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City Council Packet 2024 03-12-24 AGENDA CITY COUNCIL MEETING Tuesday, March 12, 2024 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: Award Presentations: 1. Recognition of Life-Saving Efforts – Patrol Team Public Hearings: 1. Lake Michigan Improvements – IEPA Project Plan PEID 2. Proposed Budget for Fiscal Year 2024-2025 Citizen Comments on Agenda Items: Consent Agenda: 1. Minutes of the Regular City Council – February 13, 2024 2. Minutes of the Regular City Council – February 27, 2024 3. Bill Payments for Approval $ 282,318.59 (vendors) $ 150,528.74 (wire payments) $ 373,665.13 (payroll period ending 03/01/24) $ 806,512.46 (total) Mayor’s Report: 1. CC 2024-07 Ordinance Providing for Issuance of United City of Yorkville, Kendall County, Illinois Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project), and Authorizing the Execution of a Bond Order United City of Yorkville 651 Prairie Pointe Drive Yorkville, Illinois 60560 Telephone: 630-553-4350 www.yorkville.il.us City Council Agenda March 12, 2024 Page 2 Mayor’s Report (cont’d): 2. CC 2024-16 Appointment to the Planning and Zoning Commission 3. CC 2024-17 Resolution Approving a Second Escrow Intergovernmental Agreement By and Among the United City of Yorkville, The Village of Oswego, The Village of Montgomery and the DuPage Water Commission 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 6. CC 2024-14 Proposed Budget for Fiscal Year 2024-2025 Additional Business: Citizen Comments: Executive Session: Adjournment: COMMITTEES, MEMBERS AND RESPONSIBILITIES ADMINISTRATION: March 20, 2024 – 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 City Council Agenda March 12, 2024 Page 3 COMMITTEES, MEMBERS AND RESPONSIBILITIES (cont’d): ECONOMIC DEVELOPMENT: April 2, 2024 – 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: May 2, 2024 – 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 COMMITTEES, MEMBERS AND RESPONSIBILITIES cont’d: PUBLIC WORKS: March 19, 2024 – 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, March 12, 2024 7:00 PM CITY COUNCIL CHAMBERS ---------------------------------------------------------------------------------------------------------------------------------------- AMENDMENTS TO AGENDA: ---------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------------- AWARD PRESENTATIONS: ----------------------------------------------------------------------------------------------------------------------------------------- 1. Recognition of Life-Saving Efforts – Patrol Team ----------------------------------------------------------------------------------------------------------------------------------------- PUBLIC HEARING: ----------------------------------------------------------------------------------------------------------------------------------------- 1. Lake Michigan Improvements – IEPA Project Plan PEID 2. Proposed Budget for Fiscal Year 2024-2025 ----------------------------------------------------------------------------------------------------------------------------------------- CITIZEN COMMENTS ON AGENDA ITEMS: ----------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------- CONSENT AGENDA: ----------------------------------------------------------------------------------------------------------------------------------------- 1. Minutes of the Regular City Council – February 13, 2024 □ Approved: Y ______ N ______ □ Subject to __________________________________________ □ Removed ________________________________________________________________________ □ Notes _____________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ ----------------------------------------------------------------------------------------------------------------------------------------- 2. Minutes of the Regular City Council – February 27, 2024 □ Approved: Y ______ N ______ □ Subject to __________________________________________ □ Removed ________________________________________________________________________ □ Notes _____________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ ----------------------------------------------------------------------------------------------------------------------------------------- 3. Bill Payments for Approval □ Approved ________ □ As presented □ As amended □ Notes _____________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ ---------------------------------------------------------------------------------------------------------------------------------------- MAYOR’S REPORT: ----------------------------------------------------------------------------------------------------------------------------------------- 1. CC 2024-07 Ordinance Providing for Issuance of United City of Yorkville, Kendall County, Illinois Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project), and Authorizing the Execution of a Bond Order □ Approved: Y ______ N ______ □ Subject to __________________________________________ □ Removed ________________________________________________________________________ □ Notes _____________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ ----------------------------------------------------------------------------------------------------------------------------------------- 2. CC 2024-16 Appointment to the Planning and Zoning Commission □ Approved: Y ______ N ______ □ Subject to __________________________________________ □ Removed ________________________________________________________________________ □ Notes _____________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ ----------------------------------------------------------------------------------------------------------------------------------------- 3. CC 2024-17 Resolution Approving a Second Escrow Intergovernmental Agreement By and Among the United City of Yorkville, The Village of Oswego, The Village of Montgomery and the DuPage Water Commission □ Approved: Y ______ N ______ □ Subject to __________________________________________ □ Removed ________________________________________________________________________ □ Notes _____________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ ----------------------------------------------------------------------------------------------------------------------------------------- MAYOR’S REPORT (CONT’D): ----------------------------------------------------------------------------------------------------------------------------------------- 4. CC 2021-04 City Building Updates □ Approved: Y ______ N ______ □ Subject to __________________________________________ □ Removed ________________________________________________________________________ □ Notes _____________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ ----------------------------------------------------------------------------------------------------------------------------------------- 5. CC 2021-38 Water Study Update □ Approved: Y ______ N ______ □ Subject to __________________________________________ □ Removed ________________________________________________________________________ □ Notes _____________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ ----------------------------------------------------------------------------------------------------------------------------------------- 6. CC 2024-14 Proposed Budget for Fiscal Year 2024-2025 □ 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 Lake Michigan Improvements – IEPA Project Plan PEID City Council – March 12, 2024 CC – 2/27/24 PW 2024-16 Brad Sanderson Engineering 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 Public Hearing #2 Tracking Number Proposed Fiscal Year 2024-2025 Budget City Council – March 12, 2024 CC – 02/27/24 CC 2024-14 Bart Olson Administration Name Department United City of Yorkville, Illinois Fiscal Year 2025 Budget May 1, 2024 to April 30, 2025 Elected Officials Mayor: John Purcell 1st Ward Alderman: Dan Transier 1st Ward Alderman: Ken Koch 2nd Ward Alderman: Craig Soling 2nd Ward Alderman: Joe Plocher 3rd Ward Alderman: Matt Marek 3rd Ward Alderman: Chris Funkhouser 4th Ward Alderman: Seaver Tarulis 4th Ward Alderman: Rusty Corneils Administration City Administrator: Bart Olson Director of Finance / Treasurer: Rob Fredrickson Director of Public Works: Eric Dhuse Chief of Police: Jim Jensen Director of Community Development: Krysti Barksdale-Noble Director of Parks & Recreation: Tim Evans Library Director: Shelley Augustine City Clerk: Jori Behland TABLE OF CONTENTS Budget Summary Budget Memorandum _______________________________________________________ 1 Revenues by Category ______________________________________________________ 70 Expenditures by Category ___________________________________________________ 71 Fund Balance History ______________________________________________________ 72 Revenue Budget Summary __________________________________________________ 72 Expenditure Budget Summary _______________________________________________ 74 Fund Balance Summary ____________________________________________________ 75 General Fund General (01) Fund Summary _________________________________________________ 76 Revenue Detail ___________________________________________________________ 77 Administration ____________________________________________________________ 79 Finance _________________________________________________________________ 81 Police ___________________________________________________________________ 83 Community Development ___________________________________________________ 86 Public Works _____________________________________________________________ 88 Administrative Services ____________________________________________________ 91 Other Budgetary Funds Fox Hill SSA (11) Fund ____________________________________________________ 94 Sunflower SSA (12) Fund ___________________________________________________ 96 Motor Fuel Tax (15) Fund ___________________________________________________ 98 City-Wide Capital (23) Fund________________________________________________ 100 Buildings & Grounds (24) Fund _____________________________________________ 103 Vehicle & Equipment (25) Fund _____________________________________________ 106 Debt Service (42) Fund ____________________________________________________ 110 Water (51) Fund _________________________________________________________ 112 Sewer (52) Fund _________________________________________________________ 117 Land Cash (72) Fund ______________________________________________________ 121 Parks & Recreation (79) Fund _______________________________________________ 123 Library Operations (82) Fund _______________________________________________ 127 Library Capital (84) Fund __________________________________________________ 130 Countryside TIF (87) Fund _________________________________________________ 132 Downtown TIF (88) Fund __________________________________________________ 134 Downtown TIF II (89) Fund ________________________________________________ 136 Miscellaneous Consolidated Budget Sheets & Cash Flow Estimations ___________________________ 138 Allocated Insurance Expenditures - Aggregated _________________________________ 142 Property Tax Overview ____________________________________________________ 142 Aggregated Salary & Benefit Information _____________________________________ 143 Aggregate Capital Projects >$500,000 ________________________________________ 144 Purpose: Please accept this report and budget spreadsheet as proposal for the FY 25 budget. The budget proposed for approval by the City Council is for expenses and revenues scheduled to be spent and collected, respectively, between May 1, 2024, and April 30, 2025. Background and “the big picture”: The City Council last discussed a comprehensive budget proposal in April 2023, when it approved the FY 24 budget, with additional information for FY 25, FY 26, FY 27, and FY 28. This approval represented the twelfth five-year budget for the City, and we return to a five-year budget again this year. Last year’s budget discussion revolved policy decisions on a places of eating tax vs. a ~17% water rate increase to fund the Lake Michigan water source project (places of eating tax implemented Jan 1, 2024, and water rates frozen for one year), the upcoming road rehabilitation projects related to the subdivision cluster and how to fund those items and funding a new Public Works and Parks facility. With some of those policy options and corresponding revenues settled, the five-year financial outlook of the City was stronger than it’s ever been. Since last year, the City’s financial position has improved again. A combination of strong revenue streams that are conservatively estimated at the start of the fiscal year, tight management control of operational expenditures, proper bidding and completion of millions of dollars of capital projects, and delivery delays of large vehicle purchases will leave the five-year budget far away from liquidity issues and will again show the City’s General Fund fund balances at above 30% for the entire five-year budget, even counting the negative fund equity from the TIF districts. For the second year in a row, the City appears to be heading into a new phase of solid financial footing with a new generation of major capital projects, with the problems caused by the Great Recession, years of developer non-performance, and debt from mid-2000s set to be fully resolved mid-way through this five-year budget cycle. This is the third straight year this statement has led off the budget memo, but it is still accurate and worth repeating for perspective: 10-15 years ago, the City was at the valley of its fiscal distress, struggling to make vendor payments on time with a few hundred thousand dollars of liquid cash on a $30m+ aggregate budget. During that phase in the City’s history, City Council members and staff would look at the 2020s and say something to the effect of “when we pay off all this infrastructure expansion debt, we’ll be in a better place.” We are there. Memorandum To: City Council From: Bart Olson, City Administrator CC: Department Heads Date: Subject: FY 25 budget narrative 1 With another year of a better-than-expected General Fund and aggregate City budget fund balance, and a significant increase in capital projects and purchases, the five-year budget outlook is improved from last year’s budget proposal: - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 General Fund -Surplus(Deficit) Comparison FY 24 Budget FY 25 Budget 10,400,000 10,500,000 10,600,000 10,700,000 10,800,000 10,900,000 11,000,000 11,100,000 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 General Fund -Fund Balance FY 24 Budget FY 25 Budget 2 In short, we are well positioned for FY 25 and beyond, and we are positioned to make decisions on project deferrals or operational cuts with months or years of advance notice. (40,000,000) (30,000,000) (20,000,000) (10,000,000) - 10,000,000 20,000,000 30,000,000 40,000,000 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Aggregate City Budget -Surplus(Deficit) Comparison FY 24 Budget FY 25 Budget - 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Aggregate City Budget -Fund Balance Comparison FY 24 Budget FY 25 Budget 3 Changes in budgeting There are no major changes in budget format. 4 Year-by-year summary, FY 24 projections The General Fund outlook for FY 24 has had its fourth straight year of extreme overperformance. While there have been some major capital project deferrals (i.e., delivery delays on vehicles, timing issues on other improvements, etc.), the positive outcome is due to a combination of strong revenue performance across the board, management control of expenditures, and the aforementioned project deferrals. Because the City Council and staff have always taken a “wait and see” approach to revenue projections, a few years of double-digit revenue increases and direct state and federal aid to municipalities have left us with a strong fund balance and given us the opportunity to address long term capital and operational needs. We expect to end FY 24 with a balanced General Fund and 45% fund balance, after we transfer an additional $1.2m in expected surplus to the City-Wide Capital Fund. We expect the Water Fund to end FY 24 in surplus, due to strong revenue performance, receipt of unexpected grants, and some project delays, and with an 80% fund balance. No other funds are expected to end FY 24 with any new, major issues. The FY 24 aggregated budget and cash-flow is positive due to the reasons mentioned above. However, the bottom-line aggregate budget surplus deficit is significantly lower than the FY 24 adopted budget, simply due to the deferral of the Public Works and Parks facility bond from FY 24 into FY 25. 5 Year-by-year summary, FY 25 proposed General Fund Surplus (Deficit) $0 Fund Balance 45% Notes 1) Variable merit and COLA increases for staff 2) Six new full-time positions: Patrol Officer; Payroll & Benefits Coordinator (Finance); Assistant Public Works Director (1/3 funded by General); Arborist (Operator – Streets); and two Street Maintenance Worker II positions 3) Special census planned, pending completion of WIFIA application Water Fund Surplus (Deficit) $7,946,592 Fund Balance 44% Notes 1) Water sale revenues projected to increase ~25% based on undetermined water rate increase. 2) New Assistant Public Works Director (1/3 funded by Water) position; Operator (1/2 funded by Water); and a part-time utility billing clerk Sewer Fund Surplus (Deficit) ($454,142) Fund Balance 55% Notes 1) Sewer maintenance fee increases approx. 4% - from new housing starts, with no inflationary increase planned 2) New Assistant Public Works Director (1/3 funded by Sewer) position; Operator (1/2 funded by Sewer) Aggregate Budget Surplus (Deficit) $31,806,115 Fund Balance $64,461,970 Notes 1) Two new Parks and Recreation Maintenance Worker I positions 2) Robust surplus caused by the issuance of $60m+ in bond proceeds related to the new Public Works/Parks Facility and DWC water sourcing project 6 Year-by-year summary, FY 25 proposed (continued from prior page) Capital Projects List ERP implementation begins, Road to Better Roads, additional RTBR for subdivision paving commences, sidewalk replacements, Rte. 34 western expansion completed, Rob Roy drainage district work wraps up, various water, sewer and roadway improvements begin on IDOT’s Rte. 47 north and south projects, Kennedy Rd (Emerald Ln/Freedom Dr) starts, Rte. 71 (eastern portion) finalized, Kennedy Rd (Freedom Place) culminates, Bristol Bay subdivision improvements begin, new Public Works / Park facility breaks ground, water meter replacement program begins, Rte. 71 water/sewer main replacement wraps up, Raintree Village subdivision improvements completed, Van Emmon STP project commences, North Central Water Tower painting completed, developer funded water and sewer improvements in Lincoln Prairie are expected to finish, DWC Water Sourcing and Well #10 raw water main & treatment plant projects continue, enhanced watermain improvements related to DWC transition are ongoing, Well #7 standby generator work culminates, potential land acquisition for new Park property, new playground equipment at Rotary park 7 Year-by-year summary, FY 26 projections General Fund Surplus (Deficit) $0 Fund Balance 45% Notes 1) Undetermined merit increases for staff 2) No new positions currently budgeted Water Fund Surplus (Deficit) ($7,702,957) Fund Balance 15% Notes 1) Water sale revenues projected to increase ~20% based on undetermined water rate increase Sewer Fund Surplus (Deficit) ($179,295) Fund Balance 85% Notes 1) Sewer maintenance fee increases approx. 5% - from new housing starts and inflationary increase Aggregate Budget Surplus (Deficit) ($32,284,388) Fund Balance $32,177,582 Notes 1) Deficit created by the spend down of $60m+ in bond proceeds stemming from the construction of a new Public Works/Parks facility and DWC water sourcing expenses 2) Fund balance in the General Fund remains unchanged. Water Fund runs a deficit due to major capital outflows associated with the DWC/Lake Michigan project. Sewer Fund projected with deficit, due to the planned spend down of fund balance on capital projects. TIF Funds turn a nominal surplus, but overall negative equity position of TIF’s continues to put a strain on the General Fund 8 Year-by-year summary, FY 26 proposed (continued from prior page) Capital Projects List ERP implementation finishes, Road to Better Roads, additional RTBR for subdivision paving continues, sidewalk replacements, various water, sewer and roadway improvements are ongoing for Rte. 47 north and south projects, Kennedy Rd (Emerald Ln/Freedom Dr) continues, Bristol Bay subdivision and Van Emmon St improvements are completed, Public Works / Park facility construction, DWC water sourcing and water meter replacement program continues, Well #10 raw water main & treatment plant projects finishes, enhanced watermain improvements related to DWC transition carry on, SSES Rehab resumes, park improvements installed at Cannonball and Grande Reserve – Park C. 9 Year-by-year summary, FY 27 projections General Fund Surplus (Deficit) $0 Fund Balance 43% Notes 1) Undetermined merit increases for staff 2) No new positions currently budgeted Water Fund Surplus (Deficit) $488,806 Fund Balance 18% Notes 1) Water sale revenues projected to increase ~15% based on undetermined water rate increase Sewer Fund Surplus (Deficit) ($393,324) Fund Balance 105% Notes 1) Sewer maintenance fee increases approx. 5% - from new housing starts and inflationary increase Aggregate Budget Surplus (Deficit) ($8,398,718) Fund Balance $23,778,864 Notes 1) Deficit caused by the spend down of bond proceeds related to the proposed Public Works/Parks facility and the RTBR subdivision road paving project 2) Fund balance in the General Fund holds steady. Water Fund posts a moderate surplus due to an influx of bond proceeds. Sewer Fund continues to decline from ongoing capital projects. TIF’s post a small surplus, however, as with prior fiscal years, accumulated negative equity of the TIF funds continues to put a strain on the General Fund. Capital Projects List Road to Better Roads, additional RTBR for subdivision paving continues, sidewalk replacements, various roadway improvements carry on regarding IDOT’s Rte. 47 north project, Kennedy Rd (Emerald Ln/Freedom Dr) continues, Public Works / Park facility completed, water meter replacement program wraps up, DWC Water Sourcing continues, enhanced watermain improvements related to DWC transition proceed forward, SSES Rehab, park improvements installed at Sunflower, Bridge and Bristol Bay parks 10 Year-by-year summary, FY 28 and FY 29 projections General Fund FY 28 FY 29 Surplus (Deficit) $0 $0 Fund Balance 42% 41% Notes 1) Undetermined merit increases for staff 2) No new positions currently budgeted Water Fund Surplus (Deficit) ($4,149,575) $7,054,656 Fund Balance 15% 132% Notes 1) Water sale revenues projected to increase ~20% based on undetermined water rate increase Sewer Fund Surplus (Deficit) ($209,159) ($108,262) Fund Balance 100% 97% Notes 1) Sewer maintenance fee increases approx. 5% - from new housing starts and inflationary increase Aggregate Budget Surplus (Deficit) (6,021,237) $7,508,597 Fund Balance $17,757,627 $25,266,224 Notes 1) Fund balance in the General Fund remains flat. The Water Fund continues to fluctuate, based on the timing of projected cash flows related to the ongoing DWC water sourcing project. The Sewer Fund continues its planned spend down on capital improvements in FY 28 and FY 29, as indicated by its moderate deficits in those years. TIF Funds continue to generate nominal surpluses, but the accumulated deficit position of TIF Funds continues to put pressure on the General Fund. Capital Projects List Road to Better Roads, additional RTBR for subdivision paving is completed, sidewalk replacements, roadway improvements on Rte. 47 north and Kennedy Rd (Emerald Ln/Freedom Dr) culminate, DWC Water Sourcing starts to wind down, enhanced watermain improvements related to DWC transition revert to standard replacement program in FY 29, SSES Rehab, park improvements installed at Gilbert, Bristol Station and Grande Reserve Parks F, G and H 11 Items to note – big picture Items to note - City Council goals In October 2023, the City Council held a goal setting session nor the first time since 2019. The ranked priority of those goals is attached to this memo (Exhibit 1). In an effort to align this budget proposal to those goals, we offer the following proposals: 1) Downtown a. The Downtown TIF fund identifies $1m in project funding in FY 25 for a yet-to-be determined downtown project. While this figure is in the original Downtown TIF fund, this project could be in Downtown TIF 2 or split between both downtown TIFs according to the City Council’s wishes. We propose a public discussion in FY 25 about the merits of various downtown project proposals. 2) Staffing a. The Items to Note section includes a staffing study of our municipal neighbors and the FY 25 budget includes over $1m in funding for nine new FT positions in Police, Finance, Streets, Water, Sewer, and Parks. 3) Lake Michigan a. The Items to Note section provides information on the status of the Lake Michigan water source project. Over $10.3m is proposed for FY 25. 4) Public Works and Parks Facility a. The Items to Note section outlines the status of the Public Works and Parks facility project, including available funding within this five-year budget proposal. 5) Subdivision Cluster / RTBR a. The Items to Note section outlines the status of all road rehabilitation funding, including a subdivision cluster program that can be done with a $6m bond and no change in the RINF fee. 6) Vehicles a. This five-year budget proposal includes ~$6.5m in total funding for new vehicles between all departments. Broken down, that includes $963,000 for Police, $582,000 for Parks and Recreation and $4.96m for Public Works. All these figures generally meet the expected replacement value for fleet vehicles over their normal operational lifespan. 7) Automation and Technology a. The City continues to include funding for a replacement enterprise resource planning system (ERP) in FY 25 and FY 26. The execution delay of this system has been caused by the relative importance of other projects within the City’s control (Prairie Pointe, Public Works and Parks facility, Lake Michigan water source, etc.). 8) Home Rule Planning a. As referenced in the Items to Note section, the City is planning to conduct a special census in 2024/2025 to achieve home rule status, to protect WIFIA loan eligibility, and to maximize state shared revenues. There are no specific proposals for new municipal authority or programs associated with home rule status. 9) School Intergovernmental Agreements a. The City and the School district regularly review partnership opportunities from joint purchasing to event security, to joint programming like the Little Foxes Preschool, and 12 other operational issues. The School District has new Superintendent joining in Fall 2024; we propose to review opportunities with him at that time and report back to the City Council afterwards. 10) Pre-grant planning efforts a. The City has several grants related to Surface Transportation Programs from the Kane Kendall Council of Mayors in this five-year budget proposal. The City staff have participated in tourism grant applications in the last year, have received COPS grants for the VirTra training system, and we propose to review grant opportunities to related to downtown planning, new trails, sidewalk construction, and park and open space land acquisition and development in FY 25. 13 Number Goals Score 1 Downtown Public Development - 24 Private Development - 23 Parking - 23 General - 14 84 2 Staffing 58 3 tie Lake Michigan 52 3 tie PW Facility 52 5 Subdivision Cluster/RTBR 45 6 Vehicles 37 7 Automation & Technology 34 8 Home Rule Planning 17 9 School IGA 15 10 Pre-Grant Planning Efforts 14 11 tie Facility Planning 12 11 tie Green Door 12 11 tie Quiet Zones 12 14 tie Event Security 10 14 tie Budget Performance 10 16 tie Building Permit Fees 6 16 tie Metra Extension 6 18 tie Land Purchase/Sale 4 18 tie Library Capital 4 20 tie School Safety (Exterior & Traffic)3 20 tie Solar Farm 3 22 Southside Development 1 City Council - Goal Session Summary October 2023 14 Items to note – staffing requests (City Council Goal #2) Per the City Council’s goals from October 2023, we had staff put together a robust staffing plan for this five-year budget. It involves 9.5 new employees in FY 25 alone, and these positions are fully funded for an entire fiscal year in the FY 25 budget proposal. The Mayor has made it known to management staff that each of these hires will be reviewed for timing and funding availability before the recruitment will begin. General estimates of hire dates and recruitment timing are included in the narrative below. We have had discussions with department heads about other staffing requests for FY 26 and beyond; these are summarized below, but none of the FY 26 and beyond positions are funded within the five-year budget. We anticipate reviewing these requests again in next year’s budget proposal, based on available funding and operational need. In advance of the City Council’s consideration of these 9.5 new staff members in FY 25, we surveyed some of our neighboring towns for a snapshot of their staffing levels (Exhibit 7). We have shown both gross employee counts and employee counts per 1,000 residents. Of note, while Public Works appears to be severely understaffed compared to our neighboring towns, we have two mitigating factors within the data: 1) Yorkville is rare in that it has a full Parks and Recreation Department, complete with Parks employees that can help out with Public Works projects and operations like snow plowing, and 2) two of the major outliers (Geneva and Algonquin) have either an electric utility and related employees or Forestry, Fleet, and Building and Ground divisions and employees. The summary of each new position requested is: 1)FY 25 a. 1 Police Officer i.Brings the Police Department up to 34 sworn officers, keeping up with population growth of the City. ii.This position is funded for a May 1 start. We anticipate that a November 1 hire date is more likely. b. 1 Payroll Benefits Coordinator in Finance i.As the City adds employees, we need more staff members to support administrative services. Hiring a Payroll Benefits Coordinator will take work away from management staff within the Finance Department, allowing the work to be completed by an employee with a relatively lower salary. ii.This position is funded for a May 1 start. We anticipate starting this recruitment immediately after the beginning of the fiscal year. c.0.5 Utility Billing Clerk in Finance i.The City had two FT Utility Billing Clerks in FY 24, and then one retired in January 2024. We propose to backfill one of the FT positions with a PT position – so while this is a new position, it results in a reduction of 0.5 FT employees as compared to FY 24. ii.This position is funded for a May 1 start. We anticipate starting this recruitment immediately after the beginning of the fiscal year. d.1 Assistant Director of Public Works i.The City has discussed hiring this position to supplement all management services for Public Works for several years, including fully funding this position a couple 15 times in the past few years. For a variety of reasons, this position was never filled when it was previously included in the budget. We propose to fill this position in FY 25. This will provide us additional managerial coverage for all our upcoming public infrastructure projects, increase our ability to respond to resident requests and complaints, and sets us up well for succession planning in the next several years. ii. This position is funded for a May 1 start. We will consider starting this recruitment immediately after the beginning of the fiscal year. e. 1 Arborist Operator in Streets i. This is a position most larger municipalities will add into Public Works as they grow. This position would be responsible for all parkway tree maintenance operations, would get involved in landscape plan review from time to time, and would oversee the improvement of the City’s tree cover on public and private lots. We propose to fund a moderate new tree budget in FY 25 and beyond, which will allow this position some flexibility in operations going forward. ii. This position is funded for a May 1 start. We will consider starting this recruitment in Fall 2024. f. 2 Maintenance Worker IIs in Streets i. The City has not added any Streets Department employees since 2021. To keep up with population growth and provide for better service delivery like quicker snow plowing, we propose to hire two frontline maintenance workers. These positions will help to bring us up to the regional average for Public Works employees per 1,000 residents. ii. These positions are funded for a May 1 start. We would propose to start recruitment immediately after the start of the fiscal year, to train these employees prior to the winter season in 2024/2025. g. 1 Water/Sewer Operator i. The water and sewer department are enterprise funds, but frequently pull staff from the Streets Department and sometimes the Parks Department when operational needs arise. To cut down on the amount of non-Water/Sewer employee hours in Water/Sewer projects, we propose to hire a Water / Sewer Operator. This position will bring experience to be able to do things like dig watermain breaks, run the vac truck, and run other heavy equipment – plus, this position will drive a snowplow during winter operations. This position will help bring us up to the regional average for Public Works employees per 1,000 residents ii. This position is funded for a May 1 start. We would propose to start recruitment in Summer 2024. h. 2 Maintenance Worker Is in Parks (one in the Natural Areas division, and one in the Playgrounds division) i. The City has not added any Parks Department employees since 2021. To keep up with population growth and provide better service delivery like playground installations, playground inspections, and special events staffing, we propose to hire two frontline maintenance workers. These positions will help provide better Parks service delivery but will also help to bring us up to the regional average for Public Works employees per 1,000 residents. 16 2) Future fiscal years - these positions are requested by staff but are not yet funded in the budget proposal. We anticipate reassessing these requests during next year’s budget proposal: a. FY 26 i. Police Evidence Custodian ii. Streets/Water/Sewer Administrative Assistant (contemplates working in the new PW and Parks building) iii. Water / Sewer Maintenance Worker II iv. Superintendent of Streets v. Superintendent of Water/Sewer b. FY 27 i. Police Officer ii. Mechanic c. FY 28 i. Police Officer ii. Police Records Clerk iii. GIS Coordinator (Public Works) iv. Building and Grounds Maintenance Worker II d. FY 29 i. Police Officer ii. Streets Operator iii. Maintenance Worker II (Streets) Finally, the City staff have conducted a salary survey for all non-union positions for the purposes of establishing competitive salary ranges whenever position recruitments need to be conducted. This information and the salary range recommendations are being compiled at time of this budget proposal release. We anticipate having a recommended schedule of salary ranges for all non-union positions for City Council concurrence prior to the approval of the FY 25 budget. For the most part, we are not proposing individual personnel compensation changes because of the salary range recommendations; however, we would anticipate a few management-approved salary changes for employees that would fall outside of a new proposed salary range. When the information is completed for City Council review, we will note those adjustments accordingly. 17 MunicipalityPopulationFTEFTE/1000FTEFTE/1000Algonquin29,700 143.8 4.843 143.8 4.843 13.00 0.438 5.69 0.192Geneva17,529 69.0 3.936 69.0 3.936 9.00 0.429 5.00 0.238Lemont21,000 147.0 7.000 147.0 7.000 5.00 0.285 3.00 0.171Lockport 17,441 73.1 4.193 73.1 4.193 5.75 0.220 5.50 0.211Montgomery 20,262 86.4 4.263 86.4 4.263 5.00 0.247 5.00 0.247North Aurora 17,529 69.0 3.936 69.0 3.936 5.00 0.287 3.00 0.172Oswego34,585 132.3 3.824 132.3 3.824 7.00 0.202 6.00 0.173Plano11,847 53.0 4.474 53.0 4.474 4.00 0.338 3.00 0.253Shorewood18,186 79.0 4.344 75.0 4.124 2.00 0.110 5.00 0.275South Elgin23,865 89.0 3.729 83.0 3.478 3.00 0.126 10.00 0.419Sugar Grove9,300 42.0 4.516 42.0 4.516 2.00 0.215 3.26 0.351Average 20,113 89.4 4.460 88.5 4.417 5.52 0.263 4.95 0.246Yorkville25,000 88.0 3.520 71.0 2.840 5.00 0.200 4.00 0.160Full Time Employees(FTE)FTE per 1000 residents(FTE/1000)FTEexcl Parks and RecFTE/1000excl Parks and RecAdministrationFinance17a MunicipalityPopulationAlgonquin29,700 143.8 4.843 143.8 4.843Geneva17,529 69.0 3.936 69.0 3.936Lemont21,000 147.0 7.000 147.0 7.000Lockport 17,441 73.1 4.193 73.1 4.193Montgomery 20,262 86.4 4.263 86.4 4.263North Aurora 17,529 69.0 3.936 69.0 3.936Oswego34,585 132.3 3.824 132.3 3.824Plano11,847 53.0 4.474 53.0 4.474Shorewood18,186 79.0 4.344 75.0 4.124South Elgin23,865 89.0 3.729 83.0 3.478Sugar Grove9,300 42.0 4.516 42.0 4.516Average 20,113 89.4 4.460 88.5 4.417Yorkville25,000 88.0 3.520 71.0 2.840Full Time Employees(FTE)FTE per 1000 residents(FTE/1000)FTEexcl Parks and RecFTE/1000excl Parks and RecFTEFTE/1000FTEFTE/1000FTEFTE/10004.00 0.135 4.93 0.166 57.31 1.9304.00 0.190 5.00 0.238 56.00 2.6673.00 0.171 3.00 0.171 24.00 1.3693.00 0.115 3.00 0.115 24.00 0.9202.00 0.099 3.50 0.173 25.00 1.2345.00 0.287 0.00 0.000 20.45 1.1735.00 0.145 9.50 0.275 28.00 0.8102.00 0.169 1.00 0.084 16.00 1.3514.00 0.220 7.00 0.385 24.00 1.3203.00 0.126 4.00 0.168 25.00 1.0484.15 0.446 0.00 0.000 15.18 1.6323.56 0.191 3.72 0.161 28.63 1.4052.00 0.080 6.00 0.240 18.00 0.720Public WorksComDevBuilding Safety17b MunicipalityPopulationAlgonquin29,700 143.8 4.843 143.8 4.843Geneva17,529 69.0 3.936 69.0 3.936Lemont21,000 147.0 7.000 147.0 7.000Lockport 17,441 73.1 4.193 73.1 4.193Montgomery 20,262 86.4 4.263 86.4 4.263North Aurora 17,529 69.0 3.936 69.0 3.936Oswego34,585 132.3 3.824 132.3 3.824Plano11,847 53.0 4.474 53.0 4.474Shorewood18,186 79.0 4.344 75.0 4.124South Elgin23,865 89.0 3.729 83.0 3.478Sugar Grove9,300 42.0 4.516 42.0 4.516Average 20,113 89.4 4.460 88.5 4.417Yorkville25,000 88.0 3.520 71.0 2.840Full Time Employees(FTE)FTE per 1000 residents(FTE/1000)FTEexcl Parks and RecFTE/1000excl Parks and RecFTEFTE/1000FTEFTE/1000FTEFTE/100054.90 1.848 n/a n/a n/a n/a46.00 2.190 n/a n/a n/a n/a31.00 1.768 n/a n/a n/a n/a31.00 1.188 n/a n/a n/a n/a48.88 2.412 n/a n/a n/a n/a37.65 2.159 n/a n/a n/a n/a68.50 1.981 n/a n/a n/a n/a26.00 2.195 n/a n/a n/a n/a37.00 2.035 1.00 0.055 3.00 0.16538.00 1.592 3.00 0.126 3.00 0.12617.80 1.914 n/a n/a n/a n/a39.70 1.935 2.00 0.090 3.00 0.14536.00 1.440 9.50 0.380 7.50 0.300PoliceParksRecreation17c Items to note – Lake Michigan water source project (City Council Goal #3 tied) The City is continuing to progress to obtain Lake Michigan Water in 2027 or 2028. The City successfully received a positive recommendation from the IDNR for a Lake Michigan allocation permit in late 2023, and a final decision order is expected imminently. The City entered into a phase I engineering funding agreement with DuPage Water Commission (DWC) in April 2023 and those studies are wrapping up in February 2024. Preliminary cost estimates and route options have been sent from DWC to the Waterlink (Oswego-Montgomery-Yorkville organizations) staff in early February 2024, with public presentation of those figures expected in March/April 2024. In general, cost estimates continue to rise in accordance with construction inflation, new assumptions, and proposals by DWC and Waterlink staff, and as plans move from high level to more detail oriented. In general, the expected route of the watermains will change from what had been reviewed by the Waterlink communities in the past few years, primarily to take advantage of easier and more cost-effective construction methods. After the updated route plans and cost estimates are reviewed publicly in the next couple months, we anticipate that the Waterlink communities will host a group / public discussion about the cost split for each community before finalizing a full DWC membership agreement in 2024. Concurrently but separately from the DWC engineering process, the City is finalizing an overall financing plan with our financial advisors that will take advantage of federal WIFIA loans (process expected to wrap up in 2024 with a loan close in 2024/early 2025), IEPA low interest revolving loans, and/or municipal bonds. These debt service schedules and proposals are being drafted to thread the needle on the timing of various projects needing to be complete prior to receiving Lake Michigan water, such as internal water system improvements, engineering and land acquisition being coordinated by DWC, corrosion control studies, and Lake Michigan specific infrastructure items. This FY 25 budget process makes some high-level assumptions on a financing-plans complete with debt service schedules, but these figures are only a placeholder until the DWC cost estimates and the regional discussion on cost-sharing occurs later this year. The City Council will be expected to discuss and vote on the following items in the next several months: 1) Transmission main route and cost estimates, Q1/Q2 2024, as previously mentioned 2) Phase 2 Engineering agreement funding with DWC, Q1 2024 3) Corrosion control study approval and IGA for funding split, Q1/Q2 2024 4) Land acquisition for a southern receiving point with a standpipe water storage facility, Q1/Q2/Q3 2024 5) WIFIA loan application expected in Q2 2024, as previously mentioned 6) Authorization to prepare and then sell a municipal bond, Q3 2024 7) DuPage Water Commission customer agreement, before Q4 2024 8) Design engineering contracts for: a. A north receiving station, before end of FY 25 b. A northwest elevated water storage tank, before end of FY 25 c. A south receiving station, before end of FY 25 d. A south receiving station standpipe-type water tower, before end of FY 25 e. IL—126 area watermain improvements, before end of FY 25 f. Bluestem Drive water main improvements, before end of FY 25 18 Finally, within this five-year budget proposal, the City staff assumes that annual water sales revenues will need to go up by 25% in aggregate in FY 25, and 15-25% in aggregate each year thereafter through FY 29. No specific base water rate or volumetric water rate is proposed for FY 25; we anticipate leading a discussion about different rate structures at a City Council meeting. The ~$10m annual water sales revenue in FY 29, again, is a ballpark figure based on the preliminary financing plan shown within the budget, and these figures will change in the next few months. 19 Items to note – Public Works and Parks building planning (City Council Goal #3 tied) The City Council approved a design agreement with Kluber and EEI in February 2024, beginning the process towards constructing a new Public Works and Parks Facility in 2024 and 2025. We anticipate selection of a construction manager by April 2024, with the intent to look at constructing some site improvements and a building pad by the end of calendar year 2024. In accordance with the above schedule, we have budgeted for the most conservative cost estimates possible. In last year’s five-year budget proposal, we included roughly $30m in total funds over multiple fiscal years to cover the highest cost estimates provided by the City’s architects. In this year’s five-year budget proposal, we have included roughly $40m in total funds over multiple fiscal years to cover the cost estimates reviewed last year. This extra $10m is not tied to a specific building design or cost overrun as much as it is a hedge against construction inflation and to provide a suitable contingency fund for the project. We are attempting to demonstrate to the City Council the relative impact and affordability of the highest cost estimates for the facility, so that the City Council can make a fully-informed decision about the size and scope of the building in the next few months. We intend to pursue value engineering to drive this cost down in accordance with the feedback already received by the City Council. 20 Items to note – Subdivision Cluster / Road to Better Roads funding (City Council Goal #5) In last year’s five-year budget proposal, the City Council reviewed several policy options for funding the upcoming subdivision cluster coming due for road rehabilitation. Those options involved a variety of options related to increasing the $8 per month Road Infrastructure Fee (RINF), changing the timing of subdivision completion, and issuing bonds at varying amounts. In this five-year budget proposal, we plan to complete most of the subdivisions between FY 25 and FY 28 (proposal with map attached), funded through funds saved during the FY 23 and FY 24 budget year, a ~$6 million bond issuance expected in FY 26, and no change in the RINF fee. On top of the subdivision cluster projects, the City has more than $8.5m in normal Road to Better Roads program neighborhood paving plus another $6.2m in individual road project funding possible within the five-year budget proposal. The City Council is expected to debate the design engineering agreement for a ~$3m program in FY 25 at the February 2024 Public Works Committee and meetings thereafter. This discussion will coincide with a general overview of the multi-year proposal. Additional decision making for the subdivisions beyond FY 25 (including selection of specific subdivisions and timing) will occur during the FY 26, and FY 27 budget proposals in the coming years. Items to note – Home rule status and special census (City Council Goal #8) The City’s population is 21,533 as of the 2020 decennial census which occurred between April and October 2020. Depending on the speed of home construction, home sale, and new resident move-in we think 1,200 and 1,300 new housing starts have been constructed since the Census was completed. That puts the City’s estimated population around 25,000 as of February 2024. For every new resident counted as part of a special census, the City stands to receive more than $250 per year. This combination of per capita income taxes, use taxes, motor fuel taxes, transportation renewal fund, and cannabis taxes are state shared revenues based on a City’s population. Special censuses can be conducted on a City-wide or partial / neighborhood specific basis. City- wide special censuses can cost several hundred thousand dollars, and the last partial special census we completed was $135,000. Fortunately, all the City’s growth is contained within newer subdivisions, which allows us to conduct partial special censuses at minimal cost and maximum benefit. Theoretically, with an average population per household at 2.6 to 2.8, the City has a one-year return on investment at just 350-400 new houses. From initial point of contact with the census bureau to receipt of new revenues, the special census process takes approximately one-year to complete. While we have discussed conducting a special census soon during past budget proposals, we have two mitigating factors: home rule status is not assured until the City has a verified population of more than 25,000, and the City is eligible for a WIFIA loan at 80% of the project cost if the population is below 25,000 (and only 49% if above 25,000 residents). For purposes of this five-year budget proposal, we have assumed a special census will be completed in FY 25. 21 Items to note – Capital Projects The City’s Capital Improvement Plan is attached for your use. Most of these projects are wholly within the City’s control (road, water, and sewer improvements), some are within the State’s control (Route 71 expansion, Route 47 expansion, US Rte. 34) and others are dependent upon a variety of factors (DWC water sourcing project). The biggest decision the City is faced with is how to balance the maintenance needs of existing infrastructure against the concerns by residents against higher taxes and fees both in the present and future. An outline of the proposed yearly capital projects is included in the year-by-year summaries above. Capital budgets have significantly increased over the last two fiscal years and are expected to finish around $14.5m in FY 24. Capital expenditures spiked in FY 23 to just under $18m, with the City Hall/Police Station renovation (~$6.8m) and the Bright Farms sanitary sewer improvement projects (~$3.2m) serving as the primary cost drivers. Capital projects are expected to around $60m in FY 25, as the result of enhanced capital spending in the Water Fund (related to the DWC water sourcing transition and Lincoln Prairie improvements), the anticipated construction of a new Public Works/Parks facility and an augmented roads program. - 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 Actual Actual Projected Proposed FY 2022 FY 2023 FY 2024 FY 2025 Capital Budget Comparison -Fiscal Years 2022 - 2025 22 Items to note – Bond Ratings and refinancing The City was upgraded one notch from to AA- to AA, by Standard & Poor’s in September 2016, which was most recently affirmed in June 2023. Fitch Ratings has rated the City’s debt at AA since 2019; with both rating agencies presenting a stable outlook. A higher bond rating allows the City to issue and refinance debt at a lower rate of interest. This is crucial as we continue to plan for future capital projects. Upgrades are based on several factors including a favorable economic outlook, local demographics, budgetary flexibility (increasing revenues and/or decreasing expenditures/expenses), and relatively high fund balance (reserve) levels. To maintain its bond ratings, the City will need to continue to keep spending within or just slightly above projected revenues allowing the City to be able to adapt to changing economic conditions. Increased revenue, reserves and overall economic expansion within the City may help to improve our ratings even further. Items to note- Building Inspection Load The comparison to other neighboring communities regarding inspections conducted in 2023 is below. City or Town Inspectors Full Time, 2023 Inspectors Part Time, 2023 # of Inspections in 2023 Average Inspections Per Year/Per Inspector Average Inspections Per Day/Per Inspector # of Outsourced Inspections # of Inspections Requiring Illinois Plumbing License Permits Issued Oswego 3 0 8,732 2,910 11 659 3,011 3,109 Montgomery 2 0 1,833 917 4 93 93 3,008 Kendall County 1 1 1,117 745 3 38 96 358 Sugar Grove 1 0 291 291 1 88 267 629 Plano Plainfield 5 0 14,999 2,999 12 0 2,428 2,857 2,2723,696 1,789Yorkville3011,442 3,814 15 23 The small picture – items to note in the General Fund Please accept the following information as discussion on individual line-items within the budget. These individual line-items may change between now and the date of approval based on City Council direction or staff recommendation (due to new information). Revenues are listed as “R#”, and expenditures are listed as “E#”. R1) Property Taxes – Corporate Levy 01-000-40-00-4000 a. The FY 25 column reflects the City Council’s policy decision in December 2023 to increase the tax levy by new construction only. We assume a similar policy decision and increase in FY 26 and more conservative $50,000 increases each year thereafter (~2%) in FY 27 and beyond. While the City is expected to achieve home rule status in the next few years, which will unlock more revenue flexibility for property taxes, any inflationary amounts until then will be foregone. As a reminder, this line item does not include police pension, library operations or library debt service taxes. R2) Property Taxes – Police Pension 01-000-40-00-4010 a. The 2023 (FY 25) City contribution (i.e., actuarially determined funding policy contribution) to the Yorkville Police Pension Fund will be $1,386,265, which is a nominal increase of $7,360 (0.5%) over the 2022 (FY 24) contribution amount of $1,378,837. The current funding level of the Police Pension Fund is 53.85%. FY 25 will represent the eleventh year in a row that the City will meet or exceed its actuarial determined contribution. Future years funding amounts are estimates only and will be analyzed each year by the City’s actuary. As a general reminder, the City’s pension funding policy sets the 2040 target goal at 100%, even though the state mandate is currently 90% by 2040 and there is legislation considering extending the deadline to 2050. R3) Municipal Sales Tax 01-000-40-00-4030 R4) Non-Home Rule Sales Tax 01-000-40-00-4035 a. In FY 24, we assumed rolled back an estimated 3% long term growth estimate for sales taxes to 2% year-over-year increases. As of February 2024, we’re on pace for 3.2% growth. We propose no change to the assumed 2% annual increase going forward. R5) Electric Utility Tax 01-000-40-00-4040 a. This revenue line-item represents the City’s locally imposed tax on electricity usage. If the City is successful in attracting data centers on the Green Door / Yorkville Nexus property, this revenue would be in line to substantially increase. While we are currently proposing to share these incremental utility tax revenues with Green Door / Yorkville Nexus until their public infrastructure investment is recoup, the City is expected to retain a share of these new taxes each year. For conservative budgeting purposes, we have assumed Green Door / Yorkville Nexus will not come on-line within the five-year budget proposal. 24 R6) Natural Gas Utility Tax 01-000-40-00-4041 a. This revenue line-item represents the City’s locally imposed tax on natural gas usage. This revenue is variable depending on the price of natural gas (currently low) and the amount of gas used. Since the past two winters have been relatively mild and natural gas prices are low, the City is expected to observe a lower revenue figure for FY 24. We’ve budgeted for conservative historical amounts in FY 25 and beyond. R7) Excise Tax 01-000-40-00-4043 a. This line-item was formerly called the Telecommunications Tax and represents a 5% tax on landline and cell phone usage. The amounts in this line-item have fallen in recent years, matching the decline in overall land-line phone usage. We assume this revenue stream will continue to decrease approximately 6% each year. Of note, the tax in this line-item only applies to the phone portion of a cell phone bill, and not the data portion. R8) Cable Franchise Fees 01-000-40-00-4045 a. This line-item represents franchise fees received from Comcast, AT&T, DirecTV and Metronet. Total revenues are projected to be flat due to overall growth in new homes offset by a trend away from franchise video services. R9) Hotel Tax 01-000-40-00-4050 a. Hotel tax revenues have grown at double digit rates two years in a row since the end of the pandemic. Our busy local economy and general domestic travel trends support some growth going forward, but we’ve chosen to project flat revenues to be conservative. R10) Video Gaming Tax 01-000-40-00-4055 a. Video gaming revenues have finally plateaued after multiple years of strong growth. We plan for 2.5% growth going forward. The City currently has 19 video gaming locations with 103 terminals. R11) Amusement Tax 01-000-40-00-4060 a. Despite projecting relatively flat growth in this tax, which is collected from ticket fees at Raging Waves, NCG Movie Theaters, and a few other businesses in town, we saw record revenues in FY 23 and FY 24, due primarily to a better than average year at Raging Waves. Going forward, we’ve assumed the amount of this revenue will revert to a more historical norm without growth in the future. R12) Admissions Tax 01-000-40-00-4065 a. This is the 2.75% admissions tax charged at Raging Waves, authorized by their annexation agreement. This amount is remitted to Raging Waves to offset their on-site infrastructure costs. This tax expires in September 2026. R13) Business District Tax – Kendall Mrkt 01-000-40-00-4070 a. This line item represents the additional 0.5% general merchandise sales tax applicable to the Kendall Marketplace Business District. These proceeds are rebated in full (out of Admin Services) to pay debt service on the Kendall Marketplace bonds. This tax expires in December 2029. 25 R14) Business District Tax – Downtown 01-000-40-00-4071 a. This line item represents the additional 1.0% general merchandise sales tax applicable to the Downtown Business District. These proceeds are rebated in full (out of Admin Services) to Imperial Investments, pursuant to their development agreement with the City. This tax expires in 2036. R15) Business District Tax – Countryside 01-000-40-00-4072 a. This line item represents the additional 1.0% general merchandise sales tax applicable to the Countryside Business District. These proceeds are rebated in full (out of Admin Services) to Kendall Crossing LLC, pursuant to their development agreement with the City. This tax expires in 2032. R16) State Income Tax 01-000-41-00-4100 a. Income taxes have greatly exceeded expectations due to a combination of favorable outcomes to municipalities, the general strength of the state economy, the City’s conservative budgeting principles, and population growth. IML’s estimate for this revenue stream was $155 per capita when the City approved the FY 24 budget in Spring 2023, and the actual revenues have been near $165 per capita. For FY 25, IML is expecting these revenues to increase to $170 per capita. Additionally, we assume the City will conduct a special census in 2025, with population totals and increased revenue to be observed May 1, 2026 (FY 27). Staff feels this timing will put the City population above 25,000 and will avoid any issues with WIFIA loan eligibility. R17) Local Use Tax 01-000-41-00-4105 a. The IML projected this tax at ~$40 per capita in December 2023 for the FY 25 budget year. Actual revenues have been in that $40 range. IML projects inflationary growth going forward. The increase seen in FY 27 is related to the planned Special Census. R18) Cannabis Excise Tax 01-000-41-00-4106 a. This line-item represents an 8% share of the State’s cannabis taxes, which must be used to fund crime prevention programs, training, and drug interdiction efforts. The IML estimate for FY 24 was $1.79 per capita, but actual revenues were lower. IML assumes the FY 25 revenues will be $1.48 per capita, and we assume 2% growth going forward. R19) Federal Grants 01-000-41-00-4160 a. The large values in FY 22 and FY 23 represents the City’s receipt of CURE funds via the CARES Act, the Business Interruption Grant (BIG), the Downstate Small Business Stabilization Grant, and American Rescue Plan Act (ARPA) funds. 26 R20) Building Permits 01-000-42-00-4210 a. Building permit revenues are a one-time revenue stream, and one that is difficult to predict at the beginning of every budget season. For the past few years, we have recommended a cautious approach – identifying a benchmark revenue figure within the General Fund to offset related community development hard and soft costs to conduct inspections and diverting any revenue overage to the capital funds to be used for one-time expenditures. FY 24 figures are likely to be much higher than budget projections due to the receipt of the Bright Farms building permit and a large pod of permits being submitted to the City in January and February 2024. In FY 25 and beyond, we continue to budget for a more moderate amount on the off-chance we eventually have a non-high-growth year. R21) Garbage Surcharge 01-000-44-00-4400 a. This line-item represents all revenue the City receives from residents for garbage services. Increases in this line-item reflect contractual rate changes only, and there is no material net impact within the budget as the cost of service is generally matched by revenues. The City’s current garbage contract with Groot runs through FY 27. R22) Administrative Chargeback 01-000-44-00-4415 a. This revenue represents that the General Fund will be reimbursed from the Water, Sewer, and TIF Funds for a portion of personnel costs. This is according to the time that employees whose salaries come out of the General Fund spend on water, sewer, and TIF related issues. R23) Investment Earnings 01-000-45-00-4500 a. This line item consists of interest income earned from US Treasury securities and FDIC insured certificates of deposit (i.e., CD’s), in addition to having cash on account with First National, Illinois Funds, Illinois Trust, I-Prime and Associated Bank. With high interest rates throughout the country and a solid pool of cash on hand, the City has seen our investment earnings rise significantly. R24) Miscellaneous Income 01-000-48-00-4850 a. This revenue line-item covers green power civic grants from the City’s residential electric aggregation program ($2,000 per month) plus the City’s credit card (~$1,200 per month). The rest of the years, past and future, are for one-off revenues received. E1) Salaries – All Departments Multiple #’s a. We are proposing COLA or bargaining agreement approved increases and appropriate step increases for all non-union and union employees. We have budgeted for reasonable, but undetermined, salary increases in FY 26 through FY 29. E2) Health Insurance – All Departments Multiple #’s a. For FY 25 thru FY 29, we are assuming an annual 8% increase in health insurance and a 5% increase in dental costs. 27 E3) IMRF – All Departments Multiple #’s a. After declining by 20% in 2022, the City’s Employer rate fell even further (-26%) in 2023, going from 8.90% to 6.56%, due to strong stock market returns by IMRF in 2021. In 2024, the employer rate continued to fall to 5.83% (-11%), as the City’s existing early retirement incentive with IMRF from 2011 expired at the end of 2023. While IMRF fund is very well funded compared to other State-wide pension systems, we are budgeting conservative increases in the employer contribution rates each year for FY 25 through FY 29. The preliminary 2024 rate will be available this April and staff will revise projections accordingly in the subsequent budget year E4) Tuition Reimbursement – All Departments Multiple #’s a. Per the City’s tuition reimbursement policy, any approved degree programs are shown in the appropriate departmental budget. Currently, both Officer Hart and Sergeant Stroup (Police Department) are pursuing master’s degrees at Aurora University. E5) Training and Travel – All Departments Multiple #’s a. Travel and conferences are budgeted for all employees at historical levels. Generally, we budget for department heads and senior staff to attend one national and one state conference, and all other employees training on an as needed basis. E6) Computer Replacement Chargeback – All Dept’s Multiple #’s a. These line-items reflect all standard laptop and desktop computer replacements for all employees in all departments, based on standards for replacement at 3 or 4 years depending on the piece of equipment and recommendations from the City’s IT consultant. E7) Commodity Assumptions – All Departments Multiple #’s a. Graduated increases in gasoline, electricity, natural gas, and simple contractual services are not based on any estimate of the details of the line-item, except where specifically noted in this budget section. From a conservative budgeting principle, we are purposefully trying to overestimate costs to hedge on unanticipated price increases on those items that are subject to market fluctuations. 28 E8) Professional Services – All Departments Multiple #’s a. Professional services expenditures vary in each department and can be for a variety of services. For each department, we’ve included a brief sampling of the expenses coded out of this line-item. Full expense reports for this or any line-item can be obtained from the Finance Department at any time. b. Administration – Expenses for the minute taker, zoom remote meeting access, safe deposit box pre-employment drug tests and background checks. c. Finance – GFOA ACFR award fee, utility billing processing and credit card fees, bank fees, software renewal fees, public official bond renewal fees, police pension and OPEB actuarial fees, and the annual accounting software maintenance agreement. d. Police – Expenses for onsite shredding, Brazos, CAPERS annual fee, Power DMS Live Scan, Pace scheduler, LEADS, pre-employment drug screens, pre-employment physicals, FAA drone registration, IACP renewal, APBNET annual fee and WatchGuard. e. Community Development – Access to iWorQ (code enforcement and permit management software), consultant work related to the subdivision control ordinance (UDO), document scanning fees, annual fees for ESRI GIS and Adobe Professional, and expenses for the minute taker. f. Street Operations – copier charges, parkway tree trimming, annual cloud storage fees for solar speed signs, Kendall County salt igloo annual renewal fee and CDL license renewal. g. Admin Services – General Fund related lobbyist charges. h. Water Operations –Utility billing processing and credit card fees, emergency leak detection, lobbyist charges, AWWA annual dues, IPWA Annual Dues and BSI backflow monitoring. i. Sewer Operations – Sewer cleaning, alarm monitoring, utility billing processing and credit card fees, and manhole repair. j. Parks – background checks, copy charges, lightning detector annual fees, and park board minute taker fees. k. Recreation – Referees and umpires, recreation class instructors, graphic design, web track maintenance agreement, pest control, background checks, and park board minute taker fees. E9) Office Cleaning – All City Hall Multiple #’s a. This line-item covers a pro-rata share of the cost to clean all City buildings for each department. The current cleaning contract expires in August 2024, with a one-year extension option. E10) Salaries – Mayor 01-110-50-00-5001 E11) Salaries – Liquor Commissioner 01-110-50-00-5002 E12) Salaries – Alderman 01-110-50-00-5005 a. These line-items reflect the City Council’s approval of the gradual elected official’s salary changes starting in May 2023. E13) Salaries & Wages (Finance) 01-120-50-00-5010 a. As discussed in the Items to Note section above, we propose to hire a new Payroll and Benefits Coordinator to better streamline HR/payroll processes throughout the City and to alleviate existing workload from Finance Department staff. 29 E14) Auditing Services (Finance) 01-120-54-00-5414 a. The City’s auditing services contract with Lauterbach and Amen will expire in FY 27. E15) Salaries – Police Officers 01-210-50-00-5008 E16) Salaries – Command Staff 01-210-50-00-5011 E17) Salaries – Sergeants 01-210-50-00-5012 E18) Salaries – Police Clerks 01-210-50-00-5013 a. As discussed in the Items to Note section above, we propose to hire a new police officer in FY 25, bringing the City’s sworn officer count to 34. FY 26 and beyond will be reviewed during next year’s budget proposal. E19) Police Commission 01-210-54-00-5411 a. Sergeant testing will occur in FY 27. Patrol officer testing will occur in every year of the five-year budget proposal. E20) Training Coordinator Services (Police) 01-210-54-00-5413 a. This line-item covers the cost of the shared Police Training Coordinator with the Village of Oswego. E21) Vehicle and Equipment Chargeback 01-210-54-00-5422 a. This line-item represents the gap between police impact fees and the number of expenditures related to police-car purchases. E22) Inspections 01-220-54-00-5459 a. Permits and permit revenues went higher in FY 22, resulting in the decision to hire both a property maintenance inspector and a front desk employee in FY 22. As a result, the outsourced inspection costs decreased significantly in FY 23. In FY 24, we saw very high permit counts which resulted in an increased in outsourced costs. E23) Professional Services (Community Development) 01-220-54-00-5462 a. The FY 24 column for this line-item contains the final payments for the UDO project, which was adopted by the City Council in late 2023. E24) Salaries & Wages (Streets) 01-410-50-00-5010 a. As referenced in the Items to Note section above, we propose to hire four new streets employees in FY 25: an Assistant Director of Public Works (costs split between other divisions), an Operator Arborist, and two Maintenance Worker IIs. E25) Part-Time Salaries (Streets) 01-410-50-00-5015 a. This line item contains funds to hire two seasonal streets department employees at $20 per hour for 1,000 hours per year. E26) Vehicle & Equipment Chargeback 01-410-54-00-5422 a. This line-item represents the gap between public works impact fees and the amount of expenditures related to public works vehicle and equipment purchases. 30 E27) Traffic Signal Maintenance 01-410-54-00-5435 a. The FY 25 column contains funds for traffic signal maintenance and intersection striping for most Route 34 intersections in town. E28) Telecommunications (Streets) a. This line-item generally covers cell phone costs for City employees. In Streets in FY 25, we’ve included a few thousand dollars for a GIS tracking software for our snowplow trucks. We infrequently hear from residents that trucks are driving too fast for conditions, even though it is difficult to get a large plow truck up to speed on neighborhood streets. This would allow us to provide a proper customer service response to complainants when they contact us, by allowing us to reference the actual location and speed of the plow truck as it goes through neighborhoods. Additionally, the staff can use this to monitor plow route progress during snow events. E29) Mosquito Control 01-410-54-00-5455 a. The line-item expense for mosquito control represents treatment of storm sewer inlets only. E30) Garbage Services – Senior Subsidy 01-540-54-00-5441 a. This line item represents the total amount of the current senior garbage subsidy. The subsidy is 20% for all seniors and 50% for all seniors on the Circuit Breaker program. Currently, we have 992 senior accounts and 16 circuit breaker senior programs. E31) IDOR Administration Fee 01-640-54-00-5423 a. This line-item represents the amount of the City’s sales locally imposed sales and excise taxes that are being swept by the State of Illinois. E32) GC Housing Rental Assistance Program 01-640-54-00-5427 a. This line-item represents the City’s cost to run the housing assistance program for the GC Housing development, as approved in Ordinance 2016-21. The current estimated maximum annual liability for this program is $12,000, and the actual numbers can fluctuate by a few thousand dollars per year, depending on the recipients’ income levels. We have conservatively estimated around 10% increases each year after FY 24. The ordinance contemplates the program expiring in FY 28, related to the development agreement approved for the project. For continuity and conservative budgeting purposes, we assume the program will be renewed through FY 29. E33) GIS Consortium Services 01-640-54-00-5434 a. The City utilizes EEI via their base level professional services contract for GIS services. During the late 2000s, the City had an in-house GIS technician that allowed us to better integrate mapping data into our processes. We think there’s merit sharing staff and resources with a larger organization. We studied sharing GIS services with Kendall County last year and we’ve received proposals from a regional GIS consortium called MGP which serves over 40 communities in Lake, Cook, Will, and DuPage counties. We’re preparing a formal recommendation for review by the City Council to utilize shared GIS services in the coming months. 31 E34) Amusement Tax Rebate 01-640-54-00-5439 a. As part of the Countryside redevelopment project incentives, the City was refunding a portion of the amusement tax to the Movie Theater developer. This amount should equal the amount of amusement tax generated by the Movie Theater up to $200,000. This incentive was satisfied as October 2023. E35) KenCom 01-640-54-00-5449 a. This line-item represents the City’s contributions to KenCom, based on the intergovernmental agreement for annual funding, the intergovernmental agreement for New World software usage, and the KenCom budget. This line-item is estimated by staff in February of each year for the upcoming FY budget, but the actual dollar amounts are not finalized until the end of each calendar year. E36) Information Technology Services 01-640-54-00-5450 a. This line-item covers our base level IT contract, some annual special projects, all Microsoft Office licensing, and various other licenses for network components. This line-item also includes the purchase and implementation of a full ERP in FY 25. The General Fund and this line-item are expected to absorb about 70% of the cost of the ERP, and the remaining costs have been apportioned out to the Water and Sewer Funds. E37) Building and Grounds Chargeback 01-640-54-005453 a. This line-item represents the General Fund’s coverage of personnel, operations and building improvement expenditures that are housed in the Building and Grounds Fund. E38) Professional Services 01-640-54-00-5462 a. This line-item covers half of the Yorkville cost of the state lobbyist (shared with Montgomery and Oswego) and half of the Yorkville cost of the federal lobbyist (shared with Kendall County, Oswego, and Montgomery). The remaining amount of Yorkville’s contribution for these contracts are covered in the Water Fund. E39) Engineering Services 01-640-54-00-5465 a. This is the gross cost of all EEI expenses which are not related to capital projects. It includes $240,000 of contract-related expenses plus non-contract related expenses (subdivision- infrastructure inspections, home construction based public sidewalk and drainage inspections, and/or reimbursable development work). E40) Economic Development 01-640-54-00-5486 a. The City’s contract for economic development consulting with Lynn Dubajic of DLK, LLC was renewed in January 2022, for a term extending through 2024. E41) Sales Tax Rebate 01-640-54-00-5492 a. This line item represents the 50% share of rebated sales tax to developers, pursuant to past economic incentive agreements entered with the City. Sales tax rebate growth is pegged to overall sales tax growth, as mentioned above. All the City’s sales tax sharing incentive agreements are expected to expire by the end of FY 28. 