods and institutional marketing if the municipal entity has determined to engage in a negotiated sale x Assistance in the preparation of the preliminary and final official statements for the municipal securities x Assistance with the closing of the issuance of municipal securities, including negotiation and discussion with respect to all documents, certificates, and opinions needed for such closing x Coordination with respect to obtaining CUSIP numbers and the registration of the issue of municipal securities with the book-entry only system of the Depository Trust Company x Preparation of post-sale reports for such municipal securities x Structuring of refunding escrow cash flow requirements necessary to provide for the refunding and defeasance of an issue of municipal securities. Subject to independent escrow verification. It is important for you to understand that under rules effective July 1, 2014 all broker-dealers without exception are prohibited from providing issuers with: advice on investment strategies; advice on municipal derivatives (including derivative valuation services); advice on what method of sale (competitive sale or negotiated sale) a municipal entity should use for an issuance of municipal securities; advice on whether a governing body of a municipal entity or obligated person should approve or authorize an issuance of municipal securities; advice on a bond election campaign; advice that is not specific to a particular issuance of municipal securities on which a person is serving as underwriter and that involves analysis or strategic services with respect to overall financing options, debt capacity constraints, debt portfolio impacts, analysis of effects of debt or expenditures under various economic assumptions, or other impacts of funding or financing capital projects or working capital; assisting issuers with competitive sales, including bid verification, true interest cost (TIC) calculations and reconciliations, verifications of bidding platform calculations, and preparation of notices of sale; preparation of financial feasibility analyses with respect to new projects; budget planning and analyses and budget implementation issues with respect to debt issuance and collateral budgetary impacts; advice on an overall rating strategy that is not related to a particular issuance of municipal securities on which a person is serving as an underwriter, including advice and actions taken on behalf of a municipal entity or obligated person between
33 financing transactions; advice on overall financial controls that are not related to a particular issuance of municipal securities on which a person is serving as an underwriter; or advice regarding the terms of requests for proposals or requests for qualification for the selection of underwriters or other professionals for a project financing and advice regarding review of responses to such requests, including matters regarding compensation of such underwriters or other professionals. If the Issuer engages Bernardi Securities, Inc., the designation of Bernardi Securities, Inc. as underwriter applies solely to this issue. Until Bernardi is engaged on a particular transaction, the discussions between the Issuer and Bernardi are based solely on general market issues, topics, and other publicly available information and are not to be construed as a recommendation or advice. Bernardi Securities, Inc. is not recommending an action to the municipal entity or obligated person. Bernardi Securities, Inc. is not acting as an advisor to the municipal entity or obligated person and does not owe a fiduciary duty pursuant to Section 15B of the Exchange Act to the municipal entity or obligated person with respect to the information and material contained in this communication. Bernardi Securities, Inc. is acting for its own interests. The municipal entity or obligated person should discuss any information and material contained in this communication with any and all internal or external advisors and experts that the municipal entity or obligated person deems appropriate before acting on this information or material. The SEC believes that a person could rely on the general information exclusion from advice under the Final Rules when providing a municipal entity or obligated person with information that does not involve a recommendation, such as factual information that does not contain subjective assumptions, opinions, or views. Examples of this type of general information include: (a) information regarding a person’s professional qualifications and prior experience (e.g., lists, descriptions, terms, or other information regarding prior experience on completed transactions involving municipal financial products or issuances of municipal securities); (b) general market and financial information (e.g., market statistics regarding issuance activity for municipal securities or current market interest rates or index rates for different types of bonds or categories of credits); (c) information regarding a financial institution’s currently-available investments (e.g., the terms, maturities, and interest rates at which the financial institution offers these investments) or price quotes for investments available for purchase or sale in the market that meet criteria specified by a municipal entity or obligated person; (d) factual information describing various types of debt financing structures (e.g., fixed rate debt, variable rate debt, general obligation debt, debt secured by various types of revenues, or insured debt), including a comparison of the general characteristics, risks, advantages, and disadvantages of these debt financing structures; and (e) factual and educational information regarding various government financing programs and incentives (e.g., programs that promote energy conservation and the use of renewable energy).
APPENDIX A ILLINOIS ISSUES UNDERWRITTEN BY BERNARDI SECURITIES, INC. (JANUARY 1, 2018 THROUGH FEBRUARY 28, 2023)
Date of Sale Issuer Und. Rating Amount Description Neg/Comp Role Maturity Schedule1 02/23/23 Village of Elwood NR $17,325,000 G. O. Ref. Bonds, Series 2023 N Manager 2044-20442 02/23/23 Germantown Hills School District No. 69 A+ $6,985,000 G. O. School Bonds, Series 2023A N Manager 2024-20423 02/16/23 Benton CCSD No. 47 A $1,150,000 G. O. Limited School Bonds, Series 2023 N Manager 2024-20294 02/15/23 Central City School District No. 133 NR $289,000 G. O. Limited Tax School Bonds, Series 2023 N Private Placement 2027-20275 02/14/23 Vienna School District No. 55 NR $600,000 G. O. School Bonds, Series 2023A N Manager 2031-20336 02/14/23 Village of Milan NR $380,000 Taxable G. O. Bonds, Series 2023 N Manager 2024-20247 02/13/23 City of Byron NR $363,000 G. O. Bonds, Series 2023 N Private Placement 2023-20248 02/09/23 Indian Creek CUSD No. 425 NR $1,675,000 G. O. Limited School Bonds, Series 2023 N Manager 2023-20299 02/07/23 Antioch Township Fire Protection District AA- $9,210,000 G. O. Bonds (ARS), Series 2023 N Manager 2024-203810 02/01/23 South Fork CCSD No. 14 NR $975,000 G. O. School Bonds (ARS), Series 2023B N Manager 2023-202811 01/24/23 City of Marseilles NR $180,000 G. O. Bonds, Series 2023 N Private Placement 2023-202312 01/19/23 LaSalle-Peru Twp HSD No. 120 AA- $2,305,000 G. O. School Bonds (ARS), Series 2023B N Manager 2023-203213 01/19/23 LaSalle-Peru Twp HSD No. 120 AA- $9,690,000 G. O. School Bonds, Series 2023A N Manager 2023-203114 01/12/23 City of Dixon A $22,750,000 Taxable G. O. Bonds (ARS), Series 2023 N Manager 2023-204015 01/10/23 Oglesby School District No. 125 NR $1,295,000 Taxable G. O. School Bonds, Series 2023 N Manager 2023-202716 12/19/22 Village of Durand NR $414,000 G. O. Bonds (ARS), Series 2022 N Private Placement 2032-203217 12/07/22 City of Lincoln NR $491,000 G. O. Limited Tax Bonds, Series 2022 N Private Placement 2025-202518 12/06/22 North Shore School District No. 112 AAA $54,045,000 G. O. School Bonds, Series 2022 C Co-Manager 2023-204219 11/22/22 PinckneyvilleCHSD No. 101 NR $1,235,000 G. O. School Bonds, Series 2022 N Manager 2023-203120 11/21/22 Byron Forest Preserve District NR $1,900,000 G. O. Bonds, Series 2022 N Private Placement 2023-202321 11/15/22 Calumet Memorial Park District NR $950,000 G. O. Limited Tax Bonds, Series 2022 N Manager 2023-202522 11/09/22 Leland CUSD No. 1 AA- $1,175,000 G. O. School Bonds, Series 2022 N Manager 2027-203323 11/01/22 City of Kankakee BBB $33,620,000 Taxable G. O. Bonds, Series 2022 N Manager 2024-204124 10/25/22 Seneca Twp HSD No. 160 NR $5,000,000 G.O.(Limited Tax) Debt Certificates, Series 2022A N Manager 2023-203225 10/20/22 Streator Township HSD No 40 A+ $4,000,000 G. O. School Bonds, Series 2022 N Manager 2031-204026 10/18/22 DuPage Co CCSD No. 89 (Glen Ellyn) AA+ $18,180,000 G. O. School Bonds, Series 2022 C Co-Manager 2024-203827 10/18/22 Stookey Township Road District A $2,680,000 G. O. Road Bonds, Series 2022 N Manager 2025-203428 10/17/22 City of Ottawa NR $1,530,000 G. O. Bonds (ARS), Series 2022B N Private Placement 2041-204129 10/17/22 City of Ottawa NR $5,095,000 G. O. Bonds (ARS), Series 2022A N Private Placement 2041-204130 10/12/22 LaSalle Co CUSD No. 2 (Serena) AA- $13,060,000 G. O. School Bonds, Series 2022 N Manager 2024-204231 10/05/22 The County of Kankakee Baa1 $1,475,000 G. O. Bonds (ARS), Series 2022 N Manager 2023-204232 10/04/22 Village of Cherry Valley AA $4,925,000 G. O. Alternate Bonds, Series 2022 N Manager 2023-204133 09/22/22 Manhattan School District No 114 A $83,200,000 G. O. School Bonds, Series 2022 N Manager 2029-205234 09/15/22 City of Joliet AA- $93,595,000 G. O. Bonds, Series 2022 N Co-Manager 2028-204435 08/30/22 LaSalle Co SD No. 122 Illinois (LaSalle) NR $1,230,000 G. O. School Bonds, Series 2022 N Manager 2024-202936 08/18/22 Bureau County CCSD No. 94 Illinois (Ladd) NR $1,000,000 Taxable G. O. School Bonds, Series 2022 N Manager 2023-203137 08/03/22 Central HSD No. 71 A+ $6,665,000 G. O. School Bonds, Series 2022 N Manager 2023-203538 07/12/22 LaSalle Co CUSD No. 2 (Serena) NR $10,000,000 G. O. (Limited Tax) Debt Certificates, Series 2022A N Manager 2022-202339 06/16/22 Mundelein Consolidated HSD No. 120 AA+ $49,290,000 G. O. Limited Tax School Bonds, Series 2022A N Manager 2024-204140 06/09/22 Village of Bourbonnais A $19,945,000 G. O. Bonds (ARS), Series 2022 N Manager 2022-204641 06/07/22 City of Peru Aa3 $4,815,000 G. O. Bonds, Series 2022 N Manager 2025-203142 06/02/22 Peoria County CHSD No. 310 (Limestone) A $1,280,000 G. O. School Bonds (ARS), Series 2022A N Manager 2022-203143 05/26/22 Grundy County SD No. 54 (Morris) A1 $2,500,000 G. O. School Bonds, Series 2022A N Manager 2025-202844 05/24/22 Sangamon Valley Public Water District AA- $1,000,000 Water Revenue Bonds, Series 2022 N Manager 2022-203145 05/18/22 Village of Huntley AA+ $3,025,000 G. O. Bonds, Series 2022 N Manager 2022-204146 05/12/22 Village of Brookfield A2/AA $2,340,000 G. O. Bonds (Water and Sewer ARS), Series 2022 N Manager 2023-203247 05/10/22 City of Bloomington Aa2 $19,475,000 G. O. Bonds, Series 2022 C Co-Manager 2024-204248 05/10/22 City of Harvard A+ $4,920,000 Taxable G. O. Bonds (ARS), Series 2022A N Manager 2023-203549 05/03/22 Village of Green Oaks AAA $665,000 G. O. Bonds (ARS), Series 2022 N Manager 2023-204150 04/28/22 City of Hickory Hills AA- $15,095,000 Taxable G. O. Bonds (ARS), Series 2022A N Co-Manager 2022-203851 04/27/22 City of Carmi A $1,360,000 G. O. Ref. Bonds (ARS), Series 2022B N Manager 2023-203152 04/27/22 City of Carmi A $3,025,000 G. O. Bonds (Electric System ARS), Series 2022A N Manager 2023-203253 04/20/22 Normal CUSD No. 5 Aa3 $45,055,000 Taxable G. O. School Bonds, Series 2022 C Co-Manager 2024-202654 04/20/22 City of Polo NR $650,000 G. O. Bonds (ARS), Series 2022 N Manager 2023-204155 03/29/22 City of Flora A- $4,365,000 Taxable G. O. Bonds, Series 2022A N Manager 2022-204056 03/24/22 Village of Fox Lake Aa2 $11,940,000 G. O. (ARS), Series 2022A N Manager 2022-204157 03/24/22 Village of Fox Lake Aa2 $595,000 G. O. Ref. Bonds (ARS), Series 2022C N Manager 2022-202358 03/22/22 Village of River Forest Aa2 $5,240,000 G.O. (Limited Tax) Debt Certificates, Series 2022A N Manager 2023-2041
Date of Sale Issuer Und. Rating Amount Description Neg/Comp Role Maturity Schedule59 03/08/22 Richland, Wayne, Jasper Counties CUSD No. 1 A+ $1,865,000 Taxable G. O. Ref. School Bonds, Series 2022A N Manager 2022-203060 03/03/22 Lake County HSD No. 120 (Mundelein) NR $50,000,000 Debt Certificates, Series 2022 N Manager 2022-202461 02/25/22 Galatia CUSD No 1 NR $425,000 G. O. School Bonds, Series 2022 N Private Placement 2022-202562 02/24/22 Williamson County Airport Authority A+ $2,010,000 Taxable G.O. Ref. Limited Airport Bonds, Series 2022 N Manager 2022-203363 02/23/22 Village of Orland Park AA+ $11,970,000 G. O.s Bonds, Series 2022 C Co-Manager 2022-204764 02/16/22 City of Kewanee NR $1,555,000 G. O. Ref. Bonds (ARS), Series 2022A N Manager 2022-202665 02/09/22 Champaign County CCSD No. 130 (Thomasboro) A $1,190,000 G. O. School Bonds (ARS), Series 2022A N Manager 2022-204066 02/02/22 City of Sterling A $22,050,000 Taxable G. O. Bonds (ARS), Series 2022A N Manager 2022-203667 02/02/22 City of Sterling A $7,465,000 G. O. Bonds (ARS), Series 2022B N Manager 2022-203668 01/31/22 Somonauk Public Library District NR $1,152,000 G. O. Library Ref. Bonds, Series 2022 N Private Placement 2023-202669 01/27/22 Village of Lemont Aa2 $6,700,000 G. O. Bonds (Water and Sewerage ARS), Series 2022 N Manager 2022-204170 01/25/22 Lake Egypt Water District A $4,150,000 Water Revenue Bonds, Series 2022 N Manager 2022-204171 01/20/22 Ewing-Northern CCSD No. 115 NR $750,000 G. O. School Bonds (ARS), Series 2022A N Manager 2026-203972 01/20/22 Village of Skokie AA $150,450,000 Taxable G. O. Bonds, Series 2022A N Co-Manager 2022-204073 01/20/22 Village of Skokie AA $26,670,000 Taxable G. O. Bonds, Series 2022B N Co-Manager 2025-204174 01/19/22 Peru Elementary School District No. 124 A1 $4,305,000 Taxable G. O. School Ref. Bonds (ARS), Series 2022B N Manager 2022-202875 01/19/22 Peru Elementary School District No. 124 A1 $2,000,000 Taxable G. O. School Bonds, Series 2022A N Manager 2025-203076 01/18/22 Lake Forest HSD No. 115 Aaa $13,525,000 G. O. Debt Certificates (Limited Tax), Series 2022 C Co-Manager 2023-203677 01/11/22 Grundy County SD No. 54 (Morris) NR $4,420,000 Taxable G. O. School Bonds, Series 2022 N Manager 2022-202378 01/06/22 Odin Public School District No. 711 BBB+ $1,350,000 G. O. School Bonds (ARS), Series 2022A N Manager 2022-204679 01/06/22 Odin Public School District No. 711 BBB+ $429,000 G. O. Limited School Bonds, Series 2022B N Manager 2025-204180 01/04/22 Village of Milan NR $380,000 Taxable G. O. Bonds, Series 2022 N Manager 2023-202381 12/21/21 Calumet Memorial Park District NR $900,000 Taxable G. O. Limited Tax Bonds, Series 2021 N Manager 2022-202482 12/20/21 Byron Forest Preserve District NR $1,850,000 G. O. Bonds, Series 2021 N Private Placement 2022-202283 12/16/21 Village of Long Grove NR $1,260,000 SSA Special Tax Ref. Bonds, Series 2021A N Manager 2022-204184 12/16/21 Village of Long Grove NR $115,000 Special Tax Ref. Bonds, Series 2021B N Manager 2022-202485 12/14/21 Village of Winfield Aa2 $3,335,000 Taxable Ref. Debt Certificates, Series 2021 N Manager 2023-203486 12/08/21 Village of Forest View A $13,235,000 Taxable G. O. Bonds, Series 2021 N Manager 2022-204287 12/03/21 Community College District No. 532 Aaa $48,440,000 Taxable G. O. Bonds, Series 2021A C Co-Manager 2025-204188 12/02/21 The Illinois State Toll Highway Authority Aa3/AA-$700,000,000 Toll Highway Senior Revenue Bonds, 2021 Series A N Co-Manager 2039-204689 12/01/21 Homer Township NR $1,035,000 G. O. Ref. Bonds, Series 2021 N Private Placement 2022-202890 11/22/21 Chillicothe-Illinois Valley Central CUSD No. 321 NR $1,775,000 G. O. Ref. School Bonds, Series 2021A N Private Placement 2023-202591 11/16/21 Prairie Grove Consolidated School District No. 46 Aa3 $10,430,000 G. O. School Bonds (ARS), Series 2021B C Co-Manager 2023-204192 11/16/21 New Trier Township HSD No. 203, Cook County Aaa $8,375,000 G. O. Limited