32 E42) Business District Rebate 01-640-54-00-5493 a. Currently, this expenditure line-item corresponds with the revenue line-items of the same amount (less the State’s administrative fee of 2%), as this tax is rebated 100% to the developers of the Kendall Marketplace (expires March 2028), Kendall Crossing, and the downtown business district. E43) Admissions Tax Rebate 01-640-54-00-5494 a. Currently, this expenditure line-item corresponds with a revenue line-item of the same amount, as this tax is rebated 100% to Raging Waves. This rebate is set to expire in FY 27. E44) Contingency 01-640-70-00-7799 a. This line-item represents the Mayor’s request to identify funding for various unplanned expenditures throughout the year. At time of budget, no specific projects or purchases are planned for this line-item. E45) Transfer to City-Wide Capital 01-640-99-00-9923 a. We’re preparing to transfer any FY 24 budget surplus into the CW capital fund, reflected in a FY 24 projected amount that is far greater than the FY 24 budget amount. In FY 25 and beyond, this line-item covers the projects listed in the City-Wide Capital Fund. E46) Transfer to Building & Grounds 01-640-99-00-9924 a. The FY 25 column includes the normal transfer to fund the long-term Building and Grounds capital program and to fund one-third of proposed debt service amounts for the Public Works/Parks facility. E47) Transfer to Sewer 01-640-99-00-9952 a. This line-item represents the City’s transfer of non-home rule sales tax dollars being transferred into the Sewer Fund to pay for a portion of the yearly debt service on the 2011/2022 refinancing bond. E48) Transfer to Parks and Recreation 01-640-99-00-9979 a. This line-item represents the City’s operational transfer to fund Parks and Recreation expenses. The increase in the transfer in FY 26 and beyond is primarily due to the purchase of several large Parks vehicles, equipment, and playgrounds, which are mainly housed in the capital funds but are linked to a chargeback within the Parks Department. E49) Transfer to Library Operations 01-640-99-00-9982 a. This line-item transfer covers liability and unemployment insurance for the Library. 33 The small picture – all other funds Fox Hill SSA (11) R1) Property Taxes 11-000-40-00-4000 a. The FY 25 and beyond projected revenue figure of $24,000 reflects a $108.60 per home tax amount, as mentioned during the Fox Hill SSA levy discussion in late 2023. Of note, the long-term debt on past projects and the negative fund equity was cleared in FY 24. E1) Outside Repair and Maintenance 11-111-54-00-5417 a. The FY 25 amount reflects our best estimate for the annual maintenance contract for mowing and landscaping, $5,000 for tree trimming, $25,000 for crack filling and sealing on the trails, and the re-installation of the subdivision entrance sign. The sign project is being offset by funds given to the City by IDOT for the Route 34 project in FY 17. Sunflower SSA (12) R1) Property Taxes 12-000-40-00-4000 a. The FY 25 revenue figures reflect the ~$180 levy per home that was discussed by the City Council during the levy approved in late 2023. E1) Pond Maintenance 12-112-54-00-5416 a. In FY 25 and beyond, the City is budgeting for annual algae treatments and basin monitoring. E2) Outside Repair and Maintenance 12-112-54-00-5495 a. This line-item reflects our best estimate for the annual maintenance contract for mowing, tree trimming, and landscaping the subdivision entrances. 34 Motor Fuel Tax Fund (15) R1) Motor Fuel Tax 15-000-41-00-4112 a. The FY 25 revenue figures reflect the City’s share of the state’s motor fuel tax at ~$22.50 per capita (IML estimate) and our certified population of 21,533. In subsequent years, the amount of the tax will increase by an inflationary factor each year, and we assume the special census will go into effect in FY 27. R2) MFT High Growth 15-000-41-00-4113 a. The MFT High Growth line item represented a supplemental MFT appropriation that was created soon after the State’s 2009 capital bill. R3) Transportation Renewal Tax 15-000-41-00-4114 a. When the state increased motor fuel taxes as part of the 2019 capital plan, they chose to break out a portion of the increase and distribute it to several transit agencies and transportation purposes. The remainder of the tax was pegged to inflation and distributed to municipalities on a per capita basis. The FY 25 figures represent a ~21 per capita distribution. E1) Salt 15-155-56-00-5618 a. The state bid pricing for salt in 2023 was ~$79 per ton, with ~2,100 tons ordered. Historical pricing for salt has been in the $50 to $100 per ton range. For FY 25 and beyond, we’ve budgeted for pricing around $95 per ton. E2) Road to Better Roads 15-155-60-00-6025 a. The FY 25 column reflects the roads chosen by the City Council in late 2023 and set to be bid out in early 2024. E3) Pavement Striping Program 15-155-60-00-6028 a. Per staff recommendation, all pavement striping funds have been moved to Fund 23 (City Wide Capital) due to the administrative burden of using MFT funds. 35 City-Wide Capital Fund (23) R1) Federal Grants 23-000-41-00-4160 a. This line-item contains revenue received by the City via the Kendall County ARPA / Rob Roy Drainage District intergovernmental agreement. While the entire $500,000 in revenues was received in 2023, the City has booked the revenue in escrow, and is including it in the budget / revenues as the expenditures of the project are incurred. R2) Federal Grants – STP Bristol Ridge 23-000-41-00-4163 a. While the Bristol Ridge Road repaving project occurred in FY 23, this line-item contains the remaining construction engineering reimbursements related to the roadway improvements on Bristol Ridge Road. Per the grant agreement, the City pays 100% of construction engineering costs upfront and is then reimbursed at a rate of 75% by the State. R3) Federal Grants – STP Van Emmon 23-000-41-00-4165 a. The City’s grant application has been reviewed by the Kane/Kendall Council of Mayors and has been placed on a contingency list. If other projects are delayed or more funding is identified, our project could be moved up in priority. To capitalize on this possibility, the City needs to approve a design engineering contract in FY 24. R4) Building Permits 23-000-42-00-4210 a. This line-item corresponds to any building permit revenues received above and beyond related staffing and operational costs in the Community Development Department. The City’s past practice has been to identify these unexpected revenues as available for use for one-time capital projects. For conservative budgeting purposes, we do not assume any revenue in FY 25. R5) Road Contribution Fee 23-000-42-00-4222 a. The road contribution fee is an impact fee collected at time of building permit for developments that were generally constructed after 2006. These funds must be spent on the regional roadway system, and in some subdivisions, there are specific earmarks for use of these funds. Additionally, all the impact fees collected within Grande Reserve are being escrowed (and not shown as revenue until corresponding expenditures are incurred). R6) Road Infrastructure Fee 23-000-44-00-4440 a. The FY 25 column reflects an $8 per month per household fee collected as part of the utility bill. For FY 25 and beyond, we assume revenue increases via housing growth only. If the City Council decides to change the road infrastructure fee (RINF) this year in accordance with the subdivision cluster and funding strategy, we will update the budget afterwards. R7) Reimb - Com Ed 23-000-46-00-4606 a. This line-item includes Com Ed’s reimbursement to the City for Corneils Road resurfacing. While the payment was received in FY 23, we budget for the revenue in FY 25 as that’s when the money will be taken out of escrow to complete the project. 36 R8) Reimb – Grande Reserve Improvements 23-000-46-00-4612 a. The FY 25 column is for collected and escrowed developer proceeds and road contribution fees which will be reclassified as revenue and used to offset Kennedy and Mill Road intersection and Kennedy and Freedom Place intersection improvements, expected in FY 25. The FY 28 column contains revenues to offset the expected Kennedy Road repaving between Emerald Lane and Freedom Place; this project is shown with roughly $411,000 of City funds to be used plus more than $2m in impact fees from Grande Reserve. These projects will not move forward unless the building permits and corresponding impact fees are received by the City. The schedule narrated above represents the earliest possible timelines for revenues. R9) Reimb – Bristol Bay annex 23-000-46-00-4618 a. In 2018, the City released security from Pulte/Centex (then developer of Bristol Bay) that was to cover completion of a few dozen feet of roadway extensions of Bristol Bay Drive and Bertram Drive, in exchange for a $171,000 cash deposit that the City could put towards the cost of extending these roads in the future as part of the Route 47 expansion project. With the project set to begin in the next couple fiscal years, we will move the funds from escrow into the budget in FY 26. R10) Reimb – Raintree Village 23-000-46-00-4636 a. The City agreed to accept responsibility for the completion of certain pieces of infrastructure in the development as part of a broader development agreement in 2019. This line-item represents the completion and final payment from the escrow account for the infrastructure in Raintree Village, which will be completed in FY 25 as part of the RTBR program. There is no net cost to the City for this project at this time and all funds will be spent on punch list related items. R11) Bond Proceeds 23-000-49-00-4900 a. This line item represents a bond issuance to fully fund all City-Wide Capital projects planned in FY 26 and beyond but is most closely tied to the funding for the subdivision cluster / road rehabilitation. E1) Engineering Services 23-230-54-00-5465 a. We propose to update our pavement management plan in FY 25. This will consist of an updated inventory of street conditions, including a LIDAR based survey. The last substantial update of this inventory was done in 2018. E2) Fox Hill Improvements 23-230-60-00-6005 a. The streetlights in Fox Hill have been deteriorating and staff has replaced the light poles on an as needed basis. The FY 25 column represents the final five lights being replaced by the City staff. E3) Road to Better Roads 23-230-60-00-6025 a. This line-item contains the normal 2024 construction season RTBR plan and the second payment to Bristol Township for the Cannonball Rd curve. The FY 26 and beyond columns illustrate a normal RTBR plan only. 37 E4) RTBR Program – Subdivision Paving 23-230-60-00-6028 a. As discussed in the Items to Note section above, the City proposes to complete the cluster of subdivisions coming due for pavement rehab this decade by funding 3-4 subdivision in FY 25 (Blackberry Creek North, Cannonball Estates, Heartland, and Kylyn’s Ridge) and two to three subdivisions in each of FY 26 and FY 27. FY 28 and beyond is under review. The staff have added a suggested subdivision cluster timing for FY 26 and beyond, but this suggestion should be considered after the City completes an update to its pavement management plan and analysis in 2025 (Exhibit 2). E5) Drainage District Improvements 23-230-60-00-6034 a. This line-item represents the expenditure side of the arrangement between the City, Kendall County, and the Rob Roy Drainage District to complete work within the drainage district’s boundaries. FY 24 includes previously approved tree removal. FY 25 includes any carryover work from FY 24 plus future restoration, dredging, and stabilization as expected to be recommended by the drainage district. E6) Rte 47 Improv (Water Park Way / Jericho) 23-230-60-00-6035 a. This line item represents the City’s share of non-utility costs for the Route 47 expansion project between Raging Waves and Route 30. This work is in final design stage with IDOT and is expected to be bid out in 2024/2025. E7) Rte 47 Improv (Water Park Way / Kennedy Road) 23-230-60-00-6039 a. This line item represents the City’s share of non-utility costs for the Route 47 expansion between Raging Waves and Kennedy Road. While the IDOT project is not expected to start construction for a couple more years, the City is responsible for moving a water main from future IDOT right of way before the IDOT project begins. These non-utility costs are part of the City’s responsibility for the Route 47 expansion projects; the utility costs housed within the water fund will be reimbursed by the state. E8) Kennedy Road (Emerald Lane to Freedom Drive) 23-230-60-00-6040 a. It is anticipated that Kennedy Road will be reconstructed between Emerald Lane and Freedom Place in FY 28, pending right-of-way acquisition and accumulation of road contribution fees from Grande Reserve buildout. E9) Sidewalk Replacement Program 23-230-60-00-6041 a. This line-item represents funds to replace sidewalks on a worst-first or as-needed basis. Project locations for FY 25 have not yet been chosen. E10) Rte 47 & Rte 71 Improv (Rt 71 to Caton Farm) 23-230-60-00-6044 a. This line-item contains funds for the City’s share of costs for the Route 47 expansion south of town. This work is expected to begin in a few years, but the City is responsible for moving a water main from future IDOT right of way before the IDOT project begins. 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DRIVEDRIVEWAY PRIVATE DR IVE PRAIRIE CROSSINGMAIN PRIVATE DRIVE DRIVEWAYBRIDGEPRIVATE D R I V E PRIVATE DRIVE DRIVEWAY ANDREW BRIDGEMAINSOMONAUKSCHMIDT CANYONROUT E 1 2 6 DRIVEWAYBRIDGEDRIVEWAY PRIVATE D R I V EASHLEY D E E R P O I N T ROUTE 71DRIVEWAYDRIVEWAYPRIVATE DRIVEELDAMAINTIMBERBUDD PRIVATE DRIVEHYDRAULIC PRIVATE DRIVE BEECHER HARTFIELDREBECCA DRIVEWAY MAPLE WILLOWDEERWESTDRIVEWAY PRIVATE D R I V E BEECHER FAXON PRIVATE DR IVE DRIVEWAY ROUTE 47 LEWIS DRIVEWAYDRIVEWAYPRIVATE DRIVEDRIVEWAYD R I V E W A Y DRIVEWAYDRIVEWAY PRIVATE DR IVE STAGECOACH PRIVATE DRIVEPROJECTED PLAN DATE: PROJECT NO.: FILE: BY: FEBRUARY 2024 YO2337 MJT ROAD PROGRAM UPDATEUNITED CITY OF YORKVILLE, ILLINOIS Engineering Enterprises, Inc.52 Wheeler RoadSugar Grove, Illinois 60554(630) 466-6700www.eeiweb.com PATH:H:\GIS\PUBLIC\YORKVILLE\2022\YO2338 United City of Yorkville 651 Prairie Pointe Dr, Yorkville, IL 60560 N O R T H ° YO2338 Paving 5-year Plan Option 2 Cost RAINTREE VILLAGE$1,400,000FOX HIGHLANDS$750,000 RIVERS EDGE$1,050,000 HEARTLAND CIRCLE$1,500,000 HEARTLAND$1,025,000 KYLYN'S$750,000 CANNONBALL ESTATES$800,000 BLACKBERRY CREEK NORTH$500,000 PRAIRIE MEADOWS$800,000 AUTUMN CREEK$2,100,000 BRISTOL BAY$1,900,000 CANNONBALL HILL$150,000 Legend Calendar Year of Improvement 2024 (FY 25) 2025 (FY 26) 2026 (FY 27) 2027 (FY 28) 2028 (FY 29) 39 E11) Tree Replacement Program 23-230-60-00-6045 a. The City has been struck by emerald ash borer and storms, and we have had to remove dead and dying trees throughout City parks and properties. We propose to begin to replenish some of our City-wide tree cover through annual appropriation of this line-item. The exact number of trees per year and locations of those trees are up to City Council review, and no specific proposal is made at time of budget proposal creation. E12) Route 71 (Rt 47- Rt 126) Project 23-230-60-00-6058 a. This line-item represents a portion of the City’s local share of costs for the Route 71 expansion project. This project began in FY 19, and we expect the invoices to be paid by the City through FY 25. E13) Prairie Pointe Pedestrian Bridge 23-230-60-00-6062 a. The City Council has expressed interest in creating a walkway from the Prairie Pointe parking lot to the ballfields at Riemenschneider Park. We’ve budgeted $50,000 as an upper end estimate for a fully accessible pedestrian bridge. Exact bridge design and project scope can be discussed by the City Council later. E14) Route 47 (Rte. 30 / Water Park Way) 23-230-60-00-6063 a. The state has construction funding available for the expansion of Route 47 on the northside of town between Raging Waves and Baseline Road. This line-item represents the earliest possible state construction timeline and the City’s financial responsibility according to a previously approved memorandum of understanding. E15) Corneils Road Improvements 23-230-60-00-6085 a. As referenced in the revenue section above, ComEd has reimbursed the City for the costs related to resurfacing Corneils Road. Patching of the road will occur outside of the planned improvements by Bright Farms this FY. E16) Kennedy Road (Freedom Place) 23-230-60-00-6087 a. It is anticipated that the intersection of Kennedy Road and Freedom Place will be completed in FY25, pending right-of-way acquisition and accumulation of road contribution fees from Grande Reserve buildout. E17) Van Emmon Street Improvements 23-230-60-00-6089 a. If the City receives a Kane Kendall Council of Mayors grant for Van Emmon pavement rehab, we propose to complete the project in FY 26. We expect to hear about the outcome of this grant by mid-2024. E18) Bristol Bay Subdivision 23-230-60-00-6098 a. This line-item represents the City’s share of costs associated with extending the existing east- west roads in the Bristol Bay subdivision to connect to the future Route 47 northern expansion. 40 E19) Principal Payment (2025 Bond) 23-230-76-00-8000 E20) Interest Payment (2025 Bond) 23-230-76-00-8050 a. These line-items contain the debt service for a 15-year bond expected to be sold in FY 26 to fund City wide Capital projects, including the subdivision cluster / road rehabilitation. E21) Principal Payment (2014A Bond) 23-230-78-00-8000 E22) Interest Payment (2014A Bond) 23-230-78-00-8050 a. This line-item contains the debt service for a 20-year bond associated with the Game Farm Road project. 41 Building and Grounds Fund (24) R1) Development Fees – Municipal Bldg 24-000-42-00-4218 a. This line-item contains revenue received by the City at time of building permit via a municipal building impact fee. This fee is either $150 or $1,759 per new dwelling unit, depending on the subdivision. The large increase observed in FY 24 was due to the completion of the Kendall Marketplace residential project, which had a $1,759 per dwelling unit fee. R2) Building and Grounds Chargeback 24-000-44-00-4416 a. This chargeback represents the General, Water and Sewer Funds share of building and grounds related services. R3) Investment Earnings 24-000-45-00-4500 a. If the City sells a bond for the PW project, we expect to receive a few hundred thousand in interest from cash on hand in FY 25. R4) Miscellaneous Income 24-000-48-00-4850 a. If the City pursues a park site land acquisition in FY 25, we anticipate transferring funds for land acquisition/facility construction currently sitting in Parks Capital. If no land acquisition is completed in FY 25, this amount will be zeroed out. R5) Bond Proceeds 24-000-49-00-4900 R6) Premium on Bond Issuance 24-000-49-00-4903 a. These line-items represent a bond sale projected in FY 25 for ~$40m for all costs associated with the land acquisition for and construction of a new Public Works/Parks facility. This figure represents the most conservative project estimates plus a 33% contingency, and the final bond sale will be dictated by City Council policy decision. R7) Transfer from General 24-000-49-00-4901 a. This line-item contains future General Fund transfers to cover a portion of the debt service payments on the 2021 bond and the 2023 bond, and to finance operations. R8) Sale of Capital Assets 24-000-49-00-4910 a. If the Kendall Marketplace sale is completed to Marker, we propose to deposit the sale proceeds in this fund in FY 25. R9) Transfer from Water 24-000-49-00-4951 a. This line-item contains future Water Fund transfers to cover a portion of the debt service payments on the 2024 bond (PW facility). R10) Transfer from Sewer 24-000-49-00-4952 a. This line item contains future Sewer Fund transfers to cover a portion of the debt service payments on the 2024 bond (PW Facility). 42 E1) Salaries & Wages 24-216-50-00-5010 a. This line-item covers the Facilities Manager and the Building and Grounds maintenance worker. E2) Bond Issuance Costs 24-216-54-00-5402 a. This line-item covers the financial advisor, ratings agency, legal costs, etc. related to the issuance of the 2024 Bond for the PW Facility. E3) Facility Management Services 24-216-54-00-5432 a. This line-item represented the City’s cost of the shared Facilities Manager, which is set to be discontinued in FY 23 in favor of a Yorkville-only Facilities Manager. E4) Property and Building Maintenance Services 24-216-54-00-5446 a. The FY 25 columns contain funds for costs related to the Bristol Bay Regional Detention Basin. This basin needs to be restored to a fully naturalized state, needs some miscellaneous infrastructure repair work, and needs an annual maintenance contract. Additionally, this line- item will cover security alarm monitoring service, all preventive maintenance, and inspections for all buildings – including but not limited to fire alarm and fire suppression system service, fire extinguisher inspections, elevator maintenance and repairs, Spring and Fall HVAC start up maintenance, service for the furnaces and boilers, carpet cleaning, window cleaning and maintenance, repairs as systems fail, and other building maintenance projects as they come up. This basin needs to be restored to a fully naturalized state, needs some miscellaneous infrastructure repair work, and needs an annual maintenance contract. E5) Property & Bldg Maint Supplies 24-216-56-00-5656 a. This line item covers all general building maintenance and repair supply purchases. In this year’s budget, we have specifically identified funds for the last part of the Prairie Pointe landscaping project ($5,000), for a new automatic gate at the Tower Lane facility ($10,000), and LED lights for the garage at Prairie Pointe ($1,000). E6) Property Acquisition 24-216-60-00-6017 a. This fund covers acquisition of property contemplated for park purposes. E7) Building Improvements 24-216-60-00-6020 a. This line-item covers various building maintenance projects within the Beecher Center. In FY 25, we’ve identified projects within the Beecher Center (new roof for $57,000 and a fire alarm panel for $25,000). In FY 26 and beyond, we’ve identified projects for replacing the aluminum siding ($92,000 in FY 26), new carpet and flooring ($72,000 in FY 27), interior lighting upgrades ($120,000 in FY 28), and replacing the accessible doors ($28,000 in FY 29). E8) Public Works / Parks Facility 24-216-60-6042 a. This line-item contains funding to cover the most expensive option for the PW / Parks facility, plus a large contingency. The City Council will need to dictate scope of the building during the design process in the coming months. 43 E9) Principal Payment (2021 Bond) 24-216-82-00-8000 E10) Interest Payment (2021 Bond) 24-216-82-00-8050 E11) Principal Payment (2022 Bond) 24-216-95-00-8000 E12) Interest Expense (2022 Bond) 24-216-95-00-8050 a. These line-items represent the debt service on the two bond sales of ~$9.26m in FY 22 for Prairie Pointe land acquisition and building renovation. E13) Principal Payment (2024 Bond) 24-216-86-00-8000 E14) Interest Payment (2024 Bond) 24-216-86-00-8050 a. These line-items represent the debt service on a proposed bond sale in FY 25 of ~$40m for the PW Facility. This debt service will be paid off by the Streets Dept (General Fund), Water Fund and Sewer Fund. 44 Vehicle and Equipment (25) R1) Development Fees – Police Capital 25-000-42-00-4215 R2) Engineering Capital Fee 25-000-42-00-4218 R3) Development Fees – PW Capital 25-000-42-00-4219 R4) Development Fees – Park Capital 25-000-42-00-4220 a. These revenues are generated by payment of impact fees at time of building permit for new housing starts, with fee amounts dictated by City codes in effect at the time of subdivision construction or as negotiated with the developer at time of annexation. R5) Building and Grounds Chargeback 25-000-44-00-4416 R6) Police Chargeback 25-000-44-00-4420 R7) Public Works Chargeback 25-000-44-00-4421 R8) Parks & Recreation Chargeback 25-000-44-00-4427 a. As discussed in the General Fund line-item narrative, these line-items represent transfers from the General Fund (police & streets), Building and Grounds Fund, Parks and Recreation Fund to cover the gap between vehicle and equipment purchases and available funds in the respective departments. R9) Vehicle Maintenance Chargeback 25-000-44-00-4423 a. This line item contemplates the completion of the PW facility and the hiring of a mechanic in FY 27. If the City is successful in setting up an in-house mechanic shop, we will distribute costs of operations throughout the departments based on vehicle counts. This revenue line- item represents the incoming payments from those departments. This methodology and amount could change prior to FY 27. R10) Miscellaneous Reimb – Park Capital 25-000-46-00-4692 a. The FY 26 and FY 29 columns show funds due to be paid by the Grande Reserve developer to the City for construction of Parks C, F, G, and H in Grande Reserve. In the case of parks F, G, H and the corresponding revenues, these funds are not due from the developer to the City until the unplatted farmland in the southern part of Grande Reserve begins development. The FY 27 column shows a contribution by the Bristol Bay developer to the City to fund construction of the park near the BKFPD fire station in Bristol Bay. R11) Sale of PW Capital 25-000-49-00-4921 a. As part of the purchase of our four new dump trucks in February 2024, the staff will be recommending the sale of various vehicles over the next five fiscal years as new vehicle purchases are received. If desired, a detailed breakdown of expected sales can be viewed within the Public Works vehicle replacement schedule. E1) Vehicle Maintenance Services (Multiple Line-items 25-200-*) a. With the anticipated construction of a PW Facility, including vehicle maintenance bays, we propose to hire a Mechanic in FY 27. While a more detailed proposal will be brought forward in future fiscal years, we anticipate most of the City’s preventative maintenance and standard repairs across all departments would be handled by an in-house mechanic. 45 E2) Rental and Lease Purchase (Police) 25-205-54-00-5485 a. This line-item contains all costs associated with the City’s police body camera program and leased tasers. E3) Equipment (Police) 25-205-60-00-6060 a. FY 28 column contains funds to replace one of the City’s speed sign message boards. E4) Vehicles (Police) 25-205-60-00-6070 a. The annual target for squad car replacement is somewhere between $200,000 and $300,000. The FY 25 column contains the purchase of three squad cars, as pre-authorized by the City Council in November 2023. We propose to purchase two squads in FY 26 and FY 27, three in FY 28, and two in FY 29. E5) Computer Equipment and Software (General Govt) 25-212-56-00-5635 a. This line-item contains all the laptop-desktop replacements for the entire City. Like the vehicle chargebacks, each department pays for their computer replacements via a chargeback in each fund. The City is on a 3 or 4-year replacement cycle for computers. E6) Equipment (Public Works) 25-215-60-00-6060 a. We propose to purchase a trackless/ventrac-type tractor in FY 25 for $250,000, a mower for $35,000 in FY 26, a mower for $15,000 in FY 27, and a wheeled excavator for $275,000 in FY 29. E7) Vehicles (Public Works) 25-215-60-00-6070 a. The year-by-year overview of Public Works vehicle purchases, including which vehicles are replacements vs. additions to the fleet, is included in an exhibit attached to this budget memo (Exhibit 3). E8) Principal Payment (PW 185 Wolf Street bldg.) 25-215-92-00-8000 E9) Interest Payment (PW 185 Wolf Street bldg.) 25-215-92-00-8050 a. These line-items cover the annual purchase installment payments to the property seller for the Public Works south building. The final payment occurs in November 2028. E10) Park Improvements 25-225-60-00-6010 a. The FY 25 column includes funds for replacing the turf for baseball fields at Bridge Park ($15,000), replacement playground at Rotary Park ($100,000 – expected to be installed in FY 26), Riverfront Park concrete repair and improvement ($25,000), and ongoing playground installations carried over from FY 24 ($46,000). FY 26 includes funds for a replacement playground at Cannonball Park ($105,000 – expected to be installed in FY 27) and Grande Reserve Park C ($40,000). FY 27 includes funds for replacement playgrounds at Sunflower Park ($85,000 – expected to be installed in FY 28), Bridge Park ($70,000 – expected to be installed in FY 28), and Bristol Bay Park ($50,000). The FY 28 column includes funds for replacement playgrounds at Raintree Park A ($70,000) and Stepping Stones Park ($100,000). Finally, FY 29 includes funds for replacement playgrounds at Gilbert Park ($60,000) and Bristol Station Park ($125,000), and expected funds for construction of Grande Reserve Parks F, G, and H (Exhibit 4). 46 Account Number FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Description Projected Proposed Projected Projected Projected Projected Totals 25-215-60-00-6070 Vehicles $ 474,139 $ 2,176,000 $ 202,667 $ 872,500 $ 815,000 $ 535,000 $ 5,075,306 Bucket Truck 129,106 - - - - - 129,106 Street Sweeper 345,033 - - - - - 345,033 Tandem Dump Truck - 300,000 * - 330,000 - - 630,000 Single Axle Dump - 236,000 * - 300,000 315,000 335,000 1,186,000 Single Axle Dump - 285,000 * - - 315,000 - 600,000 F550 Dump Truck - 125,000 * - - - - 125,000 Leaf Vac - - 150,000 - - - 150,000 Truck Rebuild - - 30,000 - - - 30,000 Tandem Dump Truck - 330,000 * - - - - 330,000 Single Axle Dump - 300,000 * - - - - 300,000 Single Axle Dump - 300,000 * - - - - 300,000 Single Axle Dump - 300,000 * - - - - 300,000 One Ton Pickup - - - 62,500 - - 62,500 Half Ton Pickup - - - - 60,000 - 60,000 One Ton Dump - - - 180,000 - 200,000 380,000 PW Director Truck - - 22,667 - - - 22,667 Facility Maintenance Truck - - - - 65,000 - 65,000 Facility Maintenance Van - - - - 60,000 - 60,000 25-215-60-00-6060 Equipment $ 215,368 $ 250,000 $ 35,000 $ 15,000 $ - $ 275,000 $ 790,368 Boom Mower 35,000 - - - - - 35,000 Mini Loader 88,465 - - - - - 88,465 Rear Blade 5,040 - - - - - 5,040 Trailer 15,473 - - - - - 15,473 Seal Coat Machine 71,390 - - - - - 71,390 Trackless/Ventrac type tractor - 250,000 - - - - 250,000 Wheeled Excavator - - - - - 275,000 275,000 Mower - - 35,000 15,000 - - 50,000 Grand Totals $ 689,507 $ 2,426,000 $ 237,667 $ 887,500 $ 815,000 $ 810,000 $ 5,865,674 Carried over from FY 2024 946,000$ 150,000$ -$ 65,000$ -$ 1,161,000$ Additions to the Fleet * Previously Authorized by City Council for Purchase Public Works Capital (25-215) - Vehicles & Equipment Summary 47 E11) Building Improvements (Parks Capital) 25-225-60-00-6020 a. FY 25 includes funds to replace the roof, siding, and doors at the Beecher concession stand. E12) Equipment (Parks Capital) 25-225-60-00-6060 a. This includes FY 25 funds for a mower, skid steer, watering trail & tank, safety barricades, forester woodchipper attachment, misc. recreation equipment and to replace parks trash cans. FY 26 includes funds for a new mower, fork truck, misc. recreation equipment and to replace parks trash cans. FY 27 has designated funds for a new mower, gator utility vehicle, wing mower, mower brush, parks trash cans, and truck trailer (Exhibit 4). E13) Vehicles (Parks Capital) 25-225-60-00-6070 a. The year-by-year overview of Parks vehicle purchases, including which vehicles are replacements vs. additions to the fleet, is included in an exhibit attached to this budget memo (Exhibit 4). 48 Account Number FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Description Projected Proposed Projected Projected Projected Projected Totals 25-225-60-00-6070 Vehicles $ 38,995 $ 94,000 $ 184,000 $ 52,000 $ 117,000 $ 155,000 $ 640,995 Pickup Truck 38,995 52,000 52,000 52,000 52,000 - 246,995 Pickup Truck - 42,000 52,000 - - - 94,000 Recreation Van - - 38,000 - - 45,000 83,000 Pickup Truck - - 42,000 - - - 42,000 Dump Truck - - - - 65,000 - 65,000 Utility Truck - - - - - 55,000 55,000 Utility Truck - - - - - 55,000 55,000 25-225-60-00-6060 Equipment $ 107,913 $ 219,000 $ 115,000 $ 135,000 $ 77,000 $ 41,000 $ 694,913 Mower 13,359 15,000 15,000 16,000 16,000 16,000 91,359 Scissor Lift 9,650 - - - - - 9,650 Generator 2,398 - - - - - 2,398 Backhoe 13,090 - - - - - 13,090 Skid Steer - 55,000 - - - - 55,000 Watering Trailer and Tank - 15,000 - - - - 15,000 Safety Barriers - 78,000 - - - - 78,000 Gator - - - 12,000 - - 12,000 Forrester Attachment - 31,000 - - - - 31,000 Wing Mower - - - 68,000 - - 68,000 Fork Truck - - 25,000 - - - 25,000 Miscellaneous Recreation Equipment 8,000 15,000 15,000 15,000 15,000 15,000 83,000 Utility Brush Mower - - - 8,000 - - 8,000 Replace Trash Cans 13,500 10,000 10,000 10,000 10,000 10,000 63,500 Trailer 8,127 - - 6,000 - - 14,127 Paint Sprayer - - - - 20,000 - 20,000 Mower 33,199 - - - 16,000 - 49,199 Preschool Cabinets 1,500 - - - - - 1,500 Lighting Detectors - - 50,000 - - - 50,000 Storage Containers 4,740 - - - - - 4,740 Traffic Cones 350 - - - - - 350 Park & Recreation Capital (25-225) - Vehicles / Equipment / Park Improvements Summary 49 Account Number FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Description Projected Proposed Projected Projected Projected Projected Totals 25-225-60-00-6010 Park Improvements $ 417,332 $ 186,000 $ 160,000 $ 220,000 $ 185,000 $ 560,000 $ 1,728,332 Replace Turf - Baseball Outfields at Br - 15,000 15,000 15,000 15,000 15,000 75,000 Playgrounds - Rotary Park - 100,000 - - - - 100,000 Playgrounds - Sleezer Park 76,092 - - - - - 76,092 Playgrounds - Kiwanis Park 73,726 - - - - - 73,726 Playgrounds - Countryside Park 27,266 - - - - - 27,266 Playgrounds - Rice Park 80,751 - - - - - 80,751 Playgrounds - Prestwick Park 62,763 - - - - - 62,763 Riverfront Concrete Project - 25,000 - - - - 25,000 Playground Installation Carry Over from - 46,000 - - - - 46,000 Playgrounds - Cannonball Park - - 105,000 - - - 105,000 Playgrounds - Sunflower Park - - - 85,000 - - 85,000 Grande Reserve - Park C - - 40,000 - - - 40,000 Playgrounds - Bridge Park - - - 70,000 - - 70,000 Playgrounds - Raintree A Park - - - - 70,000 - 70,000 Playgrounds - Stepping Stones Park - - - - 100,000 - 100,000 Playgrounds - Bristol Bay Park - - - 50,000 - - 50,000 Playgrounds - Gilbert Park - - - - - 60,000 60,000 Playgrounds - Bristol Station Park - - - - - 125,000 125,000 Grande Reserve - Park F - - - - - 120,000 120,000 Grande Reserve - Park G - - - - - 120,000 120,000 Grande Reserve - Park H - - - - - 120,000 120,000 Countryside Shelter 38,000 - - - - - 38,000 Countryside Installation 43,734 - - - - - 43,734 Kiwanis Installation 15,000 - - - - - 15,000 Grand Totals $ 564,240 $ 499,000 $ 459,000 $ 407,000 $ 379,000 $ 756,000 $ 3,064,240 All purchases existing Vehicles and Equipment, unless noted otherwise (highlighted in blue). New additions. Park & Recreation Capital (25-225) - Vehicles / Equipment / Park Improvements Summary (continued) 50 Water Fund (51) R1) Places of Eating Tax 51-000-40-00-4085 a. Per City Council policy, all revenues from the Places of Eating Tax, which was enacted January 1, 2024, are being deposited into the water fund. It is too early into the tax reporting and enforcement period to tell if our annual projections will be accurate or not. R2) Federal Grants 51-000-41-00-4160 a. The FY 24 column contains ARPA proceeds from Kendall County to be used on the Lake Michigan water source project. The FY 25 and FY 26 columns contain upcoming federal earmarked funds for the City’s corrosion control project being conducted in conjunction with Oswego, Montgomery, and the DuPage Water Commission. R3) Water Sales 51-000-44-00-4424 a. This line-item reflects an aggregate annual revenue increase of 25% in FY 25, and then 15% to 25% increases each year thereafter through FY 29. Exact proposals for base and volumetric rates will be discussed at a future City Council meeting. As stated in the Items to Note section above, preliminary cost estimates from DuPage Water Commission are being reviewed by staff and are expected to be ready for public discourse in the next couple months, followed by a concept financing plan. The $10.7m shown in FY 29 is expected to be in the ballpark for annual revenues needed to fund the Lake Michigan project, and theoretically, any water rate increase between the current $4m annual revenue and $10.3m could be warranted. R4) Water Infrastructure Fees 51-000-44-00-4440 a. No change is proposed for the Water Infrastructure Fee for FY 25. It is currently set at $8.25 per month through the end of FY 24 and will need to be reauthorized for FY 25. R5) Water Connection Fees 51-000-44-00-4450 a. For FY 25, we expect 100 new housing starts, which should net approximately $3,000 in revenue per home. Each subdivision has its own water connection fee amount, depending on when the subdivision was annexed. FY 24 was an exceptionally strong development year, seeing more than 400 new homes constructed. Accordingly, these revenues were greater in FY 24 than they have been in a few years. R6) Reimb – YBSD 51-000-46-00-4662 a. This revenue line-item covers YBSD’s expected reimbursement for the Center Street watermain project, which will serve their new treatment plant. R7) Reimb – Illinois Rte 47 (IDOT) 51-000-46-00-4662 a. The City is responsible for moving watermain from future IDOT right of way near Raging Waves, as part of the Route 47 north expansion project. 100% of the cost of this watermain project will be covered by IDOT. 51 R8) Reimb – Lincoln Prairie 51-000-46-00-4665 a. This line-item represents Green Door / Yorkville Nexus’s expected repayment of 100% of the watermain loop to be constructed to serve their project in the Eldamain Rd corridor. This revenue will only be received when the City and Green Door / Yorkville Nexus finalize a development agreement and choose to move forward with the infrastructure project. R9) Rental Income 51-000-48-00-4820 a. This line-item contains rental and lease fees from various cellular and internet antennas on City water towers. R10) Bond Proceeds 51-000-49-00-4900 a. This line-item shows a Lake Michigan water source project funding scenario where no IEPA loans are received, and all non-WIFIA funding is done through normal municipal bond sale of ~$22.7m in FY 25 and $8.5m in FY 27. R11) Loan Proceeds – WIFIA 51-000-49-00-4908 a. These line-items represent the preliminary funding sources for the Lake Michigan water source project, and the City’s use of the IEPA low-interest loan program and the federal WIFIA loan program. As stated in the Items to Note section above, public discussions about the timing of the project, routing of the infrastructure, and cost sharing will be had in the coming months. R12) Sale of Capital Assets a. We propose to trade in one pickup truck in FY 26 and two one-ton utility cab trucks in both FY 28 and FY 29. E1) Salaries & Wages 51-510-50-00-5010 a. As discussed in the Items to Note section above, the City proposes to hire an Assistant Public Works Director and Sewer-Water Operator in FY 25. E2) Administrative Chargeback 51-510-54-00-5401 a. This line-item represents the cost of Administration and Finance Department staff spending time on utility billing and water projects. The exact breakout of costs is included in the attached administrative chargeback exhibit (Exhibit 5). E3) Water Meter Replacement Program 51-510-54-00-5404 a. The City needs to replace water meters older than 20 years to accurately capture water usage and revenue. Unaccounted for water loss can be partially attributed to old water meters, and the IDNR requires the City to lower its unaccounted-for water loss when switching to Lake Michigan. Additionally, the City has a patchwork inventory of water meter brands and systems, and the staff recommends we move towards an easy-to-use tower-read or drive-by water meter system to lower staff time spent on water meter reading. The City has approximately 7,500 water meters and we propose to replace around 5,000 meters in the next three fiscal years by utilizing an outsourced contractor (approximately 1,200 meters per year). Exact details will be provided to the Public Works committee when a bidding package can be drafted by staff. 52 FISCAL YEAR 2025 - ADMINISTRATIVE CHARGEBACK MATRIX 74.33%25.67% Total Cost Utility %C-TIF D-TIF Utility Billing C-TIF D-TIF Water Sewer C-TIF D-TIF Support Assistant 74,532 50.00%0.00%0.00%37,266 - - 27,700 9,567 - - City Administrator 279,784 10.00%2.00%8.00%27,978 5,596 22,383 20,796 7,182 5,596 22,383 Executive Assistant / City Clerk 100,045 5.00%0.00%0.00%5,002 - - 3,718 1,284 - - Admin Assistant 96,633 12.50%0.00%0.00%12,079 - - 8,978 3,101 - - Assistant City Administrator 184,179 0.00%1.00%1.00%- 1,842 1,842 - - 1,842 1,842 Receptionist/Building Permit Clerk 107,093 5.00%0.00%0.00%5,355 - - 3,980 1,375 - - Finance Director 230,687 15.00%1.00%1.00%34,603 2,307 2,307 25,720 8,883 2,307 2,307 Accounting Clerk 124,549 10.00%0.00%0.00%12,455 - - 9,258 3,197 - - Senior Accountant 135,832 5.00%0.00%0.00%6,792 - - 5,048 1,743 - - Director of Public Works 226,896 0.00%1.00%1.00%- 2,269 2,269 - - 2,269 2,269 Community Development Director 230,968 0.00%1.00%1.00%- 2,310 2,310 - - 2,310 2,310 Planner I 93,642 0.00%1.00%1.00%- 936 936 - - 936 936 Receptionist/Building Permit Clerk 95,171 5.00%0.00%0.00%4,759 - - 3,537 1,222 - - 146,289$ 15,259$ 32,046$ 108,735$ 37,553$ 15,259$ 32,046$ 193,594$ GF - Admin Chargeback 51-5401 52-5401 87-5401 88-5401 01-4415 FISCAL YEAR 2025 - BUILDINGS & GROUNDS CHARGEBACK MATRIX Total Cost Library Library Library Maint Worker II 84,147 9.62%8,091 8,091 Facilities Manager 137,170 0.00%- 8,091$ 8,091$ B & G - Chargeback 82-5453 24-4416 Percentage of Time Spent Allocated Cost Building & Grounds Chargeback Percentage of Time Spent Allocated Cost 53 E4) Building and Grounds Chargeback 51-510-54-00-5453 a. This line-item contains a small portion of personnel and operational costs for Buildings and Grounds employees as outlined within the chargeback exhibit. E5) Professional Services 51-510-54-00-5462 a. This line-item contains costs for normal, annual professional services (~$75,000), a portion of the cost of the ERP system, and the costs associated with the City’s federal and state level lobbyists. E6) Engineering Services 51-510-54-00-5465 a. Each year contains work to be done because of the City’s Lake Michigan water source project, including a source water assessment protection program, an annual water audit, an annual non-revenue water reduction plan, a water rate study, and a leak detection program. E7) Water Sourcing - DWC 51-510-60-00-6011 a. While components and figures are still preliminary, we expect to incur costs related to a corrosion control study, WIFIA loan related issuance costs, phase 2 design engineering of the watermain extensions, design engineering for the receiving stations, elevated water storage tanks and standpipes, and internal water system improvements in FY 25. For FY 26 and beyond, a full Lake Michigan capital improvement plan was reviewed by City Council in Summer 2023 and will be updated and discussed as the project moves along. E8) Water Tower Rehab 51-510-60-00-6015 a. The funds included for FY 25 represent final payments for the north central water tower repainting project, completed in FY 24. The City withholds final payment to the contractor for one year from the finish of the repainting, as a form of security. E9) Building Improvements (Water) 51-510-60-00-6020 a. Treatment Facilities at Wells 3, 4, 7, 8, and 9 will need new roofs and electric heaters in FY 25. E10) Lincoln Prairie Improvements 51-510-60-00-6024 a. As discussed in the revenue section above, this line-item represents the large watermain loop that will serve the Green Door / Yorkville Nexus project and the Eldamain Road corridor. This project will only occur when the City and Green Door / Yorkville Nexus finalize a development agreement and choose to move forward with the infrastructure project. E11) Watermain Replacement Program 51-510-60-00-6025 a. This line-item covers the City’s normal watermain replacement schedule (formerly called the Road to Better Roads line-item) plus the accelerated watermain replacement schedule as mandated by the IDNR during the City’s Lake Michigan water allocation permit process. 54 E12) Well #10 /Main & Treatment Plant 51-510-60-00-6029 a. As discussed at the February 2023 Public Works Committee meeting, the City needs to drill a new well for primary use now and for backup use in the future. This new Well #10 is planned to be located on the Yorkville High School property and will include improvements to the City’s existing water treatment plant at 610 Tower Lane. E13) Rte 47 Improv (Water Park Way / Jericho) 51-510-60-00-6035 a. As referenced in the revenue section, the City will need to move a watermain out of IDOT future right-of-way near Raging Waves. The City is expected to be reimbursed for 100% of the cost of this project from IDOT. E14) Rte 47 Improv (Kennedy / Water Park Way) 51-510-60-00-6039 a. This line-item is for watermain relocation for the section of Route 47 expansion generally south of Raging Waves and does not include any of the components in the line-item 6035 above. This project is under review for City responsibility vs. state responsibility. Preliminarily, we have assumed this is 100% City responsibility. E15) Rte 47 Improv (Rte 71 / Caton Farm) 51-510-60-00-6044 a. This line-item is for watermain relocation for the section of Route 47 expansion on the south end of town. This project is under review for City responsibility vs. state responsibility. Preliminarily, we have assumed this is 100% City responsibility. E16) Equipment 51-510-60-00-6060 a. The $7k semi-annual expense in future years is for water meter reading equipment replacement. E17) Well #7 Electrical Improvements 51-510-60-00-6068 a. As discussed in previous budget years, the southside of town has no backup electricity source for the water system, which makes it more difficult to balance water needs throughout town when there is an electrical outage. We plan to make improvements to the existing electrical system to allow for a connection of a generator that would be rented in case of need. A back-up generator will be installed with the southern DWC connection. E18) Vehicles (Water Dept) 51-510-60-00-6070 a. The amount in FY 26 represents a new ¾ ton crew cab pickup plow and light-duty vehicle. FY 27 includes funds for the purchase of a new ½ ton pickup truck and FY 28 and FY 29 contains funds for two new one-ton pickup trucks in each year. E19) 2015A Bond Principal 51-510-77-00-8000 E20) 2015A Bond Interest 51-510-77-00-8050 a. These two line-items represent the debt service payments associated with the Countryside water main project. 55 E21) Principal Payment (WIFIA) 51-510-83-00-8000 E22) Interest Payment (WIFIA) 51-510-83-00-8050 a. These line-items cover the preliminary debt service amounts of a WIFIA loan for the Lake Michigan water source project. For illustrative purposes, the amounts in these line-items show the City opting for a 5-year principal payment deferral and a 35-year maximum term. E23) Principal Payment (2023 Bond) 51-510-86-00-8000 E24) Interest Payment (2023 Bond) 51-510-86-00-8050 a. This bond included funds to cover the watermain replacements required to be conducted by the IDNR as part of our Lake Michigan water source permit process, as well as the Well #10 and treatment plant project. E25) Principal Payment (2024 Bond) 51-510-88-00-8000 E26) Interest Payment (2024 Bond) 51-510-88-00-8050 E27) E28) Principal Payment (2026 Bond) 51-510-90-00-8000 E29) Interest Payment (2026 Bond) 51-510-90-00-8050 a. These line-items cover the preliminary debt service amounts of bonds in 2024 ($22.735m and 2026($7.465m) to finance the City’s share (20%) of the DWC water sourcing project E30) Transfer to Buildings and Grounds 51-510-99-00-9924 a. This line-item contains future water fund transfers to cover the debt service payments on the 2024 bond (PW facility). 56 Sewer Fund (52) R1) Sewer Maintenance Fees 52-000-44-00-4435 a. The City Council approved an inflationary increase to the sewer fee during the FY 23 and FY 24 budget process. We show a ~5% aggregate revenue increase, which we assume will be split between account growth (2%) and an inflationary rate increase of 3%. R2) Sewer Infrastructure Fee 52-000-44-00-4440 a. No change in the sewer infrastructure fee is proposed in FY 25. It is currently $4 per unit per month through April 2024. The fee will need to be reauthorized in FY 25. R3) Transfers from General Fund 52-000-49-00-4901 This line-item represents the non-home rule sales tax transfers from the General Fund, used to offset portions of the 2011/2022 Refunding Bond. E1) Salaries and Wages (Sewer) 52-520-50-00-5010 a. As discussed in the Items to Note section above, we propose to hire an Assistant Director of Public Works and a Sewer-Water Operator in FY 25. E2) Buildings and Grounds Chargeback 52-520-54-00-5453 a. This line-item contains a small portion of contractual and personnel costs for Buildings and Grounds employees, as outlined in the chargeback exhibit. E3) Professional Services 52-520-54-00-5462 a. The increase in this line-item is due to the ERP project. E4) Engineering Services 52-520-54-00-5465 a. The FY 25 column includes the potential study of long-term capital needs and sewer rates, if needed. E5) Lincoln Prairie Improvements 52-520-60-00-6024 a. Per the corresponding line item in the water fund and the sewer revenues above, this line- item represents the sanitary sewer extensions to the north and south ends of the Green Door / Yorkville Nexus project. This project will only move forward after the development/incentive agreement is approved and the developer is ready to move forward. This project’s costs will be covered by the developer at 100%. E6) Sewer Main Replacement Program 52-520-60-00-6025 a. The line-item expenditure represents the dollar amount we can fund for sewer infrastructure as part of the program through FY 29. This line-item was formerly branded as Road to Better Roads. E7) Vehicles 52-520-60-00-6070 a. The FY 26 column includes $60,000 for a new one-ton pickup. The FY 26 column includes $575,000 for the replacement of the City’s sewer vacuum truck and a new light-duty pickup truck. The FY 28 column includes funds for a new one-ton pickup truck. 57 E8) Developer Commitment 52-520-75-00-7505 a. This line-item covers the City’s $150,000 commitment to the Bright Farms sewer extension spread out over 4 years. E9) Principal Payment (2022 Bond) 52-520-95-00-8000 E10) Interest Expense (2022 Bond) 52-520-95-00-8050 a. These line-items represent the final payments in the City’s original Rob Roy sanitary sewer extension from the mid-2000s. As general item to note, this project and these bonds were the major cause of significant fiscal distress seen in the late 2000s and early 2010s, resulting in the City having to make major project deferrals, staff cuts, fee increases, and a one-year property tax increase of 90% through non-abatement of certain bonds. Retirement of these bonds in FY 26 is a significant milestone for the City and will close a chapter on one of the most difficult periods in the City-organization’s history. These are titled with a 2022 bond because the remaining principal on the previous bond was wrapped up into the 2022 City Hall renovation project bond and refinanced. E11) Transfer to Buildings and Grounds 52-520-99-00-9924 a. This line-item contains future sewer fund transfers to cover the debt service payments on the 2023 bond (PW facility). 58 Parks and Recreation Fund (79) R1) Special Events 79-000-44-00-4402 a. This line-item represents a normal year of all special events run by the Parks and Recreation staff throughout the year, except for Hometown Days which has its own revenue line-item. R2) Child Development 79-000-44-00-4403 a. This line-item represents a normal year of a variety of child-focused programs ran by the Parks and Recreation Department, including Preschool and Ready, Set, Go. (2yr. Old Preschool) R3) Athletics and Fitness 79-000-44-00-4404 a. This line-item includes all athletic programming including Baseball/Softball Leagues, Soccer Leagues, Basketball Leagues, sports camps, and classes. R4) Library Chargeback 79-000-44-00-4482 a. This line-item represents the Library’s contribution to the shared public relations / marketing employee between the Parks and Recreation Department and the Library. R5) Rental Income 79-000-48-00-4820 a. This line-item includes rental revenue from the licensed buildings on Hydraulic in Riverfront Park, and the cell tower lease at Wheaton Woods Park. R6) Park Rentals 79-000-48-00-4825 a. The revenue generated by this line item is primarily from baseball and football field rental agreements, tournament rentals, and individual park rentals. R7) Hometown Days 79-000-48-00-4843 a. This line-item represents a normal year of Hometown Days programming and has been increased to reflect the additional funds both spent and obtained due to expanding the festival while still accounting to breakeven. R8) Transfer from General Fund 79-000-490-00-4901 a. The Parks and Recreation Fund runs at 0% fund balance by design, which causes the transfers to look out of proportion from past years to future years. Some of the increase in this transfer is also budget format, as the departments are funding different chargebacks for capital and operations. E1) Salaries & Wages (Parks) 79-790-50-00-5010 a. As discussed in the Items to Note section, this line-item contains two new Maintenance Worker I employees in FY 26. E2) Program Supplies (Recreation) 79-795-56-00-5606 a. This contains most of the expenses related to the Department running year-round special events, sports leagues, preschool, camps, and recreation program schedule. Expenses include sports league equipment, band fees, signage, preschool curriculum needs etc. 59 Library Fund (82) (Editor’s Note) This is the first time that the Library has chosen to participate in this budget memo through providing narratives. While the City must approve the Library budget, policy decisions within and execution of those decisions rests solely with the Library as an autonomous entity under the City’s organization. The budget narratives, as drafted by the Library Director, are attached to this memo as an exhibit (Exhibit 6). Library Capital Fund (84) (Editor’s Note) This is the first time that the Library has chosen to participate in this budget memo through providing narratives. While the City must approve the Library budget, policy decisions within and execution of those decisions rests solely with the Library as an autonomous entity under the City’s organization. The budget narratives, as drafted by the Library Director, are attached to this memo as an exhibit (Exhibit 6). 60 902 Game Farm Rd – Yorkville, IL 60560 – 630-553-4354 – www.yorkville.lib.il.us To: Bart Olson, City Administrator From: Shelley Augustine – Library Director CC: Board of Trustees Date: February 21, 2024 Subject: FY budget narrative This FY25 proposed budget is for approval by the Board of Trustees for expenses and revenues scheduled to be collected and spent, between May 1, 2024, and April 30, 2025. Library Fund Revenues Property Taxes – Library Ops 82-000-40-00-4000 • The FY25 column reflects the Board of Trustees’ decision at the October 9, 2023, board meeting to levy new construction and the CPI inflationary increment as they have in past years. This figure has been determined to be $995,347. Property Taxes – Debt Service 82-000-40-00-4083 • This will be the last year of this line item as our bonds will be paid off in December 2024. This figure has been determined to be $861,408. Personal Property Tax- PPRT 82-000-41-00-4120 • Personal property replacement taxes (PPRT) are revenues collected by the state of Illinois and paid to local governments to replace money that was lost by local governments when their powers to impose personal property taxes on corporations, partnerships, and other business entities were taken away. This figure has been determined to be $13,566. State Grants 82-000-41-00-4170 • A Per Capita Grant report is required each year and funds are awarded to libraries to provide funding for the day-to-day operations of qualifying Illinois public libraries. Each year the Director will review the Serving Our Public 4.0: Standards for Illinois Public Libraries with the Board to help with evaluate its progress over several years toward becoming an ideal library for its community. 61 902 Game Farm Rd – Yorkville, IL 60560 – 630-553-4354 – www.yorkville.lib.il.us Library Fines 82-000-43-00-4330 • On May 1, 2022, the library board voted to move to becoming a fine free library. We no longer collect money for overdue books that have been returned. This line item is now for fines paid for damaged or lost materials. Library Subscription Cards 82-000-44-00-4401 • In Illinois, residents living outside the taxing area of a public library (outside of the municipality or library district service area) are considered non-residents for the purpose of library cards. Non-residents have the option to access library services by annually purchasing a library card, which includes reciprocal borrowing privileges, from a participating public library. The sale of a library card to a non-resident is covered by Illinois Statute 75 ILCS 16/30-55.60. Copy Fees 82-000-44-00-4422 • This is for money collected from the public printers, copies, and fax station. Investment Earnings 82-000-45-00-4500 • This line item consists of interest income earned from investments in our reserves. Rental Income 82-000-48-00-4850 • Money collected from the use of our Michelle Pfister Meeting Room per our policy manual. Miscellaneous Income 82-000-40-00-4850 • Money collected from the use of our credit card devices. Library Expense Operations Salaries & Wages 82-820-50-00-5010 • We are proposing a 5% COLA for all employees this fiscal year. I have done a salary study for all departments and positions. Our FT staff are currently paid 19-40% less than the average rate of pay for a library with the population size of 15,000-29,999 people. The plan is to increase this in the next few years to bring them up to competitive wages. Part-time Salaries 82-820-50-00-5015 • We are proposing a 5% COLA for all employees this fiscal year. We are currently paying minimum wage for most PT employees where area libraries offer a high wage. This increase will help the library become more competitive with hiring and retain employees. Retirement Plan Contribution 82-820-52-00-5212 • 5 FT employees are under the city’s benefits plan. FICA Contribution 82-820-52-00-5214 62 902 Game Farm Rd – Yorkville, IL 60560 – 630-553-4354 – www.yorkville.lib.il.us Group Health Insurance 82-820-52-00-5216 • 5 FT employees are under the city’s benefits plan. Dental Insurance 82-820-52-00-5223 • 5 FT employees are under the city’s benefits plan. Vision Insurance 82-820-52-00-5224 • 5 FT employees are under the city’s benefits plan. Unemployment Insurance 82-820-52-00-5230 Liability Insurance 82-820-52-00-5231 Administrative Chargeback 82-820-54-00-5401 • This expense is for the portion of our Community Outreach and Marketing Coordinator’s position that we pay. Training & Conferences 82-820-54-00-5412 • We budget for the Director to attend one state conference each year and one national conference every other year. Department heads attend conferences locally and all PT staff will attend a conference in person every other year. Travel & Lodging 82-820-54-00-5415 • Same as above Publishing & Advertising 82-820-54-00-5426 • We purchase YPL branded items to be passed out at community events and outreach visits. Telecommunications 82-820-54-00-5440 • Metronet internet services, monthly phone services & leasing equipment, yearly hotspots, monthly phone reimbursement for Director. Postage & Shipping 82-820-54-00-5452 Building & Grounds Chargeback 82-820-54-00-5453 • This expense is for the portion of our maintenance person’s position. Dues & Subscriptions 82-820-54-00-5460 • Newspapers, magazines, databases, e-books, movie license, museum passes, technology, operational subscriptions, and memberships dues to various organizations. 63 902 Game Farm Rd – Yorkville, IL 60560 – 630-553-4354 – www.yorkville.lib.il.us Professional Services 82-820-54-00-5462 • This line item has seen a large increase for FY25. We are planning a HVAC Chiller replacement for this year and this will include consultant expenses. We are also in the process of creating a strategic plan and this line item includes ½ the cost for this consultant. Legal Services 82-820-54-00-5466 Automation 82-820-54-00-5468 • Our membership fees for participation in our shared catalog and interlibrary loan. Cost for our mobile app, self-checkout station, and our Boundless e-book services. Utilities 82-820-54-00-5480 • This is only for gas services. We are under the Ordinance Consideration Account with ComEd and do not pay for electric services. Office Cleaning 82-820-54-00-5488 • We are under the umbrella of the City’s contract for cleaning services. This was a 2-year contract set to expire in September 2024 with a one-year extension at a slight increased rate. Outside Repair & Maintenance 82-820-54-00-5495 • Our HVAC preventative maintenance and elevator service maintenance are under this line item. Annual window, gutter, and carpet cleaning are also represented here. Landscape spring/fall cleanup will be hired out and done annually. This line item also includes various elevator, plumbing, electrical, and miscellaneous repairs. Our HVAC repairs are also listed here. Over the past 2 years, we have seen an increase in HVAC repairs which has led to us moving to a full HVAC Chiller replacement. Our building is now 17 years old and we will be seeing a need to replace/repair many items as they come to end of life. Paying Agent Fees 82-820-54-00-5498 • This will be the last year of this line item as our bonds will be paid off Dec. 2024. Office Supplies 82-820-56-00-5620 Library Operating Supplies 82-820-56-00-5620 Custodial Supplies 82-820-56-00-5621 Computer Equipment & Software 82-820-56-00-5635 Library Programming 82-820-56-00-5671 • We are fortunate to have Friends of the Library supplement our library programming budget. We utilize their funds raised to hire speakers, presenters, and supplies for programs. What is not covered by the Friends, comes from this line item. 64 902 Game Farm Rd – Yorkville, IL 60560 – 630-553-4354 – www.yorkville.lib.il.us Employee Recognition 82-820-56-00-5676 • We have recently created a Sunshine Committee to recognize staff’s birthdays, work anniversaries, and milestones. They will also host seasonal staff parties, and coordinate with area organizations to hold food and clothing drives. Audio Books 82-820-56-00-5683 Compact Disc & Other Music 82-820-56-00-5684 DVD’s 82-820-56-00-5685 Books 82-820-56-00-5686 Debt Service – 2006 Bond Principal Payment 82-820-84-00-8000 • This will be the last year of this line item as our bonds will be paid off Dec. 2024. Interest Payment 82-820-84-00-8050 • This will be the last year of this line item as our bonds will be paid off Dec. 2024. Debt Service – 2013 Refunding Bond Principal Payment 82-820-99-00-8000 • This will be the last year of this line item as our bonds will be paid off Dec. 2024. Interest Payment 82-820-99-00-8050 • This will be the last year of this line item as our bonds will be paid off Dec. 2024. Library Capital Fund Revenues– 84 Development Fees 84-000-42-00-4214 • The library has been very conservative in budgeting this in the past. Because of the continuous construction taking place in our city, we have been able to incur a healthy amount to be used for building improvement, technology, and materials. Investment Earnings 84-000-45-00-4500 Library Capital Fund Expenses – 84 Computer Equipment & Software 84-840-56-00-5635 • The library has created a technology plan to forecast infrastructure upgrades and replacements. We strive to keep our technology on a 5-7 life span, making sure we are providing the community with the best technology within our budget. 65 902 Game Farm Rd – Yorkville, IL 60560 – 630-553-4354 – www.yorkville.lib.il.us Books 84-840-56-00-5686 • By FY27, we will have moved this line item into the operating budget. We have gradually increased the Book (82-820-56-00-5686) line each year to phase out this in our capital fund. Several years ago, this item was created because of budget cuts in our operating budget. Building Improvements 84-840-60-00-6020 • This figure reflects our HVAC Chiller replacement and a LED lighting upgrade to ½ of the library. 66 Countryside TIF Fund (87) R1) Property Taxes 87-000-40-00-4000 a. Station One Smokehouse is set to open imminently (Feb 2024). We have made no assumptions on their property tax bill and TIF impact at this time. The remaining underdeveloped lot in the TIF district is the banquet-hall building pad next to the Holiday Inn Express. The property has not had an active permit on it in a few years and there are no submitted plans to the City to finish construction. The property taxes generated are expected to exceed the bond obligations in FY 26 and beyond, not including the Station One Smokehouse increment and the remaining undeveloped lot. Without further development action or an increase in property values within the TIF, the City stands to end the TIF In FY 29 with a $1.7m deficit. As we have previously communicated in our audit and budget discussions, the City’s General Fund could absorb this deficit and remain within fund balance policy. Downtown TIF Fund (88) R1) Property Taxes 88-880-40-00-4000 a. Properties within the TIF have seen modest growth in value, as compared to the City’s conservative revenue projections. With the approval of a couple new redevelopment projects, there is a possibility that revenue growth in this line-item could pick up in future years (although offset by TIF incentives on the expenditure side). As a general reminder, this TIF expires in FY 30. E1) TIF Incentive Payout 88-880-54-00-5425 a. Based on historical payouts, we’ve set the FY 25 figure at ~$39,000. This line-item does not address expected payments to the Williams Group for their projects at Hydraulic and Route 47, but the revenues are also left out. E2) Professional Services 88-880-54-00-5462 a. This line item represents any studies or legal services used by the City in relation to TIF projects or incentive agreements. E3) Project Costs 88-880-60-00-6000 a. Per the Items to Note section and the City Council goal of downtown redevelopment, we have identified $1m in FY 25 for a project to be determined. We anticipate leading a City Council discussion about various downtown public improvement plans and private redevelopment efforts. Of note, since Downtown TIF 1 and Downtown TIF 2 are adjacent to each other, this $1m project fund can be utilized in either TIF or shared between the two TIFs. 67 Downtown TIF II Fund (89) R1) Property Taxes 89-000-40-00-4000 a. Properties within the TIF have seen solid but modest growth in value, plus the Old Jail development was completed in FY 21. The FY 25 column represents the total increment for all properties in Downtown TIF 2. We have estimated inflationary growth in FY 26 and beyond. Currently, the incremental property taxes are exceeding the fund expenditures. E1) Project Costs 89-890-54-00-5425 a. The only project receiving TIF incentives as of FY 25 is the old jail redevelopment. The dollar amounts in the columns in the five-year budget proposal reflect the agreement approved by City Council in Summer 2019. 68 Cash Flow – Surplus (Deficit) This section of the budget shows the surpluses and deficits for every fund in the entire budget and can be used to see the City’s “overall budget” performance. The total at the bottom of the column for each fiscal year is the basis for whether the City’s overall budget is running a surplus or deficit. The FY 24 total projected budget being significantly worse than the FY 24 adopted budget surplus is a result the delay of the PW Facility bond from FY 24 into FY 25. The underlying budget metrics of strong revenue growth, project deferrals, and tight management control of expenditures in all operating funds are still present. The five-year total budget outlook is generally the same as last year’s five-year outlook, just shifted into the future one year. In general, the City expects a wide range of surpluses and deficits as it receives bond proceeds from major projects, and then spends those proceeds on the projects in future years. Cash Flow – Fund Balance This section of the budget is directly related to the “Cash Flow – Surplus (Deficit)” section above. Fund balance, by definition, is the accumulated surplus of the City since its founding, and therefore these amounts represent the approximate amount of projected cash the City should expect to have on hand at the end of each fiscal year. As we discussed in the big picture narrative, we expect fund balance in the General Fund to stay around 40% through FY 29, although the three TIF district funds will weigh down fund balance to ~30%. The Water Fund is stable through FY 29 using preliminary information on the Lake Michigan water source project plus some estimated water sales annual increases. The Sewer Fund is stable throughout the five-year budget assuming inflationary rate increases. The total at the bottom of each column represents the City’s overall aggregate fund balance. The past few years has benchmarked severe fiscal problems at $4M in aggregate fund balance. Fortunately, the booming local housing and retail economy and years of adhering to conservative budget principles have helped the aggregate fund balance along, such that the minimum aggregate fund balance in the five-year budget proposal is now $18m in FY 28, which is an almost-doubled figure from last year’s five-year budget proposal aggregate fund balance minimum of $9.7m in FY 28. In short, the City is in an extremely strong financial position while funding more capital projects than it ever has – which provides us with the flexibility should an economic downturn or similar budget issue present itself. Allocated Items – Aggregated This section carries forward from last year, and contains aggregate costs from all departments, including liability insurance, employee health, dental and vision insurance, property taxes, non-abated property taxes, building permit revenue, employee salaries, other capital projects more than $500,000, etc. 69 Other Inter-Licenses &Fines &Charges Investment Reimb-Miscel-Financing Fund FUND Taxes governmental Permits Forfeits for Services Earnings ursements laneous Sources Total (01) General Fund 15,974,368$ 4,839,133$ 695,000$ 98,400$ 2,243,973$ 350,000$ 20,000$ 48,917$ -$ 24,269,791$ Special Revenue Funds (15) Motor Fuel Tax - 1,062,562 - - - 5,000 - - - 1,067,562 (79) Parks and Recreation - - - - 740,825 1,250 - 265,844 2,360,083 3,368,002 (72) Land Cash - - - - - - - - - - (87) Countryside TIF 232,465 - - - - - - - - 232,465 (88) Downtown TIF 124,494 - - - - - - - - 124,494 (89) Downtown TIF II 149,102 - - - - - - - - 149,102 (11) Fox Hill SSA 24,000 - - - - - - - - 24,000 (12) Sunflower SSA 21,000 - - - - - - - - 21,000 (42) Debt Service Fund - - - - - - - - - - Capital Project Funds (25) Vehicle & Equipment - - 115,000 10,800 1,444,474 - - 500 98,000 1,668,774 (23) City-Wide Capital - 277,250 103,000 - 929,575 20,000 1,250,518 - 440,775 3,021,118 (24) Buildings & Grounds - - 30,000 - 320,039 600,000 - 514,408 41,923,711 43,388,158 Enterprise Funds (51) Water 700,000 300,000 - - 7,058,897 300,000 10,935,000 112,996 28,747,394 48,154,287 (52) Sewer - - - - 1,959,010 60,000 2,382,500 - 1,069,096 5,470,606 Library Funds (82) Library Operations 1,856,755 45,327 - 1,500 12,500 15,000 - 3,200 28,302 1,962,584 (84) Library Capital - - 50,000 - - 200 - - - 50,200 TOTAL REVENUES 19,082,184$ 6,524,272$ 993,000$ 110,700$ 14,709,293$ 1,351,450$ 14,588,018$ 945,865$ 74,667,361$ 132,972,143$ United City of Yorkville Revenues & Other Financing Sources by Category Fiscal Year 2025 70 Other Contractual Capital Developer Debt Financing Fund FUND Salaries Benefits Services Supplies Outlay Contingency Commitments Service Uses Total (01) General Fund 6,978,481$ 3,936,741$ 8,618,849$ 375,120$ -$ 75,000$ -$ -$ 4,285,600$ 24,269,791$ Special Revenue Funds (15) Motor Fuel Tax - - - 190,000 1,000,000 - - - - 1,190,000 (79) Parks and Recreation 1,764,244 639,973 721,051 731,490 - - - - - 3,856,758 (72) Land Cash - - - - - - - - - - (87) Countryside TIF - - 17,259 - - - - 208,522 - 225,781 (88) Downtown TIF - - 73,967 - 1,000,000 - - - - 1,073,967 (89) Downtown TIF II - - 17,000 - 5,000 - - - - 22,000 (11) Fox Hill SSA - - 60,640 - - - - - - 60,640 (12) Sunflower SSA - - 23,640 - - - - - - 23,640 (42) Debt Service Fund - - - - - - - - - - Capital Project Funds (25) Vehicle & Equipment - - 68,250 19,735 3,166,900 - - 71,570 - 3,326,455 (23) City-Wide Capital - - 227,675 100,000 6,885,000 - - 316,738 104,034 7,633,447 (24) Buildings & Grounds 170,331 52,117 596,517 66,500 8,542,000 - - 1,910,857 - 11,338,322 Enterprise Funds (51) Water 708,137 325,151 2,462,031 549,390 34,343,127 - - 1,451,184 368,675 40,207,695 (52) Sewer 409,192 187,480 289,405 99,375 3,394,500 - 37,500 1,069,096 438,200 5,924,748 Library Funds (82) Library Operations 491,573 196,109 377,618 65,600 - - - 864,000 - 1,994,900 (84) Library Capital - - - 49,000 500,000 - - - - 549,000 TOTAL EXPENDITURES 10,521,958$ 5,337,571$ 13,553,902$ 2,246,210$ 58,836,527$ 75,000$ 37,500$ 5,891,967$ 5,196,509$ 101,697,144$ United City of Yorkville Expenditures & Other Financing Uses by Category Fiscal Year 2025 71 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 FUND Actual Actual Budget Projected Budget Projected Projected Projected Projected (01) General Fund 10,627,100$ 10,996,607$ 10,627,100$ 10,996,607$ 10,996,607$ 10,996,607$ 10,996,607$ 10,996,607$ 10,996,607$ Special Revenue Funds (15) Motor Fuel Tax 269,412 319,840 3,983 248,359 125,921 2,260 4,744 4,503 1,982 (79) Parks and Recreation - 243,804 - 488,756 - - - - - (72) Land Cash 33,843 - - - - - - - - (87) Countryside TIF (1,182,815) (1,175,044) (1,175,879) (1,175,347) (1,168,663) (1,313,107) (1,447,322) (1,576,856) (1,700,943) (88) Downtown TIF (1,639,928) (1,614,928) (1,574,911) (1,562,429) (2,511,902) (2,466,836) (2,422,501) (2,378,134) (2,333,794) (89) Downtown TIF II (6,625) 87,577 198,949 224,042 351,144 481,974 616,625 755,192 897,773 (11) Fox Hill SSA 21,576 37,034 (3,563) 47,411 10,771 21,131 29,763 38,395 12,027 (12) Sunflower SSA 2,386 11,786 10,746 11,801 9,161 11,521 12,153 12,785 13,417 (42) Debt Service Fund - - - - - - - - - Capital Project Funds (25) Vehicle & Equipment 1,391,622 1,432,503 300,973 1,850,956 193,275 139,875 90,475 76,526 76,526 (23) City-Wide Capital 2,165,601 4,785,053 3,276,137 5,767,835 1,155,506 3,813,956 1,017,274 3,795 - (24) Buildings & Grounds 10,002,257 1,865,907 29,728,789 2,222,554 34,272,390 7,344,693 1,640,056 942,558 1,473,979 Enterprise Funds * (51) Water 3,791,199 3,955,973 4,085,790 9,830,597 17,777,189 10,074,232 10,563,038 6,413,463 13,468,119 (52) Sewer 1,001,491 2,517,832 2,564,771 3,704,713 3,250,571 3,071,276 2,677,952 2,468,793 2,360,531 Library Funds (82) Library Operations 746,897 793,959 716,219 868,580 836,264 942,894 1,057,905 1,187,722 1,325,474 (84) Library Capital 176,662 251,559 170,497 336,801 (161,999) (294,299) (357,599) (467,399) (594,199) Totals 27,400,678$ 24,509,462$ 48,929,601$ 33,861,236$ 65,136,235$ 32,826,177$ 24,479,170$ 18,477,950$ 25,997,499$ *Fund Balance Equivalent United City of Yorkville Fund Balance History Fiscal Years 2022 - 2029 72 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 FUND Actual Actual Budget Projected Budget Projected Projected Projected Projected (01) General Fund 23,139,178$ 24,529,614$ 23,017,965$ 24,126,302$ 24,269,791$ 24,663,020$ 25,845,284$ 26,136,082$ 26,722,412$ Special Revenue Funds (15) Motor Fuel Tax 1,257,491 1,257,323 999,400 1,078,289 1,067,562 1,086,339 1,242,484 1,264,759 1,287,479 (79) Parks and Recreation 2,308,046 3,221,949 3,370,030 3,478,284 3,368,002 4,047,578 4,114,146 4,270,768 4,450,054 (72) Land Cash 2,712 - - - - - - - - (87) Countryside TIF 250,366 232,124 228,000 226,795 232,465 238,277 244,234 250,340 256,599 (88) Downtown TIF 96,795 100,932 122,000 121,458 124,494 127,606 130,796 134,066 137,418 (89) Downtown TIF II 78,764 97,574 146,000 145,465 149,102 152,830 156,651 160,567 164,581 (11) Fox Hill SSA 16,034 21,501 24,000 24,017 24,000 24,000 24,000 24,000 24,000 (12) Sunflower SSA 20,363 21,000 21,000 21,015 21,000 21,000 21,000 21,000 21,000 (42) Debt Service Fund 329,375 329,798 - - - - - - - Capital Project Funds (25) Vehicle & Equipment 611,587 1,358,100 2,051,830 2,269,143 1,668,774 992,950 1,697,371 1,753,964 2,089,893 (23) City-Wide Capital 5,816,246 5,328,562 3,573,795 3,569,567 3,021,118 8,227,221 2,207,566 4,435,366 1,966,979 (24) Buildings & Grounds 13,625,800 1,275,312 33,174,623 2,047,417 43,388,158 3,178,361 3,585,857 3,245,226 4,267,949 Enterprise Funds (51) Water 5,206,164 6,112,981 16,264,301 18,050,976 48,154,287 57,314,669 58,855,259 39,948,777 17,273,341 (52) Sewer 6,453,152 6,759,789 3,036,752 3,728,132 5,470,606 3,421,391 2,160,814 2,255,927 2,317,739 Library Funds (82) Library Operations 1,707,182 1,844,151 1,866,778 1,875,756 1,962,584 1,154,822 1,205,834 1,254,109 1,298,566 (84) Library Capital 104,065 141,177 50,150 165,225 50,200 50,200 50,200 50,200 50,200 TOTAL REVENUES & TRANSFERS 61,023,320$ 52,631,887$ 87,946,624$ 60,927,841$ 132,972,143$ 104,700,264$ 101,541,496$ 85,205,151$ 62,328,210$ United City of Yorkville Revenues & Other Financing Sources Budget Summary - All Funds Fiscal Years 2022 - 2029 73 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 FUND Actual Actual Budget Projected Budget Projected Projected Projected Projected (01) General Fund 21,684,432$ 24,160,109$ 23,017,965$ 24,126,302$ 24,269,791$ 24,663,020$ 25,845,284$ 26,136,082$ 26,722,412$ Special Revenue Funds (15) Motor Fuel Tax 2,231,900 1,206,896 1,240,000 1,149,770 1,190,000 1,210,000 1,240,000 1,265,000 1,290,000 (79) Parks and Recreation 2,381,046 2,978,143 3,466,793 3,233,332 3,856,758 4,047,578 4,114,146 4,270,768 4,450,054 (72) Land Cash - 33,843 - - - - - - - (87) Countryside TIF 221,959 224,353 227,436 227,098 225,781 382,721 378,449 379,874 380,686 (88) Downtown TIF 287,794 75,930 81,857 68,959 1,073,967 82,540 86,461 89,699 93,078 (89) Downtown TIF II 37,521 3,371 11,000 9,000 22,000 22,000 22,000 22,000 22,000 (11) Fox Hill SSA 4,688 6,043 60,640 13,640 60,640 13,640 15,368 15,368 50,368 (12) Sunflower SSA 9,569 11,600 18,640 21,000 23,640 18,640 20,368 20,368 20,368 (42) Debt Service Fund 329,375 329,798 - - - - - - - Capital Project Funds (25) Vehicle & Equipment 705,755 1,317,216 3,135,341 1,850,690 3,326,455 1,046,350 1,746,771 1,767,913 2,089,893 (23) City-Wide Capital 3,770,215 2,709,110 4,896,994 2,586,785 7,633,447 5,568,771 5,004,248 5,448,845 1,970,774 (24) Buildings & Grounds 3,623,545 9,411,658 4,617,909 1,690,770 11,338,322 30,106,058 9,290,494 3,942,724 3,736,528 Enterprise Funds (51) Water 5,316,323 5,948,207 16,031,998 12,176,352 40,207,695 65,017,626 58,366,453 44,098,352 10,218,685 (52) Sewer 6,316,350 5,243,444 2,845,033 2,541,251 5,924,748 3,600,686 2,554,138 2,465,086 2,426,001 Library Funds (82) Library Operations 1,598,317 1,797,103 1,909,000 1,801,135 1,994,900 1,048,192 1,090,823 1,124,292 1,160,814 (84) Library Capital 96,591 66,279 114,500 79,983 549,000 182,500 113,500 160,000 177,000 TOTAL EXPENDITURES & TRANSFERS 48,615,380$ 55,523,103$ 61,675,106$ 51,576,067$ 101,697,144$ 137,010,322$ 109,888,503$ 91,206,371$ 54,808,661$ Fiscal Years 2022 - 2029 United City of Yorkville Expenditures & Other Financing Uses Budget Summary - All Funds 74 Budgeted Beginning Budgeted Budgeted Financing Surplus Ending FUND Fund Balance Revenues Expenditures Sources(Uses)(Deficit)Fund Balance General Fund 10,996,607$ 24,269,791$ 19,984,191$ (4,285,600)$ -$ 10,996,607$ Special Revenue Funds Motor Fuel Tax 248,359 1,067,562 1,190,000 - (122,438) 125,921 Parks and Recreation 488,756 1,007,919 3,856,758 2,360,083 (488,756) - Land Cash - - - - - - Countryside TIF (1,175,347) 232,465 225,781 - 6,684 (1,168,663) Downtown TIF (1,562,429) 124,494 1,073,967 - (949,473) (2,511,902) Downtown TIF II 224,042 149,102 22,000 - 127,102 351,144 Fox Hill SSA 47,411 24,000 60,640 - (36,640) 10,771 Sunflower SSA 11,801 21,000 23,640 - (2,640) 9,161 Debt Service Fund - - - - - - Capital Project Funds Vehicle & Equipment 1,850,956 1,570,774 3,326,455 98,000 (1,657,681) 193,275 City-Wide Capital 5,767,835 2,580,343 7,529,413 336,741 (4,612,329) 1,155,506 Buildings & Grounds 2,222,554 1,464,447 11,338,322 41,923,711 32,049,836 34,272,390 Enterprise Funds * Water 9,830,597 19,406,893 39,839,020 28,378,719 7,946,592 17,777,189 Sewer 3,704,713 4,401,510 5,486,548 630,896 (454,142) 3,250,571 Library Funds Library Operations 868,580 1,934,282 1,994,900 28,302 (32,316) 836,264 Library Capital 336,801 50,200 549,000 - (498,800) (161,999) Totals 33,861,236$ 58,304,782$ 96,500,635$ 69,470,852$ 31,274,999$ 65,136,235$ *Fund Balance Equivalent United City of Yorkville Fiscal Year 2025 Budget Fund Balance Summary 75 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Taxes 14,350,349$ 15,255,097$ 15,483,617$ 15,530,223$ 15,974,368$ 16,266,720$ 16,559,429$ 16,631,698$ 16,933,572$ Intergovernmental 5,630,190 5,916,027 4,486,700 4,700,029 4,839,133 4,935,920 5,706,137 5,815,687 5,930,486 Licenses & Permits 834,170 832,548 589,000 929,000 695,000 595,000 595,000 545,000 545,000 Fines & Forfeits 197,158 100,782 95,350 101,400 98,400 98,400 98,400 98,400 98,400 Charges for Service 1,902,362 2,067,245 2,155,298 2,177,338 2,243,973 2,387,230 2,541,151 2,700,130 2,869,787 Investment Earnings (33,857) 288,828 150,000 630,000 350,000 315,000 275,000 275,000 275,000 Reimbursements 80,473 24,071 30,000 30,312 20,000 20,000 39,167 39,167 39,167 Miscellaneous 157,102 45,016 28,000 28,000 48,917 44,750 31,000 31,000 31,000 Total Revenues 23,117,947$ 24,529,614$ 23,017,965$ 24,126,302$ 24,269,791$ 24,663,020$ 25,845,284$ 26,136,082$ 26,722,412$ Other Financing Sources 21,231 - - - - - - - - Total Revenues and Transfers 23,139,178$ 24,529,614$ 23,017,965$ 24,126,302$ 24,269,791$ 24,663,020$ 25,845,284$ 26,136,082$ 26,722,412$ Expenditures Salaries 5,341,401$ 5,686,617$ 6,359,779$ 6,033,641$ 6,978,481$ 7,258,177$ 7,637,792$ 7,856,785$ 8,082,336$ Benefits 3,293,296 3,443,027 3,749,289 3,549,742 3,936,741 4,150,997 4,386,591 4,617,263 4,859,976 Contractual Services 5,977,511 6,820,753 8,231,466 7,921,672 8,618,849 7,615,160 7,889,908 8,054,962 6,914,398 Supplies 275,185 319,849 361,347 346,203 375,120 351,405 362,217 371,041 386,699 Contingency - - 75,000 100,000 75,000 75,000 75,000 75,000 75,000 Total Expenditures 14,887,393$ 16,270,246$ 18,776,881$ 17,951,258$ 19,984,191$ 19,450,739$ 20,351,508$ 20,975,051$ 20,318,409$ Other Financing Uses 6,797,039 7,889,863 4,241,084 6,175,044 4,285,600 5,212,281 5,493,776 5,161,031 6,404,003 Total Expenditures & Transfers 21,684,432$ 24,160,109$ 23,017,965$ 24,126,302$ 24,269,791$ 24,663,020$ 25,845,284$ 26,136,082$ 26,722,412$ Surplus (Deficit)1,454,746$ 369,505$ -$ -$ -$ -$ -$ -$ -$ Ending Fund Balance 10,627,100$ 10,996,607$ 10,627,100$ 10,996,607$ 10,996,607$ 10,996,607$ 10,996,607$ 10,996,607$ 10,996,607$ 49.01%45.52%46.17%45.58%45.31%44.59%42.55%42.07%41.15% GENERAL FUND (01) The General Fund is the City’s primary operating fund. It accounts for major tax revenue used to support administrative and public safety functions. $10,400 $10,600 $10,800 $11,000 $11,200 ThousandsFund Balance 76 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected Projected 01-000-40-00-4000 PROPERTY TAXES - CORPORATE LEVY 2,084,951$ 2,220,747$ 2,346,977$ 2,340,251$ 2,518,207$ 2,568,207$ 2,618,207$ 2,668,207$ 2,718,207$ 01-000-40-00-4010 PROPERTY TAXES - POLICE PENSION 1,330,510 1,331,704 1,374,700 1,368,276 1,382,106 1,436,265 1,486,265 1,536,265 1,586,265 01-000-40-00-4030 MUNICIPAL SALES TAX 4,450,012 4,618,030 4,671,600 4,820,000 4,916,400 5,014,728 5,115,023 5,217,323 5,321,669 01-000-40-00-4035 NON-HOME RULE SALES TAX 3,483,930 3,756,857 3,774,000 3,769,000 3,844,380 3,921,268 3,999,693 4,079,687 4,161,281 01-000-40-00-4040 ELECTRIC UTILITY TAX 734,332 725,062 735,000 730,000 735,000 735,000 740,000 740,000 745,000 01-000-40-00-4041 NATURAL GAS UTILITY TAX 466,934 570,894 580,000 450,000 520,000 520,000 520,000 520,000 520,000 01-000-40-00-4043 EXCISE TAX 199,888 192,810 194,000 180,000 169,200 159,048 149,505 140,535 132,103 01-000-40-00-4044 TELEPHONE UTILITY TAX 8,340 8,340 8,340 8,340 8,340 8,340 8,340 8,340 8,340 01-000-40-00-4045 CABLE FRANCHISE FEES 298,048 286,541 296,000 260,000 260,000 260,000 260,000 260,000 260,000 01-000-40-00-4050 HOTEL TAX 138,415 152,516 140,000 170,000 170,000 170,000 170,000 170,000 170,000 01-000-40-00-4055 VIDEO GAMING TAX 252,890 302,526 300,000 315,000 322,875 330,947 339,221 347,702 356,395 01-000-40-00-4060 AMUSEMENT TAX 188,617 264,883 225,000 278,000 275,000 275,000 275,000 275,000 275,000 01-000-40-00-4065 ADMISSIONS TAX 148,662 208,296 200,000 223,356 220,000 220,000 220,000 - - 01-000-40-00-4070 BUSINESS DISTRICT TAX - KENDALL MRKT 446,883 486,921 510,000 493,000 502,860 512,917 523,175 533,639 544,312 01-000-40-00-4071 BUSINESS DISTRICT TAX - DOWNTOWN 43,410 36,040 40,000 30,000 35,000 40,000 40,000 40,000 40,000 01-000-40-00-4072 BUSINESS DISTRICT TAX - COUNTRYSIDE 57,358 70,953 70,000 70,000 70,000 70,000 70,000 70,000 70,000 01-000-40-00-4075 AUTO RENTAL TAX 17,169 21,977 18,000 25,000 25,000 25,000 25,000 25,000 25,000 01-000-41-00-4100 STATE INCOME TAX 3,175,556 3,355,846 3,346,228 3,556,390 3,682,143 3,755,786 4,368,185 4,455,549 4,544,660 01-000-41-00-4105 LOCAL USE TAX 798,764 882,974 882,853 865,196 908,262 926,427 1,077,486 1,099,035 1,121,016 01-000-41-00-4106 CANNABIS EXCISE TAX 32,368 33,520 38,544 31,869 33,591 34,263 39,850 40,647 41,460 01-000-41-00-4110 ROAD & BRIDGE TAX 54,872 115,949 120,000 120,588 120,000 120,000 120,000 120,000 120,000 01-000-41-00-4120 PERSONAL PROPERTY TAX 48,889 55,258 50,000 40,670 40,937 41,756 42,591 43,443 44,312 01-000-41-00-4160 FEDERAL GRANTS 1,506,738 1,427,968 18,225 15,880 18,200 21,688 22,025 21,013 23,038 01-000-41-00-4168 12,329 37,465 30,000 51,938 35,000 35,000 35,000 35,000 35,000 01-000-41-00-4170 STATE GRANTS - 6,020 - 16,491 - - - - - 01-000-41-00-4182 MISC INTERGOVERNMENTAL 674 1,027 850 1,007 1,000 1,000 1,000 1,000 1,000 01-000-42-00-4200 LIQUOR LICENSES 79,614 86,662 80,000 86,000 86,000 86,000 86,000 86,000 86,000 01-000-42-00-4205 OTHER LICENSES & PERMITS 8,577 9,740 9,000 9,000 9,000 9,000 9,000 9,000 9,000 01-000-42-00-4210 BUILDING PERMITS 745,979 736,146 500,000 834,000 600,000 500,000 500,000 450,000 450,000 01-000-43-00-4310 CIRCUIT COURT FINES 50,258 58,931 50,000 53,000 53,000 53,000 53,000 53,000 53,000 01-000-43-00-4320 ADMINISTRATIVE ADJUDICATION 88,880 9,461 15,000 18,000 15,000 15,000 15,000 15,000 15,000 01-000-43-00-4323 OFFENDER REGISTRATION FEES 520 440 350 400 400 400 400 400 400 01-000-43-00-4325 POLICE TOWS 57,500 31,950 30,000 30,000 30,000 30,000 30,000 30,000 30,000 01-000-44-00-4400 GARBAGE SURCHARGE 1,465,163 1,609,417 1,690,600 1,700,000 1,819,000 1,946,330 2,082,573 2,228,353 2,384,338 01-000-44-00-4405 UB COLLECTION FEES 184,951 191,474 185,000 197,000 185,000 188,700 192,474 196,323 200,249 01-000-44-00-4407 LATE PENALTIES - GARBAGE 28,985 33,193 35,360 36,000 36,380 38,927 41,651 44,567 47,687 01-000-44-00-4415 ADMINISTRATIVE CHARGEBACK 218,560 225,941 234,338 234,338 193,593 203,273 214,453 220,887 227,513 01-000-44-00-4474 POLICE SPECIAL DETAIL 4,703 7,220 10,000 10,000 10,000 10,000 10,000 10,000 10,000 01-000-45-00-4500 11,013 278,849 150,000 630,000 350,000 315,000 275,000 275,000 275,000 01-000-45-00-4555 UNREALIZED GAIN (LOSS)(44,870) 9,979 - - - - - - - 01-000-46-00-4604 REIMB - ENGINEERING EXPENSES 296 - 5,000 - - - - - - STATE GRANTS - TRAFFIC SIGNAL MAINTENANCE INVESTMENT EARNINGS Description GENERAL FUND - 01 77 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription 01-000-46-00-4680 REIMB - LIABILITY INSURANCE 1,056 10,301 10,000 5,312 5,000 5,000 5,000 5,000 5,000 01-000-46-00-4690 REIMB - MISCELLANEOUS 79,121 13,770 15,000 25,000 15,000 15,000 34,167 34,167 34,167 01-000-48-00-4820 RENTAL INCOME 5,890 6,100 6,000 6,000 6,000 6,000 6,000 6,000 6,000 01-000-48-00-4850 MISCELLANEOUS INCOME 151,212 38,916 22,000 22,000 42,917 38,750 25,000 25,000 25,000 23,117,947$ 24,529,614$ 23,017,965$ 24,126,302$ 24,269,791$ 24,663,020$ 25,845,284$ 26,136,082$ 26,722,412$ 01-000-49-00-4916 TRANSFER FROM CW MUNICIPAL BUILDING 21,231 - - - - - - - - 21,231$ -$ -$ -$ -$ -$ -$ -$ -$ 23,139,178$ 24,529,614$ 23,017,965$ 24,126,302$ 24,269,791$ 24,663,020$ 25,845,284$ 26,136,082$ 26,722,412$ General Fund Revenues Total General Fund Revenues & Transfers Other Financing Sources 78 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Expenditures Salaries 529,083$ 520,413$ 607,744$ 581,950$ 644,175$ 671,927$ 703,818$ 722,711$ 742,159$ Benefits 145,513 145,681 174,443 161,818 175,341 186,717 200,360 212,958 226,339 Contractual Services 138,583 170,205 188,500 164,700 164,049 170,245 166,152 173,211 180,204 Supplies 9,164 12,295 10,000 20,000 15,000 15,000 15,000 15,000 15,000 Total Administration 822,343$ 848,594$ 980,687$ 928,468$ 998,565$ 1,043,889$ 1,085,330$ 1,123,880$ 1,163,702$ ADMINISTRATION DEPARTMENT The Administration Department includes both elected official and management expenditures. The executive and legislative branches consist of the Mayor and an eight member City Council. The city administrator is hired by the Mayor with the consent of the City Council. City staff report to the city administrator. It is the role of the city administrator to direct staff in the daily administration of City services. $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Thousands79 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription Administration 01-110-50-00-5001 SALARIES - MAYOR 9,800$ 9,800$ 18,000$ 18,150$ 18,288$ 18,582$ 18,881$ 19,187$ 19,499$ 01-110-50-00-5002 SALARIES - LIQUOR COMM 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 01-110-50-00-5005 SALARIES - ALDERMAN 46,000 44,600 72,800 72,800 73,680 74,578 75,493 76,427 77,380 01-110-50-00-5010 SALARIES - ADMINISTRATION 472,283 465,013 495,944 490,000 531,207 557,767 588,444 606,097 624,280 01-110-50-00-5015 PART-TIME SALARIES - - 20,000 - 20,000 20,000 20,000 20,000 20,000 01-110-52-00-5212 RETIREMENT PLAN CONTRIBUTION 46,428 37,524 33,346 31,500 31,362 32,852 35,660 37,881 40,141 01-110-52-00-5214 FICA CONTRIBUTION 35,793 36,406 43,654 42,000 45,039 47,291 49,892 51,389 52,931 01-110-52-00-5216 GROUP HEALTH INSURANCE 56,131 64,338 89,114 80,272 90,900 98,172 106,026 114,508 123,669 01-110-52-00-5222 GROUP LIFE INSURANCE 581 453 558 500 549 554 560 566 572 01-110-52-00-5223 DENTAL INSURANCE 5,670 6,083 6,835 6,631 6,591 6,921 7,267 7,630 8,012 01-110-52-00-5224 VISION INSURANCE 910 877 936 915 900 927 955 984 1,014 01-110-54-00-5412 TRAINING & CONFERENCES 1,908 10,463 17,000 12,000 17,000 17,000 17,000 17,000 17,000 01-110-54-00-5415 TRAVEL & LODGING 2,116 8,404 10,000 10,000 10,000 10,000 10,000 10,000 10,000 01-110-54-00-5424 COMPUTER REPLACEMENT CHARGEBACK 4,612 6,920 - - 3,624 7,019 - 3,960 7,670 01-110-54-00-5426 PUBLISHING & ADVERTISING 5,033 2,461 5,000 5,000 5,000 5,000 5,000 5,000 5,000 01-110-54-00-5430 PRINTING & DUPLICATING 1,279 1,105 6,000 3,000 3,000 3,000 3,000 3,000 3,000 01-110-54-00-5440 TELECOMMUNICATIONS 32,921 36,403 35,000 30,000 20,000 20,000 20,000 20,000 20,000 01-110-54-00-5448 FILING FEES - 302 500 500 500 500 500 500 500 01-110-54-00-5451 CODIFICATION 2,272 5,158 10,000 10,000 10,000 10,000 10,000 10,000 10,000 01-110-54-00-5452 POSTAGE & SHIPPING 311 487 1,500 1,000 1,000 1,000 1,000 1,000 1,000 01-110-54-00-5460 DUES & SUBSCRIPTIONS 22,489 25,469 26,200 26,200 26,200 26,200 26,200 26,200 26,200 01-110-54-00-5462 PROFESSIONAL SERVICES 9,725 15,174 14,000 14,000 15,000 15,000 15,000 15,000 15,000 01-110-54-00-5480 UTILITIES 40,210 42,293 45,050 40,000 42,400 44,944 47,641 50,499 53,529 01-110-54-00-5485 RENTAL & LEASE PURCHASE 2,792 2,717 7,000 5,000 6,000 6,000 6,000 6,000 6,000 01-110-54-00-5488 OFFICE CLEANING 12,915 12,849 11,250 8,000 4,325 4,582 4,811 5,052 5,305 01-110-56-00-5610 OFFICE SUPPLIES 9,164 12,295 10,000 20,000 15,000 15,000 15,000 15,000 15,000 822,343$ 848,594$ 980,687$ 928,468 998,565$ 1,043,889$ 1,085,330$ 1,123,880$ 1,163,702$ Administration Department Expenditures 80 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Expenditures Salaries 316,610$ 326,134$ 387,649$ 356,000$ 425,401$ 436,171$ 460,160$ 473,965$ 488,184$ Benefits 98,451 119,604 139,321 119,111 159,277 169,399 182,015 194,075 206,926 Contractual Services 119,345 120,574 141,235 146,491 154,953 155,232 156,235 162,232 162,557 Supplies 1,820 2,067 2,500 2,500 2,500 2,500 2,500 2,500 2,500 Total Finance 536,226$ 568,379$ 670,705$ 624,102$ 742,131$ 763,302$ 800,910$ 832,772$ 860,167$ FINANCE DEPARTMENT The Finance Department is responsible for the accounting, internal controls, external reporting and auditing of all financial transactions. The Finance Department is in charge of preparing for the annual audit, utility billing, receivables, payables, treasury management and payroll and works with administration in the preparation of the annual budget. Personnel are budgeted in the General and Water Funds. $0 $200 $400 $600 $800 $1,000 Thousands81 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription Finance 01-120-50-00-5010 SALARIES & WAGES 316,610$ 326,134$ 387,649$ 356,000$ 425,401 436,171$ 460,160$ 473,965$ 488,184$ 01-120-52-00-5212 RETIREMENT PLAN CONTRIBUTION 32,884 26,266 26,065 23,000 25,115 25,690 27,886 29,623 31,390 01-120-52-00-5214 FICA CONTRIBUTION 22,937 23,588 28,816 27,000 31,560 33,138 34,961 36,010 37,090 01-120-52-00-5216 GROUP HEALTH INSURANCE 37,512 65,061 78,709 64,127 95,796 103,460 111,737 120,676 130,330 01-120-52-00-5222 GROUP LIFE INSURANCE 362 370 434 406 496 501 506 511 516 01-120-52-00-5223 DENTAL INSURANCE 4,132 3,695 4,639 4,070 5,534 5,811 6,102 6,407 6,727 01-120-52-00-5224 VISION INSURANCE 624 624 658 508 776 799 823 848 873 01-120-54-00-5412 TRAINING & CONFERENCES 140 1,590 3,500 3,500 3,500 3,500 3,500 3,500 3,500 01-120-54-00-5414 AUDITING SERVICES 35,900 28,695 29,300 29,300 32,905 33,610 34,315 40,000 40,000 01-120-54-00-5415 TRAVEL & LODGING - - 750 50 750 750 750 750 750 01-120-54-00-5424 COMPUTER REPLACEMENT CHARGEBACK 3,736 1,622 3,335 2,941 2,973 2,290 2,359 2,430 2,502 01-120-54-00-5430 PRINTING & DUPLICATING 3,265 3,169 4,000 3,500 4,000 4,000 4,000 4,000 4,000 01-120-54-00-5440 TELECOMMUNICATIONS 2,049 2,384 2,300 3,000 3,000 3,000 3,000 3,000 3,000 01-120-54-00-5452 POSTAGE & SHIPPING 1,044 2,177 1,300 1,500 2,000 2,000 2,000 2,000 2,000 01-120-54-00-5460 DUES & SUBSCRIPTIONS 510 835 1,500 1,100 1,500 1,500 1,500 1,500 1,500 01-120-54-00-5462 PROFESSIONAL SERVICES 70,638 78,043 80,000 90,000 95,000 95,000 95,000 95,000 95,000 01-120-54-00-5485 RENTAL & LEASE PURCHASE 2,063 2,059 4,000 5,000 5,000 5,000 5,000 5,000 5,000 01-120-54-00-5488 OFFICE CLEANING - - 11,250 6,600 4,325 4,582 4,811 5,052 5,305 01-120-56-00-5610 OFFICE SUPPLIES 1,820 2,067 2,500 2,500 2,500 2,500 2,500 2,500 2,500 536,226$ 568,379$ 670,705$ 624,102 742,131$ 763,302$ 800,910$ 832,772$ 860,167$ Finance Department Expenditures 82 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Expenditures Salaries 3,363,402$ 3,485,307$ 3,800,222$ 3,705,691$ 4,116,345$ 4,282,391$ 4,507,803$ 4,637,518$ 4,771,124$ Benefits 2,199,861 2,250,876 2,391,759 2,320,430 2,437,680 2,560,568 2,690,027 2,816,882 2,949,234 Contractual Services 316,253 278,651 487,331 449,402 484,774 510,472 543,431 655,913 580,825 Supplies 139,387 162,205 155,600 139,691 152,120 150,409 158,016 163,409 175,396 Total Police 6,018,903$ 6,177,039$ 6,834,912$ 6,615,214$ 7,190,919$ 7,503,840$ 7,899,277$ 8,273,722$ 8,476,579$ POLICE DEPARTMENT The mission of the Yorkville Police Department is to work in partnership with the community to protect life and property, assist neighborhoods with solving their problems and enhance the quality of life in our City. $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 Thousands83 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription Police 01-210-50-00-5008 SALARIES - POLICE OFFICERS 2,005,286$ 2,023,682$ 2,241,458$ 2,165,000$ 2,481,593$ 2,605,673$ 2,748,985$ 2,831,455$ 2,916,399$ 01-210-50-00-5011 SALARIES - COMMAND STAFF 473,178 545,168 573,567 567,000 601,808 631,898 666,652 686,652 707,252 01-210-50-00-5012 SALARIES - SERGEANTS 559,317 573,255 597,691 597,691 633,049 664,701 701,260 722,298 743,967 01-210-50-00-5013 SALARIES - POLICE CLERKS 165,838 164,708 176,506 170,000 185,895 196,119 206,906 213,113 219,506 01-210-50-00-5014 SALARIES - CROSSING GUARD 27,597 20,530 30,000 25,000 30,000 - - - - 01-210-50-00-5015 PART-TIME SALARIES 56,665 59,206 70,000 70,000 70,000 70,000 70,000 70,000 70,000 01-210-50-00-5020 OVERTIME 75,521 98,758 111,000 111,000 114,000 114,000 114,000 114,000 114,000 01-210-52-00-5212 RETIREMENT PLAN CONTRIBUTION 17,232 13,276 11,868 11,500 10,975 11,885 12,539 13,320 14,114 01-210-52-00-5213 1,334,771 1,334,771 1,378,837 1,378,837 1,386,265 1,436,265 1,486,265 1,536,265 1,586,265 01-210-52-00-5214 FICA CONTRIBUTION 249,950 258,918 282,882 278,000 307,125 322,481 340,217 350,424 360,937 01-210-52-00-5216 GROUP HEALTH INSURANCE 547,823 590,268 660,847 596,355 675,314 729,339 787,686 850,701 918,757 01-210-52-00-5222 GROUP LIFE INSURANCE 4,228 4,107 4,240 4,182 4,347 4,390 4,434 4,478 4,523 01-210-52-00-5223 DENTAL INSURANCE 39,843 43,330 46,703 45,360 47,192 49,552 52,030 54,632 57,364 01-210-52-00-5224 VISION INSURANCE 6,014 6,206 6,382 6,196 6,462 6,656 6,856 7,062 7,274 01-210-54-00-5410 TUITION REIMBURSEMENT 12,864 3,618 12,142 12,142 9,650 - - - - 01-210-54-00-5411 POLICE COMMISSION 5,171 6,435 18,000 15,000 11,200 11,200 20,000 11,200 11,200 01-210-54-00-5412 TRAINING & CONFERENCES 24,817 23,791 24,500 24,500 27,000 27,000 27,000 27,000 27,000 01-210-54-00-5413 TRAINING COORDINATOR SERVICES - - 50,000 33,333 52,000 54,080 56,243 58,493 60,833 01-210-54-00-5415 TRAVEL & LODGING 2,066 6,851 10,000 10,000 12,900 12,900 12,900 12,900 12,900 01-210-54-00-5422 VEHICLE & EQUIPMENT CHARGEBACK 91,732 47,825 129,173 129,173 152,078 146,329 155,767 289,145 189,377 01-210-54-00-5424 COMPUTER REPLACEMENT CHARGEBACK 3,518 17,627 3,216 4,654 3,624 17,643 3,411 3,960 23,946 01-210-54-00-5430 PRINTING & DUPLICATING 3,797 3,152 5,000 4,000 4,400 4,400 4,400 4,400 4,400 01-210-54-00-5437 VEHICLE MAINTENANCE CHARGEBACK - - - - - - 45,929 40,540 42,165 01-210-54-00-5440 TELECOMMUNICATIONS 40,158 39,451 35,000 42,000 43,000 43,000 43,000 43,000 43,000 01-210-54-00-5452 POSTAGE & SHIPPING 702 750 1,450 1,000 1,100 1,100 1,100 1,100 1,100 01-210-54-00-5460 DUES & SUBSCRIPTIONS 9,997 11,980 12,200 12,200 12,000 12,000 12,000 12,000 12,000 01-210-54-00-5462 PROFESSIONAL SERVICES 29,959 36,376 46,000 46,000 46,000 69,000 69,000 69,000 69,000 01-210-54-00-5467 ADJUDICATION SERVICES 14,046 14,172 22,050 16,500 18,800 20,000 20,000 20,000 20,000 01-210-54-00-5469 NEW WORLD & LIVE SCAN 1,995 1,995 2,000 2,000 2,000 2,000 2,000 2,000 2,000 01-210-54-00-5472 KENDALL CO JUVE PROBATION 6,608 5,173 6,600 6,600 6,600 6,600 6,600 6,600 6,600 01-210-54-00-5485 RENTAL & LEASE PURCHASE 4,825 5,101 8,000 10,000 10,000 10,000 10,000 10,000 10,000 01-210-54-00-5488 OFFICE CLEANING 12,724 12,754 42,000 20,300 12,422 13,220 13,881 14,575 15,304 01-210-54-00-5495 OUTSIDE REPAIR & MAINTENANCE 51,274 41,600 60,000 60,000 60,000 60,000 40,200 30,000 30,000 01-210-56-00-5600 WEARING APPAREL 14,963 15,044 15,000 15,000 15,000 15,000 15,000 15,000 15,000 01-210-56-00-5610 OFFICE SUPPLIES 7,487 4,701 4,500 4,500 4,500 4,500 4,500 4,500 4,500 01-210-56-00-5620 OPERATING SUPPLIES 31,366 41,033 17,000 17,000 17,000 17,000 17,000 17,000 17,000 01-210-56-00-5650 COMMUNITY SERVICES 2,947 3,297 3,000 3,000 3,500 3,500 3,500 3,500 3,500 01-210-56-00-5690 BALLISTIC VESTS 4,440 1,920 6,450 5,760 6,400 3,375 4,050 2,025 6,075 EMPLOYER CONTRIBUTION - POLICE PENSION 84 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription 01-210-56-00-5695 GASOLINE 70,454 87,289 101,650 86,500 97,720 99,034 105,966 113,384 121,321 01-210-56-00-5696 AMMUNITION 7,730 8,921 8,000 7,931 8,000 8,000 8,000 8,000 8,000 6,018,903$ 6,177,039$ 6,834,912$ 6,615,214 7,190,919$ 7,503,840$ 7,899,277$ 8,273,722$ 8,476,579$ Police Department Expenditures 85 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Expenditures Salaries 602,702$ 745,841$ 852,944$ 732,000$ 802,901$ 832,546$ 878,336$ 904,686$ 931,827$ Benefits 200,528 229,495 288,325 227,713 258,037 274,271 294,435 313,236 333,212 Contractual Services 340,487 306,960 166,402 326,911 226,606 199,784 207,411 281,110 284,921 Supplies 11,175 29,710 23,700 23,500 34,200 24,949 25,750 26,608 27,526 Total Community Development 1,154,892$ 1,312,006$ 1,331,371$ 1,310,124$ 1,321,744$ 1,331,550$ 1,405,932$ 1,525,640$ 1,577,486$ COMMUNITY DEVELOPMENT DEPARTMENT The primary focus of the Community Development Department is to ensure that all existing and new construction is consistent with the overall development goals of the City which entails short and long-range planning, administration of zoning regulations, building permits issuance and code enforcement. The department also provides staff support to the City Council, Plan Commission, Zoning Board of Appeals and Park Board and assists in the review of all development plans proposed within the United City of Yorkville. $0 $500 $1,000 $1,500 $2,000 Thousands86 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription Community Development 01-220-50-00-5010 SALARIES & WAGES 602,702$ 745,841$ 852,944$ 732,000$ 802,901$ 832,546$ 878,336$ 904,686$ 931,827$ 01-220-52-00-5212 RETIREMENT PLAN CONTRIBUTION 62,128 60,301 57,351 47,500 47,403 49,037 53,227 56,543 59,916 01-220-52-00-5214 FICA CONTRIBUTION 44,979 55,514 63,790 56,000 60,043 63,045 66,512 68,507 70,562 01-220-52-00-5216 GROUP HEALTH INSURANCE 84,594 101,800 150,781 111,330 137,825 148,851 160,759 173,620 187,510 01-220-52-00-5222 GROUP LIFE INSURANCE 608 899 1,071 855 916 925 934 943 952 01-220-52-00-5223 DENTAL INSURANCE 7,088 9,550 13,477 10,519 10,386 10,905 11,450 12,023 12,624 01-220-52-00-5224 VISION INSURANCE 1,131 1,431 1,855 1,509 1,464 1,508 1,553 1,600 1,648 01-220-54-00-5412 TRAINING & CONFERENCES 1,605 4,074 7,850 7,850 7,850 7,850 7,850 7,850 7,850 01-220-54-00-5415 TRAVEL & LODGING 1,426 4,852 7,000 7,000 7,000 7,000 7,000 7,000 7,000 01-220-54-00-5422 VEHICLE & EQUIPMENT CHARGEBACK 110,395 - - - - - - - - 01-220-54-00-5424 COMPUTER REPLACEMENT CHARGEBACK 5,910 8,428 3,577 3,936 3,150 6,187 3,795 3,442 6,761 01-220-54-00-5426 PUBLISHING & ADVERTISING 3,522 397 2,500 2,500 2,500 2,500 2,500 2,500 2,500 01-220-54-00-5430 PRINTING & DUPLICATING 835 915 3,000 1,000 3,000 3,000 3,000 3,000 3,000 01-220-54-00-5437 VEHICLE MAINTENANCE CHARGEBACK - - - - - - 9,893 8,813 9,166 01-220-54-00-5440 TELECOMMUNICATIONS 3,403 3,890 7,000 7,000 7,500 7,500 7,500 7,500 7,500 01-220-54-00-5452 POSTAGE & SHIPPING 123 258 500 500 500 500 500 500 500 01-220-54-00-5459 INSPECTIONS 160,270 87,120 90,000 150,000 145,000 125,000 125,000 125,000 125,000 01-220-54-00-5460 DUES & SUBSCRIPTIONS 2,112 1,290 3,500 3,500 4,000 4,000 4,000 4,000 4,000 01-220-54-00-5462 PROFESSIONAL SERVICES 46,690 192,143 20,000 130,000 30,000 20,000 20,000 95,000 95,000 01-220-54-00-5485 RENTAL & LEASE PURCHASE 2,269 2,269 5,500 5,500 9,000 9,000 9,000 9,000 9,000 01-220-54-00-5488 OFFICE CLEANING - - 11,250 3,400 2,381 2,522 2,648 2,780 2,919 01-220-54-00-5490 VEHICLE MAINTENANCE SERVICES 1,927 1,324 4,725 4,725 4,725 4,725 4,725 4,725 4,725 01-220-56-00-5610 OFFICE SUPPLIES 1,675 1,785 2,000 2,500 2,500 2,500 2,500 2,500 2,500 01-220-56-00-5620 OPERATING SUPPLIES 4,533 18,342 11,000 11,000 21,000 11,000 11,000 11,000 11,000 01-220-56-00-5695 GASOLINE 4,967 9,583 10,700 10,000 10,700 11,449 12,250 13,108 14,026 1,154,892$ 1,312,006$ 1,331,371$ 1,310,124 1,321,744$ 1,331,550$ 1,405,932$ 1,525,640$ 1,577,486$ Community Development Department Expenditures 87 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Expenditures Salaries 524,901$ 601,702$ 701,220$ 648,000$ 979,659$ 1,025,142$ 1,077,675$ 1,107,905$ 1,139,042$ Benefits 220,161 245,113 243,709 234,432 376,629 402,006 431,763 460,369 490,865 Contractual Services 1,713,870 2,374,766 3,124,059 3,077,023 3,058,054 2,310,547 3,101,708 3,106,726 3,366,321 Supplies 113,639 111,441 159,547 155,200 166,300 153,547 155,951 158,524 161,277 Total Public Works 2,572,571$ 3,333,022$ 4,228,535$ 4,114,655$ 4,580,642$ 3,891,242$ 4,767,097$ 4,833,524$ 5,157,505$ PUBLIC WORKS DEPARTMENT - STREET OPERATIONS / HEALTH & SANITATION The Public Works Department is an integral part of the United City of Yorkville. We provide high quality drinking water, efficient disposal of sanitary waste and maintain a comprehensive road and storm sewer network to ensure the safety and quality of life for the citizens of Yorkville. $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Thousands88 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription Public Works - Street Operations 01-410-50-00-5010 SALARIES & WAGES 493,536$ 585,881$ 635,220$ 618,000$ 909,659$ 955,142$ 1,007,675$ 1,037,905$ 1,069,042$ 01-410-50-00-5015 PART-TIME SALARIES 3,870 - 36,000 - 40,000 40,000 40,000 40,000 40,000 01-410-50-00-5020 OVERTIME 27,495 15,821 30,000 30,000 30,000 30,000 30,000 30,000 30,000 01-410-52-00-5212 RETIREMENT PLAN CONTRIBUTION 52,811 48,355 44,728 42,000 55,477 58,025 62,883 66,744 70,668 01-410-52-00-5214 FICA CONTRIBUTION 38,377 45,443 52,357 50,000 72,699 76,334 80,532 82,948 85,436 01-410-52-00-5216 GROUP HEALTH INSURANCE 118,132 138,437 134,167 129,983 228,831 247,137 266,908 288,261 311,322 01-410-52-00-5222 GROUP LIFE INSURANCE 1,049 1,037 774 899 1,129 1,140 1,151 1,163 1,175 01-410-52-00-5223 DENTAL INSURANCE 8,534 10,387 10,157 10,157 16,123 16,929 17,775 18,664 19,597 01-410-52-00-5224 VISION INSURANCE 1,258 1,454 1,526 1,393 2,370 2,441 2,514 2,589 2,667 01-410-54-00-5412 TRAINING & CONFERENCES - 1,311 6,000 6,000 10,000 10,000 10,000 10,000 10,000 01-410-54-00-5415 TRAVEL & LODGING 8 725 3,000 3,000 3,000 3,000 3,000 3,000 3,000 01-410-54-00-5422 VEHICLE & EQUIPMENT CHARGEBACK 108,000 549,408 1,113,569 1,113,569 941,887 102,563 737,396 604,896 695,981 01-410-54-00-5424 COMPUTER REPLACEMENT CHARGEBACK 453 6,866 - - 2,802 9,043 - 3,061 9,882 01-410-54-00-5435 TRAFFIC SIGNAL MAINTENANCE 16,406 42,176 100,000 70,000 60,000 30,000 30,000 30,000 30,000 01-410-54-00-5437 VEHICLE MAINTENANCE CHARGEBACK - - - - - - 39,565 35,253 36,666 01-410-54-00-5440 TELECOMMUNICATIONS 4,866 5,208 7,600 6,000 13,700 13,700 13,700 13,700 13,700 01-410-54-00-5455 MOSQUITO CONTROL - 7,404 7,404 7,404 7,774 8,163 8,571 9,000 9,450 01-410-54-00-5458 TREE & STUMP MAINTENANCE 12,750 17,974 30,000 22,000 30,000 30,000 30,000 30,000 30,000 01-410-54-00-5462 PROFESSIONAL SERVICES 11,753 9,503 12,000 12,000 30,000 30,000 30,000 30,000 30,000 01-410-54-00-5483 JULIE SERVICES 4,002 3,439 4,500 4,500 4,500 4,500 4,500 4,500 4,500 01-410-54-00-5485 RENTAL & LEASE PURCHASE 3,379 10,059 35,000 10,000 10,000 10,000 10,000 10,000 10,000 01-410-54-00-5488 OFFICE CLEANING 1,270 1,260 1,355 1,550 1,801 1,897 9,000 9,450 9,923 01-410-54-00-5490 VEHICLE MAINTENANCE SERVICES 73,825 104,338 80,000 80,000 80,000 65,000 43,550 32,500 32,500 01-410-56-00-5600 WEARING APPAREL 5,077 11,212 8,000 8,000 8,000 8,000 8,000 8,000 8,000 01-410-56-00-5620 OPERATING SUPPLIES 19,760 11,101 21,000 21,000 20,000 20,000 20,000 20,000 20,000 01-410-56-00-5628 VEHICLE MAINTENANCE SUPPLIES 39,293 26,382 35,000 35,000 35,000 35,000 35,000 35,000 35,000 01-410-56-00-5630 SMALL TOOLS & EQUIPMENT 8,921 13,957 15,000 15,000 25,000 10,000 10,000 10,000 10,000 01-410-56-00-5640 REPAIR & MAINTENANCE 11,782 9,212 45,000 45,000 45,000 45,000 45,000 45,000 45,000 01-410-56-00-5665 JULIE SUPPLIES 650 1,005 1,200 1,200 1,200 1,200 1,200 1,200 1,200 01-410-56-00-5695 GASOLINE 28,156 38,572 34,347 30,000 32,100 34,347 36,751 39,324 42,077 1,095,413$ 1,717,927$ 2,504,904$ 2,373,655 2,718,052$ 1,898,561$ 2,634,671$ 2,552,158$ 2,716,786$ Public Works - Street Department Expenditures 89 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription Public Works - Health & Sanitation 01-540-54-00-5441 GARBAGE SERVICES - SENIOR SUBSIDY 43,794$ 42,457$ 46,049$ 47,000$ 50,290$ 53,810$ 57,577$ 61,607$ 65,919$ 01-540-54-00-5442 GARBAGE SERVICES 1,427,471 1,565,018 1,669,200 1,686,000$ 1,804,020 1,930,301 2,065,422 2,210,002 2,364,702 01-540-54-00-5443 LEAF PICKUP 5,893 7,620 8,382 8,000 8,280 8,570 9,427 9,757 10,098 1,477,158$ 1,615,095$ 1,723,631$ 1,741,000 1,862,590$ 1,992,681$ 2,132,426$ 2,281,366$ 2,440,719$ 2,572,571$ 3,333,022$ 4,228,535$ 4,114,655 4,580,642$ 3,891,242$ 4,767,097$ 4,833,524$ 5,157,505$ Public Works - Health & Sanitation Department Expenditures Total Public Works - Street & Sanitation Department Expenditures 90 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Expenditures Salaries 4,703$ 7,220$ 10,000$ 10,000$ 10,000$ 10,000$ 10,000$ 10,000$ 10,000$ Benefits 428,782 452,258 511,732 486,238 529,777 558,036 587,991 619,743 653,400 Contractual Services 3,348,973 3,569,597 4,123,939 3,757,145 4,530,413 4,268,880 3,714,971 3,675,770 2,339,570 Supplies - 2,131 10,000 5,312 5,000 5,000 5,000 5,000 5,000 Contingency - - 75,000 100,000 75,000 75,000 75,000 75,000 75,000 Total Expenditures 3,782,458$ 4,031,206$ 4,730,671$ 4,358,695$ 5,150,190$ 4,916,916$ 4,392,962$ 4,385,513$ 3,082,970$ Other Financing Uses 6,797,039 7,889,863 4,241,084 6,175,044 4,285,600 5,212,281 5,493,776 5,161,031 6,404,003 Total Admin Services & Transfers 10,579,497$ 11,921,069$ 8,971,755$ 10,533,739$ 9,435,790$ 10,129,197$ 9,886,738$ 9,546,544$ 9,486,973$ ADMINISTRATIVE SERVICES DEPARTMENT The Administrative Services Department accounts for General Fund expenditures that are shared by all departments and cannot be easily classified in one department or the other. These expenditures include such items as tax rebates, shared services, information technology, bad debt, engineering services, legal expenditures and interfund transfers. $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 Thousands91 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription Administrative Services 01-640-50-00-5092 POLICE SPECIAL DETAIL WAGES 4,703$ 7,220$ 10,000$ 10,000$ 10,000$ 10,000$ 10,000$ 10,000$ 10,000$ 01-640-52-00-5230 UNEMPLOYMENT INSURANCE 15,312 21,197 16,000 23,000 25,000 25,000 25,000 25,000 25,000 01-640-52-00-5231 LIABILITY INSURANCE 369,608 408,518 461,392 428,898 470,987 499,246 529,201 560,953 594,610 01-640-52-00-5240 RETIREES - GROUP HEALTH INSURANCE 41,950 22,464 34,340 34,340 33,790 33,790 33,790 33,790 33,790 01-640-52-00-5241 RETIREES - DENTAL INSURANCE 1,838 60 - - - - - - - 01-640-52-00-5242 RETIREES - VISION INSURANCE 74 19 - - - - - - - 01-640-54-00-5418 PURCHASING SERVICES 37,114 11,065 - - - - - - - 01-640-54-00-5423 IDOR ADMINISTRATION FEE 64,461 69,286 70,277 69,708 71,081 72,485 73,819 75,183 76,578 01-640-54-00-5427 GC HOUSING RENTAL ASSISTANCE 9,960 10,242 11,266 11,352 11,730 12,903 14,194 15,613 17,174 01-640-54-00-5428 UTILITY TAX REBATE 8,627 - - - - - - - - 01-640-54-00-5434 GIS CONSORTIUM SERVICES - - 50,000 - 151,247 128,937 132,738 136,654 141,211 01-640-54-00-5439 AMUSEMENT TAX REBATE 25,564 32,836 25,500 15,752 - - - - - 01-640-54-00-5449 KENCOM 194,516 240,925 243,815 216,686 244,649 259,065 274,333 290,504 307,630 01-640-54-00-5450 INFORMATION TECHNOLOGY SERVICES 173,138 288,383 400,000 310,000 475,000 457,500 300,000 300,000 300,000 01-640-54-00-5453 BUILDINGS & GROUNDS CHARGEBACK 86,745 154,526 218,320 166,122 266,358 292,906 278,685 432,269 249,518 01-640-54-00-5456 CORPORATE COUNSEL 60,657 109,642 110,000 150,000 135,000 135,000 135,000 135,000 135,000 01-640-54-00-5461 LITIGATION COUNSEL 61,263 46,992 100,000 70,000 75,000 75,000 75,000 75,000 75,000 01-640-54-00-5462 PROFESSIONAL SERVICES 34,761 33,273 38,450 38,450 38,500 38,550 38,600 38,650 38,700 01-640-54-00-5463 SPECIAL COUNSEL 12,391 8,554 35,000 15,000 30,000 30,000 30,000 30,000 30,000 01-640-54-00-5465 ENGINEERING SERVICES 410,303 399,880 450,000 400,000 425,000 430,000 435,000 440,000 450,000 01-640-54-00-5473 KENDALL AREA TRANSIT 35,325 23,550 29,438 24,728 27,201 29,921 32,913 36,204 39,824 01-640-54-00-5478 SPECIAL CENSUS - - - - 200,000 - - - - 01-640-54-00-5481 HOTEL TAX REBATE 124,574 137,264 126,000 153,000 153,000 153,000 153,000 153,000 153,000 01-640-54-00-5486 ECONOMIC DEVELOPMENT 167,135 172,820 183,855 180,350 189,368 195,049 200,900 206,927 213,135 01-640-54-00-5491 CITY PROPERTY TAX REBATE 1,328 1,370 1,418 1,501 1,576 1,655 1,738 - - 01-640-54-00-5492 SALES TAX REBATE 1,155,467 1,038,657 1,222,000 1,125,000 1,215,000 1,121,450 700,000 675,000 - 01-640-54-00-5493 BUSINESS DISTRICT REBATE 536,698 582,036 607,600 581,140 595,703 610,459 620,512 630,766 107,800 01-640-54-00-5494 ADMISSIONS TAX REBATE 148,662 208,296 200,000 223,356 220,000 220,000 213,539 - - 01-640-54-00-5499 BAD DEBT 284 - 1,000 5,000 5,000 5,000 5,000 5,000 5,000 01-640-56-00-5625 REIMBURSABLE REPAIRS - 2,131 10,000 5,312 5,000 5,000 5,000 5,000 5,000 01-640-70-00-7799 CONTINGENCY - - 75,000 100,000 75,000 75,000 75,000 75,000 75,000 3,782,458$ 4,031,206$ 4,730,671$ 4,358,695 5,150,190$ 4,916,916$ 4,392,962$ 4,385,513$ 3,082,970$ 01-640-99-00-9923 TRANSFER TO CITY-WIDE CAPITAL 1,091,989$ 2,902,227$ 603,012$ 1,843,512$ 440,775$ 166,538$ 972,436$ 1,002,544$ 852,777$ 01-640-99-00-9924 TRANSFER TO BUILDINGS & GROUNDS 3,324,556 803,877 100,170 799,779 387,344 912,911 1,406,549 894,171 2,114,772 01-640-99-00-9942 TRANSFER TO DEBT SERVICE 320,425 321,373 - - - - - - - 01-640-99-00-9952 TRANSFER TO SEWER 519,749 1,600,356 1,065,723 1,065,859 1,069,096 1,077,162 - - - Administrative Services Department Expenditures 92 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription 01-640-99-00-9979 TRANSFER TO PARKS & RECREATION 1,515,511 2,232,541 2,440,844 2,440,844 2,360,083 3,025,760 3,083,176 3,230,894 3,401,117 01-640-99-00-9982 TRANSFER TO LIBRARY OPERATIONS 24,809 29,489 31,335 25,050 28,302 29,910 31,615 33,422 35,337 6,797,039$ 7,889,863$ 4,241,084$ 6,175,044 4,285,600$ 5,212,281$ 5,493,776$ 5,161,031$ 6,404,003$ 14,887,393$ 16,270,246$ 18,776,881$ 17,951,258$ 19,984,191$ 19,450,739$ 20,351,508$ 20,975,051$ 20,318,409$ 21,231$ -$ -$ -$ -$ -$ -$ -$ -$ (6,797,039) (7,889,863) (4,241,084) (6,175,044) (4,285,600) (5,212,281) (5,493,776) (5,161,031) (6,404,003) (6,775,808)$ (7,889,863)$ (4,241,084)$ (6,175,044) (4,285,600)$ (5,212,281)$ (5,493,776)$ (5,161,031)$ (6,404,003)$ Surplus(Deficit)1,454,746 369,505 - - - - - - - Fund Balance 10,627,100$ 10,996,607$ 10,627,100$ 10,996,607$ 10,996,607$ 10,996,607$ 10,996,607$ 10,996,607$ 10,996,607$ Fund Balance %49.01%45.52%46.17%45.58%45.31%44.59%42.55%42.07%41.15% Total General Fund Expenditures Other Financing Uses (Transfers Out) Transfers In General Fund Net Transfers 93 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Taxes 16,034$ 21,501$ 24,000$ 24,017$ 24,000$ 24,000$ 24,000$ 24,000$ 24,000$ Total Revenues 16,034$ 21,501$ 24,000$ 24,017$ 24,000$ 24,000$ 24,000$ 24,000$ 24,000$ Expenditures Contractual Services 4,688$ 6,043$ 60,640$ 13,640$ 60,640$ 13,640$ 15,368$ 15,368$ 50,368$ Total Expenditures 4,688$ 6,043$ 60,640$ 13,640$ 60,640$ 13,640$ 15,368$ 15,368$ 50,368$ Surplus (Deficit)11,346$ 15,458$ (36,640)$ 10,377$ (36,640)$ 10,360$ 8,632$ 8,632$ (26,368)$ Ending Fund Balance 21,576$ 37,034$ (3,563)$ 47,411$ 10,771$ 21,131$ 29,763$ 38,395$ 12,027$ 460.24%612.84%-5.88%347.59%17.76%154.92%193.67%249.84%23.88% Fox Hill SSA Fund (11) This fund was created for the purpose of maintaining the common areas of the Fox Hill Estates (SSA 2004-201) subdivision. All money for the fund is derived from property taxes levied on homeowners in the subdivision. ($20) $0 $20 $40 $60 ThousandsFund Balance 94 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription FOX HILL SSA FUND - 11 11-000-40-00-4000 PROPERTY TAXES 16,034$ 21,501$ 24,000$ 24,017$ 24,000$ 24,000$ 24,000$ 24,000$ 24,000$ 16,034 21,501 24,000$ 24,017$ 24,000$ 24,000$ 24,000$ 24,000$ 24,000$ 11-111-54-00-5495 OUTSIDE REPAIR & MAINTENANCE 4,688$ 6,043$ 60,640$ 13,640$ 60,640$ 13,640$ 15,368$ 15,368$ 50,368$ 4,688$ 6,043$ 60,640$ 13,640$ 60,640$ 13,640$ 15,368$ 15,368$ 50,368$ Surplus(Deficit)11,346 15,458 (36,640) 10,377 (36,640) 10,360 8,632 8,632 (26,368) Fund Balance 21,576$ 37,034$ (3,563)$ 47,411$ 10,771$ 21,131$ 29,763$ 38,395$ 12,027$ 460.24%612.84%-5.88%347.59%17.76%154.92%193.67%249.84%23.88% Fox Hill SSA Revenues Fox Hill SSA Expenditures 95 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Taxes 20,363$ 21,000$ 21,000$ 21,015$ 21,000$ 21,000$ 21,000$ 21,000$ 21,000$ Total Revenues 20,363$ 21,000$ 21,000$ 21,015$ 21,000$ 21,000$ 21,000$ 21,000$ 21,000$ Expenditures Contractual Services 9,569$ 11,600$ 18,640$ 21,000$ 23,640$ 18,640$ 20,368$ 20,368$ 20,368$ Total Expenditures 9,569$ 11,600$ 18,640$ 21,000$ 23,640$ 18,640$ 20,368$ 20,368$ 20,368$ Surplus (Deficit)10,794$ 9,400$ 2,360$ 15$ (2,640)$ 2,360$ 632$ 632$ 632$ Ending Fund Balance 2,386$ 11,786$ 10,746$ 11,801$ 9,161$ 11,521$ 12,153$ 12,785$ 13,417$ 24.93%101.60%57.65%56.20%38.75%61.81%59.67%62.77%65.87% This fund was created for the purpose of maintaining the common areas of the Sunflower Estates (SSA 2006-119) subdivision. All money for the fund is derived from property taxes levied on homeowners in the subdivision. Sunflower SSA Fund (12) $0 $5 $10 $15 ThousandsFund Balance 96 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription SUNFLOWER SSA FUND - 12 12-000-40-00-4000 PROPERTY TAXES 20,363$ 21,000$ 21,000$ 21,015$ 21,000$ 21,000$ 21,000$ 21,000$ 21,000$ 20,363$ 21,000$ 21,000$ 21,015$ 21,000$ 21,000$ 21,000$ 21,000$ 21,000$ 12-112-54-00-5416 POND MAINTENANCE 3,268$ 5,160$ 5,000$ 5,000$ 5,000$ 5,000$ 5,000$ 5,000$ 5,000$ 12-112-54-00-5495 OUTSIDE REPAIR & MAINTENANCE 6,301 6,440 13,640 16,000 18,640$ 13,640 15,368$ 15,368$ 15,368 9,569$ 11,600$ 18,640$ 21,000$ 23,640$ 18,640$ 20,368$ 20,368$ 20,368$ Surplus(Deficit)10,794 9,400 2,360 15 (2,640) 2,360 632 632 632 Fund Balance 2,386$ 11,786$ 10,746$ 11,801$ 9,161$ 11,521$ 12,153$ 12,785$ 13,417$ 24.93%101.60%57.65%56.20%38.75%61.81%59.67%62.77%65.87% Sunflower SSA Revenues Sunflower SSA Expenditures 97 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Intergovernmental 1,255,645$ 1,177,614$ 994,400$ 1,050,289$ 1,062,562$ 1,081,339$ 1,237,484$ 1,259,759$ 1,282,479$ Investment Earnings 1,846 79,709 5,000 28,000 5,000 5,000 5,000 5,000 5,000 Total Revenues 1,257,491$ 1,257,323$ 999,400$ 1,078,289$ 1,067,562$ 1,086,339$ 1,242,484$ 1,264,759$ 1,287,479$ Expenditures Supplies 114,587$ 125,624$ 190,000$ 172,000$ 190,000$ 190,000$ 190,000$ 190,000$ 190,000$ Capital Outlay 2,117,313 1,081,272 1,050,000 977,770 1,000,000 1,020,000 1,050,000 1,075,000 1,100,000 Total Expenditures 2,231,900$ 1,206,896$ 1,240,000$ 1,149,770$ 1,190,000$ 1,210,000$ 1,240,000$ 1,265,000$ 1,290,000$ Surplus (Deficit)(974,409)$ 50,427$ (240,600)$ (71,481)$ (122,438)$ (123,661)$ 2,484$ (241)$ (2,521)$ Ending Fund Balance 269,412$ 319,840$ 3,983$ 248,359$ 125,921$ 2,260$ 4,744$ 4,503$ 1,982$ Motor Fuel Tax Fund (15) The Motor Fuel Tax Fund is used to maintain existing and construct new City owned roadways, alleys and parking lots. The fund also purchases materials used in the maintenance and operation of those facilities. $0 $100 $200 $300 $400 ThousandsFund Balance 98 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription MOTOR FUEL TAX FUND - 15 15-000-41-00-4112 MOTOR FUEL TAX 438,216$ 469,439$ 503,226$ 486,430 485,138 494,841 575,528 587,038 598,779 15-000-41-00-4113 MFT HIGH GROWTH 79,463 123,724 79,463 123,724 123,724 123,724 123,724 123,724 123,724 15-000-41-00-4114 TRANSPORTATION RENEWAL TAX 320,091 375,514 411,711 440,135 453,700 462,774 538,232 548,997 559,976 15-000-41-00-4115 REBUILD ILLINOIS 417,875 208,937 - - - - - - - 15-000-45-00-4500 1,846 79,709 5,000 28,000 5,000 5,000 5,000 5,000 5,000 1,257,491$ 1,257,323$ 999,400$ 1,078,289$ 1,067,562$ 1,086,339$ 1,242,484$ 1,264,759$ 1,287,479$ 15-155-56-00-5618 SALT 114,587$ 125,624$ 190,000$ 172,000$ 190,000$ 190,000$ 190,000$ 190,000$ 190,000$ 15-155-60-00-6005 FOX HILL IMPROVEMENTS 1,253,625 - - - - - - - - 15-155-60-00-6025 ROAD TO BETTER ROADS PROGRAM 789,901 1,000,000 1,000,000 952,369 1,000,000 1,020,000 1,050,000 1,075,000 1,100,000 15-155-60-00-6028 PAVEMENT STRIPING PROGRAM - 50,528 50,000 25,401 - - - - - 15-155-60-00-6079 ROUTE 47 EXPANSION 73,787 30,744 - - - - - - - 2,231,900$ 1,206,896$ 1,240,000$ 1,149,770$ 1,190,000$ 1,210,000$ 1,240,000$ 1,265,000$ 1,290,000$ Surplus(Deficit)(974,409) 50,427 (240,600) (71,481) (122,438) (123,661) 2,484 (241) (2,521) Fund Balance 269,412$ 319,840$ 3,983$ 248,359$ 125,921$ 2,260$ 4,744$ 4,503$ 1,982$ Motor Fuel Tax Revenues Motor Fuel Tax Expenditures INVESTMENT EARNINGS 99 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Intergovernmental -$ 29,777$ 500,000$ 229,454$ 277,250$ 42,000$ -$ -$ -$ Licenses & Permits 216,195 465,106 103,000 454,000 103,000$ 103,000 103,000 103,000 103,000 Charges for Service 837,007 880,006 897,130 902,500 929,575$ 948,167 967,130 986,473 1,006,202 Investment Earnings 4,712 36,964 25,000 85,000 20,000$ 60,000 15,000 5,000 5,000 Reimbursements 1,619,840 1,014,482 1,445,653 54,101 1,250,518$ 332,359 150,000 2,338,349 - Miscellaneous - - - 1,000 -$ - - - - Total Revenues 2,677,754$ 2,426,335$ 2,970,783$ 1,726,055$ 2,580,343$ 1,485,526$ 1,235,130$ 3,432,822$ 1,114,202$ Other Financing Sources 3,138,492 2,902,227 603,012 1,843,512 440,775$ 6,741,695 972,436 1,002,544 852,777 Total Revenues and Transfers 5,816,246$ 5,328,562$ 3,573,795$ 3,569,567$ 3,021,118$ 8,227,221$ 2,207,566$ 4,435,366$ 1,966,979$ Expenditures Contractual Services 230,327$ 75,921$ 140,075$ 126,475$ 227,675$ 220,939$ 153,872$ 162,447$ 171,537$ Supplies 60,490 78,460 115,000 126,000 100,000 100,000 100,000 100,000 100,000 Capital Outlay 2,674,678 2,131,182 4,224,254 1,916,645 6,885,000 4,678,659 3,803,000 4,235,000 752,000 Debt Service 315,338 319,338 313,038 313,038 316,738 513,807 892,638 896,450 892,150 Total Expenditures 3,280,833$ 2,604,901$ 4,792,367$ 2,482,158$ 7,529,413$ 5,513,405$ 4,949,510$ 5,393,897$ 1,915,687$ Other Financing Uses 489,382 104,209 104,627 104,627 104,034 55,366 54,738 54,948 55,087 Total Expenditures & Transfers 3,770,215$ 2,709,110$ 4,896,994$ 2,586,785$ 7,633,447$ 5,568,771$ 5,004,248$ 5,448,845$ 1,970,774$ Surplus (Deficit)2,046,031$ 2,619,452$ (1,323,199)$ 982,782$ (4,612,329)$ 2,658,450$ (2,796,682)$ (1,013,479)$ (3,795)$ Ending Fund Balance 2,165,601$ 4,785,053$ 3,276,137$ 5,767,835$ 1,155,506$ 3,813,956$ 1,017,274$ 3,795$ -$ The City-Wide Capital Fund is used to maintain existing and construct new public infrastructure, and to fund other improvements that benefit the public. City-Wide Capital Fund (23) $0 $2,000 $4,000 $6,000 $8,000 ThousandsFund Balance 100 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription CITY-WIDE CAPITAL FUND - 23 23-000-41-00-4160 -$ -$ 500,000$ 225,000$ 275,000$ -$ -$ -$ -$ 23-000-41-00-4163 - 29,777 - 4,454 2,250 - - - - 23-000-41-00-4165 FEDERAL GRANTS - STP VAN EMMON - - - - - 42,000 - - - 23-000-42-00-4210 BUILDING PERMITS 203,480 276,710 - 216,000 - - - - - 23-000-42-00-4214 DEVELOPMENT FEES - CW CAPITAL 4,715 14,396 3,000 8,000 3,000 3,000 3,000 3,000 3,000 23-000-42-00-4222 ROAD CONTRIBUTION FEE 8,000 174,000 100,000 230,000 100,000 100,000 100,000 100,000 100,000 23-000-44-00-4440 ROAD INFRASTRUCTURE FEE 837,007 880,006 897,130 902,500 929,575 948,167 967,130 986,473 1,006,202 23-000-45-00-4500 4,712 36,964 25,000 85,000 20,000 60,000 15,000 5,000 5,000 23-000-46-00-4606 REIMB - COM ED - - 125,759 - 90,000 35,759 - - - 23-000-46-00-4612 REIMB - GRANDE RESERVE IMPROVEMENTS 1,601,412 976,593 1,115,000 36,101 960,000 125,000 150,000 2,338,349 - 23-000-46-00-4618 REIMB - BRISTOL BAY ANNEX - - - - - 171,600 - - - 23-000-46-00-4621 REIMB - FOUNTAIN VILLAGE 165 - - - - - - - - 23-000-46-00-4636 REIMB - RAINTREE VILLAGE 6,355 4,377 204,894 - 200,518 - - - - 23-000-46-00-4660 REIMB - PUSH FOR THE PATH - 26,523 - - - - - - - 23-000-46-00-4690 REIMB - MISCELLANEOUS 11,908 6,989 - 18,000 - - - - - 23-000-48-00-4850 MISCELLANEOUS INCOME - - - 1,000 - - - - - 2,677,754$ 2,426,335$ 2,970,783$ 1,726,055$ 2,580,343$ 1,485,526$ 1,235,130$ 3,432,822$ 1,114,202$ 23-000-49-00-4900 BOND PROCEEDS - - - - - 5,985,000 - - - 23-000-49-00-4903 PREMIUM ON BOND ISSUANCE - - - - - 590,157 - - - 23-000-49-00-4901 TRANSFER FROM GENERAL 1,091,989 2,902,227 603,012 1,843,512 440,775 166,538 972,436 1,002,544 852,777 23-000-49-00-4924 TRANSFER FROM BUILDINGS & GROUNDS 2,046,503 - - - - - - - - 3,138,492$ 2,902,227$ 603,012$ 1,843,512$ 440,775$ 6,741,695$ 972,436$ 1,002,544$ 852,777$ 5,816,246$ 5,328,562$ 3,573,795$ 3,569,567$ 3,021,118$ 8,227,221$ 2,207,566$ 4,435,366$ 1,966,979$ City-Wide Capital Expenditures 23-230-54-00-5402 BOND ISSUANCE COSTS -$ -$ -$ -$ -$ 75,157$ -$ -$ -$ 23-230-54-00-5462 PROFESSIONAL SERVICES - 1,024 10,000 1,000 5,000 5,000 5,000 5,000 5,000 23-230-54-00-5465 ENGINEERING SERVICES 126,167 14,054 12,000 - 90,000 - - - - 23-230-54-00-5482 STREET LIGHTING 103,350 59,880 116,600 120,000 127,200 134,832 142,922 151,497 160,587 23-230-54-00-5498 PAYING AGENT FEES 475 475 475 475 475 950 950 950 950 23-230-54-00-5499 BAD DEBT 335 488 1,000 5,000 5,000 5,000 5,000 5,000 5,000 23-230-56-00-5619 SIGNS 10,751 17,162 15,000 15,000 20,000 20,000 20,000 20,000 20,000 23-230-56-00-5632 ASPHALT PATCHING 5,264 9,715 35,000 10,000 10,000 10,000 10,000 10,000 10,000 23-230-56-00-5637 SIDEWALK CONSTRUCTION SUPPLIES 7,500 5,906 10,000 10,000 15,000 15,000 15,000 15,000 15,000 23-230-56-00-5642 STREET LIGHTING & OTHER SUPPLIES 36,975 45,677 55,000 91,000 55,000 55,000 55,000 55,000 55,000 23-230-60-00-6005 FOX HILL IMPROVEMENTS 158 135,732 60,000 60,000 30,000 - - - - 23-230-60-00-6012 MILL ROAD IMPROVEMENTS 1,560,439 448,532 - - - - - - - 23-230-60-00-6016 US 34 (CENTER / ELDAMAIN RD) PROJECT - - 107,000 - 107,000 - - - - 23-230-60-00-6025 ROAD TO BETTER ROADS (RTBR) PROGRAM 812,945 650,514 1,154,360 784,263 872,000 652,000 622,000 547,000 522,000 23-230-60-00-6028 RTBR PROGRAM - SUBDIVISION PAVING - - - - 3,750,000 2,201,000 2,201,000 528,000 - FEDERAL GRANTS City-Wide Capital Revenues Other Financing Sources FEDERAL GRANTS - STP BRISTOL RIDGE Total City-Wide Capital Revenues & Transfers INVESTMENT EARNINGS 101 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription 23-230-60-00-6032 BRISTOL RIDGE ROAD IMPROVEMENTS 76,381 128,958 - 5,939 13,000 - - - - 23-230-60-00-6034 DRAINAGE DISTRICT IMPROVEMENTS - - 500,000 225,000 275,000 - - - - 23-230-60-00-6035 RTE 47 IMPROV (WATER PARK WAY / JERICHO)- - - - - 180,000 180,000 180,000 - 23-230-60-00-6036 RAINTREE VILLAGE IMPROVEMENTS 6,355 4,377 204,894 - - - - - - 23-230-60-00-6039 RTE 47 IMPROV (KENNEDY / WATER PARK WAY)- - - - 180,000 180,000 180,000 - - 23-230-60-00-6040 KENNEDY ROAD (EMERALD LN / FREEDOM DR)- - - - 125,000 125,000 150,000 2,750,000 - 23-230-60-00-6041 SIDEWALK REPLACEMENT PROGRAM 159,960 171,753 200,000 153,100 200,000 200,000 200,000 200,000 200,000 23-230-60-00-6044 RTE 47 & RTE 71 IMPROV (RT 71 / CATON FARM)- - - - 90,000 90,000 90,000 - - 23-230-60-00-6045 TREE REPLACEMENT PROGRAM - - - - 30,000 30,000 30,000 30,000 30,000 23-230-60-00-6058 ROUTE 71 (RTE 47 / RTE 126) PROJECT - - 26,000 - 26,000 - - - - 23-230-60-00-6059 US 34 (IL 47 / ORCHARD RD) PROJECT - - 85,000 99,833 - - - - - 23-230-60-00-6062 PRAIRIE POINTE PEDESTRIAN BRIDGE - - - - 50,000 23-230-60-00-6063 ROUTE 47 (RTE 30 / WATER PARK WAY)- - - - 150,000 150,000 150,000 - - 23-230-60-00-6071 BASELINE ROAD IMPROVEMENTS - 36,900 575,000 515,964 - - - - - 23-230-60-00-6085 CORNEILS ROAD IMPROVEMENTS - - 145,000 - 90,000 35,759 - - - 23-230-60-00-6087 KENNEDY ROAD (FREEDOM PLACE)- 101,671 1,100,000 30,000 835,000 - - - - 23-230-60-00-6088 KENNEDY ROAD (NORTH)58,440 420,836 15,000 546 - - - - - 23-230-60-00-6089 VAN EMMON STREET IMPROVEMENTS - - 52,000 42,000 10,000 175,400 - - - 23-230-60-00-6094 KENNEDY ROAD BIKE TRAIL - 31,909 - - - - - - - 23-230-60-00-6098 BRISTOL BAY SUBDIVISION - - - - 52,000 659,500 - - - Debt Service - 2025 Bond 23-230-76-00-8000 PRINCIPAL PAYMENT - - - - - - 280,000 290,000 305,000 23-230-76-00-8050 INTEREST PAYMENT - - - - - 198,669 299,250 285,250 270,750 Debt Service - 2014A Bond 23-230-78-00-8000 PRINCIPAL PAYMENT 200,000 210,000 210,000 210,000 220,000 225,000 230,000 245,000 250,000 23-230-78-00-8050 INTEREST PAYMENT 115,338 109,338 103,038 103,038 96,738 90,138 83,388 76,200 66,400 3,280,833$ 2,604,901$ 4,792,367$ 2,482,158$ 7,529,413$ 5,513,405$ 4,949,510$ 5,393,897$ 1,915,687$ 23-230-99-00-9924 TRANSFER TO BUILDINGS & GROUNDS 384,824$ -$ -$ -$ -$ -$ -$ -$ -$ 23-230-99-00-9951 TRANSFER TO WATER 104,558 104,209 104,627 104,627 104,034 55,366 54,738 54,948 55,087 489,382$ 104,209$ 104,627$ 104,627$ 104,034$ 55,366$ 54,738$ 54,948$ 55,087$ 3,770,215$ 2,709,110$ 4,896,994$ 2,586,785$ 7,633,447$ 5,568,771$ 5,004,248$ 5,448,845$ 1,970,774$ 3,280,833$ 2,604,901$ 4,792,367$ 2,482,158$ 7,529,413$ 5,513,405$ 4,949,510$ 5,393,897$ 1,915,687$ 3,138,492$ 2,902,227$ 603,012$ 1,843,512$ 440,775$ 6,741,695$ 972,436$ 1,002,544$ 852,777$ (489,382) (104,209) (104,627) (104,627) (104,034) (55,366) (54,738) (54,948) (55,087) 2,649,110$ 2,798,018$ 498,385$ 1,738,885$ 336,741$ 6,686,329$ 917,698$ 947,596$ 797,690$ Surplus(Deficit)2,046,031 2,619,452 (1,323,199) 982,782 (4,612,329) 2,658,450 (2,796,682) (1,013,479) (3,795) Fund Balance 2,165,601$ 4,785,053$ 3,276,137$ 5,767,835$ 1,155,506$ 3,813,956$ 1,017,274$ 3,795$ -$ City-Wide Capital Fund Net Transfers Total City-Wide Capital Fund Expenditures Transfers In City-Wide Capital Expenditures (Transfers Out) City-Wide Capital Expenditures & Transfers 102 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Licenses & Permits 21,231$ 168,005$ 30,000$ 290,000$ 30,000$ 30,000$ 30,000$ 30,000$ 30,000$ Charges for Service 108,431 199,586 280,386 215,138 320,039 349,628 338,820 519,069 313,857 Investment Earnings 1,171 47,981 275,000 40,000 600,000 100,000 25,000 15,000 22,500 Miscellaneous 576 55,863 - 2,500 514,408 - - - - Total Revenues 131,409$ 471,435$ 585,386$ 547,638$ 1,464,447$ 479,628$ 393,820$ 564,069$ 366,357$ Other Financing Sources 13,494,391 803,877 32,589,237 1,499,779 41,923,711 2,698,733 3,192,037 2,681,157 3,901,592 Total Revenues and Transfers 13,625,800$ 1,275,312$ 33,174,623$ 2,047,417$ 43,388,158$ 3,178,361$ 3,585,857$ 3,245,226$ 4,267,949$ Expenditures Salaries 33,558$ 62,741$ 176,683$ 148,500$ 170,331$ 178,798$ 188,577$ 194,204$ 200,000$ Benefits 7,461 13,409 58,394 48,096 52,117 55,392 59,420 63,132 67,071 Contractual Services 290,097 241,287 521,417 110,531 596,517 158,943 163,384 286,025 162,744 Supplies 13,989 50,660 51,500 61,000 66,500 51,500 51,500 51,500 51,500 Capital Outlay 1,078,232 8,238,317 3,010,000 522,864 8,542,000 26,178,000 5,602,000 120,000 28,200 Debt Service 132,474 805,244 799,915 799,779 1,910,857 3,483,425 3,225,613 3,227,863 3,227,013 Total Expenditures 1,555,811$ 9,411,658$ 4,617,909$ 1,690,770$ 11,338,322$ 30,106,058$ 9,290,494$ 3,942,724$ 3,736,528$ Other Financing Uses 2,067,734 - - - - - - - - Total Expenditures & Transfers 3,623,545$ 9,411,658$ 4,617,909$ 1,690,770$ 11,338,322$ 30,106,058$ 9,290,494$ 3,942,724$ 3,736,528$ Surplus (Deficit)10,002,255$ (8,136,346)$ 28,556,714$ 356,647$ 32,049,836$ (26,927,697)$ (5,704,637)$ (697,498)$ 531,421$ Ending Fund Balance 10,002,257$ 1,865,907$ 29,728,789$ 2,222,554$ 34,272,390$ 7,344,693$ 1,640,056$ 942,558$ 1,473,979$ Buildings & Grounds Fund (24) The Buildings & Grounds Fund was created in Fiscal Year 2022 and is used to maintain existing and construct new municipal owned buildings. $0 $10,000 $20,000 $30,000 $40,000 ThousandsFund Balance 103 FY 2022FY 2023FY 2024FY 2024FY 2025FY 2026FY 2027FY 2028FY 2029Account NumberActualActualAdoptedProjectedProposedProjectedProjectedProjectedProjectedDescriptionBUILDINGS & GROUNDS FUND - 2424-000-42-00-4218 DEVELOPMENT FEES - MUNICIPAL BLDG21,231$ 168,005$ 30,000$ 290,000$ 30,000$ 30,000$ 30,000$ 30,000$ 30,000$ 24-000-44-00-4416 BUILDINGS & GROUNDS CHARGEBACK108,431 199,586 280,386 215,138 320,039 349,628 338,820 519,069 313,857 24-000-45-00-45001,171 47,981 275,000 40,000 600,000 100,000 25,000 15,000 22,500 24-000-48-00-4850 MISCELLANEOUS INCOME576 55,863 - 2,500 514,408 - - - - 131,409$ 471,435$ 585,386$ 547,638$ 1,464,447$ 479,628$ 393,820$ 564,069$ 366,357$ 24-000-49-00-4900 BOND PROCEEDS 9,260,000 - 29,365,000 - 39,210,000 - - - - 24-000-49-00-4901 TRANSFER FROM GENERAL 3,324,556 803,877 100,170 799,779 387,344 912,911 1,406,549 894,171 2,114,772 24-000-49-00-4903 PREMIUM ON BOND ISSUANCE 525,011 - 2,929,619 - 1,184,017 - - - - 24-000-49-00-4910 SALE OF CAPITAL ASSETS - - - 700,000 405,000 - - - - 24-000-49-00-4923 TRANSFER FROM CITY-WIDE CAPITAL 384,824 - - - - - - - - 24-000-49-00-4951 TRANSFER FROM WATER - - 97,224 - 368,675 892,911 892,744 893,493 893,410 24-000-49-00-4952 TRANSFER FROM SEWER- - 97,224 - 368,675 892,911 892,744 893,493 893,410 13,494,391$ 803,877$ 32,589,237$ 1,499,779$ 41,923,711$ 2,698,733$ 3,192,037$ 2,681,157$ 3,901,592$ 13,625,800$ 1,275,312$ 33,174,623$ 2,047,417$ 43,388,158$ 3,178,361$ 3,585,857$ 3,245,226$ 4,267,949$ Building & Grounds Expenditures24-216-50-00-5010 SALARIES & WAGES33,558$ 60,247$ 173,683$ 148,000$ 169,331$ 177,798$ 187,577$ 193,204$ 199,000$ 24-216-50-00-5020 OVERTIME- 2,494 3,000 500 1,000 1,000 1,000 1,000 1,000 24-216-52-00-5212 RETIREMENT PLAN CONTRIBUTION3,339 5,155 11,880 10,000 10,056 10,472 11,367 12,075 12,796 24-216-52-00-5214 FICA CONTRIBUTION2,640 5,098 13,218 12,000 12,827 13,468 14,209 14,635 15,074 24-216-52-00-5216 GROUP HEALTH INSURANCE900 1,950 29,893 22,881 25,831 27,897 30,129 32,539 35,142 24-216-52-00-5222 GROUP LIFE INSURANCE62 123 248 248 248 250 253 256 259 24-216-52-00-5223 DENTAL INSURANCE444 931 2,767 2,618 2,767 2,905 3,050 3,203 3,363 24-216-52-00-5224 VISION INSURANCE76 152 388 349 388 400 412 424 437 24-216-54-00-5402BOND ISSUANCE COSTS107,048 - 294,619 - 394,017 - - - - 24-216-54-00-5422 VEHICLE & EQUIPMENT CHARGEBACK- - 30,000 - - - - 125,000 - 24-216-54-00-5424 COMPUTER REPLACEMENT CHARGEBACK1,191 - 2,223 1,959 - 1,443 2,359 - 1,577 24-216-54-00-5432 FACILITY MANAGEMENT SERVICES62,637 61,914 - - - - - - - 24-216-54-00-5437 VEHICLE MAINTENANCE CHARGEBACK- - - - - - 3,525 3,525 3,667 24-216-54-00-5440 TELECOMMUNICATIONS2,331 3,151 4,100 1,050 1,500 1,500 1,500 1,500 1,500 24-216-54-00-5446 PROPERTY & BLDG MAINT SERVICES116,890 175,711 190,000 100,000 195,000 150,000 150,000 150,000 150,000 24-216-54-00-5462 PROFESSIONAL SERVICES- 36 - 7,047 5,000 5,000 5,000 5,000 5,000 24-216-54-00-5498 PAYING AGENT FEES- 475 475 475 1,000 1,000 1,000 1,000 1,000 24-216-56-00-5600 WEARING APPAREL841 1,747 1,500 1,000 1,500 1,500 1,500 1,500 1,500 24-216-56-00-5626 HANGING BASKETS412 - - - - - - - - 24-216-56-00-5656 PROPERTY & BLDG MAINT SUPPLIES12,736 48,913 50,000 60,000 65,000 50,000 50,000 50,000 50,000 24-216-60-00-6017 PROPERTY ACQUISITION- - - - 1,750,000 - - - - 24-216-60-00-6020 BUILDING IMPROVEMENTS- - - - 82,000 98,000 72,000 120,000 28,200 24-216-60-00-6030 CITY HALL IMPROVEMENTS1,078,232 6,841,632 - 222,864 - - - - - 24-216-60-00-6042 PUBLIC WORKS / PARKS FACILITY- 1,396,685 3,010,000 300,000 6,710,000 26,080,000 5,530,000 - - Buildings & Grounds RevenuesOther Financing SourcesINVESTMENT EARNINGSBuildings & Grounds Revenues & Transfers104 FY 2022FY 2023FY 2024FY 2024FY 2025FY 2026FY 2027FY 2028FY 2029Account NumberActualActualAdoptedProjectedProposedProjectedProjectedProjectedProjectedDescriptionDebt Service - 2021 Bond24-216-82-00-8000 PRINCIPAL PAYMENT - 320,000 330,000 330,000 345,000 360,000 375,000 390,000 405,000 24-216-82-00-8050 INTEREST PAYMENT 132,474 223,900 211,100 211,100 197,900 184,100 169,700 154,700 139,100 Debt Service - 2024 Bond24-216-86-00-8000 PRINCIPAL PAYMENT - - - - - 910,000 955,000 1,005,000 1,055,000 24-216-86-00-8050 INTEREST PAYMENT - - - - 1,107,133 1,771,413 1,725,913 1,678,163 1,627,913 Debt Service - 2022 Bond24-216-95-00-8000 PRINCIPAL PAYMENT - 250,000 250,112 250,000 255,000 255,000 - - - 24-216-95-00-8050 INTEREST EXPENSE- 11,344 8,703 8,679 5,824 2,912 - - - 1,555,811$ 9,411,658$ 4,617,909$ 1,690,770$ 11,338,322$ 30,106,058$ 9,290,494$ 3,942,724$ 3,736,528$ 24-216-99-00-9901 TRANSFER TO GENERAL 21,231$ -$ -$ -$ -$ -$ -$ -$ -$ 24-216-99-00-9923 TRANSFER TO CITY-WIDE CAPITAL2,046,503 - - - - - - - - 2,067,734$ -$ -$ -$ -$ -$ -$ -$ -$ 3,623,545$ 9,411,658$ 4,617,909$ 1,690,770$ 11,338,322$ 30,106,058$ 9,290,494$ 3,942,724$ 3,736,528$ 1,555,811$ 9,411,658$ 4,617,909$ 1,690,770$ 11,338,322$ 30,106,058$ 9,290,494$ 3,942,724$ 3,736,528$ 13,494,391$ 803,877$ 32,589,237$ 1,499,779$ 41,923,711$ 2,698,733$ 3,192,037$ 2,681,157$ 3,901,592$ (2,067,734) - - - - - - - - 11,426,657$ 803,877$ 32,589,237$ 1,499,779$ 41,923,711$ 2,698,733$ 3,192,037$ 2,681,157$ 3,901,592$ Surplus(Deficit) 10,002,255 (8,136,346) 28,556,714 356,647 32,049,836 (26,927,697) (5,704,637) (697,498) 531,421 Fund Balance 10,002,257$ 1,865,907$ 29,728,789$ 2,222,554$ 34,272,390$ 7,344,693$ 1,640,056$ 942,558$ 1,473,979$ Transfers In(Transfers Out)Building & Grounds Fund Net TransfersBuilding & Grounds ExpendituresTotal Building & Grounds Fund ExpendituresOther Financing UsesBuilding & Grounds Expenditures & Transfers105 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Intergovernmental 9,590$ -$ 240,553$ 240,553$ -$ -$ -$ -$ -$ Licenses & Permits 112,511 155,950 110,000 273,000 115,000 115,000 115,000 115,000 115,000 Fines & Forfeits 7,529 11,585 7,300 10,800 10,800 10,800 10,800 10,800 10,800 Charges for Service 423,071 876,986 1,567,477 1,540,601 1,444,474 691,650 1,371,071 1,539,664 1,518,593 Investment Earnings 105 - - - - - - - - Reimbursements 22,860 44,512 - 152,096 - 40,000 50,000 - 360,000 Miscellaneous 323 3,189 500 3,127 500 500 500 500 500 Total Revenues 575,989$ 1,092,222$ 1,925,830$ 2,220,177$ 1,570,774$ 857,950$ 1,547,371$ 1,665,964$ 2,004,893$ Other Financing Sources 35,598 265,878 126,000 48,966 98,000 135,000 150,000 88,000 85,000 Total Revenues and Transfers 611,587$ 1,358,100$ 2,051,830$ 2,269,143$ 1,668,774$ 992,950$ 1,697,371$ 1,753,964$ 2,089,893$ Vehicle Maint Expenditures Salaries -$ -$ -$ -$ -$ -$ 45,000$ 92,700$ 95,481$ Benefits - - - - - - 23,260 48,310 51,182 Capital Outlay - - - - - - 90,000 - - Sub-Total Expenditures -$ -$ -$ -$ -$ -$ 158,260$ 141,010$ 146,663$ Police Capital Expenditures Contractual Services 466$ 61,152$ 35,750$ 26,324$ 65,750$ 36,325$ 36,325$ 49,325$ 49,325$ Capital Outlay 120,259 325,510 451,553 477,862 222,600 157,304 166,742 290,120 187,352 Sub-Total Expenditures 120,725$ 386,662$ 487,303$ 504,186$ 288,350$ 193,629$ 203,067$ 339,445$ 236,677$ General Government Capital Expenditures Supplies 24,088$ 74,899$ 18,118$ 20,535$ 19,235$ 81,484$ 16,374$ 18,888$ 95,804$ Capital Outlay 110,395 - - - - - - - - Sub-Total Expenditures 134,483$ 74,899$ 18,118$ 20,535$ 19,235$ 81,484$ 16,374$ 18,888$ 95,804$ Public Works Capital Expenditures Contractual Services 67$ 134$ 750$ 152$ 500$ 500$ 500$ 500$ 500$ Supplies - - 500 500 500 500 500 500 500 Capital Outlay 239,288 442,121 1,945,500 689,507 2,426,000 237,667 887,500 815,000 810,000 Debt Service 69,396 69,396 69,396 69,396 69,396 69,396 69,396 69,396 40,481 Sub-Total Expenditures 308,751$ 511,651$ 2,016,146$ 759,555$ 2,496,396$ 308,063$ 957,896$ 885,396$ 851,481$ Parks & Rec Capital Expenditures Contractual Services -$ -$ 1,600$ -$ 2,000$ 2,000$ 2,000$ 2,000$ 2,000$ Capital Outlay 139,622 341,830 610,000 564,240 518,300 459,000 407,000 379,000 756,000 Debt Service 2,174 2,174 2,174 2,174 2,174 2,174 2,174 2,174 1,268 Sub-Total Expenditures 141,796$ 344,004$ 613,774$ 566,414$ 522,474$ 463,174$ 411,174$ 383,174$ 759,268$ Total Expenditures 705,755$ 1,317,216$ 3,135,341$ 1,850,690$ 3,326,455$ 1,046,350$ 1,746,771$ 1,767,913$ 2,089,893$ Surplus (Deficit)(94,168)$ 40,884$ (1,083,511)$ 418,453$ (1,657,681)$ (53,400)$ (49,400)$ (13,949)$ -$ Police Capital Fund Balance 264,360$ 112,841$ 70,000$ 160,972$ 75,000$ 75,000$ 75,000$ 75,000$ 75,000$ Vehicle Maint Fund Balance --------- General Government Fund Balance 973 1,253 973 1,526 1,526 1,526 1,526 1,526 1,526 Public Works Capital Fund Balance 586,136 797,759 -1,389,009 ----- Parks & Rec Capital Fund Balance 540,153 520,650 230,000 299,449 116,749 63,349 13,949 -- Ending Fund Balance 1,391,622$ 1,432,503$ 300,973$ 1,850,956$ 193,275$ 139,875$ 90,475$ 76,526$ 76,526$ Vehicle and Equipment Fund (25) This fund was created in Fiscal Year 2014, consolidating the Police Capital, Public Works Capital and Park & Recreation Capital funds. The General Government function was added in Fiscal Year 2019 to account for administrative vehicle and City-wide computer purchases. This fund primarily derives its revenue from monies collected from building permits and development fees, in addition to functional chargebacks. The revenue is primarily used to purchase vehicles and equipment for use in the operations of the Police, General Government, Public Works and Parks & Recreation Departments. $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 ThousandsFund Balance 106 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription VEHICLE & EQUIPMENT FUND - 25 25-000-41-00-4160 FEDERAL GRANTS -$ -$ 240,553$ 240,553$ -$ -$ -$ -$ -$ 25-000-41-00-4170 STATE GRANTS 9,590 - - - - - - - - 25-000-42-00-4208 PUBLIC WORKS RECAPTURE FEES - - - 10,000 5,000 5,000 5,000 5,000 5,000 25-000-42-00-4215 DEVELOPMENT FEES - POLICE CAPITAL 23,250 34,050 30,000 65,000 30,000 30,000 30,000 30,000 30,000 25-000-42-00-4217 WEATHER WARNING SIREN FEES 1,411 - 500 - 500 500 500 500 500 25-000-42-00-4218 ENGINEERING CAPITAL FEE 21,800 28,100 10,000 32,000 10,000 10,000 10,000 10,000 10,000 25-000-42-00-4219 DEVELOPMENT FEES - PW CAPITAL 55,150 79,750 64,500 150,000 64,500 64,500 64,500 64,500 64,500 25-000-42-00-4220 DEVELOPMENT FEES - PARK CAPITAL 10,900 14,050 5,000 16,000 5,000 5,000 5,000 5,000 5,000 25-000-43-00-4315 6,649 10,805 6,500 10,000 10,000 10,000 10,000 10,000 10,000 25-000-43-00-4316 880 780 800 800 800 800 800 800 800 25-000-44-00-4416 BUILDING & GROUNDS CHARGEBACK - - 30,000 - - - - 125,000 - 25-000-44-00-4418 MOWING INCOME - - 500 1,207 500 500 500 500 500 25-000-44-00-4419 COMMUNITY DEVELOPMENT CHARGEBACK 110,395 - - - - - - - - 25-000-44-00-4420 POLICE CHARGEBACK 91,732 47,825 129,173 129,173 152,078 146,329 155,767 289,145 189,377 25-000-44-00-4421 PUBLIC WORKS CHARGEBACK 108,000 549,408 1,113,569 1,113,569 941,887 102,563 737,396 604,896 695,981 25-000-44-00-4423 VEHICLE MAINTENANCE CHARGEBACK - - - - - - 158,260 141,010 146,663 25-000-44-00-4427 PARKS & RECREATION CHARGEBACK 88,866 204,854 276,117 276,117 330,774 360,774 302,774 360,225 390,268 25-000-44-00-4428 COMPUTER REPLACEMENT CHARGEBACK 24,078 74,899 18,118 20,535 19,235 81,484 16,374 18,888 95,804 25-000-45-00-4522 105 - - - - - - - - 25-000-46-00-4695 MISCELLANEOUS REIMB - POLICE CAPITAL 22,860 - - 100,000 - - - - - 25-000-46-00-4692 MISCELLANEOUS REIMB - PARK CAPITAL - 44,512 - 52,096 - 40,000 50,000 - 360,000 25-000-48-00-4850 MISCELLANEOUS INCOME - GEN GOV 42 283 - 273 - - - - - 25-000-48-00-4852 MISCELLANEOUS INCOME - POLICE CAPITAL 208 343 - 300 - - - - - 25-000-48-00-4854 MISCELLANEOUS INCOME - PW CAPITAL - 2,321 500 1,554 500 500 500 500 500 25-000-48-00-4855 MISCELLANEOUS INCOME - PARK CAPITAL 73 242 - 1,000 - - - - - 575,989$ 1,092,222$ 1,925,830$ 2,220,177$ 1,570,774$ 857,950$ 1,547,371$ 1,665,964$ 2,004,893$ 25-000-49-00-4920 SALE OF CAPITAL ASSETS - POLICE CAPITAL 695 10,156 6,000 6,491 9,000 6,000 6,000 9,000 6,000 25-000-49-00-4921 SALE OF CAPITAL ASSETS - PW CAPITAL 30,903 63,695 116,000 42,475 85,000 125,000 140,000 75,000 75,000 25-000-49-00-4922 SALE OF CAPITAL ASSETS - PARK CAPITAL 4,000 27,000 4,000 - 4,000 4,000 4,000 4,000 4,000 25-000-49-00-4995 LEASE PROCEEDS - 131,184 - - - - - - - 25-000-49-00-4972 TRANSFER FROM LAND CASH - 33,843 - - - - - - - 35,598$ 265,878$ 126,000$ 48,966$ 98,000$ 135,000$ 150,000$ 88,000$ 85,000$ 611,587$ 1,358,100$ 2,051,830$ 2,269,143$ 1,668,774$ 992,950$ 1,697,371$ 1,753,964$ 2,089,893$ Vehicle Maintenance Services 25-200-50-00-5010 SALARIES & WAGES -$ -$ -$ -$ -$ -$ 45,000$ 92,700$ 95,481$ 25-200-52-00-5212 RETIREMENT PLAN CONTRIBUTION - - - - - - 2,813 5,794 6,139 25-200-52-00-5214 FICA CONTRIBUTION - - - - - - 3,443 7,093 7,306 25-200-52-00-5216 GROUP HEALTH INSURANCE - - - - - - 15,834 33,742 35,981 25-200-52-00-5222 GROUP LIFE INSURANCE - - - - - - 55 110 111 DUI FINES Total Vehicle & Equipment Revenues & Transf Vehicle & Equipment Revenues INVESTMENT EARNINGS - PARK CAPITAL Other Financing Sources ELECTRONIC CITATION FEES 107 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription 25-200-52-00-5223 DENTAL INSURANCE - - - - - - 986 1,305 1,371 25-200-52-00-5224 VISION INSURANCE - - - - - - 129 266 274 25-200-60-00-6070 VEHICLES - - - - - - 90,000$ - - -$ -$ -$ -$ -$ -$ 158,260$ 141,010$ 146,663$ Police Capital 25-205-54-00-5485 RENTAL & LEASE PURCHASE -$ 43,831$ 27,000$ 25,839$ 57,000$ 27,575$ 27,575$ 40,575$ 40,575$ 25-205-54-00-5495 OUTSIDE REPAIR & MAINTENANCE 466 17,321 8,750 485 8,750 8,750 8,750 8,750 8,750 25-205-60-00-6060 EQUIPMENT - 145,809 240,553 340,553 - - - 25,000 - 25-205-60-00-6070 120,259 179,701 211,000 137,309 222,600 157,304 166,742 265,120 187,352 120,725$ 386,662$ 487,303$ 504,186$ 288,350$ 193,629$ 203,067$ 339,445$ 236,677$ General Government Capital 25-212-56-00-5635 COMPUTER EQUIPMENT & SOFTWARE 24,088$ 74,899$ 18,118$ 20,535$ 19,235$ 81,484$ 16,374$ 18,888$ 95,804$ 25-212-60-00-6070 110,395 - - - - - - - - 134,483$ 74,899$ 18,118$ 20,535$ 19,235$ 81,484$ 16,374$ 18,888$ 95,804$ Public Works Capital 