Tax School Bonds, Series 2021C C Co-Manager 2023-203193 11/09/21 City of Martinsville NR $560,000 Taxable W&S Ref. Bonds, Series 2021 N Manager 2022-203394 10/27/21 Oswego Public Library District AA $3,615,000 G. O. Ref. Library Bonds, Series 2021A C Manager 2023-202795 10/20/21 Sandwich Public Library District A+ $1,980,000 G. O. Library Ref. Bonds, Series 2021 N Manager 2022-203396 10/13/21 Crawford Hospital District BBB $7,420,000 G. O. Hospital District, Series 2021A N Manager 2023-204197 10/13/21 Crawford Hospital District BBB $4,020,000 G. O. Hospital Bonds (ARS), Series 2021B N Manager 2023-204198 10/06/21 Village of Romeoville Aa2 $8,580,000 G. O. Ref. Bonds, Series 2021B N Manager 2022-202799 10/06/21 Village of Romeoville Aa2 $1,985,000 G. O. Ref. Bonds, Series 2021A N Manager 2024-2025100 09/29/21 Regional Transportation Authority of Illinois AA $89,210,000 Taxable G. O. Ref. bonds, Series 2021A C Co-Manager 2022-2044101 09/28/21 Village of Wilmette Aaa $34,995,000 G. O. Bonds, Series 2021 C Co-Manager 2022-2051102 09/22/21 Urbana & Champaign Sanitary District NR $8,375,000 Revenue Ref. Bonds, Series 2021 N Manager 2021-2024103 09/16/21 Westchester Park District A+ $3,255,000 G. O. Park Bonds (ARS), Series 2021A N Manager 2022-2032104 09/14/21 Village of River Grove BBB+ $3,690,000 Taxable G. O. Ref. Bonds, Series 2021B N Manager 2021-2032105 09/14/21 Village of River Grove BBB+ $10,145,000 G. O. Bonds, Series 2021A N Manager 2022-2041106 09/09/21 City of Herrin A $1,920,000 G. O. Ref. Bonds, Series 2021A N Manager 2021-2027107 09/09/21 City of Herrin A $2,020,000 G. O. Ref. Bonds, Series 2021C N Manager 2021-2032108 09/09/21 City of Herrin A $210,000 G. O. Ref. Bonds, Series 2021B N Manager 2021-2028109 08/31/21 City of Highwood AA $9,255,000 G. O. Bonds, Series 2021 N Manager 2023-2039110 08/25/21 Bureau County Township HSD No. 502 (Hall) A $44,495,000 Taxable G. O. School Bonds, Series 2021 N Manager 2021-2040111 08/18/21 Village of Bourbonnais A $1,460,000 G. O. Bonds (ARS), Series 2021A N Manager 2022-2026112 08/18/21 Village of Bourbonnais A $2,395,000 Taxable G. O. Ref. Bonds (ARS), Series 2021B N Manager 2021-2032113 08/16/21 Village of Wauconda Aa2 $1,940,000 G. O. Ref. Bonds (ARS), Series 2021A C Manager 2027-2035114 08/16/21 Village of Wauconda Aa2 $5,655,000 G. O. Ref. Bonds, Series 2021B C Manager 2022-2032115 08/05/21 Village of Lincolnwood Aa2 $9,085,000 G. O. Bonds, Series 2021A C Co-Manager 2022-2041116 08/05/21 Village of Johnsburg NR $1,092,000 SSA No. 33 Special Benefit Tax Bonds, Series 2021 N Manager 2022-2040
Date of Sale Issuer Und. Rating Amount Description Neg/Comp Role Maturity Schedule117 08/03/21 Village of Gilberts AA $4,090,000 G. O. Bonds (ARS), Series 2021 C Manager 2022-2036118 08/03/21 Clinton County School District No. 57 (Bartelso) NR $815,000 Taxable G. O. School Bonds, Series 2021C N Manager 2022-2027119 08/03/21 Clinton County School District No. 57 (Bartelso) NR $240,000 G. O. School Bonds, Series 2021D N Manager 2028-2028120 07/14/21 Village of Elk Grove Village AA+ $43,715,000 Taxable G. O. Bonds, Series 2021 N Manager 2022-2038121 07/07/21 Effingham Park District NR $3,905,000 G.O. (Limited Tax) Ref. Debt Certificates, Series 2021 N Manager 2022-2030122 06/24/21 Village of Woodridge Aa1 $18,160,000 G. O. Bonds, Series 2021 N Manager 2034-2046123 06/10/21 Joliet Junior Community College District No. 525 Aa2$35,105,000 Taxable G. O. Ref. Bonds, Series 2021 (ARS) C Co-Manager2022-2038124 06/09/21 City of Hillsboro A- $5,475,000 Taxable G. O. W&S Ref. Bonds, Series 2021B N Manager 2021-2036125 06/09/21 City of Hillsboro A- $2,835,000 G. O. Bonds (ARS), Series 2021A N Manager 2022-2040126 06/03/21 Frankfort CUSD No. 168 A- $1,810,000 G. O. Limited School Bonds, Series 2021 N Manager 2022-2026127 05/26/21 City of Geneseo AA- $3,965,000 Taxable G. O. Bonds (ARS), Series 2021 N Manager 2022-2041128 05/20/21 Clinton County School District No. 57 (Bartelso) NR $795,000Taxable G. O. School Bonds (ARS), Series 2021A N Private Placement 2022-2027129 05/20/21 Clinton County School District No. 57 (Bartelso) NR $230,000 G. O. School Bonds (ARS), Series 2021B N Private Placement 2028-2028130 05/19/21 City of Ottawa A3 $4,520,000 G. O. Bonds (ARS), Series 2021A N Manager 2022-2040131 05/19/21 City of Ottawa A3 $8,860,000 G. O. Bonds (W&S ARS), Series 2021B N Manager 2030-2037132 05/12/21 City of Morrison A+ $2,470,000 G. O. Bonds (ARS), Series 2021 N Manager 2022-2047133 05/05/21 Fox Lake Public Library District Aa3 $8,520,000 G. O. Ref. Library Bonds, Series 2021 N Manager 2022-2029134 04/29/21 Westville CUSD No. 2 A $2,865,000 G. O. School Bonds, Series 2021B N Manager 2031-2037135 04/29/21 Westville CUSD No. 2 A $2,595,000 Taxable G. O. Ref. School Bonds, Series 2021A N Manager 2022-2030136 04/27/21 Lemont Township HSD No. 210 AA+ $12,365,000 G. O. Ref. School Bonds, Series 2021A Taxable C Co-Manager 2023-2027137 04/21/21 Stark County CUSD No. 100 A1 $13,485,000 G. O. School Bonds, Series 2021 N Manager 2022-2040138 04/14/21 Village of Dwight A $3,840,000 Taxable G. O. Ref. Bonds (Sales Tax ARS), Series 2021C N Manager 2021-2031139 04/14/21 City of Elgin AA+ $9,545,000 G. O. Corporate Purpose Bonds, Series 2021B C Co-Manager 2022-2035140 04/14/21 Village of Dwight A $495,000 Tax. G. O. Ref. Bonds (Tax Increment ARS), Series 2021B N Manager 2021-2030141 04/14/21 Village of Dwight A $1,995,000 Taxable G. O.Bonds (Waterworks ARS), Series 2021A N Manager 2021-2027142 04/07/21 City of Oregon A $280,000 G. O. Ref. Bonds (ARS), Series 2021C N Manager 2021-2029143 04/07/21 City of Oregon A $1,725,000 G. O. Bonds (ARS), Series 2021A N Manager 2021-2040144 04/07/21 City of Oregon A $1,435,000 Taxable G. O. Ref. Bonds (ARS), Series 2021B N Manager 2021-2027145 03/30/21 River Trails Park District A+ $3,515,000 G. O. Park Ref. Bonds (ARS), Series 2021B N Manager 2022-2035146 03/24/21 Village of Green Oaks AAA $1,200,000 G. O. Bonds (ARS), Series 2021 N Manager 2029-2034147 03/23/21 Village of Mahomet Aa3 $7,835,000 G. O. Bonds (ARS), Series 2021 N Manager 2024-2036148 03/18/21 City of Marseilles A $2,175,000 G. O. Bonds (ARS), Series 2021B N Manager 2030-2040149 03/18/21 City of Marseilles A $5,445,000 G. O. Bonds (ARS), Series 2021A N Manager 2021-2040150 03/11/21 City of Sandwich AA- $2,995,000 G. O. (ARS), Series 2021 N Manager 2021-2040151 03/09/21 Earlville CUSD No. 9 A+ $4,280,000 G. O. School Bonds, Series 2021 N Manager 2027-2035152 03/08/21 City of O'Fallon NR $5,330,000 G. O. Ref. Bonds, Series 2021 N Private Placement 2021-2021153 03/04/21 City of Waukegan A2 $12,815,000 G. O. Bonds, Series 2021A N Manager 2021-2037154 03/04/21 City of Waukegan A2 $31,180,000 Taxable G. O. Bonds, Series 2021B N Manager 2021-2037155 03/02/21 Greene County Rural Water District NR $2,470,000 Waterworks Revenue Ref. Bonds, Series 2021 N Manager 2021-2046156 03/02/21 Village of Trout Valley NR $500,000 G. O. Bonds (ARS), Series 2021 N Private Placement 2021-2033157 02/25/21 Will County SD No. 114 (Manhattan) A $7,055,000 Taxable G. O. Ref. School Bonds, Series 2021A N Manager 2022-2028158 02/24/21 City of Peru Aa3 $5,855,000 G. O. Bonds, Series 2021B N Manager 2022-2040159 02/23/21 Ogle County CUSD No. 220 (Oregon) A+ $7,295,000 Taxable G. O. Ref. School Bonds, Series 2021A N Manager 2021-2027160 02/22/21 Antioch Public Library District AA- $8,865,000 G. O. Library Bonds, Series 2021 N Manager 2022-2041161 02/18/21 Lost Nation - New Landing River Conservancy District NR $948,000 G. O. Voted Bonds, Series 2021 N Private Placement 2021-2040162 02/17/21 Stark CUSD No. 100 NR $15,000,000 Debt Certificates, Series 2021 N Manager 2022-2022163 02/11/21 Christian County CUSD No. 3 (Taylorville) A+ $84,350,000 Taxable G. O. School Ref. Bonds (ARS), Series 2021B N Manager 2021-2033164 02/11/21 Christian County CUSD No. 3 (Taylorville) A+ $12,875,000 G. O. Limited Tax School Bonds, Series 2021A N Manager 2024-2040165 02/09/21 Rockridges CUSD No. 300 A+ $5,350,000 Taxable G. O. School Bonds, Series 2021 N Manager 2021-2024166 02/04/21 City of Effingham AA- $1,635,000 G. O. Ref. Bonds (ARS), Series 2021A N Manager 2021-2027167 02/04/21 City of Effingham AA- $1,860,000 Taxable G. O. Bonds (ARS), Series 2021B N Manager 2021-2040168 02/02/21 Meredosia-ChambersburgCUSD No. 11 A $1,500,000 Taxable G. O. School Bonds, Series 2021 N Manager 2021-2031169 01/28/21 City of Sterling A $17,230,000 G. O. Bonds (ARS), Series 2021B N Manager 2023-2040170 01/26/21 Village of Manhattan AA$5,215,000 Taxable G. O. Ref. Bonds, Series 2021 N Manager 2022-2032171 01/21/21 Village of Chicago Ridge AA- $4,110,000 Taxable G. O. Bonds, Series 2021A N Manager 2022-2031172 01/21/21 Village of Chicago Ridge AA- $1,030,000 G. O. Bonds, Series 2021B N Manager 2022-2031173 01/20/21 Addison Fire Protection District No. 1 A+ $33,790,000Taxable G. O. Bonds (ARS), Series 2021A N Co-Manager 2021-2040174 01/14/21 Carlyle Southwest Public Water District NR $371,000 Water Revenue Ref. Bonds, Series 2021 N Private Placement 2021-2042
Date of Sale Issuer Und. Rating Amount Description Neg/Comp Role Maturity Schedule175 01/13/21 City of Sterling A $36,000,000 Taxable G. O. Bonds (ARS), Series 2021A N Manager 2021-2042176 01/07/21 City of LeRoy A $3,440,000 G. O. Bonds (ARS), Series 2021 N Manager 2025-2039177 01/06/21 Grundy County SD No. 54 (Morris) NR $2,250,000 Taxable G. O. School Bonds, Series 2021 N Manager 2021-2021178 01/05/21 Village of Channahon Aa2 $3,180,000 Taxable G. O. Ref. Bonds, Series 2021B N Manager 2021-2032179 01/05/21 Village of Channahon Aa2 $1,240,000 Taxable G. O. Ref. Bonds, Series 2021A N Manager 2021-2024180 12/22/20 Village of Milan NR $300,000 Taxable G. O. Bonds, Series 2021B N Manager 2022-2022181 12/22/20 LaSalle School District No. 122 NR $995,000 G. O. School Bonds, Series 2021 N Manager 2021-2026182 12/22/20 Village of Milan NR $2,080,000 G. O. Ref. Bonds (ARS), Series 2021A N Manager 2023-2025183 12/21/20 Henderson Water District NR $1,415,000 Waterworks Revenue Ref. Bonds, Series 2020 N Manager 2021-2044184 12/21/20 Byron Forest Preserve District NR $1,850,000 G. O. Bonds, Series 2020 N Private Placement 2021-2021185 12/17/20 Williamson County A+ $9,060,000 G. O. Ref. Bonds (ARS), Series 2021 N Manager 2021-2029186 12/15/20 Williamson County A+ $8,915,000 G. O. Ref. Bonds (ARS), Series 2020 N Manager 2021; 2029-2036187 12/15/20 Cook County CCSD No 34 (Glenview) Aaa $50,960,000 G. O. School Bonds, Series 2021 C Co-Manager 2021-2031188 12/10/20 Crystal Lake CHSD No. 155 AA+ $9,515,000 Taxable G. O. Limited Ref. School Bonds, Series 2020 C Co-Manager 2021-2033189 12/10/20 Village of Rantoul A $10,000,000 Taxable G. O. Bonds, Series 2020 N Manager 2022-2041190 12/08/20 Waverly CUSD No. 6 A+ $2,375,000 Taxable G. O. Ref. School Bonds, Series 2020A N Manager 2021-2031191 12/02/20 Calumet Memorial Park District NR $870,000 Taxable G. O. Limited Tax Bonds, Series 2020 N Manager 2023-2023192 11/24/20 Damiansville School District No. 62 A- $830,000 G. O. Ref. School Bonds, Series 2020A N Manager 2021-2030193 11/19/20 City of Oglesby NR $1,380,000 G. O. Ref. Bonds (ARS), Series 2020 N Manager 2021-2023194 11/12/20 City of Kankakee BBB $3,460,000 Sewer Revenue Ref. Bonds, Series 2020D N Manager 2022-2030195 11/12/20 City of Kankakee BBB $1,480,000 Taxable Sewer Revenue Ref. Bonds, Series 2020C N Manager 2021-2024196 11/12/20 City of Kankakee BBB $1,100,000 Taxable G. O. Bonds, Series 2020B N Manager 2025-2030197 11/12/20 City of Kankakee BBB $21,290,000 G. O. Ref. Bonds, Series 2020A N Manager 2022-2035198 10/29/20 Village of Winnetka Aaa $12,035,000 Taxable G. O. Ref. bonds, Series 2020 C Co-Manager 2021-2040199 10/28/20 City of Flora A- $6,820,000 Taxable G. O. Ref. Bonds, Series 2020 N Manager 2021-2034200 10/27/20 City of Newton AA- $1,790,000 G. O. TIF Ref. Bonds, Series 2020C C Manager 2021-2030201 10/22/20 Village of Tilton A- $1,500,000 Taxable G. O. Ref. Bonds, Series 2020A N Manager 2021-2027202 10/22/20 Village of Tilton A- $985,000 G. O. Bonds, Series 2020B N Manager 2021-2027203 10/19/20 West Chicago School District No. 33 Aa2 $13,870,000 Taxable G. O. Ref. School Bonds, Series 2020 C Co-Manager 2021-2031204 10/19/20 Village of Palatine AA+ $18,335,000 G. O. Ref. Bonds, Series 2020 C Co-Manager 2024-2034205 10/14/20 EML Fire Protection District NR $1,135,000 G. O. Ref. Bonds, Series 2020 N Manager 2021-2035206 10/13/20 Lincoln Land Community College District 526 Aa2 $10,395,000 Taxable General Obligation Ref. Bonds, Series 2020 C Manager 2021-2028207 10/08/20 Oakto Community College District No. 535 Aaa $9,425,000 Taxable G. O. Limited Tax Ref. Bonds, Series 2020A C Co-Manager 2022-2032208 10/07/20 Village of Lemont Aa2 $2,285,000 G. O. Ref. Bonds (ARS), Series 2020 N Manager 2022-2032209 10/06/20 Village of Schaumburg AAA $12,085,000 G. O. Bonds, Series 2020B C Co-Manager 2023-2038210 10/05/20 DuPage Co School District No. 45 (Villa Park) Aa2 $9,705,000Taxable G. O. Limited Tax Ref. School Bonds, Series 2020A C Manager 2022-2032211 09/24/20 Village of Tremont NR $1,195,000 G. O. Bonds (ARS), Series 2020 N Manager 2021-2030212 09/22/20 City of Highwood AA $2,670,000 G. O. Ref. Bonds, Series 2020 N Manager 2021-2033213 09/17/20 Village of Mahomet Aa3 $1,105,000 G. O. Ref. Bonds (ARS), Series 2020 N Manager 2021-2034214 09/15/20 City of Waukegan A2 $19,675,000 First Lien W&S System Revenue Bonds, Series 2020 N Co-Manager 2021-2040215 09/14/20 City of Fulton BBB+ $1,540,000 G. O. Ref. Bonds (ARS), Series 2020 N Manager 2021-2034216 09/09/20 Channahon Park District NR $9,215,000 G. O. Park Bonds (ARS), Series 2020A N Manager 2021-2040217 09/03/20 City of McLeansboro NR $2,600,000 Taxable Electric Revenue Ref. Bonds, Series 2020 N Manager 2020-2034218 08/20/20 DeKalb County Aa1 $13,000,000 G. O. (ARS), Series 2020 C Co-Manager 2021-2050219 08/18/20 Matteson School District No. 162 Aa3/AA $7,110,000 G. O. Ref. School Bonds (ARS), Series 2020B N Manager 2020-2029220 08/18/20 Lake County School District No. 56 (Gurnee) AA+ $9,925,000Taxable G. O. Ref. School Bonds, Series 2020 C Manager 2022-2031221 08/13/20 City of Carbondale BBB+ $2,440,000 Taxable G. O. Ref. Bonds, Series 2020B N Manager 2020-2024222 08/13/20 City of Carbondale BBB+ $3,820,000 G. O. Ref. Bonds, Series 2020A N Manager 2022-2029223 08/06/20 Grundy County SD No. 54 (Morris) A2/AA $5,195,000 G. O. School Bonds, Series 2020C N Manager 2024-2026224 08/04/20 City of Harvard A+ $800,000 G. O. Ref. Bonds (ARS), Series 2020B N Manager 2021-2029225 08/04/20 City of Harvard A+ $4,825,000 G. O. Ref. Bonds (ARS), Series 2020A N Manager 2022-2040226 07/29/20 Bureau County Aa2 $3,000,000 G. O. Bonds (ARS), Series 2020 N Manager 2020-2038227 07/28/20 City of Nashville AA $3,365,000 G. O. Ref. Bonds (ARS), Series 2020 N Manager 2020-2030228 07/23/20 Mill Creek Water District A $1,945,000 Water Revenue Ref. Bonds, Series 2020 N Manager 2021-2029229 07/22/20 Village of Richton Park NR $3,500,000 Taxable G. O. Bonds (ARS), Series 2020 N Manager 2022-2040230 07/20/20 DuPage County School District No. 45 (Villa Park) Aa2 $26,270,000 G. O. School Building bonds, Series 2020 C Co-Manager 2022-2040231 07/15/20 Village of Huntley AA+ $6,215,000 G. O. Bonds, Series 2020 N Manager 2020-2037232 07/09/20 City of Highland Park Aaa $5,375,000 G. O. Ref. Bonds, Series 2020 C Manager 2020-2031