25-215-54-00-5448 FILING FEES 67$ 134$ 750$ 152$ 500$ 500$ 500$ 500$ 500$ 25-215-56-00-5620 OPERATING SUPPLIES - - 500 500 500 500 500 500 500 25-215-60-00-6060 EQUIPMENT 92,186 305,803 238,500 215,368 250,000 35,000 15,000 - 275,000 25-215-60-00-6070 147,102 136,318 1,707,000 474,139 2,176,000 202,667 872,500 815,000 535,000 Debt Service - 185 Wolf Street Building 25-215-92-00-8000 PRINCIPAL PAYMENT 58,039 55,511 57,544 57,544 59,710 61,927 64,225 66,604 39,992 25-215-92-00-8050 INTEREST PAYMENT 11,357 13,885 11,852 11,852 9,686 7,469 5,171 2,792 489 308,751$ 511,651$ 2,016,146$ 759,555$ 2,496,396$ 308,063$ 957,896$ 885,396$ 851,481$ 308,751$ 511,651$ 2,016,146$ 759,555$ 2,496,396$ 308,063$ 957,896$ 885,396$ 851,481$ Parks & Recreation Capital 25-225-54-00-5495 OUTSIDE REPAIR & MAINTENANCE -$ -$ 1,600$ -$ 2,000$ 2,000$ 2,000$ 2,000$ 2,000$ 25-225-60-00-6010 PARK IMPROVEMENTS 90,890 81,645 495,000 417,332 186,000 160,000 220,000 185,000 560,000 25-225-60-00-6020 BUILDING IMPROVEMENTS - - - - 19,300 - - - - 25-225-60-00-6060 EQUIPMENT 48,732 55,481 77,000 107,913 219,000 115,000 135,000 77,000 41,000 25-225-60-00-6070 VEHICLES - 204,704 38,000 38,995 94,000 184,000 52,000 117,000 155,000 Debt Service - 185 Wolf Street Building 25-225-92-00-8000 PRINCIPAL PAYMENT 1,818 1,739 1,803 1,803 1,871 1,940 2,012 2,087 1,253 25-225-92-00-8050 INTEREST PAYMENT 356 435 371 371 303 234 162 87 15 141,796$ 344,004$ 613,774$ 566,414$ 522,474$ 463,174$ 411,174$ 383,174$ 759,268$ 141,796$ 344,004$ 613,774$ 566,414$ 522,474$ 463,174$ 411,174$ 383,174$ 759,268$ Total Parks & Recreation Capital Expenditures & Transfers VEHICLES Vehicle Maintenance Services Expenditures Public Works Capital Expenditures Police Capital Expenditures General Government Capital Expenditures Total Public Works Capital Expenditures & Transfers Parks & Recreation Capital Expenditures VEHICLES VEHICLES 108 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription 705,755$ 1,317,216$ 3,135,341$ 1,850,690$ 3,326,455$ 1,046,350$ 1,746,771$ 1,767,913$ 2,089,893$ 35,598$ 265,878$ 126,000$ 48,966$ 98,000$ 135,000$ 150,000$ 88,000$ 85,000$ 35,598$ 265,878$ 126,000$ 48,966$ 98,000$ 135,000$ 150,000$ 88,000$ 85,000$ Surplus(Deficit)(94,168) 40,884 (1,083,511) 418,453 (1,657,681) (53,400) (49,400) (13,949) - 264,360$ 112,841$ 70,000$ 160,972$ 75,000$ 75,000$ 75,000$ 75,000$ 75,000$ - - - - - - - - - 973 1,253 973 1,526 1,526 1,526 1,526 1,526 1,526 586,136 797,759 - 1,389,009 - - - - - 540,153 520,650 230,000 299,449 116,749 63,349 13,949 - - Fund Balance 1,391,622$ 1,432,503$ 300,973$ 1,850,956$ 193,275$ 139,875$ 90,475$ 76,526$ 76,526$ Fund Balance - Police Capital Fund Balance - General Government Fund Balance - Vehicle Maint Services Transfers In Fund Balance - Public Works Capital Vehicle & Equipment Fund Net Transfers Fund Balance - Parks & Rec Capital Total Vehicle & Equipment Fund Expenditures 109 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Licenses & Permits 8,950$ 8,425$ -$ -$ -$ -$ -$ -$ -$ Total Revenues 8,950$ 8,425$ -$ -$ -$ -$ -$ -$ -$ Other Financing Sources 320,425 321,373 - - - - - - - Total Revenue 329,375$ 329,798$ -$ -$ -$ -$ -$ -$ -$ Expenditures Contractual Services 475$ 198$ -$ -$ -$ -$ -$ -$ -$ Debt Service 328,900 329,600 - - - - - - - Total Expenditures 329,375$ 329,798$ -$ -$ -$ -$ -$ -$ -$ Surplus (Deficit)-$ -$ -$ -$ -$ -$ -$ -$ -$ Ending Fund Balance -$ -$ -$ -$ -$ -$ -$ -$ -$ Debt Service Fund (42) The Debt Service Fund accumulates monies for payment of the 2014B bonds, which refinanced the 2005A bonds. The 2005A bonds were originally issued to finance road improvement projects. This Fund was closed out in Fiscal Year 2023. $0 $50 $100 Fund Balance 110 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription DEBT SERVICE FUND - 42 42-000-42-00-4208 RECAPTURE FEES - WATER & SEWER 8,950$ 8,425$ -$ -$ -$ -$ -$ -$ -$ 8,950$ 8,425$ -$ -$ -$ -$ -$ -$ -$ 42-000-49-00-4901 TRANSFER FROM GENERAL 320,425$ 321,373$ -$ -$ -$ -$ -$ -$ -$ 320,425$ 321,373$ -$ -$ -$ -$ -$ -$ -$ 329,375$ 329,798$ -$ -$ -$ -$ -$ -$ -$ 42-420-54-00-5498 PAYING AGENT FEES 475$ 198$ -$ -$ -$ -$ -$ -$ -$ Debt Service - 2014B Refunding Bond 42-420-79-00-8000 PRINCIPAL PAYMENT 310,000 320,000 - - - - - - - 42-420-79-00-8050 INTEREST PAYMENT 18,900 9,600 - - - - - - - 329,375$ 329,798$ -$ -$ -$ -$ -$ -$ -$ Surplus(Deficit)- - - - - - - - - Fund Balance -$ -$ -$ -$ -$ -$ -$ -$ -$ Debt Service Fund Revenues Other Financing Sources Debt Service Fund Revenues & Transfers Debt Service Fund Expenditures 111 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Taxes -$ -$ 350,000$ 200,000$ 700,000$ 714,000$ 728,280$ 742,846$ 757,703$ Intergovernmental - - - 325,000 300,000 300,000 - - - Charges for Service 4,944,694 5,775,185 5,459,210 6,533,000 7,058,897 8,048,565 9,072,114 10,631,311 12,498,682 Investment Earnings (27,633) 51,039 35,000 360,000 300,000 150,000 150,000 60,000 175,000 Reimbursements 2,920 2,021 48,500 244,173 10,935,000 - - - - Miscellaneous 105,950 106,877 109,134 112,307 112,996 115,938 118,962 122,072 125,269 Total Revenues 5,025,931$ 5,935,122$ 6,001,844$ 7,774,480$ 19,406,893$ 9,328,503$ 10,069,356$ 11,556,229$ 13,556,654$ Other Financing Sources 180,233 177,859 10,262,457 10,276,496 28,747,394 47,986,166 48,785,903 28,392,548 3,716,687 Total Revenues and Transfers 5,206,164$ 6,112,981$ 16,264,301$ 18,050,976$ 48,154,287$ 57,314,669$ 58,855,259$ 39,948,777$ 17,273,341$ Expenses Salaries 488,536$ 519,498$ 613,000$ 541,000$ 708,137$ 740,294$ 769,435$ 790,808$ 812,822$ Benefits 234,464 291,390 315,829 303,056 325,151 346,706 371,151 395,482 421,426 Contractual Services 1,160,985 918,505 2,732,234 1,313,103 2,462,031 2,360,870 2,336,326 1,385,192 1,171,990 Supplies 480,005 471,199 469,600 525,000 549,390 481,462 495,754 510,803 345,868 Capital Outlay 1,136,503 2,092,090 10,692,025 8,594,062 34,343,127 57,019,666 50,548,000 36,330,200 2,891,200 Developer Commitments - - 136,795 - - - - - - Debt Service 1,815,830 1,655,525 975,291 900,131 1,451,184 3,175,717 2,953,043 3,792,374 3,681,969 Total Expenses 5,316,323$ 5,948,207$ 15,934,774$ 12,176,352$ 39,839,020$ 64,124,715$ 57,473,709$ 43,204,859$ 9,325,275$ Other Financing Uses - - 97,224 - 368,675 892,911 892,744 893,493 893,410 Total Expenses & Transfers 5,316,323$ 5,948,207$ 16,031,998$ 12,176,352$ 40,207,695$ 65,017,626$ 58,366,453$ 44,098,352$ 10,218,685$ Surplus (Deficit)(110,159)$ 164,774$ 232,303$ 5,874,624$ 7,946,592$ (7,702,957)$ 488,806$ (4,149,575)$ 7,054,656$ Ending Fund Balance Equivalent 3,791,199$ 3,955,973$ 4,085,790$ 9,830,597$ 17,777,189$ 10,074,232$ 10,563,038$ 6,413,463$ 13,468,119$ 71.31%66.51%25.49%80.74%44.21%15.49%18.10%14.54%131.80% Water Fund (51) The Water Fund is an enterprise fund which is comprised of both a capital and operational budget. The capital portion is used for the improvement and expansion of water infrastructure, while the operational side is used to service and maintain City water systems. $0 $10,000 $20,000 ThousandsFund Balance Equivalent 112 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription WATER FUND - 51 51-000-40-00-4085 PLACES OF EATING TAX -$ -$ 350,000$ 200,000$ 700,000 714,000 728,280 742,846 757,703 51-000-41-00-4160 FEDERAL GRANTS - - - 225,000 300,000 300,000 - - - 51-000-41-00-4166 DCEO - GENERAL INFRA GRANT - - - 100,000 - - - - - 51-000-44-00-4424 WATER SALES 3,447,225 3,919,451 3,965,500 4,300,000 5,400,000 6,480,000 7,452,000 8,942,400 10,730,880 51-000-44-00-4425 BULK WATER SALES 6,050 - 5,000 - 5,000 5,000 5,000 5,000 5,000 51-000-44-00-4426 LATE PENALTIES - WATER 140,331 163,256 168,920 193,000 206,297 242,013 274,231 323,310 382,089 51-000-44-00-4430 WATER METER SALES 209,245 201,210 100,000 220,000 200,000 125,000 125,000 125,000 125,000 51-000-44-00-4440 WATER INFRASTRUCTURE FEE 858,759 896,683 919,790 920,000 947,600 966,552 985,883 1,005,601 1,025,713 51-000-44-00-4450 WATER CONNECTION FEES 283,084 594,585 300,000 900,000 300,000 230,000 230,000 230,000 230,000 51-000-45-00-4500 2,030 44,220 35,000 360,000 300,000 150,000 150,000 60,000 175,000 51-000-45-00-4555 UNREALIZED GAIN(LOSS)(29,663) 6,819 - - - - - - - 51-000-46-00-4662 REIMB - YBSD - - 48,500 100,000 550,000 - - - - 51-000-46-00-4664 REIMB - ILLINOIS RTE 47 (IDOT)- - - - 1,090,000 - - - - 51-000-46-00-4665 REIMB - LINCOLN PRAIRIE - - - 140,000 9,295,000 - - - - 51-000-46-00-4690 REIMB - MISCELLANEOUS 2,920 2,021 - 4,173 - - - - - 51-000-48-00-4820 RENTAL INCOME 102,305 105,351 108,134 108,134 110,996 113,938 116,962 120,072 123,269 51-000-48-00-4850 MISCELLANEOUS INCOME 3,645 1,526 1,000 4,173 2,000 2,000 2,000 2,000 2,000 5,025,931$ 5,935,122$ 6,001,844$ 7,774,480$ 19,406,893$ 9,328,503$ 10,069,356$ 11,556,229$ 13,556,654$ 51-000-49-00-4900 BOND PROCEEDS - - 9,265,000 9,985,000 22,735,000 - 8,545,565 - - 51-000-49-00-4903 PREMIUM ON BOND ISSUANCE - - 818,705 112,744 338,835 - - - - 51-000-49-00-4905 IEPA LOAN PROCEEDS - - - - - - - - - 51-000-49-00-4908 LOAN PROCEEDS - WIFIA - - - - 5,500,000 47,912,800 40,185,600 28,277,600 3,601,600 51-000-49-00-4910 SALE OF CAPITAL ASSETS - - - - - 18,000 - 60,000 60,000 51-000-49-00-4923 TRANSFER FROM CITY-WIDE CAPITAL 104,558 104,209 104,627 104,627 104,034 55,366 54,738 54,948 55,087 51-000-49-00-4952 TRANSFER FROM SEWER 75,675 73,650 74,125 74,125 69,525 - - - - 180,233$ 177,859$ 10,262,457$ 10,276,496$ 28,747,394$ 47,986,166$ 48,785,903$ 28,392,548$ 3,716,687$ 5,206,164$ 6,112,981$ 16,264,301$ 18,050,976$ 48,154,287$ 57,314,669$ 58,855,259$ 39,948,777$ 17,273,341$ Water Operations Department 51-510-50-00-5010 SALARIES & WAGES 475,333$ 509,509$ 576,000$ 530,000$ 643,137$ 675,294$ 712,435$ 733,808$ 755,822$ 51-510-50-00-5015 PART-TIME SALARIES 3,488 - 15,000 - 45,000 45,000 45,000 45,000 45,000 51-510-50-00-5020 OVERTIME 9,715 9,989 22,000 11,000 20,000 20,000 12,000 12,000 12,000 51-510-52-00-5212 RETIREMENT PLAN CONTRIBUTION 49,803 41,607 40,209 35,000 39,151 40,953 43,901 46,613 49,371 51-510-52-00-5214 FICA CONTRIBUTION 35,808 38,610 45,058 40,000 52,391 55,011 58,037 59,778 61,571 51-510-52-00-5216 GROUP HEALTH INSURANCE 107,445 160,488 174,548 175,320 177,541 191,744 207,084 223,651 241,543 51-510-52-00-5222 GROUP LIFE INSURANCE 781 803 909 850 920 929 938 947 956 51-510-52-00-5223 DENTAL INSURANCE 8,579 12,026 12,759 12,759 12,461 13,084 13,738 14,425 15,146 51-510-52-00-5224 VISION INSURANCE 1,275 1,483 1,705 1,599 1,665 1,682 1,732 1,784 1,838 51-510-52-00-5230 UNEMPLOYMENT INSURANCE 1,479 2,080 2,000 2,500 3,000 3,000 3,000 3,000 3,000 51-510-52-00-5231 LIABILITY INSURANCE 29,294 34,293 38,641 35,028 38,022 40,303 42,721 45,284 48,001 51-510-54-00-5401 ADMINISTRATIVE CHARGEBACK 126,596 133,075 138,174 138,174 108,735 114,172 120,451 124,065 127,787 Water Fund Revenues Total Water Fund Revenues & Transfers Other Financing Sources INVESTMENT EARNINGS 113 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription 51-510-54-00-5402 BOND ISSUANCE COSTS - - 528,705 93,038 250,000 - - - - 51-510-54-00-5404 WATER METER REPLACEMENT PROGRAM - - 900,000 - 800,000 1,000,000 1,000,000 - - 51-510-54-00-5412 TRAINING & CONFERENCES 2,079 3,027 9,200 9,200 9,200 9,200 9,200 9,200 9,200 51-510-54-00-5415 TRAVEL & LODGING 34 1,322 4,000 4,000 4,000 4,000 4,000 4,000 4,000 51-510-54-00-5424 COMPUTER REPLACEMENT CHARGEBACK 453 8,147 1,112 756 - 11,296 - - 12,344 51-510-54-00-5426 PUBLISHING & ADVERTISING - 743 500 2,000 1,000 1,000 1,000 1,000 1,000 51-510-54-00-5429 WATER SAMPLES 8,167 11,952 8,500 12,000 12,000 17,000 12,000 12,000 17,000 51-510-54-00-5430 PRINTING & DUPLICATING 3,690 3,579 3,250 3,250 3,250 3,250 3,250 3,250 3,250 51-510-54-00-5437 VEHICLE MAINTENANCE CHARGEBACK - - - - - - 13,848 12,338 12,833 51-510-54-00-5440 TELECOMMUNICATIONS 47,954 57,531 50,000 60,000 60,000 60,000 60,000 60,000 60,000 51-510-54-00-5445 TREATMENT FACILITY SERVICES 305,648 333,372 360,000 360,000 360,000 360,000 360,000 360,000 110,000 51-510-54-00-5448 FILING FEES 1,541 1,076 2,500 1,750 2,500 2,500 2,500 2,500 2,500 51-510-54-00-5452 POSTAGE & SHIPPING 18,075 23,855 25,000 27,000 28,000 29,000 30,000 31,000 32,000 51-510-54-00-5453 BUILDINGS & GROUNDS CHARGEBACK 10,843 19,316 27,290 20,765 23,045 24,363 25,836 39,034 27,665 51-510-54-00-5460 DUES & SUBSCRIPTIONS 3,821 1,640 2,500 2,500 2,500 2,500 2,500 2,500 2,500 51-510-54-00-5462 PROFESSIONAL SERVICES 134,702 101,155 160,000 120,000 175,000 173,750 112,500 117,500 112,500 51-510-54-00-5465 ENGINEERING SERVICES 131,407 2,420 137,500 71,771 195,000 99,000 103,000 107,000 111,000 51-510-54-00-5480 UTILITIES 329,524 172,599 337,638 345,000 365,700 387,642 410,901 435,555 461,688 51-510-54-00-5483 JULIE SERVICES 4,002 3,439 4,500 4,500 4,500 4,500 4,500 4,500 4,500 51-510-54-00-5485 RENTAL & LEASE PURCHASE 3,459 2,201 2,500 2,500 2,500 2,500 2,500 2,500 2,500 51-510-54-00-5488 OFFICE CLEANING 1,270 1,260 1,465 1,600 1,801 1,897 9,000 9,450 9,923 51-510-54-00-5490 VEHICLE MAINTENANCE SERVICES 12,141 9,927 12,000 12,000 12,000 12,000 8,040 6,000 6,000 51-510-54-00-5495 OUTSIDE REPAIR & MAINTENANCE 12,709 24,942 10,000 10,000 15,000 15,000 15,000 15,000 15,000 51-510-54-00-5498 PAYING AGENT FEES 1,299 943 900 1,299 16,300 16,300 16,300 16,800 16,800 51-510-54-00-5499 BAD DEBT 1,571 984 5,000 10,000 10,000 10,000 10,000 10,000 10,000 51-510-56-00-5600 WEARING APPAREL 4,484 8,658 9,000 9,000 9,000 9,000 9,000 9,000 9,000 51-510-56-00-5620 OPERATING SUPPLIES 9,651 7,032 17,000 12,000 12,000 12,000 12,000 12,000 12,000 51-510-56-00-5628 VEHICLE MAINTENANCE SUPPLIES 3,287 2,123 2,500 2,500 2,500 2,500 2,500 2,500 2,500 51-510-56-00-5630 SMALL TOOLS & EQUIPMENT 4,326 2,776 4,000 4,000 10,500 4,000 4,000 4,000 4,000 51-510-56-00-5638 TREATMENT FACILITY SUPPLIES 167,223 178,195 199,500 220,000 231,000 242,550 254,678 267,412 100,000 51-510-56-00-5640 REPAIR & MAINTENANCE 28,090 23,467 27,500 27,500 27,500 27,500 27,500 27,500 27,500 51-510-56-00-5664 METERS & PARTS 235,749 222,285 175,000 220,000 225,000 150,000 150,000 150,000 150,000 51-510-56-00-5665 JULIE SUPPLIES 1,196 2,867 3,000 3,000 3,000 3,000 3,000 3,000 3,000 51-510-56-00-5695 GASOLINE 25,999 23,796 32,100 27,000 28,890 30,912 33,076 35,391 37,868 51-510-60-00-6011 WATER SOURCING - DWC - 168,231 2,480,000 1,701,200 10,311,000 48,740,000 47,146,000 32,654,200 872,200 51-510-60-00-6015 WATER TOWER REHABILITATION 21,619 13,389 550,000 644,422 20,000 - - - - 51-510-60-00-6020 BUILDING IMPROVEMENTS - - - - 100,000 - 17,000 - - 51-510-60-00-6022 WELL REHABILITATIONS 68,498 267,815 53,500 293,095 - - - - - 51-510-60-00-6024 LINCOLN PRAIRIE IMPROVEMENTS - - - 140,000 9,295,000 - - - - 51-510-60-00-6025 WATER MAIN REPLACEMENT PROGRAM 807,678 1,365,999 3,874,500 5,394,939 5,461,127 4,176,000 3,318,000 3,516,000 1,872,000 51-510-60-00-6029 WELL #10 / MAIN & TREATMENT PLANT - 7,485 3,529,000 275,000 6,197,000 748,000 - - - 51-510-60-00-6035 RTE 47 IMPROV (WATER PARK WAY / JERICHO)- - - - 1,090,000 - - - - 51-510-60-00-6039 RTE 47 IMPROV (KENNEDY / WATER PARK WAY)- - - - 931,000 - - - - 114 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription 51-510-60-00-6044 RTE 47 IMPROV (RTE 71 / CATON FARM)- - - - 308,000 3,273,000 - - - 51-510-60-00-6059 US 34 (IL 47 / ORCHARD RD) PROJECT - - 23,000 23,709 - - - - - 51-510-60-00-6060 EQUIPMENT - 10,940 87,000 7,000 57,000 - 7,000 - 7,000 51-510-60-00-6065 BEAVER STREET BOOSTER STATION 190,424 103,554 - 13,260 - - - - - 51-510-60-00-6066 RTE 71 WATERMAIN REPLACEMENT - - 12,025 - 13,000 - - - - 51-510-60-00-6068 WELL #7 STANDBY GENERATOR - - 35,000 53,000 560,000 - - - - 51-510-60-00-6070 VEHICLES - 133,664 48,000 48,437 - 82,666 60,000 160,000 140,000 51-510-60-00-6079 ROUTE 47 EXPANSION 45,372 18,905 - - - - - - - 51-510-60-00-6081 CATION EXCHANGE MEDIA REPLACEMENT 2,912 2,108 - - - - - - - 51-510-75-00-7505 DEVELOPER COMMITMENT - - 136,795 - - - - - - Debt Service - 2015A Bond 51-510-77-00-8000 PRINCIPAL PAYMENT 312,545 323,576 338,284 338,284 349,315 158,111 161,788 169,142 176,496 51-510-77-00-8050 INTEREST PAYMENT 128,254 117,169 102,809 102,809 89,278 75,305 68,981 62,509 55,743 Debt Service - WIFIA Loan 51-510-83-00-8000 PRINCIPAL PAYMENT - - - - - - - - - 51-510-83-00-8050 INTEREST PAYMENT - - - - 146,667 625,360 1,079,776 1,342,688 1,475,523 Debt Service - 2016 Refunding Bond 51-510-85-00-8000 PRINCIPAL PAYMENT 1,040,000 915,000 - - - - - - - 51-510-85-00-8050 INTEREST PAYMENT 58,650 27,450 - - - - - - - Debt Service - 2023A Bond 51-510-86-00-8000 PRINCIPAL PAYMENT - - - - 150,000 165,000 170,000 180,000 190,000 51-510-86-00-8050 INTEREST PAYMENT - - 260,918 185,758 451,844 444,344 436,094 427,594 418,594 Debt Service - 2024 Bond 51-510-88-00-8000 PRINCIPAL PAYMENT - - - - - - - - - 51-510-88-00-8050 INTEREST PAYMENT - - - - - 1,582,567 973,888 973,888 973,888 Debt Service - IEPA Loan L17-156300 51-510-89-00-8000 PRINCIPAL PAYMENT 109,743 112,503 115,333 115,333 118,235 121,209 61,744 - - 51-510-89-00-8050 INTEREST EXPENSE 15,288 12,527 9,697 9,697 6,795 3,821 772 - - Debt Service - 2026 Bond 51-510-90-00-8000 PRINCIPAL PAYMENT - - - - - - - - - 51-510-90-00-8050 INTEREST PAYMENT - - - - - - - 636,553 391,725 Debt Service - 2014C Refunding Bond 51-510-94-00-8000 PRINCIPAL PAYMENT 135,000 135,000 140,000 140,000 135,000 - - - - 51-510-94-00-8050 INTEREST PAYMENT 16,350 12,300 8,250 8,250 4,050 - - - - 5,316,323$ 5,948,207$ 15,934,774$ 12,176,352$ 39,839,020$ 64,124,715$ 57,473,709$ 43,204,859$ 9,325,275$ Water Fund Expenses 115 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription 51-510-99-00-9924 TRANSFER TO BUILDINGS & GROUNDS - - 97,224 - 368,675 892,911 892,744 893,493 893,410 -$ -$ 97,224$ -$ 368,675$ 892,911$ 892,744$ 893,493$ 893,410$ 5,316,323$ 5,948,207$ 15,934,774$ 12,176,352$ 39,839,020$ 64,124,715$ 57,473,709$ 43,204,859$ 9,325,275$ 180,233$ 177,859$ 10,262,457$ 10,276,496$ 28,747,394$ 47,986,166$ 48,785,903$ 28,392,548$ 3,716,687$ - - (97,224) - (368,675) (892,911) (892,744) (893,493) (893,410) 180,233$ 177,859$ 10,165,233$ 10,276,496$ 28,378,719$ 47,093,255$ 47,893,159$ 27,499,055$ 2,823,277$ Surplus(Deficit)(110,159) 164,774 232,303 5,874,624 7,946,592 (7,702,957) 488,806 (4,149,575) 7,054,656 3,791,199$ 3,955,973$ 4,085,790$ 9,830,597$ 17,777,189$ 10,074,232$ 10,563,038$ 6,413,463$ 13,468,119$ 71.31%66.51%25.49%80.74%44.21%15.49%18.10%14.54%131.80% Fu (Transfers Out) Water Fund Net Transfers Transfers In Other Financing Uses Total Water Fund Expenses 116 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Charges for Service 1,714,066 1,919,429 1,884,029 2,242,000 1,959,010 2,032,229 2,108,814 2,188,927 2,272,739 Investment Earnings 3,139 50,337 30,000 140,000 60,000 60,000 50,000 45,000 43,000 Reimbursements 56,198 3,189,667 57,000 280,273 2,382,500 2,000 2,000 2,000 2,000 Total Revenues 1,773,403$ 5,159,433$ 1,971,029$ 2,662,273$ 4,401,510$ 2,094,229$ 2,160,814$ 2,235,927$ 2,317,739$ Other Financing Sources 4,679,749 1,600,356 1,065,723 1,065,859 1,069,096 1,327,162 - 20,000 - Total Revenues and Transfers 6,453,152$ 6,759,789$ 3,036,752$ 3,728,132$ 5,470,606$ 3,421,391$ 2,160,814$ 2,255,927$ 2,317,739$ Expenses Salaries 260,928$ 233,485$ 317,421$ 252,000$ 409,192$ 429,652$ 453,283$ 466,881$ 480,887$ Benefits 134,681 100,908 162,278 97,030 187,480 199,990 214,521 228,673 243,762 Contractual Services 250,576 212,382 266,270 241,381 289,405 249,370 247,451 260,042 259,422 Supplies 60,191 59,288 79,120 96,450 99,375 101,435 103,639 105,997 108,520 Capital Outlay 120,222 3,333,958 619,100 676,906 3,394,500 612,666 605,000 510,000 440,000 Developer Commitments - - 163,772 37,500 37,500 37,500 37,500 - - Debt Service 1,300,780 1,229,773 1,065,723 1,065,859 1,069,096 1,077,162 - - - Total Expenses 2,127,378$ 5,169,794$ 2,673,684$ 2,467,126$ 5,486,548$ 2,707,775$ 1,661,394$ 1,571,593$ 1,532,591$ Other Financing Uses 4,188,972 73,650 171,349 74,125 438,200 892,911 892,744 893,493 893,410 Total Expenses & Transfers 6,316,350$ 5,243,444$ 2,845,033$ 2,541,251$ 5,924,748$ 3,600,686$ 2,554,138$ 2,465,086$ 2,426,001$ Surplus (Deficit)136,802$ 1,516,345$ 191,719$ 1,186,881$ (454,142)$ (179,295)$ (393,324)$ (209,159)$ (108,262)$ Ending Fund Balance Equivalent 1,001,491$ 2,517,832$ 2,564,771$ 3,704,713$ 3,250,571$ 3,071,276$ 2,677,952$ 2,468,793$ 2,360,531$ 15.86%48.02%90.15%145.78%54.86%85.30%104.85%100.15%97.30% Sewer Fund (52) The Sewer Fund is an enterprise fund which is comprised of both a capital and operational budget. The capital portion is used for improvement and expansion of the sanitary sewer infrastructure while the operational side allows the City to service and maintain sanitary sewer systems. $0 $1,000 $2,000 $3,000 $4,000 ThousandsFund Balance Equivalent 117 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription SEWER FUND - 52 52-000-44-00-4435 SEWER MAINTENANCE FEES 1,074,893$ 1,154,698$ 1,205,229$ 1,220,000$ 1,262,700$ 1,325,835$ 1,392,127$ 1,461,733$ 1,534,820$ 52-000-44-00-4440 SEWER INFRASTRUCTURE FEE 419,657 439,615 450,110 452,000 465,560 474,871 484,368 494,055 503,936 52-000-44-00-4455 SW CONNECTION FEES - OPERATIONS 106,700 109,100 25,000 120,000 25,000 25,000 25,000 25,000 25,000 52-000-44-00-4456 SW CONNECTION FEES - CAPITAL 93,600 193,400 180,000 425,000 180,000 180,000 180,000 180,000 180,000 52-000-44-00-4462 LATE PENALTIES - SEWER 19,216 22,616 23,690 25,000 25,750 26,523 27,319 28,139 28,983 52-000-45-00-4500 3,139 50,337 30,000 140,000 60,000 60,000 50,000 45,000 43,000 52-000-46-00-4684 REIMB - SANITARY SEWER 53,957 3,187,307 55,000 277,023 2,380,500 - - - - 52-000-46-00-4690 2,241 2,360 2,000 3,250 2,000 2,000 2,000 2,000 2,000 1,773,403$ 5,159,433$ 1,971,029$ 2,662,273$ 4,401,510$ 2,094,229$ 2,160,814$ 2,235,927$ 2,317,739$ 52-000-49-00-4901 TRANSFER FROM GENERAL 519,749$ 1,600,356$ 1,065,723$ 1,065,859$ 1,069,096$ 1,077,162$ -$ -$ -$ 52-000-49-00-4902 BOND ISSUANCE 4,160,000 - - - - - - - - 52-000-49-00-4910 SALE OF CAPITAL ASSETS - - - - - 250,000 - 20,000 - 4,679,749$ 1,600,356$ 1,065,723$ 1,065,859$ 1,069,096$ 1,327,162$ -$ 20,000$ -$ 6,453,152$ 6,759,789$ 3,036,752$ 3,728,132$ 5,470,606$ 3,421,391$ 2,160,814$ 2,255,927$ 2,317,739$ Sewer Operations Department 52-520-50-00-5010 SALARIES & WAGES 260,928$ 233,485$ 302,421$ 252,000$ 409,192$ 429,652$ 453,283$ 466,881$ 480,887$ 52-520-50-00-5015 PART-TIME SALARIES - - 15,000 - - - - - - 52-520-52-00-5212 RETIREMENT PLAN CONTRIBUTION 26,834 19,013 20,334 16,500 24,158 25,307 27,469 29,180 30,921 52-520-52-00-5214 FICA CONTRIBUTION 19,124 17,470 23,346 19,500 30,271 31,785 33,533 34,539 35,575 52-520-52-00-5216 GROUP HEALTH INSURANCE 68,112 42,844 91,588 39,442 104,996 113,396 122,468 132,265 142,846 52-520-52-00-5222 GROUP LIFE INSURANCE 467 419 506 376 548 553 559 565 571 52-520-52-00-5223 DENTAL INSURANCE 5,007 3,310 6,496 2,916 7,092 7,447 7,819 8,210 8,621 52-520-52-00-5224 VISION INSURANCE 799 692 879 644 958 968 997 1,027 1,058 52-520-52-00-5230 UNEMPLOYMENT INSURANCE 778 1,094 1,000 1,250 1,500 1,500 1,500 1,500 1,500 52-520-52-00-5231 LIABILITY INSURANCE 13,560 16,066 18,129 16,402 17,957 19,034 20,176 21,387 22,670 52-520-54-00-5401 ADMINISTRATIVE CHARGEBACK 45,563 45,960 47,721 47,721 37,553 39,431 41,600 42,848 44,133 52-520-54-00-5402 BOND ISSUANCE COSTS 44,469 - - - - - - - - 52-520-54-00-5412 TRAINING & CONFERENCES 30 1,553 3,500 3,500 6,500 6,500 6,500 6,500 6,500 52-520-54-00-5415 TRAVEL & LODGING 8 736 3,000 3,000 3,000 3,000 3,000 3,000 3,000 52-520-54-00-5424 COMPUTER REPLACEMENT CHARGEBACK 453 5,617 - - - 6,693 - - 7,314 52-520-54-00-5430 PRINTING & DUPLICATING 1,739 1,686 1,500 1,500 1,500 1,500 1,500 1,500 1,500 52-520-54-00-5437 VEHICLE MAINTENANCE CHARGEBACK - - - - - - 5,935 5,288 5,500 52-520-54-00-5440 TELECOMMUNICATIONS 10,816 7,314 13,500 10,000 10,000 10,000 10,000 10,000 10,000 52-520-54-00-5444 LIFT STATION SERVICES 75,877 44,206 45,000 60,000 55,000 55,000 55,000 55,000 55,000 52-520-54-00-5453 BUILDINGS & GROUNDS CHARGEBACK 10,843 19,316 27,290 20,765 22,545 23,863 25,336 38,534 27,165 52-520-54-00-5462 PROFESSIONAL SERVICES 30,175 32,904 42,500 42,500 47,500 46,250 35,000 35,000 35,000 52-520-54-00-5465 ENGINEERING SERVICES - - 27,000 - 50,000 - - - - 52-520-54-00-5480 UTILITIES 17,142 10,890 19,345 19,345 20,506 21,736 23,040 24,422 25,887 52-520-54-00-5483 JULIE SERVICES 4,002 3,439 4,500 4,500 4,500 4,500 4,500 4,500 4,500 Other Financing Sources Sewer Fund Revenues & Transfers REIMB - MISCELLANEOUS Sewer Fund Revenues INVESTMENT EARNINGS 118 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription 52-520-54-00-5485 RENTAL & LEASE PURCHASE 2,949 1,701 2,000 2,000 2,000 2,000 2,000 2,000 2,000 52-520-54-00-5488 OFFICE CLEANING 1,270 1,260 1,414 1,550 1,801 1,897 9,000 9,450 9,923 52-520-54-00-5490 VEHICLE MAINTENANCE SERVICES 3,625 31,067 10,000 10,000 10,000 10,000 8,040 5,000 5,000 52-520-54-00-5495 OUTSIDE REPAIR & MAINTENANCE 350 3,400 16,000 10,000 12,000 12,000 12,000 12,000 12,000 52-520-54-00-5498 PAYING AGENT FEES 689 100 500 - - - - - - 52-520-54-00-5499 BAD DEBT 576 1,233 1,500 5,000 5,000 5,000 5,000 5,000 5,000 52-520-56-00-5600 WEARING APPAREL 2,295 3,793 4,000 4,000 4,000 4,000 4,000 4,000 4,000 52-520-56-00-5610 OFFICE SUPPLIES 2,155 266 1,250 1,250 1,250 1,250 1,250 1,250 1,250 52-520-56-00-5613 LIFT STATION MAINTENANCE 10,417 10,924 9,000 36,000 34,000 34,000 34,000 34,000 34,000 52-520-56-00-5620 OPERATING SUPPLIES 6,077 7,315 12,500 11,500 11,500 11,500 11,500 11,500 11,500 52-520-56-00-5628 VEHICLE MAINTENANCE SUPPLIES 7,696 6,370 10,000 8,000 10,000 10,000 10,000 10,000 10,000 52-520-56-00-5630 SMALL TOOLS & EQUIPMENT 6,825 3,136 3,000 3,000 3,000 3,000 3,000 3,000 3,000 52-520-56-00-5640 REPAIR & MAINTENANCE 320 2,571 5,000 4,000 5,000 5,000 5,000 5,000 5,000 52-520-56-00-5665 JULIE SUPPLIES 650 1,017 1,200 1,200 1,200 1,200 1,200 1,200 1,200 52-520-56-00-5695 GASOLINE 23,756 23,896 33,170 27,500 29,425 31,485 33,689 36,047 38,570 52-520-60-00-6001 SCADA SYSTEM 43,783 - - - - - - - - 52-520-60-00-6024 LINCOLN PRAIRIE IMPROVEMENTS - - - 77,551 2,380,500 52-520-60-00-6025 SEWER MAIN REPLACEMENT PROGRAM - 70,379 440,000 298,635 - 15,000 605,000 440,000 440,000 52-520-60-00-6039 RTE 47 IMPROV (KENNEDY / WATER PARK WAY)- - - - 931,000 - - - - 52-520-60-00-6059 US 34 (IL 47 / ORCHARD RD) PROJECT - - 1,100 1,248 - - - - - 52-520-60-00-6060 EQUIPMENT - 65,905 - - - - - - - 52-520-60-00-6066 RTE 71 SANITARY SEWER REPLACEMENT - - 23,000 - 23,000 - - - - 52-520-60-00-6070 VEHICLES - - 100,000 100,000 60,000 597,666 - 70,000 - 52-520-60-00-6079 ROUTE 47 EXPANSION 22,482 9,367 - - - - - - - 52-520-60-00-6092 SANITARY SEWER IMPROVEMENTS 53,957 3,188,307 55,000 199,472 - - - - - 52-520-75-00-7505 DEVELOPER COMMITMENT - - 163,772 37,500 37,500 37,500 37,500 - - Debt Service - 2003B IRBB Debt Certificates 52-520-90-00-8000 PRINCIPAL PAYMENT 150,000 155,000 - - - - - - - 52-520-90-00-8050 INTEREST EXPENSE 15,710 8,060 - - - - - - - Debt Service - 2011 Refunding Bond 52-520-92-00-8000 PRINCIPAL PAYMENT 920,000 - - - - - - - - 52-520-92-00-8050 INTEREST EXPENSE 215,070 - - - - - - - - Debt Service - 2022 Bond 52-520-95-00-8000 PRINCIPAL PAYMENT - 1,020,000 1,029,888 1,030,000 1,045,000 1,065,000 - - - 52-520-95-00-8050 INTEREST EXPENSE - 46,713 35,835 35,859 24,096 12,162 - - - 2,127,378$ 5,169,794$ 2,673,684$ 2,467,126$ 5,486,548$ 2,707,775$ 1,661,394$ 1,571,593$ 1,532,591$ 52-520-99-00-9924 TRANSFER TO BUILDINGS & GROUNDS -$ -$ 97,224$ -$ 368,675$ 892,911$ 892,744$ 893,493$ 893,410$ 52-520-99-00-9951 TRANSFER TO WATER 75,675 73,650 74,125 74,125 69,525 - - - - Sewer Fund Expenses 119 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription 52-520-99-00-9990 PAYMENT TO ESCROW AGENT 4,113,297 - - - - - - - - 4,188,972$ 73,650$ 171,349$ 74,125$ 438,200$ 892,911$ 892,744$ 893,493$ 893,410$ 2,127,378$ 5,169,794$ 2,673,684$ 2,467,126$ 5,486,548$ 2,707,775$ 1,661,394$ 1,571,593$ 1,532,591$ 4,679,749$ 1,600,356$ 1,065,723$ 1,065,859$ 1,069,096$ 1,327,162$ -$ 20,000$ -$ (4,188,972) (73,650) (171,349) (74,125) (438,200) (892,911) (892,744) (893,493) (893,410) 490,777$ 1,526,706$ 894,374$ 991,734$ 630,896$ 434,251$ (892,744)$ (873,493)$ (893,410)$ Surplus(Deficit)136,802 1,516,345 191,719 1,186,881 (454,142) (179,295) (393,324) (209,159) (108,262) 1,001,491$ 2,517,832$ 2,564,771$ 3,704,713$ 3,250,571$ 3,071,276$ 2,677,952$ 2,468,793$ 2,360,531$ 15.86%48.02%90.15%145.78%54.86%85.30%104.85%100.15%97.30% Other Financing Uses Fu Transfers In (Transfers Out) Sewer Fund Net Transfers Total Sewer Fund Expenses 120 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Land Cash Contributions 2,712 - - - - - - - - Total Revenues 2,712$ -$ -$ -$ -$ -$ -$ -$ -$ Expenditures Contractual Services -$ -$ -$ -$ -$ -$ -$ -$ -$ Total Expenditures -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Financing Uses - 33,843 - - - - - - - Total Expenditures & Transfers -$ 33,843$ -$ -$ -$ -$ -$ -$ -$ Surplus (Deficit)2,712$ (33,843)$ -$ -$ -$ -$ -$ -$ -$ Ending Fund Balance 33,843$ -$ -$ -$ -$ -$ -$ -$ -$ Land Cash Fund (72) Land-Cash funds are dedicated by developers through the contribution ordinance to serve the immediate and future needs of park and recreation of residents in new subdivisions. Land for park development and cash spent on recreational facilities is often matched through grant funding to meet the community’s recreation needs at a lower cost to the City. Land Cash was consolidated into Fund 25 and closed out in Fiscal Year 2023. $0 $10 $20 $30 $40 ThousandsFund Balance 121 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription LAND CASH FUND - 72 72-000-47-00-4704 BLACKBERRY WOODS 1,705$ -$ -$ -$ -$ -$ -$ -$ -$ 72-000-47-00-4706 CALEDONIA 1,007 - - - - - - - - 2,712$ -$ -$ -$ -$ -$ -$ -$ -$ 72-720-54-00-5485 RENTAL & LEASE PURCHASE -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 72-720-99-00-9925 TRANSFER TO VEHICLE & EQUIPMENT - 33,843 - - - - - - - -$ 33,843$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (33,843)$ -$ -$ -$ -$ -$ -$ -$ -$ (33,843)$ -$ -$ -$ -$ -$ -$ -$ Surplus(Deficit)2,712 (33,843) - - - - - - - 33,843$ -$ -$ -$ -$ -$ -$ -$ -$ Land Cash Fund Revenues (Transfers Out) Land Cash Fund Net Transfers Fu Land Cash Fund Expenditures Other Financing Uses Total Land Cash Expenditures 122 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Charges for Service 549,231 695,128 670,000 737,500 740,825 751,616 757,530 763,056 768,598 Investment Earnings 91 2,311 1,250 10,000 1,250 1,250 1,250 1,250 1,250 Reimbursements 3,991 21,125 - 2,429 - - - - - Miscellaneous 239,222 270,844 257,936 287,511 265,844 268,952 272,190 275,568 279,089 Total Revenues 792,535$ 989,408$ 929,186$ 1,037,440$ 1,007,919$ 1,021,818$ 1,030,970$ 1,039,874$ 1,048,937$ Other Financing Sources 1,515,511 2,232,541 2,440,844 2,440,844 2,360,083 3,025,760 3,083,176 3,230,894 3,401,117 Total Revenue & Transfers 2,308,046$ 3,221,949$ 3,370,030$ 3,478,284$ 3,368,002$ 4,047,578$ 4,114,146$ 4,270,768$ 4,450,054$ Expenditures Salaries 1,122,835$ 1,335,391$ 1,546,393$ 1,489,000$ 1,764,244$ 1,839,957$ 1,927,404$ 1,977,726$ 2,029,558$ Benefits 421,101 446,283 542,523 472,371 639,973 681,705 731,950 780,066 831,353 Contractual Services 284,725 517,297 632,457 586,426 721,051 790,157 714,465 767,761 828,698 Supplies 552,385 679,172 745,420 685,535 731,490 735,759 740,327 745,215 760,445 Total Expenditures 2,381,046$ 2,978,143$ 3,466,793$ 3,233,332$ 3,856,758$ 4,047,578$ 4,114,146$ 4,270,768$ 4,450,054$ Surplus (Deficit)(73,000)$ 243,806$ (96,763)$ 244,952$ (488,756)$ -$ -$ -$ -$ Ending Fund Balance -$ 243,804$ -$ 488,756$ -$ -$ -$ -$ -$ 0.00%8.19%0.00%15.12%0.00%0.00%0.00%0.00%0.00% Parks and Recreation Fund (79) This fund accounts for the daily operations of the Parks and Recreation Department. Programs, classes, special events and maintenance of City wide park land and public facilities make up the day to day operations. Programs and classes consist of a wide variety of options serving children through senior citizens. Special events range from Music Under the Stars to Home Town Days. City wide maintenance consists of over two hundred acres at more than fifty sites including buildings, boulevards, parks, utility locations and natural areas. $0 $500 $1,000 ThousandsFund Balance 123 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription PARKS & RECREATION FUND - 79 79-000-44-00-4402 SPECIAL EVENTS 73,124$ 76,493$ 90,000$ 76,000$ 85,000$ 85,000$ 85,000$ 85,000$ 85,000$ 79-000-44-00-4403 CHILD DEVELOPMENT 126,268 137,156 145,000 145,000 145,000 150,000 150,000 155,000 155,000 79-000-44-00-4404 ATHLETICS & FITNESS 323,635 427,043 375,000 445,000 445,000 445,000 450,000 450,000 455,000 79-000-44-00-4441 CONCESSION REVENUE 26,204 39,436 45,000 56,500 50,000 55,000 55,000 55,000 55,000 79-000-44-00-4482 LIBRARY CHARGEBACK - 15,000 15,000 15,000 15,825 16,616 17,530 18,056 18,598 79-000-45-00-4500 91 2,311 1,250 10,000 1,250 1,250 1,250 1,250 1,250 79-000-46-00-4690 REIMB - MISCELLANEOUS 3,991 21,125 - 2,429 - - - - - 79-000-48-00-4820 RENTAL INCOME 64,149 73,650 70,436 70,863 73,844 76,952 80,190 83,568 87,089 79-000-48-00-4825 PARK RENTALS 9,968 10,909 17,500 19,000 15,000 15,000 15,000 15,000 15,000 79-000-48-00-4843 HOMETOWN DAYS 145,676 165,729 150,000 167,648 150,000 150,000 150,000 150,000 150,000 79-000-48-00-4846 SPONSORSHIPS & DONATIONS 7,800 6,800 15,000 15,000 15,000 15,000 15,000 15,000 15,000 79-000-48-00-4850 MISCELLANEOUS INCOME 11,629 13,756 5,000 15,000 12,000 12,000 12,000 12,000 12,000 792,535$ 989,408$ 929,186$ 1,037,440$ 1,007,919$ 1,021,818$ 1,030,970$ 1,039,874$ 1,048,937$ 79-000-49-00-4901 TRANSFER FROM GENERAL 1,515,511$ 2,232,541$ 2,440,844 2,440,844$ 2,360,083$ 3,025,760$ 3,083,176$ 3,230,894$ 3,401,117$ 1,515,511$ 2,232,541$ 2,440,844$ 2,440,844$ 2,360,083$ 3,025,760$ 3,083,176$ 3,230,894$ 3,401,117$ 2,308,046$ 3,221,949$ 3,370,030$ 3,478,284$ 3,368,002$ 4,047,578$ 4,114,146$ 4,270,768$ 4,450,054$ Parks Department 79-790-50-00-5010 SALARIES & WAGES 626,958$ 692,910$ 761,977$ 745,000$ 916,332$ 962,149$ 1,015,067$ 1,045,519$ 1,076,885$ 79-790-50-00-5015 PART-TIME SALARIES 54,471 62,116 85,000 85,000 90,000 90,000 90,000 90,000 90,000 79-790-50-00-5020 OVERTIME 4,590 5,983 10,000 10,000 15,000 15,000 15,000 15,000 15,000 79-790-52-00-5212 RETIREMENT PLAN CONTRIBUTION 66,794 57,803 53,038 50,000 55,978 57,554 62,422 66,282 70,208 79-790-52-00-5214 FICA CONTRIBUTION 51,118 57,851 63,509 62,000 75,659 79,442 83,811 86,325 88,915 79-790-52-00-5216 GROUP HEALTH INSURANCE 141,648 141,730 190,686 159,890 238,150 257,202 277,778 300,000 324,000 79-790-52-00-5222 GROUP LIFE INSURANCE 1,015 1,104 1,126 1,099 1,357 1,371 1,385 1,399 1,413 79-790-52-00-5223 DENTAL INSURANCE 10,794 12,398 14,400 13,058 16,678 17,512 18,388 19,307 20,272 79-790-52-00-5224 VISION INSURANCE 1,616 1,760 1,929 1,767 2,245 2,312 2,381 2,452 2,526 79-790-54-00-5412 TRAINING & CONFERENCES 1,160 765 8,000 16,000 25,000 25,000 25,000 25,000 25,000 79-790-54-00-5415 TRAVEL & LODGING 322 22 3,000 3,000 3,000 3,000 3,000 3,000 3,000 79-790-54-00-5422 VEHICLE & EQUIPMENT CHARGEBACK 88,866 204,854 276,117 276,117 330,774 360,774 302,774 360,225 390,268 79-790-54-00-5424 COMPUTER REPLACEMENT CHARGEBACK - 12,197 931 - 1,200 11,138 - - 12,171 79-790-54-00-5437 VEHICLE MAINTENANCE CHARGEBACK - - - - - - 33,630 29,965 31,166 79-790-54-00-5440 TELECOMMUNICATIONS 9,348 9,510 10,000 10,000 10,000 10,000 10,000 10,000 10,000 79-790-54-00-5462 PROFESSIONAL SERVICES 11,143 12,144 12,400 12,900 12,500 12,500 12,500 12,500 12,500 79-790-54-00-5485 RENTAL & LEASE PURCHASE 7,934 8,219 9,120 9,120 9,426 9,747 10,085 10,439 10,811 79-790-54-00-5488 OFFICE CLEANING 3,542 3,533 4,679 2,900 2,704 2,852 9,000 9,450 9,923 79-790-54-00-5495 OUTSIDE REPAIR & MAINTENANCE 24,007 28,422 40,000 30,000 40,000 90,000 40,000 40,000 40,000 79-790-56-00-5600 WEARING APPAREL 5,226 13,677 6,220 8,000 9,500 9,500 9,500 9,500 9,500 79-790-56-00-5620 OPERATING SUPPLIES 14,277 33,524 30,000 30,000 30,000 30,000 30,000 30,000 30,000 79-790-56-00-5630 SMALL TOOLS & EQUIPMENT 8,862 10,913 6,000 6,000 8,000 8,000 8,000 8,000 8,000 Parks & Recreation Revenues & Transfers Parks & Recreation Fund Revenues Other Financing Sources INVESTMENT EARNINGS 124 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription 79-790-56-00-5640 REPAIR & MAINTENANCE 83,078 60,772 71,000 71,000 71,000 71,000 71,000 71,000 71,000 79-790-56-00-5646 ATHLETIC FIELDS & EQUIPMENT 49,357 52,774 55,000 55,000 55,000 55,000 55,000 55,000 55,000 79-790-56-00-5695 GASOLINE 34,212 46,399 64,200 57,000 60,990 65,259 69,827 74,715 79,945 1,300,338$ 1,531,380$ 1,778,332$ 1,714,851$ 2,080,493$ 2,246,312$ 2,255,548$ 2,375,078$ 2,487,503$ Recreation Department 79-795-50-00-5010 SALARIES & WAGES 369,077$ 464,286$ 535,416$ 495,000$ 597,912$ 627,808$ 662,337$ 682,207$ 702,673$ 79-795-50-00-5015 PART-TIME SALARIES 4,078 16,584 17,000 17,000 25,000 25,000 25,000 25,000 25,000 79-795-50-00-5045 CONCESSION WAGES 8,820 12,701 17,000 17,000 17,000 17,000 17,000 17,000 17,000 79-795-50-00-5046 PRE-SCHOOL WAGES 42,373 51,931 80,000 80,000 53,000 53,000 53,000 53,000 53,000 79-795-50-00-5052 INSTRUCTORS WAGES 12,468 28,880 40,000 40,000 50,000 50,000 50,000 50,000 50,000 79-795-52-00-5212 RETIREMENT PLAN CONTRIBUTION 39,317 39,905 42,045 35,000 38,542 40,100 43,349 45,950 48,590 79-795-52-00-5214 FICA CONTRIBUTION 32,801 42,846 51,229 50,000 54,580 57,309 60,461 62,275 64,143 79-795-52-00-5216 GROUP HEALTH INSURANCE 69,510 82,352 114,604 90,238 144,967 156,564 169,089 182,616 197,225 79-795-52-00-5222 GROUP LIFE INSURANCE 607 862 923 852 1,039 1,049 1,059 1,070 1,081 79-795-52-00-5223 DENTAL INSURANCE 5,084 6,666 7,895 7,406 9,440 9,912 10,408 10,928 11,474 79-795-52-00-5224 VISION INSURANCE 797 1,006 1,139 1,061 1,338 1,378 1,419 1,462 1,506 79-795-54-00-5412 TRAINING & CONFERENCES 1,952 2,969 6,000 5,000 6,000 6,000 6,000 6,000 6,000 79-795-54-00-5415 TRAVEL & LODGING 4 1,813 3,000 2,000 3,000 3,000 3,000 3,000 3,000 79-795-54-00-5424 COMPUTER REPLACEMENT CHARGEBACK 2,473 7,474 3,724 6,289 1,862 8,732 4,450 2,035 11,637 79-795-54-00-5426 PUBLISHING & ADVERTISING 11,356 12,621 55,000 10,000 55,000 25,000 25,000 25,000 25,000 79-795-54-00-5437 VEHICLE MAINTENANCE CHARGEBACK - - - - - - 5,935 5,288 5,500 79-795-54-00-5440 TELECOMMUNICATIONS 14,482 15,203 12,000 15,000 16,000 16,000 16,000 16,000 16,000 79-795-54-00-5447 SCHOLARSHIPS - - 2,500 - 2,000 2,000 2,000 2,000 2,000 79-795-54-00-5452 POSTAGE & SHIPPING 1,114 2,406 3,500 2,500 3,000 3,000 3,000 3,000 3,000 79-795-54-00-5460 DUES & SUBSCRIPTIONS 2,247 3,169 4,000 4,000 4,000 4,000 4,000 4,000 4,000 79-795-54-00-5462 PROFESSIONAL SERVICES 87,708 122,304 140,000 140,000 150,000 150,000 150,000 150,000 155,000 79-795-54-00-5480 UTILITIES 7,333 8,420 11,236 9,500 10,070 10,674 11,314 11,993 12,713 79-795-54-00-5485 RENTAL & LEASE PURCHASE 1,339 1,412 6,000 4,000 6,000 6,000 6,000 6,000 6,000 79-795-54-00-5488 OFFICE CLEANING 7,419 16,548 11,250 22,100 19,515 20,740 21,777 22,866 24,009 79-795-54-00-5495 OUTSIDE REPAIR & MAINTENANCE 976 43,292 10,000 6,000 10,000 10,000 10,000 10,000 10,000 79-795-56-00-5600 WEARING APPAREL - - 7,500 4,000 4,000 4,000 4,000 4,000 4,000 79-795-56-00-5602 HOMETOWN DAYS SUPPLIES 127,875 156,063 150,000 151,535 150,000 150,000 150,000 150,000 150,000 79-795-56-00-5606 PROGRAM SUPPLIES 189,296 249,385 297,500 240,000 280,000 280,000 280,000 280,000 290,000 79-795-56-00-5607 CONCESSION SUPPLIES 13,014 20,133 18,000 23,000 23,000 23,000 23,000 23,000 23,000 79-795-56-00-5610 OFFICE SUPPLIES 2,395 3,229 3,000 3,000 3,000 3,000 3,000 3,000 3,000 Parks Department Expenditures 125 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription 79-795-56-00-5620 OPERATING SUPPLIES 23,430 30,604 35,000 35,000 35,000 35,000 35,000 35,000 35,000 79-795-56-00-5640 REPAIR & MAINTENANCE 1,363 1,699 2,000 2,000 2,000 2,000 2,000 2,000 2,000 1,080,708$ 1,446,763$ 1,688,461$ 1,518,481$ 1,776,265$ 1,801,266$ 1,858,598$ 1,895,690$ 1,962,551$ 2,381,046$ 2,978,143$ 3,466,793$ 3,233,332$ 3,856,758$ 4,047,578$ 4,114,146$ 4,270,768$ 4,450,054$ 1,515,511$ 2,232,541$ 2,440,844$ 2,440,844$ 2,360,083$ 3,025,760$ 3,083,176$ 3,230,894$ 3,401,117$ - - - - - - - - - 1,515,511$ 2,232,541$ 2,440,844$ 2,440,844$ 2,360,083$ 3,025,760$ 3,083,176$ 3,230,894$ 3,401,117$ Surplus(Deficit)(73,000) 243,806 (96,763) 244,952 (488,756) - - - - Fund Balance -$ 243,804$ -$ 488,756$ -$ -$ -$ -$ -$ 0.00%8.19%0.00%15.12%0.00%0.00%0.00%0.00%0.00% Recreation Department Expenditures Total Parks & Recreation Fund Expenditures Parks & Recreation Fund Net Transfers (Transfers Out) Transfers In 126 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Taxes 1,611,808$ 1,665,847$ 1,763,193$ 1,760,942$ 1,856,755$ 1,045,114$ 1,092,144$ 1,135,830$ 1,175,584$ Intergovernmental 48,746 52,529 47,000 45,239 45,327 45,598 45,875 46,157 46,445 Fines & Forfeits 6,576 2,433 1,000 1,500 1,500 1,500 1,500 1,500 1,500 Charges for Service 11,131 13,825 6,000 13,825 12,500 12,500 12,500 12,500 12,500 Investment Earnings 1,342 19,325 15,000 26,000 15,000 17,000 19,000 21,500 24,000 Miscellaneous 2,770 60,703 3,250 3,200 3,200 3,200 3,200 3,200 3,200 Total Revenues 1,682,373$ 1,814,662$ 1,835,443$ 1,850,706$ 1,934,282$ 1,124,912$ 1,174,219$ 1,220,687$ 1,263,229$ Other Financing Sources 24,809 29,489 31,335 25,050 28,302 29,910 31,615 33,422 35,337 Total Revenues and Transfers 1,707,182$ 1,844,151$ 1,866,778$ 1,875,756$ 1,962,584$ 1,154,822$ 1,205,834$ 1,254,109$ 1,298,566$ Expenditures Salaries 439,588$ 469,219$ 456,307$ 440,000$ 491,573$ 508,740$ 523,682$ 538,907$ 555,924$ Benefits 172,081 200,002 184,238 177,962 196,109 207,686 220,964 235,215 250,525 Contractual Services 127,412 262,043 350,405 269,202 377,618 256,166 260,577 264,570 268,765 Supplies 19,011 18,526 51,300 47,221 65,600 75,600 85,600 85,600 85,600 Debt Service 840,225 847,313 866,750 866,750 864,000 - - - - Total Expenditures 1,598,317$ 1,797,103$ 1,909,000$ 1,801,135$ 1,994,900$ 1,048,192$ 1,090,823$ 1,124,292$ 1,160,814$ Surplus (Deficit)108,865$ 47,048$ (42,222)$ 74,621$ (32,316)$ 106,630$ 115,011$ 129,817$ 137,752$ Ending Fund Balance 746,897$ 793,959$ 716,219$ 868,580$ 836,264$ 942,894$ 1,057,905$ 1,187,722$ 1,325,474$ 46.73%44.18%37.52%48.22%41.92%89.95%96.98%105.64%114.18% Operational Fund Balance %98.52%83.59%68.72%92.96%73.95%89.95%96.98%105.64%114.18% Library Operations Fund (82) The Yorkville Public Library provides the people of the community, from pre-school through maturity, with access to a collection of books and other materials which will serve their educational, cultural and recreational needs. The Library board and staff strive to provide the community an environment that promotes the love of reading. $0 $500 $1,000 $1,500 ThousandsFund Balance 127 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription LIBRARY FUND - 82 82-000-40-00-4000 PROPERTY TAXES - LIBRARY OPS 774,248$ 820,513$ 899,043$ 900,817$ 995,347$ 1,045,114$ 1,092,144$ 1,135,830$ 1,175,584$ 82-000-40-00-4083 PROPERTY TAXES - DEBT SERVICE 837,560 845,334 864,150 860,125 861,408 - - - - 82-000-41-00-4120 PERSONAL PROPERTY TAX 16,201 18,312 17,000 13,478 13,566 13,837 14,114 14,396 14,684 82-000-41-00-4160 FEDERAL GRANTS 7,587 2,456 - - - - - - - 82-000-41-00-4170 STATE GRANTS 24,958 31,761 30,000 31,761 31,761 31,761 31,761 31,761 31,761 82-000-43-00-4330 LIBRARY FINES 6,576 2,433 1,000 1,500 1,500 1,500 1,500 1,500 1,500 82-000-44-00-4401 LIBRARY SUBSCRIPTION CARDS 8,378 10,974 3,500 11,000 10,000 10,000 10,000 10,000 10,000 82-000-44-00-4422 COPY FEES 2,702 2,845 2,500 2,500 2,500 2,500 2,500 2,500 2,500 82-000-44-00-4439 PROGRAM FEES 51 6 - 325 - - - - - 82-000-45-00-4500 1,342 19,325 15,000 26,000 15,000 17,000 19,000 21,500 24,000 82-000-48-00-4820 RENTAL INCOME 200 200 250 200 200 200 200 200 200 82-000-48-00-4850 MISCELLANEOUS INCOME 2,570 60,503 3,000 3,000 3,000 3,000 3,000 3,000 3,000 1,682,373$ 1,814,662$ 1,835,443$ 1,850,706$ 1,934,282$ 1,124,912$ 1,174,219$ 1,220,687$ 1,263,229$ 82-000-49-00-4901 TRANSFER FROM GENERAL 24,809 29,489 31,335 25,050 28,302 29,910 31,615 33,422 35,337 24,809$ 29,489$ 31,335$ 25,050$ 28,302$ 29,910$ 31,615$ 33,422$ 35,337$ 1,707,182$ 1,844,151$ 1,866,778$ 1,875,756$ 1,962,584$ 1,154,822$ 1,205,834$ 1,254,109$ 1,298,566$ Library Operations Department 82-820-50-00-5010 SALARIES & WAGES 269,386$ 307,963$ 288,307$ 285,000$ 305,573$ 314,740$ 324,182$ 333,907$ 343,924$ 82-820-50-00-5015 PART-TIME SALARIES 170,202 161,256 168,000 155,000 186,000 194,000 199,500 205,000 212,000 82-820-52-00-5212 RETIREMENT PLAN CONTRIBUTION 27,675 24,289 21,201 19,000 19,635 18,538 19,645 20,869 22,114 82-820-52-00-5214 FICA CONTRIBUTION 32,700 34,436 33,917 33,917 36,497 38,919 40,062 41,226 42,528 82-820-52-00-5216 GROUP HEALTH INSURANCE 79,114 102,604 89,456 91,586 103,346 111,614 120,543 130,186 140,601 82-820-52-00-5222 GROUP LIFE INSURANCE 532 583 554 602 554 560 566 572 578 82-820-52-00-5223 DENTAL INSURANCE 6,336 7,518 6,835 6,874 6,835 7,177 7,536 7,913 8,309 82-820-52-00-5224 VISION INSURANCE 915 1,083 940 933 940 968 997 1,027 1,058 82-820-52-00-5230 UNEMPLOYMENT INSURANCE 645 1,539 1,250 1,500 1,500 1,500 1,500 1,500 1,500 82-820-52-00-5231 LIABILITY INSURANCE 24,164 27,950 30,085 23,550 26,802 28,410 30,115 31,922 33,837 82-820-54-00-5401 ADMINISTRATIVE CHARGEBACK - 15,000 15,000 15,000 15,825 16,616 17,530 18,056 18,598 82-820-54-00-5412 TRAINING & CONFERENCES 357 555 3,000 2,000 2,000 3,000 3,000 3,000 3,000 82-820-54-00-5415 TRAVEL & LODGING 310 737 1,500 1,500 2,000 2,000 2,000 2,000 2,000 82-820-54-00-5426 PUBLISHING & ADVERTISING 1,332 567 2,500 1,000 2,000 2,000 2,000 2,000 2,000 82-820-54-00-5440 TELECOMMUNICATIONS 7,199 6,845 8,000 8,000 8,500 8,500 8,500 8,500 8,500 82-820-54-00-5452 POSTAGE & SHIPPING 884 1,146 1,000 1,000 1,500 1,500 1,500 1,500 1,500 82-820-54-00-5453 BUILDING & GROUND CHARGEBACK - 6,428 7,486 7,486 8,091 8,496 8,963 9,232 9,509 82-820-54-00-5460 DUES & SUBSCRIPTIONS 9,324 8,642 18,000 10,000 20,000 20,000 20,000 20,000 20,000 82-820-54-00-5462 PROFESSIONAL SERVICES 34,322 23,157 33,500 40,000 105,000 30,000 30,000 30,000 30,000 82-820-54-00-5466 LEGAL SERVICES 4,050 - 3,000 500 3,000 3,000 3,000 3,000 3,000 82-820-54-00-5468 AUTOMATION 17,461 18,877 25,000 20,000 26,000 26,000 26,000 26,000 26,000 82-820-54-00-5480 UTILITIES 27,568 21,069 24,719 24,719 26,202 27,774 29,440 31,206 33,078 Library Fund Revenues Library Fund Revenue & Transfers Other Financing Sources INVESTMENT EARNINGS 128 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription 82-820-54-00-5488 OFFICE CLEANING - 36,040 75,000 36,308 25,400 27,280 28,644 30,076 31,580 82-820-54-00-5495 OUTSIDE REPAIR & MAINTENANCE 22,916 121,291 131,000 100,000 130,000 80,000 80,000 80,000 80,000 82-820-54-00-5498 PAYING AGENT FEES 1,689 1,689 1,700 1,689 2,100 - - - - 82-820-56-00-5610 OFFICE SUPPLIES 4,694 4,073 8,000 6,000 7,000 7,000 7,000 7,000 7,000 82-820-56-00-5620 LIBRARY OPERATING SUPPLIES 1,240 5,002 4,000 3,000 5,000 5,000 5,000 5,000 5,000 82-820-56-00-5621 CUSTODIAL SUPPLIES 4,030 4,353 7,000 5,000 7,000 7,000 7,000 7,000 7,000 82-820-56-00-5635 COMPUTER EQUIPMENT & SOFTWARE 6,916 3,480 3,000 6,000 7,000 7,000 7,000 7,000 7,000 82-820-56-00-5671 LIBRARY PROGRAMMING 325 319 2,000 1,000 2,000 2,000 2,000 2,000 2,000 82-820-56-00-5676 EMPLOYEE RECOGNITION 171 177 300 200 600 600 600 600 600 82-820-56-00-5683 AUDIO BOOKS - - 3,500 3,500 3,500 3,500 3,500 3,500 3,500 82-820-56-00-5684 COMPACT DISCS & OTHER MUSIC - - 500 250 500 500 500 500 500 82-820-56-00-5685 DVD'S - - 3,000 2,000 3,000 3,000 3,000 3,000 3,000 82-820-56-00-5686 BOOKS 1,635 1,122 20,000 20,271 30,000 40,000 50,000 50,000 50,000 Debt Service - 2006 Bond 82-820-84-00-8000 PRINCIPAL PAYMENT 75,000 75,000 100,000 100,000 100,000 - - - - 82-820-84-00-8050 INTEREST PAYMENT 16,675 13,113 9,550 9,550 4,800 - - - - Debt Service - 2013 Refunding Bond 82-820-99-00-8000 PRINCIPAL PAYMENT 645,000 675,000 700,000 700,000 730,000 - - - - 82-820-99-00-8050 INTEREST PAYMENT 103,550 84,200 57,200 57,200 29,200 - - - - 1,598,317$ 1,797,103$ 1,909,000$ 1,801,135$ 1,994,900$ 1,048,192$ 1,090,823$ 1,124,292$ 1,160,814$ 24,809$ 29,489$ 31,335$ 25,050$ 28,302$ 29,910$ 31,615$ 33,422$ 35,337$ - - - - - - - - - 24,809$ 29,489$ 31,335$ 25,050$ 28,302$ 29,910$ 31,615$ 33,422$ 35,337$ Surplus(Deficit)108,865$ 47,048$ (42,222)$ 74,621$ (32,316)$ 106,630$ 115,011$ 129,817$ 137,752$ Fund Balance 746,897$ 793,959$ 716,219$ 868,580$ 836,264$ 942,894$ 1,057,905$ 1,187,722$ 1,325,474$ 46.73%44.18%37.52%48.22%41.92%89.95%96.98%105.64%114.18% 98.52%83.59%68.72%92.96%73.95%89.95%96.98%105.64%114.18% Library Fund Expenditures (Transfers Out) Operational Fund Balance % Library Fund Net Transfers Transfers In 129 . FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Licenses & Permits 103,850$ 140,950$ 50,000$ 165,000$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ Investment Earnings 189 205 150 225 200 200 200 200 200 Miscellaneous 26 22 - - - - - - - Total Revenues 104,065$ 141,177$ 50,150$ 165,225$ 50,200$ 50,200$ 50,200$ 50,200$ 50,200$ Expenditures Contractual Services 3,000$ 3,000$ 3,500$ -$ -$ -$ -$ -$ -$ Supplies 75,541 63,279 55,000 35,000 49,000 67,500 33,500 10,000 27,000 Capital Outlay 18,050 - 56,000 44,983 500,000 115,000 80,000 150,000 150,000 Total Expenditures 96,591$ 66,279$ 114,500$ 79,983$ 549,000$ 182,500$ 113,500$ 160,000$ 177,000$ Surplus (Deficit)7,474$ 74,898$ (64,350)$ 85,242$ (498,800)$ (132,300)$ (63,300)$ (109,800)$ (126,800)$ Ending Fund Balance 176,662$ 251,559$ 170,497$ 336,801$ (161,999)$ (294,299)$ (357,599)$ (467,399)$ (594,199)$ Library Capital Fund (84) The Library Capital Fund derives its revenue from monies collected from building permits. The revenue is used for Library building maintenance and associated capital, contractual and supply purchases. ($1,000) ($500) $0 $500 ThousandsFund Balance 130 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription LIBRARY CAPITAL FUND - 84 84-000-42-00-4214 DEVELOPMENT FEES 103,850$ 140,950$ 50,000$ 165,000$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ 84-000-45-00-4500 189 205 150 225 200 200 200 200 200 84-000-48-00-4850 MISCELLANEOUS INCOME 26 22 - - - - - - - 104,065$ 141,177$ 50,150$ 165,225$ 50,200$ 50,200$ 50,200$ 50,200$ 50,200$ 84-840-54-00-5460 E-BOOKS SUBSCRIPTION 3,000$ 3,000$ 3,500$ -$ -$ -$ -$ -$ -$ 84-840-56-00-5635 COMPUTER EQUIPMENT & SOFTWARE 19,965 7,384 25,000 10,000 29,000 57,500 33,500 10,000 27,000 84-840-56-00-5683 AUDIO BOOKS 3,029 2,068 - - - - - - - 84-840-56-00-5685 DVD'S 2,867 2,417 - - - - - - - 84-840-56-00-5686 BOOKS 49,680 51,410 30,000 25,000 20,000 10,000 - - - 84-840-60-00-6020 BUILDING IMPROVEMENTS 18,050 - 56,000 44,983 500,000 115,000 80,000 150,000 150,000 96,591$ 66,279$ 114,500$ 79,983$ 549,000$ 182,500$ 113,500$ 160,000$ 177,000$ Surplus(Deficit)7,474 74,898 (64,350) 85,242 (498,800) (132,300) (63,300) (109,800) (126,800) Fund Balance 176,662$ 251,559$ 170,497$ 336,801$ (161,999)$ (294,299)$ (357,599)$ (467,399)$ (594,199)$ Library Capital Fund Revenues INVESTMENT EARNINGS Library Capital Fund Expenditures 131 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Taxes 250,366$ 232,124$ 228,000$ 226,795$ 232,465$ 238,277$ 244,234$ 250,340$ 256,599$ Total Revenues 250,366$ 232,124$ 228,000$ 226,795$ 232,465$ 238,277$ 244,234$ 250,340$ 256,599$ Expenditures Contractual Services 12,643$ 16,983$ 18,014$ 17,676$ 17,259$ 18,022$ 18,903$ 19,410$ 19,932$ Debt Service 209,316 207,370 209,422 209,422 208,522 364,699 359,546 360,464 360,754 Total Expenditures 221,959$ 224,353$ 227,436$ 227,098$ 225,781$ 382,721$ 378,449$ 379,874$ 380,686$ Surplus (Deficit)28,407$ 7,771$ 564$ (303)$ 6,684$ (144,444)$ (134,215)$ (129,534)$ (124,087)$ Ending Fund Balance (1,182,815)$ (1,175,044)$ (1,175,879)$ (1,175,347)$ (1,168,663)$ (1,313,107)$ (1,447,322)$ (1,576,856)$ (1,700,943)$ Countryside TIF Fund (87) The Countryside TIF was created in February of 2005, with the intent of constructing a future retail development at Countryside Center. This TIF is located at the northwest corner of US Route 34 and IL Route 47. ($2,000) ($1,000) $0 ThousandsFund Balance 132 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription COUNTRYSIDE TIF FUND - 87 87-000-40-00-4000 PROPERTY TAXES 250,366$ 232,124$ 228,000$ 226,795$ 232,465$ 238,277$ 244,234$ 250,340$ 256,599$ 250,366$ 232,124$ 228,000$ 226,795$ 232,465$ 238,277$ 244,234$ 250,340$ 256,599$ 87-870-54-00-5401 ADMINISTRATIVE CHARGEBACK 11,381$ 15,804$ 16,314$ 16,314$ 15,259$ 16,022$ 16,903$ 17,410$ 17,932$ 87-870-54-00-5462 PROFESSIONAL SERVICES 601 518 1,000 434 1,000 1,000 1,000 1,000 1,000 87-870-54-00-5498 PAYING AGENT FEES 661 661 700 928 1,000 1,000 1,000 1,000 1,000 Debt Service - 2015A Bond 87-870-77-00-8000 PRINCIPAL PAYMENT 112,455 116,424 121,716 121,716 125,685 56,889 58,212 60,858 63,504 87-870-77-00-8050 INTEREST PAYMENT 46,146 40,231 36,991 36,991 32,122 27,095 24,819 22,491 20,057 Debt Service - 2014 Refunding Bond 87-870-93-00-8000 PRINCIPAL PAYMENT - - - - - 230,000 235,000 245,000 255,000 87-870-93-00-8050 INTEREST PAYMENT 50,715 50,715 50,715 50,715 50,715 50,715 41,515 32,115 22,193 221,959$ 224,353$ 227,436$ 227,098$ 225,781$ 382,721$ 378,449$ 379,874$ 380,686$ Surplus(Deficit)28,407 7,771 564 (303) 6,684 (144,444) (134,215) (129,534) (124,087) Fund Balance (1,182,815)$ (1,175,044)$ (1,175,879)$ (1,175,347)$ (1,168,663)$ (1,313,107)$ (1,447,322)$ (1,576,856)$ (1,700,943)$ Countryside TIF Expenditures Countryside TIF Revenues 133 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Taxes 96,795$ 100,932$ 122,000$ 121,458$ 124,494$ 127,606$ 130,796$ 134,066$ 137,418$ Total Revenues 96,795$ 100,932$ 122,000$ 121,458$ 124,494$ 127,606$ 130,796$ 134,066$ 137,418$ Expenditures Contractual Services 74,223$ 72,810$ 76,857$ 68,959$ 73,967$ 77,540$ 81,461$ 84,699$ 88,078$ Capital Outlay 7,488 3,120 5,000 - 1,000,000 5,000 5,000 5,000 5,000 Debt Service 206,083 - - - - - - - - Total Expenditures 287,794$ 75,930$ 81,857$ 68,959$ 1,073,967$ 82,540$ 86,461$ 89,699$ 93,078$ Surplus (Deficit)(190,999)$ 25,002$ 40,143$ 52,499$ (949,473)$ 45,066$ 44,335$ 44,367$ 44,340$ Ending Fund Balance (1,639,928)$ (1,614,928)$ (1,574,911)$ (1,562,429)$ (2,511,902)$ (2,466,836)$ (2,422,501)$ (2,378,134)$ (2,333,794)$ Downtown TIF Fund (88) The Downtown TIF was created in 2006, in order to finance a mixed use development in the downtown area. ($3,000) ($2,000) ($1,000) $0 ThousandsFund Balance 134 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription DOWNTOWN TIF FUND - 88 88-000-40-00-4000 PROPERTY TAXES 96,795$ 100,932$ 122,000$ 121,458$ 124,494$ 127,606$ 130,796$ 134,066$ 137,418$ 96,795$ 100,932$ 122,000$ 121,458$ 124,494$ 127,606$ 130,796$ 134,066$ 137,418$ 88-880-54-00-5401 ADMINISTRATIVE CHARGEBACK 35,020$ 31,102$ 32,129$ 32,129$ 32,046$ 33,648$ 35,499$ 36,564$ 37,661$ 88-880-54-00-5425 TIF INCENTIVE PAYOUT 36,562 37,835 39,728 36,473 39,421 41,392 43,462 45,635 47,917 88-880-54-00-5462 PROFESSIONAL SERVICES 2,641 3,873 5,000 357 2,500 2,500 2,500 2,500 2,500 88-880-60-00-6000 PROJECT COSTS - - 5,000 - 1,000,000 5,000 5,000 5,000 5,000 88-880-60-00-6079 ROUTE 47 EXPANSION 7,488 3,120 - - - - - - - Debt Service - FNBO Loan - 102 E Van Emmon Building 88-880-81-00-8000 PRINCIPAL PAYMENT 200,000 - - - - - - - - 88-880-81-00-8050 INTEREST PAYMENT 6,083 - - - - - - - - 287,794$ 75,930$ 81,857$ 68,959$ 1,073,967$ 82,540$ 86,461$ 89,699$ 93,078$ Surplus(Deficit)(190,999) 25,002 40,143 52,499 (949,473) 45,066 44,335 44,367 44,340 Fund Balance (1,639,928)$ (1,614,928)$ (1,574,911)$ (1,562,429)$ (2,511,902)$ (2,466,836)$ (2,422,501)$ (2,378,134)$ (2,333,794)$ Downtown TIF Expenditures Downtown TIF Revenues 135 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Taxes 78,764$ 97,574$ 146,000$ 145,465$ 149,102$ 152,830$ 156,651$ 160,567$ 164,581$ Total Revenues 78,764$ 97,574$ 146,000$ 145,465$ 149,102$ 152,830$ 156,651$ 160,567$ 164,581$ Expenditures Contractual Services 37,521$ 3,371$ 11,000$ 9,000$ 17,000$ 17,000$ 17,000$ 17,000$ 17,000$ Capital Outlay - - - - 5,000 5,000 5,000 5,000 5,000 Total Expenditures 37,521$ 3,371$ 11,000$ 9,000$ 22,000$ 22,000$ 22,000$ 22,000$ 22,000$ Surplus (Deficit)41,243$ 94,203$ 135,000$ 136,465$ 127,102$ 130,830$ 134,651$ 138,567$ 142,581$ Ending Fund Balance (6,625)$ 87,577$ 198,949$ 224,042$ 351,144$ 481,974$ 616,625$ 755,192$ 897,773$ Downtown TIF Fund II (89) The Downtown TIF II was created in 2018, in order to help promote downtown redevelopment and support the existing Downtown TIF. ($500) $0 $500 $1,000 ThousandsFund Balance 136 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Account Number Actual Actual Adopted Projected Proposed Projected Projected Projected ProjectedDescription DOWNTOWN TIF II FUND - 89 89-000-40-00-4000 PROPERTY TAXES 78,764$ 97,574$ 146,000$ 145,465$ 149,102$ 152,830$ 156,651$ 160,567$ 164,581$ 78,764$ 97,574$ 146,000$ 145,465$ 149,102$ 152,830$ 156,651$ 160,567$ 164,581$ 89-890-54-00-5425 TIF INCENTIVE PAYOUT 36,805$ 1,808$ 8,000$ 8,000$ 14,000$ 14,000$ 14,000$ 14,000$ 14,000$ 89-890-54-00-5462 PROFESSIONAL SERVICES 716 1,563 3,000 1,000 3,000 3,000 3,000 3,000 3,000 89-890-60-00-6000 PROJECT COSTS - - - - 5,000 5,000 5,000 5,000 5,000 37,521$ 3,371$ 11,000$ 9,000$ 22,000$ 22,000$ 22,000$ 22,000$ 22,000$ Surplus(Deficit)41,243 94,203 135,000 136,465 127,102 130,830 134,651 138,567 142,581 Fund Balance (6,625)$ 87,577$ 198,949$ 224,042$ 351,144$ 481,974$ 616,625$ 755,192$ 897,773$ Downtown TIF II Expenditures Downtown TIF II Fund Revenues 137 FY 2024FY 2025FY 2022 FY 2023 AdoptedFY 2024 ProposedFY 2026 FY 2027 FY 2028 FY 2029ActualActualBudget ProjectedBudget ProjectedProjectedProjectedProjectedRevenuesTaxes 14,812,671$ 15,728,228$ 16,374,617$ 16,268,973$ 17,225,429$ 17,544,433$ 17,864,390$ 17,964,517$ 18,294,873$ Intergovernmental 6,895,425 7,123,418 6,221,653 6,545,325 6,478,945 6,359,259 6,943,621 7,075,446 7,212,965 Licenses & Permits 1,193,057 1,630,034 832,000 1,946,000 943,000 843,000 843,000 793,000 793,000 Fines & Forfeits 204,687 112,367 102,650 112,200 109,200 109,200 109,200 109,200 109,200 Charges for Service 10,478,862 12,413,565 12,913,530 14,348,077 14,696,793 15,209,085 17,156,630 19,328,630 21,248,458 Investment Earnings (50,426) 557,169 521,250 1,293,000 1,336,250 691,250 521,250 406,250 526,750 Reimbursements 1,786,282 4,295,878 1,581,153 763,384 14,588,018 394,359 241,167 2,379,516 401,167 Land Cash Contributions 2,712 - - - - - - - - Miscellaneous 503,173 481,789 395,570 434,445 942,665 430,140 422,652 429,140 435,858 Total Revenues 35,826,443$ 42,342,448$ 38,942,423$ 41,711,404$ 56,320,300$ 41,580,726$ 44,101,910$ 48,485,699$ 49,022,271$ Other Financing Sources23,385,630 8,304,111 47,087,273 17,175,456 74,639,059 61,914,516 56,183,552 35,415,143 11,957,173 Total Revenues & Transfers59,212,073$ 50,646,559$ 86,029,696$ 58,886,860$ 130,959,359$ 103,495,242$ 100,285,462$ 83,900,842$ 60,979,444$ ExpendituresSalaries 7,247,258$ 7,837,732$ 9,013,276$ 8,464,141$ 10,030,385$ 10,446,878$ 11,021,491$ 11,379,104$ 11,701,084$ Benefits 4,091,003 4,295,017 4,828,313 4,470,295 5,141,462 5,434,790 5,786,893 6,132,926 6,474,770 Contractual Services 8,333,873 8,958,436 12,747,170 10,456,339 13,176,284 11,579,106 11,697,331 11,125,099 9,756,360 Supplies 1,580,920 1,859,151 2,030,605 2,033,223 2,131,610 2,093,545 2,060,311 2,093,944 2,039,336 Capital Outlay 7,744,000 17,989,400 22,607,432 14,419,856 58,336,527 90,372,962 63,169,242 43,764,320 6,974,752 Contingency - - 75,000 100,000 75,000 75,000 75,000 75,000 75,000 Developer Commitment - - 300,567 37,500 37,500 37,500 37,500 - - Debt Service 4,380,291 4,618,420 3,434,959 3,359,799 5,027,967 8,686,380 7,502,410 8,348,721 8,203,635 Total Expenditures 33,377,345$ 45,558,156$ 55,037,322$ 43,341,153$ 93,956,735$ 128,726,161$ 101,350,178$ 82,919,114$ 45,224,937$ Other Financing Uses 13,543,127 8,101,565 4,614,284 6,353,796 5,196,509 7,053,469 7,334,002 7,002,965 8,245,910 Total Expenditures & Transfers46,920,472$ 53,659,721$ 59,651,606$ 49,694,949$ 99,153,244$ 135,779,630$ 108,684,180$ 89,922,079$ 53,470,847$ Surplus (Deficit)12,291,601$ (3,013,162)$ 26,378,090$ 9,191,911$ 31,806,115$ (32,284,388)$ (8,398,718)$ (6,021,237)$ 7,508,597$ Ending Fund Balance26,477,119$ 23,463,944$ 48,042,885$ 32,655,855$ 64,461,970$ 32,177,582$ 23,778,864$ 17,757,627$ 25,266,224$ 56.43% 43.73% 80.54% 65.71% 65.01% 23.70% 21.88% 19.75% 47.25%United City of Yorkville - Consolidated BudgetThe table and graph below present the City's funds in aggregate, similar to that of a private business (for illustrative purposes only). All budgeted funds are included except for the following: Library Operations (82); and Library Capital (84).$0$20,000$40,000$60,000$80,000ThousandsFund Balance138 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Adopted Projected Proposed Projected Projected Projected Projected Cash Flow - Surplus(Deficit) General 1,454,746$ 369,505$ -$ -$ - -$ -$ -$ -$ Fox Hill 11,346 15,458 (36,640) 10,377$ (36,640) 10,360 8,632 8,632 (26,368) Sunflower 10,794 9,400 2,360 15$ (2,640) 2,360 632 632 632 Motor Fuel Tax (974,409) 50,427 (240,600) (71,481)$ (122,438) (123,661) 2,484 (241) (2,521) City Wide Capital 2,046,031 2,619,452 (1,323,199) 982,782$ (4,612,329) 2,658,450 (2,796,682) (1,013,479) (3,795) Buildings & Grounds 10,002,255 (8,136,346) 28,556,714 356,647$ 32,049,836 (26,927,697) (5,704,637) (697,498) 531,421 Vehicle & Equipment (94,168) 40,884 (1,083,511) 418,453$ (1,657,681) (53,400) (49,400) (13,949) - Debt Service - - - -$ - - - - - Water (110,159) 164,774 232,303 5,874,624$ 7,946,592 (7,702,957) 488,806 (4,149,575) 7,054,656 Sewer 136,802 1,516,345 191,719 1,186,881$ (454,142) (179,295) (393,324) (209,159) (108,262) Land Cash 2,712 (33,843) - -$ - - - - - Park & Recreation (73,000) 243,806 (96,763) 244,952$ (488,756) - - - - Countryside TIF 28,407 7,771 564 (303)$ 6,684 (144,444) (134,215) (129,534) (124,087) Downtown TIF (190,999) 25,002 40,143 52,499$ (949,473) 45,066 44,335 44,367 44,340 Downtown TIF II 41,243 94,203 135,000 136,465$ 127,102 130,830 134,651 138,567 142,581 12,291,601$ (3,013,162)$ 26,378,090$ 9,191,911$ 31,806,115$ (32,284,388)$ (8,398,718)$ (6,021,237)$ 7,508,597$ Cash Flow - Fund Balance General 10,627,100$ 10,996,607$ 10,627,100$ 10,996,607$ 10,996,607$ 10,996,607$ 10,996,607$ 10,996,607$ 10,996,607$ Fox Hill 21,576 37,034 (3,563) 47,411$ 10,771 21,131 29,763 38,395 12,027 Sunflower 2,386 11,786 10,746 11,801$ 9,161 11,521 12,153 12,785 13,417 Motor Fuel Tax 269,412 319,840 3,983 248,359$ 125,921 2,260 4,744 4,503 1,982 City Wide Capital 2,165,601 4,785,053 3,276,137 5,767,835$ 1,155,506 3,813,956 1,017,274 3,795 - Buildings & Grounds 10,002,257 1,865,907 29,728,789 2,222,554$ 34,272,390 7,344,693 1,640,056 942,558 1,473,979 Vehicle & Equipment 1,391,622 1,432,503 300,973 1,850,956$ 193,275 139,875 90,475 76,526 76,526 Debt Service - - - -$ - - - - - Water 3,791,199 3,955,973 4,085,790 9,830,597$ 17,777,189 10,074,232 10,563,038 6,413,463 13,468,119 Sewer 1,001,491 2,517,832 2,564,771 3,704,713$ 3,250,571 3,071,276 2,677,952 2,468,793 2,360,531 Land Cash 33,843 - - -$ - - - - - Park & Recreation - 243,804 - 488,756$ - - - - - Countryside TIF (1,182,815) (1,175,044) (1,175,879) (1,175,347)$ (1,168,663) (1,313,107) (1,447,322) (1,576,856) (1,700,943) Downtown TIF (1,639,928) (1,614,928) (1,574,911) (1,562,429)$ (2,511,902) (2,466,836) (2,422,501) (2,378,134) (2,333,794) Downtown TIF II (6,625) 87,577 198,949 224,042$ 351,144 481,974 616,625 755,192 897,773 26,477,119$ 23,463,944$ 48,042,885$ 32,655,855$ 64,461,970$ 32,177,582$ 23,778,864$ 17,757,627$ 25,266,224$ Operating FundsOperating FundsCITY 139 FY 2024 FY 2025 FY 2022 FY 2023 Adopted FY 2024 Proposed FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Budget Projected Budget Projected Projected Projected Projected Revenues Taxes 1,611,808$ 1,665,847$ 1,763,193$ 1,760,942$ 1,856,755$ 1,045,114$ 1,092,144$ 1,135,830$ 1,175,584$ Intergovernmental 48,746 52,529 47,000 45,239 45,327 45,598 45,875 46,157 46,445 Licenses & Permits 103,850 140,950 50,000 165,000 50,000 50,000 50,000 50,000 50,000 Fines & Forfeits 6,576 2,433 1,000 1,500 1,500 1,500 1,500 1,500 1,500 Charges for Service 11,131 13,825 6,000 13,825 12,500 12,500 12,500 12,500 12,500 Investment Earnings 1,531 19,530 15,150 26,225 15,200 17,200 19,200 21,700 24,200 Miscellaneous 2,796 60,725 3,250 3,200 3,200 3,200 3,200 3,200 3,200 Total Revenues 1,786,438$ 1,955,839$ 1,885,593$ 2,015,931$ 1,984,482$ 1,175,112$ 1,224,419$ 1,270,887$ 1,313,429$ Other Financing Sources 24,809 29,489 31,335 25,050 28,302 29,910 31,615 33,422 35,337 Total Revenues & Transfers 1,811,247$ 1,985,328$ 1,916,928$ 2,040,981$ 2,012,784$ 1,205,022$ 1,256,034$ 1,304,309$ 1,348,766$ Expenditures Salaries 439,588$ 469,219$ 456,307$ 440,000$ 491,573$ 508,740$ 523,682$ 538,907$ 555,924$ Benefits 172,081 200,002 184,238 177,962 196,109 207,686 220,964 235,215 250,525 Contractual Services 130,412 265,043 353,905 269,202 377,618 256,166 260,577 264,570 268,765 Supplies 94,552 81,805 106,300 82,221 114,600 143,100 119,100 95,600 112,600 Capital Outlay 18,050 - 56,000 44,983 500,000 115,000 80,000 150,000 150,000 Debt Service 840,225 847,313 866,750 866,750 864,000 - - - - Total Expenditures 1,694,908$ 1,863,382$ 2,023,500$ 1,881,118$ 2,543,900$ 1,230,692$ 1,204,323$ 1,284,292$ 1,337,814$ Surplus (Deficit)116,339$ 121,946$ (106,572)$ 159,863$ (531,116)$ (25,670)$ 51,711$ 20,017$ 10,952$ Ending Fund Balance 923,559$ 1,045,518$ 886,716$ 1,205,381$ 674,265$ 648,595$ 700,306$ 720,323$ 731,275$ 54.49%56.11%43.82%64.08%26.51%52.70%58.15%56.09%54.66% Yorkville Public Library - Consolidated Budget The table and graph below present the Library's funds in aggregate, similar to that of a private business (for illustrative purposes only). All budgeted Library funds are included: Library Operations (82); and Library Capital (84). $0 $500 $1,000 $1,500 ThousandsFund Balance 140 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Adopted Projected Proposed Projected Projected Projected Projected Cash Flow - Surplus(Deficit) Library Ops 108,865$ 47,048$ (42,222)$ 74,621$ (32,316)$ 106,630$ 115,011$ 129,817$ 137,752$ Library Capital 7,474 74,898 (64,350) 85,242 (498,800) (132,300) (63,300) (109,800) (126,800) 116,339$ 121,946$ (106,572)$ 159,863$ (531,116)$ (25,670)$ 51,711$ 20,017$ 10,952$ Cash Flow - Fund Balance Library Ops 746,897$ 793,959$ 716,219$ 868,580$ 836,264$ 942,894$ 1,057,905$ 1,187,722$ 1,325,474$ Library Capital 176,662 251,559 170,497 336,801 (161,999) (294,299) (357,599) (467,399) (594,199) 923,559$ 1,045,518$ 886,716$ 1,205,381$ 674,265$ 648,595$ 700,306$ 720,323$ 731,275$ Library 141 FY 2022 FY 2023 FY 2024 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Actual Actual Adopted Projected Proposed Projected Projected Projected Projected Liability Insurance 436,626$ 486,827$ 548,247$ 503,878$ 553,768$ 586,993$ 622,213$ 659,546$ 699,118$ Unemployment Ins 18,214$ 25,910$ 20,250$ 28,250$ 31,000$ 31,000$ 31,000$ 31,000$ 31,000$ Health Insurance 1,273,757$ 1,411,732$ 1,749,277$ 1,504,178$ 1,953,941$ 2,107,552$ 2,289,288$ 2,486,369$ 2,682,115$ Dental Insurance 97,013$ 108,436$ 126,128$ 115,494$ 134,264$ 140,978$ 149,013$ 156,734$ 164,571$ Vision Insurance 14,574$ 15,704$ 17,397$ 15,941$ 18,566$ 19,071$ 19,771$ 20,498$ 21,115$ Health Insurance 79,114$ 102,604$ 89,456$ 91,586$ 103,346$ 111,614$ 120,543$ 130,186$ 140,601$ Dental Insurance 6,336$ 7,518$ 6,835$ 6,874$ 6,835$ 7,177$ 7,536$ 7,913$ 8,309$ Vision Insurance 915$ 1,083$ 940$ 933$ 940$ 968$ 997$ 1,027$ 1,058$ Corporate 2,084,951$ 2,220,747$ 2,346,977$ 2,340,251$ 2,518,207$ 2,568,207$ 2,618,207$ 2,668,207$ 2,718,207$ Police Pension 1,330,510 1,331,704 1,374,700 1,368,276 1,382,106 1,436,265 1,486,265 1,536,265 1,586,265 Total City 3,415,461$ 3,552,451$ 3,721,677$ 3,708,527$ 3,900,313$ 4,004,472$ 4,104,472$ 4,204,472$ 4,304,472$ 2.63%4.01%4.76%4.39%5.17%2.67%2.50%2.44%2.38% Library Operations 774,248$ 820,513$ 899,043$ 900,817$ 995,347$ 1,045,114$ 1,092,144$ 1,135,830$ 1,175,584$ Library Debt Service 837,560 845,334 864,150 860,125 861,408 - - - - Total Library 1,611,808$ 1,665,847$ 1,763,193$ 1,760,942$ 1,856,755$ 1,045,114$ 1,092,144$ 1,135,830$ 1,175,584$ Special Service Areas 36,397$ 42,501$ 45,000$ 45,032$ 45,000$ 45,000$ 45,000$ 45,000$ 45,000$ 0.00%16.77%5.88%5.96%-0.07%0.00%0.00%0.00%0.00% TIF Districts 425,925$ 430,630$ 496,000$ 493,718$ 506,061$ 518,713$ 531,681$ 544,973$ 558,598$ 58.08%1.10%15.18%14.65%2.50%2.50%0.00%0.00%0.00% Road & Bridge Tax 54,872$ 115,949$ 120,000$ 120,588$ 120,000$ 120,000$ 120,000$ 120,000$ 120,000$ 4.79%111.31%3.49%4.00%-0.49%0.00%0.00%0.00%0.00% Grand Total 5,544,463$ 5,807,378$ 6,145,870$ 6,128,807$ 6,428,129$ 5,733,299$ 5,893,297$ 6,050,275$ 6,203,654$ 5.66%4.74%5.83%5.53%4.88%-10.81%2.79%2.66%2.54% Property Taxes City City City Library Library Library Allocated Insurance Expenditures - Aggregated 142 FY 2022FY 2023FY 2024FY 2024FY 2025FY 2026FY 2027FY 2028FY 2029ActualActualAdoptedProjectedProposedProjectedProjectedProjectedProjected4,380,291$ 4,618,420$ 3,434,959$ 3,359,799$ 5,027,967$ 8,686,380$ 7,502,410$ 8,348,721$ 8,203,635$ 3,549,600 3,934,753 2,594,680 2,594,680 2,804,816 3,610,076 2,592,981 2,653,691 2,741,245 830,691 683,667 840,279 765,119 2,223,151 5,076,304 4,909,429 5,695,030 5,462,390 Building Permits Revenue949,459$ 1,012,856$ 500,000$ 1,050,000$ 600,000$ 500,000$ 500,000$ 450,000$ 450,000$ SalariesFull Time 6,854,604$ 7,390,119$ 8,310,476$ 7,865,691$ 9,307,417$ 9,752,718$ 10,334,117$ 10,690,490$ 11,011,205$ Overtime122,024 140,265 186,000 172,500 190,000 190,000 182,000 182,000 182,000 Part Time270,630 307,348 516,800 425,950 532,968 504,160 505,374 506,614 507,879 Total 7,247,258$ 7,837,732$ 9,013,276$ 8,464,141$ 10,030,385$ 10,446,878$ 11,021,491$ 11,379,104$ 11,701,084$ SalariesFull Time 269,386$ 307,963$ 288,307$ 285,000$ 305,573$ 314,740$ 324,182$ 333,907$ 343,924$ Part Time170,202 161,256 168,000 155,000 186,000 194,000 199,500 205,000 212,000 Total439,588$ 469,219$ 456,307$ 440,000$ 491,573$ 508,740$ 523,682$ 538,907$ 555,924$ SalariesFull Time 7,123,990$ 7,698,082$ 8,598,783$ 8,150,691$ 9,612,990$ 10,067,458$ 10,658,299$ 11,024,397$ 11,355,129$ Overtime122,024 140,265 186,000 172,500 190,000 190,000 182,000 182,000 182,000 Part Time440,832 468,604 684,800 580,950 718,968 698,160 704,874 711,614 719,879 Total 7,686,846$ 8,306,951$ 9,469,583$ 8,904,141$ 10,521,958$ 10,955,618$ 11,545,173$ 11,918,011$ 12,257,008$ BenefitsIMRF 397,570$ 349,205$ 340,864$ 302,000$ 338,217$ 351,875$ 383,516$ 410,005$ 434,254$ Police Pension1,334,771 1,334,771 1,378,837 1,378,837 1,386,265 1,436,265 1,486,265 1,536,265 1,586,265 FICA533,527 581,744 667,859 636,500 742,194 779,304 825,608 853,923 879,540 Total 2,265,868$ 2,265,720$ 2,387,560$ 2,317,337$ 2,466,676$ 2,567,444$ 2,695,389$ 2,800,193$ 2,900,059$ BenefitsIMRF 27,675$ 24,289$ 21,201$ 19,000$ 19,635$ 18,538$ 19,645$ 20,869$ 22,114$ FICA32,70034,43633,91733,91736,49738,91940,06241,22642,528 Total 60,375$ 58,725$ 55,118$ 52,917$ 56,132$ 57,457$ 59,707$ 62,095$ 64,642$ BenefitsIMRF425,245$ 373,494$ 362,065$ 321,000$ 357,852$ 370,413$ 403,161$ 430,874$ 456,368$ Police Pension1,334,771 1,334,771 1,378,837 1,378,837 1,386,265 1,436,265 1,486,265 1,536,265 1,586,265 FICA566,227 616,180 701,776 670,417 778,691 818,223 865,670 895,149 922,068 Total 2,326,243$ 2,324,445$ 2,442,678$ 2,370,254$ 2,522,808$ 2,624,901$ 2,755,096$ 2,862,288$ 2,964,701$ LibAggregated Benefit InformationTotalTotal City Debt Service PaymentsInterestPrincipalLibTotalCityAggregated Salary & Wage InformationCity143 FY 2022FY 2023FY 2024FY 2024FY 2025FY 2026FY 2027FY 2028FY 2029ActualActualAdoptedProjectedProposedProjectedProjectedProjectedProjected1,602,846$ 1,650,514$ 2,154,360$ 1,736,632$ 1,872,000$ 1,672,000$ 1,672,000$ 1,622,000$ 1,622,000$ Motor Fuel Tax 789,901 1,000,000 1,000,000 952,369 1,000,000 1,020,000 1,050,000 1,075,000 1,100,000 City-Wide Capital812,945 650,514 1,154,360 784,263 872,000 652,000 622,000 547,000 522,000 -$ -$ -$ -$3,750,000$ (4,299,000)$ 2,201,000$ 528,000$ -$ City-Wide Capital - - - - 3,750,000 2,201,000 2,201,000 528,000 - Bond Proceeds- - - - - (6,500,000) - - - -$ -$ -$ -$52,000$ 487,900$ -$ -$ -$ City-Wide Capital - - - - 52,000 659,500 - - - Reimbursements- - - - - (171,600) - - - 17,467$ (5,554)$ -$ (5,555)$ -$ -$ -$411,651$ -$ Mill Road 1,560,439 448,532 - - - - - - - Kennedy Road (Freedom Place)- 101,671 1,100,000 30,000 835,000 - - - - Kennedy Road (North)58,440 420,836 15,000 546 - - - - - Kennedy (Emerald / Freedom)- - - - 125,000 125,000 150,000 2,750,000 - Reimbursements(1,601,412) (976,593) (1,115,000) (36,101) (960,000) (125,000) (150,000) (2,338,349) - -$ -$ -$ -$ -$180,000$ 180,000$ 180,000$ -$ City-Wide Capital - - - - - 180,000 180,000 180,000 - Water- - - - 1,090,000 - - - - Reimbursements- - - - (1,090,000) - - - - -$ -$ -$ -$2,042,000$ 180,000$ 180,000$ -$ -$ City-Wide Capital - - - - 180,000 180,000 180,000 - - Water- - - - 931,000 - - - - Sewer- - - - 931,000 - - - - -$ -$900,000$ -$800,000$ 1,000,000$ 1,000,000$ -$ -$ Water - - 900,000 - 800,000 1,000,000 1,000,000 - - 807,678$ 1,541,715$ 328,500$ (2,958,567)$ (6,654,708)$ 5,451,200$ 1,732,835$ 7,892,600$ (857,400)$ Water 807,678 1,541,715 9,883,500 7,371,139 21,969,127 53,664,000 50,464,000 36,170,200 2,744,200 Grants- - - (325,000) (300,000) (300,000) - - - WIFIA Proceeds- - - - (5,500,000) (47,912,800) (40,185,600) (28,277,600) (3,601,600) Bond Proceeds- - (9,555,000) (10,004,706) (22,823,835) - (8,545,565) - - Well #10 / Water Repl Program / Water Sourcing - DWC-Lake MichiganWater Meter Replacement ProgramRoad to Better Roads ProgramRte 47 (Water Way / Jericho)Rte 47 (Kennedy / Water Way Park)RTBR - Subdivision PavingBristol Bay SubdivisionGrande Reserve ImprovementsSelected Ongoing Capital Projects - Aggregated > $500,000144 FY 2022FY 2023FY 2024FY 2024FY 2025FY 2026FY 2027FY 2028FY 2029ActualActualAdoptedProjectedProposedProjectedProjectedProjectedProjected-$ -$ -$ -$ -$ -$ -$ -$ -$ Water - - - 140,000 9,295,000 - - - - Sewer- - - 77,551 2,380,500 - - - - Reimbursements- - - (217,551) (11,675,500) - - - - -$ -$35,000$ 53,000$ 560,000$ -$ -$ -$ -$ Water - - 35,000 53,000 560,000 - - - - -$70,379$ 440,000$ 298,635$ -$15,000$ 605,000$ 440,000$ 440,000$ Sewer - 70,379 440,000 298,635 - 15,000 605,000 440,000 440,000 -$1,396,685$ 3,010,000$ 300,000$ (32,895,983)$ 26,080,000$ 5,530,000$ -$ -$ Building & Grounds - 1,396,685 3,010,000 300,000 7,104,017 26,080,000 5,530,000 - - Bond Proceeds- - - - (40,000,000) - - - - 120,259$ 325,510$ 451,553$ 137,309$ 222,600$ 157,304$ 166,742$ 290,120$ 187,352$ Vehicles 120,259 179,701 211,000 137,309 222,600 157,304 166,742 265,120 187,352 Equipment- 145,809 240,553 340,553 - - - 25,000 - Grants / Donations- - - (340,553) - - - - - 239,288$ 652,630$ 2,180,500$ 844,944$ 2,543,000$ 917,999$ 954,500$ 1,045,000$ 957,000$ Vehicles 147,102 269,982 1,855,000 622,576 2,236,000 882,999 932,500 1,045,000 675,000 Equipment92,186 382,648 325,500 222,368 307,000 35,000 22,000 - 282,000 139,622$ 297,318$ 610,000$ 512,144$ 499,000$ 419,000$ 357,000$ 379,000$ 396,000$ Vehicles - 204,704 38,000 38,995 94,000 184,000 52,000 117,000 155,000 Equipment48,732 55,481 77,000 107,913 219,000 115,000 135,000 77,000 41,000 Park Improvements90,890 81,645 495,000 417,332 186,000 160,000 220,000 185,000 560,000 Reimbursements- (44,512) - (52,096) - (40,000) (50,000) - (360,000) -$ -$ -$ -$398,000$ 3,363,000$ 90,000$ -$ -$ Water - - - - 308,000 3,273,000 - - - City-Wide Capital- - - - 90,000 90,000 90,000 - - Police CapitalPublic Works CapitalPublic Works / Parks FacilityLincoln Prairie ImprovementsSelected Ongoing Capital Projects - Aggregated > $500,000 (continued)Parks & Recreation CapitalRte 47 (Rte 71 / Caton Farm)Well #7 Standby GeneratorSewer Main Replacement Program145 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 – February 13, 2024 City Council – March 12, 2024 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, FEBRUARY 13, 2024 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 (electronic attendance) Soling Present Ward III Funkhouser Present Marek Present Ward IV Tarulis Present Corneils Present Staff in attendance at City Hall: City Clerk Behland, Deputy Chief of Police Mikolasek, Attorney Lamb, 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. Staff in attendance electronically: City Administrator Olson Members of the public were able to attend this meeting in person 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/83653937576?pwd=Ym5XNlpTYWtQVHB3dWFqVW9MK2xCQT09. The Zoom meeting ID was 836 5393 7576. QUORUM A quorum was established. AMENDMENTS TO THE AGENDA None. PRESENTATIONS None. PUBLIC HEARINGS None. CITIZEN COMMENTS ON AGENDA ITEMS None. CONSENT AGENDA 1. Minutes of the Regular City Council – January 9, 2024 2. Minutes of the Regular City Council – January 23, 2024 3. Bill Payments for Approval $ 2,061,557.25 (vendors) $ 133,983.39 (wire payments) $ 805,034.02 (payroll period ending 01/19/24 & 02/02/24) $ 3,000,574.66 (total) Mayor Purcell entertained a motion to approve the consent agenda. So moved by Alderman Funkhouser; seconded by Alderman Corneils. 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 Regular Meeting of the City Council – February 13, 2024 – Page 2 of 5   REPORTS MAYOR’S REPORT Bond Counsel Engagement Letter (Raintree SSA I & II) (CC 2024-07) Mayor Purcell entertained a motion to approve an engagement letter with Saul Ewing, LLP as bond counsel for the potential refunding of the Raintree I and Raintree II Special Service Area (SSA) bonds for a fixed fee of either $65,000 or $75,000, depending on whether one or both Raintree SSA bonds are refunded and authorize the Mayor to execute. So moved by Alderman Koch; seconded by Alderman Marek. 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 Proposed WIFIA Loan – Municipal Advisor and Bond Counsel Engagement Letters (CC 2024-08) Mayor Purcell entertained a motion to approve the engagement letters for Speer Financial, Inc., the municipal advisor, with a fee of approximately $91,250, and Saul Ewing, the bond counsel, with a fixed fee of $90,000 and authorize the Mayor to execute. So moved by Alderman Transier; seconded by Alderman Soling. 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 Fireworks Display Contract (CC 2024-09) Resolution 2024-05 a. Authorizing a Contract with Mad Bomber Fireworks Productions for the Purchase of Fireworks for Two City-Sponsored Fireworks Displays Ordinance 2024-04 b. Authorizing the Sixth 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 a Resolution Authorizing a Contract with Mad Bomber Fireworks Productions for the Purchase of Fireworks for Two City-Sponsored Fireworks Displays and an Ordinance Authorizing the Sixth 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 Tarulis; seconded by Alderman Corneils. 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 VirTra Police Training Simulator (CC 2024-10) Resolution 2024-06 a. Authorizing the Purchase of a VirTra V-300 LE-1 Police Training Simulator Resolution 2024-07 b. Approving an Intergovernmental Agreement Among the United City of Yorkville, The Village of Oswego, The Village of Montgomery, The City of Plano, The County of Kendall and Yorkville School District #115 Mayor Purcell entertained a motion to approve a Resolution Authorizing the Purchase of a VirTra V-300 LE-1 Police Training Simulator and a Resolution Approving an Intergovernmental Agreement Among the United City of Yorkville, The Village of Oswego, The Village of Montgomery, The City of Plano, The County of Kendall and Yorkville School District #115 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 Transier-aye, Soling-aye, Marek-aye, Corneils-aye, Koch-aye, Plocher-aye, Funkhouser-aye, Tarulis-aye The Minutes of the Regular Meeting of the City Council – February 13, 2024 – Page 3 of 5   Public Works Dump Truck Purchases (CC 2024-11) Resolution 2024-08 a. Authorizing the Purchase of Four Dump Trucks from Lind Co Equipment Sale Ordinance 2024-05 b. Authorizing the Seventh 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 a Resolution Authorizing the Purchase of Four Dump Trucks from Lind Co Equipment and an Ordinance Authorizing the Seventh 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 Transier; seconded by Alderman Funkhouser. Public Works Director Dhuse shared with the Council that they have a unique opportunity to purchase four dump trucks simultaneously. The vendor that the City has used was able to buy twenty dump trucks, and they will take possession in April. The City’s delivery date should be December, with no anticipated cost increases. These dump trucks move more snow so much more efficiently, and they will cut down the plow times. Mayor Purcell mentioned that staff was proposing to budget for two vehicles, which have been moved up early to accommodate the purchase. Director Dhuse mentioned they also paused the purchase of a new leaf vac and two new trucks for staff. Alderman Koch asked about the two vehicles they are pausing on and if they will still be needed. Director Dhuse shared that the price for those vehicles can be decreased, or funds could be transferred to another purchase required. Alderman Marek asked if these trucks would hold more salt. Director Dhuse stated that the dump trucks will carry 26,000 lbs. of salt vs. the current 6,000 lbs. 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 Kendall County Comprehensive Land Use Plan - Amendment ( Route 47 and Eldamain Road) (CC 2024-12) Community Development Director Barksdale-Noble reported that the County wants to amend its Comprehensive Land Use Map for the areas located south of Yorkville on both sides of Route 47 in Kendall Township due to market conditions. The County is seeking to change the classification of nine properties from a transportation corridor to a mixed-use business. Staff is not opposed to the changes as they align with the City’s goals for the same area. There were no questions or feedback from the Council. PUBLIC WORKS COMMITTEE REPORT Resolution 2024-09 Approving an Agreement with Kluber, Inc. for the Design of a Public Works Facility (PW 2024-12) Alderman Koch made a motion to approve a Resolution Approving an Agreement with Kluber, Inc. for the Design of a Public Works Facility and authorize the Mayor and City Clerk to execute; seconded by Alderman Marek. City Administrator Olson shared that the contract has not changed from the previous meeting, but he included an updated cover memo. He reiterated that the current Kluber contract would put Kluber into the process of helping the City hire a construction manager. They would sit through the interviews and give input to the City, and they would not necessarily have a vote on the hire. There were questions on the architect fees related to the overall project, which Mr. Olson shared they are itemized within the cover memo. The City’s range is between 7% and 7.6%, depending on the project size. South Elgin had a public works facility constructed through Kluber in 2016; their fees were 7.4%. Aurora is finishing a significantly large public works facility, and Kluber is only working on building shell; their fee is 6.97%. Alderman Funkhouser had previously asked about taking tours of other facilities. Mayor Purcell asked Chris Hanson about the tours, and he stated that this is a part of the process. Before starting the schematic design phase, they would want to tour not only the facilities Kluber has worked on but others as well. Motion approved by a roll call vote. Ayes-7 Nays-1 Marek-aye, Corneils-aye, Koch-aye, Plocher-aye, Funkhouser-aye, Tarulis-nay, Transier-aye, Soling-aye The Minutes of the Regular Meeting of the City Council – February 13, 2024 – Page 4 of 5   Yorkville Public Works Building - Agreement for Professional Services (EEI Contract) (PW 2024-13) Alderman Koch made a motion to approve the Yorkville Public Works Building for Professional Services Agreement and authorize the Mayor and City Clerk to execute; seconded by Alderman Soling. City Administrator Olson shared that the contract with EEI is for the external work that will be needed for the project. 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 ECONOMIC DEVELOPMENT COMMITTEE REPORT Resolution 2024-10 Approving an Intergovernmental Agreement for Reciprocal Inspection Services Between the United City of Yorkville and Kendall County (EDC 2024-13) Alderman Koch made a motion to approve a Resolution Approving an Intergovernmental Agreement for Reciprocal Inspection Services Between the United City of Yorkville and Kendall County and authorize the Mayor and City Clerk to execute; 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 PUBLIC SAFETY COMMITTEE REPORT No report. ADMINISTRATION COMMITTEE REPORT No report. PARK BOARD Resolution 2024-11 Authorizing the Donation of Certain Used Playground Equipment to Kids Around the World, a Not-For-Profit Entity (CC 2024-13) Mayor Purcell entertained a motion to approve a Resolution Authorizing the Donation of Certain Used Playground Equipment to Kids Around the World, a Not-For-Profit Entity and authorize the Mayor and City Clerk to execute. So moved by Alderman Marek; seconded by Alderman Koch. Parks and Recreation Director Evans reported to the Council that this is a unique opportunity for the City to work with Kids Around the World, a non-profit. The Emily Sleezer Playground was previously approved for a complete tear-down and replacement, which was ordered and delivered in 2023. Kids Around the World contacted the City about possibly donating the used equipment to their organization. Their organization removes old playground equipment from park districts and municipalities, refurbishes it, and reinstalls it in underprivileged countries worldwide. Alderman Tarulis asked if the City has any liability for any defects in the equipment. Director Evans stated the non-profit would have its liability insurance. Dave Mogle, the City’s previous Parks and Recreation Director, who works with the non- profit, thanked the Council for the donation. Alderman Marek asked if this is a relationship we would keep open, and Director Evans said absolutely. They will even take pieces of equipment if we have a partial refurbishment. 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 PLANNING AND ZONING COMMISSION No report. CITY COUNCIL REPORT No report. CITY CLERK’S REPORT No report. The Minutes of the Regular Meeting of the City Council – February 13, 2024 – Page 5 of 5   COMMUNITY & LIAISON REPORT No report. STAFF REPORT Watermain Replacement – Public Meeting City Engineer Sanderson reported that there will be a public meeting at 5:00 p.m. on Tuesday, February 27th. This project is for the 2024 Watermain Improvements – Contract B for the Fox Industrial Park. The contractor for the project plans to start in early March. MAYOR’S REPORT (cont’d) City Buildings Updates (CC 2021-04) No report. Water Study Update (CC 2021-38) No report. ADDITIONAL BUSINESS None. CITIZEN COMMENTS Dan, a resident of Fox Hill, expressed his dislike to the Council regarding the trees being cut down along the Rob Roy Creek. They are cutting down all the trees and destroying the park. He asked them to stop or to please save some of the trees. EXECUTIVE SESSION None. ADJOURNMENT Mayor Purcell entertained a motion to adjourn the City Council meeting. So moved by Alderman Corneils; seconded by Alderman Funkhouser. Motion unanimously approved by a viva voce vote. Meeting adjourned at 7:31 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 Regular City Council – February 27, 2024 City Council – March 12, 2024 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, FEBRUARY 27, 2024 Mayor Purcell called the meeting to order at 7:32 p.m.* and led the Council in the Pledge of Allegiance. *Due to severe weather warnings, The February 27, 2024 City Council meeting started thirty-two minutes late. 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 Absent Corneils Present Staff in attendance at City Hall: City Administrator Olson, City Clerk Behland, 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 EEI Engineer Sanderson. Members of the public were able to attend this meeting in person 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/89549119138?pwd=dG1FOCtBdDJIQStCcDdoTCtkL21Ndz09. The Zoom meeting ID was 895 4911 9138. QUORUM A quorum was established. AMENDMENTS TO THE AGENDA None. PRESENTATIONS None. PUBLIC HEARINGS None. CITIZEN COMMENTS ON AGENDA ITEMS Norm Baxa, a resident of Sunset Avenue, shared with the Council that he has been at this address for 35 years. He stated that the community was initially quiet, and the bowling alley would shut down for the bowling-off seasons. Since 1989, the bowling alley has changed ownership four separate times. Each owner came with new problems. Mr. Baxa said in 2015, he presented to the Council regarding noise complaints and issues with the business, and at that time, the Council amended the noise ordinance after about a year. Another problem they’ve had is with the outdoor activities. They are outside with volleyball and bags all night, even during the weeknights. The new owners have placed a privacy fence near the volleyball courts. Mr. Baxa said their lot line is a few feet outside his lot line. He noticed people walking behind the fence and mentioned this to the owner, who said he would block off the entrance. Mr. Baxa noted that it has not been blocked off. Diane Shaffer, a resident of Sunset Avenue, shared they are newer to the neighborhood and loves it in Yorkville. But they wish for more serenity in their home when trying to sleep at night. She stated that when all her windows and doors are closed and locked up in the winter, she can still hear everything going on at the bowling alley in her bedroom. She shared that it’s enough noise to make you go crazy and gives her headaches. People from the neighborhood have met with Chris, the new owner, hoping to work through the issues. Ms. Shaffer said she would text Chris when the music is too loud. She reported that even when the bands stop and they put the jukebox on, it does not sound any different. The building itself The Minutes of the Regular Meeting of the City Council – February 27, 2024 – Page 2 of 6   is a problem due to its metal construction. The owners mentioned they may be insulating and residing, which would be great, but the neighbors fear the building owner is in no rush. She said she does not like to have to call the police and would like that to be a last resort. She suggested changes to the noise ordinance to make it more realistic and livable for everyone in the area. Roxanne, a resident of Sunset Avenue, shared she has been in this home since 2011. She reported that she has been in contact with the City since 2014 regarding the bowling alley issues. She suggested mirroring some of the other counties' noise ordinance. She would like us to seriously look at adjusting the noise ordinance. The subdivision house rates will drop because no one wants to live next to the bowling alley. Chris Reum, owner of Pinz, shared they have owned the business for two years this April. Since taking ownership, they have tried working with the neighbors and offered his cell phone number to resolve any problems. They built an outdoor stage when they first took over before knowing more about the noise ordinances and decided it would not work for the neighbors and themselves; they have not used it since. They have since put lights out at the volleyball courts, so they no longer have to use the construction lights with generators due to the noise. The owner and their managers constantly check the noise levels with their decibel readers. This past year of 2023, they had violated the noise ordinance twice. He wants to upgrade the building but does not own it. The building owner has promised to reside and install a new roof this spring with an agreement to some soundproofing. Mr. Reum also mentioned purchasing sound equipment to control the sound levels. He believes they have been good neighbors for the last few years; when neighbors reach out, they try to give them peace of mind. CONSENT AGENDA 1. Bill Payments for Approval $ 778,012.13 (vendors) $ 374,081.07 (payroll period ending 02/16/24) $ 1,152,093.20 (total) Mayor Purcell entertained a motion to approve the consent agenda. So moved by Alderman Transier; seconded by Alderman Koch. Motion approved by a roll call vote. Ayes-7 Nays-0 Koch-aye, Plocher-aye, Funkhouser-aye, Transier-aye, Soling-aye, Marek-aye, Corneils-aye REPORTS MAYOR’S REPORT No report. PUBLIC WORKS COMMITTEE REPORT Ashley Road Improvements – Acceptance (PW 2024-15) Alderman Koch made a motion to accept the public improvements as described in the Bill of Sale for ownership and maintenance by the City 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 and to waive the required one-year maintenance period due to no deficiencies noted; seconded by Alderman Marek. Motion approved by a roll call vote. Ayes-7 Nays-0 Plocher-aye, Funkhouser-aye, Transier-aye, Soling-aye, Marek-aye, Corneils-aye, Koch-aye Lake Michigan Improvements – IEPA Project Plan PEID (PW 2024-16) Alderman Koch made a motion to set a public hearing on the Preliminary Environmental Impacts determination (PEID) and project planning for Lake Michigan Improvements for the March 12, 2024, City Council meeting; seconded by Alderman Plocher. Motion approved by a roll call vote. Ayes-7 Nays-0 Funkhouser-aye, Transier-aye, Soling-aye, Marek-aye, Corneils-aye, Koch-aye, Plocher-aye The Minutes of the Regular Meeting of the City Council – February 27, 2024 – Page 3 of 6   2024 Local Road Program – Design Engineering Agreement (PW 2024-17) Alderman Koch made a motion to approve the 2024 Local Road Program – Professional Services Agreement – Design Engineering Agreement and authorize the Mayor and City Clerk to execute; seconded by Alderman Funkhouser. Motion approved by a roll call vote. Ayes-7 Nays-0 Transier-aye, Soling-aye, Marek-aye, Corneils-aye, Koch-aye, Plocher-aye, Funkhouser-aye Well No. 10 – Contract Award (PW 2024-18) Alderman Koch made a motion to approve the bid and award contract to Municipal Well & Pump, subject to the Intergovernmental Agreement approval between the Yorkville Community School District 115 and the United City of Yorkville, in the amount not to exceed $2,589,164.00 and authorize the Mayor and City Clerk to execute; seconded by Alderman Plocher. Motion approved by a roll call vote. Ayes-7 Nays-0 Soling-aye, Marek-aye, Corneils-aye, Koch-aye, Plocher-aye, Funkhouser-aye, Transier-aye Well No. 10 – Construction Engineering Agreement (PW 2024-19) Alderman Koch made a motion to approve the Agreement for Professional Services Water Well No. 10 – Construction Engineering, subject to the Intergovernmental Agreement approval between the Yorkville Community School District 115 and the United City of Yorkville and authorize the Mayor and City Clerk to execute; seconded by Alderman Soling. Motion approved by a roll call vote. Ayes-7 Nays-0 Marek-aye, Corneils-aye, Koch-aye, Plocher-aye, Funkhouser-aye, Transier-aye, Soling-aye Well No. 10 Raw Water Main Improvements – Contract Award (PW 2024-20) Alderman Koch made a motion to approve the bid and award contract to Cecchin Site Utilities, subject to the Intergovernmental Agreement approval between the Yorkville Community School District 115 and the United City of Yorkville, in the amount not to exceed $1,335,053.00 and authorize the Mayor and City Clerk to execute; seconded by Alderman Corneils. Motion approved by a roll call vote. Ayes-7 Nays-0 Corneils-aye, Koch-aye, Plocher-aye, Funkhouser-aye, Transier-aye, Soling-aye, Marek-aye Well No. 10 Raw Water Main Improvements – Construction Engineering Agreement (PW 2024-21) Alderman Koch made a motion to approve the Agreement for Professional Services Well No. 10 Raw Water Main Improvements Construction Engineering, subject to the Intergovernmental Agreement approval between the Yorkville Community School District 115 and the United City of Yorkville and authorize the Mayor and City Clerk to execute; seconded by Alderman Marek. Motion approved by a roll call vote. Ayes-7 Nays-0 Koch-aye, Plocher-aye, Funkhouser-aye, Transier-aye, Soling-aye, Marek-aye, Corneils-aye ECONOMIC DEVELOPMENT COMMITTEE REPORT No report. The Minutes of the Regular Meeting of the City Council – February 27, 2024 – Page 4 of 6   PUBLIC SAFETY COMMITTEE REPORT No report. ADMINISTRATION COMMITTEE REPORT Resolution 2024-12 Approving an Amendment to the United City of Yorkville Employee Manual (ADM 2024-06) Alderman Marek made a motion to approve a Resolution Approving an Amendment to the United City of Yorkville Employee Manual and authorize the Mayor and City Clerk to execute; seconded by Alderman Funkhouser. City Administrator Olson reported that a supplemental memo and policy were sent to the Council this afternoon and will be available as a supplemental packet after the meeting. This is due to some last- minute legal changes. The state has passed a law requiring the City to give paid time off to full-time and part-time employees. Currently, the City offers time off for full-time employees only. The first step is that part-time employees under the new law will accrue 1 hour of paid vacation time per 40 work hours. For example, a full-time employee currently receiving 120 hours of vacation time will now have 80 hours of vacation and 40 hours of paid leave time. Essentially, employees will see not much of a difference. The vacation and paid leave time will continue functioning as they do now. The change is the hours are coming from separate time banks. Currently, a person does not receive vacation time until six months after hire, which is 40 hours, and an additional 40 hours after one year of employment. With the new policy, they will still receive their 40 hours at their one-year mark but will receive the first initial 40 hours on their hire date. They cannot use the paid leave time until 90 days after their hire date. The state law policy goes into effect on March 1st. Alderman Transier asked what the penalty is if the City is not in compliance with the state mandates. Attorney Lamb stated the penalty depends on whether an employee reports the City’s noncompliance to the Department of Labor. They would then investigate the reporting. There is a series of fines listed in the statute. Alderman Marek asked for confirmation if these are non-union employees only, which City Administrator Olson confirmed. Alderman Funkhouser asked what the unfunded mandate cost is. City Administrator Olson stated that the staff had not estimated a total. The most significant cost will be the part-time employee benefits, which can be tracked in real-time, and an update can be given at a later date. Motion approved by a roll call vote. Ayes-7 Nays-0 Plocher-aye, Funkhouser-aye, Transier-aye, Soling-aye, Marek-aye, Corneils-aye, Koch-aye PARK BOARD St. Patrick’s Day Celebration Director of Parks and Recreation Evans reported that the St. Patrick’s Day Celebration is on Saturday, March 16th, starting at 9:00 a.m. with the South Bank Run and the parade at 11:00 a.m. PLANNING AND ZONING COMMISSION Ordinance 2024-06 Approving an Amendment to the Yorkville Comprehensive Plan (PZC 2024-04 & EDC 2024-12) Mayor Purcell entertained a motion to approve an Ordinance Approving an Amendment to the Yorkville Comprehensive Plan and authorize the Mayor to execute. So moved by Alderman Koch; seconded by Alderman Plocher. Community Development Director Barksdale-Noble reported that this is to keep our comprehensive plan consistent with the recent approvals of two rezonings within the City. One of the rezonings was for the North Pointe Development for the senior housing. The other rezoning was for Bristol Solar Farm. Motion approved by a roll call vote. Ayes-7 Nays-0 Plocher-aye, Funkhouser-aye, Transier-aye, Soling-aye, Marek-aye, Corneils-aye, Koch-aye CITY COUNCIL REPORT Pinz Noise Issues Alderman Soling shared that his residence is near the residents who spoke earlier on the subject, but most of the time, he does not hear the noise. Alderman Soling believes that how the noise circulates the property depends on where you can hear the music's bass. He did state that, at times, he has heard music with the doors and windows closed in his basement around 11:30 p.m. / midnight. Alderman Soling stated The Minutes of the Regular Meeting of the City Council – February 27, 2024 – Page 5 of 6   the owner has been forthcoming with trying to work on the issues. He also shared he is looking for a possible change within the ordinance to include something regarding businesses adjacent to residential areas. He would like to find a happy medium where the lives of the residents are not disrupted without affecting the business. Alderman Transier said a good jumping-off point would be researching local municipalities' ordinances. Alderman Funkhouser shared that the City has been hearing about this issue for years, and a good place to start is reviewing the ordinances. Mayor Purcell asked Alderman Soling if the noise had improved since the new owners took over. Alderman Soling shared it has improved, and he would mainly hear it when they had the outdoor bands. Alderman Soling said the main issue is the metal building. Alderman Koch asked the business owner if panels would work for them to block out the noise. Mr. Reum said he believed they would help. They call them IDOT walls and have discussed them, but the issue is that he does not own the building. Alderman Funkhouser asked if the city had done any sound studies when this issue was previously brought up. The City Administrator and Community Development Director said the City completed a sound study. The company that did the study had suggested building updates to help and suggestions for updates to the City’s noise ordinance. Alderman Funkhouser suggested pulling that information and looking it over again. Alderman Koch asked Chief Jensen if squad cars carry meters. Chief Jensen stated the department has only two meters. When the police department receives a call, they go to the resident’s home and measure the sound from their property edge. They will ask the business to turn it down if they receive an anonymous call. They also ask the business to turn it down if they are in violation or not. Mayor Purcell reported staff will look into other ordinances and review the past sound study. CITY CLERK’S REPORT No report. COMMUNITY & LIAISON REPORT Yorkville Bristol Sanitary District Alderman Soling reported that YBSD is almost finished with their Plan B project. They are also starting a new program regarding testing grease traps within businesses and restaurants to have more of an initiative in moderation. YBSD will be sending out a letter to those businesses and restaurants. STAFF REPORT Polar Plunge for Special Olympics Illinois Chief Jensen reported the Yorkville Police Department will be at Go For It Sports this Saturday, March 2nd, from 11:00 a.m. to 1:00 p.m. They are participating in the Polar Plunge fundraiser for the Special Olympics of Illinois. MAYOR’S REPORT (cont’d) City Buildings Updates (CC 2021-04) No report. Water Study Update (CC 2021-38) No report. Fiscal Year 2025 Budget Presentation (CC 2024-14) City Administrator Olson gave a PowerPoint presentation on the fiscal year 2025 budget (see attached). ADDITIONAL BUSINESS None. CITIZEN COMMENTS None. EXECUTIVE SESSION Mayor Purcell entertained a motion to go into executive session for the following: 1. For litigation, when an action against, affecting, or on behalf of the particular public body has been filed and is pending before a court or administrative tribunal, or when the public body finds that an action is probable or imminent, in which case the basis for the finding shall be recorded and entered into the minutes of the closed meeting. 2. For the appointment, employment, compensation, discipline, performance, or dismissal of specific employees of the public body or legal counsel for the public body, including hearing The Minutes of the Regular Meeting of the City Council – February 27, 2024 – Page 6 of 6   testimony on a complaint lodged against an employee of the public body or against legal counsel for the public body to determine its validity. 3. For collective negotiating matters between the public body and its employees or their representatives, or deliberations concerning salary schedules for one or more classes of employees. 4. For the purchase or lease of real property for the use of the public body. 5. For the setting of a price for sale or lease of property owned by the public body. So moved by Alderman Marek; seconded by Alderman Soling. Motion approved by a roll call vote. Ayes-7 Nays-0 Funkhouser-aye, Transier-aye, Soling-aye, Marek-aye, Corneils-aye, Koch-aye, Plocher-aye The City Council entered executive session at 9:03 p.m. The City Council returned to regular session at 9:59 p.m. ADJOURNMENT Mayor Purcell entertained a motion to adjourn the City Council meeting. So moved by Alderman Plocher; seconded by Alderman Soling. Motion unanimously approved by a viva voce vote. Meeting adjourned at 10:00 p.m. Minutes submitted by: Jori Behland, City Clerk, City of Yorkville, Illinois United City of YorkvilleFY 25 BUDGET PRESENTATIONCITY COUNCIL2‐27‐24 Budget Schedule•FY 25 Budget Presentation•Big Picture•Items to Note•Significant Projects•February 27, 2024•One mandated public hearing•March 12, 2024•City Council must approve budget before April 30, 2024 Big Picture Big Picture Big Picture Big Picture Big Picture•FY 24 General Fund (current year) expected to end in surplus / balanced with a large transfer to City‐Wide Capital•FY 24, other funds, all generally in line with what was projected in Spring 2023•Major difference in PW and Parks facility bond timing – pushed from FY 24 into FY 25 City Council Goals•#1 ‐Downtown (private development, public improvements, and parking issues)•Downtown TIF Fund #1 contains $1m for a project to be determined•Project could be located in either Downtown TIF•City Council will need to provide further guidance•Continue to encourage private development City Council Goals•#2 –StaffingMunicipalityPopulationFTEFTE/1000FTEFTE/1000Algonquin 29,700 143.8 4.843 143.8 4.843 13.00 0.438 5.69 0.192Geneva 17,529 69.0 3.936 69.0 3.936 9.00 0.429 5.00 0.238Lemont 21,000 147.0 7.000 147.0 7.000 5.00 0.285 3.00 0.171Lockport 17,441 73.1 4.193 73.1 4.193 5.75 0.220 5.50 0.211Montgomery 20,262 86.4 4.263 86.4 4.263 5.00 0.247 5.00 0.247North Aurora 17,529 69.0 3.936 69.0 3.936 5.00 0.287 3.00 0.172Oswego 34,585 132.3 3.824 132.3 3.824 7.00 0.202 6.00 0.173Plano 11,847 53.0 4.474 53.0 4.474 4.00 0.338 3.00 0.253Shorewood 18,186 79.0 4.344 75.0 4.124 2.00 0.110 5.00 0.275South Elgin 23,865 89.0 3.729 83.0 3.478 3.00 0.126 10.00 0.419Sugar Grove 9,300 42.0 4.516 42.0 4.516 2.00 0.215 3.26 0.351Average 20,113 89.4 4.460 88.5 4.417 5.52 0.263 4.95 0.246Yorkville 25,000 88.0 3.520 71.0 2.840 5.00 0.200 4.00 0.160Full Time Employees(FTE)FTE per 1000 residents(FTE/1000)FTEexcl Parks and RecFTE/1000excl Parks and RecAdministrationFinance City Council Goals•#2 –Staffing City Council Goals•#2 –Staffing City Council Goals•#2 –Staffing•FY 25 proposed hires (9.5 FTE, funded)•Police Officer•Payroll Benefits Coordinator (Finance)•Part‐time Utility Billing Clerk (Finance, 0.5 FTE)•Assistant Director of Public Works•Arborist Operator (Streets)•Two Maintenance Worker II (Streets)•Water/Sewer Operator•Two Maintenance Worker I (Parks) City Council Goals•#2 –Staffing•FY 26 (5 FTE, unfunded)•Police Evidence Custodian•PW and Parks Administrative Assistant•Water / Sewer Maintenance Worker II•Superintendent of Streets•Superintendent of Water/Sewer City Council Goals•#2 – Staffing•FY 27 (2 FTE, unfunded)•Police Officer•Mechanic•FY 28 (4 FTE, unfunded)•Police Officer•Police Records Clerk•GIS Coordinator (PW)•Building and Grounds Maintenance Worker II•FY 29 (3 FTE, unfunded)•Police Officer•Streets Operator•Maintenance Worker II (Streets) City Council Goals•#2 –Staffing•FY 25 hires funded•All positions will be reviewed by the Mayor for hire timing and budget availability•FY 26 and beyond will be readdressed next year•Salary ranges for existing positions expected to be reviewed by Administration Committee in March 2024 City Council Goals•#3 –Lake Michigan Water Source•Water turn on date still possible in 2027, although 2028 looking more likely•Route updates, land acquisition, and phase II preliminary engineering updates expected in next few months•Intra‐regional discussion of cost sharing and DuPage Water Commission intergovernmental agreement are dependent on this info•WIFIA loan documents being prepared City Council Goals•#3 –Lake Michigan Water Source•Financing plan listed in budget document is preliminary and will change •Current assumption is that no IEPA low interest loans will be received.  City will attempt to receive  these loans though.•Water sales are shown as aggregate increases, without a specific proposal:•FY 25 – 25% increase•FY 26 – 20% increase•FY 27 – 15% increase•FY 28 – 20% increase•FY 29 – 20% increase City Council Goals•#3 –Lake Michigan Water Source•City’s current water sales are around $4.3m City‐wide•Most recent estimate of peak year WIFIA debt service payment is ~$11m, expected in FY 55•Based on City’s robust water capital plan and the City Council’s appetite to pre‐fund future Lake Michigan work, any revenue increase between 25% and 100% could be justified in FY 25 City Council Goals•#3 Lake Michigan Water Source•Rate increase in FY 23 of ~17% aggregate increase that generated $350,000 in year one and $650,000 each year thereafter looked like:•Base rate went from $17 bi‐monthly to $24 bi‐monthly on Sept 1, 2022•Volumetric rate went from $4.30 per 100 cubic feet to $4.80 per 100 cubic feet on Jan 1, 2023•78% of customers saw increases of $10.25 per billing cycle or less City Council Goals•#3 –Lake Michigan Water Source•City Council must make a decision on FY 25 water rates by April 2024•A parallel water rate increase in FY 25 to FY 23 would be:•Base rate could go from $24 bi‐monthly to $31 bi‐monthly•Volumetric rate could go from $4.80 per 100 cubic feet to $5.30 per 100 cubic feet City Council Goals•#3 – Public Works and Parks Building•Design contract approved with Kluber on Feb 13, 2024•Drafting construction manager RFQ now, expected to be complete by mid‐March.  Exact timing of RFQ window and City Council review is TBD City Council Goals•#3 – Public Works and Parks Building•Last year’s budget proposal included a $30m total expenditure funded with a 25‐year bond•This year’s budget proposal includes a $40m total expenditure funded with a 25‐year bond•Increase in budget figure is a hedge against construction inflation and illustrates general affordability of project, only•Scope, size, and cost of building will be decided by City Council in mid‐2024 City Council Goals•#5 – Subdivision cluster / Road to Better Roads funding•Design engineering agreement with EEI up for consideration at tonight’s meeting•FY 25 regular RTBR funding is $1.8m as previously designed and out to bid now•Country Hills subdivision and Garden Circle•FY 25 subdivision cluster funding is $3.75m in budget proposal; design engineering agreement up for vote•Blackberry Creek, Cannonball Estates, Kylyn’s Ridge, and Heartland•FY 26 and beyond will be proposed after 2024 LIDAR scanning is complete City Council Goals•#8 –Home Rule Status•Staff believes the City’s population from currently permitted homes will be 25,000+ when residents move in to every home with an issued permit•Current official population is 21,533•Every new resident above current population results in $250 in annual state shared revenue; potentially $875,000 in annual revenue•City is eligible for an 80% WIFIA loan for Lake Michigan project if population is under 25,000; 49% WIFIA loan otherwise•Special census planned for 2025 Big Picture Big Picture•Capital projects in five‐year budget•Lake Michigan water source – preliminary estimates through FY 29•Public Works and Parks facility –most conservative estimate and construction in FY 25/26•ERP implementation•Normal Road to Better Roads (RTBR) program•Extra RTBR subdivision cluster program•Annual sidewalk replacements•Annual tree replacements•Annual Watermain replacements as required by IDNR through FY 28 Big Picture•Capital projects / purchases in five‐year budget•Full funding for Route 47 and Route 71 expansion projects on timelines dictated by the State•Includes completion of Bristol Bay street extensions•Kennedy Road repaving•Van Emmon repaving•Full funding for normal water and sewer infrastructure replacement / remediation•Well #10 and Raw Water Main construction•All Green Door / Yorkville Nexus infrastructure extensions, as funded by the developer•Land acquisition for new park property•Full playground equipment replacement on a lifespan basis•Full vehicle and equipment purchases in all departments on a lifespan basis Big Picture•Capital projects / purchases in five‐year budget•All previously mentioned capital projects and purchases are funded through:•Water rate increases as described in this presentation for all water related projects•Property taxes at their existing level plus new construction amounts only (should be no impact to existing taxpayers)•No proposed change in any infrastructure fees•No proposed change in any other taxes or fees Small picture – line items•Noteworthy line‐item narratives for the entire budget proposal are included in the budget cover memo and provide explanations for:•Revenue trends•Operational / commodity expenditure assumptions•Specific expenditures in each department Budget Schedule•February 27 City Council presentation•March 12 City Council public hearing•City Council discussion and debate•March 12 Discussion•March 26 Discussion and possible approval•April 9 and 23 Discussion and possible approval, if needed 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 – March 12, 2024 Majority Approval Amy Simmons Finance Name Department          01-110 ADMIN 01-120 FINANCE 01-210 POLICE 01-220 COMMUNITY DEVELOPMENT 01-410 STREETS OPERATIONS 01-640 ADMINISTRATIVE SERVICES 11-111 FOX HILL SSA 12-112 SUNFLOWER SSA 15-155 MOTOR FUEL TAX (MFT) 23-230 CITY WIDE CAPITAL 24-216 BUILDING & GROUNDS 25-205 POLICE CAPITAL 25-212 GENERAL GOVERNMENT CAPITAL 25-215 PUBLIC WORKS CAPITAL 25-225 PARK & RECREATION CAPITAL 51-510 WATER OPERATIONS 52-520 SEWER OPERATIONS 79-790 PARKS DEPARTMENT 79-795 RECREATION DEPARTMENT 82-820 LIBRARY OPERATIONS 84-840 LIBRARY CAPITAL 87-870 COUNTRYSIDE TIF 88-880 DOWNTOWN TIF 89-890 DOWNTOWN II TIF 90-XXX DEVELOPER ESCROW 95-000 ESCROW DEPOSIT DATE: 02/29/24 UNITED CITY OF YORKVILLE TIME: 08:52:54 MANUAL CHECK REGISTERID: AP225000.WOWCHECK # VENDOR # INVOICE ITEM CHECKINVOICE # DATE # DESCRIPTION DATE ACCOUNT # ITEM AMT------------------------------------------------------------------------------------------------------------------------------------131233 KCR KENDALL COUNTY RECORDER'S 02/22/244001578 02/22/24 01 RELEASE LIEN 51-510-54-00-5448 57.0002 NEW LEAF PLAT OF EASEMENT 90-196-00-00-0011 91.0003 NEW LEAF PLAT OF DEDICATION 90-196-00-00-0011 91.0004 NEW LEAF ACCESS EASEMENT 90-196-00-00-0011 57.0005 AGREEMENT ** COMMENT **INVOICE TOTAL: 296.00 *CHECK TOTAL: 296.00TOTAL AMOUNT PAID: 296.00Page 1 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540158 AACVB AURORA AREA CONVENTION01/24-HAMPTON 02/20/24 01 HAMPTON HOTEL TAX REBATE-JAN 01-640-54-00-5481 2,125.5702 2024 ** COMMENT **INVOICE TOTAL: 2,125.57 *1/24-SUPER 02/22/24 01 JAN 2024 SUPER 8 HOTEL TAX 01-640-54-00-5481 870.91INVOICE TOTAL: 870.91 *CHECK TOTAL: 2,996.48 540159 AHW ARENDS HOGAN WALKER LLC11813492 02/14/24 01 5M TRACTOR REPAIR 01-410-54-00-5490 1,126.78INVOICE TOTAL: 1,126.78 *CHECK TOTAL: 1,126.78 540160 ALLSTAR ALL STAR SPORTS INSTRUCTION241019 02/15/24 01 WINTER SESSION I INSTRUCTION 79-795-54-00-5462 1,459.20INVOICE TOTAL: 1,459.20 *CHECK TOTAL: 1,459.20 540161 ANDERSJA JARED ANDERSON030124 03/01/24 01 FEB 2024 MOBILE EMAIL 79-790-54-00-5440 45.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *CHECK TOTAL:45.00 540162 BEEBED DAVID BEEBE01172401/17/24 01 REFEREE79-795-54-00-5462330.00INVOICE TOTAL:330.00 *CHECK TOTAL:330.00Page 2 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540163 BFCONSTR B&F CONSTRUCTION CODE SERVICES18924 02/26/24 01 JANUARY 2024 INSPECTIONS 01-220-54-00-5459 3,600.00INVOICE TOTAL: 3,600.00 *18934 02/26/24 01 DECEMBER 2023 INSPECTIONS 01-220-54-00-5459 5,560.00INVOICE TOTAL: 5,560.00 *CHECK TOTAL: 9,160.00D003316 BLYSTONB BOBBIE BLYSTONE030124 03/01/24 01 FEB 2024 MOBILE EMAIL 01-110-54-00-5440 45.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00D003317 BROWND DAVID BROWN03012403/01/24 01 FEB 2024 MOBILE EMAIL52-520-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00 540164 CALLONE PEERLESS NETWORK, INC32828-NORTEL09/15/23 01 09/15-10/14 CITY HALL NORTEL 01-110-54-00-54402,371.0102 09/15-10/14 CITY HALL NORTEL 51-510-54-00-54401,185.51INVOICE TOTAL:3,556.52 *4435702/15/24 01 02/15-03/14 ADMIN LINES01-110-54-00-5440234.8002 02/15-03/14 POLICE LINES01-210-54-00-5440594.4603 02/15-03/14 PUBLIC WORKS LINES 51-510-54-00-54405,530.7104 CITY HALL NORTEL LINE CREDIT 01-110-54-00-5440-479.69Page 3 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540164 CALLONE PEERLESS NETWORK, INC44357 02/15/24 05 CITY HALL NORTEL LINE CREDIT 01-210-54-00-5440 -479.6906 CITY HALL NORTEL LINE CREDIT 51-510-54-00-5440 -479.6807 02/15-03/14 SEWER DEPT LINES 52-520-54-00-5440 252.4008 02/15-03/14 RECREATION LINES 79-795-54-00-5440 248.4109 02/15-03/14 TRAFFIC SIGNAL 01-410-54-00-5435 66.6310 MAINTENANCE ** COMMENT **INVOICE TOTAL: 5,488.35 *CHECK TOTAL: 9,044.87 540165 CAMBRIA CAMBRIA SALES COMPANY INC.43719 02/20/24 01 TOILET TISSUE, PAPER TOWEL 52-520-56-00-5620 338.49INVOICE TOTAL: 338.49 *CHECK TOTAL: 338.49 540166 CARUSOC CALI CARUSO012224-PER DIEM 01/22/24 01 INCIDENT COMMAND CLASS MEAL 01-210-54-00-5415 20.0002 PER DIEM** COMMENT **INVOICE TOTAL:20.00 *021524-PER DIEM02/15/24 01 ANTI GANG STRATEGIES TRAINING 01-210-54-00-541520.0002 MEAL PER DIEM** COMMENT **INVOICE TOTAL:20.00 *CHECK TOTAL:40.00 540167 CIVICPLS CIVIC PLUS29142801/31/24 01 MUNICODE UPDATES01-110-54-00-5451994.06INVOICE TOTAL:994.06 *CHECK TOTAL:994.06Page 4 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540168 COMED COMMONWEALTH EDISON681902701-0523 06/01/23 01 04/27-05/26 CONCESSION STANDS 79-795-54-00-5480 568.15INVOICE TOTAL: 568.15 *6819027011-0723 07/27/23 01 06/27-07/27 CONCESSION STANDS 79-795-54-00-5480 457.56INVOICE TOTAL: 457.56 *6819027011-0823 08/25/23 01 07/27-08/25 CONCESSION STANDS 79-795-54-00-5480 715.69INVOICE TOTAL: 715.69 *6819027011-1023 10/30/23 01 09/26-10/25 CONCESSION STANDS 79-795-54-00-5480 600.74INVOICE TOTAL: 600.74 *CHECK TOTAL: 2,342.14D003318 CONARDR RYAN CONARD030124 03/01/24 01 FEB 2024 MOBILE EMAIL 51-510-54-00-5440 45.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00 540169 COREMAIN CORE & MAIN LPU32172502/06/24 01 GASKET RUBBERS51-510-56-00-5664137.88INVOICE TOTAL:137.88 *U36924702/14/24 01 WALL CHARGER51-510-56-00-5664191.92INVOICE TOTAL:191.92 *CHECK TOTAL:329.80 540170 DCONST D. CONSTRUCTION, INC.2300034.0502/13/24 01 ENGINEERS PAYMENT ESTIMATE 5 23-230-60-00-602529,361.98Page 5 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540170 DCONST D. CONSTRUCTION, INC.2300034.05 02/13/24 02 AND FINAL FOR 2023 ROAD ** COMMENT **03 PROGRAM ** COMMENT **INVOICE TOTAL: 29,361.98 *CHECK TOTAL: 29,361.98 540171 DELAGE DLL FINANCIAL SERVICES INC82013866 02/16/24 01 APR 2024 MANAGED PRINT SERVICE 01-110-54-00-5485 112.3302 APR 2024 MANAGED PRINT SERVICE 01-120-54-00-548537.4403 APR 2024 MANAGED PRINT SERVICE 01-210-54-00-5485112.3304 APR 2024 MANAGED PRINT SERVICE 51-510-54-00-548550.1805 APR 2024 MANAGED PRINT SERVICE 52-520-54-00-548512.3606 APR 2024 MANAGED PRINT SERVICE 01-410-54-00-548512.36INVOICE TOTAL:337.00 *CHECK TOTAL:337.00D003319 DHUSEE DHUSE, ERIC03012403/01/24 01 FEB 2024 MOBILE EMAIL51-510-54-00-544015.0002 REIMBURSEMENT** COMMENT **03 FEB 2024 MOBILE EMAIL52-520-54-00-544015.0004 REIMBURSEMENT** COMMENT **05 FEB 2024 MOBILE EMAIL01-410-54-00-544015.0006 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00 540172 DIETERG GARY M. DIETER02172402/17/24 01 REFEREE79-795-54-00-5462250.00INVOICE TOTAL:250.00 *CHECK TOTAL:250.00Page 6 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540173 DIRENRGY DIRECT ENERGY BUSINESS1704717-240450053708 02/14/24 01 01/12-02/11 RT47 & ROSENWINKLE 23-230-54-00-548258.39INVOICE TOTAL:58.39 *CHECK TOTAL:58.39D003320 DLKDLK, LLC27402/27/24 01 FEB 2024 ECONOMIC DEVELOPMENT 01-640-54-00-54869,750.0002 HOURS** COMMENT **INVOICE TOTAL:9,750.00 *DIRECT DEPOSIT TOTAL:9,750.00 540174 DONOVANM MICHAEL DONOVAN03012403/01/24 01 FEB 2024 MOBILE EMAIL79-795-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *CHECK TOTAL:45.00 540175 DOUBLED DOUBLE D BOOKING2024 HTD DEPOSIT 02/27/24 01 2024 HOMETOWN DAYS DEPOSIT 79-000-14-00-1400450.00INVOICE TOTAL:450.00 *CHECK TOTAL:450.00D003321 EVANST TIM EVANS03012403/01/24 01 FEB 2024 MOBILE EMAIL79-790-54-00-544022.5002 REIMBURSEMENT** COMMENT **03 FEB 2024 MOBILE EMAIL79-795-54-00-544022.5004 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00Page 7 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D003322 FREDRICR ROB FREDRICKSON030124 03/01/24 01 FEB 2024 MOBILE EMAIL 01-120-54-00-5440 45.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00D003323 GALAUNEJ JAKE GALAUNER03012403/01/24 01 FEB 2024 MOBILE EMAIL79-795-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00 540176 GEEGANT TIMOTHY R. GEEGAN02242402/24/24 01 REFEREE79-795-54-00-5462330.00INVOICE TOTAL:330.00 *CHECK TOTAL:330.00D003324 HENNED DURK HENNE03012403/01/24 01 FEB 2024 MOBILE EMAIL01-410-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00D003325 HERNANDA ADAM HERNANDEZ03012403/01/24 01 FEB 2024 MOBILE EMAIL79-790-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00Page 8 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D003326 HERNANDN NOAH HERNANDEZ030124 03/01/24 01 FEB 2024 MOBILE EMAIL 01-410-54-00-5440 45.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00D003327 HORNERR RYAN HORNER03012403/01/24 01 FEB 2024 MOBILE EMAIL79-790-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00D003328 HOULEA ANTHONY HOULE03012403/01/24 01 FEB 2024 MOBILE EMAIL79-790-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00 540177 HUELST TOM HUELS02242402/24/24 01 REFEREE79-795-54-00-5462250.00INVOICE TOTAL:250.00 *CHECK TOTAL:250.00 540178 IMPACT IMPACT NETWORKING, LLC316450302/13/24 01 11/1-1/31 MANAGED PRINT CHARGE 01-210-54-00-54301.8102 11/1-1/31 MANAGED PRINT CHARGE 01-110-54-00-543012.0203 11/1-1/31 MANAGED PRINT CHARGE 01-120-54-00-543032.87Page 9 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540178 IMPACT IMPACT NETWORKING, LLC3164503 02/13/24 04 11/1-1/31 MANAGED PRINT CHARGE 79-790-54-00-5462 2.3305 11/1-1/31 MANAGED PRINT CHARGE 01-120-54-00-54304.0406 11/1-1/31 MANAGED PRINT CHARGE 51-510-54-00-54305.4207 11/1-1/31 MANAGED PRINT CHARGE 52-520-54-00-54302.53INVOICE TOTAL:61.02 *CHECK TOTAL:61.02 540179 INTERDEV INTERDEV, LLCCW104283701/22/24 01 HARDWARE FOR INFORMATION01-000-24-00-242217,149.5102 CENTER** COMMENT **INVOICE TOTAL:17,149.51 *CHECK TOTAL:17,149.51 540180 IPRFILLINOIS PUBLIC RISK FUND9050502/15/24 01 APR 2024 WORKER COMP INS01-640-52-00-523111,668.7602 APR 2024 WORKER COMP INS-PR 01-640-52-00-52312,373.7103 APR 2024 WORKER COMP INS51-510-52-00-52311,106.5404 APR 2024 WORKER COMP INS52-520-52-00-5231499.8305 APR 2024 WORKER COMP INS82-820-52-00-5231943.16INVOICE TOTAL:16,592.00 *CHECK TOTAL:16,592.00D003329 JACKSONJ JAMIE JACKSON03012403/01/24 01 FEB 2024 MOBILE EMAIL79-790-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00Page 10 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D003330 JOHNGEOR GEORGE JOHNSON030124 03/01/24 01 FEB 2024 MOBILE EMAIL 51-510-54-00-5440 22.5002 REIMBURSEMENT** COMMENT **03 FEB 2024 MOBILE EMAIL52-520-54-00-544022.5004 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00 540181 KANTORG GARY KANTOR02152402/15/24 01 02/15/24 MAGIC CLASS79-795-54-00-546216.50INVOICE TOTAL:16.50 *CHECK TOTAL:16.50 540182 KENDCPA KENDALL COUNTY CHIEFS OF108502/02/24 01 MONTHLY MEETING FEE01-210-54-00-541517.00INVOICE TOTAL:17.00 *CHECK TOTAL:17.00D003331 KLEEFISG GLENN KLEEFISCH03012403/01/24 01 FEB 2024 MOBILE EMAIL79-790-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00 540183 KOLOWSKT TIMOTHY KOLOWSKI012624-PER DIEM01/26/24 01 DECISION MAKING FOR CRITICAL 01-210-54-00-541520.0002 INCIDENT RESPONSE MEAL PER** COMMENT **Page 11 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540183 KOLOWSKT TIMOTHY KOLOWSKI012624-PER DIEM 01/26/24 03 DIEM ** COMMENT **INVOICE TOTAL: 20.00 *020524-PER DIEM 02/05/24 01 ACTING OIC CLASS MEAL PER DIEM 01-210-54-00-5415 15.00INVOICE TOTAL: 15.00 *CHECK TOTAL: 35.00 540184 LINDCO LINDCO EQUIPMENT SALES INC230620C-SWL 02/20/24 01 FORD 2024 F550 25-215-60-00-6070 58,248.00INVOICE TOTAL: 58,248.00 *CHECK TOTAL: 58,248.00 540185 LITE LITE CONSTRUCTION21364-16 02/06/24 01 WORK ASSOCIATED WITH 24-216-60-00-6030 37,680.9502 YORKVILLE CITY HALL AND POLICE ** COMMENT **03 FACILITY** COMMENT **INVOICE TOTAL:37,680.95 *CHECK TOTAL:37,680.95 540186 LOBDELLT TYLER LOBDELL021324-PER DIEM02/13/24 01 BAO TRAINING MEAL PER DIEM 01-210-54-00-541516.00INVOICE TOTAL:16.00 *CHECK TOTAL:16.00 540187 MARCO MARCO TECHNOLOGIES LLC52342025502/25/24 01 2/20-3/20 COPIER LEASE01-110-54-00-5485259.29Page 12 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540187 MARCO MARCO TECHNOLOGIES LLC523420255 02/25/24 02 2/20-3/20 COPIER LEASE 01-120-54-00-5485 259.2703 2/20-3/20 COPIER LEASE01-220-54-00-5485518.5804 2/20-3/20 COPIER LEASE01-210-54-00-5485663.7305 2/20-3/20 COPIER LEASE01-410-54-00-548551.4706 2/20-3/20 COPIER LEASE79-790-54-00-5485154.3907 2/20-3/20 COPIER LEASE79-795-54-00-5485259.2908 2/20-3/20 COPIER LEASE51-510-54-00-548551.4609 2/20-3/20 COPIER LEASE52-520-54-00-548551.46INVOICE TOTAL:2,268.94 *CHECK TOTAL:2,268.94D003332 MCGREGOM MATTHEW MCGREGORY03012403/01/24 01 FEB 2024 MOBILE EMAIL01-410-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00 540188 MECHANIC MECHANICS LAB LLC461302/26/24 01 REPAIR AIR LEAK01-410-54-00-5490954.68INVOICE TOTAL:954.68 *CHECK TOTAL:954.68 540189 MESIMPSO M.E. SIMPSON CO, INC4189101/31/24 01 WATER DISTRIBUTION SYSTEM 51-510-54-00-546531,771.2002 LEAK DETECTION PROGRAM FOR THE ** COMMENT **03 CITY OF YORKVILLE FOR JAN** COMMENT **04 2024** COMMENT **INVOICE TOTAL:31,771.20 *CHECK TOTAL:31,771.20Page 13 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D003333 MILSCHET TED MILSCHEWSKI030124 03/01/24 01 FEB 2024 MOBILE EMAIL 24-216-54-00-5440 45.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00D003334 NAVARROJ JESUS NAVARRO03012403/01/24 01 FEB 2024 MOBILE EMAIL24-216-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00 540190 NEOPOST QUADIENT FINANCE USA, INC021524-PR02/15/24 01 POSTAGE MACHINE REFILL79-000-14-00-1410250.00INVOICE TOTAL:250.00 *CHECK TOTAL:250.00 540191 NEOPOST QUADIENT FINANCE USA, INC022724-CITY02/27/24 01 REFILL POSTAGE MACHINE01-000-14-00-1400500.00INVOICE TOTAL:500.00 *CHECK TOTAL:500.00 540192 NICOR NICOR GAS16-00-27-3553 4-0124 02/09/24 01 01/10-02/09 1301 CAROLYN CT 01-110-54-00-548043.27INVOICE TOTAL:43.27 *45-12-25-4081 3-0124 02/09/24 01 01/09-02/08 201 W HYDRAULIC 01-110-54-00-5480499.03INVOICE TOTAL:499.03 *Page 14 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540192 NICOR NICOR GAS95-16-10-1000 4-0124 02/13/24 01 01/12-02/13 1 RT47 01-110-54-00-5480 41.62INVOICE TOTAL: 41.62 *CHECK TOTAL: 583.92 540193 OLEARYM MARTIN J. O'LEARY021724 02/17/24 01 REFEREE 79-795-54-00-5462 250.00INVOICE TOTAL: 250.00 *CHECK TOTAL: 250.00 540194 OSWEGO VILLAGE OF OSWEGO2542 02/16/24 01 JAN 2024 TRAINING COORDINATOR 01-210-54-00-5413 3,995.6402 SALARY REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 3,995.64 *2543 02/16/24 01 FEB 2024 TRAINING COORDINATOR 01-210-54-00-5413 3,995.6402 SALARY REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 3,995.64 *CHECK TOTAL: 7,991.28 540195 OTTOSEN OTTOSEN DINOLFO4107 01/31/24 01 MISC LEGAL MATTERS-JAN 2024 01-640-54-00-5456 12,908.50INVOICE TOTAL: 12,908.50 *4108 01/31/24 01 PARK & REC LEGAL MATTERS-JAN 79-790-54-00-5466 345.0002 2024** COMMENT **INVOICE TOTAL:345.00 *410901/31/24 01 COUNTRYSIDE TIF LEGAL MATTERS- 87-870-54-00-5462379.50Page 15 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540195 OTTOSEN OTTOSEN DINOLFO4109 01/31/24 02 JAN 2024 ** COMMENT **INVOICE TOTAL: 379.50 *4111 01/31/24 01 MEETINGS-JAN 2024 01-640-54-00-5456 1,600.00INVOICE TOTAL: 1,600.00 *CHECK TOTAL: 15,233.00 540196 PATTONS SHANE PATTON021724 02/17/24 01 REFEREE 79-795-54-00-5462 150.00INVOICE TOTAL: 150.00 *022424 02/24/24 01 REFEREE 79-795-54-00-5462 150.00INVOICE TOTAL: 150.00 *CHECK TOTAL: 300.00 540197 PERFORMH TIMOTHY MURPHY152 02/23/24 01 HEALTH & WELLNESS PRESENTATION 01-210-54-00-5412 240.00INVOICE TOTAL: 240.00 *CHECK TOTAL: 240.00 540198 PFPETT P.F. PETTIBONE & CO.185121 12/18/23 01 DIGITAL PHOTO ID 01-210-54-00-5430 19.00INVOICE TOTAL: 19.00 *185428 02/08/24 01 DIGITAL PHOTO ID 01-210-54-00-5430 19.00INVOICE TOTAL: 19.00 *CHECK TOTAL: 38.00Page 16 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D003335 PIAZZA AMY SIMMONS030124 03/01/24 01 FEB 2024 MOBILE EMAIL 01-120-54-00-5440 45.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00 540199 PURCELLJ JOHN PURCELL03012403/01/24 01 FEB 2024 MOBILE EMAIL01-110-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *CHECK TOTAL:45.00D003336 RATOSP PETE RATOS03012403/01/24 01 FEB 2024 MOBILE EMAIL01-220-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00D003337 REDMONST STEVE REDMON03012403/01/24 01 FEB 2024 MOBILE EMAIL79-795-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00 540200 RIETZJ JACKSON RIETZ02172402/17/24 01 REFEREE79-795-54-00-5462150.00INVOICE TOTAL:150.00 *Page 17 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540200 RIETZJ JACKSON RIETZ022424 02/24/24 01 REFEREE 79-795-54-00-5462 150.00INVOICE TOTAL: 150.00 *CHECK TOTAL: 300.00 540201 RIETZR ROBERT L. RIETZ JR.021724 02/17/24 01 REFEREE 79-795-54-00-5462 300.00INVOICE TOTAL: 300.00 *022424 02/24/24 01 REFEREE 79-795-54-00-5462 300.00INVOICE TOTAL: 300.00 *CHECK TOTAL: 600.00D003338 ROSBOROS SHAY REMUS030124 03/01/24 01 FEB 2024 MOBILE EMAIL 79-795-54-00-5440 45.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00 540202 SCHWARTJ JACOB A SCHWARTZ010324-PER DIEM01/03/24 01 DEATH INVESTIGATION TRAINING 01-210-54-00-541540.0002 MEAL PER DIEM** COMMENT **INVOICE TOTAL:40.00 *CHECK TOTAL:40.00D003339 SCODROP PETER SCODRO03012403/01/24 01 FEB 2024 MOBILE EMAIL51-510-54-00-544045.00Page 18 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D003339 SCODROP PETER SCODRO030124 03/01/24 02 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00D003340 SCOTTTR TREVOR SCOTT030124 03/01/24 01 FEB 2024 MOBILE EMAIL 79-790-54-00-5440 45.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00D003341 SENDRAS SAMANTHA SENDRA03012403/01/24 01 FEB 2024 MOBILE EMAIL79-795-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00D003342 SENGM MATT SENG03012403/01/24 01 FEB 2024 MOBILE EMAIL01-410-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00D003343 SLEEZERJ JOHN SLEEZER03012403/01/24 01 FEB 2024 MOBILE EMAIL01-410-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00Page 19 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D003344 SLEEZERS SCOTT SLEEZER030124 03/01/24 01 FEB 2024 MOBILE EMAIL 79-790-54-00-5440 45.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00D003345 SMITHD DOUG SMITH03012403/01/24 01 FEB 2024 MOBILE EMAIL79-790-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00D003346 STEFFANG GEORGE A STEFFENS03012403/01/24 01 FEB 2024 MOBILE EMAIL52-520-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00D003347 THOMASL LORI THOMAS03012403/01/24 01 FEB 2024 MOBILE EMAIL01-120-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00 540203 TRAFFIC TRAFFIC CONTROL CORPORATION11806202/13/24 01 STREET SIGNS23-230-56-00-5619210.45INVOICE TOTAL:210.45 *CHECK TOTAL:210.45Page 20 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540204 TRICO TRICO MECHANICAL , INC8329 01/31/24 01 REPLACED IGNITOR AT BEECHER 24-216-54-00-5446 932.0002 CENTER** COMMENT **INVOICE TOTAL:932.00 *CHECK TOTAL:932.00 540205 UNIMAX UNI-MAX MANAGEMENT CORP482502/14/24 01 FEB 2024 OFFICE CLEANING AT 01-110-54-00-5488342.1702 651 PRAIRIE POINTE** COMMENT **03 FEB 2024 OFFICE CLEANING AT 01-120-54-00-5488342.1704 651 PRAIRIE POINTE** COMMENT **05 FEB 2024 OFFICE CLEANING AT 01-210-54-00-5488982.7706 651 PRAIRIE POINTE** COMMENT **07 FEB 2024 OFFICE CLEANING AT 79-795-54-00-5488294.5508 651 PRAIRIE POINTE** COMMENT **09 FEB 2024 OFFICE CLEANING AT 01-220-54-00-5488188.3410 651 PRAIRIE POINTE** COMMENT **11 FEB 2024 OFFICE CLEANING AT 01-410-54-00-5488144.3312 PUBLIC WORKS FACILITY** COMMENT **13 FEB 2024 OFFICE CLEANING AT 52-520-54-00-5488144.3314 PUBLIC WORKS FACILITY** COMMENT **15 FEB 2024 OFFICE CLEANING AT 51-510-54-00-5488144.3416 PUBLIC WORKS FACILITY** COMMENT **17 FEB 2024 OFFICE CLEANING82-820-54-00-54881,950.0018 FEB 2024 OFFICE CLEANING AT 79-790-54-00-5488216.0019 185 WOLF ST** COMMENT **20 FEB 2024 OFFICE CLEANING AT 79-795-54-00-5488108.0021 HYDRAULIC BLDG** COMMENT **22 FEB 2024 OFFICE CLEANING AT 79-795-54-00-5488650.0023 PRESCHOOL BLDG** COMMENT **24 FEB 2024 OFFICE CLEANING AT 79-795-54-00-5488216.0025 VAN EMMON BLDG** COMMENT **INVOICE TOTAL:5,723.00 *CHECK TOTAL:5,723.00Page 21 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540206 VALLASB BRYAN VALLES-MATA030124 03/01/24 01 FEB 2024 MOBILE EMAIL 01-410-54-00-5440 45.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *CHECK TOTAL:45.00 540207 VICKERYJ JUDE VICKERY1382702/23/24 01 INSTALL ACCESS TUBE AT TOP OF 51-510-56-00-5640900.0002 WATER TOWER** COMMENT **INVOICE TOTAL:900.00 *CHECK TOTAL:900.00 540208 VITOSH CHRISTINE M. VITOSH216402/22/24 01 02/14/24 P&Z MEETING01-220-54-00-5462225.00INVOICE TOTAL:225.00 *CMV 216302/20/24 01 02/20/24 LIQUOR HEARING01-110-54-00-5462175.00INVOICE TOTAL:175.00 *CHECK TOTAL:400.00 540209 WATERSYS WATER SOLUTIONS UNLIMITED, INC12145602/20/24 01 CHLORINE51-510-56-00-56384,904.00INVOICE TOTAL:4,904.00 *CHECK TOTAL:4,904.00D003348 WEBERR ROBERT WEBER03012403/01/24 01 FEB 2024 MOBILE EMAIL01-410-54-00-544045.00Page 22 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------D003348 WEBERR ROBERT WEBER030124 03/01/24 02 REIMBURSEMENT ** COMMENT **INVOICE TOTAL: 45.00 *DIRECT DEPOSIT TOTAL: 45.00 540210 WEX WEX BANK95596786 02/29/24 01 FEB 2024 GASOLINE 01-210-56-00-5695 6,172.6602 FEB 2024 GASOLINE 01-220-56-00-5695 479.29INVOICE TOTAL: 6,651.95 *CHECK TOTAL: 6,651.95 540211 WILLIST TIMOTHY J. WILLIS022424 02/24/24 01 REFEREE 79-795-54-00-5462 250.00INVOICE TOTAL: 250.00 *CHECK TOTAL: 250.00D003349 WILLRETE ERIN WILLRETT030124 03/01/24 01 FEB 2024 MOBILE EMAIL 01-110-54-00-5440 45.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00D003350 WOLFB BRANDON WOLF03012403/01/24 01 FEB 2024 MOBILE EMAIL79-790-54-00-544045.0002 REIMBURSEMENT** COMMENT **INVOICE TOTAL:45.00 *DIRECT DEPOSIT TOTAL:45.00Page 23 of 26 01-110ADMIN01-120FINANCE01-210POLICE01-220COMMUNITYDEVELOPMENT01-410STREETSOPERATIONS01-640ADMINISTRATIVESERVICES11-111FOXHILLSSA12-112SUNFLOWERSSA15-155MOTORFUELTAX(MFT)23-230CITYWIDECAPITAL24-216BUILDING&GROUNDS25-205POLICECAPITAL25-212GENERALGOVERNMENTCAPITAL25-215PUBLICWORKSCAPITAL25-225PARK&RECREATIONCAPITAL51-510WATEROPERATIONS52-520SEWEROPERATIONS79-790PARKSDEPARTMENT79-795RECREATIONDEPARTMENT82-820LIBRARYOPERATIONS84-840LIBRARYCAPITAL87-870COUNTRYSIDETIF88-880DOWNTOWNTIF89-890DOWNTOWNIITIF90-XXXDEVELOPERESCROW95-000ESCROWDEPOSITDATE: 03/04/24TIME: 10:55:35UNITED CITY OF YORKVILLE CHECK REGISTERID: AP211001.W0WINVOICES DUE ON/BEFORE 03/12/2024CHECK # VENDOR # INVOICE ITEMINVOICE # DATE # DESCRIPTION ACCOUNT # PROJECT CODE ITEM AMT------------------------------------------------------------------------------------------------------------------------------------ 540212 YOUNGM MARLYS J. YOUNG020824-PC 02/15/24 01 02/08/24 PC MEETING MINUTES 90-216-00-00-0011 85.00INVOICE TOTAL: 85.00 *021424-PZ 02/20/24 01 02/14/24 P&Z MEETING MINUTES 01-220-54-00-5462 85.00INVOICE TOTAL: 85.00 *022024-PW 02/28/24 01 02/20/24 PW MEETING MINUTES 01-110-54-00-5462 85.00INVOICE TOTAL: 85.00 *CHECK TOTAL: 255.00270,742.5911,280.00TOTAL CHECKS PAID: TOTAL DIRECT DEPOSITS PAID: TOTAL AMOUNT PAID:282,022.59Page 24 of 26 REGULAR OVERTIME TOTAL IMRF FICA TOTALSADMINISTRATION18,628.07 - 18,628.07 1,086.01 1,377.95 21,092.03 FINANCE13,601.75 - 13,601.75 792.99 1,005.20 15,399.94 POLICE140,997.41 2,744.38 143,741.79 419.68 10,718.73 154,880.20 COMMUNITY DEV.28,344.79 - 28,344.79 1,675.82 2,112.16 32,132.77 STREETS23,708.04 - 23,708.04 1,388.00 1,759.55 26,855.59 BUILDING & GROUNDS5,938.01 - 5,938.01 354.93 457.22 6,750.16 WATER17,281.94 629.19 17,911.13 1,044.20 1,305.56 20,260.89 SEWER10,141.70 307.54 10,449.24 609.20 763.81 11,822.25 PARKS29,492.27 - 29,492.27 1,683.41 2,189.44 33,365.12 RECREATION29,264.16 - 29,264.16 1,164.05 2,205.85 32,634.06 LIBRARY16,611.61 - 16,611.61 640.24 1,220.27 18,472.12 TOTALS334,009.75$ 3,681.11$ 337,690.86$ 10,858.53$ 25,115.74$ 373,665.13$ TOTAL PAYROLL373,665.13$ UNITED CITY OF YORKVILLEPAYROLL SUMMARYMarch 1, 2024Page 25 of 26 ACCOUNTS PAYABLE DATE Clerk's Check #131233 Kendall County Recorder (Page 1)02/22/2024 296.00$ City Check Register (Pages 2 - 24)03/12/2024 282,022.59 SUB-TOTAL:282,318.59$ WIRE/ACH PAYMENTS Dearborn Insurance - Mar 2024 03/01/2024 3,151.54$ Blue Cross/ Blue Shield Insurance-Mar 2024 02/29/2024 147,377.20 TOTAL PAYMENTS:$150,528.74 Bi - Weekly (Page 25)03/01/2024 373,665.13$ SUB-TOTAL:373,665.13$ TOTAL DISBURSEMENTS:806,512.46$ UNITED CITY OF YORKVILLE BILL LIST SUMMARY Tuesday, March 12, 2024 PAYROLL Page 26 of 26 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 2024-07 Ordinance Providing for the Issuance of SSA 2004-107 (Raintree II) Refunding Bonds City Council – March 12, 2024 CC – 2/13/24 Engagement of Bond Counsel – Saul Ewing, LLP CC 2024-07 Majority Approval Please see attached memo. Rob Fredrickson Finance Name Department Summary An ordinance providing for the issuance of the Series 2024 SSA 2004-107 (Raintree Village II) Refunding Bonds and authorizing the execution of a bond order. Background The Raintree Village II Special Service Area (SSA 2004-107) was originally developed by Lennar and consists of approximately 150 acres of land located southwest of Illinois Route 126 and south of Illinois Route 71. The development originally consisted of 202 lots for single family homes, 38 duplexes and 128 townhomes. The Raintree Village II subdivision encompasses final plat units 4, 5 and 6, as shown on the attached map of the special service area (Exhibit 4). Recently the financial services firm, D.A. Davidson Company, submitted an engagement letter to the City for the purposes of refinancing the bonds associated with the Raintree Village II SSA, which was subsequently approved by Council on January 23rd. Initially D.A. Davidson projected average annual savings of $201 for single family units, $164 for duplex units and $139 for townhome units within the SSA through 2035; under the assumption that the existing 2005 Raintree II SSA Bonds reserve fund was fully funded in the amount of $600,000. However, D.A. Davidson later learned that the reserve fund was only funded at approximately 40%, in the amount of $250,353; as the reserve fund for these bonds was depleted to pay debt service when the bonds went into default following the aftermath of the Great Recession. Since emerging from default in 2019, the SSA taxes in excess of debt service payments have not yet replenished the reserve fund back up to the required balance of $600,000. In order to offset this deficiency in the reserve fund, the principal amount of the refunding bonds had to be increased from $4.89 million (Exhibit 2 – page 1) to $5.19 million (Exhibit 1 – page 1), which resulted in estimated overall nominal savings being reduced from $710,573 (Exhibit 2 – page 3) to $344,173 (Exhibit 1 – page 3). As noted in Exhibit 3, revised estimated average annual per unit savings are now $97 for single family homes, $80 for duplexes and $67 for townhomes. In addition to Raintree II, D.A. Davidson also originally suggested that the occasion may occur for the Raintree I SSA bonds to be refunded as well. Unfortunately, the market has not moved in a favorable enough direction to make this refunding economically feasible, as nominal interest savings remain negative. Although not practicable at this time, these bonds were previously refunded in 2013, which resulted in a total interest savings of $1.35 million from 2014 through Memorandum To: City Council From: Rob Fredrickson, Finance Director Date: March 6, 2024 Subject: 2024 Refunding Bonds – SSA 2004-107 (Raintree Village II) 2033. Going forward Raintree I, along with all other special service areas in the City, will continue to be monitored for any potential future refinancing opportunities. In order to complete the refunding of the proposed Raintree II SSA bonds, the final step for the City would be approval of the attached ordinance (Council has previously approved engagement letters for underwriting services and bond counsel on January 23rd and February 13th, respectively). The attached ordinance, commonly referred to as a “parameters” ordinance, allows Council to adopt an ordinance authorizing the sale of the refunding bonds at a future date, as long as certain “parameters” are met (this is the same process the City has followed in prior SSA bond refundings). These parameters include the maximum amount of principal that could be issued (not to exceed $6,000,000) and caps interest at a ceiling of 5.50% per year. This ordinance also establishes what the new bond proceeds may be used for, which include: refunding the existing 2005 Raintree II SSA bonds; funding the debt service reserve fund; paying insurance premiums on the bond; and to satisfy issuance costs. Moreover, the ordinance approves a Trust Indenture with Amalgamated Bank (Exhibit B to the ordinance); a Bond Purchase Agreement with D.A. Davidson & Company (underwriter – Exhibit C); the Preliminary Official Statement, which will be used by the underwriter to market the bonds (Exhibit D) to potential investors; a continuing disclosure agreement with Amalgamated Bank (Exhibit E); and an Agreement for Administrative Services with DTA (formerly known as Taussig & Associates – Exhibit F). The blank spaces in these documents (along with the bond order - Exhibit 5), will be filled in towards the end of March once the pricing process has been completed, and is expected to yield results similar to those presented in Exhibit 1. The final results of the refinancing will be disclosed to Council in early April after the closing. Assuming passage of the ordinance, the marketing of the bonds shall commence (as part of the underwriting process) immediately, followed by a finalization of the bond pricing and other related documents at the end of March, with the closing of the bond scheduled to occur on April 3rd. The residents of the Raintree Village II subdivision would start to see their SSA property taxes reduced beginning in 2025 (i.e., 2024 tax levy), as the abatement ordinances for 2024 (2023 tax levy year) were already filed with the County in December 2023. Recommendation Although not as much as initially projected, it is the recommendation of staff that the City finalize the refinancing of the Raintree Village II SSA bonds, by authorizing the attached bond ordinance , which will result in reduced interest costs to the residents of Raintree Village II in the amount of approximately $350,000 over the remaining life of the bonds thru 2034. 51642736.6 UNITED CITY OF YORKVILLE KENDALL COUNTY STATE OF ILLINOIS ORDINANCE NUMBER 2024-_ AN ORDINANCE PROVIDING FOR ISSUANCE OF UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS SPECIAL SERVICE AREA NUMBER 2004-107 SPECIAL TAX REFUNDING BONDS, SERIES 2024 (RAINTREE VILLAGE II PROJECT), AND AUTHORIZING THE EXECUTION OF A BOND ORDER ADOPTED BY THE CITY COUNCIL OF THE UNITED CITY OF YORKVILLE KENDALL COUNTY STATE OF ILLINOIS The 12th day of March, 2024 Published in pamphlet form by authority of the City Council of the United City of Yorkville, Kendall County, Illinois this 12th day of March, 2024. 