Date of Sale Issuer Und. Rating Amount Description Neg/Comp Role Maturity Schedule233 07/09/20 City of Wilmington NR $6,530,000 G. O. Ref. Bonds (ARS), Series 2020 N Manager 2020-202823407/08/20 Kane County Forest Preserve District AA+ $19,065,000 G. O. Ref. Bonds, Series 2020 C Co-Manager 2020-203123507/01/20 LaSalle-Peru THSD No. 120 AA- $2,235,000 G. O. School Bonds (ARS), Series 2020A N Manager 2020-203023606/30/20 Grundy County SD No. 54 (Morris) A2/AA $765,000 G. O. School Bonds (ARS), Series 2020B N Manager 2021-202723706/30/20 Grundy County SD No. 54 (Morris) A2/AA $8,010,000 Taxable G. O. School Bonds, Series 2020A N Manager 2020-202423806/24/20 Village of Wilmette Aaa $30,025,000 G. O. Bonds, Series 2020 C Co-Manager 2020-205023906/24/20 City of Peru Aa3/AA $8,810,000 G. O. Bonds, Series 2020 N Manager 2021-204024006/18/20 Village of Glencoe AAA $3,000,000 G. O. Bonds, Series 2020 (Waterworks ARS) C Manager 2020-203924106/17/20 Village of Cary Aa2 $10,600,000 G. O. Bonds (ARS) Series 2020 N Manager 2020-205024206/10/20 City of Canton AA $7,560,000 G. O. Ref. Bonds (ARS), Series 2020A N Manager 2020-202324306/08/20 Village of St. Joseph NR $644,000 G. O. Ref. Bonds (ARS), Series 2020B N Private Placement 2020-202424406/08/20 Village of St. Joseph NR $934,000 G. O. Ref. Bonds (ARS), Series 2020A N Private Placement 2020-202924506/03/20 South Sangamon Water Commission Baa1 $28,550,000 G. O. Ref. Bonds (ARS), Series 2020 N Manager 2021-204124605/28/20 Benton CHSD No. 103 A $1,885,000 General Obligation Limited Tax School Bonds, Series 2020 N Manager 2021-203724705/21/20 Village of Beckemeyer NR $1,605,000 G. O. Ref. Bonds (ARS), Series 2020 N Manager 2026-204624805/14/20 Village of Johnsburg AA- $2,600,000 G. O. (ARS), Series 2020B N Manager 2028-204024905/14/20 Village of Johnsburg AA- $3,570,000 G. O. (ARS), Series 2020A N Manager 2024-204525005/06/20 Village of Diamond AA $3,550,000 G. O. Ref. Bonds (ARS), Series 2020A N Manager 2020-202825105/06/20 Village of Diamond AA $1,115,000 General Obligation Ref. Bonds (ARS), Series 2020B N Manager 2020-202825204/28/20 Waverly CUSD No. 6 A+ $1,695,000 G. O. Limited School Bonds, Series 2020 N Manager 2021-203925304/15/20 Matteson School District No 162 Aa3 $5,980,000 G. O. School B onds (ARS), Series 2020A N Manager 2020-203825404/08/20 City of LeRoy A $1,095,000 G. O. (ARS), Serie 2020 N Manager 2025-203925503/05/20 City of Pekin NR $4,245,000 G. O. Ref. Bonds, Series 2020A N Private Placement 2021-203025603/04/20 Crawford Hospital District BBB $9,125,000 G. O. Hospital Ref. Bonds (ARS), Series 2020 N Manager 2021-203425702/20/20 City of Macomb Aa3 $4,010,000 G. O. Ref. Bonds (ARS), Series 2020 N Manager 2020-202725802/12/20 LaSalle-Peru Township HSD No. 120 AA- $9,315,000 G. O. School Bonds, Series 2020 N Manager 2023-203825902/06/20 Village of Bourbonnais AA- $4,715,000 G. O. Bonds (Sales Tax ARS) Series 2020 N Manager 2020-202926002/04/20 Princeton Township HSD Number 500 A+ $2,075,000 Taxable G. O. School Bonds, Series 2020 N Manager 2022-202426102/03/20 City of Hickory Hills NR $945,000 G. O. Limited Tax Bonds, Series 2020 N Manager 2023-203126202/03/20 Village of Addison AA $4,000,000 Taxable G. O. Bonds, Series 2020 C Manager 2020-203926301/30/20 City of Sterling A+ $2,525,000 G. O. Bonds (ARS), Series 2020B N Manager 2021-203126401/30/20 City of Sterling A+ $2,980,000 G. O. Ref. Bonds (ARS), Series 2020A N Manager 2021-203526501/30/20 City of Sterling A+ $3,905,000 G. O. Ref. Bonds (ARS), Series 2020C N Manager 2021-203126601/23/20 City of Canton A $4,870,000 G. O. Ref. Bonds, Series 2020 N Manager 2020-202826701/22/20 Village of Brookfield A2 $6,000,000 G. O. Bonds, Series 2020 N Manager 2021-203026801/14/20 Christian County CCSD 14, South Fork, A $265,000 G. O. Limited Tax Ref. School Bonds, Series 2020B N Manager 2020-202626901/14/20 Christian County CCSD 14, South Fork, A $865,000 G. O. Ref. School Bonds, Series 2020A N Manager 2020-202827001/13/20 Village of Milan NR $300,000 Taxable G. O. Bonds, Series 2020 N Manager 202127101/08/20 Village of Lostant NR $3,145,000 G. O. Bonds (ARS), Series 2020 N Manager 2020-204227212/18/19 Iroquois County CUSD No. 3 (Donovan) NR $615,000 G. O. School Bonds, Series 2020 N Manager 2020-202327312/11/19 City of Lincoln NR $494,000 G. O. Limited Tax Bonds, Series 2019 N Manager 2020-202227412/10/19 The Illinois State Highway Authority A1/AA- $697,870,000Toll Highway Senior Revenue Bonds,2019 SeriesC N Co-Manager 2022-2031275 12/05/19 Calumet Memorial Park District NR $900,000 Taxable G. O. Limited Bonds, Series 2019 N Manager 2021-2022276 12/04/19 City of Lake Forest Aaa $17,500,000 G. O. Ref. Bonds, Series 2019 C Co-Manager 2020-2032277 11/25/19 Braidwood Fire Protection District NR $2,460,000 G. O. Bonds (ARS), Series 2019 N Private Placement 2027278 11/19/19 City of Crest Hill AA $11,640,000 G. O. Bonds, Series 2019B (Sales Tax ARS) C Co-Manager 2021-2039279 11/19/19 City of Crest Hill AA $17,695,000 G. O. Ref. Bonds, Series 2019A (W&S System ARS) C Co-Manager 2021-2035280 11/13/19 Mendota Township HSD No 280 A+ $1,485,000 G. O. School Bonds, Series 2019 N Manager 2020-2024281 11/06/19 Fountaindale Public Library District AA $7,290,000 G. O. Rfunding Bonds, Series 2019 C Co-Manager 2021-2030282 11/05/19 Village of Round Lake Park A+ $1,370,000 Taxable G. O. Bonds, Series 2019 N Manager 2022-2037283 10/29/19 Village of Lemont Aa2 $4,395,000 G. O. Bonds (W&S ARS), Series 2019C N Manager 2020-2039284 10/29/19 Village of Lemont Aa2 $4,475,000 G. O. Ref. Bonds (W&S ARS), Series 2019A N Manager 2020-2030285 10/29/19 Village of Lemont Aa2 $3,375,000 Taxable G. O. Ref. Bonds (ARS), Series 2019B N Manager 2020-2027286 10/28/19 Village of Romeoville Aa2 $20,250,000 Taxable G. O. Bonds, Series 2019B C Co-Manager 2020-2039287 10/24/19 LaSalle County Aa2 $9,195,000 G. O. Self-Insurance Bonds, Series 2019 N Manager 2025-2029288 10/22/19 Village of Lake in the Hills Aa2 $1,495,000 G. O. Bonds, Series 2019 N Manager 2020-2039289 10/16/19 City of Watseka A $1,535,000 G. O. Bonds, Series 2019 N Manager 2022-2039290 10/14/19 Village of Thayer NR $392,000 G. O. Ref. (ARS), Series 2019 N Private Placement 2020-2028
Date of Sale Issuer Und. Rating Amount Description Neg/Comp Role Maturity Schedule291 10/10/19 Village of Rantoul A+ $3,000,000 Taxable G. O. Ref. Bonds, Series 2019 N Manager 2020-2033292 10/08/19 City of Altamont AA- $1,090,000 G. O. Ref. Bonds (ARS), Series 2019A N Manager 2022-2029293 10/08/19 City of Altamont AA- $245,000 G. O. Ref. Bonds (ARS), Series 2019B N Manager 2020-2024294 10/04/19 Palos Heights Fire Protection District NR $635,000 G. O. Bonds (ARS), Series 2019 N Manager 2023-2034295 09/19/19 Crawford Hospital District BBB $6,375,000 G. O. Hospital Ref. Bonds (ARS), Series 2019 N Manager 2021-2031296 09/17/19 Villag of South Barrington NR $1,735,000 Taxable SSA Number 3 Ref. Bonds, Series 2019B N Manager 2020-2024297 09/17/19 Village of South Barrington NR $3,810,000 SSA Number 3 Ref. Bonds, Series 2019A N Manager 2025-2034298 09/17/19 Sycamore Park District A+ $5,070,000 G. O. Park jBonds (ARS), Series 2019A C Co-Manager 2020-2031299 09/17/19 Warren-Newport Public Library District AAA $5,135,000 G. O. Ref. Bonds (ARS), Series 2019 C Co-Manager 2020-2029300 09/16/19 Carbondale Park District NR $3,045,000 G. O. Ref. Park Bonds (ARS), Series 2019A N Private Placement 2035301 09/12/19 Village of Round Lake Aa2 $7,620,000 G. O. Ref. Bonds (ARS), Series 2019 N Manager 2021-2029302 09/10/19 Union County A+ $11,430,000 G. O. Ref. Bonds (ARS), Series 2019 N Manager 2020-2042303 09/05/19 City of Colona AA- $3,075,000 Taxable G. O. Ref. Bonds (ARS), Series 2019 N Manager 2019-2037304 08/28/19 City of Robinson A+ $2,955,000 G. O. Bonds (ARS), Series 2019 N Manager 2022-2039305 08/27/19 City of St. Joseph A $3,310,000 Sanitary Sewer System Revenue Bonds, Series 2019 C Manager 2020-2044306 08/26/19 City of Fulton A $1,035,000 G. O. Bonds (ARS), Series 2019 N Manager 2020-2029307 08/22/19 Bureau County Township HSD No. 502, Hall A $3,320,000 G. O. School Bonds, Series 2019 N Manager 2019-2025308 08/20/19 Village of Sauk Village NR $13,500,000 G. O. Ref. Bonds (ARS) N Manager 2019-2029309 08/14/19 City of Princeton A $2,595,000 Taxable G. O. Bonds (ARS), Series 2018B N Manager 2020-2031310 08/14/19 City of Princeton A $1,310,000 G. O. Bonds (ARS), Series 2019A N Manager 2022-2031311 08/14/19 City of Princeton A $385,000 G. O. Bonds (ARS), Series 2019C N Manager 2020-2023312 08/08/19 Camargo Countryside Fire Protection District NR $595,000 G. O. Bonds, Series 2019 N Manager 2024-2038313 08/06/19 Kendall County AA $3,210,000 G. O. Ref. Bonds (ARS), Series 2019A N Manager 2020-2022314 08/06/19 Kendall County AA $2,800,000 G. O. Ref. Bonds (ARS), Series 2019B N Manager 2020-2032315 08/01/19 Village of Mundelein A+ $32,790,000 G. O. Bonds, Series 2019 N Manager 2020-2049316 07/18/19 Streator Township HSD No 40 Streator A+ $6,255,000 G. O. School Bonds, Series 2019 N Manager 2023-2037317 07/17/19 Homer Township Fire Protection District AA $2,500,000 G. O. Bonds, Series 2019 C Manager 2021-2028318 07/16/19 Kankakee County School District No. 111 A3 $5,700,000 G. O. Limited School Bonds, Series 2019A N Manager 2021-2025319 07/10/19 Bureau County Aa2 $9,020,000 G. O. Bonds (ARS), Series 2019 N Manager 2020-2038320 06/26/19 Village of Sauk Village NR $3,170,000 G. O. Ref. Bonds, Series 2019B N Manager 2020-2022321 06/26/19 Village of Sauk Village NR $2,500,000 G. O. Bonds (ARS), Series 2019A N Manager 2020-2030322 06/18/19 Greene County CUSD No. 1 (Carrollton) A+ $1,020,000 G. O. Limited School Bonds, Series 2019A N Manager 2020-2033323 06/18/19 Greene County CUSD No. 1 (Carrollton) A+ $1,575,000 G. O. School Bonds (ARS), Series 2019B N Manager 2019-2038324 06/11/19 Woodland Community School District No 5 A+ $695,000 G. O. School Bonds (ARS), Series 2019 N Manager 2019-2027325 06/11/19 Woodland Community School District No 5 A+ $3,940,000 G. O. Limited School Bonds, Series 2019A N Manager 2021-2037326 06/06/19 Village of Westmont AA+ $7,100,000 G. O. Bonds (Waterworks ARS), Series 2019B C Co-Manager 2021-2039327 06/06/19 City of Farmer City AA- $1,930,000 G. O. Bonds (ARS), Series 2019B N Manager 2022-2043328 06/06/19 City of Farmer City AA- $1,650,000 G. O. Bonds (ARS), Series 2019A N Manager 2023-2043329 05/30/19 Village of North Barrington SSA No.19 A1 $10,645,000 SSA Number Nineteen Special Tax Ref. Bonds, Series 2019 N Manager 2020-2044330 05/22/19 Calhoun County Rural Water District NR $2,285,000 Waterworks Revenue Ref. Bonds, Series 2019 N Manager 2020-2040331 05/14/19 Matteson School District No. 162, Illinois Aa3 $8,520,000 G. O. School Bonds (ARS), Series 2019C N Manager 2020-2038332 05/07/19 Village of Mount Prospect AA+ $9,600,000 G. O. Bonds, Series 2019A C Co-Manager 2020-2039333 05/01/19 Clinton and Bond Counties CUSD No. 1 (Carlyle) A+ $4,045,000 G. O. School Bonds, Series 2019 N Manager 2024-2038334 04/24/19 City of Sumner NR $856,000 G. O. Ref. Bonds (ARS), Series 2019 N Manager 2022-2034335 04/10/19 LaSalle County CCSD No. 195 (Wallace) NR $285,000 General Obligaiton School Ref. Bonds, Series 2019B (ARS) N Manager 2023-2029336 04/10/19 LaSalle County CCSD No. 195, Illinois (Wallace) NR $665,000 G. O. School Ref. Bonds, Series 2019A N Manager 2019-2028337 04/04/19 Stockton Fire and Ambulance Protection District NR $249,000 G. O. Fire Protection Bonds, Series 2019 N Manager 2020-2029338 04/03/19 Streator Township HSD No 40 NR $6,165,000 G. O. (Limited Tax Debt Certificates, Series 2019 N Manager 2019-2019339 03/21/19 LaSalle-Peru Twp HSD No. 120 AA- $3,675,000 Taxable G. O. School Bonds, Series 2019 N Manager 2020-2022340 03/13/19 Grant Park Fire Protection District NR $1,255,000 G. O. Ref. Bonds (ARS), Series 2019 N Manager 2020-2029341 03/07/19 DuPage County CUSD No. 202 (Lisle) Aa1 $12,640,000 G. O. Limited Tax School Bonds, Series 2019B C Co-manager 2019-2030342 03/07/19 City of Rolling Meadows AA+ $8,500,000 G. O. Bonds, Series 2019 N Manager 2020-2039343 02/27/19 Lincoln Land Community College District No. 526 Aa2 $7,500,000 G. O. Bonds (ARS), Series 2019 C Co-Manager 2019-2044344 02/26/19 Johnsburg CUSD No. 12 NR $4,000,000 Taxable 2018 Educational Purposes Tax Anticipation Warrants N Private Placement 2019-2019345 02/21/19 Village of Leaf River NR $1,016,000 G. O. Ref. Bonds (ARS), Series 2019 N Manager 2023-2043346 02/21/19 North Shore School District No. 112 AAA $50,945,000 G. O. School Bonds (ARS), Series 2019 C Co-Manager 2020-2038347 02/14/19 Rutland CCSD No. 230 NR $289,000 G. O. School Bonds, Series 2019 N Manager 2019-2028348 02/13/19 LaMoille CUSD No. 303 NR $500,000 Taxable G. O. Bonds, Series 2019 N Manager 2019-2024
Date of Sale Issuer Und. Rating Amount Description Neg/Comp Role Maturity Schedule349 02/06/19 Peru Elementary School District No. 124 NR $860,000 Taxable G. O. School Bonds, Series 2019 N Manager 2019-2028350 01/31/19 Carlyle CUSD No. 1 NR $3,800,000 G. O. (Limited Tax) Debt Certificates, Series 2019 N Manager 2019-2019351 01/23/19 Farmington Central CUSD No. 265 AA- $4,475,000 G. O. School Bonds, Series 2019 N Manager 2021-2026352 01/22/19 Village of South Holland Aa3 $5,135,000 G. O. Bonds, Series 2019 C Co-Manager 2019-2028353 01/16/19 Village of Milan NR $300,000 Taxable G. O. Bonds, Series 2019 N Manager 2020-2020354 01/15/19 Matteson School District No. 162, Illinois Aa3 $765,000 G. O. Limited Tax School Bonds, Series 2019B N Manager 2019-2028355 01/15/19 Matteson School District No. 162, Illinois Aa3 $6,485,000 Taxable G. O. Limited Tax Ref. Bonds, Series 2019A N Manager 2019-2030356 01/07/19 Village of Richton Park NR $555,000 2018 Taxable Corporate Purpose Tax Anticipation Warrants N Private Placement 2019-2029357 12/13/18 SML Water Commission, Illinois BBB+ $4,975,000 Waterworks Ref. Revenue Bonds, Series 2018 N Manager 2019-2038358 12/11/18 Calumet Memorial Park District NR $900,000 G. O. Limited Bonds, Series 2018 N Manager 2020-2021359 12/11/18 Maercker School District No. 60 AA+ $2,340,000 Taxable G. O. School Ref. Bonds, Series 2019B C Manager 2024-2025360 12/06/18 City of Rolling Meadows AA+ $9,500,000 G. O. Bonds, Series 2018 N Manager 2019-2038361 12/04/18 Streator Township HSD No 40 AA $6,645,000 G. O. School Bonds, Series 2018 N Manager 2023-2038362 11/29/18 Oglesby School District No. 125 AA $1,140,000 Taxable G. O. School Bonds, Series 2018 N Manager 2019-2023363 11/28/18 Geneva Public Library District Aa2 $12,385,000 G. O. Library Bonds, Series 2018A C Co-Manager 2019-2037364 11/14/18 Hall Township HSD No. 502 NR $1,000,000 Taxable G. O. School Bonds, Series 2018 N Manager 2019-2020365 11/01/18 Village of Johnsburg AA $1,585,000 G. O. W&S Ref. Bonds (ARS), Series 2018 N Manager 2020-2027366 11/01/18 River Trails Park District NR $4,079,000 G. O. Park Bonds (ARS), Series 2018C N Private Placement 2032-2032367 10/25/18 John Wood CCD No. 539 A1 $2,870,000 G. O. Ref. Bonds, Series 2018 N Manager 2019-2023368 10/25/18 Dalzell School District No. 98 NR $85,000 Taxable G. O. School Bonds, Series 2018B N Private Placement 2020-2025369 10/25/18 Dalzell School District No. 98 NR $84,000 G. O. School Bonds, Series 2018A N Private Placement 2025-2029370 10/18/18 City of O'Fallon AA+ $5,645,000 G. O. Ref. Bonds, Series 2018C N Manager 2019-2028371 10/03/18 City of O'Fallon AA+ $9,205,000 G. O. Ref. Bonds, Series 2018B (ARS) N Manager 2019-2035372 09/25/18 Village of Niles AA $14,000,000 G. O. Bonds, Series 2018 C Co-manager 2019-2038373 09/25/18 Village of Mount Prospect AA+ $38,440,000 G. O. Bonds, Series 2018B C Co-manager 2019-2043374 09/19/18 Farmington Central CUSD 265 NR $4,500,000 Debt Certificates, series 2018 N Manager 2019375 09/12/18 City of O'Fallon AA+ $8,390,000 G. O. Ref. Bonds, Series 2018A N Manager 2020-2039376 09/11/18 City of Prospect Heights NR $1,820,000 SSA Number 6 Ref. Bonds, Series 2018 N Manager 2019-2028377 09/05/18 Sunset Ridge School District No. 29 Aaa $5,100,000 G. O. Limited Tax School Bonds, Series 2018A C Co-Manager 2020-2037378 08/28/18 Spring Valley CCSD No. 99 A+ $4,500,000 G. O. School Bonds, Series 2018 N Manager 2027-2037379 08/23/18 Harvard CUSD No. 50 Aa3 $4,845,000 G. O. School Ref. Bonds, Series 2018 N Manager 2019-2029380 08/16/18 Village of Brookfield A2 $7,000,000 G. O. Bonds, Series 2018 N Manager 2019-2028381 08/13/18 Village of Palatine AA+ $6,060,000 G. O. Ref. Bonds, Series 2018 C Co-Manager 2019-2029382 07/18/18 City of Peoria A2/AA- $9,455,000 G. O. Bonds, Series 2018B C Co-Manager 2020-2038383 06/19/18 City of Waukegan A2 $15,615,000 First Lien W&SSystem Revenue Bonds, Series 2018C N Manager 2019-2038384 06/14/18 Joliet Junior CCD No. 525 Aa2 $20,395,000 G. O. Ref. Bonds (ARS), Series 2018 C Co-Manager 2019-2032385 06/13/18 Maercker SD No. 60 AA+ $18,195,000 G. O. School Bonds, Series 2018A C Co-Manager 2030-2037386 06/11/18 Hinsdale CCSD No. 181 Aaa $4,195,000 Taxable G. O. Ref. School Bonds C Manager 2025-2026387 06/06/18 City of Waukegan A2 $21,410,000 G. O. Bonds, Series 2018B N Manager 2019-2033388 06/06/18 City of Waukegan A2 $14,860,000 G. O. Bonds, Series 2018A N Manager 2019-2036389 04/24/18 Village of Milan BBB+ $4,410,000 Taxable G. O. Bonds (ARS), Series 2018A N Manager 2019-2038390 04/16/18 City of Darien Aa2 $3,500,000 G. O. Bonds, Series 2018 C Co-Manager 2020-2030391 04/11/18 Village of Skokie Aa1/AA+ $9,990,000 Taxable G. O. Bonds, Series 2018A C Co-Manager 2018-2037392 04/11/18 Avoca School District Number 37 AAA $7,045,000 G. O. Limited Tax School Bonds, Series 2018A C Co-Manager 2024-2035393 04/02/18 Sauk Village NR $535,000 General Fund Purpose Tax Anticipation Warrants N Private Placement 2018-2019394 03/15/18 Village of Johnsburg AA $1,255,000 Taxable G. O. Bonds, Series 2018 (ARS) N Manager 2019-2038395 03/08/18 Marseilles School District No 150 NR $1,245,000 Taxable G. O. School Bonds, Series 2018 N Manager 2019-2023396 03/05/18 City of Des Plains Aa2 $12,410,000 G. O. Ref. Bonds, Series 2018 C Co-Manager 2018-2028397 03/01/18 Seneca Twp HSD No. 160 NR $1,840,000 G. O. School Bonds, Series 2018 N Manager 2020-2021398 02/27/18 West Northfield School District No. 31 Aa2 $3,070,000Taxable G.O. Limited School Bonds, Series 2018A C Manager 2018-2027399 02/22/18 Matteson School District No. 162 Aa3 $2,180,000 G. O. (ARS) School Bonds, Series 2018B N Manager 2018-2037400 02/22/18 Matteson School District No. 162 Aa3 $20,000 G. O. (ARS) School Bonds, Series 2018A N Manager 2018401 02/21/18 Germantown CCSD No 60 NR $307,000 G. O. School Bonds, Series 2018 N Private Placement 2018-2023402 02/15/18 Village of Barrington Aa1 $7,755,000 G. O. Bonds, Series 2018 N Manager 2018-2037403 02/08/18 City of Fairview Heights AA $7,925,000 G. O. Bonds, Series 2018 N Manager 2019-2043404 02/07/18 Village of Granville A $700,000 G. O. Bonds, Series 2018A N Manager 2018-2037405 02/07/18 Village of Granville A $696,000 G. O. Ref. Bonds, Series 2018B (ARS) N Manager 2018-2031406 01/31/18 City of Lincoln A+ $3,270,000 G. O. (ARS), Series 2018 N Manager 2018-2032