51642736.6 ORDINANCE NO. 2024-_ AN ORDINANCE PROVIDING FOR ISSUANCE OF UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS SPECIAL SERVICE AREA NUMBER 2004-107 SPECIAL TAX REFUNDING BONDS, SERIES 2024 (RAINTREE VILLAGE II PROJECT), AND AUTHORIZING THE EXECUTION OF A BOND ORDER BE IT ORDAINED BY THE CITY COUNCIL OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS, AS FOLLOWS: Section 1. Findings and Declarations. It is found and declared by the City Council of the United City of Yorkville, Kendall County, Illinois (the “City”) as follows: a. The City has previously established Special Service Area Number 2004- 107 described more fully in Exhibit A to this Ordinance (the “Special Service Area”) pursuant to Ordinance Number 2005-90 adopted on November 22, 2005 (the “Establishing Ordinance”), the provisions of the Special Service Area Tax Law, 35 ILCS 200/27-5 et seq., as amended (the “Special Service Area Act”) and the provisions of Section 7 of Article VII of the 1970 Constitution of the State of Illinois, and has otherwise complied with all other conditions precedent required by the Special Service Area Act. b. It was deemed necessary and in the best interests of the City to provide special services benefiting the Special Service Area consisting of the acquisition, construction and installation of public improvements including, but not limited to, engineering, soil testing and appurtenant work, mass grading and demolition, storm water management facilities, storm drainage systems and storm sewers, site clearing and tree removal, public water facilities, sanitary sewer facilities, erosion control measures, roads, streets, curbs, gutters, street lighting, traffic controls, sidewalks, equestrian paths and related street improvements, and equipment and materials necessary for the maintenance thereof, landscaping, wetland mitigation and tree installation, costs for land and easement acquisitions relating to any of the foregoing improvements, required tap-on and related fees for water or sanitary sewer services and other eligible costs to serve the Special Service Area (the “Special Services”). c. The City has previously issued $9,400,000 in aggregate principal amount of its Special Service Area Number 2004-107, Special Tax Bonds, Series 2005 (Raintree Village II Project) (the “Prior Bonds”), of which $4,817,000 in principal amount shall remain outstanding following the scheduled March 1, 2024 principal payment, to pay and provide funds for a portion of the costs of the Special Services. d. In order to achieve debt service savings, it is in the best interests of the City to refund the Prior Bonds. -3- 51642736.6 e. The City does not have sufficient funds on hand or available from other sources with which to pay the costs associated with the refunding of the Prior Bonds. f. It is in the best interests of the City to issue not to exceed $6,000,000 principal amount of its Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) (the “Bonds”), as provided in this Ordinance and the Bond Order (as defined in Section 2 hereof), to pay or provide funds to (i) refund the Prior Bonds, (ii) fund a debt service reserve fund, (iii) pay the insurance premiums for the Bonds, if insured and (iv) pay the costs associated with the issuance of the Bonds. g. The City expects that aggregate payments of principal of and interest on the Bonds will be less than aggregate payments of principal of and interest on the outstanding Prior Bonds. h. The notice and hearing requirements set forth in Section 27-45 of the Special Service Area Act do not apply to the Bonds because the interest rate on the Bonds and the maximum period of time over which the Bonds will be retired will not be greater than that set forth in the notices for the Prior Bonds. In addition, the debt service on the Bonds will not exceed the debt service to be paid over the remaining duration of the Prior Bonds. i. After due publication of notice as required by the Special Service Area Act, including, without limitation, notice of the issuance of the Prior Bonds in an aggregate principal amount not to exceed $10,000,000, a public hearing to consider the establishment of the Special Service Area, the issuance of the Prior Bonds for the purpose of paying the costs of the Special Services and the manner in which the Prior Bonds were proposed to be retired and the proposed tax levy, was held in accordance with law. No objection petition was filed with respect to the establishment of the Special Service Area or the issuance of the Prior Bonds within the period of time allowed pursuant to the Special Service Area Act. Section 2. Issuance of Bonds. The City shall borrow the sum of not to exceed $6,000,000 by issuing the Bonds as provided in this Ordinance. The Bonds shall be designated “United City of Yorkville, Kendall County, Illinois Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project),” and shall be issued for the purpose of refunding the Prior Bonds. The Bonds shall be issued pursuant to the powers of the City pursuant to Section 7 of Article VII of the 1970 Constitution of the State of Illinois; the Special Service Area Act; and the Local Government Debt Reform Act, 30 ILCS 350/1 et seq. (the “Debt Act”). The Mayor is hereby authorized and directed to establish the final terms of the Bonds as set forth in the City’s Bond Order to be executed by the Mayor and attested by the City Clerk (the “Bond Order”), in form and substance acceptable to the Village Attorney and Saul Ewing LLP, Bond Counsel, but only within the parameters or on such terms as set forth in Section 4 of this Ordinance and in furtherance of such duty is hereby authorized and directed to execute the Bond -4- 51642736.6 Order on behalf of the City. The Bonds shall be issued in such principal amounts, mature on such dates and bear interest at such rates and be subject to redemption as set forth in the Bond Order. Section 3. Approval of Documents. There have been submitted to the City Council forms of the following documents relating to the issuance of the Bonds: a. a form of Trust Indenture (the “Indenture”) between the City and Amalgamated Bank of Chicago, as Trustee, to be dated as of April 1, 2024, which form of Indenture is attached as Exhibit B to this Ordinance; b. a form of Bond Purchase Agreement (the “Bond Purchase Agreement”) between the City and D.A. Davidson & Co., as Underwriter (the “Underwriter”), to be dated as of the date the offer of the Underwriter to purchase the Bonds is accepted by the City, which form of Bond Purchase Agreement is attached as Exhibit C to this Ordinance; c. a form of the Preliminary Official Statement (the “Preliminary Official Statement”) to be used by the Underwriter in its initial offering of the Bonds, which form of Preliminary Official Statement is attached as Exhibit D to this Ordinance; d. a form of the Continuing Disclosure Agreement by and between the City and Amalgamated Bank of Chicago, which form of Continuing Disclosure Agreement is attached as Exhibit E to this Ordinance; and e. a form of the Agreement for Administrative Services between DTA, formerly known as David Taussig & Associates, Inc., and the City, which form of Agreement for Administration Services is attached as Exhibit F to this Ordinance. Such documents are approved as to form and substance and the Mayor and the City Clerk of the City are authorized and directed to execute and deliver and/or authorize the use of such documents on behalf of the City in the forms submitted with such additions, deletions and completions of the same (including the establishment of the terms of the Bonds within the parameters set forth in this Ordinance) as the Mayor and the City Clerk deem appropriate, the Mayor’s signature on such documents constituting his approval thereof and to be deemed conclusive and binding approval hereunder; and when each such document is executed, attested, sealed and delivered on behalf of the City, as provided herein, each such document will be binding on the City; from and after the execution and delivery of each such document, the officers, employees and agents of the City are hereby authorized, empowered and directed to do all such acts and things and to execute all such additional documents as may be necessary to carry out, comply with and perform the provisions of each such document as executed; and each such document shall constitute, and hereby is made, a part of this Ordinance, and a copy of each such document shall be placed in the official records of the City, and shall be available for public inspection at the office of the City Clerk. Either the Mayor or City Clerk is authorized and directed, subject to the terms of the Bond Purchase Agreement as executed, to execute the final Official Statement in substantially the form of the Preliminary Official Statement presented hereto with such changes, additions or deletions as they deem appropriate to reflect the final terms of the Bonds, the Indenture and other matters. The Mayor and the City Clerk are authorized to obtain a -5- 51642736.6 Bond Insurance Policy insuring the payment of all or a portion of the principal of and interest on the Bonds when due (the “Bond Insurance Policy”) from a bond insurer (a “Bond Insurer”) if the Mayor determines such Bond Insurance Policy to be beneficial in connection with the sale of the Bonds. The Mayor and City Clerk are hereby authorized on behalf of the City, to make such customary covenants and agreements with the Bond Insurer as are not inconsistent with the terms of this Ordinance and as may be required by the Bond Insurer to issue its Bond Insurance Policy. The Mayor and the City Clerk are further authorized to obtain an insurance policy, surety bond, irrevocable letter of credit or similar instrument deposited in or credited to the reserve fund to be created and established pursuant to the Indenture (the “Reserve Fund”) in lieu of or in partial substitution for moneys on deposit therein (in any event, a “Reserve Fund Insurance Policy”) from the Bond Insurer or any other entity issuing a Reserve Fund Insurance Policy with respect to the Bonds (in either case, a “Surety Provider”) if the Mayor determines such Reserve Fund Insurance Policy to be beneficial in connection with the sale of the Bonds. The Mayor and City Clerk are hereby authorized on behalf of the City, to make such customary covenants and agreements with the Surety Provider (including, without limitation, any reimbursement agreement, guaranty agreement or other credit facility agreement) as are not inconsistent with the terms of this Ordinance and as may be required by the Surety Provider to issue its Reserve Fund Insurance Policy. Section 4. Bond Terms; Bond Order. The Bonds shall be issued as provided in the Indenture and shall be issued in the principal amount of not to exceed $6,000,000, shall be dated, shall mature, shall bear interest at the rates (not to exceed in any year five and one-half percent (5.50%) per annum) and shall be subject to redemption at the times and prices as set forth in the Indenture, and shall be sold to the Underwriter at a purchase price of not less than 98.75% of the principal amount of the Bonds with an original issue discount or an original issue premium of not to exceed 2% of the principal amount of the Bonds, all as set forth in the Bond Purchase Agreement. The execution and delivery of the Bond Purchase Agreement by the Mayor and the City Clerk shall evidence their approval of the terms of the Bonds set forth above. The Bond Order shall specify the principal amount of the Bonds, the date of the Bonds, the interest rate on the Bonds, the redemption provisions of the Bonds, the purchase price of the Bonds, the identity of any Bond Insurer, if any, and the final form of any commitment to provide the Bond Insurance Policy and the Reserve Fund Insurance Policy and may include such other terms as are deemed necessary to provide for the sale of the Bonds which are not inconsistent with this Ordinance. The Bond Order shall also provide for the abatement of any special taxes levied for the Prior Bonds to be refunded. The execution and delivery of the Bond Order, the Bond Purchase Agreement and the Indenture by the Mayor and the City Clerk shall evidence their approval of the terms of the Bonds set forth above. This Ordinance, together with the Bond Order, shall constitute complete authority for the City to issue the Bonds in accordance with applicable law. Section 5. Execution and Delivery of Bonds. The Mayor and the City Clerk are authorized and directed to execute and deliver the Bonds and, together with other Authorized Officers (as defined in the Indenture), to take all necessary action with respect to the issuance, sale and delivery of the Bonds, all in accordance with the terms and procedures specified in this Ordinance and the Indenture. The Bonds shall be delivered to the Trustee who is directed to authenticate the Bonds and deliver the Bonds to the Underwriter upon receipt of the purchase price for the Bonds. -6- 51642736.6 The Bonds shall be in substantially the form set forth in the Indenture. Each Bond shall be executed by the manual or facsimile signature of the Mayor and the manual or facsimile signature of the City Clerk and shall have the corporate seal of the City affixed to it (or a facsimile of that seal printed on it). The Mayor and the City Clerk (if they have not already done so) are authorized and directed to file with the Illinois Secretary of State their manual signatures certified by them pursuant to the Uniform Facsimile Signatures of Public Officials Act, as amended, which shall authorize the use of their facsimile signatures to execute the Bonds. Each Bond so executed shall be as effective as if manually executed. In case any officer of the City whose signature or a facsimile of whose signature shall appear on the Bonds shall cease to be such officer before authentication and delivery of any of the Bonds, that signature or facsimile signature shall nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery. No Bond shall be valid for any purpose unless and until a certificate of authentication on that Bond substantially in the form set forth in the bond form in the Indenture shall have been duly executed by the Trustee. Execution of that certificate upon any Bond shall be conclusive evidence that the Bond has been authenticated and delivered under this Ordinance. Section 6. Bonds are Limited Obligations; Levy of Special Tax; Pledge. The Bonds shall constitute limited obligations of the City, payable from the Special Taxes (as defined below) to be levied on all taxable real property within the Special Service Area as provided below. The Bonds shall not constitute the general obligations of the City and neither the full faith and credit nor the unlimited taxing power of the City shall be pledged as security for payment of the Bonds. There are hereby levied Special Taxes upon all taxable real property within the Special Service Area in accordance with the Special Tax Roll and Report (as defined below) sufficient to pay and discharge the principal of and interest on the Bonds at maturity or mandatory sinking fund redemption dates and to pay interest on the Bonds for each year at the interest rates to be set forth in Section 2.4 of the Indenture and to pay for the Administrative Expenses (as defined in the Indenture) of the City, if any, for each year and to fund and replenish the Reserve Fund and any special reserve fund created and established pursuant to the Indenture (the “Special Reserve Fund”), including specifically the following amounts for the following years (the “Special Taxes”): Year of Levy An Amount Sufficient To Produce the Sum of: 2024 $848,388 2025 $861,173 2026 $873,991 2027 $887,126 2028 $900,484 2029 $913,969 2030 $927,677 2031 $941,702 2032 $955,760 -7- 51642736.6 2033 $970,168 Pursuant to the Special Tax Roll established by the Special Tax Roll and Report prepared for the Special Service Area (the “Special Tax Roll and Report”), the Special Taxes shall be computed, extended and collected in accordance with the Special Tax Roll and Report, and divided among the taxable real property within the Special Service Area in accordance with the terms of the Establishing Ordinance and the Special Tax Roll and Report. It shall be the duty of the City and the City hereby covenants, annually on or before the last Tuesday of December for each of the years 2024 through 2033 to calculate or cause the Consultant appointed pursuant to the Indenture to calculate the Special Tax Requirement (as defined in the Special Tax Roll and Report); to amend the Special Tax Roll pursuant to Section VIII of the Special Tax Roll and Report; to adopt an ordinance approving the amount of the current calendar year’s Special Tax Requirement and to abate the Special Taxes levied pursuant to this Ordinance to the extent the taxes levied pursuant to this Ordinance exceed the Special Tax Requirement as calculated by the Consultant pursuant to the Establishing Ordinance and the Special Tax Roll and Report; and provide the County tax collector of Kendall County the amended Special Tax Roll. On or before the last Tuesday of January for each of the years 2025 through 2034, the City shall notify the Trustee of the amount of the Special Tax Requirement and the amount of the Special Taxes to be abated. The City shall take all actions which shall be necessary to provide for the levy, extension, collection and application of the taxes levied by this Ordinance, including enforcement, of such taxes as provided by law but only as set forth in Section 7(a) below. The Special Taxes levied as provided above shall be deposited into the Bond and Interest Fund created pursuant to the Indenture (the “Bond and Interest Fund”) and are appropriated to and are irrevocably pledged to and shall be used only for the purposes set forth in the Indenture. Section 7. Special Covenants. The City covenants with the holders of the Bonds from time to time outstanding that it (i) will take all actions which are necessary to be taken (and avoid any actions which it is necessary to avoid being taken) so that interest on the Bonds will not be or become included in gross income for federal income tax purposes under existing law, including without limitation the Internal Revenue Code of 1986, as amended (the “Code”); (ii) will take all actions reasonably within its power to take which are necessary to be taken (and avoid taking any actions which are reasonably within its power to avoid taking and which are necessary to avoid) so that the interest on the Bonds will not be or become included in gross income for federal income tax purposes under the federal income tax laws as in effect from time to time; and (iii) will take no action or permit any action in the investment of the proceeds of the Bonds, amounts held under the Indenture or any other funds of the City which would result in making interest on the Bonds or the Prior Bonds subject to federal income taxes by reason of causing the Bonds or the Prior Bonds to be “arbitrage bonds” within the meaning of Section 148 of the Code, or direct or permit any action inconsistent with the regulations under the Code as promulgated and as amended from time to time and as applicable to the Bonds. The Mayor, City Clerk, City Treasurer and other Authorized Officers of the City are authorized and directed to take all such actions as are necessary in order to carry out the issuance and delivery of the Bonds including, without limitation, to make any representations and certifications they deem proper pertaining to the use of the proceeds of the Bonds or the Prior Bonds and other moneys held under the Indenture in order to establish that the Bonds and the Prior Bonds shall not constitute arbitrage bonds as so defined. -8- 51642736.6 The City further covenants with the holders of the Bonds from time to time outstanding that: a. it will take all actions, if any, which shall be necessary in order further to provide for the levy, extension, collection and application of the Special Taxes imposed by or pursuant to this Ordinance, the Bond Order or the Establishing Ordinance, including enforcement of the Special Taxes by providing the County of Kendall with such information as is deemed necessary to enable it to include the property subject to the delinquent tax in the County Collector’s annual tax sale and in the event the tax lien is forfeited at such tax sale upon request of any Bond Insurer or a majority of Bondholders by instituting proceedings, including assigning to the Trustee its right to purchase as a taxing district the unpaid taxes due upon the property, all in the manner provided by law; provided, however, that the obligation to purchase unpaid taxes or institute any proceeding shall only arise in the event the City makes the determination that sufficient funds are on deposit in the Administrative Expense Fund to (i) pay all remaining Administrative Expenses expected for such levy year, and (ii) apply to the purchase of the unpaid taxes and/or pay the costs of any proceeding; b. it will not take any action which would adversely affect the levy, extension, collection and application of the Special Taxes, except to abate the Special Taxes to the extent permitted by the Special Tax Roll and Report and to release the lien on a parcel upon prepayment of the Special Tax for such parcel as described in the Indenture and as provided in this Ordinance; and c. it will comply with all present and future laws concerning the levy, extension and collection of the Special Taxes; in each case so that the City shall be able to pay the principal of and interest on the Bonds as they come due, to replenish the Reserve Fund to the Reserve Requirement (as defined in the Indenture), or to restore the amount available under any Reserve Fund Insurance Policy, together with cash on deposit in the Reserve Fund, to the Reserve Requirement, and to replenish the Special Reserve Fund to the Special Reserve Requirement (as defined in the Indenture), and it will take all actions necessary to assure the timely collection of the Special Taxes, including without limitation, the enforcement of any delinquent Special Taxes as described in paragraph (a) above. Promptly following the date of issuance of the Bonds, the City shall file with the County of Kendall an abatement ordinance abating the Special Taxes levied pursuant to the bond ordinance for the Prior Bonds (the “Prior Bond Ordinance”) for levy years 2024 through 2033. The City hereby agrees to deposit with the Trustee for the Bonds any amounts collected from the 2023 levy of Special Taxes pursuant to the Prior Bond Ordinance for deposit into the Bond and Interest Fund. Section 8. Additional Authority. The Mayor, the City Clerk and the other officers of the City are authorized to execute and deliver on behalf of the City such other documents, agreements and certificates and to do such other things consistent with the terms of this Ordinance as such officers and employees shall deem necessary or appropriate in order to effectuate the intent and purposes of this Ordinance, including without limitation to make any representations and -9- 51642736.6 certifications they deem proper pertaining to the use of the proceeds of the Bonds in order to establish that the Bonds and the Prior Bonds shall not constitute arbitrage bonds as defined in Section 7 above. Section 9. Transfer of Funds; Redemption of Prior Bonds. All amounts on deposit in the funds and accounts created for the Prior Bonds shall be transferred to the Bond and Interest Fund created under the Trust Indenture of the City pursuant to which the Prior Bonds were authorized (the “Prior Indenture”) and applied to redeem the Prior Bonds or, with respect to the Bond and Interest Fund, the Reserve Fund or the Special Reserve Fund, may be transferred to the Bond and Interest Fund, the Reserve Fund or the Special Reserve Fund created for the Bonds to the extent not needed to fund the redemption price of the Prior Bonds as provided in the Bond Order. The Prior Bonds shall be called for redemption on the earliest practicable date on which notice of redemption may be provided in accordance with the Prior Indenture and as specified in the Bond Order, at a redemption price equal to 100% of the principal amount of the Prior Bonds to be redeemed, plus accrued interest to the redemption date. Such redemption shall be conducted in accordance with the provisions of the Prior Indenture. Section 10. Filing of Ordinance. The City Clerk is directed to file a certified copy of this Ordinance, and an accurate map of the Special Service Area, with the County Clerk of Kendall County. Section 11. Severability. If any section, paragraph, clause or provision of this Ordinance (including any section, paragraph, clause or provision of any exhibit to this Ordinance) shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other sections, paragraphs, clauses or provisions of this Ordinance (or of any of the exhibits to this Ordinance). Section 12. Repealer; Effect of Ordinance. All ordinances, resolutions and orders or parts of ordinances, resolutions and orders in conflict with this Ordinance are repealed to the extent of such conflict. The City Clerk shall cause this Ordinance to be published in pamphlet form. This Ordinance shall be effective upon its passage and publication as provided by law. 51642736.6 PASSED BY THE CITY COUNCIL OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS this 12th day of March, 2024. VOTING AYE: VOTING NAY: ABSENT: ABSTAINED: NOT VOTING: APPROVED: Mayor ATTEST: City Clerk [Signature page to Bond Ordinance] 51642736.6 Exhibit A UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS SPECIAL SERVICE AREA NUMBER 2004-107 EXHIBIT A LEGAL DESCRIPTION SSA SOUTH -RAINTREE VILLAGE PART OF THE SOUTHWEST QUARTER OF SECTION 3 AND PART OF THE EAST HALF OF SECTION 9 AND PART OF THE NORTHWEST QUARTER OF SECTION 10, ALL IN TOWNSHIP 36 NORTH, RANGE 7 EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS: BEGINNING AT THE MOST SOUTHERLY CORNER OF LOT 110 OF RAINTREE VILLAGE UNIT ONE, ACCORDING TO THE PLAT THEREOF RECORDED JANUARY 13, 2004 AS DOCUMENT NO .. 2004-00000938; THENCE THE FOLLOWING 18 COURSES ALONG THE SUBDIVISON LINE OF SAID UNIT ONE; 1) NORTH 47° 04' 29" EAST, 33.00 FEET; 2) THENCE NORTH 42° 55' 31" WEST, 90.00 FEET TO A POINT OF CURVATURE; 3) THENCE NORTHWESTERLY AND NORTHERLY ALONG A CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 370.00 FEET, AN ARC LENGTH OF 277J9 FEET, A CHORD BEARING OF NORTH 21 ° 27' 45" WEST, AND A CHORD DISTANCE OF 270.76 FEET; 4) THENCE NORTH 00° 00' 00" WEST, 73.86 FEET; 5) THENCE NORTH 90° 00' 00" EAST, 135.00 FEET; 6) THENCE NORTH 50° 53' 55" EAST, 90.20 FEET; 7) THENCE NORTH 90 ° 00' 00" EAST, 11.39 FEET TO A POINT OF CURVATURE; 8) THENCE NORTHEASTERLY ALONG A CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 67.00 FEET, AN ARC LENGTH OF 61.89 FEET, A CHORD BEARING OF NORTH 63 ° 32' 15" EAST, AND A CHORD DISTANCE OF 59.71 FEET; 9) THENCE NORTH 37° 04' 29" EAST, 566.88 FEET TO A POINT OF CURVATURE; 10) THENCE 51642736.6 Exhibit B Form of Trust Indenture (See attached) 51659324.8 TRUST INDENTURE between UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS and AMALGAMATED BANK OF CHICAGO as Trustee Dated as of March 1, 2024 UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS SPECIAL SERVICE AREA NUMBER 2004-107 SPECIAL TAX REFUNDING BONDS, SERIES 2024 (RAINTREE VILLAGE II PROJECT) i 51659324.8 TABLE OF CONTENTS ARTICLE 1 STATUTORY AUTHORITY AND DEFINITIONS ................................................ 3 Section 1.1 Authority for this Indenture ........................................................................ 3 Section 1.2 Agreement for Benefit of Owners of the Series 2024 Bonds ..................... 3 Section 1.3 Definitions................................................................................................... 3 ARTICLE 2 BOND DETAILS ..................................................................................................... 10 Section 2.1 Purpose of Issuance; Amount of Series 2024 Bonds ................................ 10 Section 2.2 Form; Denominations; Numbers............................................................... 10 Section 2.3 Date of Bonds: CUSIP Identification Numbers ....................................... 10 Section 2.4 Maturity; Interest Rate .............................................................................. 10 Section 2.5 Interest....................................................................................................... 10 Section 2.6 Form of Series 2024 Bonds; Execution; Authentication .......................... 11 Section 2.7 Payment of the Series 2024 Bonds ........................................................... 11 Section 2.8 Appointment of Trustee ............................................................................ 11 Section 2.9 Registration of Series 2024 Bonds; Persons Treated as Owners .............. 11 Section 2.10 Global Form; Securities Depository ......................................................... 12 Section 2.11 Additional Bonds ...................................................................................... 14 ARTICLE 3 REDEMPTION OF SERIES 2024 BONDS ............................................................ 14 Section 3.1 Mandatory Sinking Fund Redemption ...................................................... 14 Section 3.2 Optional Redemption ................................................................................ 14 Section 3.3 Mandatory Redemption upon Condemnation ........................................... 14 Section 3.4 Special Mandatory Redemption from Optional Prepayment of Special Tax................................................................................................ 15 Section 3.5 Redemption Provisions; Notice of Redemption ....................................... 15 Section 3.6 Purchase in Lieu of Redemption ............................................................... 16 ARTICLE 4 APPLICATION OF PROCEEDS AND OTHER AMOUNTS ............................... 16 Section 4.1 Application of Proceeds ............................................................................ 16 Section 4.2 Amounts Held for Prior Bonds ................................................................. 17 ARTICLE 5 SECURITY FOR THE SERIES 2024 BONDS ....................................................... 17 Section 5.1 Limited Obligations .................................................................................. 17 Section 5.2 Levy of Special Tax .................................................................................. 17 Section 5.3 Bond Insurance Policy; Covenants in Favor of Bond Insurer .................. 18 Section 5.4 Provisions Relating to Reserve Policy ...................................................... 25 ARTICLE 6 FUNDS AND ACCOUNTS .................................................................................... 26 Section 6.1 Bond and Interest Fund ............................................................................. 26 Section 6.2 Reserve Fund ............................................................................................ 28 Section 6.3 Special Reserve Fund ................................................................................ 30 Section 6.4 Administrative Expense Fund ................................................................... 30 Section 6.5 Rebate Fund .............................................................................................. 31 Section 6.6 Investment of Funds .................................................................................. 31 ii 51659324.8 ARTICLE 7 COVENANTS AND AGREEMENTS OF THE CITY ........................................... 32 Section 7.1 Tax Covenants .......................................................................................... 32 Section 7.2 Levy and Collection of Taxes ................................................................... 33 Section 7.3 Proper Books and Records ........................................................................ 34 Section 7.4 Against Encumbrances.............................................................................. 34 Section 7.5 Continuing Disclosure Undertaking ......................................................... 34 ARTICLE 8 DEFAULTS AND REMEDIES............................................................................... 34 Section 8.1 Events of Default ...................................................................................... 34 Section 8.2 Remedies ................................................................................................... 35 Section 8.3 Notice of Default....................................................................................... 35 Section 8.4 Termination of Proceedings by Trustee .................................................... 35 Section 8.5 Right of Bondholders to Control Proceedings .......................................... 36 Section 8.6 Right of Bondholders to Institute Suit ...................................................... 36 Section 8.7 Suits by Trustee......................................................................................... 36 Section 8.8 Remedies Cumulative ............................................................................... 37 Section 8.9 Waiver of Default ..................................................................................... 37 Section 8.10 Application of Moneys After Default ....................................................... 37 Section 8.11 Bond Insurer Control ................................................................................ 38 ARTICLE 9 TRUSTEE ................................................................................................................ 38 Section 9.1 Appointment of the Trustee ...................................................................... 38 Section 9.2 Performance of Duties .............................................................................. 38 Section 9.3 Instruments Upon Which Trustee May Rely ............................................ 39 Section 9.4 Trustee not Responsible for Recitals and Other Matters .......................... 40 Section 9.5 Trustee May Acquire Series 2024 Bonds ................................................. 40 Section 9.6 Qualification of Trustee ............................................................................ 40 Section 9.7 Resignation or Removal of Trustee and Appointment of Successor ........ 41 Section 9.8 Concerning the Successor Trustee ............................................................ 42 Section 9.9 Monthly Statements .................................................................................. 42 ARTICLE 10 SUPPLEMENTAL INDENTURES ...................................................................... 42 Section 10.1 Supplemental Indentures Not Requiring Consent of Bondholders ........... 42 Section 10.2 Supplemental Indentures Requiring Consent of Bondholders .................. 43 Section 10.3 Supplemental Indenture to Modify this Indenture .................................... 44 Section 10.4 Trustee May Rely Upon Opinion of Counsel Re: Supplemental Indenture ................................................................................................... 44 Section 10.5 Notation..................................................................................................... 44 Section 10.6 Opinion of Bond Counsel ......................................................................... 44 ARTICLE 11 DEFEASANCE ...................................................................................................... 45 Section 11.1 Defeasance ................................................................................................ 45 ARTICLE 12 MISCELLANEOUS .............................................................................................. 47 Section 12.1 Severability ............................................................................................... 47 Section 12.2 Notices ...................................................................................................... 47 Section 12.3 Holidays .................................................................................................... 48 iii 51659324.8 Section 12.4 Execution of Counterparts ........................................................................ 48 Section 12.5 Applicable Law ......................................................................................... 48 Section 12.6 Immunity of Officers, Employees, Elected Officials of City ................... 48 Exhibit A – United City of Yorkville Special Service Area Number 2004-107 Legal Description Exhibit B – Form of Bond Exhibit C – Form of Satisfaction of Tax Lien Exhibit D – Form of Costs of Issuance Disbursement Request 51659324.8 TRUST INDENTURE THIS TRUST INDENTURE (the “Indenture”) is made and entered into as of March 1, 2024, by and between the United City of Yorkville, Kendall County, Illinois, a municipal corporation organized and existing under and by virtue of the Constitution and laws of the State of Illinois (the “City”), and Amalgamated Bank of Chicago, Chicago, Illinois, a state banking corporation, as trustee (the “Trustee”). W I T N E S S E T H: WHEREAS, by Ordinance No. 2005-90 adopted at a meeting held on November 22, 2005, the City has established the “United City of Yorkville Special Service Area Number 2004-107” as further described in Exhibit A to this Indenture (the “Special Service Area Number 2004-107”); and WHEREAS, on November 22, 2005, the Mayor and City Council (the “Corporate Authorities”) adopted Ordinance No. 2005-91 pursuant to the Special Service Area Tax Law, 35 ILCS 200/27-5, et seq. (the “Special Service Area Act”) and determined it to be in the best interests of the City to issue $9,400,000 principal amount of the United City of Yorkville Special Service Area Number 2004-107, Special Tax Bonds, Series 2005 (Raintree Village II Project) (the “Prior Bonds”) for the purpose of providing a portion of the funds needed for costs of the Special Services (as defined below) within Special Service Area Number 2004-107; and WHEREAS, on March 12, 2024, the Corporate Authorities adopted Ordinance No. 2024- , as supplemented by a Bond Order executed pursuant thereto (the “Bond Ordinance”) and pursuant to the Special Service Area Act, determined it to be in the best interests of the City to issue not to exceed $6,000,000 principal amount of the United City of Yorkville, Kendall County, Illinois Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) (the “Series 2024 Bonds”) for the purpose of refunding the Prior Bonds; and WHEREAS, the Bond Ordinance authorized the Mayor and City Clerk to establish certain specific terms of the Series 2024 Bonds by executing and delivering a Bond Purchase Agreement with the Purchaser (defined below) and a Bond Order pursuant to the Bond Ordinance; and WHEREAS, pursuant to the terms so established the City will issue $________ principal amount of Series 2024 Bonds upon the terms specified in this Indenture; and WHEREAS, it is in the public interest and for the benefit of the City, Special Service Area Number 2004-107 (the “Special Service Area”) and the owners of the Series 2024 Bonds that the City enter into this Indenture to provide for the issuance of the Series 2024 Bonds, the disbursement of proceeds of the Series 2024 Bonds, the deposit of the Special Taxes levied pursuant to the Bond Ordinance securing the Series 2024 Bonds, and the administration and payment of the Series 2024 Bonds; and WHEREAS, all things necessary to cause the Series 2024 Bonds, when executed by the City and issued as provided in the Special Service Area Act, the Local Government Debt Reform Act (as defined below), the Bond Ordinance and this Indenture, to be legal, valid and binding and 2 51659324.8 special obligations of the City in accordance with their terms, and all things necessary to cause the creation, authorization, execution and delivery of this Indenture and the creation, authorization, execution and issuance of the Series 2024 Bonds, subject to the terms of this Indenture, have in all respects been duly authorized; NOW, THEREFORE, THIS INDENTURE OF TRUST WITNESSETH: GRANTING CLAUSES That the City in consideration of the premises, the acceptance by the Trustee of the trusts created hereby and the purchase and acceptance of the Series 2024 Bonds by the owners thereof, and of the sum of one hundred dollars, lawful money of the United States of America, to it duly paid by the Trustee at or before the execution and delivery of these presents, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, in order to secure the payment of the principal of, premium, if any, and interest on the Series 2024 Bonds according to their tenor and effect, and to secure the performance and observance by the City of all the covenants expressed or implied herein and in the Series 2024 Bonds, does hereby pledge and assign, and grant a security interest in, the following to the Trustee, and its successors in trust and assigns forever, to secure the performance of the obligations of the City hereinafter set forth; GRANTING CLAUSE FIRST All right, title and interest of the City in and to the Special Taxes (defined below) and any monies held under this Indenture by the Trustee, including the proceeds of the Series 2024 Bonds and the interest, profits and other income derived from the investment thereof other than amounts held by the Trustee in the Administrative Expense Fund, the Special Reserve Fund and the Rebate Fund; GRANTING CLAUSE SECOND All funds, monies, property and security and any and all other rights and interests in property whether tangible or intangible from time to time hereafter by delivery or by writing of any kind, conveyed, mortgaged, pledged, assigned or transferred as and for additional security hereunder for the Series 2024 Bonds by the City or by anyone on its behalf or with its written consent including without limitation the Bond Insurance Policy and the proceeds paid thereunder, to the Trustee, which is hereby authorized to receive any and all such property at any and all times and to hold and apply the same subject to the terms hereof; TO HAVE AND TO HOLD, all and singular the Trust Estate, whether now owned or hereafter acquired, unto the Trustee and its respective successors in said trust and assigns forever; IN TRUST NEVERTHELESS, upon the terms and trust herein set forth for the equal and proportionate benefit, security and protection of all present and future owners of the Series 2024 Bonds from time to time issued under and secured by this Indenture without privilege, priority or distinction as to the lien or otherwise of any of the Series 2024 Bonds over any of the other Series 2024 Bonds (except as otherwise provided herein); 3 51659324.8 PROVIDED, HOWEVER, that if the City, its successors or assigns, shall pay, or cause to be paid, the principal of, premium, if any, and interest on the Series 2024 Bonds due or to become due thereon, at the times and in the manner mentioned in the Series 2024 Bonds according to the true intent and meaning thereof, and shall cause the payments to be made on the Series 2024 Bonds as required under this Indenture, or shall provide, as permitted hereby, for the payment thereof by depositing with the Trustee the entire amount due or to become due thereon and shall cause to be kept, performed and observed all of its covenants and conditions pursuant to the terms of this Indenture, and shall pay or cause to be paid all sums of money due or to become due in accordance with the terms and provisions hereof, then upon the final payment thereof, this Indenture and the rights hereby granted shall cease, determine and be void; otherwise this Indenture is to be and remain in full force and effect. THIS INDENTURE OF TRUST FURTHER WITNESSETH, and it is expressly declared, that all Series 2024 Bonds issued and secured hereunder are to be issued, authenticated and delivered and all said property, rights and interests, and amounts hereby assigned and pledged are to be dealt with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes as herein expressed, and the City has agreed and covenanted, and does hereby agree and covenant with the Trustee and with the respective owners of the Series 2024 Bonds as follows: ARTICLE 1 STATUTORY AUTHORITY AND DEFINITIONS Section 1.1 Authority for this Indenture. This Indenture is entered into pursuant to the powers of the City pursuant to Part 6 of Section 7 of Article VII of the 1970 Constitution of the State of Illinois and pursuant to the respective provisions of the Special Service Area Act, the Local Government Debt Reform Act and the Bond Ordinance. Section 1.2 Agreement for Benefit of Owners of the Series 2024 Bonds. The provisions, covenants and agreements to be performed by or on behalf of the City under this Indenture shall be for the equal benefit, protection and security of the Bondholders except as otherwise expressly provided herein. All of the Series 2024 Bonds, without regard to the time or times of their issuance or maturity, shall be of equal rank without preference, priority or distinction of any of the Series 2024 Bonds over any other of the Series 2024 Bonds, except as expressly provided in or permitted by this Indenture. The Trustee may become the owner of any of the Series 2024 Bonds in its own or any other capacity with the same rights it would have if it were not the Trustee. Section 1.3 Definitions. Unless the context otherwise requires, the terms defined in this Section 1.3 shall, for all purposes of the Indenture, of any Supplemental Indenture, and of any certificate, opinion or other document mentioned in this Indenture, have the meanings specified below. All references in this Indenture to “Articles,” “Sections” and other subdivisions are to the corresponding Articles, Sections or subdivisions of this Indenture, and the words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or subdivision of this Indenture. 4 51659324.8 “Administrative Expenses” means the following actual or reasonably estimated costs permitted in accordance with the Special Service Area Act and directly related to the administration of the Special Service Area and the Series 2024 Bonds as determined by the City or the Consultant on its behalf: the costs of computing the Special Taxes and of preparing the annual Special Tax collection schedules and the amended Special Tax Roll; the costs of collecting the Special Taxes (whether by the City, the County or otherwise), the costs of remitting the Special Taxes to the Trustee; the costs of the Trustee and any fiscal agent (including its legal counsel) in the discharge of the duties required of it under this Indenture or any trustee or fiscal agent agreement; the costs of applying for and maintaining ratings from any nationally recognized rating agency; the fees and expenses of the Bond Insurer required to be paid by the City to the Bond Insurer pursuant to the provisions of this Indenture; the costs of the Rebate Consultant; the costs of the City or its designee in complying with disclosure requirements of applicable federal and state securities laws and of the Special Service Area Act, including, but not limited to, public inquiries regarding the Special Taxes, any termination payments owed by the City in connection with any guaranteed investment contract, forward purchase agreement or other investment of funds held under this Indenture; the costs associated with the release of funds from any escrow account or fund held under this Indenture; and amounts advanced by the City for any other administrative purposes of the Special Service Area, including the costs of computing Special Tax prepayment amounts, recordings related to the prepayment, discharge or satisfaction of Special Tax; the costs of commencing foreclosure and pursuing collection of delinquent Special Tax; and the reasonable fees of legal counsel of the City or the Trustee incurred in connection with any of the foregoing. “Administrative Expense Fund” means the fund by that name established pursuant to Section 6.4 of this Indenture. “Administrative Services Agreement” means the Agreement for Administrative Services entered into as of the date hereof between the City and the Consultant. “Authorized Denomination” means denominations of $5,000 and integral multiples of $1,000 in excess thereof. “Authorized Officer” means the Mayor, the City Clerk, the Treasurer, or any other officer designated as such pursuant to a certificate of the Mayor delivered to the Trustee. “Beneficial Owner” means, when the Series 2024 Bonds are in a book-entry system, any person who acquires a beneficial ownership interest in a Series 2024 Bond held by DTC. “Bond and Interest Fund” means the fund by that name established pursuant to Section 6.1 of this Indenture. “Bond Insurance Policy” means the municipal bond insurance policy issued by the Bond Insurer guaranteeing the scheduled payment of principal of and interest on the Series 2024 Bonds when due. “Bond Insurer” or “ ” means , or any successor thereto or assignee thereof. “Bond Registrar” means Amalgamated Bank of Chicago and its successors or assigns. 5 51659324.8 “Bondholder,” “Holder” or “Owner” means the person in whose name such Series 2024 Bond is registered in the bond register maintained by the Bond Registrar. “Business Day” means a day on which banks in Chicago, Illinois, and New York, New York are open to transact business. “City” means the United City of Yorkville, Kendall County, Illinois. “Code” means the Internal Revenue Code of 1986, as amended. “Consultant” means DTA, formerly known as David Taussig & Associates, Inc., and its successors and assigns or any other firm selected by the City to assist it in administering the Special Service Area and the extension and collection of Special Taxes pursuant to the Special Tax Roll and Report. “Continuing Disclosure Agreement” means the Continuing Disclosure Agreement between the City and the Dissemination Agent named therein. “Corporate Authorities” means the Mayor and City Council of the City. “Costs of Issuance Account” means the account by that name established pursuant to Section 6.4 of this Indenture. “County” means Kendall County, Illinois. “Defeasance Securities” means any bond or other obligations which, as to both principal and interest, constitute direct obligations of, or the timely payment of which are unconditionally guaranteed by, the United States of America, and any certificates or any other evidences of an ownership interest in obligations or in specified portions thereof (which may consist of specified portions of the interest thereon) of the character described in this definition. “Depository Participant” shall have the meaning given that term in Section 2.10 of this Indenture. “Disbursement Request” means a request from the City signed by an Authorized Officer requesting a disbursement of amounts held in the Cost of Issuance Account in the form attached hereto as Exhibit D. “DTC” means The Depository Trust Company, New York, New York. “Establishing Ordinance” means Ordinance No. 2005-90 adopted on November 22, 2005. “Event of Default” shall have the meaning given that term in Section 8.1 of this Indenture. “Foreclosure Proceeds” means the proceeds of any redemption or sale of property in the Special Service Area sold as the result of a foreclosure action of the lien of the Special Taxes. “Government Securities” means bonds, notes, certificates of indebtedness, treasury bills or other securities constituting direct obligations of the United States of America and all securities 6 51659324.8 and obligations, the prompt payment of principal of and interest on which is guaranteed by a pledge of the full faith and credit of the United States of America. “Indenture” means this Trust Indenture dated as of March 1, 2024 between the City and the Trustee, as amended and supplemented from time to time. “Indirect Participant” shall have the meaning given that term in Section 2.10 of this Indenture. “Insured Obligations” means the Series 2024 Bonds. “Insurer Default” has the meaning set forth in Section 5.3(f)(7) of this Indenture. “Interest Payment Date” means March 1 and September 1 of each year commencing on September 1, 2024. “Late Payment Rate” means the lesser of (a) the greater of (i) the per annum rate of interest, publicly announced from time to time by JPMorgan Chase Bank, N.A., at its principal office in The City of New York, New York, as its prime or base lending rate (“Prime Rate”) (any change in such Prime Rate to be effective on the date such change is announced by JPMorgan Chase Bank, N.A.) plus 3%, and (ii) the then applicable highest rate of interest on the Series 2024 Bonds and (b) the maximum rate permissible under applicable usury or similar laws limiting interest rates. In the event JPMorgan Chase Bank, N.A., ceases to announce its Prime Rate, the Prime Rate shall be the prime or base lending rate of such other bank, banking association or trust company as the Bond Insurer, in its sole and absolute discretion, shall designate. Interest at the Late Payment Rate on any amount owing to the Bond Insurer shall be computed on the basis of the actual number of days elapsed in a year of 360 days. “Letter of Representations” means the Blanket Issuer Letter of Representations dated August 29, 2002 from the City to DTC, as amended from time to time. “Local Government Debt Reform Act” means the Local Government Debt Reform Act, 30 ILCS §350/1 et seq., as amended. “Official Statement” means the Official Statement dated March ___, 2024 relating to the Bonds. “Parcel” shall have the meaning given that term in the Special Tax Roll and Report. “Prior Bonds” means the United City of Yorkville Special Service Area Number 2004- 107, Special Tax Bonds, Series 2005 (Raintree Village II Project). “Prior Bonds Administrative Expense Fund” means the Administrative Expense Fund established with the Prior Bond Trustee for the Prior Bonds. “Prior Bond Trustee” means The Bank of New York Mellon Trust Company, N.A., as trustee for the Prior Bonds. 7 51659324.8 “Purchase Contract” means the Bond Purchase Agreement dated March ___, 2024 between the Purchaser and the City. “Purchaser” means D.A. Davidson & Co. “Qualified Investments” means, to the extent permitted by then applicable Illinois law, the following: (a) Government Securities; (b) bonds, notes, debentures, or other similar obligations of the United States of America or its agencies, rated in the highest general classification established by a rating service of nationally recognized expertise in rating such obligations, including (i) federal land banks, federal intermediate credit banks, banks for cooperative, federal farm credit banks, or any other entity authorized to issue debt obligations under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.,); (ii) the federal home loan banks and the federal home loan mortgage corporation; and (iii) any other agency created by Act of Congress; (c) interest bearing certificates of deposit, interest bearing savings accounts, interest bearing time deposits, or other investments constituting direct obligations of any bank as defined by the Illinois Banking Act which are insured by the Federal Deposit Insurance Corporation; (d) money market mutual funds registered under the Investment Company Act of 1940 as amended (including those of an affiliate of the Trustee for which the Trustee or any of its affiliates provides management advisory or other services) invested solely in obligations listed in paragraph (a) and (b) above including any mutual fund from which the Trustee or any of its affiliates may receive compensation; together with such other investments as shall from time to time be lawful for the investment of City funds and shall be approved by the holders of not less than fifty-one percent (51%) of aggregate principal amount of Series 2024 Bonds outstanding; provided that “Qualified Investments” shall not include a financial instrument, commonly known as a “derivative,” whose performance is derived, at least in part, from the performance of any underlying asset, including, without limitation, futures, options on securities, options on futures, forward contracts, swap agreements, structured notes and participations in pools of mortgages or other assets. “Rebate Consultant” means an entity selected by the City expert in the calculation of rebate amounts pursuant to Section 148 of the Internal Revenue Code of 1986, as amended. If at any time the Rebate Consultant resigns or is removed, and the City shall not have appointed a successor within 30 days, the Rebate Consultant shall be an entity selected by the Trustee. “Rebate Fund” means the fund by that name established pursuant to Section 6.5 of this Indenture. “Rebate Requirement” shall have the meaning given that term in Section 7.1(b) of this Indenture. 8 51659324.8 “Record Date” means the fifteenth day of the month preceding an Interest Payment Date. “Reserve Fund” means the fund by that name created pursuant to Section 6.2 of this Indenture. “Reserve Policy” means the Reserve Fund Surety Policy issued by the Bond Insurer for deposit to the credit of the Reserve Fund. “Reserve Fund Credit” shall have the meaning given that term in Section A of Exhibit B to the Special Tax Roll and Report. “Reserve Fund Surety Policy” means the Reserve Policy and any other insurance policy, surety bond or other evidence of insurance procured by the City and deposited to the credit of the Reserve Fund (or any account or subaccount therein) in lieu of or in partial substitution for cash or securities on deposit therein, in order to guarantee or assure the timely payment of principal or interest, or both, of outstanding Bonds in a stated amount subject only to notification that there are insufficient funds therefor. Any such Reserve Fund Surety Policy shall constitute an unconditional senior obligation of the issuer thereof. The issuer of the Reserve Policy shall be , and the issuer of any substitute or additional Reserve Fund Surety Policy shall be a municipal bond insurer which has been approved by the Bond Insurer. This definition shall also include any related covenants or agreements contained in a side document with the insurer in order to obtain the Reserve Fund Surety Policy, including, but not limited to, the Insurance Agreement dated , 2024 between the City and . “Reserve Requirement” means an amount equal to $__________ as reduced by the amount of Reserve Fund Credits in connection with prepayments as set forth in Section 6.1 of this Indenture. “Security Documents” shall mean this Indenture, the Bond Ordinance, the Series 2024 Bonds and/or any additional or supplemental document executed in connection with the Series 2024 Bonds. “Series 2024 Bonds” means the City’s Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) in the aggregate principal amount of $______________. “Special Redemption Account” means the account by that name established pursuant to Section 6.1 of this Indenture. “Special Reserve Fund” means the fund by that name created pursuant to Section 6.3 of this Indenture. “Special Reserve Fund Credit” means, with respect to each Parcel, the difference between (A) the amount of the prepayment of the principal allocable to such Parcel calculated in accordance with the Special Tax Roll and Report and (B) the principal allocable to such Parcel calculated in accordance with the Special Tax Roll and Report if the Prior Bonds remained outstanding and the Series 2024 Bonds were not issued, as determined by the Consultant. 9 51659324.8 “Special Reserve Fund Requirement” means an amount equal to [ ] to fund Special Reserve Fund Credits for possible prepayments. “Special Service Area” means United City of Yorkville Special Service Area Number 2004-107, described more fully in Exhibit A to this Indenture. “Special Service Area Act” means the Special Service Area Tax Law, 35 ILCS §200/27-5 et seq., as amended. “Special Services” means the improvements benefiting the Special Service Area consisting of engineering, soil testing and appurtenant work, mass grading and demolition, storm water management facilities, storm drainage systems and storm sewers, site clearing and tree removal, public water facilities, sanitary sewer facilities, erosion control measures, roads, streets, curbs, gutters, street lighting, traffic controls, sidewalks, equestrian paths and related street improvements, and equipment and materials necessary for the maintenance thereof, landscaping, wetland mitigation and tree installation, costs for land and easement acquisitions relating to any of the foregoing improvements, required tap-on and related fees for water or sanitary sewer services and other eligible costs to serve the Special Service Area. “Special Tax Requirement” means the “Special Tax Requirement” as defined in Section II of the Special Tax Roll and Report, provided that credit may be given for any amounts on deposit in the Funds and Accounts created by this Indenture and available to pay the Special Tax Requirement. “Special Tax Roll” means the special tax roll for the payment of the Series 2024 Bonds established and amended from time to time pursuant to the Special Tax Roll and Report. “Special Tax Roll and Report” means the United City of Yorkville Special Service Area Number 2004-107 Special Tax Roll and Report including all exhibits attached thereto, prepared by the Consultant as amended from time to time. “Special Taxes” means the taxes levied by the City on all taxable real property within the Special Service Area pursuant to the Special Tax Roll and this Indenture. “Supplemental Indenture” means an indenture adopted by the Corporate Authorities of the City as provided in Article 10 hereof which amends or supplements this Indenture. “Tax Agreement” or “Tax Agreements” means the Tax Compliance Agreement of the City dated the date of issuance and delivery of the Series 2024 Bonds, as amended from time to time. “Trustee” means Amalgamated Bank of Chicago, Chicago, Illinois and its successors and assigns. “Trust Estate” means the property conveyed to the Trustee pursuant to the Granting Clauses of this Indenture. 10 51659324.8 ARTICLE 2 BOND DETAILS Section 2.1 Purpose of Issuance; Amount of Series 2024 Bonds. The sum of $__________ shall be borrowed by the City pursuant to the Special Service Area Act and the Local Government Debt Reform Act for the purpose of paying a portion of the costs of defeasing and currently refunding the Prior Bonds, including the costs of the City in connection with the issuance of the Series 2024 Bonds (including, without limitation, the premiums for the Bond Insurance Policy and the Reserve Policy) and deposits to the Reserve Fund. In evidence of such borrowing, Series 2024 Bonds in the aggregate principal amount of $_________ shall be issued as provided in this Indenture. The total principal amount of Bonds that may be issued pursuant to this Indenture is $__________. Section 2.2 Form; Denominations; Numbers. The Series 2024 Bonds shall be issued only in fully registered form without coupons and in the denominations of $5,000 and integral multiples of $1,000 in excess of that sum. Section 2.3 Date of Bonds: CUSIP Identification Numbers. The Series 2024 Bonds shall be dated as of the date of delivery of the Series 2024 Bonds to the Purchaser upon original issuance. CUSIP identification numbers shall be imprinted on the Series 2024 Bonds, provided that any failure on the part of the City or the Trustee to use such CUSIP numbers in any notice to any Bondholders shall not constitute an event of default or any violation of the City’s contract with such Bondholders and shall not impair the effectiveness of such notice. Section 2.4 Maturity; Interest Rate. The Series 2024 Bonds shall mature and become payable on the date and in the amount and shall bear interest at the rate set forth below: (March 1) Year Amount Interest Rate Section 2.5 Interest. The Series 2024 Bonds shall bear interest at the rates set forth in Section 2.4 payable on the Interest Payment Dates in each year with the first Interest Payment Date being September 1, 2024. Interest on the Series 2024 Bonds shall be calculated on the basis of a 360-day year composed of twelve 30-day months. Each Series 2024 Bond shall bear interest from the Interest Payment Date next preceding the date of authentication of such Series 2024 Bond unless (i) it is authenticated on an Interest Payment Date, in which event it shall bear interest from 11 51659324.8 such date of authentication, or (ii) it is authenticated prior to an Interest Payment Date and after the close of business on the Record Date preceding such Interest Payment Date, in which event it shall bear interest from such Interest Payment Date, or (iii) it is authenticated prior to the Record Date preceding the first Interest Payment Date, in which event it shall bear interest from its dated date; provided, however, that if at the time of authentication of a Series 2024 Bond, interest is in default on such Series 2024 Bond, such Series 2024 Bond shall bear interest from the Interest Payment Date to which interest had previously been paid or made available for payment on such Series 2024 Bond. Section 2.6 Form of Series 2024 Bonds; Execution; Authentication. The Series 2024 Bonds shall be in substantially the form set forth in Exhibit B to this Indenture. Each Series 2024 Bond shall be executed by the manual or facsimile signature of the Mayor and the manual or facsimile signature of the City Clerk and shall have the corporate seal of the City affixed to it (or a facsimile of that seal printed on it). The Mayor and the City Clerk (if they have not already done so) are authorized and directed to file with the Illinois Secretary of State their manual signatures certified by them pursuant to the Uniform Facsimile Signatures of Public Officials Act, as amended, which shall authorize the use of their facsimile signatures to execute the Series 2024 Bonds. Each Series 2024 Bond so executed shall be as effective as if manually executed. In case any officer of the City whose signature or a facsimile of whose signature shall appear on the Series 2024 Bonds shall cease to be such officer before authentication and delivery of any of the Series 2024 Bonds, that signature or facsimile signature shall nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery. No Series 2024 Bond shall be valid for any purpose unless and until a certificate of authentication on that Series 2024 Bond substantially in the form set forth in the bond form in Exhibit B to this Indenture shall have been duly executed by the Trustee appointed by this Indenture as authenticating agent of the City. Execution of that certificate upon any Series 2024 Bond shall be conclusive evidence that the Series 2024 Bond has been authenticated and delivered under this Indenture. Section 2.7 Payment of the Series 2024 Bonds. The Series 2024 Bonds shall be payable in lawful money of the United States at the office of the Trustee. The principal of each Series 2024 Bond shall be payable at maturity upon presentment of the Series 2024 Bond at the office of the Trustee. Interest on each Series 2024 Bond shall be payable on each Interest Payment Date by check or draft of the Trustee mailed to the person in whose name that Series 2024 Bond is registered on the books of the Bond Registrar at the close of business on the Record Date. During such time as the Series 2024 Bonds are registered so as to participate in a securities depository system with DTC, principal of and interest and redemption premium on each Series 2024 Bond shall be payable by wire transfer pursuant to instructions from DTC. Section 2.8 Appointment of Trustee. Amalgamated Bank of Chicago, Chicago, Illinois, is appointed Trustee and Bond Registrar for the Series 2024 Bonds. Section 2.9 Registration of Series 2024 Bonds; Persons Treated as Owners. The Series 2024 Bonds shall be negotiable, subject to the following provisions for registration and registration of transfer. The City shall maintain books for the registration of the Series 2024 Bonds at the office of the Bond Registrar. Each Series 2024 Bond shall be fully registered on those books in the name 12 51659324.8 of its owner, as to both principal and interest. Transfer of each Series 2024 Bond shall be registered only on those books upon surrender of that Series 2024 Bond to the Bond Registrar by the registered owner or his or her attorney duly authorized in writing together with a written instrument of transfer satisfactory to the Bond Registrar duly executed by the registered owner or his or her duly authorized attorney. Upon surrender of a Series 2024 Bond for registration of transfer, the City shall execute, the Trustee shall authenticate, and the Bond Registrar shall deliver, in the name of the transferee, one or more new Series 2024 Bonds of the same aggregate principal amount and of the same maturity as the Series 2024 Bond surrendered. Series 2024 Bonds may be exchanged, at the option of the registered owner, for an equal aggregate principal amount of Series 2024 Bonds of the same maturity of any other Authorized Denominations, upon surrender of those Series 2024 Bonds at the office of the Bond Registrar with a written instrument of transfer satisfactory to the Bond Registrar duly executed by the registered owner or his or her duly authorized attorney. In all cases in which the privilege of exchanging or transferring Series 2024 Bonds is exercised, the City shall execute, the Trustee shall authenticate, and the Bond Registrar shall deliver, Series 2024 Bonds in accordance with the provisions of this Indenture. All Series 2024 Bonds surrendered in any exchange or transfer shall be canceled immediately by the Bond Registrar. For every exchange or registration of transfer of Series 2024 Bonds, the City or the Bond Registrar may make a charge sufficient to reimburse it for any tax, fee or other governmental charge, other than one imposed by the City, required to be paid with respect to that exchange or registration of transfer, and payment of that charge by the person requesting exchange or registration of transfer shall be a condition precedent to that exchange or registration of transfer. No other charge may be made by the City or the Bond Registrar as a condition precedent to exchange or registration of transfer of any Series 2024 Bond. The Bond Registrar shall not be required to exchange or register the transfer of any Series 2024 Bond following the close of business on the 15th day of the month preceding any Interest Payment Date on such Series 2024 Bond, nor to transfer or exchange any Series 2024 Bond after notice calling such Series 2024 Bond for redemption has been mailed, nor during a period of 15 days next preceding mailing of a notice of redemption of any Series 2024 Bonds. The City, the Trustee and the Bond Registrar may treat the registered owner of any Series 2024 Bond as its absolute owner, whether or not that Series 2024 Bond is overdue, for the purpose of receiving payment of the principal of or interest on that Series 2024 Bond and for all other purposes, and neither the City, the Bond Registrar nor the Trustee shall be affected by any notice to the contrary. Payment of the principal of and interest on each Series 2024 Bond shall be made only to its registered owner, and all such payments shall be valid and effective to satisfy the obligation of the City on that Series 2024 Bond to the extent of the amount paid. Section 2.10 Global Form; Securities Depository. It is intended that the Series 2024 Bonds be registered so as to participate in a securities depository system with DTC, as set forth herein. The Series 2024 Bonds shall be initially issued in the form of a single fully registered Series 2024 Bond for each of the maturities as established in Section 2.4 of this Indenture. Upon initial 13 51659324.8 issuance, the ownership of the Series 2024 Bonds shall be registered in the name of Cede & Co., or any successor thereto, as nominee for DTC. The City and the Trustee are authorized to execute and deliver such letters to or agreements with DTC as shall be necessary to effectuate the securities depository system of DTC, including the Letter of Representations. With respect to Series 2024 Bonds registered in the name of Cede & Co., as nominee of DTC, the City, the Bond Registrar and the Trustee shall have no responsibility or obligation to any broker-dealer, bank or other financial institution for which DTC holds Series 2024 Bonds from time to time as securities depository (each such broker-dealer, bank or other financial institution being referred to herein as a “Depository Participant”) or to any person on behalf of whom such a Depository Participant holds an interest in the Series 2024 Bonds (each such person being herein referred to as an “Indirect Participant”). Without limiting the immediately preceding sentence, the City, the Bond Registrar and the Trustee shall have no responsibility or obligation with respect to (a) the accuracy of the records of DTC, Cede & Co., or any Depository Participant with respect to the ownership interest in the Series 2024 Bonds, (b) the delivery to any Depository Participant or any Indirect Participant or any other person, other than a registered owner of a Series 2024 Bond, of any notice with respect to the Series 2024 Bonds, including any notice of redemption or (c) the payment to any Depository Participant or Indirect Participant or any other person, other than a registered owner of a Series 2024 Bond, of any amount with respect to principal of, premium, if any, or interest on, the Series 2024 Bonds. While in the securities depository system of DTC, no person other than Cede & Co., or any successor thereto, as nominee for DTC, shall receive a Series 2024 Bond certificate with respect to any Series 2024 Bond. Upon delivery by DTC to the Trustee of written notice to the effect that DTC has determined to substitute a new nominee in place of Cede & Co., and subject to the provisions of this Indenture with respect to the payment of interest by the mailing of checks or drafts to the registered owners of Series 2024 Bonds at the close of business on the record date applicable to any interest payment date, the name “Cede & Co.” in this Indenture shall refer to such new nominee of DTC. In the event that (a) the City determines that DTC is incapable of discharging its responsibilities described herein and in the Letter of Representations, (b) the Letter of Representations shall be terminated for any reason or (c) the City determines that it is in the best interests of the Beneficial Owners of the Series 2024 Bonds that they be able to obtain certificated Series 2024 Bonds, the City shall notify DTC of the availability through DTC of Series 2024 Bond certificates and the Series 2024 Bonds shall no longer be restricted to being registered in the name of Cede & Co., as nominee of DTC. At that time, the City may determine that the Series 2024 Bonds shall be registered in the name of and deposited with a successor depository operating a securities depository system, as may be acceptable to the City or such depository’s agent or designee, and if the City does not select such alternate securities depository system then the Series 2024 Bonds may be registered in whatever name or names registered owners of Bonds transferring or exchanging Series 2024 Bonds shall designate, in accordance with the provisions hereof. Notwithstanding any other provisions of this Indenture to the contrary, so long as any Series 2024 Bond is registered in the name of Cede & Co., as nominee of DTC, all payments with respect to principal of, premium, if any, and interest on the Series 2024 Bonds and all notices with respect to the Series 2024 Bonds shall be made and given, respectively, in the manner provided in the Letter of Representations. 