Date of Sale Issuer Und. Rating Amount Description Neg/Comp Role Maturity Schedule407 01/24/18 Rock FallsT HSD No 301 A+ $2,060,000 G. O. School Bonds, Series 2018 (Rock Falls) N Manager 2019-2028408 01/24/18 New Trier THSD No. 203 Aaa $6,200,000 G. O. Limited Tax School Bonds C Co-Manager 2018-2027409 01/23/18 Village of Northbrook Aaa/AAA $8,425,000 G. O., Taxable Series 2018B C Manager 2018-2037410 01/18/18 Village of Montgomery NR $8,650,000 Special Assessment Improvement Ref. Bonds, Series 2018 N Manager 2019-2030411 01/10/18 City of Silvis NR $1,340,000 G. O. Ref. Bonds (ARS), Series 2018 N Manager 2018-2023Total$4,576,199,000
United City of Yorkville, Illinois
May 11, 2023
Response to Request for Proposals
$10,000,000* General Obligation Bonds
(Alternate Revenue Source) or Water System
Revenue Bonds, Series 2023
*(Principal Amount Subject to Change)
Exhibit F
United City of Yorkville, Illinois – RFP Response May 11, 2023
ii | P a g e
April 26, 2023
Mr. Anthony Miceli
Senior Vice President
Speer Financial, Inc.
amiceli@speerfinancial.com
RE: United City of Yorkville, Illinois, General Obligation Bonds (Alternate Revenue Source) or Water
System Revenue Bonds, Series 2023 - Proposal to serve as Underwriter
Letter of Transmittal
Dear Anthony,
Northland Securities, Inc. is pleased to submit our proposal to provide underwriting services to the United
City of Yorkville (the “City”) with regards to its proposed $10,000,000* General Obligation Bonds
(Alternate Revenue Source) or Water System Revenue Bonds, Series 2023.
Northland Securities has achieved tremendous results as an underwriter in Illinois. While Northland’s
results have been achieved primarily as a competitive underwriter, we have a proven track record for
responsiveness and quality execution as a negotiated underwriter - both in a sole managed capacity and
as part of a broader underwriting syndicate. Some measurables and areas to highlight include:
1. Northland’s depth of relationship with Tier II, III, IV, and V buyers that provide the backbone to
in-depth distribution. We are consistently one of the top Illinois, as well as the overall Midwest,
underwriting firms in both the institutional and retail capacities. Beyond competitive and
negotiated underwriting, Northland also is actively involved in secondary trading. All told, we are
actively engaged with our client base as a result of the consistent level of product offerings we
provide. For example, one of our leading Illinois salesmen, Jim Kubik, has local bank relationships
that span over four decades.
2. Providing structural ideas that are fluid in nature. If selected, we will refine the financing
structure(s) to adhere to City priorities, market factors, and anomalies. Structural ideas will be
presented to investors during the pre-sale marketing period and market feedback will be shared
with the working group. Our objective will always be best execution for the City.
I hope our RFP response reflects our interest in working with both the City and Speer Financial on this
important undertaking. Flexibility will be maintained, and every effort will be extended to provide the City
with an efficient, cost-effective financing.
Northland Securities is well-positioned in the bank qualified space to aid in the City’s objectives. The
following market data points represent Northland’s recent success in the Illinois, Midwest, and national
markets. The strength of our relationships and distribution network allow us to be equally successful on
this or any type of financing the City deemed most advantageous:
x Northland Securities has ranked No. 1 in Illinois competitive bank qualified transactions from
January 1, 2020 to March 29, 2023, in number of deals, par amount, and market share with
18.35%.
United City of Yorkville, Illinois – RFP Response May 11, 2023
iii | P a g e
x In 2022, Northland Securities ranked No. 2 in Midwest competitive bank qualified transactions,
by par amount and No. 1 by number of transactions. Northland underwrote 125 transactions with
a par amount $495.805MM and a market share of 22.20%. The next closest competitor, RW Baird
had a market share of 22.49% with a large syndicate which Northland Securities regularly
participates. Indicative competitive benchmarks: Bernardi Securities is No. 17 with a par amount
of $21.05MM and a market share of 0.94%; DA Davidson & Co. Is No. 19 with a par amount of
$17.27MM and a market share of 0.77%; Fifth Third Securities is No. 24 with a par amount of
$9.63MM and a market share of 0.43%, and; Mesirow Financial is No. 28 with a par amount of
$5.80MM and a market share of 0.26%.
x In 2022, Northland Securities ranked 2 nd nationally, by number of issuances, for competitive new
municipal issues and 2nd in par amount.
The data points above do not count Northland’s co-managed syndicate activity on competitive issues or
co-managed negotiated undertakings as part of the Baird syndicate. The measurables are strictly
Northland’s sole and senior managed results. We feel that competitive acumen is a true indication of
salesforce capability. The level of distribution executed by Northland’s sales force in the negotiated and
competitive space is unrivaled amongst our regional competitors.
Northland Securities is a privately held, regional broker-dealer with a national reach. On a daily basis, our
underwriting and trading desks participate in the bond market - committing capital in competitive and
negotiated sale bids, utilizing our distribution network in negotiated and competitive underwritings, and
trading in the secondary market. It is important to note our willingness and ability to put capital prudently
at risk in support of our clients’ needs. Northland brings its underwriting prowess and commitment to
the Illinois public finance market to this engagement.
Please feel free to call or email should you need additional information. Thank you in advance for your
consideration.
Sincerely,
Northland Securities, Inc.
Douglas P. DeAngelis
Senior Managing Director – National
Head of Public Finance
Direct: (708)369-5594
ddeangelis@northlandsecurities.com
United City of Yorkville, Illinois – RFP Response May 11, 2023
iv | P a g e
Table of Contents
Questions Page
1. Requested Information v
2. Fees, Expenses, & Internal Credit Committee Process xiv
3. Concluding Comments xv
Disclaimer xvi
United City of Yorkville, Illinois – RFP Response May 11, 2023
v | P a g e
1. Requested Information
A. Firm Description & Illinois Presence
Northland Securities, Inc. was founded in 2002 by a core of municipal finance and underwriting
professionals. The veterans of that early organization came from national and regional investment
banking and financial advisory firms and shared a common focus – Midwest bond issuers. The firm has
grown to over 170 employees, across complementary business units, several of whom are shareholders
of the holding company, Northland Capital Holdings, Inc. The firm is a leading underwriter of tax-exempt
bonds in the Midwest and is recognized for its equity markets research and specialization in finance and
capital market access for corporate, government, and non-profit clients. Headquartered in Minneapolis,
Minnesota, Northland Securities has branch offices in California, Colorado, Illinois, Iowa, Michigan, New
York, and Wisconsin. The City will be supported by Northland’s Illinois team, along with the full scope
of our sales, underwriting, analytical support, and closing services.
First National of Nebraska acquired Northland Securities, Inc. effective May 1, 2023. First National of
Nebraska and its affiliates have nearly $30 billion in assets and 5,000 employee associates. Primary
banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota, Texas and
Wyoming.
Financial Resources
All of Northland’s bond market activities – negotiated underwriting, competitive sales, and trading -
represent deliberate use of our capital. That is, our capital is most effective when used and managed. This
has been a successful strategy in growing market share as well as establishing market presence and
commitment. Northland is well-positioned for continued growth with the ability to underwrite up to
$150,000,000 in par amount. Having underwritten more than $38 billion in fixed income securities and
loans, Northland frequently steps up to support the sale of our clients’ bonds. We routinely commit capital
for significant portions of transactions to avoid having to reprice maturities higher.
Year Total/Equity Capital Net Capital Net Capital
12/31/2022 $37,061,423 $24,524,453 $23,523,479
12/31/2021 $36,441,785 $26,335,367 $24,682,745
United City of Yorkville, Illinois – RFP Response May 11, 2023
vi | P a g e
B. Staff Biographies
(1) Lead Contact
The City will be served by a dedicated public finance team led by Doug DeAngelis, Dustin Siehr, and
assigned sales, analyst, and closing support.
Douglas P. DeAngelis – Lead Banker & Primary Contact
Senior Managing Director-National Director of Public Finance| (708) 369-5594 |
deangelis@northlandsecurities.com
Doug DeAngelis serves as the National Director of Public Finance as well as the Illinois-based primary
banker for the development of bond issues that meet the financial requirements of a variety of borrowers.
His experience includes technical and analytical support, structuring and coordination of municipal
underwritings and direct replacements for: states, cities, villages, counties, school districts, park districts,
universities, hospitals, tax increment authorities, and state agencies. In addition, Doug has lead-managed
tax-exempt and taxable underwritings and direct placements with variable and synthetically fixed-rate
transactions for developers, 501(c)3 organizations, corporations, and manufacturing issuers.
Over his career in the industry, Mr. DeAngelis has been involved in both the creation and utilization of a
variety of economic development and financing programs including, but not limited to: the New York
Liberty Bond Provision; the Gulf Opportunity Zone Bond Act; the Illinois Distressed Cities Act; the Illinois
Distressed School Districts Act; the Midwest Disaster Relief Program; Qualified School Construction Bonds;
and various iterations of the Private Activity Bond provisions.
Doug has been involved in Water and Sewer transactions throughout his career, varying from stand alone
transactions to those that are complicated by intergovernmental agreements. As an example, Doug Senior
Managed a $42MM financing for the Village of Melrose Park, Illinois. That transaction involved 8
intergovernmental agreements – 7 transmission agreements and 1 easement agreement. The structure
of the transaction also provided optional redemption flexibility for direct replacement of Bonds (through
3 years of construction) with IEPA low interest loan funds. In addition, that financing involved a full system
retrofit of variable and fixed cost fee assessments. Although that transaction was quite some time ago,
very few transactions have been as complex in structure. It has served as the standard bearer for Illinois
Municipal Water and Sewer transactions over the years since.
Doug received his bachelor’s degree in Finance and English from Marquette University and his master’s in
business administration, with concentrations in accounting, economics, labor relations, strategic
management and international business, from the University of Chicago’s Booth School of Business. He
has the following licenses: Registered General Securities (Series 7); General Securities Principal (Series 24);
Registered Municipal Advisor Representative (Series 50); Registered Municipal Securities Representative
(Series 52); Registered Municipal Securities Principal (Series 53); Registered Uniform Securities Agent
(Series 63); and Investment Banking Representative (Series 79).
(2) Underwriter
Dustin Siehr – Senior Managing Director, Fixed Income
Head of Municipal Trading & Underwriting | (414) 908-0422 | dsiehr@northlandsecurities.com
Dustin Siehr is the Head of Municipal Trading & Underwriting at Northland Securities. Dustin joined
Northland Securities in 2016 to lead the Municipal Trading & Underwriting Desk from our Milwaukee
United City of Yorkville, Illinois – RFP Response May 11, 2023
vii | P a g e
office. He has 14 years of experience in the municipal space and joined specifically to oversee and increase
the firm’s participation in both competitive and negotiated municipal underwritings. Since joining,
Northland has become a regional leader in Midwest competitive underwriting by more than doubling its
previous volume and has continued to grow its negotiated presence across the region. Prior to joining the
firm, he was Vice President of Trading & Underwriting at Bank of Oklahoma. Other experiences include
Director Trading & Underwriting at BMO and Vice President of Municipal Trading & Underwriting at
Marshall & Ilsley Bank.
Dustin earned his Bachelor of Arts degree in Economics from Vanderbilt University. He holds and
maintains the FINRA Series 7 General Securities Representative, Series 31 Futures Managed Funds, and
Series 66 Uniform Combined State Law registrations.
3) Key Sales & Trading Personnel
Joe Kubik - Underwriting & Trading
Senior Managing Director, Fixed Income | (303) 801-3372 | joekubik@northlandsecurities.com
Joe is responsible for municipal trading and underwriting for multiple offices across the firm. His background
includes analyzing investment strategies within portfolios and assisting with the implementation of these
strategies within client accounts. Previously, he worked in investment banking for both Merrill Lynch and
Morgan Keegan. Josef functions as the Business Development Officer (BDO) for the Denver office, for which
he is responsible for developing and executing growth strategies. Joe is a founding board member of the
Colorado Municipal Bond Club (CMBC) which exists to further the high standards and principles of the
municipal bond industry through good fellowship and social interaction throughout the year.
He earned his B.A. degree in Economics from Wheaton College in 2004, and his M.B.A. degree from the
University of Denver, Daniels College of Business. Joe holds and maintains the FINRA Series 7 General
Securities Representative, Series 63 Uniform Securities Agent State Law Exam, and Series 52 Municipal
Securities Representative registrations.
Jim Kubik - Municipal Sales
Senior Managing Director, Fixed Income | (303) 801-3380 | jkubik@northlandsecurities.com
Jim is a Fixed Income Managing Director and Investment Professional, and he joined the firm in 2012. He has
the responsibility for expanding services within the firm’s central division. Previously, Mr. Kubik was a
Managing Director at BMO Capital Markets GKST, Inc., carrying on the same responsibilities. Prior to BMO,
Jim was one of the founders of Griffin Kubik Stephens and Thompson where he was a principal, and was
responsible for the firm's public finance activities, along with being the leading salesmen working with
commercial banks. Mr. Kubik began his career in investment banking in 1971 as an Underwriter and Trader
at VanKampen, Wauterlek, and Brown. He has specialized in the formulation and implementation of
investment strategies for financial institutions.
Mr. Kubik’s extensive experience has encompassed primary market underwriting and secondary market
trading, and he has taught investment portfolio strategies to thousands of bankers over the years. Previously,
he served for many years on the Northern Illinois University Foundation Board, where he received his
bachelor’s degree in 1970.
He received his B.A. degree from Northern Illinois University. Mr. Kubik holds and maintains the FINRA Series
1 Registered Representative, Series 3 National Commodity Futures, Series 7 General Securities
United City of Yorkville, Illinois – RFP Response May 11, 2023
viii | P a g e
Representative, Series 53 Municipal Securities Principal, and Series 63 Uniform Securities Agent State Law
registrations.
(4) Public Finance Team Members
The City will be supported by the following two public finance professionals. Peter Meidal, Vice President,
will provide secondary banking support. Carrie Fisher, Client Services Manager & Senior Issuance
Specialist, is responsible for document review, in addition to the lead banker, and coordinates closing.
Both are invaluable to keeping the transaction on track and functioning smoothly and efficiently.
Peter Meidal- Support Banker
Vice President | (612) 851-4978 | pmeidal@northlandsecurities.com
Peter is a Vice President at Northland Securities and joined the firm in 2022. He has 10 years of public finance
experience and brings a deep understanding of debt and financial management. Prior to joining Northland
Securities, Peter served as a Debt Management Administrator for the State of Minnesota and administered
the issuance of the State’s General Obligation, General Fund Appropriation, and Revenue debt. He worked
from 2012 – 2016 as an Analyst at Northland Securities and specialized in structuring debt. His areas of
expertise include debt issuance and management, financial planning, and economic development.
Peter earned his Master of Public Administration (MPA) from Hamline University, St Paul and his Bachelor
of Arts from the University of Minnesota. Peter holds and maintains the FINRA Series 50 Municipal Advisor
Representative, Series 52 Municipal Securities Representative, Series 63 Uniform Securities Agent State
Law Registration, and the Securities Industry Essentials examination.
Carrie Fisher – Client Services Manager & Senior Issuance Specialist
| (612) 851-4970 | cfisher@northlandsecurities.com
Carrie Fisher is a Client Services Manager and Senior Issuance Specialist for Northland Securities, joining the
firm in 2012. Carrie oversees the Client Services Group within Northland’s Public Finance department, in
addition to assisting municipal issuers with the process of issuing new debt. Carrie works with cities, counties,
school districts, special districts, utilities, and authorities through the issuance process and coordinates all
documentation needed from the earliest stages of a financing through the final closing.
Carrie has more than a decade of experience in the financial industry and her extensive work in public
finance has covered issuances in Minnesota, Iowa, North Dakota, Missouri, Illinois, and Colorado. Carrie’s
knowledge of the various types of municipal debt issuance includes everything from complex lease deals
involving multiple entities, to multi-issue refundings, to basic single- purpose issues. Carrie has the
expertise and statutory knowledge needed to work alongside an issuer and bond counsel to ensure a
successful financing.
Carrie earned her Bachelor of Science degree in Mathematics and a Minor in Economics from Minnesota
State University Mankato, Minnesota. Carrie holds and maintains the FINRA Series 50 Municipal Advisor
Representative, Series 52 Municipal Securities Representative, Series 53 Municipal Securities Principal,
and the Series 63 Uniform Securities Agent State Law Registration.
United City of Yorkville, Illinois – RFP Response May 11, 2023
ix | P a g e
C. Firm’s Illinois Experience and Utility Revenue Bond Experience
It must also be highlighted that Northland has been one of the most reliable underwriters to consistently
submit bids for Speer advised competitive sales.
Date Issuer Description Amount Senior Manager Bid Cover Bid
02/15/2022 NAPERVILLE-A 6,830,000$ NORTHLAND SECURITIES INC Yes - Lead
02/23/2022 HIGHLAND PARK 11,540,000$ PIPER SANDLER & CO Yes - Lead HUNTINGTON SECURITIES INC
03/08/2022 ROCKFORD PK DIST -A 5,550,000$ NORTHLAND SECURITIES INC Yes - Lead
03/14/2022 VILLA PK VLG -A 7,490,000$ PIPER SANDLER & CO Yes - Lead NORTHLAND SECURITIES INC
04/13/2022 ELGIN 13,360,000$ JP MORGAN SECURITIES LLC Yes -Baird Syndicate
04/20/2022 MT PROSPECT PK DIST-A 8,215,000$ THE BAKER GROUP LP Yes - Lead UBS FINANCIAL SERVICES
05/17/2022 SKOKIE PK DT-A 3,000,000$ PIPER SANDLER & CO Yes - Lead NORTHLAND SECURITIES INC
08/09/2022 LIBERTYVILLE VLG 9,170,000$ THE BAKER GROUP LP Yes - Lead FHN Fin Cap Markets
08/15/2022 BUFFALO GROVE VLG 18,530,000$ HUNTINGTON SECURITIES INC Yes - Lead NORTHLAND SECURITIES INC
08/24/2022 LAKE CO 28,810,000$ THE BAKER GROUP LP Yes - Lead NORTHLAND SECURITIES INC
10/13/2022 WINNEBAGO CNTY REF 11,280,000$ RAYMOND JAMES & ASSOCS Yes - Lead MORGAN STANLEY & CO.,
10/18/2022 MATTESON SD #162 5,000,000$ ROBERT W BAIRD & CO INC No
12/15/2022 CRYSTAL LAKE PK DT-B 5,460,000$ NORTHLAND SECURITIES INC Yes - Lead
01/24/2023 GLEN ELLYN PK DIST SER-A 15,900,000$ JP MORGAN SECURITIES LLC Yes - Lead THE BAKER GROUP LP
02/15/2023 COOK ETC CMNTY CLG DT#512 4,995,000$ ROBERT W BAIRD & CO INC No
03/06/2023 GALESBURG 4,920,000$ ROBERT W BAIRD & CO INC Yes - Lead
03/20/2023 WARRENVILLE 9,730,000$ THE BAKER GROUP LP Yes - Lead FIFTH THIRD SECS
03/23/2023 VERNON HILLS PK DT-A 5,115,000$ STIFEL NICOLAUS & CO INC Yes - Lead NORTHLAND SECURITIES INC
04/17/2023 LAKE FOREST 10,770,000$ MESIROW FINANCIAL INC Yes -Baird Syndicate
United City of Yorkville, Illinois – RFP Response May 11, 2023
x | P a g e
Northland’s Illinois Underwriting Transaction List (2021-2022)
Recent Illinois Comparable Transactions:
Dated Date Issuer Description Project Par Amount Comp/Neg Role
12/30/2022 North Shore School District 112 GO School Bonds Series 2022 2022 54,045,000 GO Competitive Member
12/29/2022 Crystal Lake Park District GO Park Bonds (Alternative Revenue Source) Series 2022 B 2022 B 5,460,000 GO Competitive Sole Underwriter
12/7/2022 Shawnee Community College District 531 Taxable GO Community College Bonds Series 2022 B 2022 B 860,000 GO Competitive Sole Underwriter
11/8/2022 Glen Ellyn CCSD 89 GO School Bonds Series 2022 2022 18,180,000 GO Competitive Member
9/8/2022 Lake Land Community College District 517 General Obligation Community College Bonds Series 2022 A 2022 A 15,735,000 GO Competitive Member
6/2/2022 Homewood-Flossmoor Park District GO Park Bonds (Alternate Revenue Source) 2022A 5,500,000 GO Private Placement
5/24/2022 Bloomington GO Bonds Series 2022 2022 19,475,000 GO Competitive Member
5/19/2022 Lincolnshire GO Bonds 2022 4,065,000 GO Private Placement
5/19/2022 Normal Community Unit School District 5 of McLean and Woodford CouTaxable GO School Bonds Series 2022 2022 45,055,000 GO Competitive Member
5/17/2022 Crystal Lake GO Bonds Series 2022 B 2022 B 6,740,000 GO Competitive Sole Underwriter
3/29/2022 Rock Valley College Community College District 511 Taxable GO Community College Refunding Bonds Series 2022 A 2022 A 23,675,000 GO Competitive Member
3/24/2022 Rockford Park District GO Park Bonds (Alternate Revenue Source) Series 2022 A 2022 A 5,550,000 GO Competitive Sole Underwriter
3/9/2022 Naperville GO Bonds Series 2022 A 2022 6,830,000 GO Competitive Sole Underwriter
2/28/2022 Villa Park School District 45 of Du Page County GO Limited Tax School Bonds Series 2022 2022 2,720,000 GO Competitive Sole Underwriter
12/21/2021 Lake County Community College District 532 Taxable GO Bonds Series 2021 A (Alternate Revenue Bonds) 2021 A 48,440,000 GO Competitive Member
12/21/2021 Wauconda Park District GO Park Bonds (Alternate Revenue Source) Series 2021 A 2021 A 1,230,000 GO Negotiated Sole Underwriter
12/21/2021 Wauconda Park District Taxable GO Park Bonds (Alternate Revenue Source) Series 2021 B 2021 B 720,000 GO Negotiated Sole Underwriter
12/14/2021 Woodstock GO Bonds Series 2021 2021 9,385,000 GO Competitive Sole Underwriter
10/19/2021 Wilmette GO Bonds Series 2021 2021 34,995,000 GO Competitive Member
10/18/2021 Kankakee Community College District 520 GO Community College Bonds Series 2021 B 2021 B 3,340,000 GO Competitive Sole Underwriter
10/13/2021 Regional Transportation Authority of Illinois Taxable GO Refunding Bonds Series 2021 A 2021 A 89,210,000 GO Competitive Member
10/7/2021 Park Ridge Park District GO Limited Tax Park Bonds Series 2021 A 2021 A 4,135,000 GO Competitive Sole Underwriter
10/7/2021 Olympia Fields Park District GO Park Bonds (Alternate Revenue Source) Series 2021 A 2021 A 1,870,000 GO Negotiated Sole Underwriter
9/15/2021 Lake Forest GO Refunding Bonds Series 2021 2021 7,590,000 GO Competitive Sole Underwriter
9/14/2021 Evanston GO Corporate Purpose Bonds Series 2021 2021 14,420,000 GO Competitive Sole Underwriter
8/30/2021 Western Springs GO Bonds Series 2021 A 2021 A 4,000,000 GO Competitive Sole Underwriter
8/30/2021 Western Springs GO Limited Tax Bonds Series 2021 B 2021 B 1,745,000 GO Competitive Sole Underwriter
8/24/2021 Lincolnwood GO Bonds Series 2021 A 2021 A 9,085,000 GO Competitive Member
8/11/2021 Shorewood GO Bonds Series 2021 2021 14,200,000 GO Competitive Sole Underwriter
7/30/2021 Willow Springs Taxable Special Service Area No. 1 Unlimited Tax Bond 2021 7,000,000 GO Private Placement
6/24/2021 Joliet Junior College Community College District 525 Taxable GO Refunding Bonds Series 2021 (Alternate Revenue Source 2021 35,105,000 GO Competitive Member
6/4/2021 Skokie Park District GO Park Bonds (Alternative Revenue Source) Series 2021 A 2021 A 3,855,000 GO Competitive Sole Underwriter
5/27/2021 Yorkville GO Bonds (Alternative Revenue Source) Series 2021 2021 8,250,000 GO Competitive Sole Underwriter
5/19/2021 Lemont Township High School District 210 IL GO Refunding School Bonds Series 2021 A (Taxable) 2021 A 12,365,000 GO Competitive Member
4/29/2021 Elmhurst GO Bonds Series 2021 2021 9,570,000 GO Competitive Sole Underwriter
4/28/2021 Elgin GO Corporate Purpose Bonds Series 2021 B 2021 B 9,545,000 GO Competitive Member
3/9/2021 Frankfort Community Consolidated School District 157-C Will County GO Debt Certificates (Limited Tax) Series 2021 2021 8,810,000 GO Competitive Sole Underwriter
3/4/2021 Cook, Kane, and McHenry Countys Community College District 512 (Wil GO Limited Tax Bonds Series 2021 2021 4,335,000 GO Competitive Sole Underwriter
1/7/2021 Glenview Community Consolidated School District 34, Cook County GO School Bonds Sereis 2021 2021 50,960,000 GO Competitive Member
GO/Rev
Actual
Issuer
Sale Date
Dated Date
Par Amount
Call Date
Credit
Rating
Tax Status
Underwriter
Coupon Yield Spread
Int. Dec
MMD
(12/14/2022) Coupon Yield Spread
Int. Dec
MMD
(12/7/22)
2023 4.0000 3.1000 +44 Bps 2.6600 5.0000 2.5000 +11 Bps 2.3900
2024 4.0000 3.0000 +51 Bps 2.4900 5.0000 2.5600 +15 Bps 2.4100
2025 4.0000 3.0000 +58 Bps 2.4200 2.4200
2026 4.0000 3.0000 +59 Bps 2.4100 2.4500
2027 4.0000 3.0000 +57 Bps 2.4300 2.4700
2028 4.0000 3.0000 +56 Bps 2.4400 2.4800
2029 4.0000 3.0200 +57 Bps 2.4500 2.4900
2030 4.0000 3.0400 +58 Bps 2.4600 2.5100
2031 4.0000 3.0600 +59 Bps 2.4700 2.5200
2032 4.0000 3.1000 +63 Bps 2.4700 2.5300
2033 4.0000 3.2000 +68 Bps 2.5200 5.0000 2.8500 +27 Bps 2.5800
2034 4.0000 3.3500 +73 Bps 2.6200 5.0000 2.9800 +29 Bps 2.6900
2035 4.0000 3.5000 +73 Bps 2.7700 5.0000 3.1500 +31 Bps 2.8400
2036 4.0000 3.6500 +75 Bps 2.9000 5.0000 3.2000 +26 Bps 2.9400
2037 4.0000 3.8000 +81 Bps 2.9900 4.0000 3.6000 +57 Bps 3.0300
2038 4.0000 3.9000 +84 Bps 3.0600 4.0000 3.7000 +60 Bps 3.1000
2039 4.0000 4.0000 +90 Bps 3.1000 4.0000 3.7500 +61 Bps 3.1400
2040 4.0000 4.0100 +88 Bps 3.1300 4.0000 3.8000 +63 Bps 3.1700
2041 4.0000 4.0200 +83 Bps 3.1900 4.0000 3.8500 +62 Bps 3.2300
2042 4.0000 4.0300 +82 Bps 3.2100 4.0000 3.9000 +65 Bps 3.2500
Crystal Lake PD, IL
12/15/2022
12/29/2022
$5,460,000
12/15/2031
GO
AA (Underlying)
Fed Tax-Exempt / State Taxable
Northland Securities, Inc.Robert W. Baird & Co Inc (Northland in Syndicate)
School Dist. 112 Lake County, IL
12/8/2022
12/30/2022
$54,045,000
12/1/2031
GO
AAA (Underlying)
Fed Tax-Exempt / State Taxable
United City of Yorkville, Illinois – RFP Response May 11, 2023
xi | P a g e
Northland Utility Revenue Bond Transaction List (2019-2022)
STRUCTURING CONSIDERATIONS
Northland’s goal is to provide structural ideas that maximize potential investor interest, but also adhere to
City priorities and market forces. Market feedback is shared in the pre-sale marketing period within the
working group and Northland’s objective will always be best execution for the City. The following are
structuring considerations which may lower the City’s borrowing costs and enhance future optionality:
Additional Bonds Test: If Water Revenue Bonds are considered, we would suggest an additional bonds test
that requires adjusted net revenues for the last completed fiscal year equal 125% of the annual debt service
on all outstanding bonds.
Reserve Requirement: If Water Revenue Bonds are considered, we would suggest a reserve fund based on
a standard three-prong lesser of test: (a) 10% of original net proceeds of bonds (b) 125% of average annual
debt service on bonds (c) or the maximum annual debt service.
Call Date Optionality: Northland would work with Speer and the City to determine a call date that maximizes
future optionality, while reducing investor penalties.
Preserving Bank Qualification: Northland would recommend utilizing any premium to resize the par amount
of the bonds below $10 million to preserve bank qualification. This would lower the overall City borrowing
costs.
Couponing Optionality: Northland Securities has the capability to market a variety of couponing structures
to attract a variety of investors and maximize future flexibility. Northland will work with Speer and the City
to determine the optimal couponing structure based on the City’s goals.