14 51659324.8 Section 2.11 Additional Bonds. Only the Series 2024 Bonds will be issued under this Indenture. No additional bonds will be issued that are secured by a pledge of the Special Taxes other than bonds or other obligations issued for the purpose of refunding all or a portion of the Series 2024 Bonds. ARTICLE 3 REDEMPTION OF SERIES 2024 BONDS Section 3.1 Mandatory Sinking Fund Redemption. The Series 2024 Bonds maturing on March 1, 20____ are subject to mandatory redemption by operation of the provisions of this Section 3.1 and Section 3.5 from amounts on deposit in the Bond and Interest Fund, in part and randomly, at the Redemption Price equal to the principal amount thereof to be redeemed, without Bond Premium, on March 1 of the years and in the amounts as follows: Redemption Date Principal March 1 Amount The City covenants that it will redeem the Series 2024 Bonds pursuant to the mandatory sinking fund redemption requirements for the Series 2024 Bonds to the extent amounts are on deposit in the Bond and Interest Fund. Proper provision for mandatory redemption having been made, the City covenants that the Series 2024 Bonds so selected for redemption shall be payable upon redemption and taxes have been levied and will be collected as provided herein and in the Bond Ordinance for such purposes. Section 3.2 Optional Redemption. The Series 2024 Bonds maturing on and after March 1, 20____ are subject to optional redemption prior to maturity at the option of the City, in whole or in part, on any date on or after March 1, , at a redemption price of par plus accrued and unpaid interest to the date of redemption. Any optional redemption of Series 2024 Bonds in part shall be applied, to the extent possible, to reduce pro rata the amount of Series 2024 Bonds maturing or required to be redeemed by mandatory sinking fund redemption pursuant to Section 3.1 of this Indenture, and so as to maintain the proportion of principal maturing or subject to mandatory sinking fund redemption in each year to the total original principal amount of Series 2024 Bonds. Section 3.3 Mandatory Redemption upon Condemnation . The Series 2024 Bonds, are subject to mandatory redemption on any Interest Payment Date, in part, at a redemption price equal to the principal amount to be redeemed, together with accrued interest to the date fixed for redemption, without premium, from amounts in the Bond and Interest Fund consisting of the proceeds received by the City in connection with a condemnation of any of the Special Services or any other property dedicated to, or owned by, the City within the Special Service Area and 15 51659324.8 allocable to the Series 2024 Bonds as determined by the Consultant and which proceeds are not used by the City to rebuild the Special Services. Any mandatory redemption of the Series 2024 Bonds pursuant to this Section 3.3 shall be applied, to the extent possible, to reduce pro rata the amount of Series 2024 Bonds maturing or required to be redeemed by mandatory sinking fund redemption pursuant to Section 3.1 of this Indenture and so as to maintain the proportion of principal maturing or subject to mandatory sinking fund redemption in each year to the total original principal amount of the Series 2024 Bonds. Section 3.4 Special Mandatory Redemption from Optional Prepayment of Special Tax. The Series 2024 Bonds are also subject to mandatory redemption on any March 1, June 1, September 1, or December 1, in part, from optional prepayments of the Special Taxes from amounts available for disbursement from the Special Redemption Account pursuant to Section 6.1(d) and from amounts transferred from the Special Reserve Fund and the Reserve Fund to the Special Redemption Account pursuant to Section 6.1(d), at a redemption price (expressed as a percentage of the principal amount of the Series 2024 Bonds to be redeemed), as set forth below, together with accrued interest on such Series 2024 Bonds to the date fixed for redemption: Redemption Dates Redemption Prices On or prior to 102% 101 100 Any special mandatory redemption of the Series 2024 Bonds pursuant to this Section 3.4 shall be applied, to the extent possible, to reduce pro rata the amount of Series 2024 Bonds maturing or required to be redeemed by mandatory sinking fund redemption pursuant to Section 3.1 of the Indenture and so as to maintain the proportion of principal maturing or subject to mandatory sinking fund redemption in each year to the total original principal amount of Series 2024 Bonds. Section 3.5 Redemption Provisions; Notice of Redemption. If less than all the Series 2024 Bonds of any maturity are to be redeemed on any redemption date, by mandatory or optional redemption, written notice shall be given in writing to the Trustee at least 45 days prior to the redemption date from the City or the Consultant. Notice shall include the pro-rata breakdown for any such redemption. The Bond Registrar appointed in this Indenture shall assign to each Series 2024 Bond of the maturity to be redeemed a distinctive number for each $1,000 of principal amount of that Series 2024 Bond. The Bond Registrar shall then select by lot from the numbers so assigned, using such method as it shall deem proper in its discretion, as many numbers as, at $1,000 per number, shall equal the principal amount of Series 2024 Bonds of that maturity to be redeemed; provided that following any redemption, no Series 2024 Bond shall be outstanding in an amount less than the minimum Authorized Denomination except (a) as necessary to effect the mandatory sinking fund redemption of Series 2024 Bonds as provided in Section 3.1 hereof or (b) to effect a special mandatory redemption from optional prepayments when the total aggregate principal amount of Bonds outstanding is $5,000 or less. 16 51659324.8 Notice of the redemption of any Series 2024 Bonds, which by their terms shall have become subject to redemption, shall be given to the registered owner of each Series 2024 Bond or portion of a Series 2024 Bond called for redemption not less than 30 or more than 60 days before any date established for redemption of Series 2024 Bonds, by the Bond Registrar, on behalf of the City, by first class mail sent to the registered owner’s last address, if any, appearing on the registration books kept by the Bond Registrar. All notices of redemption shall include at least the designation, date and maturities of Series 2024 Bonds called for redemption, CUSIP Numbers, if available, and the date of redemption. In the case of a Series 2024 Bond to be redeemed in part only, the notice shall also specify the portion of the principal amount of the Series 2024 Bond to be redeemed. The mailing of the notice specified above to the registered owner of any Series 2024 Bond shall be a condition precedent to the redemption of that Series 2024 Bond, provided that any notice which is mailed in accordance with this Indenture shall be conclusively presumed to have been duly given whether or not the owner received the notice. The failure to mail notice to the owner of any Series 2024 Bond, or any defect in that notice, shall not affect the validity of the redemption of any other Series 2024 Bond for which notice was properly given. With respect to an optional redemption of any Series 2024 Bonds, unless moneys sufficient to pay the principal of, redemption premium, if any, and interest on the Series 2024 Bonds to be redeemed shall have been received by the Trustee prior to the giving of such notice of redemption, such notice may, at the option of the City, state that said redemption shall be conditional upon the receipt of such moneys by the Trustee on or prior to the date fixed for redemption. If such moneys are not received, such notice shall be of no force and effect, the City shall not redeem such Series 2024 Bonds and the Trustee shall give notice, in the same manner in which the notice of redemption was given, that such moneys were not so received and that such Series 2024 Bonds will not be redeemed. Section 3.6 Purchase in Lieu of Redemption. In lieu of redemption as provided in this Article 3, moneys in the Bond and Interest Fund may be used and withdrawn by the City, subject to the prior written consent of the Bond Insurer, for the purchase of outstanding Series 2024 Bonds, at public or private sale as and when, and at such prices (including brokerage and other charges) as the City may provide, but in no event may Series 2024 Bonds be purchased at a price in excess of the principal amount of such Series 2024 Bonds, plus interest accrued to the date of purchase and any premium which would otherwise be due if such Series 2024 Bonds were to be redeemed in accordance with this Indenture. ARTICLE 4 APPLICATION OF PROCEEDS AND OTHER AMOUNTS Section 4.1 Application of Proceeds. The proceeds of the sale of the Series 2024 Bonds in the amount of $______________, which is net of underwriter’s discount in the amount of $________ plus original issue premium in the amount of $______________, shall be applied as follows immediately upon receipt of the purchase price: (1) The amount of $__________ shall be transferred to the Prior Bond Trustee, to be deposited into the Bond and Interest Fund for such Prior Bonds and used, together with any other funds on deposit therein, to currently refund all of the Outstanding Prior 17 51659324.8 Bonds at a Redemption Price equal to 100% of the principal amount of Prior Bonds to be redeemed, plus all accrued interest thereon to the ________, 2024 redemption date. (2) The amount of $__________ shall be deposited into the Reserve Fund. (3) The amount of $__________ shall be deposited into the Costs of Issuance Account of the Administrative Expense Fund. (4) The amount of $_______ shall be paid to the Bond Insurer from the Costs of Issuance Fund, for the premium owed for the Bond Insurance Policy. (5) The amount of $_______ shall be paid to the Bond Insurer from the Costs of Issuance Fund, for the premium owed for the Reserve Policy. All amounts received upon the sale of the Series 2024 Bonds, together with all interest and other investment earnings on those amounts, are appropriated and set aside for the purposes for which the Series 2024 Bonds are being issued as set forth in this Indenture. Section 4.2 Amounts Held for Prior Bonds. The City and the Trustee shall cause the Prior Bond Trustee to (a) transfer all amounts held by the Prior Bond Trustee in the Prior Bonds Administrative Expense Fund as follows: (i) the amount of $15,000 shall be deposited into the Special Reserve Fund, and (ii) all remaining amounts held by the Prior Bond Trustee in the Prior Bonds Administrative Expense Fund shall be deposited into the Administrative Expense Fund to be used to pay Administrative Expenses, and (b) transfer and deposit all amounts held by the Prior Bond Trustee into the Bond and Interest Fund for the Prior Bonds to be applied to pay the redemption price of the Prior Bonds to be redeemed on _______, 2024. Any additional Special Taxes collected from the levy for the Prior Bonds shall be deposited into the Bond and Interest Fund for the Series 2024 Bonds and applied in accordance with Section 6.1 hereof. ARTICLE 5 SECURITY FOR THE SERIES 2024 BONDS Section 5.1 Limited Obligations. The Series 2024 Bonds shall constitute limited obligations of the City, payable from the Special Taxes and other moneys deposited in the Funds and Accounts established pursuant to Article 6 other than the Administrative Expense Fund, the Special Reserve Fund and the Rebate Fund. The Series 2024 Bonds shall not constitute general obligations of the City and neither the full faith and credit nor the unlimited taxing power of the City shall be pledged as security for payment of the Series 2024 Bonds. Section 5.2 Levy of Special Tax. Pursuant to the Bond Ordinance there has been levied a Special Tax upon all taxable real property within the Special Service Area subject to the Special Taxes sufficient to pay and discharge the principal of the Series 2024 Bonds at maturity or mandatory sinking fund redemption dates and to pay interest on the Series 2024 Bonds for each year at the interest rates set forth in Section 2.4 of this Indenture and to pay estimated Administrative Expenses of the City for each year, to replenish the Reserve Fund to an amount equal to the Reserve Requirement (or to restore the amount available under any Reserve Fund Surety Policy, together with cash on deposit in the Reserve Fund, to the Reserve Requirement), 18 51659324.8 and to fund and replenish the Special Reserve Fund to an amount equal to the Special Reserve Fund Requirement. (a) The City Clerk has been directed to file a certified copy of the Bond Ordinance with the County Clerk of Kendall County. The Special Taxes shall be computed, extended and collected in accordance with the Special Tax Roll and Report and the Special Tax Roll, and divided among the taxable real property within the Special Service Area in accordance with the terms of the Establishing Ordinance and the Special Tax Roll and Report. It shall be the duty of the City and the City hereby covenants, annually on or before the last Tuesday of December for each of the years 2024 through 2033 to calculate or cause the Consultant to calculate the Special Tax Requirement; to amend the Special Tax Roll pursuant to Section VI E of the Special Tax Roll and Report and provide the County tax collector with the amended Special Tax Roll; and to adopt an ordinance approving the amount of the current calendar year’s Special Tax Requirement and abating the Special Taxes levied pursuant to the Bond Ordinance to the extent the taxes levied pursuant to the Bond Ordinance exceed the Special Tax Requirement as calculated by the City pursuant to the Establishing Ordinance and the Special Tax Roll and Report. On or before the last Tuesday of January for each of the years 2025 through 2034 the City shall notify the Trustee of the amount of the Special Tax Requirement and the amount of the Special Taxes to be abated. The City shall take all actions which shall be necessary to provide for the levy, extension, collection and application of the taxes levied by the Bond Ordinance, including enforcement of such taxes by providing the County with such information as is deemed necessary to enable the County to include any property subject to a delinquent Special Tax in the County Collector’s annual tax sale and as further provided in Section 7.2(c) hereof; and in the event the tax lien is forfeited at such tax sale upon request of any Bond Insurer or a majority of the Bondholders by instituting proceedings, including assigning to the Trustee its right to purchase as a taxing district the unpaid taxes due upon the property all in the manner provided by law; provided, however, that the obligation to purchase unpaid taxes, or institute any proceeding shall only arise in the event the City makes the determination that sufficient funds are on deposit in the Administrative Expense Fund to (i) pay all remaining Administrative Expenses expected for such levy year, and (ii) apply to the purchase of the unpaid taxes and/or pay the costs of any proceeding. (b) Upon receipt by the Trustee of any prepayment of Special Tax in an amount calculated by the Consultant as being required pursuant to the Special Tax Roll and Report to satisfy the lien on a Parcel within the Special Service Area, the City and the Trustee shall execute a Satisfaction of Tax Lien substantially in the form of Exhibit C hereto, appropriately completed and the Trustee shall deliver the Satisfaction of Tax Lien to the City for filing with the Recorder of Deeds of Kendall County, Illinois. The City shall deliver a copy of each such Satisfaction of Tax Lien to the property owner of record and a copy of the recorded Satisfaction of Tax Lien to the Trustee. Section 5.3 Bond Insurance Policy; Covenants in Favor of Bond Insurer. (a) Payment Procedure Under the Bond Insurance Policy. (1) In the event that principal and/or interest due on the Series 2024 Bonds shall be paid by the Bond Insurer pursuant to the Bond Insurance Policy, the Series 2024 Bonds shall remain outstanding for all purposes, not be defeased or otherwise satisfied and not be 19 51659324.8 considered paid by the City, the assignment and pledge of the trust estate and all covenants, agreements and other obligations of the City to the registered owners shall continue to exist and shall run to the benefit of the Bond Insurer, and the Bond Insurer shall be subrogated to the rights of such registered owners. (2) In the event that, on the second Business Day prior to the payment date on the Series 2024 Bonds, the Trustee has not received sufficient moneys to pay all principal of and interest on the Series 2024 Bonds due on the second following Business Day, the Trustee shall immediately notify the Bond Insurer or its designee on the same Business Day by telephone or electronic mail, of the amount of the deficiency. If any deficiency is made up in whole or in part prior to or on the payment date, the Trustee shall so notify the Bond Insurer or its designee. (3) In addition, if a Responsible Officer of the Trustee has received written notice that any Bondholder has been required to disgorge payments or principal or interest on the Series 2024 Bonds pursuant to a final, non-appealable order by a court of competent jurisdiction that such payment constitutes a voidable preference to such Bondholder within the meaning of any applicable bankruptcy law, then the Trustee shall notify the Bond Insurer or its designee of such fact by telephone or electronic mail, or by overnight or other delivery service as to which a delivery receipt is signed by a person authorized to accept delivery on behalf of the Bond Insurer. (4) The Trustee is hereby irrevocably designated, appointed, directed and authorized to act as attorney-in-fact for the holders of the Series 2024 Bonds as follows: (i) If there is a deficiency in amounts required to pay interest and/or principal on the Series 2024 Bonds, the Trustee shall (A) execute and deliver to the Bond Insurer, in form satisfactory to the Bond Insurer, an instrument appointing the Bond Insurer as agent and attorney-in-fact for such holders of the Series 2024 Bonds in any legal proceeding related to the payment and assignment to the Bond Insurer of the claims for interest on the Series 2024 Bonds, (B) receive as designee of the respective holders (and not as Paying Agent) in accordance with the tenor of the Bond Insurance Policy payment from the Bond Insurer with respect to the claims for interest so assigned, (C) segregate all such payments in a separate account (the “Bond Insurer Policy Payment Account”) to only be used to make scheduled payments of principal of and interest on the Series 2024 Bond, and (D) disburse the same to such respective holders. (ii) If and to the extent there is a deficiency in amounts required to pay principal of the Series 2024 Bonds, the Trustee shall (A) execute and deliver to the Bond Insurer, in form satisfactory to the Bond Insurer, an instrument appointing the Bond Insurer as agent and attorney-in-fact for such holder of the Series 2024 Bonds in any legal proceeding related to the payment of such principal and an assignment to the Bond Insurer of the Series 2024 Bonds surrendered to the Bond Insurer, (B) receive as designee of the respective holders (and not as Paying Agent) in accordance with the tenor of the Bond Insurance Policy payment therefore from the Bond Insurer, (C) segregate all such payments in the Bond Insurer Policy 20 51659324.8 Payment Account to only be used to make scheduled payments of principal of and interest on the Series 2024 Bond, and (D) disburse the same to such holders. The Trustee shall designate any portion of payment of principal on Series 2024 Bonds paid by the Bond Insurer, whether by virtue of mandatory sinking fund redemption, maturity or other advancement of maturity, on its books as a reduction in the principal amount of Series 2024 Bonds registered to the then current holder, whether DTC or its nominee or otherwise, and shall issue a replacement Series 2024 Bond to the Bond Insurer, registered in the name directed by the Bond Insurer, in a principal amount equal to the amount of principal so paid (without regard to authorized denominations); provided that the Trustee’s failure to so designate any payment or issue any replacement Series 2024 Bond shall have no effect on the amount of principal or interest payable by the City on any Series 2024 Bond or the subrogation or assignment rights of the Bond Insurer. (5) Payments with respect to claims for interest on and principal of Series 2024 Bonds disbursed by the Trustee from proceeds of the Bond Insurance Policy shall not be considered to discharge the obligation of the City with respect to such Series 2024 Bonds and the Bond Insurer shall become the owner of such unpaid Series 2024 Bonds and claims for the interest in accordance with the tenor of the assignment made to it under the provisions of the preceding paragraphs or otherwise. The Security Documents shall not be discharged or terminated unless all amounts due or to become due to the Bond Insurer have been paid in full or duly provided for. Irrespective of whether any such assignment is executed and delivered, the City and the Trustee agree for the benefit of the Bond Insurer that: (1) They recognize that to the extent the Bond Insurer makes payments directly or indirectly (e.g., by paying through the Paying Agent or Trustee), on account of principal of or interest on the Series 2024 Bonds, the Bond Insurer will be subrogated to the rights of such holders to receive the amount of such principal and interest from the City, with interest thereon, as provided and solely from the sources stated in the Security Documents and the Series 2024 Bonds; and (2) They will accordingly pay to the Bond Insurer the amount of such principal and interest, with interest thereon as provided in the Security Documents and the Series 2024 Bonds, but only from the sources and in the manner provided therein for the payment of principal of and interest on the Series 2024 Bonds to holders, and will otherwise treat the Bond Insurer as the owner of such rights to the amount of such principal and interest (b) Additional Payments. The City hereby agrees to pay or reimburse the Bond Insurer to the extent permitted by law and solely from the Special Tax and amounts available under this Indenture, any and all reasonable charges, fees, costs and expenses which the Bond Insurer may pay or incur, including, but not limited to, fees and expenses of the Bond Insurer’s agents, attorneys, accountants, consultants, appraisers and auditors and reasonable costs of investigations, in connection with the administration (including waivers and consents, if any), enforcement, defense, exercise or preservation of any rights and remedies in respect of the Security Documents (“Administrative Costs”). The City agrees that failure to pay any Administrative Costs from the Special Tax on a timely basis will result in the accrual of interest on the unpaid amount at the Late 21 51659324.8 Payment Rate, compounded semi-annually, from the date that payment is first due to the Bond Insurer until the date the Bond Insurer is paid in full. Notwithstanding anything herein to the contrary, the City agrees to pay to the Bond Insurer to the extent permitted by law and solely from the Special Tax and Trust Estate (i) a sum equal to the total of all amounts paid by the Bond Insurer under the Bond Insurance Policy (the “Bond Insurer Policy Payment”); and (ii) interest on the Bond Insurer Policy Payments from the date paid by the Bond Insurer until payment thereof in full by the City, payable to the Bond Insurer at the Late Payment Rate per annum (collectively, the “Bond Insurer Reimbursement Amounts”) compounded semi-annually. Notwithstanding anything to the contrary, including without limitation the post default application of revenue provisions, the Bond Insurer Reimbursement Amounts shall be, and the City hereby covenants and agrees that the Bond Insurer Reimbursement Amounts are, payable from and secured by a lien on and pledge of the same revenues and other collateral pledged to the Series 2024 Bonds on a parity with debt service due on the Series 2024 Bonds. (c) Notice and Other Information. The City will provide the Bond Insurer with all notices and other information it is obligated to provide (i) under its Continuing Disclosure Agreement and (ii) to the holders of the Series 2024 Bonds or the Trustee under the Security Documents. The notice address of the Bond Insurer is: , , Attention: , Re: Policy No. _________, Telephone: , Telecopier: , Email: . In each case in which notice or other communication refers to an event of default or a claim on the Bond Insurance Policy, then a copy of such notice or other communication shall also be sent to the attention of the General Counsel at the same address and at or at Telecopier: and shall be marked to indicate “URGENT MATERIAL ENCLOSED.” (d) Defeasance. The investments in the defeasance escrow relating to the Series 2024 Bonds shall be limited to non-callable, direct obligations of the United States of America and securities fully and unconditionally guaranteed as to the timely payment of principal and interest by the United States of America, or as otherwise maybe authorized under State law and approved by the Bond Insurer. At least (three) 3 Business Days prior to any defeasance with respect to the Series 2024 Bonds other than a cash defeasance of 30 days or less, the City shall deliver to the Bond Insurer draft copies of an escrow agreement, an opinion of bond counsel regarding the validity and enforceability of the escrow agreement and the defeasance of the Series 2024 Bonds, a verification report (a “Verification Report”) prepared by a nationally recognized independent financial analyst or firm of certified public accountants regarding the sufficiency of the escrow fund. Such opinion and Verification Report shall be addressed to the Bond Insurer and shall be in form and substance satisfactory to the Bond Insurer. In addition, any escrow agreement shall provide that: (1) Any substitution of securities following the execution and delivery of the escrow agreement shall require the delivery of a Verification Report, an opinion of bond counsel that such substitution will not adversely affect the exclusion from gross income of 22 51659324.8 the holders of the Series 2024 Bonds of the interest on the Series 2024 Bonds for federal income tax purposes and the prior written consent of the Bond Insurer, which consent will not be unreasonably withheld. (2) The City will not exercise any prior optional redemption of the Series 2024 Bonds secured by the escrow agreement or any other redemption other than mandatory sinking fund redemptions unless (i) the right to make any such redemption has been expressly reserved in the escrow agreement and such reservation has been disclosed in detail in the official statement, if any, for the refunding bonds, and (ii) as a condition to any such redemption there shall be provided to the Bond Insurer a Verification Report as to the sufficiency of escrow receipts without reinvestment to meet the escrow requirements remaining following any such redemption. (3) The City shall not amend the escrow agreement or enter into a forward purchase agreement or other agreement with respect to rights in the escrow without the prior written consent of the Bond Insurer. (e) Trustee and Paying Agent. (1) The Bond Insurer shall receive written notice of any name change of the Trustee, any Paying Agent for the Series 2024 Bonds or the resignation or removal of the Trustee or, if applicable, the Paying Agent. Any Trustee must be (A) a national banking association that is supervised by the Office of the Comptroller of the Currency and has at least $250 million of assets, (B) a state-chartered commercial bank that is a member of the Federal Reserve System and has at least $1 billion of assets, or (C) otherwise approved by the Bond Insurer in writing. (2) No removal, resignation or termination of the Trustee or, if applicable, the Paying Agent shall take effect until a successor, meeting the requirements above, or acceptable to the Bond Insurer, shall be qualified and appointed. (f) Amendments, Supplements and Consents. The Bond Insurer’s prior written consent is required for all amendments and supplements to the Security Documents, with the exceptions noted below. The City shall send copies of any such amendments or supplements to the Bond Insurer and the rating agencies which have assigned a rating to the Series 2024 Bonds. (1) Consent of the Bond Insurer. Any amendments or supplements to the Security Documents shall require the prior written consent of the Bond Insurer with the exception of amendments or supplements: (i) To cure any ambiguity or formal defect or omissions or to correct any inconsistent provisions in the transaction documents or in any supplement thereto, (ii) To grant or confer upon the holders of the Series 2024 Bonds any additional rights, remedies, powers, authority or security that may lawfully be granted to or conferred upon the holders of the Series 2024 Bonds, or 23 51659324.8 (iii) To add to the conditions, limitations and restrictions on the issuance of bonds or other obligations under the provisions of the Security Documents other conditions, limitations and restrictions thereafter to be observed, or (iv) To add to the covenants and agreements of the City in the Security Documents other covenants and agreements thereafter to be observed by the City or to surrender any right or power therein reserved to or conferred upon the City. (v) To issue additional parity debt in accordance with the requirements set forth in the Security Documents. (2) Consent of the Bond Insurer in Addition to Bondholder Consent. Any amendment, supplement, modification to, or waiver of, any of the Security Documents that requires the consent of holders of the Series 2024 Bonds or adversely affects the rights or interests of the Bond Insurer shall be subject to the prior written consent of the Bond Insurer. (3) Insolvency. Any reorganization or liquidation plan with respect to the City must be acceptable to the Bond Insurer. The Trustee and each owner of the Series 2024 Bonds hereby appoint the Bond Insurer as their agent and attorney-in-fact with respect to the Series 2024 Bonds and agree that the Bond Insurer may at any time during the continuation of any proceeding by or against the City under the United States Bankruptcy Code or any other applicable bankruptcy, insolvency, receivership, rehabilitation or similar law (an “Insolvency Proceeding”) direct all matters relating to such Insolvency Proceeding, including without limitation, (A) all matters relating to any claim or enforcement proceeding in connection with an Insolvency Proceeding (a “Claim”), (B) the direction of any appeal of any order relating to any Claim, (C) the posting of any surety, supersedeas or performance bond pending any such appeal, and (D) the right to vote to accept or reject any plan of adjustment. In addition, the Trustee and each owner of the Series 2024 Bonds delegate and assign to the Bond Insurer, to the fullest extent permitted by law, the rights of the Trustee and each owner of the Series 2024 Bonds with respect to the Series 2024 Bonds in the conduct of any Insolvency Proceeding, including, without limitation, all rights of any party to an adversary proceeding or action with respect to any court order issued in connection with any such Insolvency Proceeding. (4) Control by the Bond Insurer Upon Default. Anything in the Security Documents to the contrary notwithstanding, upon the occurrence and continuance of a default or an Event of Default under this Indenture, the Bond Insurer shall be entitled to control and direct the enforcement of all rights and remedies granted to the holders of the Series 2024 Bonds or the Trustee or Paying Agent for the benefit of the holders of the Series 2024 Bonds under any Security Document. No default or Event of Default may be waived without the Bond Insurer’s written consent. (5) The Bond Insurer as Owner. Upon the occurrence and continuance of a default or an Event of Default, the Bond Insurer shall be deemed to be the sole owner of the Series 2024 Bonds for all purposes under the Security Documents, including, without limitations, for purposes of exercising remedies and approving amendments. 24 51659324.8 (6) Grace Period for Payment Defaults. No grace period shall be permitted for payment defaults on the Series 2024 Bonds. No grace period for a covenant default shall exceed 30 days without the prior written consent of the Bond Insurer. (7) Special Provisions for Insurer Default. If an Insurer Default shall occur and be continuing, then, notwithstanding anything in paragraphs (f)(1)-(5) above to the contrary, (1) if at any time prior to or following an Insurer Default, the Bond Insurer has made payment under the Bond Insurance Policy, to the extent of such payment the Bond Insurer shall be treated like any other holder of the Series 2024 Bonds for all purposes, including giving of consents, and (2) if the Bond Insurer has not made any payment under the Bond Insurance Policy, the Bond Insurer shall have no further consent rights until the particular Insurer Default is no longer continuing or the Bond Insurer makes a payment under the Bond Insurance Policy, in which event, the foregoing clause (1) shall control. For purposes of this paragraph, “Insurer Default” means: (A) the Bond Insurer has failed to make any payment under the Bond Insurance Policy when due and owing in accordance with its terms; or (B) the Bond Insurer shall (i) voluntarily commence any proceeding or file any petition seeking relief under the United States Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency or similar law, (ii) consent to the institution of or fail to controvert in a timely and appropriate manner, any such proceeding or the filing of any such petition, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator or similar official for such party or for a substantial part of its property, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, or (vi) take action for the purpose of effecting any of the foregoing; or (C) any state or federal agency or instrumentality shall order the suspension of payments on the Bond Insurance Policy or shall obtain an order or grant approval for the rehabilitation, liquidation, conservation or dissolution of the Bond Insurer (including without limitation under the New York Insurance Law). (g) The Bond Insurer As Third Party Beneficiary. The Bond Insurer is recognized as and shall be deemed to be a third party beneficiary of the Security Documents and may enforce the provisions of the Security Documents as if it were a party thereto. (h) The Reserve Fund. The prior written consent of the Bond Insurer shall be a condition precedent to the deposit of any credit instrument provided in lieu of a cash deposit into the Reserve Fund. Amounts on deposit in the Reserve Fund shall be applied solely to the payment of debt service due on the Series 2024 Bonds. (i) Exercise of Rights by the Bond Insurer. The rights granted to the Bond Insurer under the Security Documents to request, consent to or direct any action are rights granted to the Bond Insurer in consideration of its issuance of the Bond Insurance Policy. Any exercise by the Bond Insurer of such rights is merely an exercise of the Bond Insurer’s contractual rights and shall not be construed or deemed to be taken for the benefit, or on behalf, of the holders of the Series 2024 Bonds and such action does not evidence any position of the Bond Insurer, affirmative or negative, as to whether the consent of the holders of the Series 2024 Bonds or any other person is required in addition to the consent of the Bond Insurer. 25 51659324.8 The Bond Insurer shall be entitled to pay principal or interest on the Series 2024 Bonds that shall become Due for Payment but shall be unpaid by reason of Nonpayment by the Issuer (as such terms are defined in the Bond Insurance Policy), whether or not the Bond Insurer has received a claim upon the Bond Insurance Policy. No contract shall be entered into or any action taken by which the rights of the Bond Insurer or security for or source of payment of the Series 2024 Bonds may be impaired or prejudiced in any material respect except upon obtaining the prior written consent of the Bond Insurer. Section 5.4 Provisions Relating to Reserve Policy. The City hereby represents, warrants and covenants, and the Trustee hereby covenants, as follows, and agrees that the provisions of this Section 8.8 shall govern, notwithstanding anything to the contrary set forth in this Indenture: (a) The City shall repay any draws under the Reserve Policy and pay all related reasonable expenses incurred by the Bond Insurer and shall pay interest thereon from the date of payment by the Bond Insurer at the Late Payment Rate. If the interest provisions of this subparagraph (a) shall result in an effective rate of interest which, for any period, exceeds the limit of the usury or any other laws applicable to the indebtedness created herein, then all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or notice between or by any party hereto, be applied as additional interest for any later periods of time when amounts are outstanding hereunder to the extent that interest otherwise due hereunder for such periods plus such additional interest would not exceed the limit of the usury or such other laws, and any excess shall be applied upon principal immediately upon receipt of such moneys by the Bond Insurer, with the same force and effect as if the City had specifically designated such extra sums to be so applied and the Bond Insurer had agreed to accept such extra payment(s) as additional interest for such later periods. In no event shall any agreed-to or actual exaction as consideration for the indebtedness created herein exceed the limits imposed or provided by the law applicable to this transaction for the use or detention of money or for forbearance in seeking its collection. Repayment of draws and payment of expenses and accrued interest thereon at the Late Payment Rate (collectively, “Reserve Policy Costs”) shall commence in the first month following each draw, and each such monthly payment shall be in an amount at least equal to 1/12 of the aggregate of Reserve Policy Costs related to such draw. Amounts in respect of Reserve Policy Costs paid to the Bond Insurer shall be credited first to interest due, then to the expenses due and then to principal due. As and to the extent that payments are made to the Bond Insurer on account of principal due, the coverage under the Reserve Policy will be increased by a like amount, subject to the terms of the Reserve Policy. The obligation to pay Reserve Policy Costs shall be secured by a valid lien on all revenues and other collateral pledged as security for the Series 2024 Bonds (subject only to the priority of payment provisions set forth under this Indenture). All cash and investments in the Reserve Fund shall be transferred to the debt service fund for payment of debt service on the Series 2024 Bonds before any drawing may be made on the Reserve Policy or any other Reserve Fund Surety Policy credited to the Reserve Fund 26 51659324.8 in lieu of cash. Payment of any Reserve Policy Costs shall be made prior to replenishment of any such cash amounts. Draws on all Reserve Fund Surety Policies (including the Reserve Policy) on which there is available coverage shall be made on a pro-rata basis (calculated by reference to the coverage then available thereunder) after applying all available cash and investments in the Reserve Fund. Payment of Reserve Policy Costs and reimbursement of amounts with respect to other Reserve Fund Surety Policies shall be made on a pro-rata basis prior to replenishment of any cash drawn from the Reserve Fund. For the avoidance of doubt, “available coverage” means the coverage then available for disbursement pursuant to the terms of the applicable Reserve Fund Surety Policy without regard to the legal or financial ability or willingness of the provider of such instrument to honor a claim or draw thereon or the failure of such provider to honor any such claim or draw. (b) If the City shall fail to pay any Reserve Policy Costs in accordance with the requirements of subparagraph (a) hereof, the Bond Insurer shall be entitled to exercise any and all legal and equitable remedies available to it, including those provided under this Indenture other than (i) acceleration of the maturity of the Series 2024 Bonds or (ii) remedies which would adversely affect owners of the Series 2024 Bonds. (c) This Indenture shall not be discharged until all Reserve Policy Costs owing to the Bond Insurer shall have been paid in full. The City’s obligation to pay such amounts shall expressly survive payment in full of the Series 2024 Bonds. The Trustee shall ascertain the necessity for a claim upon the Reserve Policy in accordance with the provisions of subparagraph (a) hereof and to provide notice to the Bond Insurer in accordance with the terms of the Reserve Policy at least five (5) Business Days prior to each date upon which interest or principal is due on the Series 2024 Bonds. Where deposits are required to be made by the City with the Trustee to the Reserve Fund more often than semi-annually, the Trustee shall be instructed to give notice to the Bond Insurer of any failure of the City to make timely payment in full of such deposits within two (2) Business Days of the date due. ARTICLE 6 FUNDS AND ACCOUNTS Section 6.1 Bond and Interest Fund. (a) There is hereby created and established with the Trustee a separate and special fund of the City established exclusively for paying principal of, interest on and redemption premium on the Series 2024 Bonds and which shall be designated as the “Special Service Area Number 2004-107 Special Tax Refunding Bonds Bond and Interest Fund” (the “Bond and Interest Fund”). Upon receipt by the Trustee, the Special Taxes and the Foreclosure Proceeds, including any interest and penalties collected in connection with such Special Tax or Foreclosure Proceeds shall be placed in the Bond and Interest Fund. The City may provide for the County to transmit directly to the Trustee for deposit to the Bond and Interest Fund any Special Tax collected by the County. In addition, proceeds received by the City in connection with a condemnation of any of the Special Services or any other property owned by or dedicated to the City within the Special Service Area and allocable to the Series 2024 Bonds as determined by the Consultant which are not used to rebuild the Special Services shall be deposited in the Bond and Interest Fund. Moneys 27 51659324.8 deposited in the Bond and Interest Fund and investments of the Bond and Interest Fund shall never be commingled with or loaned to any other funds of the City. All interest and other investment earnings on the Bond and Interest Fund shall become, when received, a part of the Bond and Interest Fund. When the amount of condemnation proceeds deposited to the Bond and Interest Fund equals $1,000 or more, such amount shall be used to redeem Series 2024 Bonds pursuant to Section 3.3 of this Indenture on the next Interest Payment Date. Any amounts representing condemnation proceeds which remain on deposit in the Bond and Interest Fund for a continuous period of thirty (30) months and which will not be used to redeem the Series 2024 Bonds on the next Interest Payment Date in accordance with Section 3.3 and this section shall be used to pay debt service on the Series 2024 Bonds on the next Interest Payment Date. (b) Amounts deposited in the Bond and Interest Fund are appropriated for and irrevocably pledged to, and shall be used solely for the purpose of, paying the principal of and interest and redemption premium on the Series 2024 Bonds, or for transfers to the Reserve Fund, the Special Reserve Fund or the Administrative Expense Fund as permitted by paragraph (c) of this Section 6.1 and by Section 6.2. (c) At any time after September 1 but in no event later than December 1 of each year, the Trustee shall determine the amount needed to pay principal of and interest and redemption premium on the Series 2024 Bonds on March 1 of the next succeeding year. After the Trustee has determined that sufficient amounts are on deposit in the Bond and Interest Fund to pay principal of, interest on and redemption premium due on the Series 2024 Bonds on the next March 1, the Trustee shall notify the City and the Consultant of any excess amounts on deposit in the Bond and Interest Fund, and, at the written direction of the City, shall transfer an amount from the Bond and Interest Fund to the Administrative Expense Fund which the City after consultation with the Consultant has determined will be adequate, together with other amounts in the Administrative Expense Fund or reasonably expected to be transferred to or deposited in such Fund, to pay all Administrative Expenses during the succeeding calendar year. After making such transfer to the Administrative Expense Fund any excess amounts on deposit in the Bond and Interest Fund shall be transferred to the Reserve Fund to the extent necessary to replenish the Reserve Fund to the Reserve Requirement (or to restore the amount available under any Reserve Fund Surety Policy, together with cash on deposit in the Reserve Fund, to the Reserve Requirement). After (i) making such transfer to the Administrative Expense Fund, and (ii) the Reserve Fund has amounts on deposit equal to the Reserve Requirement, any excess amounts on deposit in the Bond and Interest Fund shall be transferred to the Special Reserve Fund to the extent necessary to fund the Special Reserve Fund to the Special Reserve Fund Requirement. The total amount transferred from time to time to the Special Reserve Fund shall not exceed [$25,000] giving consideration to amounts that may have previously been transferred from the Special Reserve Fund. Thereafter any remaining excess shall be retained in the Bond and Interest Fund and applied to pay principal and interest coming due on the next succeeding Interest Payment Date. (d) There is hereby created within the Bond and Interest Fund established with the Trustee a separate account designated the “Special Redemption Account.” Amounts deposited in the Special Redemption Account shall be applied to the redemption of the Series 2024 Bonds pursuant to Section 3.3(b) or Section 3.4 of this Indenture. All prepayments of Special Tax made in accordance with the Special Tax Roll and Report shall be deposited in the Special Redemption Account. Moneys in the Special Redemption Account shall be used exclusively to redeem Series 28 51659324.8 2024 Bonds pursuant to Section 3.3(b) or Section 3.4 or to pay debt service on the Series 2024 Bonds pursuant to this Section 6.1. In the event of any optional prepayment of Special Tax pursuant to Section 3.4, prior to giving notice of the redemption of Series 2024 Bonds in accordance with Section 3.5 of this Indenture, the Trustee shall transfer from the Reserve Fund to the Special Redemption Account an amount equal to the Reserve Fund Credit and from the Special Reserve Fund (to the extent funds are available) to the Special Redemption Account an amount equal to the Special Reserve Fund Credit, if any, upon the direction of the Consultant in accordance with the Special Tax Roll and Report. When the amount on deposit in the Special Redemption Account from amounts deposited pursuant to Section 3.3 equals or exceeds $1,000, such amount shall be used to redeem the Series 2024 Bonds on the next Interest Payment Date in accordance with Section 3.3. On each such Interest Payment Date, the Trustee shall withdraw from the Special Redemption Account and pay to the owners of the Series 2024 Bonds the amounts to redeem the Series 2024 Bonds pursuant to Section 3.3(b). When the amount on deposit in the Special Redemption Account from amounts deposited pursuant to Section 3.4 equals or exceeds $1,000, such amount shall be used to redeem the Series 2024 Bonds on the next March 1, June 1, September 1 or December 1 in accordance with Section 3.4. On each such redemption date, the Trustee shall withdraw from the Special Redemption Account and pay to the owners of the Series 2024 Bonds the amounts to redeem the Series 2024 Bonds pursuant to Section 3.4. Notwithstanding the foregoing, any amounts contained in the Special Redemption Account for a continuous period of thirty (30) months and which will not be used to redeem the Series 2024 Bonds in accordance with the two immediately preceding sentences shall be used to pay debt service on the Series 2024 Bonds on the next Interest Payment Date. Any amounts contained in the Special Redemption Account on the final maturity date of the Series 2024 Bonds shall be used to pay outstanding debt service on the Series 2024 Bonds. Section 6.2 Reserve Fund. There is hereby created and established with the Trustee a separate and special fund of the City which shall be designated as the “Special Service Area Number 2004-107 Special Tax Refunding Bonds, Reserve Fund” (the “Reserve Fund”), which must be maintained in an amount equal to the Reserve Requirement. The Reserve Requirement shall be an amount equal to $__________ as reduced by Reserve Fund Credits in connection with prepayments pursuant to Section 6.1(d). The Reserve Requirement shall be satisfied by the deposit into the Reserve Fund of (i) cash in the amount of $ transferred by the Prior Bonds Trustee from the Reserve Fund under the Indenture relating to the Prior Bonds, and (ii) the Reserve Policy in the amount of $ . The City may at any time and from time to time substitute cash, a Reserve Fund Surety Policy or any combination thereof for either of the foregoing then on deposit in the Reserve Fund, and, thereupon, the Trustee shall release all or a portion of such cash or Reserve Fund Surety Policy and shall cause such excess to be deposited into the Bond and Interest Account and used for the payment of interest on the Series 2024 Bonds on the next following Interest Payment Date, so long as the combination of the foregoing remaining in the Reserve Fund following such release shall equal the Reserve Requirement. Amounts deposited in the Reserve Fund (including drawings under any Reserve Fund Surety Policy) shall be used solely for the purpose of (i) making transfers to the Bond and Interest Fund to pay the principal of, including mandatory sinking fund payments, and interest and any premium on, all Series 2024 Bonds when due, in the event that moneys in the Bond and Interest Fund are insufficient therefor without further direction from the City, (ii) making any transfers to the Bond and Interest Fund if the balance in the Reserve Fund and the Special Reserve Fund 29 51659324.8 exceeds the amount required to redeem all Series 2024 Bonds then outstanding, (iii) making transfers to the Special Redemption Account in an amount equal to any Reserve Fund Credit in the event of an optional prepayment of the Special Tax as provided in Section 6.1(d) of this Indenture, or (iv) if the amount then on deposit in the Reserve Fund is at least equal to the Reserve Requirement, for transfer in accordance with the next paragraph. On the Business Day prior to each September 1 Interest Payment Date, (a) moneys in the Reserve Fund in excess of the Reserve Requirement shall be transferred by the Trustee from the Reserve Fund to the Bond and Interest Fund to be used for the payment of interest on the Series 2024 Bonds on such September 1 Interest Payment Date, and (b) moneys in the Reserve Fund in excess of (i) the Reserve Requirement and (ii) the interest due on the Series 2024 Bonds on such September 1 Interest Payment Date, shall be used for the payment of principal on the Series 2024 Bonds on the next following March 1 Interest Payment Date. On the Business Day prior to each March 1 Interest Payment Date, (a) moneys in the Reserve Fund in excess of the Reserve Requirement shall be transferred by the Trustee from the Reserve Fund to the Bond and Interest Fund to be used for the payment of principal of and interest and redemption premium (if any) on the Series 2024 Bonds on such March 1 Interest Payment Date, and (b) moneys in the Reserve Fund in excess of (i) the Reserve Requirement and (ii) the principal of and interest and redemption premium (if any) due on the Series 2024 Bonds on such March 1 Interest Payment Date, shall be used for the payment of interest on the Series 2024 Bonds on the next following September 1 Interest Payment Date. Any amounts contained in the Reserve Fund on the final maturity date of the Series 2024 Bonds shall be transferred to the Bond and Interest Fund, and used to pay outstanding debt service on the Series 2024 Bonds. Withdrawals from the Reserve Fund shall be made from the following sources in the following order of priority: (l) cash, and (2) from drawings under a Reserve Fund Surety Policy in the order of priority provided for in such instruments. Any replenishment of the Reserve Fund hereunder shall be applied first to the reimbursement of drawings under a Reserve Fund Surety Policy and then to the restoration of cash. In the event that the City chooses to deposit a Reserve Fund Surety Policy into the Reserve Fund, it may make reasonable covenants and agreements with the issuer of the policy, surety or other facility including, but not limited to, covenants and agreements related to the following: (a) The application and priority of amounts deposited to the credit of the Reserve Fund after a draw under the Reserve Fund Surety Policy to reimburse the issuer of the Reserve Fund Surety Policy or to reimburse or replenish cash in the Reserve Fund; (b) Not less than fifteen (15) days advance notice of the need for a draw by the Trustee under the Reserve Fund Surety Policy and to maintain records; and (c) The status of the issuer of the Reserve Fund Surety Policy as a third party beneficiary under this Indenture and its ability to enforce the provisions of this Indenture to the extent such rights may in fact benefit such issuer of the policy or facility. 30 51659324.8 Section 6.3 Special Reserve Fund. There is hereby created and established with the Trustee a separate and special fund of the City which shall be designated as the “Special Service Area Number 2004-107 Special Tax Refunding Bonds, Special Reserve Fund” (the “Special Reserve Fund”). Special Taxes shall be deposited in the Special Reserve Fund in accordance with Section 6.1 until the amounts on deposit in the Special Reserve Fund equal the Special Reserve Fund Requirement. The total amount transferred from time to time to the Special Reserve Fund shall not exceed [$25,000] giving consideration to amounts that may have previously been transferred from the Special Reserve Fund. Amounts deposited in the Special Reserve Fund shall be used solely for the purpose of (i) making any transfers to the Bond and Interest Fund if the aggregate balance in the Special Reserve Fund and the Reserve Fund exceeds the amount required to redeem all Series 2024 Bonds then outstanding, (ii) for transfer to the Special Redemption Account in an amount equal to the Special Reserve Fund Credit in accordance with Section 6.1(d), (iii) on [March 1, ____] for transfer to the Bond and Interest Fund as described below, (iv) at the direction of an Authorized Officer for transfer to the Bond and Interest Fund or any other fund established hereunder, or (v) at the direction of an Authorized Officer for any use permitted by the Special Service Area Act, provided an opinion of bond counsel is delivered to the Trustee to the effect that such use will not violate the Special Service Area Act or adversely affect the tax-exempt status of interest on the Series 2024 Bonds. On [March 1, ____] (on which date the Special Reserve Fund Credit shall be zero), the Trustee shall without further direction, transfer any remaining amounts on deposit in the Special Reserve Fund to the Bond and Interest Fund to pay principal of and interest and redemption premium on the Series 2024 Bonds on the next succeeding Interest Payment Date. Any amounts in the Special Reserve Fund that are used to pay principal of, or interest or premium on, the Series 2024 Bonds shall be treated as Special Taxes paid by the owners of the affected Parcels for purposes of the Special Tax Roll and Report. Amounts on deposit in the Special Reserve Fund are not pledged to the payment of principal of or interest on the Series 2024 Bonds. Section 6.4 Administrative Expense Fund. There is hereby created and established with the Trustee a separate and special fund of the City which shall be designated as the “Special Service Area Number 2004-107 Special Tax Refunding Bonds, Administrative Expense Fund” (the “Administrative Expense Fund”). Amounts in the Administrative Expense Fund shall be withdrawn by the Trustee and paid to the City or its order upon receipt by the Trustee of a written request from an Authorized Officer stating the amount to be withdrawn, that such amount is to be used to pay an Administrative Expense, and the nature of such Administrative Expense. There is hereby created within the Administrative Expense Fund established with the Trustee a separate account designated the “Costs of Issuance Account”. Amounts deposited into the Cost of Issuance Account shall be used solely for the purpose of paying costs incurred in connection with the issuance of the Series 2024 Bonds (including, without limitation, the premiums for any Bond Insurance Policy and Reserve Fund Surety Policy). Disbursement from the Costs of Issuance Account shall be made by the Trustee upon receipt of a Written Request 31 51659324.8 from the City in the form of Exhibit D which shall (i) set forth the amount required to be disbursed, the purpose for which the disbursement is to be made, that the disbursement is a proper expenditure from the Costs of Issuance Account, and payment instructions to the Trustee for the amount to be disbursed and (ii) certify that no portion of the amount then being requested to be disbursed was set forth in any previous request for disbursement. On the date which is six months after the date of issuance of the Series 2024 Bonds, the Trustee will transfer all amounts remaining in the Costs of Issuance Account to the Administrative Expense Fund. Section 6.5 Rebate Fund. There is hereby created and established with the Trustee a separate and special fund of the City which shall be designated as the “Special Service Area Number 2004-107 Special Tax Refunding Bonds, Rebate Fund” (the “Rebate Fund”), into which there shall be deposited as necessary investment earnings in the Bond and Interest Fund, the Reserve Fund and the Special Reserve Fund to the extent required so as to maintain the tax-exempt status of interest on the Series 2024 Bonds all at the direction of the City. All rebates, special impositions or taxes for such purpose payable to the United States of America (Internal Revenue Service) shall be payable from the Rebate Fund at the direction of the City. Section 6.6 Investment of Funds. Moneys on deposit in Funds and Accounts established hereunder may be invested from time to time in Qualified Investments pursuant to and solely at the direction of the City to the Trustee provided that moneys on deposit in the Special Redemption Account shall be invested in Qualified Investments having a maturity of 180 days or less. Except as otherwise expressly provided herein, earnings or losses on such investments shall be attributed to the Fund or Account for which the investment was made. In the event that the Trustee does not receive directions from the City to invest funds held hereunder, the Trustee shall invest such funds in a money market fund which invests in short-term securities issued or guaranteed by the United States Government, its agencies or instrumentalities. The Trustee is hereby authorized to execute purchases and sales of Qualified Investments through the facilities of its own trading or capital markets operations or those of any affiliated entity. The Trustee shall send statements to the City and the Consultant on a monthly basis reflecting activity in the funds and accounts established pursuant to this Indenture for the preceding month as required by Section 9.9 of this Indenture. Although the City recognizes that it may obtain a broker confirmation or written statement containing comparable information at no additional cost, the City hereby agrees that confirmations of Qualified Investments are not required to be issued by the Trustee for each month in which a monthly statement is rendered. Notwithstanding anything herein to the contrary, at the written direction of the City the Trustee shall invest amounts on deposit in the (1) Special Redemption Account of the Bond and Interest Fund and (2) the Special Reserve Fund such that the yield on the investment does not exceed the yield on the Series 2024 Bonds. The Reserve Fund shall be invested only in Qualified Investments with maturities not longer than ten (10) years, the average life of which is no longer than five (5) years. Investments on deposit in all funds and accounts established hereunder shall be valued at market value at least quarterly. 32 51659324.8 ARTICLE 7 COVENANTS AND AGREEMENTS OF THE CITY Section 7.1 Tax Covenants. (a) The City covenants with the holders of the Series 2024 Bonds from time to time outstanding that it (i) will take all actions which are necessary to be taken (and avoid any actions which it is necessary to avoid being taken) so that interest on the Series 2024 Bonds will not be or become included in gross income for federal income tax purposes under existing law, including without limitation the Code; (ii) will take all actions reasonably within its power to take which are necessary to be taken (and avoid taking any actions which are reasonably within its power to avoid taking and which are necessary to avoid) so that interest on the Series 2024 Bonds will not be or become included in gross income for federal income tax purposes under the federal income tax laws as in effect from time to time; and (iii) will take no action or permit any action in the investment of the proceeds of the Series 2024 Bonds, amounts in the Bond and Interest Fund or any other funds of the City which would result in making interest on the Series 2024 Bonds subject to federal income taxes by reason of causing the Series 2024 Bonds to be “arbitrage bonds” within the meaning of Section 148 of the Code, or direct or permit any action inconsistent with the regulations under the Code as promulgated and as amended from time to time and as applicable to the Series 2024 Bonds. The Mayor, City Clerk and City Treasurer are authorized and directed to take such action as is necessary in order to carry out the issuance and delivery of the Series 2024 Bonds including, without limitation, to make any representations and certifications they deem proper pertaining to the use of the proceeds of the Series 2024 Bonds and moneys in the Funds and Accounts established hereunder in order to establish that the Series 2024 Bonds shall not constitute arbitrage bonds as so defined. (b) The City further covenants as follows with respect to the requirements of Section 148(f) of the Code, relating to the rebate of “excess arbitrage profits” (the “Rebate Requirement”) to the United States: (i) Unless an applicable exception to the Rebate Requirement is available to the City, the City will meet the Rebate Requirement. (ii) Relating to applicable exceptions, the City shall make such elections under the Code as it shall deem reasonable and in the best interests of the City. (iii) The City shall, not less frequently than annually, cause a rebate report to be prepared and delivered to the Trustee and upon receipt of such report cause the Trustee to transfer to the Rebate Fund the amount determined to be the accrued liability under the Rebate Requirement from other funds held pursuant to this Indenture. The City shall cause to be paid to the United States, without further order or direction from the Corporate Authorities, from time to time as required, amounts sufficient to meet the Rebate Requirement. (iv) Interest earnings in the Bond and Interest Fund and the Reserve Fund are hereby authorized to be transferred, upon written direction from an Authorized Officer, from time to time as required, to the Rebate Fund for the 33 51659324.8 purposes herein provided; and proceeds of the Series 2024 Bonds, investment earnings or amounts on deposit in any of the other funds and accounts created hereunder and any other Fund of the City are also hereby authorized to be used to meet the Rebate Requirement, but only if necessary after application of investment earnings as aforesaid and only as appropriated and directed by the Corporate Authorities. Section 7.2 Levy and Collection of Taxes. The City covenants with the holders of the Series 2024 Bonds from time to time outstanding that: (a) it will take all actions, if any, which shall be necessary, in order further to provide for the levy, extension, collection and application of the taxes levied by this Indenture and the Bond Ordinance including enforcement of the Special Taxes as described in clause (c) below; (b) it will not take any action which would adversely affect the levy, extension, collection and application of the taxes levied by this Indenture and the Bond Ordinance, except to abate those taxes to the extent permitted by this Indenture and the Special Tax Roll and Report; (c) it will comply with all requirements of the Special Service Area Act, the Bond Ordinance and other applicable present and future laws concerning the levy, extension and collection of the taxes levied by this Indenture and the Bond Ordinance; in each case so that the City shall be able to pay the principal of and interest on the Series 2024 Bonds as they come due, replenish the Special Reserve Fund to the Special Reserve Requirement and the Reserve Fund to the Reserve Requirement (or to restore the amount available under any Reserve Fund Surety Policy, together with cash on deposit in the Reserve Fund, to the Reserve Requirement), and will take all actions necessary to assure the timely collection of the Special Taxes, including without limitation, the enforcement of any delinquent Special Tax by providing the County with such information as is deemed necessary to enable the County to include any property subject to a delinquent Special Tax in the County Collector’s annual tax sale and upon receipt of the written request of the Bond Insurer or a majority of the Bondholders in the event the tax lien is forfeited at such tax sale, by assigning to the Trustee its right to institute foreclosure proceedings, and/or assigning to the Trustee its right to purchase as a taxing district the unpaid taxes due upon the property all in the manner provided by law; provided, however, that the obligation to purchase unpaid taxes, or institute any proceeding shall only arise in the event the City or the Trustee, as applicable, makes the determination that sufficient funds are on deposit in the Administrative Expense Fund to (i) pay all remaining Administrative Expenses expected for such levy year, and (ii) apply to the purchase of the unpaid taxes and/or pay the costs of any proceeding; (d) in the event the City approves any change in the plats of subdivision for the Special Service Area which changes the density of either of the Special Service Area or otherwise becomes aware of a change in density, it shall provide prompt written notice to the Consultant of such fact and the circumstances resulting in the change in density; and (e) to the extent possible, it will direct Kendall County to deposit all Special Taxes when collected including Foreclosure Proceeds, condemnation proceeds and prepayments directly with the Trustee to be applied as set forth herein. 34 51659324.8 Section 7.3 Proper Books and Records. The City will keep, or cause the Trustee to keep, proper books of record and accounts, separate from all other records and accounts of the City, in which complete and correct entries shall be made of all transactions relating to the deposits to and expenditure of amounts disbursed from the Funds and Accounts created hereunder and the Special Taxes. Such books of record and accounts shall at all times during business hours be subject to the inspection of the holders of not less than ten percent (10%) of the principal amount of the Series 2024 Bonds then outstanding, or their representatives authorized in writing. The City, or the Trustee on behalf of the City, upon written request will mail to the Purchaser and the Bond Insurer any information relating to the Series 2024 Bonds, the Special Service Area or the Special Services, including, but not limited to, the annual audits of the Funds and Accounts established under this Indenture for each and every year. Section 7.4 Against Encumbrances. The City will not encumber, pledge or place any charge or lien upon any of the Special Taxes or other amounts pledged to the Series 2024 Bonds superior to, on a parity with, or junior to, the pledge and lien created in this Indenture for the benefit of the Series 2024 Bonds, except as permitted by, or specifically set forth in, this Indenture. Section 7.5 Continuing Disclosure Undertaking. The reports, statements and other documents required to be furnished to or by the Trustee pursuant to any provisions of this Indenture shall be available to the Purchaser and the Trustee shall submit to the Municipal Securities Rulemaking Board (the “MSRB”) through the Electronic Municipal Market Access System (“EMMA”) all information as required pursuant to the Continuing Disclosure Agreement. ARTICLE 8 DEFAULTS AND REMEDIES Section 8.1 Events of Default. “Events of Default” under this Indenture are as follows: (a) Default shall be made by the City in the payment of the principal of or premium, if any, on any Series 2024 Bond when and as the same shall become due and payable, either at maturity or by proceedings for redemption or otherwise. (b) Default shall be made by the City in the payment of any installment of interest on any Series 2024 Bond when and as such installment of interest shall become due and payable. (c) The City shall (1) commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state bankruptcy, insolvency or other similar law, (2) make an assignment for the benefit of its creditors, (3) consent to the appointment of a receiver of itself or of the whole or any substantial part of its property, or (4) be adjudicated a bankrupt or have entered against it any order for relief in respect of any involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state bankruptcy, insolvency or other similar law and such order shall continue in effect for a period of 60 days without stay or vacation. (d) A court of competent jurisdiction shall enter an order, judgment or decree appointing a receiver of the City, or of the whole or any substantial part of its property, or approving a petition seeking reorganization of the City under the Federal bankruptcy laws or any 35 51659324.8 other applicable Federal or state law or statute and such order, judgment or decree shall not be vacated or set aside or stayed within 60 days from the date of the entry thereof. (e) Under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdiction shall assume custody or control of the City or of the whole or any substantial part of its property, and such custody or control shall not be terminated or stayed within 60 days from the date of assumption of such custody or control. (f) The City shall default in the due and punctual performance of any other of the covenants, conditions, agreements and provisions contained in the Series 2024 Bonds, the Bond Ordinance or in this Indenture on the part of the City to be performed, and such default shall continue for 30 days after written notice specifying such default and requiring the same to be remedied shall have been given to the City by the Trustee (which may give such notice whenever it reasonably determines that such a default exists and shall give such notice at the written request of the holders of not less than 25% in principal amount of the Series 2024 Bonds then outstanding). Section 8.2 Remedies. Upon the occurrence of an Event of Default the Trustee may, and upon the written request of the Bond Insurer or the holders of 25% in principal amount of the outstanding Series 2024 Bonds affected (with the consent of the Bond Insurer) by the Event of Default and upon being indemnified as provided in Section 9.2(h) hereof shall, proceed to protect and enforce its rights and the rights of the holders of the Series 2024 Bonds by a suit, action or special proceeding in equity or at law, by mandamus or otherwise, either for the specific performance of any covenant or agreement contained herein or in aid or execution of any power herein granted or for any enforcement of any proper legal or equitable remedy as the Trustee, being advised by counsel, shall deem most effective to protect and enforce the rights aforesaid. During the continuance of an Event of Default, all moneys received by the Trustee under this Indenture from the City or from any other source shall be applied by the Trustee in accordance with the terms of Section 8.10 hereof. Any judgment against the City shall be enforceable only against the amounts pledged pursuant to this Indenture. There shall not be authorized any deficiency judgment against any assets of, or the general credit of, the City, its officers or employees or independent contractors. The Series 2024 Bonds shall not be subject to acceleration upon the occurrence of an Event of Default. Section 8.3 Notice of Default. The Trustee shall, within 10 days after the Trustee receives notice or obtains knowledge of the occurrence of an Event of Default, mail to the City, and the Bondholders at the address shown on the registration books of the City maintained by the Bond Registrar, notice of all Events of Default known to the Trustee unless such Events of Default shall have been cured before the giving of such notice. Section 8.4 Termination of Proceedings by Trustee. In case any proceedings taken by the Trustee on account of any Event of Default shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and in every such case the City, the Trustee and the Bondholders shall be restored to their former positions and rights 36 51659324.8 hereunder, respectively, and all rights, remedies and powers of the Trustee shall continue as though no such proceeding had been taken. Section 8.5 Right of Bondholders to Control Proceedings. Anything in this Indenture to the contrary notwithstanding, the Bond Insurer or, if the Bond Insurer has defaulted on any payments required by the Bond Insurance Policy, the holders of a majority in principal amount of the Series 2024 Bonds then outstanding shall have the right, by an instrument in writing executed and delivered to the Trustee, to direct the method and place of conducting all remedial proceedings to be taken by the Trustee hereunder in respect of the Series 2024 Bonds; provided that such direction shall not be otherwise than in accordance with law and the Trustee shall be indemnified to its satisfaction against the costs, expenses and liabilities to be incurred therein or thereby. Section 8.6 Right of Bondholders to Institute Suit. No holder of any of the Series 2024 Bonds shall have any right to institute any suit, action or proceeding in equity or at law for the execution of any trust hereunder, or for any other remedy hereunder or on the Series 2024 Bonds unless such holder previously shall have given to the Trustee written notice of an Event of Default as hereinabove provided, and unless also the Bond Insurer or the holder, or holders, of 25% in principal amount of the outstanding Series 2024 Bonds affected (with the consent of the Bond Insurer) by the Event of Default shall have made written request of the Trustee after the right to exercise such powers, or right of action, as the case may be, shall have accrued, and shall have afforded the Trustee a reasonable opportunity either to proceed to exercise the powers hereinbefore granted, or to institute such action, suit, or proceeding in its name; and unless, also, there shall have been offered to the Trustee security and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee shall have refused or neglected to comply with such request within a reasonable time; and such notification, request and offer of indemnity are hereby declared in every such case, at the option of the Trustee, to be conditions precedent to the execution of the powers and trusts of this Indenture or for any other remedy hereunder; it being understood and intended that no one or more holders of the Series 2024 Bonds shall have any right in any manner whatever by his or their action to affect, disturb or prejudice the security of this Indenture, or to enforce any right hereunder, except in the manner herein provided, and that all proceedings at law or in equity shall be instituted, had and maintained in the manner herein provided and for the equal benefit of all holders of the outstanding Series 2024 Bonds. Nothing in this Section 8.6 contained shall, however, affect or impair the right of any Bondholder, which is absolute and unconditional, to enforce the payment of the principal of and interest on the Bondholder’s Series 2024 Bonds out of the Bond and Interest Fund, or the obligation of the City to pay the same, out of the Bond and Interest Fund, at the time and place in the Series 2024 Bonds expressed. Section 8.7 Suits by Trustee. All rights of action under this Indenture, or under any of the Series 2024 Bonds, enforceable by the Trustee, may be enforced by it without the possession of any of the Series 2024 Bonds or the production thereof at the trial or other proceeding relative thereto, and any such suit, or proceeding, instituted by the Trustee shall be brought in its name for the ratable benefit of the holders of the Series 2024 Bonds affected by such suit or proceeding, subject to the provisions of this Indenture. 