Final Maturity Competitive/
Dated Date Issuer State Description Par Amount GO /Rev Role
7/30/2019 Walsh CO Water Revenue Refunding Bonds Series 2019 805,000 12/1/2042 REV Competitive Sole Underwriter
9/24/2019 Walden CO Gas Revenue Refunding Bonds Series 2019 1,005,000 6/1/2034 REV Competitive Sole Underwriter
3/25/2020 Rock Valley Rural Water District IA Water Revenue Refunding Capital Loan Notes Series 2020 A 5,830,000 3/1/2030 REV Negotiated Sole Underwriter
4/23/2020 Decatur IN Waterworks Revenue Bonds Series 2020 9,280,000 1/1/2041 REV Competitive Sole Underwriter
6/30/2020 Burlington CO Water and Sewer Revenue Refunding Bonds 4,133,000 5/1/2035 REV Private N/A
7/7/2020 Winterset Municipal Utilities IA Water Revenue Refunding Bonds Series 2020 A 4,450,000 9/1/2035 REV Negotiated Sole Underwriter
7/9/2020 Lakeville IN Sewage Works Revenue Revenue Bonds Series 2020 1,290,000 1/15/2035 REV Competitive Sole Underwriter
9/2/2020 Eldora IA Sewer Revenue Refunding Bonds Series 2020 A 2,760,000 6/1/2027 REV Negotiated Sole Underwriter
9/30/2020 IA Public Power Agency IA Electric Transmission Revenue Refunding Capital Loan Note 2,050,000 12/1/2030 REV Private N/A
9/30/2020 Corning Municipal Utilities IA Water Revenue Bonds Series 2020 A 2,300,000 6/1/2036 REV Negotiated Sole Underwriter
11/17/2020 Howell MI Sewage Disposal System Revenue Refunding Bonds 995,000 8/1/2028 REV Private N/A
1/21/2021 Florence CO Taxable (Convertible to Tax-Exempt) Water Revenue Enterprise Refunding Bonds 9,184,000 12/1/2033 REV Private N/A
1/21/2021 Florence CO Taxable (Convertible to Tax-Exempt) Water Revenue Enterprise Refunding Bonds 789,000 12/1/2026 REV Private N/A
1/27/2021 Abbotsford WI Taxable Water System Mortgage Revenue Refunding Bonds Series 2021 A 2,630,000 10/1/2037 REV Negotiated Sole Underwriter
2/25/2021 Stuart Municipal Utilities IA Water Revenue Refunding Bond 328,000 6/1/2023 REV Private N/A
4/15/2021 Corunna MI Water Revenue Refunding Bonds 618,000 3/1/2036 REV Private N/A
4/20/2021 Mitchellville IA Sewer Revenue Bonds Series 2021 A 1,895,000 6/1/2043 REV Negotiated Sole Underwriter
6/22/2021 West Liberty IA Water Revenue Refunding Bond 935,000 6/1/2030 REV Private N/A
6/22/2021 West Liberty IA Water Revenue Refunding Bond 1,300,000 6/1/2033 REV Private N/A
6/30/2021 Greenville MI Sewer System Revenue and Revenue Refunding Bonds Series 2021 11,515,000 6/1/2051 REV Negotiated Sole Underwriter
7/8/2021 Fremont NE Combination Utilities Revenue Refunding Bonds Taxable Series 2021 B 40,465,000 11/15/2038 REV Competitive Sole Underwriter
7/29/2021 Winterset Municipal Utilities IA Water Revenue Refunding Bonds Series 2021 A 3,165,000 9/1/2034 REV Negotiated Sole Underwriter
7/29/2021 Winterset Municipal Utilities IA Electric Revenue Bonds Series 2021 B 2,400,000 11/1/2031 REV Negotiated Sole Underwriter
8/12/2021 Beaver Dam WI Sewer System Revenue Bonds Series 2021 B 1,145,000 5/1/2031 REV Competitive Sole Underwriter
8/18/2021 Terry MT Sewer System Revenue Refunding Bonds Series 2021 A 1,750,000 7/1/2036 REV Negotiated Sole Underwriter
11/30/2021 Huxley IA Water Revenue Improvement and Refunding Bonds Series 2021 A 7,415,000 6/1/2042 REV Negotiated Sole Underwriter
12/8/2021 Madelia Public Utilities Commission MN Electric Revenue Bonds Series 2021 C 4,050,000 2/1/2051 REV Negotiated Sole Underwriter
12/21/2021 West Liberty IA Taxable Sewer Revenue Refunding Bond 1,906,000 6/1/2027 REV Private N/A
2/8/2022 Luverne MN Electric Revenue Bonds Series 2022 A 11,340,000 12/1/2051 REV Negotiated Sole Underwriter
4/14/2022 Kalamazoo MI Wastewater System Revenue and Refunding Bonds Series 2022 27,560,000 10/1/2047 REV Negotiated Sole Underwriter
5/18/2022 Sussex Village WI Water System Revenue Refunding Bonds Series 2022 A 6,450,000 6/1/2042 REV Competitive Lead
6/1/2022 Union Grove Village WI Combined Utility Revenue Bonds Series 2022 A 5,880,000 5/1/2042 REV Competitive Lead
6/30/2022 Blooming Prairie Public Utilities Commiss MN Electric Revenue Bonds Series 2022 A 2,295,000 12/1/2047 REV Negotiated Sole Underwriter
9/8/2022 Fremont NE Combination Utilities Revenue Bonds Taxable Series 2022 25,550,000 4/15/2042 REV Competitive Sole Underwriter
9/22/2022 Caseville MI Water Supplly & Dist. Sys Rev Ref 2,158,000 7/1/2045 REV Private N/A
12/5/2022 Rothschild Village WI Water and Sewer System Revenue Bonds 790,000 5/1/2042 REV Competitive Lead
United City of Yorkville, Illinois – RFP Response May 11, 2023
xii | P a g e
COUPONING CONSIDERATIONS
LOW COUPON HIGH COUPON
LOWER YIELD TO MATURITY LOWER YIELD-TO-CALL
LOWER TIC HIGHER TIC
LESS LIKELY TO REFUND MORE LIKELY TO REFUND
LOWER SCHEDULED DEBT SERVICE LOWER EXPECTED DEBT SERVICE
D. Marketing Plan
Customized Marketing Plan: Northland’s long-established and robust distribution network is an ideal fit
for the City’s financing. Jim Kubik’s legacy relationships from Griffin Kubik provide an immediate captive
audience for the City’s Bonds. Marketing will also include our non-bank institutional investors. Coverage
will expand regionally to both our retail and institutional investors to supplement and bolster demand
throughout the maturity schedule as necessary. Dustin Siehr and Joe Kubik will lead the underwriting
effort for the City’s Bonds. We expect broad engagement from our sales force in building an order book
focused first locally and complemented by diverse and regional investors. Our goal is to deliver exemplary
market execution, if not better, with diversified distribution and the commitment of our capital if
necessary.
Northland will bring new investors to the City’s financing by widening the distribution network by
engaging with the under-utilized Tier III, IV, and V investors, which are not actively covered by our
competitors. With an average client relationship lasting roughly 10 years and a sales force with an average
20 plus years of experience, Northland will expand the distribution network of the City’s Bonds and help
achieve lower borrowing costs for the City.
Northland’s underwriting desk anticipates that the City will receive interest from a broad pool of investors.
The short end of the curve is likely to see interest from money market accounts, short-term funds, trust
accounts, and some retail. The middle of the curve should see activity largely from banks and the long
end of the curve should see participation from retail and professional retail and long bond funds.
It should be noted here that Northland has historically been a top performer in the Midwest bank qualified
market and has a competitive advantage when it comes to distributing bank qualified bonds to banks. We
United City of Yorkville, Illinois – RFP Response May 11, 2023
xiii | P a g e
thrive in this space, which is extremely important in this market where banks are becoming all the more
conservative with their liquidity.
Northland’s goal for this issue is to strategically structure the Bonds to create maximum demand, achieve
the lowest borrowing cost for the City, and preserve future optionality. We’ll do this by proposing
couponing to attract both retail and institutional investors and if desired, we’ll facilitate a retail order period
to encourage more local involvement in the sale.
Northland believes in a balanced sales approach and focuses on the following three major types of
investors:
Retail Investors: Recognized as one of the most effective bond sales organizations in the Midwest,
Northland Securities’ extensive retail distribution network is a competitive advantage we have over the
other regional firms. Of our 50 municipal bond investment executives, 40 have retail distribution capacity
and represent over 8,000 retail accounts in Minnesota, Illinois, Iowa, North Dakota, South Dakota,
Wisconsin, Nebraska, Colorado, and Michigan with assets under management totaling over $2.0 billion.
Our registered representatives work closely with each of our individual clients to keep abreast of their
investment desires and match their investment needs with local municipal bonds.
Commercial Banks: Northland Securities has one of the largest institutional sales groups in the Midwest
dedicated to serving community banks. We have placed a focus on developing strong relationships with
regional banks, and our salespeople will target banks with a local presence in the City and surrounding
suburbs. First National Bank of Omaha, BMO Harris Bank, and Fifth Third Bank are just a few of the
commercial entities which Northland will market the City’s financing. Northland Securities takes great
pride in our commitment to serving the local municipal marketplace by providing our regional investors
with local investment opportunities that are intelligently marketed.
National Institutions: Northland Securities has developed strong sales relationships with all of the major
national institutional investors including major pension funds, retirement systems and corporations, along
with regional bond funds, trust departments, independent money managers, insurance companies and
others.
Northland Securities has a depth of relationship history that extends beyond the Tier I and Tier II investors
so heavily relied upon by our competitors. Northland’s volume of business in the negotiated, competitive,
and the secondary space requires layered interaction with Tier II, III, IV and V investors, in order to not
develop sensitivity to the trappings of one group of investors with varying asset class interests.
Northland’s underwriting success has relied on service focused public finance professionals; an
underwriting desk with the knowledge and willingness to take underwriting risk; and a seasoned fix
income team covering both retail and institutional investors.
United City of Yorkville, Illinois – RFP Response May 11, 2023
xiv | P a g e
E. References
State of Wisconsin
Homewood-Flossmoor
Park District (Cook
County), Illinois
Village of Crestwood, Cook
County, Illinois
Mr. Aaron M. Heintz Debbie Kopas Bill Graffeo
Capital Finance Director Executive Director Village Services Director
101 E. Wilson Street, 10th Fl 3301 Flossmoor Rd 13800 S. Cicero Ave
Madison, WI 53703 Flossmoor, IL 60422 Crestwood, IL 60418
(608) 267-1836 (708) 957-0300 (708) 371-4800
Aaron.heintz@wisconsin.gov dkopas@hfparks.com bgraffeo@crestwood.illinois.gov
Cook County, Illinois McHenry County College,
Illinois
North Dakota Retirement &
Investment Office
Olyvia Jarmoszka Robert Tenuta Matt Posch
Director of Debt Management CFO/Treasurer Investment & Compliance
Officer
118 N Clark Street, Ste 1127 8900 Northwest Hwy #14 1600 E Century Ave
Chicago, IL 60602 Crystal Lake, IL 60012 Bismarck, ND 58503
(312) 603-5806 (815) 455-3700 (701) 328-9837
Olyvia.jarmoszka@cookcountyil.gov btenuta@mchenry.edu mposch@nd.gov
2. Fees & Indicative Pricing, Expenses, & Internal Credit Committee Process
A. Underwriter’s Discount
Northland proposes the following total compensation:
Underwriter’s Discount of 0.3950% ($3.95 per $1,000) of the total par amount of the bonds, due
upon the closing of the Bonds.
This proposal assumes Bonds similar to what is described in the RFP. It is expressly understood that there
is no obligation on the part of the City to issue the Bonds. If the Bonds are not issued, Northland agrees
to pay its own expenses and receive no fee for any services it has rendered.
B. Underwriting Expenses
Northland anticipates expenses related to underwriter’s roles, responsibilities, and potential other
miscellaneous desk fees. Northland will limit the City’s portion to a not to exceed amount of $1,000. We
simply ask for some working group discussion on the allocation of additional expenses such as IPREO
Game Day, in consideration of our low fee commitment.
United City of Yorkville, Illinois – RFP Response May 11, 2023
xv | P a g e
Northland does not anticipate the need for underwriter’s or disclosure counsel on this transaction.
C. Internal Credit Committee Process
While Northland Securities will provide a copy of our “Credit Review Criteria and Procedures,” as
necessary, the City’s Bonds may fall into a category that requires credit review. As a point of reference,
that process is reserved for issuers in a rating category of A3/A- or below. Other criteria are involved, such
as the type of security, history of the issuer, momentum of the credit (improving or declining), and other
considerations.
While the City will require internal approval, we do not believe that it will fail to meet our underwriting
criteria. This assertion is based on our knowledge of the City’s outstanding bonds and their current
economic position. If/when selected to work with the City, Northland will immediately move to achieve
the proper internal approval. The process will generally take a day or two, at most.
3. Concluding Comments
Northland Securities, Inc. appreciates the opportunity to provide our credentials to both the United City
of Yorkville and Speer Financial. Our strong mix of public finance, underwriting and sales to both Tier I &
II, as well as an underserved base of Tier III, IV, and V investors, assures the City of unparalleled local,
Midwestern, and national account access. We hope the response provides the basis for the decision to
select our firm.
Northland Securities does not shy away from taking an aggressive stance in pre-sale marketing securities.
That aggressiveness carries through pre-pricing and ultimate final execution. We are ready to put the full
resources of our public finance experience and distribution capability to work to fulfill all the priorities of
the City in this important undertaking.
Northland, as an overall firm, has a personal stake in continuing to grow its name in the Illinois
marketplace. The result is a motivated deal team that wants to provide superior results. We look forward
to the chance to put our capabilities to work for the benefit of the City.
Do not hesitate to contact me should you have questions or require additional information. Thanks in
advance for your consideration.
United City of Yorkville, Illinois – RFP Response May 11, 2023
xvi | P a g e
Disclaimer
Northland is providing the information contained in this document for discussion purposes only in
anticipation of serving as underwriter to United City of Yorkville (the “City” respectively). The primary role
of Northland, as underwriter, is to purchase securities, for resale to investors, in an arm’s-length
commercial transaction between the City and Northland. In its role as underwriter, Northland would have
financial and other interests that differ from those of the City. Northland is not acting as a municipal
advisor, financial advisor or fiduciary to the City or any other person or entity. The information provided
is not intended to be and should not be construed as “advice” within the meaning of Section 15B of the
Securities Exchange Act of 1934. The City should consult with its own financial and/or municipal, legal,
accounting, tax and other advisors, as applicable, to the extent it deems appropriate.
Have a question or comment about this agenda item?
Call us Monday-Friday, 8:00am to 4:30pm at 630-553-4350, email us at agendas@yorkville.il.us, post at www.facebook.com/CityofYorkville,
tweet us at @CityofYorkville, and/or contact any of your elected officials at http://www.yorkville.il.us/320/City-Council
Agenda Item Summary Memo
Title:
Meeting and Date:
Synopsis:
Council Action Previously Taken:
Date of Action: Action Taken:
Item Number:
Type of Vote Required:
Council Action Requested:
Submitted by:
Agenda Item Notes:
Reviewed By:
Legal
Finance
Engineer
City Administrator
Community Development
Purchasing
Police
Public Works
Parks and Recreation
Agenda Item Number
Mayor’s Report #2
Tracking Number
CC 2023-40
Places of Eating Tax Discussion
City Council – June 13, 2023
Informational
Please see attached.
Rob Fredrickson Finance
Name Department
Summary
Discussion materials relating to the possible implementation of a Places of Eating Tax.
Background
This was initially discussed as part of the FY 2024 Budget process, where it was decided by Council that
a $350,000 “Policy Decision” placeholder would temporarily be included in budgeted Water Fund
revenues. The actual source of this revenue placeholder would be decided during the first half of FY
2024, consisting of a mid-year implementation of a Places of Eating Tax and/or a water rate increase.
More recently, at the May 30th City Council meeting, the Places of Eating Tax was discussed as a
possible revenue pledge for the proposed 2023 water bonds. As mentioned previously, this revenue
pledge is a financial benchmark, created by the bond indenture (i.e., contract) or final bond ordinance,
which requires the City to show that the revenue(s) being used to support annual debt service payments
meet or exceed those amounts by at least 125%. Should Council desire to pledge the Places of Eating
tax revenue stream for future debt issuances (WIFIA, IEPA Loans, etc.) relating to the DWC/Lake
Michigan water sourcing project, it would need to be included as a pledge for the 2023 bonds as well, as
present and future bond holders would require that revenue pledges remain consistent (i.e., at parity) for
all bonds supported by Water system revenues. A conclusive decision regarding the approval of a
places of eating tax would need to be determined prior to Council adopting the final bond ordinance,
presently scheduled for July 11th.
The attached draft ordinance (Exhibit A) would establish a Places of Eating tax at “Eating
Establishments” throughout the City, at a date to be determined. As defined in Section A, an Eating
Establishment is a “premises located within the City where prepared food is sold at retail for immediate
consumption, with indoor or outdoor seating or similar accommodations provided for consumption of
the prepared food on the premises, whether consumed on the premises or not, and whether or not such
places for eating use is conducted along with any other uses in a common premise or business
establishment”. Section A also includes various examples of Eating Establishments (restaurants, fast
food outlets, bars, etc.).
As currently proposed, the Places of Eating tax rate (Section B) in the ordinance is purposefully blank.
A rate of 1% (as discussed during the FY 2024 budget process), is estimated to generate approximately
$700,000 per fiscal year. Excerpts from the FY 2024 Budget Policy Decisions presentation (as
presented by Administrator Olson in March) have been included showing which neighboring (Exhibit B)
and other Illinois (Exhibit C) municipalities have implemented a places of eating/food & beverage tax.
All of the municipalities listed (except for Chicago) have rates that vary between 1% and 2%. A 0.25%
increase in any proposed rate for Yorkville would generate an additional $175,000 (estimated).
Memorandum
To: City Council
From: Rob Fredrickson, Finance Director
Date: June 7, 2023
Subject: Places of Eating Tax Discussion
Similar to Hotel/Motel and Amusement taxes, the Places of Eating Tax would be locally administered,
with each applicable local business filling out a monthly tax form and then remitting directly to the City.
Additionally, the City’s Finance and Administration Departments would be responsible for compliance
and enforcement, as noted in sections D, F and G of the ordinance.
As noted at the May 30th meeting during the 2023 water bond discussion, Council would only need to
adopt the places of eating tax ordinance prior to the issuance of the bonds. Actual implementation of the
places of eating tax could be deferred to a later date in FY 2024 (please note the current ordinance has
no formal implementation date), at Council’s discretion.
Recommendation
Informational.
1
Ordinance No. ________
AN ORDINANCE OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
AMENDING THE YORKVILLE CITY CODE, TITLE 3, CHAPTER 2, SECTION 3-2-10
WHEREAS, the United City of Yorkville, Kendall County, Illinois (the “City”) is a duly
organized and validly existing non-home-rule municipality created in accordance with the
Constitution of the State of Illinois of 1970 and the laws of the State; and,
WHEREAS, Title 3, Chapter 5 of the Yorkville City Code, establishes business and license
regulations and imposes various municipal taxes as permitted by law; and,
WHEREAS, the Mayor and City Council (the “Corporate Authorities”) reviewed Section
11-42-5 of the Illinois Municipal Code (65 ILCS 11-42-2) which authorizes the regulation and
taxation of places for eating and have considered the imposition of a place for eating tax for the
purpose of providing revenue to assist with the costs to be incurred by the City in connection with
the project to construct a new water source for its businesses and residents; and,
WHEREAS, the Corporate Authorities have determined that it is in the best interest of the
City and its businesses and residents to amend Title 3, Chapter 2 of the Yorkville City Code to
provide for the imposition of a place for eating tax as hereinafter provided.
NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Council of the United
City of Yorkville, Kendall County, Illinois, as follows:
Section 1. That Title 3, Chapter 2 of the Yorkville City Code, be and is hereby amended
by adding the following Section 3-2-10:
“Sec. 3-2-10 Place for Eating Tax.
A. The following words, terms and phrases, when used in this article,
shall have the meanings ascribed to them in this section, except where the context
clearly indicates a different meaning:
Exhibit A
2
Eating Establishment means premises located within the City where prepared food
is sold at retail for immediate consumption, with indoor or outdoor seating or
similar accommodations provided for consumption of the prepared food on the
premises, whether consumed on the premises or not, and whether or not such places
for eating use is conducted along with any other uses in a common premise or
business establishment. The term “eating establishment” includes, but is not
limited to, those establishments commonly called restaurant, eating place, drive-in
restaurant, buffet, bakery, banquet facility, cafeteria, café, lunch counter, fast food
outlet, catering service, coffee shop, diner, sandwich shop, soda fountain, bar,
cocktail lounge, soft drink parlor, ice cream parlor, tea room, delicatessen, hotel,
motel, or club, or any other establishment which sells at retail prepared food for
immediate consumption. Prepared food sold for immediate consumption through
a drive-through window or carry-out counter co-located with a restaurant or similar
establishment shall be considered part of the eating establishment.
Gross Receipts means the consideration received, valued in money, whether
received in money or otherwise, including cash, credits, property and services, at
an eating establishment for prepared food furnished at the eating establishment.
The term “gross receipts” does no include amounts paid for federal, state and local
taxes, including the tax levied by this article, and does not include amounts paid as
gratuities for the employees of the eating establishment.
Owner means any person having an ownership interest in or conducting the
operation of an eating establishment.
3
Prepared food means and includes any solid, liquor (including both alcoholic and
non-alcoholic liquid), powder or item used or intended to be used for human
internal consumption, whether simple, compound or mixed, and which has been
prepared for immediate consumption.
Sold at Retail means to sell for use or consumption in exchange for a consideration
whether in the form of money, credits, barter or any other nature, and not for resale,
with the transaction being subject to either the state retailers’ occupation tax, 35
ILCS 120/1 et seq., or the state service occupation tax, 35 ILCS 115/1 et seq.
B.Tax Imposed, Credit Sales:
(i) The City hereby imposes upon owners of eating establishments a tax
at the rate of _____ percent of gross receipts received for prepared food sold at
retail by the owner. The tax levied in this section is in addition to any and all other
taxes and charges.
(ii) The owner of an eating establishment may collect an amount from
persons who purchase prepared food at the eating establishment which shall
reimburse the owner for the tax imposed on the owner by this article. If the
prepared food is sold at retail on credit, the owner shall not be liable for payment
of the tax imposed by this article on such a sale until payment for the sale is made.
C. Every owner maintaining an eating establishment in the City subject to tax
under this article shall register with the finance department by
_____________________, 2023, or the date of becoming such an owner,
whichever is later.
4
D.Transmittal of Tax Revenue by Owner, Delinquency and Late Fees:
(i) The owner of each eating establishment shall file tax returns
showing the gross receipts received during each calendar month period upon forms
prescribed by the finance director. Returns for each calendar month shall be due
on or before the 20th day of the next calendar month.
(ii) Notwithstanding the provisions of subsection (a) of this section, if
the owner of the eating establishment is allowed to file state retailers’ occupation
tax or state service occupation tax returns with the state department of revenue at
intervals greater than monthly, the owner shall be allowed to file tax returns
concerning the tax imposed by this article at the same intervals. At the time of the
filing of the tax returns, the owner shall pay to the City all taxes due for the reported
period.
(iii) If the owner is more than sixty (60) days delinquent in filing the
required return or payment of the tax imposed, a $100.00 late fee shall be assessed,
in addition to any tax due. After imposition of the initial late fee, if a tax return or
payment remains delinquent, a $100.00 late fee shall be assessed for each additional
30-day period the return or payment remains delinquent.
E. Transmittal of Excess Tax Collections.
If any person collects an amount upon a sale not subject to the tax imposed hereby,
but which amount is purported to be the collection of the tax, or if a person collects
an amount upon a sale greater than the amount of the tax so imposed herein and
does not for any reason return the same to the purchaser who paid the same before
5
filing the return for the period in which such occurred, the person shall account for
and pay over those amounts to the City along with the tax properly collected.
F.Action for Enforcement upon Failure to Pay Tax.
Whenever any person shall fail to pay the tax imposed by this article, the City
attorney shall, upon request of the City Administrator, bring or cause to be brought
an action to enforce the payment of the tax on behalf of the City in any court of
competent jurisdiction.
Sec. 38-118. Right of Entry for Inspection of Books and Records; Compliance with
Recordkeeping Required.
(i)The finance director or his/her designee may enter the premises of any eating
establishment for inspection, examination, copying and auditing of books and
records, including, but not limited to, state retailers’ occupation tax and state service
occupation tax returns filed with the state department of revenue, in order to verify
collection of the tax imposed by this Article. To the extent reasonably possible, the
entry shall be done in a manner that is least disruptive to the business.
(ii)It is the duty of every owner to keep accurate and complete books and records to
which the finance director or his/her designee shall have full access, including a
record of gross receipts received on a daily basis.
G.Penalties:
(i) Any owner found guilty of violation, disobeying, omitting,
neglecting or refusing to comply with or unlawfully resisting or opposing the
enforcement of any of the provisions of this article, except when otherwise
6
specifically provided, upon conviction thereof, shall be punished by a fine as
permitted by law.
(ii) Each day upon which an owner continues to violate this article or
permit any such violation to exist after notification thereof, shall constitute a
separate and distinct offense.
(iii) Any owner subjected to the penalties provided for by this subsection
shall not be discharged or released from the payment of any tax due.”
Section 2: This Ordinance shall be in full force and effect after its passage, publication,
and approval as provided by law.
Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this
______ day of _______________, 2023.
KEN KOCH ________ DAN TRANSIER ________
CRAIG SOLING ________ ARDEN JOE PLOCHER ________
CHRIS FUNKHOUSER ________ MATT MAREK ________
SEAVER TARULIS ________ RUSTY CORNEILS ________
Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this
______ day of _______________, 2023.
______________________________
Mayor
Attest:
___________________________
City Clerk
Places of Eating Taxes and Sales TaxesExhibit B
Places of Eating Taxes and Sales TaxesExhibit C
Have a question or comment about this agenda item?
Call us Monday-Friday, 8:00am to 4:30pm at 630-553-4350, email us at agendas@yorkville.il.us, post at www.facebook.com/CityofYorkville,
tweet us at @CityofYorkville, and/or contact any of your elected officials at http://www.yorkville.il.us/320/City-Council
Agenda Item Summary Memo
Title:
Meeting and Date:
Synopsis:
Council Action Previously Taken:
Date of Action: Action Taken:
Item Number:
Type of Vote Required:
Council Action Requested:
Submitted by:
Agenda Item Notes:
Reviewed By:
Legal
Finance
Engineer
City Administrator
Community Development
Purchasing
Police
Public Works
Parks and Recreation
Agenda Item Number
Mayor’s Report #3
Tracking Number
CC 2023-41
ARPA Grant – Roy Rob Drainage District
City Council – June 13, 2023
Majority
Approval
Please see attached memo.
Bart Olson Administration
Name Department
Summary
Approval of a grant agreement with Kendall County covering $500,000 in funds to be
used on Rob Roy Drainage District improvements.
Background
This item was last discussed by the City Council in June 2022. During that time, the City
Council approved a settlement agreement with the Rob Roy Drainage District that addressed
governing authority on developments and drainage district connections. Since then, Kendall
County has reviewed the Rob Roy Drainage District’s needs and has recommended the City
receive a $500,000 ARPA grant to cover future Rob Roy Drainage District work. While the City
has a settlement agreement that references this work, the work plan is still being formulated
between the City and the Drainage District. We anticipate that the City and the Drainage District
will enter into an intergovernmental agreement in the next few months covering drainage work
expected to occur this winter. However, the City can approve this grant agreement now and take
control of the ARPA funds now, under the promise that the funds will be used for drainage
improvements before December 2024.
Recommendation
Staff recommends approval of a grant agreement with Kendall County covering $500,000
in ARPA funds to be used on Rob Roy Drainage District improvements.
Memorandum
To: City Council
From: Bart Olson, City Administrator
CC:
Date: June 7, 2023
Subject: ARPA Grant – Rob Roy Drainage District
Resolution No. 2023-______
A RESOLUTION APPROVING AN AGREEMENT FOR DISBURSEMENT
OF KENDALL COUNTY’S AMERICAN RESCUE PLAN ACT FUNDS
WHEREAS, the United City of Yorkville, Kendall County, Illinois (the “City”) is a duly
organized and validly existing non-home rule municipality created in accordance with the
Constitution of the State of Illinois of 1970 and the laws of the State; and,
WHEREAS, the United States Department of Treasury launched the Coronavirus State
and Local Fiscal Recovery Fund which was established by the American Rescue Plan Act of 2021
(“ARPA”), to provide billions of dollars in emergency funding for eligible state, local, territorial
and Tribal governments (“Recovery Funds”); and,
WHEREAS, the County of Kendall (the “County”) is an eligible local government and
shall be receiving approximately twenty-five million dollars ($25,000,000) in Recovery Funds.
WHEREAS, pursuant to the ARPA rules, the County can use its allocated Recovery Funds
for any one or more of the following authorized uses: (1) to respond to the public health emergency
created by the COVID-19 pandemic (“pandemic”) or the pandemic’s negative economic impacts;
(2) to provide premium pay to the eligible workers performing essential work during the public
health emergency; (3) to provide government services to the extent of the reduction in revenue due
to the public health emergency; and, (4) to make necessary investments in water, sewer or
broadband infrastructure; and,
WHEREAS, the Rob Roy Drainage District (the “District”) is organized for the purpose
of constructing, maintaining and repairing drains for the drainage system within the District’s
boundaries; and,
Resolution No. 2023-____
Page 1
Resolution No. 2023-____
Page 2
WHEREAS, the County finds that providing a portion of its Recovery Funds for
maintenance operations on the District’s drainage ditches is a necessary investment in water and
sewer infrastructure which is permitted by the ARPA rules; and,
WHEREAS, the County, as the jurisdiction responsible for disbursement of its Recovery
Funds, is authorizing the subaward of a portion of the County’s Recovery Funds to the City for the
purpose of making necessary investments in water and sewer infrastructure by performing
maintenance operations on the District’s drainage ditches; and,
WHEREAS, the City has agreed to accept a grant of Five Hundred Thousand Dollars and
00/100 ($500,000.00) to the City for the sole purpose of performing maintenance operations on
the District’s drainage infrastructure by dredging, brush clearing and grading the District’s
drainage ditches, pursuant to the Agreement attached hereto.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the United
City of Yorkville, Kendall County, Illinois, as follows:
Section 1. That the “Agreement For Disbursement and Use of Kendall County’s American
Rescue Plan Act Funds” by and between the United City of Yorkville and the County of Kendall
attached hereto and made a part hereof by this reference and is hereby approved and the Mayor
and City Clerk are hereby authorized to execute said Contract on behalf of the United City of
Yorkville.
Section 2. That this Resolution shall be in full force and effect upon its passage and
approval as provided by law.
Resolution No. 2023-____
Page 3
Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this
____ day of __________________, A.D. 2023.
______________________________
CITY CLERK
KEN KOCH _________ DAN TRANSIER _________
ARDEN JOE PLOCHER _________ CRAIG SOLING _________
CHRIS FUNKHOUSER _________ MATT MAREK _________
SEAVER TARULIS _________ RUSTY CORNEILS _________
APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois
this ____ day of __________________, A.D. 2023.
______________________________
MAYOR
Attest:
______________________________
CITY CLERK
1
AGREEEMENT FOR DISBURSEMENT AND USE OF KENDALL COUNTY’S
AMERICAN RESCUE PLAN ACT FUNDS
THIS AGREEMENT (“Agreement”) is made and entered into on this 21st day of March ,
2023 by and between the County of Kendall, Illinois, a unit of local government (“County”) and
the City of Yorkville, Illinois, a unit of local government (“Grantee”), UEI #E646HGMGZF83.
For purposes of this Agreement, the County and Grantee shall hereinafter collectively be referred
to as “the Parties”.
RECITALS
WHEREAS, the United States Department of Treasury (“Treasury”) launched the
Coronavirus State and Local Fiscal Recovery Fund, Assistance Listing 21.027 (“Recovery Fund”),
which was established by the American Rescue Plan Act of 2021 (“ARPA”), to provide $350
billion in emergency funding for eligible state, local, territorial, and Tribal governments; and
WHEREAS, the Treasury determined the County is an eligible local government that will
be receiving approximately twenty-five million dollars ($25,000,000) in Recovery Funds (FAIN
SLFRP1804) from the United States Government; and
WHEREAS, the County’s share of the Recovery Funds are subject to the U.S. Department
of the Treasury Coronavirus Local Fiscal Recovery Fund Award Terms and Conditions, as
executed by the County on May 18, 2021 (“Award Terms and Conditions”); and
WHEREAS, the Federal Award Date for the County’s Recovery Funds was May 20, 2021;
and
WHEREAS, the Treasury issued guidelines identifying the authorized use of Recovery
Funds allocated to local governments under the ARPA (hereinafter referred to as the “Final Rule”);
and
WHEREAS, pursuant to the Final Rule, the County can use its allocated Recovery Funds
for any one or more of the following authorized uses: (1) to respond to the public health emergency
created by the COVID-19 pandemic (“pandemic”) or the pandemic’s negative economic impacts;
(2) to provide premium pay to eligible workers performing essential work during the public health
emergency; (3) to provide government services to the extent of the reduction in revenue due to the
public health emergency; and (4) to make necessary investments in water, sewer, or broadband
infrastructure; and
2
WHEREAS, within the eligible use categories outlined above, the Final Rule provides the
County with the flexibility to determine how best to use payments from the Recovery Funds to
meet the needs of the County’s communities and population; and
WHEREAS, the Final Rule permits the expenditure of Recovery Funds for investments in
water, sewer, and broadband infrastructure; and
WHEREAS, Yorkville is located within the boundaries of the Rob Roy Drainage District
(the “District”); and
WHEREAS, the District is organized for the purpose of constructing, maintaining, and
repairing drains for the drainage system within the District’s boundaries; and
WHEREAS, Grantee intends to conduct maintenance operations on the District’s drainage
infrastructure by dredging, brush clearing, and grading the District’s drainage ditches;
WHEREAS, the County finds that performing the maintenance operations on the District’s
drainage ditches is responsive to the need of maintaining adequate stormwater management and
preventing flooding;
WHEREAS, the County finds that providing a portion of its Recovery Funds to Grantee
for maintenance operations on the District’s drainage ditches is a necessary investment in water
and sewer infrastructure; and
WHEREAS, the County, as the jurisdiction responsible for disbursement of its Recovery
Funds, is authorizing the subaward of a portion of the County’s Recovery Funds to Grantee
(pursuant to the terms and conditions set forth in this Agreement) for the purpose of making
necessary investments in water and sewer infrastructure by performing maintenance operations on
the District’s drainage ditches.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained
herein, the Parties hereby agree as follows:
1. Recitals
The recitals set forth above are incorporated in this Agreement by reference and made a
part of this Agreement.
2. County’s Obligations
In consideration for Grantee’s execution of this Agreement, the County agrees to the
following:
3
a. Pursuant to the terms and conditions set forth in this Agreement, the County agrees
to disburse a portion of its Recovery Funds to Grantee in the amount of Five
Hundred Thousand Dollars and Zero Cents ($500,000.00) to be used by Grantee
for the purpose of performing maintenance operations on the District’s drainage
infrastructure by dredging, brush clearing, and grading the District’s drainage
ditches. Said amounts actually disbursed to Grantee shall hereinafter be referred to
as “Grant funds.” Grant funds shall not be used for land acquisition.
b. The Grant funds set forth in Paragraph 2(a) shall be disbursed by the County to
Grantee in one lump sum.
3. Grantee’s Obligations
a. Grantee understands and agrees it shall use the Grant funds only for the purpose of
performing maintenance operations on the District’s drainage infrastructure by
dredging, brush clearing, and grading the District’s drainage ditches. Grantee shall
not pay or transfer any of the Grant funds directly to the District.
b. Grantee must spend all Grant funds no later than December 31, 2024 (the
“allowable spending period”). If Grantee has not spent all of the Grant funds by
the end of the allowable spending period, Grantee must return all remaining Grant
funds to the County within thirty (30) calendar days after Grantee’s allowable
spending period ends.
c. If Grant funds are used for any purpose other than performing maintenance
operations on the District’s drainage infrastructure by dredging, brush clearing, and
grading the District’s drainage ditches (hereinafter referred to as an “Improper
Purpose”), Grantee shall immediately reimburse the County the full amount of
Grant funds received from the County.
d. Grantee affirms, in accordance with ARPA and the Final Rule, no Grant funds may
be used for the payment of a debt, including any debts of Grantee or the District. If
Grant funds are used for such purpose, this shall also be deemed an Improper
Purpose, and Grantee shall immediately reimburse the County the full amount of
Grant funds received from the County.
e. By signing this Agreement, Grantee affirms Grant funds may not be used as a non-
federal match for other federal programs whose statute or regulations bar the use of
4
federal funds to meet matching requirements. If Grant funds are used for such
purpose, this shall also be deemed an Improper Purpose, and Grantee shall
immediately reimburse the County the full amount of Grant funds received from
the County.
f. Grantee agrees Grant funds shall not be used for an expense for which it or the
District has already received, or will receive reimbursement or payment from
another federal, state, local, or private program designed to provide relief from the
pandemic.
g. Grantee agrees to comply with ARPA, the Award Terms and Conditions, the Final
Rule (including all subrecipient monitoring and reporting requirements), and all
interpretive guidance issued by the Treasury regarding Recovery Funds. Grantee
also agrees to comply with all applicable requirements set forth in the Uniform
Guidance for Federal Awards (2 C.F.R. 200 et seq.), the Single Audit Act, and all
other applicable federal and state statutes, regulations, and executive orders.
h. Grantee shall maintain all original records relating to its use of the Grant funds for
a period of at least ten (10) years after the Grant funds are spent or the period of
time required by other state or federal law, whichever is longer.
i. As a recipient of some of the County’s Recovery Funds, Grantee understands and
agrees that it must take any and all steps necessary to assist the County with the
County’s reporting requirements on the use of Grantee’s Grant funds. Such steps
will include, but are not limited to the following:
i. Ninety (90) calendar days after receiving the Grant funds, Grantee shall file
a written report with the County that includes the following information: (a)
the amount of Grant funds spent by Grantee during that three month period;
(b) sufficient detail describing how the Grant funds were used by Grantee
during that three month period; and (c) supporting documentation
evidencing how the Grant funds were used by Grantee. Grantee agrees to
provide any additional information and supporting documentation
requested by the County in this report, as the County sees fit. Grantee shall
continue to file these written reports every ninety (90) days to include the
above information for each 90-day period.
5
ii. Within five (5) calendar days after the allowable spending period ends,
Grantee shall file a final written report with the County that includes the
following information: (a) the amount of Grant funds spent by Grantee in
the time since Grantee’s previous report; (b) sufficient detail describing how
the Grant funds were used by Grantee since the time period covered by
Grantee’s previous report; (c) supporting documentation evidencing how
the Grant funds were used since the time period covered by Grantee’s
previous report; and (d) the amount, if any, of unused Grant funds being
returned to the County at the conclusion of the allowable spending period.
Grantee agrees to provide any additional information and supporting
documentation requested by the County in this report as the County sees fit.
iii. At any other time, the County, its auditor, or legal counsel may request
Grantee provide additional information and records relating to Grantee’s
use of the Grant funds. Grantee agrees to comply with such a request within
ten (10) business days of receiving such a request and to otherwise work
collaboratively with the County to ensure compliance with ARPA.
j. Grantee agrees to (a) fully comply with all applicable requirements of the Illinois
Prevailing Wage Act; (b) notify all contractors and subcontractors that the
construction of any public work using Grant funds shall be subject to the Illinois
Prevailing Wage Act; and (c) include all notices required by statute and the Illinois
Department of Labor in any contracts using Grant funds. In the event Grantee fails
to comply with the notice requirements set forth in the Prevailing Wage Act,
Grantee shall be solely responsible for any and all penalties, fines, and liabilities
incurred for Grantee’s, contractor’s, and/or subcontractor’s violation of the
Prevailing Wage Act.
k. If Grant funds are used to pay a contractor or subcontractor to perform work,
Grantee must ensure that such contracts include provisions incorporating all of the
following:
i. The contractor/subcontractor agrees to comply with all applicable
provisions of ARPA, the Final Rule, 2 C.F.R. 200 et seq. and all other
6
applicable federal and state statutes, regulations, interpretive guidance, and
executive orders.
ii. The Substance Abuse Prevention on Public Works Act, 820 ILCS 265/1 et
seq. and the Illinois Drug Free Workplace Act, 30 ILCS 580/1 et seq.
iii. The Illinois Human Rights Act, Title VI of the Civil Rights Act of 1964, as
amended, the Americans with Disabilities Act, the Age Discrimination in
Employment Act, Section 504 of the Federal Rehabilitation Act, and all
applicable rules and regulations.
iv. The Davis Bacon Act, 40 U.S.C. 3141 et seq. as necessary.
v. The Contract Work Hours and Safety Standards Act, 40 U.S.C. 3702 and
3704, as necessary.
vi. Grantee shall ensure that Grantee and each contractor and/or subcontractor
performing work using Grant funds shall obtain and continue in force during
the performance of such work, all insurance necessary and appropriate and
that each contractor and/or subcontractor contracted with to perform work
shall name the County as an Additional Insured on a Primary and Non-
Contributory basis with respect to all liability coverage, as well as a waiver
of subrogation with respect to the general liability and workers’
compensation in favor of the County. Further, Grantee shall require each
contractor and/or subcontractor to provide indemnification and hold
harmless guarantees to the County during the work.
l. Grantee agrees that the maintenance of any work constructed in whole or in part
with Grant funds will be the responsibility of Grantee or the District. Nothing in
this Agreement shall be construed as to create a duty or responsibility on behalf of
County to finance, maintain, repair, replace, or otherwise control the resulting
work.
m. Grantee certifies that Grantee, its parent companies, subsidiaries, and affiliates are
not barred from entering into this Agreement as a result of a violation of either 720
ILCS 5/33E-3 or 5/33E-4 (bid rigging or bid rotating) or as a result of a violation
of 820 ILCS 130/1 et seq. (the Illinois Prevailing Wage Act). Grantee further
certifies by signing this Agreement that Grantee, its parent companies, subsidiaries,
7
and affiliates have not been convicted of, or are not barred for attempting to rig
bids, price-fixing or attempting to fix prices as defined in the Sherman Anti-Trust
Act and Clayton Act. 15 U.S.C. § 1 et seq.; and has not been convicted of or barred
for bribery or attempting to bribe an officer or employee of a unit of state or local
government or school district in the State of Illinois in that officer’s or employee’s
official capacity. Nor has Grantee made an admission of guilt of such conduct that
is a matter of record, nor has any official, officer, agent, or employee of the
company been so convicted nor made such an admission.
n. Grantee, its officers, employees, subcontractors, and agents agree not to commit
unlawful discrimination/ unlawful harassment and further agree to comply with all
applicable provisions of the Illinois Human Rights Act, Title VII of the Civil Rights
Act of 1964, as amended, the Americans with Disabilities Act, the Age
Discrimination in Employment Act, Section 504 of the Federal Rehabilitation Act,
the Illinois Public Works Employment Discrimination Act, 775 ILCS 10/0.01 et
seq., as amended, and all applicable rules and regulations. Grantee, its officers,
employees, subcontractors, and agents shall maintain a written sexual harassment
policy that complies with the requirements of 775 ILCS 5/2-105 and shall comply
with all fair employment practices and equal employment opportunity/affirmative
action requirements set forth in applicable state and federal laws and regulations.
4. Assignment
This Agreement and the rights of the Parties hereunder may not be assigned (except by
operation of law), and the terms and conditions of this Agreement shall inure to the benefit of and
be binding upon the respective successors and assigns of the parties hereto. Nothing in this
Agreement, express or implied, is intended to confer upon any party, other than the Parties and
their respective successors and assigns, any rights, remedies, obligations or liabilities under or by
reason of such agreements.
5. Non-appropriation
The sole source of the Grant funds shall be from the County’s received Recovery Funds.
The County shall not be obligated to fund the Grant from any other source. If the County does not
receive sufficient Recovery Funds to satisfy all or part of the County’s obligations under this
Agreement, the County’s obligation to provide the Grant funds to Grantee shall be suspended
8
unless and until such Recovery Funds are received by the County. Also, Grantee understands and
agrees the County’s disbursement of Grant funds to Grantee, as set forth in this Agreement, is
contingent on the Kendall County Board’s appropriation and disbursement of those funds. Grantee
understands and agrees that the sole and exclusive decision as to whether or not to appropriate and
disburse Recovery Funds to Grantee lies within the discretion of the Kendall County Board.
6. Remedies
a. The County, by disbursing Grant funds to Grantee, does not guarantee to Grantee
that Grantee’s intended use of the Grant funds complies with the requirements of
ARPA. By signing this Agreement, Grantee affirms that its use of the Grant funds
qualifies for funding under ARPA. The County reserves the right to demand
immediate repayment from Grantee of any Grant funds the County determines, in
its sole discretion, were used for a purpose that does not meet the criteria of ARPA,
the Final Rule, and/or any other Treasury guidelines associated with disbursement
of funds under ARPA.
b. If the County determines, in its sole discretion, any false, inaccurate, or misleading
information has been submitted to the County, the County may demand immediate
repayment from Grantee of all funds and shall not be obligated for any further
disbursements.
c. If Grantee’s records are needed to justify an expense to the Treasury or any other
office, official, or department which is responsible for auditing disbursements of
ARPA funds, failure by Grantee to promptly provide these records, for any reason
including the prior destruction of these records, shall constitute a breach of this
Agreement. The sole and exclusive remedy for such a breach is that Grantee shall
be responsible for repayment of any funds the Treasury or other appropriate office,
official, or department finds were improperly used, unsupported, or unverified.
Additionally, Grantee agrees to indemnify the County and make the County whole
for any penalty assessed against the County based upon Grantee’s failure to retain
or provide records.
d. Any other breach of this Agreement by Grantee may, at the sole discretion of the
County, result in immediate termination of the Agreement and/or a demand for
immediate repayment of all Grant funds. Grantee must return all Grant funds to
9
the County within thirty (30) calendar days after the County issues a demand for
immediate repayment pursuant to this paragraph.
7. Indemnity
If the Treasury, or any other person, official, or department which is charged with the
auditing and review of expenditures of Recovery Funds determines that the use of the Grant funds
was not permitted under ARPA, Grantee agrees to indemnify, reimburse and make whole the
County for any funds which the United States Government or its agencies seek to recoup or collect,
either by litigation, or by withholding other federal funds owed to the County.
Grantee further agrees to indemnify, reimburse, and make whole the County for any
penalties associated with the United States government seeking to recoup the expended Grant
funds including interest and/or any other penalty provided by law.
Grantee agrees to hold the County harmless for any evaluation or advice which the County
provided to Grantee as to whether Grantee’s use of Grant funds is a permissible use under ARPA.
In addition to all of the above, Grantee shall, to the extent permitted by law, indemnify,
hold harmless and defend with counsel of County’s own choosing, County, its past, present and
future elected officials, department heads, employees, insurers, and agents (hereinafter collectively
referred to as “Releasees”) from and against all liability, claims, suits, causes of action, demands,
proceedings, set-offs, liens, attachments, debts, expenses, judgments, or other liabilities including
costs, reasonable fees and expense of defense, arising from any loss, damage, injury, death, or loss
or damage to property, of whatsoever kind or nature as well as for any breach of any covenant in
the Agreement and any breach by Grantee of any representations or warranties made within the
Agreement (collectively, the “Claims”), to the extent such Claims result from any act or omission,
neglect, willful acts, errors, or misconduct of Grantee in its performance under this Agreement or
its use of Grant funds.
Pursuant to 55 ILCS 5/3-9005, no attorney may be assigned to represent the Releasees
pursuant to this Section of the Agreement unless the attorney has been approved in writing by the
Kendall County State’s Attorney. Releasees’ participation in its defense shall not remove
Grantee’s duty to indemnify, defend, and hold Releasees harmless, as set forth above. Releasees
do not waive their defenses or immunities under the Local Government and Governmental
Employees Tort Immunity Act (745 ILCS 10/1 et seq.) by reason of this indemnification provision.
All indemnification obligations shall survive the termination of this Agreement.
10
8. Notice
Any notice required or permitted in this Agreement shall be given by either (a) depositing
the same in the United States mail, addressed to the party to be notified, postage prepaid and
certified with the return receipt requested, (b) delivering the same in person, or (c) via e-mail with
electronic confirmation of receipt.
If to the County: Kendall County Administrator
111 W. Fox Street
Yorkville, Illinois 60560
With copy to:
Kendall County State’s Attorney
807 John Street
Yorkville, Illinois 60560
If to Grantee:
Bart Olson
800 Game Farm Road
Yorkville, IL 60560
or such address or counsel as any party hereto shall specify in writing pursuant to this Section from
time to time. Delivery of notice shall be deemed to have occurred upon the date of receipt of the
notice.
9. Venue and Severability
This Agreement shall be interpreted and enforced under the laws of the State of Illinois.
Any legal proceeding related to enforcement of this Agreement shall be brought in the Circuit
Court of Kendall County, Illinois. If the County is required to take legal action to enforce
performance of any of the terms, provisions, covenants and conditions of this Agreement, and by
reason thereof, the County is required to use the services of an attorney, then the County shall be
entitled to reasonable attorneys’ fees, court costs, expenses and expert witness fees incurred by the
County pertaining thereto and in enforcement of any remedy, including costs and fees relating to
any appeal.
11
In case any provision of this Agreement shall be declared and/or found invalid, illegal or
unenforceable by a court of competent jurisdiction, such provision shall, to the extent possible, be
modified by the court in such manner as to be valid, legal and enforceable so as to most nearly
retain the intent of the parties, and, if such modification is not possible, such provision shall be
severed from this Agreement, and in either case the validity, legality, and enforceability of the
remaining provisions of this Agreement shall not in any way be affected or impaired thereby.
10. Execution of Agreement
This Agreement may be executed in counterparts (including facsimile signatures), each of
which shall be deemed to be an original and both of which shall constitute one and the same
Agreement.
11. Entire Agreement
This Agreement represents the entire agreement between the Parties regarding this subject
matter and there are no other promises or conditions in any other agreement whether oral or
written. Except as expressly stated herein, this Agreement supersedes any other prior written or
oral agreements between the parties regarding this subject matter and may not be further modified
except in writing acknowledged by both parties.
12. Relationship of the Parties
Nothing contained in this Agreement, nor any act of the County or Grantee pursuant to this
Agreement, shall be deemed or construed by any of the parties hereto or by third persons, to create
any relationship of third party beneficiary, principal, agent, limited or general partnership, joint
venture, or any association or relationship involving the County and Grantee. Grantee understands
and agrees that Grantee is solely responsible for paying all wages, benefits and any other
compensation due and owing to Grantee’s officers, employees, and agents for the performance of
any services as set forth in the Agreement.
13. Conflict of Interest
The County and the Grantee both affirm no Kendall County officer or elected official has
a direct or indirect, real or apparent, financial or other interest in Grantee or this Agreement or if
any Kendall County officer or elected official does have an interest in Grantee or this Agreement,
that interest, and the procedure followed to effectuate this Agreement, has and will comply with
50 ILCS 105/3, 2 CFR 200.318(c), and other applicable state or federal law.
14. Waiver
12
The County and/or Grantee’s waiver of any term, condition, or covenant or breach of any
term, condition, or covenant, shall not constitute a waiver of any other term, condition, or covenant,
or the breach thereof.
15. Termination
This Agreement shall be in full force and effect upon signature by both parties and will
terminate once Grantee has spent or returned all the Grant funds it has received from the County
and filed its final report. However, Grantee’s record-keeping obligation and its duty to defend and
indemnify shall survive the term of this Agreement.
16. Authority
The County and Grantee each hereby warrant and represent that their respective signatures
set forth below have been, and are on the date of this Agreement, duly authorized by all necessary
and appropriate corporate and/or governmental action to execute this Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement, using
duplicate counterparts, on the dates listed below.
KENDALL COUNTY, ILLINOIS CITY OF YORKVILLE
Kendall County Board Chair Mayor
Attest: Attest:
Debbie Gillette
Kendall County Clerk
Date: Date:
Have a question or comment about this agenda item?
Call us Monday-Friday, 8:00am to 4:30pm at 630-553-4350, email us at agendas@yorkville.il.us, post at www.facebook.com/CityofYorkville,
tweet us at @CityofYorkville, and/or contact any of your elected officials at http://www.yorkville.il.us/320/City-Council
Agenda Item Summary Memo
Title:
Meeting and Date:
Synopsis:
Council Action Previously Taken:
Date of Action: Action Taken:
Item Number:
Type of Vote Required:
Council Action Requested:
Submitted by:
Agenda Item Notes:
If new information is available at the time of the meeting, then a discussion will be held.
Reviewed By:
Legal
Finance
Engineer
City Administrator
Community Development
Purchasing
Police
Public Works
Parks and Recreation
Agenda Item Number
Mayor’s Report #4
Tracking Number
CC 2021-04
City Buildings Updates
City Council – June 13, 2023
None
Informational
Bart Olson Administration
Name Department
Have a question or comment about this agenda item?
Call us Monday-Friday, 8:00am to 4:30pm at 630-553-4350, email us at agendas@yorkville.il.us, post at www.facebook.com/CityofYorkville,
tweet us at @CityofYorkville, and/or contact any of your elected officials at http://www.yorkville.il.us/320/City-Council
Agenda Item Summary Memo
Title:
Meeting and Date:
Synopsis:
Council Action Previously Taken:
Date of Action: Action Taken:
Item Number:
Type of Vote Required:
Council Action Requested:
Submitted by:
Agenda Item Notes:
Reviewed By:
Legal
Finance
Engineer
City Administrator
Community Development
Purchasing
Police
Public Works
Parks and Recreation
Agenda Item Number
Mayor’s Report #5
Tracking Number
CC 2021-38
Water Study Update
City Council – June 13, 2023
None
Informational
Please see attached memo.
Bart Olson Administration
Name Department
Summary
Status of current Lake Michigan water study initiatives.
Background
DuPage Water Commission Phase I Design Engineering
The City approved an intergovernmental agreement with the DuPage Water Commission
(DWC) at the April 25th City Council meeting. This agreement covered the initial $200k deposit
from each of Montgomery, Oswego, and Yorkville for the phase I design engineering contracts
between DWC and their chosen engineer (DWC’s procurement process will conclude at their
mid-June board meeting). The City will make the $200k initial deposit payment the day after the
DWC board meeting.
Preliminarily, DWC has a cost estimate for the phase I design engineering in the amount
of ~$4.2m. This puts Yorkville’s share at ~$1.4m. Based on the expected expenditure timing of
the phase I design engineering, DWC has proposed the following payment schedule: $800k due
from the City to DWC by July 20th and $410k due from the City to DWC by September 30th.
We anticipate having an amended intergovernmental agreement memorializing our cost share
and payment to DWC for the June 27th City Council meeting. Additionally, the City will need to
approve a budget amendment to cover the timing of these payments.
The phase I design engineering is expected to wrap up around the end of this calendar
year, giving us an idea of a couple water transmission pipe routes, early information on
easements needing to be acquired, and some other high level project information.
WIFIA Loan Application
The City approved an engineering agreement with EEI and their subcontractor Stantec at
the March 16th City Council meeting. Since then, the staff have met with EEI and Stantec
multiple times to finalize a WIFIA loan letter of intent (LOI). This LOI is the first step in the
process towards review by the EPA of our project and is followed by an invitation to formally
apply for a WIFIA loan, the loan approval process, and eventual loan closing. We anticipate that
our draft LOI will be completed by staff on June 23 and submitted to the EPA by June 30. We
expect the EPA will approve our LOI by August 31 and that we’ll apply for the formal WIFIA
loan on October 15, with an anticipated closing in January 2024.
Memorandum
To: City Council
From: Bart Olson, City Administrator
CC:
Date: June 7, 2023
Subject: Water Study Update
Special City Council meeting to discuss the water source project
We anticipate that the following pieces of information will be known on the following
timelines:
1) WIFIA project eligibility and financial parameters – August 31
2) DWC phase I engineering information (cost estimates, routes, timing) – December 2023
3) Water connection fee analysis – June Public Works Committee
4) Water Rate Analysis – TBD, possibly as early as July Public Works Committee
5) DuPage Water Commission member agreement - August
Most of these pieces of information are going to come on a rolling basis over the next few
months, which allows us to review each item generally on its own as needed. If at any point the
City Council receives a piece of information and would like to schedule a special discussion or
meeting, we can schedule it at that time.
Recommendation
This is an informational item.