37 51659324.8 Section 8.8 Remedies Cumulative. No remedy herein conferred upon or reserved to the Trustee or to the Bondholders is intended to be exclusive of any other remedy or remedies, and each and every remedy shall be cumulative, and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. Section 8.9 Waiver of Default. No delay or omission of the Trustee or of any Bondholder to exercise any right or power shall be construed to be a waiver of any such default, or an acquiescence therein; and every power and remedy given by this Article 8 to the Trustee and the Bondholders, respectively, may be exercised from time to time, and as often as may be deemed expedient. Section 8.10 Application of Moneys After Default. The City covenants that if an Event of Default shall happen and shall not have been remedied, the Trustee shall apply moneys, securities and funds on deposit in the Funds and Accounts established pursuant to Article 6 or received by the Trustee pursuant to any right given or action taken under the provisions of this Section as follows and in the following order: (a) To the payment of the reasonable and proper fees, charges, expenses and liabilities of the Trustee, the Bond Registrar and any paying agent, including the fees and expenses of outside counsel for the Trustee, Bond Registrar and any paying agent and the payment of Administrative Expenses owed to the City or the Consultant. (b) To the payment of the principal and interest then due on the Series 2024 Bonds as follows: (i) first, to the payment to the persons entitled thereto of all interest then due or payable on the Series 2024 Bonds in the order of the maturity of such installments; (ii) second, to the payment to the persons entitled thereto of the unpaid installments of principal of any of the Series 2024 Bonds which have become due in the order of the maturity of such installments; and (iii) third, to the payment of amounts due and payable to the Bond Insurer, not paid pursuant to (i) and (ii) above. Whenever moneys are to be applied by the Trustee pursuant to the provisions of this paragraph, such moneys shall be applied by the Trustee at such times, and from time to time, as the Trustee in its sole discretion shall determine, having due regard for the amount of such moneys available for application and the likelihood of additional moneys becoming available for such application in the future. The deposit of such moneys with the paying agent, or otherwise setting aside such moneys, in trust for the proper purpose, shall constitute proper application by the Trustee; and the Trustee shall incur no liability whatsoever to the City, to any Bondholder or to any other person for any delay in applying any such funds, so long as the Trustee acts with reasonable diligence, having due regard to the circumstances, and ultimately applies the same in accordance with such provisions of this Indenture as may be applicable at the time of application by the Trustee. Whenever the Trustee shall exercise such discretion in applying such funds, it shall fix the date (which shall be an Interest Payment Date unless the Trustee shall deem another date more suitable) 38 51659324.8 upon which such application is to be made and upon such date interest on the amounts of principal paid on such date shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the fixing of any such date and of the endorsement to be entered on each Series 2024 Bond on which payment shall be made, and shall not be required to make payment to the holder of any unpaid Series 2024 Bond until such Series 2024 Bond shall be presented to the Trustee for appropriate endorsement, or some other procedure deemed satisfactory by the Trustee. Section 8.11 Bond Insurer Control. Anything in this Indenture to the contrary notwithstanding, upon the occurrence and continuance of an Event of Default as defined herein, the Bond Insurer shall be entitled to control and direct the enforcement of all rights and remedies granted to the Bondholders, or the Trustee for the benefit of the Bondholders, under this Indenture provided the Bond Insurer has not defaulted on any payments required by the terms of the Bond Insurance Policy. The Bond Insurer also shall be entitled to approve all waivers of Events of Default provided the Bond Insurer has not defaulted on any payments required by the terms of the Bond Insurance Policy. ARTICLE 9 TRUSTEE Section 9.1 Appointment of the Trustee. The Trustee hereunder is hereby constituted and appointed as the trustee of an express trust hereby created for the Bondholders. The further rights and duties of the Trustee are set forth in this Article 9. Section 9.2 Performance of Duties. The Trustee shall perform such duties and only such duties as are specifically set forth in this Indenture, using such care as a corporate trustee ordinarily would use in performing trusts under a corporate indenture or trust or depositary agreement. No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: (a) The duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee. (b) In the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificate or opinion furnished to the Trustee conforming to the requirements of this Indenture; but in the case of any such certificate or opinion which by any provision hereof is specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not it conforms to the requirements of this Indenture. (c) The Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Bond Insurer or the holders of not less than a majority (or such other percentage as is otherwise specifically required by the terms hereof) in aggregate principal amount of all the Series 2024 Bonds at the time outstanding 39 51659324.8 other than actions taken or omitted by the Trustee which are adjudicated to have resulted from the negligence of the Trustee. (d) None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur individual financial liability in the exercise of any of its rights or powers. (e) At any and all reasonable times, upon first providing 48 hours’ notice to the City, the Trustee, and its duly authorized agents, attorneys, experts, engineers, accountants and representatives, shall have the right fully to inspect any and all of the books, papers and records of the City pertaining to the Special Services and the Series 2024 Bonds, and to copy such memoranda from and in regard thereto as may be desired. (f) The Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers granted by this Indenture or otherwise in respect of the premises. (g) Notwithstanding anything elsewhere in this Indenture contained, the Trustee shall have the right, but shall not be required, to demand, in respect of the withdrawal of any cash or any action whatsoever within the purview of this Indenture, any showings, certificates, opinions, appraisals or other information or corporate action or evidence thereof, in addition to that by the terms hereof required as a condition of such action by the Trustee, reasonably necessary to establish the right of the City to the withdrawal of any cash or the taking of any other action by the Trustee. (h) Before taking any action under Section 8.2, the Trustee may require that a satisfactory indemnity bond or other security satisfactory to it be furnished by the party requesting that the Trustee take such action for the reimbursement of all expenses to which it may be put and to protect it against all liability, except liability which is adjudicated to have resulted from the negligence or willful default of the Trustee in connection with any action so taken or failure to act in accordance with this Indenture. (i) All moneys received by the Trustee or any paying agent shall, until used or applied or invested as herein provided, be held in trust for the purposes for which they were received. Section 9.3 Instruments Upon Which Trustee May Rely. Except as otherwise provided in paragraph (b) hereof: (a) The Trustee may rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties; (b) Any notice, request, direction, election, order or demand of the City mentioned herein shall be sufficiently evidenced by an instrument signed in the name of the City by an Authorized Officer (unless other evidence in respect thereof be herein specifically 40 51659324.8 prescribed); and any resolution of the Corporate Authorities may be evidenced to the Trustee by a copy thereof certified by the City Clerk under the City seal; (c) The Trustee may consult with reputable counsel (who may but need not be counsel for the City) and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by it hereunder in good faith and in accordance with the opinion of such counsel; (d) Whenever in the administration of the trusts under this Indenture, the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by a certificate of the City; and such certificate of the City shall, in the absence of negligence or bad faith on the part of the Trustee, be full warranty to the Trustee for any action taken or suffered by it under the provisions of this Indenture upon the faith thereof. Section 9.4 Trustee not Responsible for Recitals and Other Matters. The Trustee shall not be responsible in any manner whatsoever for the correctness of the recitals herein or in the Series 2024 Bonds (except the Trustee’s certificate of authentication thereon), all of which are made by the City solely; and the Trustee shall not be responsible or accountable in any manner whatsoever for or with respect to the validity or execution or sufficiency of this Indenture, or of any indenture supplemental hereto, or of the Bond Ordinance or the Series 2024 Bonds, or the sufficiency of the taxes levied to pay the principal of and interest on the Series 2024 Bonds, or for the security afforded hereby or for the validity of any securities at any time held hereunder, and the Trustee makes no representation with respect thereto. The Trustee shall not be accountable for the use or application by the City of the proceeds of any Series 2024 Bonds authenticated and delivered hereunder, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture. Section 9.5 Trustee May Acquire Series 2024 Bonds. The Trustee and its officers and directors may acquire and hold, or become the pledgee of, Series 2024 Bonds and may otherwise deal with the City in the manner and to the same extent and with like effect as though it were not Trustee hereunder. Section 9.6 Qualification of Trustee. There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States or any state thereof, authorized under such laws to exercise corporate trust powers, having a combined capital, surplus and undivided profits of at least $25,000,000, and subject to supervision or examination by federal or state authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority above referred to, then for the purposes of this paragraph the combined capital, surplus and undivided profits of such corporation shall be deemed to be its combined capital, surplus and undivided profits as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this paragraph, the Trustee shall resign immediately in the manner and with the effect specified in Section 9.7. 41 51659324.8 Section 9.7 Resignation or Removal of Trustee and Appointment of Successor. The Trustee may at any time resign by giving written notice to the City, the Bond Insurer, and the Bondholders by first class mail to the names and addresses shown on the list maintained by the Bond Registrar. Upon receiving such notice of resignation, the City shall promptly appoint a successor Trustee by an instrument in writing executed by order of the City. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Bondholder who has been a bona fide holder of a Series 2024 Bond or Series 2024 Bonds for at least six months may, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee. (a) In case at any time any of the following shall occur: (i) The Trustee shall cease to be eligible in accordance with the provisions of Section 9.6 and shall fail to resign after written request therefor by the City or by any Bondholder who has been a bona fide holder of a Series 2024 Bond or Series 2024 Bonds for at least six months, or (ii) The Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the City may remove the Trustee and appoint a successor Trustee by an instrument in writing executed by order of the City or any Bondholder may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trustee. (b) After the recurrence of an Event of Default, the Bond Insurer or the holders of a majority in aggregate principal amount of all the Series 2024 Bonds at the time outstanding may remove the Trustee and appoint a successor Trustee by an instrument or concurrent instruments in writing signed by the Bond Insurer or such Bondholders. Such successor Trustee shall be a corporation authorized under applicable laws to exercise corporate trust powers, may be incorporated under the laws of the United States or of any State within the United States. Such successor Trustee shall satisfy the minimum combined capital, surplus and undivided profits requirement set forth in Section 9.6. (c) Provided no Event of Default has occurred hereunder, the City may at any time remove the Trustee and appoint a successor Trustee by an instrument in writing signed by the City. (d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 9.7 shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 9.8. 42 51659324.8 Section 9.8 Concerning the Successor Trustee. Any successor Trustee appointed as provided in Section 9.7 shall execute, acknowledge and deliver to the City and to its predecessor Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of its predecessor in the trusts hereunder, with like effect as if originally named as Trustee herein; but nevertheless on the written request of the City or the request of the successor Trustee, the Trustee ceasing to act shall execute and deliver an instrument transferring to such successor Trustee, upon the trusts herein expressed, all the rights, powers and trusts of the Trustee so ceasing to act. Upon request of any such successor Trustee, the City shall execute any and all instruments in writing more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and duties. Any Trustee ceasing to act shall nevertheless be entitled to receive the amounts due it as compensation, reimbursement, expenses and indemnity afforded to it by this Article 9. No successor Trustee shall accept appointment as provided in this Section 9.8 unless at the time of such acceptance such successor Trustee shall be eligible under the provisions of Section 9.6. Upon the acceptance of appointment by a successor Trustee as provided in this Section 9.8, the City shall mail a copy of such notice to each person whose name appears as an owner of Series 2024 Bonds on the list maintained by the Bond Registrar. If the City fails to mail such notice within 10 days after acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of the City from amounts on deposit in the Administrative Expense Fund. Section 9.9 Monthly Statements. The Trustee shall provide to the Consultant and the City, or their designees, a monthly statement, commencing on 1, 2024, itemizing all moneys received by it and all payments made by it under this Indenture during the preceding monthly period and annual reports relating to the Funds and Accounts created under this Indenture and such other information relating to the Series 2024 Bonds and the Funds and Accounts maintained by the Trustee under this Indenture as the Purchaser, the Bond Insurer and the City shall reasonably request. ARTICLE 10 SUPPLEMENTAL INDENTURES Section 10.1 Supplemental Indentures Not Requiring Consent of Bondholders. The City by the Corporate Authorities, and the Trustee from time to time and at any time, subject to the conditions and restrictions in this Indenture contained including, without limitation, the provisions of Section 10.6 hereof, may pass and accept an indenture or indentures supplemental hereto, which indenture or indentures thereafter shall form a part hereof, for any one or more of the following purposes: (a) To add to the covenants and agreements of the City in this Indenture contained, other covenants and agreements thereafter to be observed or to surrender, restrict or limit any right or power herein reserved to or conferred upon the City; 43 51659324.8 (b) To grant to or confer upon the Trustee for the benefit of the owners of the Series 2024 Bonds any additional rights, remedies, powers, authority or security that may lawfully be granted to or conferred upon the owners or the Trustee; (c) To modify, amend or supplement this Indenture in such manner as to permit, if presented, the qualification of this Indenture under the Trust Indenture Act of 1939 or any similar federal statute then in effect or under any state blue sky law; and (d) To surrender any right, power or privilege reserved to or conferred upon the City by the terms of this Indenture, provided that the surrender of such right, power or privilege is not contrary to or inconsistent with the covenants and agreements of the City contained in this Indenture. (e) To issue refunding bonds subject to the limitations set forth in the Special Tax Roll and Report and the Establishing Ordinance. (f) To permit any other amendment that, in the judgment of the Trustee, is not materially adverse to the Trustee or the Holders. Any supplemental indenture authorized by the provisions of this Section 10.1 may be executed by the City, by the Corporate Authorities, and by the Trustee without the consent of the registered owners of any of the Series 2024 Bonds at the time outstanding, but only upon receipt of an opinion of bond counsel if requested pursuant to the provisions of Section 10.6, notwithstanding any of the provisions of Section 10.2, but the Trustee shall not be obligated to accept any provision of such supplemental indenture to the extent that it affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. Section 10.2 Supplemental Indentures Requiring Consent of Bondholders. With the consent (evidenced as provided herein) of the Bond Insurer and the registered owners of not less than a majority in aggregate principal amount of the Series 2024 Bonds, respectively, at the time outstanding, but only upon receipt of an opinion of bond counsel if requested pursuant to the provisions of Section 10.6, the City, by the Corporate Authorities may pass, and the Trustee may accept from time to time and at any time an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this indenture or of any supplemental indenture; provided that no such modification or amendment shall extend the maturity or reduce the principal of or the interest rate on or otherwise alter or impair the obligation of the City to pay the principal, interest or redemption premium, if any, at the time and place and at the rate and in the currency provided therein of any Series 2024 Bond without the express consent of the registered owner of such Series 2024 Bond or permit the creation of a preference or priority of any Series 2024 Bond or Series 2024 Bonds over any other Series 2024 Bond or Series 2024 Bonds or reduce the percentage of Series 2024 Bonds, respectively, required for the affirmative vote or written consent to an amendment or modification, or deprive the registered owners of the Series 2024 Bonds, respectively, (except as aforesaid) of the right to payment of the Series 2024 Bonds, respectively, from the Special Taxes and the Foreclosure Proceeds without the consent of the registered owners of all the Series 2024 Bonds (as the case may be) then outstanding. Upon receipt by the Trustee of a certified copy of such Indenture and upon the filing with the Trustee of evidence of the consent of the Bond Insurer and 44 51659324.8 Bondholders as aforesaid, the Trustee shall accept such supplemental indenture, but the Trustee shall not be obligated to accept any provision of such supplemental indenture to the extent that it affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. It shall not be necessary for the consent of the Bondholders under this paragraph to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. Promptly after the passage by the City and the acceptance by the Trustee of any supplemental indenture pertaining to the Series 2024 Bonds pursuant to the provisions of this paragraph, the City shall cause the Trustee to mail a notice by first class mail to the Bond Insurer and the Bondholders, setting forth in general terms the substance of such supplemental indenture, and that the supplemental Indenture has been consented to by the Bond Insurer and the requisite percentage of the Bondholders. Any failure of the City to give such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. Section 10.3 Supplemental Indenture to Modify this Indenture. Upon the execution of any supplemental indenture pursuant to the provisions of this Article 10, and upon receipt of the opinion of bond counsel if required by the provisions of Section 10.6, this Indenture shall be modified and amended in accordance therewith and the respective rights, duties and obligations under this Indenture of the City, the Trustee and all registered owners of Series 2024 Bonds, respectively, outstanding thereunder shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modification and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. Section 10.4 Trustee May Rely Upon Opinion of Counsel Re: Supplemental Indenture. The Trustee may receive an opinion of counsel as conclusive evidence that any supplemental indenture executed pursuant to the provisions of this Article 10 complies with the requirements of this Article 10. Section 10.5 Notation. Series 2024 Bonds authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may bear a notation, in form approved by the Trustee, as to any matter provided for in such supplemental indenture, and if such supplemental indenture shall so provide, new Series 2024 Bonds, so modified as to conform, in the opinion of the Trustee and the Corporate Authorities, to any modification of this Indenture contained in any such supplemental indenture, may be prepared by the City, authenticated by the Trustee and delivered without cost to the registered owners of the Series 2024 Bonds then outstanding, upon surrender for cancellation of such Series 2024 Bonds in equal aggregate principal amounts. Section 10.6 Opinion of Bond Counsel. Prior to the adoption of a supplemental indenture executed pursuant to the provisions of this Article 10 the Trustee shall give written notice by mail to the registered owners of all Series 2024 Bonds Outstanding at the addresses as set forth in the Register of the Series 2024 Bonds held by the Bond Registrar of the substance of the proposed supplemental indenture. If within 10 days of the Trustee’s mailing such notice any registered owner of the Series 2024 Bonds requests that an opinion of bond counsel be delivered to the effect 45 51659324.8 that such supplemental indenture will not adversely affect the exclusion from gross income of interest on the Series 2024 Bonds for federal income tax purposes, such supplemental indenture shall not become effective until such opinion has been delivered to the Trustee. ARTICLE 11 DEFEASANCE Section 11.1 Defeasance. (a) If the City shall pay or cause to be paid, or there shall otherwise be paid, to the Owners of all Series 2024 Bonds the principal or Redemption Price, if applicable, and interest due or to become due thereon, at the times and in the manner stipulated therein and in this Indenture, then the pledge of the Trust Estate, and all covenants, agreements and other obligations of the City to the Bondholders, shall thereupon cease, terminate and become void and be discharged and satisfied. In such event, the Trustee shall cause an accounting for such period or periods as shall be requested by the City to be prepared and filed with the City and, upon the request of the City, shall execute and deliver to the City all such instruments as may be desirable to evidence such discharge and satisfaction, and the Trustee shall pay over or deliver to the City all moneys or securities held pursuant to this Indenture which are not required for the payment of principal or Redemption Price, if applicable, of and interest on Series 2024 Bonds. If the City shall pay or cause to be paid, or there shall otherwise be paid, to the Owners of any Outstanding Series 2024 Bonds the principal or Redemption Price and interest due or to become due thereon, at the times and in the manner stipulated therein and in this Indenture, such Series 2024 Bonds shall cease to be entitled to any lien, benefit or security under this Indenture, and all covenants, agreements and obligations of the City to the Owners of such Bonds shall thereupon cease, terminate and become void and be discharged and satisfied. (b) Series 2024 Bonds or interest installments for the payment or redemption of which moneys shall have been set aside and shall be held in trust by the Trustee (through deposit by the City of funds for such payment or redemption or otherwise) at the maturity or redemption date thereof shall be deemed to have been paid within the meaning and with the effect expressed in subsection (a) of this Section 11.1. In addition, any Outstanding Series 2024 Bonds shall, prior to the maturity or redemption date thereof, be deemed to have been paid within the meaning and with the effect expressed in subsection (a) of this Section 11.1 upon compliance with the provisions of subsection (c) of this Section 11.1. (c) Subject to the provisions of subsection (d) of this Section 11.1, any Outstanding Series 2024 Bonds shall, prior to the maturity or redemption date thereof, be deemed to have been paid within the meaning and with the effect expressed in subsection (a) of this Section 11.1 if: (i) in case any of said Series 2024 Bonds are to be redeemed on any date prior to their maturity, the City shall have given to the Trustee irrevocable instructions accepted in writing by the Trustee to give as provided in Section 3.5 notice of redemption of such Bonds on said date; 46 51659324.8 (ii) there shall have been deposited with the Trustee either moneys in an amount which shall be sufficient or Defeasance Securities, the principal of and the interest on which when due will provide moneys which, together with the moneys, if any, deposited with the Trustee at the same time, shall be sufficient, to pay when due the principal or Redemption Price, if applicable, and interest due and to become due on said Series 2024 Bonds on or prior to the redemption date or maturity date thereof, as the case may be; and (iii) in the event said Series 2024 Bonds do not mature, are not by their terms subject to redemption or, under the plan of refunding applicable thereto, are not to be redeemed, in each case, within the next succeeding ninety (90) days, the City shall have given the Trustee in form satisfactory to it irrevocable instructions to give, as soon as practicable, by first-class mail, postage prepaid, to the owners of such Series 2024 Bonds at their last addresses appearing on the books of the City kept at the office of the Bond Registrar a notice that the deposit required by (ii) above has been made with the Trustee and that said Series 2024 Bonds are deemed to have been paid in accordance with this Section 11.1 and stating such maturity or redemption date upon which moneys are to be available for the payment of the principal or Redemption Price, if applicable, on said Series 2024 Bonds. In the event Defeasance Securities are deposited with the Trustee the City shall also provide a Verification verifying the sufficiency of the Defeasance Securities to pay the Series 2024 Bonds in full on the maturity or redemption date. (d) Anything in this Indenture to the contrary notwithstanding, any moneys held in trust for the payment and discharge of any of the Series 2024 Bonds which remain unclaimed for one year after the date when such Series 2024 Bonds have become due and payable, either at their stated maturity dates or by call for earlier redemption shall be repaid to the City, as its absolute property and free from trust, and the Trustee shall thereupon be released and discharged, with respect thereto and the Bondholders shall look only to the City for the payment of such Series 2024 Bonds; provided, however, that before being required to make any such payment to the City, the Trustee shall, at the expense of the City, give to the owners of such Series 2024 Bonds as to which any moneys remain unclaimed, by first class mail, postage prepaid, at the last address of such owners appearing on the books of the City kept at the office of the Bond Registrar, a notice that said moneys remain unclaimed and that, after a date named in said notice, which date shall be not less than thirty (30) days after the date of the mailing of such notice, the balance of such moneys then unclaimed will be returned to the City. (e) Upon the payment or defeasance of all outstanding Series 2024 Bonds as provided in this Article 11, the Trustee and the City shall execute a Satisfaction of Tax Lien for all Parcels for which a satisfaction of tax lien has not previously been delivered and the City shall file or cause to be filed such Satisfaction of Tax Lien with the Recorder of Deeds of Kendall County, Illinois. 47 51659324.8 ARTICLE 12 MISCELLANEOUS Section 12.1 Severability. If any provision of this Indenture shall be held or deemed to be illegal, inoperative or unenforceable under applicable law or interpreted in such manner as to be prohibited by or be held invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Indenture. Section 12.2 Notices. Except as otherwise provided in this Indenture, all notices, certificates or other communications hereunder shall be sufficiently given and shall be deemed given when personally delivered or mailed by certified mail, postage prepaid, or when sent by telecopy (receipt confirmed by telephone) or telegram, addressed as follows: If to the City: United City of Yorkville 651 Prairie Pointe Drive Yorkville, IL 60560 Attention: Mayor Telephone: (630) 553-4350 Bond Counsel: Saul Ewing LLP 161 North Clark St., Suite 4200 Chicago, IL 60601 Attention: Randall S. Kulat Telephone: (312) 876-7877 If to the Trustee: Amalgamated Bank of Chicago 30 North LaSalle Street, 38th Floor Chicago, IL 60602 Attention: Erika Forshtay Telephone: (312) 822-8361 Fax: (312) 541-6044 If to the Purchaser: D.A. Davidson & Co. 227 W. Monroe Street. Suite 5250 Chicago, IL 60606 Attention: Peter Raphael Telephone: (312) 525-2776 If to the Bond Insurer: With a copy to: 48 51659324.8 The Trustee agrees to accept and act upon instructions or directions pursuant to the Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. Section 12.3 Holidays. If any date for the payment of an amount hereunder or the taking of any other action required or permitted to be taken hereunder, is not a Business Day, then such payment shall be due, or such action shall or may be taken, as the case may be, on the first Business Day thereafter with the same force and effect as if done on the nominal date provided in this Indenture. Section 12.4 Execution of Counterparts. This Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Section 12.5 Applicable Law. This Indenture shall be governed by and construed in accordance with the internal laws of the State. Section 12.6 Immunity of Officers, Employees, Elected Officials of City. No recourse shall be had for the payment of the principal of or premium, if any, or interest on any of the Series 2024 Bonds or for any claim based thereon or upon any obligation, covenant or agreement contained in this Indenture or any agreement supplemental hereto, against any past, present or future Mayor, trustee or other officer, director, member, employee, attorney or agent of the City, or any incorporator, officer, director, member, trustee, employee or agent of any successor corporation or body politic, as such, either directly or through the City or any successor corporation or body politic, under any rule of law or equity, statute or constitution or by the enforcement of any assessment or penalty or otherwise, and all such liability of any such incorporators, officers, directors, trustees, members, employees or agents, as such, is hereby expressly waived and released as a condition of and consideration for the execution of this Indenture and the issuance of any of the Series 2024 Bonds. [Signature Page to Trust Indenture] 51659324.8 IN WITNESS WHEREOF, the United City of Yorkville, Illinois has caused these presents to be signed in its name and on its behalf by its Mayor and its corporate seal to be hereunto affixed and attested by its City Clerk and to evidence its acceptance of the trusts hereby created Amalgamated Bank of Chicago has caused these presents to be signed in its name and on its behalf by its Authorized Officer, its official seal to be hereunto affixed and the same to be attested by its Authorized Officer, all as of the day and year first above written. UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS By: Mayor [SEAL] Attest: By: City Clerk AMALGAMATED BANK OF CHICAGO, as Trustee By: Authorized Officer [SEAL] Attest: By: Authorized Officer A-1 51659324.8 EXHIBIT A UNITED CITY OF YORKVILLE SPECIAL SERVICE AREA NUMBER 2004-107 B-1 51659324.8 EXHIBIT B (Insert insurance disclaimer) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF KENDALL UNITED CITY OF YORKVILLE SPECIAL SERVICE AREA NUMBER 2004-107 SPECIAL TAX REFUNDING BOND, SERIES 2024 (RAINTREE VILLAGE II PROJECT) Bond No.: R-__ Principal Amount: $__________ Date of Bond: _________________ Interest Rate: _____% CUSIP: _________________ Date of Maturity: March 1, 20___ Registered Owner: Cede & Co. The United City of Yorkville, Kendall County, Illinois (the “City”), for value received, promises to pay to the Registered Owner specified above or registered assigns, upon presentation and surrender of this bond at the office of Amalgamated Bank of Chicago, Chicago, Illinois, as Trustee (the “Trustee”) the Principal Amount of this bond specified above on the Date of Maturity specified above and to pay the Registered Owner of this bond interest on that sum at the Interest Rate per year specified above from the Date of Bond specified above to the Date of Maturity specified above, payable semiannually on March 1 and September 1, with the first interest payment date being September 1, 2024. Interest shall be computed on the basis of a 360 day year of twelve 30 days months. Interest on this bond shall be payable on each interest payment date by check or draft of the Trustee mailed to the person in whose name this bond is registered at the close of business on the 15th day of the month preceding such interest payment date. During such time as this bond is registered so as to participate in a securities depository system with The Depository Trust Company (“DTC”), principal of and interest on this Bond shall be payable by wire transfer pursuant to instructions from DTC. The principal of, interest on and redemption premium on this bond are payable in lawful money of the United States of America. No interest shall accrue on this bond after its Date of Maturity unless this bond shall have been presented for payment at maturity and shall not then have been paid. This bond is one of an authorized issue of bonds in the aggregate principal amount of $__________ This bond and the issue of which it is a part (together, the “Series 2024 Bonds”) are issued pursuant to the provisions of the “Special Service Area Tax Law,” 35 ILCS §200/27 5, et seq., as amended, and the provisions of the Local Government Debt Reform Act, 30 ILCS §350/1, et seq., as amended, and the principal of and interest on the Series 2024 Bonds are payable from special taxes designated as Special Taxes (the “Special Taxes”) levied on all taxable real property within the United City of Yorkville Special Service Area Number 2004-107 (the “Special Service Area”) pursuant to a special tax roll. B-2 51659324.8 The Series 2024 Bonds are being issued for the purpose of paying a portion of refunding certain special service area bonds of the City, all as more fully described in an ordinance adopted by the Mayor and City Council of the City on March 12, 2024 as supplemented by a Bond Order executed pursuant thereto (collectively, the “Bond Ordinance”) and a Trust Indenture dated as of March 1, 2024 between the City and the Trustee (the “Indenture”), to all the provisions of which the holder by the acceptance of this bond assents. Terms not otherwise defined herein shall have the meanings ascribed to such terms in the Indenture. The Series 2024 Bonds, together with the interest thereon, are limited obligations of the City, payable solely from the collection of the Special Taxes and other moneys deposited in certain Funds and Accounts established pursuant to the Indenture. For the prompt payment of the principal of and interest on this bond the Special Taxes are hereby irrevocably pledged. THE SERIES 2024 BONDS DO NOT CONSTITUTE GENERAL OBLIGATIONS OF THE CITY AND NEITHER THE FULL FAITH AND CREDIT NOR THE UNLIMITED TAXING POWER OF THE CITY SHALL BE PLEDGED AS SECURITY FOR THE PAYMENT OF THE SERIES 2024 BONDS. [The Series 2024 Bonds maturing on March 1, ____ are subject to mandatory redemption, in part and randomly, at the Redemption Price equal to the principal amount thereof to be redeemed, without premium, on March 1 of the years and in the amounts as follows: Redemption Date March 1 Principal Amount The City covenants that it will redeem the Series 2024 Bonds pursuant to the mandatory sinking fund redemption requirements for the Series 2024 Bonds to the extent amounts are on deposit in the Bond and Interest Fund.] The Series 2024 Bonds maturing on and after March 1, ____ are subject to optional redemption prior to maturity at the option of the City, in whole or in part, on any date on or after March 1, , at a redemption price equal to the principal amount of the Bonds to be redeemed, plus accrued and unpaid interest to the date of redemption. Any optional redemption of Series 2024 Bonds shall be applied to the extent possible, to reduce pro rata the amount maturing [or required to be redeemed by mandatory sinking fund redemption] pursuant to the Indenture, and so as to maintain the proportion of principal maturing [or subject to mandatory sinking fund redemption] in each year to the total original principal amount of Series 2024 Bonds. The Series 2024 Bonds, are also subject to mandatory redemption on any interest payment date, in part, at a redemption price equal to the principal amount to be redeemed, together with accrued interest to the date fixed for redemption, without premium, from amounts in the Bond and Interest Fund consisting of the proceeds received by the City in connection with a condemnation of any of the special services or any other property owned by or dedicated to the City within the B-3 51659324.8 Special Service Area and allocable to the Series 2024 Bonds as determined by the Consultant and which proceeds are not used by the City to rebuild the Special Services. The Series 2024 Bonds are also subject to mandatory redemption on any March 1, June 1, September 1 or December 1, in part, from amounts available for disbursement from the Special Redemption Account and from amounts transferred from the Reserve Fund and the Special Reserve Fund to the Special Redemption Account in connection with optional prepayments of the Special Taxes, at a redemption price (expressed as a percentage of the principal amount of the Series 2024 Bonds to be redeemed), as set forth below, together with accrued interest on such Series 2024 Bonds to the date fixed for redemption: Redemption Dates Redemption Prices Any mandatory redemption of the Series 2024 Bonds in part from proceeds from condemnation or prepayments of the Special Taxes shall be applied to reduce pro rata the amount of Series 2024 Bonds maturing [or required to be redeemed by mandatory sinking fund redemption] pursuant to the Indenture, and so as to maintain the proportion of principal maturing [or subject to mandatory sinking fund redemption] in each year to the total original principal amount of Series 2024 Bonds. If less than all the Series 2024 Bonds of any maturity are to be redeemed on any redemption date by mandatory or optional redemption, written notice shall be given to the Trustee as provided in the Indenture. The Bond Registrar named below will assign to each Series 2024 Bond of the maturity to be redeemed a distinctive number for each $1,000 of principal amount of that Series 2024 Bond. The Bond Registrar will then select by lot from the numbers so assigned, using such method as it shall deem proper in its discretion, as many numbers as, at $1,000 per number, shall equal the principal amount of Series 2024 Bonds of that maturity to be redeemed; provided that following any redemption, no Series 2024 Bonds shall be outstanding in an amount less than the minimum Authorized Denomination except (a) as necessary to effect the mandatory sinking fund redemption of Series 2024 Bonds as provided in the Indenture, or (b) to effect a special mandatory redemption from optional prepayments when the total aggregate principal amount of Bonds outstanding is $5,000 or less. Notice of the redemption of any Series 2024 Bonds, which by their terms shall have become subject to redemption, will be given to the registered owner of each Series 2024 Bond called for redemption in whole or in part not less than 30 or more than 60 days before any date established for redemption of Series 2024 Bonds, by the Bond Registrar, on behalf of the City, by registered or certified mail sent to the registered owner’s last address, if any, appearing on the registration books kept by the Bond Registrar. All notices of redemption shall include at least the designation, B-4 51659324.8 date and maturities of Series 2024 Bonds called for redemption, CUSIP Numbers, if available, and the date of redemption. In the case of a Series 2024 Bond to be redeemed in part only, the notice will also specify the portion of the principal amount of the Series 2024 Bond to be redeemed. The mailing of the notice specified above to the registered owner of any Series 2024 Bond will be a condition precedent to the redemption of that Series 2024 Bond, provided that any notice which is mailed in accordance with the Indenture will be conclusively presumed to have been duly given whether or not the owner received that notice. The failure to mail notice to the owner of any Series 2024 Bond, or any defect in that notice, shall not affect the validity of the redemption of any other Series 2024 Bonds. With respect to an optional redemption of any Series 2024 Bonds, unless moneys sufficient to pay the principal of, redemption premium, if any, and interest on the Series 2024 Bonds to be redeemed shall have been received by the Trustee prior to the giving of such notice of redemption, such notice may, at the option of the City, state that said redemption shall be conditional upon the receipt of such moneys by the Trustee on or prior to the date fixed for redemption. If such moneys are not received, such notice shall be of no force and effect, the City shall not redeem such Series 2024 Bonds and the Trustee shall give notice, in the same manner in which the notice of redemption was given, that such moneys were not so received and that such Series 2024 Bonds will not be redeemed. This bond is negotiable, subject to the following provisions for registration and registration of transfer. The City maintains books for the registration and registration of transfer of Series 2024 Bonds at the office of the Trustee, as Bond Registrar. This bond is fully registered on those books in the name of its owner, as to both principal and interest, and transfer of this bond may be registered on those books upon surrender of this bond to the Bond Registrar by the registered owner or his or her attorney duly authorized in writing together with a written instrument of transfer satisfactory to the Bond Registrar duly executed by the registered owner or his or her duly authorized attorney. Upon surrender of this bond for registration of transfer, a new bond or bonds in the same aggregate principal amount and of the same maturity will be issued to the transferee as provided in the Indenture. This bond may be exchanged, at the option of the Registered Owner, for an equal aggregate principal amount of bonds of the same maturity of any other Authorized Denominations, upon surrender of this bond at the office of the Bond Registrar with a written instrument of transfer satisfactory to the Bond Registrar duly executed by the Registered Owner or his or her duly authorized attorney. For every exchange or registration of transfer of this bond, the City or the Bond Registrar may make a charge sufficient to reimburse it for any tax, fee or other governmental charge, other than one imposed by the City, required to be paid with respect to that exchange or registration of transfer, and payment of that charge by the person requesting exchange or registration of transfer shall be a condition precedent to that exchange or registration of transfer. No other charge may be made by the City or the Bond Registrar as a condition precedent to exchange or registration of transfer of this bond. The Bond Registrar shall not be required to exchange or register the transfer of any Series 2024 Bond following the close of business on the 15th day of the month preceding any interest B-5 51659324.8 payment date on such Series 2024 Bond, nor to transfer or exchange any Series 2024 Bond after notice calling such Series 2024 Bond for redemption has been mailed, nor during a period of 15 days next preceding mailing of a notice of redemption of any Series 2024 Bonds. The City, the Trustee and the Bond Registrar may deem and treat the registered owner of this bond as its absolute owner, whether or not this bond is overdue, for the purpose of receiving payment of the principal of or interest on this bond and for all other purposes, and neither the City, the Bond Registrar nor the Trustee shall be affected by any notice to the contrary. Payment of the principal of and interest on this bond shall be made only to its registered owner, and all such payments shall be valid and effective to satisfy the obligation of the City on this bond to the extent of the amount paid. All conditions which by law must have existed or must have been fulfilled in the issuance of this bond existed and were fulfilled in compliance with law. Provision has been made for the levy, collection and segregation of the Special Taxes sufficient to pay and discharge the principal of this bond at maturity and to pay interest on this bond as it falls due. The issuance of the Series 2024 Bonds by the City will not cause the City to exceed or violate any applicable limitation or condition respecting the issuance of bonds imposed by the law of the State of Illinois or by any Indenture, ordinance or resolution of the City. The Series 2024 Bonds are issued for purposes for which the City is authorized by law to issue bonds including but not limited to finance or refinance a portion of the costs of the special services to be provided to the Special Service Area, making deposits to a reserve fund, administrative expense fund and paying costs of the City in connection with the issuance of the Series 2024 Bonds. This bond shall not be valid for any purpose unless and until the certificate of authentication on this bond shall have been duly executed by the Trustee. [SIGNATURE PAGE TO FOLLOW] B-6 51659324.8 IN WITNESS WHEREOF, the United City of Yorkville, Kendall County, Illinois, by its Mayor and City Council, has caused this bond to be executed by the manual or facsimile signature of its Mayor and attested by the manual or facsimile signature of its City Clerk and has caused its corporate seal to be affixed to this bond (or a facsimile of its seal to be printed on this bond), all as of the Date of Bond specified above. UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS By: Mayor (SEAL) Attest: City Clerk B-7 51659324.8 CERTIFICATE OF AUTHENTICATION This bond is one of the bonds described in the Indenture authorizing the issuance of $__________ United City of Yorkville, Kendall County, Illinois Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project). AMALGAMATED BANK OF CHICAGO, as Trustee By: Authorized Signatory B-8 51659324.8 FORM OF ASSIGNMENT For Value Received, the undersigned sells, assigns and transfers to __________________ this bond and all rights and title under this bond, and irrevocably constitutes and appoints _________________________ attorney to transfer this bond on the books kept for registration of this bond. Dated: C-1 51659324.8 EXHIBIT C (The Above Space For Recorder’s Use Only) This Document was prepared by Saul Ewing LLP and after recording return to: Amalgamated Bank of Chicago Attn: Corporate Trust Department 30 North LaSalle Street, 38th Floor Chicago, Illinois 60602 SATISFACTION OF TAX LIEN The undersigned duly elected and acting Mayor of the United City of Yorkville, Kendall County, Illinois (the “City”), in consideration of the receipt of the sum of $_______, hereby acknowledges and certifies that special taxes levied and to be extended in accordance with the Special Tax Roll approved by the Mayor and City Council of the City pursuant to Ordinance No. 2005-90 (the “Establishing Ordinance”) are paid and the lien of such taxes satisfied with respect to the following lots in the City’s Special Service Area Number 2004-107 (the “SSA”) legally described on Exhibit A attached hereto: Lot PIN The undersigned further certifies that pursuant to Exhibit B to the United City of Yorkville Special Service Area Number 2004-107 Special Tax Roll and Report which is incorporated in the Establishing Ordinance as Exhibit F (the “Special Tax Roll and Report”), upon payment of the prepayment amount as calculated pursuant to the Special Tax Roll and Report, the Consultant shall cause the satisfaction of tax lien to be recorded within 30 working days of receipt of the prepayment. Dated: ______________, 20___ UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS Authorized Officer Approved by: Consultant C-2 51659324.8 The Trustee hereby acknowledges receipt of the sum of $ _______________. AMALGAMATED BANK OF CHICAGO, as Trustee By: C-3 51659324.8 STATE OF ILLINOIS ) ) SS. COUNTY OF KENDALL ) I, _________________________, a Notary Public in and for such County and State aforesaid, do hereby certify that ______________________________, personally known to me to be the ______________________ of the United City of Yorkville, Kendall County, Illinois, whose name is subscribed to the foregoing Satisfaction, appeared before me this day in person and acknowledged that as such officer he signed and delivered the foregoing Satisfaction as such officer of the United City of Yorkville, Illinois, as his free and voluntary act, and as the free and voluntary act and deed of such City, for the uses and purposes therein set forth. Given under my hand and notarial seal, this ____ day of ___________, 20___. Notary Public Commission expires _____________ ___, 20___ D-1 51659324.8 EXHIBIT D COSTS OF ISSUANCE DISBURSEMENT REQUEST TO: Amalgamated Bank of Chicago Attn: Corporate Trust Department 30 North LaSalle Street, 38th Floor Chicago, Illinois 60602 RE: $__________ United City of Yorkville, Kendall County, Illinois Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) Amount Requested: Total Disbursements to Date: 1. Each obligation for which a disbursement is hereby requested is described in reasonable detail in Schedule I hereto together with the name and address of the person, firm, or corporation to whom payment is due and any other payment instructions. 2. The bills, invoices, or statements of account for each obligation referenced in Schedule I are attached hereto as Schedule II. 3. The City hereby certifies that: a. This written requisition is for payment of costs in connection with the issuance of the above-referenced Series 2024 Bonds and the specific purpose for which this request is made is described in Schedule I. b. Payment instructions sufficient to make the requested payment are set forth in Schedule I. c. No portion of the amount being requested to be disbursed was set forth in any previous request for disbursement. 4. All capitalized terms herein shall have the meanings assigned to them in the Trust Indenture for the above-referenced Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) dated as of March 1, 2024 by and between the United City of Yorkville, Kendall County, Illinois and Amalgamated Bank of Chicago, as Trustee. By: Authorized Signatory 51642736.6 Exhibit C Form of Bond Purchase Agreement (See attached) 4859-0325-5201.4 $__________ United City of Yorkville, Illinois Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) BOND PURCHASE AGREEMENT __________, 2024 United City of Yorkville, Illinois 651 Prairie Pointe Drive Yorkville, Illinois 60560 Ladies and Gentlemen: The undersigned, D.A. Davidson & Co. (the “Underwriter”), offers to enter in to the following agreement (this “Contract”) with the United City of Yorkville, Kendall County, Illinois (the “City”), which upon acceptance by the City will be binding upon each of the City and the Underwriter. Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Indenture (as hereinafter defined) and the Official Statement (as hereinafter defined). This offer is made subject to acceptance by the City on or before 1:00 P.M., Chicago time, on the date hereof, and, if not so accepted, will be subject to withdrawal by the Underwriter upon notice delivered to the City at the address set forth above at any time prior to the acceptance hereof by the City. This offer is also subject to the following provisions: 1. Definitions. For purposes of this Contract, the following terms have the meanings specified in this section, unless another meaning is plainly intended: (A) “Act” means the Special Service Area Tax Law of the State of Illinois, 35 ILCS 200/27-5 et seq., as amended. (B) “Administrative Services Agreement” means the Administrative Services Agreement dated __________, 2024, between the City and DTA. (C) “Ancillary Documents” means the Establishing Ordinance, the Bond Ordinance, the Bond Order, the Indenture, the Tax Certificate, the Official Statement, the Continuing Disclosure Agreement, the Administrative Services Agreement and all other agreements and certificates executed and delivered in connection with the issuance and sale of the Bonds. (D) “Area” means the United City of Yorkville Special Service Area Number 2004-107 created pursuant to the Establishing Ordinance. (E) “Bond Insurer” means __________. 2 4859-0325-5201.4 (F) “Bond Insurance Policy” means the bond insurance policy relating to the Bonds substantially in the form attached as an Appendix to the Official Statement. (G) “Bond Ordinance” means Ordinance No. 2024-__ of the City adopted at a meeting of the corporate authorities of the City on __________, as relating to the Bonds, as amended including the Bond Order executed pursuant thereto. (H) “Bonds” means the interest-bearing, tax exempt obligations issued by the City pursuant to the Bond Ordinance and called the United City of Yorkville, Kendall County, Illinois, Special Service Area No. 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project). (I) “Business Day” means any day other than a Saturday, Sunday, legal holiday or a day on which banking institutions are required or authorized by law to be closed in the City of Chicago or the State of Illinois or a day on which the New York Stock Exchange is closed. (J) “City” means the United City of Yorkville, Kendall County, Illinois. (K) “Closing” means the Closing as defined in Section 2(B) herein held on the Closing Date. (L) “Closing Date” means __________, 2024, or such earlier or later date as the City and the Underwriter shall mutually agree upon and refers to the date on which the transaction by which the City causes the Trustee to deliver the Bonds to the Underwriter and the Bonds are paid for by the Underwriter pursuant to this Contract. (M) “Code” means the Internal Revenue Code of 1986, as amended. (N) “Continuing Disclosure Agreement” means the Continuing Disclosure dated the date of the Closing Date between the City and Amalgamated Bank of Chicago. (O) “Contract” means this Bond Purchase Agreement. (P) “Establishing Ordinance” means Ordinance No. No. 2005-90, adopted at a meeting held on November 22, 2005, by the corporate authorities of the City for Special Service Area Number 2004-107. (Q) “Governmental Body” means any federal, state, municipal, or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign. (R) “Indenture” means the Trust Indenture dated as of __________ 1, 2024 between the City and the Trustee and any amendments and supplements thereto, pursuant to which the Bonds will be issued. (S) “Official Statement” means the Official Statement of the City (including each Appendix thereto) relating to the Bonds. 3 4859-0325-5201.4 (T) “Pledged Funds” mans the Special Tax and the moneys and funds pledged to the payment of the Bonds pursuant to the Bond Ordinance and Indenture. (U) “Preliminary Official Statement” means the Preliminary Official Statement of the City (including each Appendix thereto) relating to the Bonds dated __________, 2024. (V) “Prior Bonds” means the $9,400,000 Special Service Area Number 2004- 107 Special Tax Bonds, Series 2005 (Raintree Village II Project). (W) “Reserve Fund Surety Policy” means the Reserve Fund Surety Policy issued by the Bond Insurer for deposit to the credit of the Reserve Fund (X) “Special Tax Roll and Report” means the SSA Number 2004-107 Special Tax Roll. (Y) “Tax Certificate” means the Tax Certificate as to Arbitrage and Compliance with Provisions of Section 103(a) of the Internal Revenue Code of 1986, as amended, dated the Closing Date, executed by the City and the Trustee in connection with the Bonds and the refunding of the Prior Bonds. (Z) “Trustee” means Amalgamated Bank of Chicago, as Trustee under the Indenture. (AA) “Underwriter” means D.A. Davidson & Co. 2. Purchase and Sale of the Bonds. (A) Sale of Bonds. Upon the terms and conditions and upon the basis of the representations, warranties and agreements herein, the Underwriter hereby agrees to purchase from the City, and the City hereby agrees to sell to the Underwriter for such purpose, all, but not less than all, of the $__________ aggregate principal amount of the Bonds, at a purchase price equal to $__________, representing the principal amount of the Bonds of $__________ plus net original issue premium of $__________ less Underwriter’s discount of $__________. The Bonds shall be issued pursuant to the Bond Ordinance and the Indenture. The Bonds shall be dated, shall mature on such dates and in such amounts, shall bear interest at such rates, shall be offered at the initial offering prices as described in Schedule I attached hereto, and shall be subject to such other terms and conditions, all as described in the Official Statement, the Bond Ordinance and the Indenture. (B) Closing. The purchase and sale of the Bonds shall take place on the Closing Date at the offices of Saul Ewing, LLP, Chicago, Illinois. At the Closing, as defined below, the Underwriter will accept the delivery of the Bonds duly executed by the City, together with other documents herein mentioned, and will make payment therefor as provided here in by immediately available funds payable to the order of the Trustee for the account of the City. The payment for the Bonds and delivery of the Bonds, as herein described, is herein called the “Closing.” 4 4859-0325-5201.4 3. City’s Pre-Closing Deliveries. (A) Prior to the Closing Date, the City shall have delivered or caused to be delivered to the Underwriter an executed copy of the Official Statement, executed on behalf of the City by its Mayor. (B) Prior to the Closing Date, the City shall have delivered or caused to be delivered to the Underwriter a certified copy of the Establishing Ordinance, the Bond Ordinance, and such other ordinances of the City which shall include the authorization of the execution, delivery and performance of this Contract, the Bonds and the other Ancillary Documents to which the City is a party, among other things, together with such reasonable number of copies of each of the foregoing as the Underwriter shall request. (C) The City hereby authorizes any and all of the material described above in Subsections A and B of this Section 3 and the Ancillary Documents, the information contained in the Official Statement and the Bond Ordinance and all other instruments, documents and agreements delivered pursuant to Section 8 of this Contract or in connection with the transactions contemplated hereby, for use in connection with the offering and sale of the Bonds. The City hereby ratifies, approves, and consents to the use and distribution by the Underwriter, prior to the date hereof, of the Preliminary Official Statement and hereby ratifies, approves and consents to the use of the Official Statement after the date hereof in connection with the offering and sale of the Bonds. The City deems final the Preliminary Official Statement for purposes of Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. The City hereby agrees to furnish such information, execute such instruments and take such other action at the expense of and in cooperation with the Underwriter as the Underwriter may deem reasonably necessary in order to qualify the Bonds for offering and sale under the “Blue Sky” or other securities laws and regulations of such states and other jurisdictions of the United States as the Underwriter may designate; provided, however, that the City shall not be required to execute a special or general consent to service of process or qualify as a foreign corporation in connection with any such qualification in any jurisdiction. 4. Representations and Warranties of the City. The City represents and warrants to and agrees with the Underwriter that: (A) City. The City is a non-home rule unit, municipal corporation duly organized and validly existing and is in good standing under the laws and the Constitution of the State of Illinois. The City is authorized and empowered by the Act and the Bond Ordinance and such other ordinances of the City as have been duly adopted by the City, to enter into the transactions contemplated by this Contract, the Bond Ordinance, the Official Statement, and the Ancillary Documents to which the City is or is to be a party. The adoption of each of the Bond Ordinance and the Establishing Ordinance and the execution, delivery and performance by the City of this Contract, the Ancillary Documents to which the City is or is to be a party and the issuance of the Bonds are within the legal right, power and authority of the City, have been duly and validly authorized by all necessary proceedings of the City, and such execution, delivery and performance by the City as of the date of this Contract and as of the Closing Date do not and will not contravene, or constitute a breach of or default (with due notice or the passage of time or both) 5 4859-0325-5201.4 under, any provision of law, ordinance or regulation applicable to the City, or any provision of the municipal code or other rules and procedures of the City, or any judgment, order, decree, agreement or instrument binding on it or, except as described in the Official Statement, result in the creation of any lien or other encumbrance on any asset of the City. This Contract and the Bond Ordinance each constitute, and the Ancillary Documents to which the City is or is to be a party, when executed and delivered by the City and any other parties thereto, will constitute valid and binding agreements of the City enforceable against the City in accordance with their respective terms, except to the extent limited by bankruptcy, reorganization, or other similar laws affecting creditors’ rights generally and by the availability of equitable remedies, and the Bonds, when issued and delivered by the City in accordance with this Contract and the Bond Ordinance, will have been duly authorized and issued and will constitute valid and binding obligations of the City enforceable against the City in accordance with their terms, except to the extent limited by bankruptcy, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally and by the availability of equitable remedies. When delivered to and paid for by the Underwriter at the Closing in accordance with the provisions of this Contract, the Bonds will conform in all material respects to the description thereof contained in the Official Statement. (B) Use of Proceeds. The City will not take or omit to take any action which will in any way cause or result in the proceeds from the sale of the Bonds being applied other than as provided in the Bond Ordinance or the Indenture and as described in the Official Statement. Such proceeds will not be used by the City in a manner that would cause the Bonds or the Prior Bonds to be “arbitrage bonds” within the meaning of the Code, or any successor thereto, and the applicable regulations promulgated or proposed thereunder. (C) Governmental Authorization. All authorizations, consents and approvals of any Governmental Body required in connection with the execution and delivery by the City of, or in connection with the performance by the City of its obligations under, the Bonds, the Bond Ordinance and the Establishing Ordinance, this Contract, or the Ancillary Documents to which the City is or is to be a party, have been obtained and are in full force and effect, or will be obtained prior to Closing and will be in full force and effect as of the Closing Date. (D) Official Statement. The descriptions and information contained in the Preliminary Official Statement and in the Official Statement under the captions “INTRODUCTORY STATEMENT,” “THE BONDS” (other than information under the sub- caption “- Book Entry Only System”), “PLAN OF FINANCE,” “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS” (other than information under the sub-caption “- Value to Lien Ratio”), “THE AREA.” “THE CITY,” “THE SPECIAL SERVICE AREA AND THE SPECIAL TAX,” “LEGAL OPINIONS,” “CONTINUING DISCLOSURE,” “NO LITIGATION,” “BOND RATING,” “MISCELLANEOUS” and “AUTHORIZATION” and in Appendices A, B and D thereto (collectively, the “City Information”) are, and as of the date of the Closing, will be, true and correct in all material respects and such descriptions and information in the Official Statement, as of its date and as of the Closing Date will not contain an untrue, incorrect or misleading statement of a material fact; and such descriptions and information in the Official Statement do not, as of its date and as of the Closing Date will not omit to state a material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading. 6 4859-0325-5201.4 (E) No Liens or Encumbrances. Other than as specifically set forth in the Official Statement, there are no existing liens, claims, charges or encumbrances on or rights to any funds, revenues or interests pledged pursuant to the Bond Ordinance and the Indenture which are senior to, or on a parity with, the claims of the holders of the Bonds. Other than as specifically disclosed in the Official Statement, the City has not entered into any contract or arrangements of any kind, and there is no existing, pending, threatened, or anticipated event or circumstance that might give rise to any lien, claim, charge or encumbrance on or right to the assets, properties, funds, or interests pledged pursuant to the Bond Ordinance and the Indenture which would be prior to, or on a parity with, the claims of the holders of the Bonds. The City is lawfully entitled to receive, pledge and assign all amounts or revenues which have been pledged or assigned as security for the payment of the principal of and interest on the Bonds. (F) No Litigation. Except as described in the Official Statement, as of the date of this Contract and as of the Closing Date (i) there is no action, suit, proceeding or investigation, at law or in equity, before or by any court or any governmental agency or public board or body, pending against the City or, to the knowledge of the City, threatened against the City, to restrain or enjoin, or threatening or seeking to restrain or enjoin, the issuance, sale or delivery of the Bonds or the delivery by the City of any of the Ancillary Documents to which the City is a party, or the collection of Pledged Funds, or in any way contesting or affecting the validity of the Bonds or the Prior Bonds, or any of the Ancillary Documents to which the City is a party, or in any way questioning or affecting (w) the proceedings under which the Bonds are to be issued or the Prior Bonds were issued, (x) the validity or enforceability of any provision of the Bonds, the Bond Ordinance and the Establishing Ordinance or this Contract or any Ancillary Documents, (y) the authority of the City to collect the Pledged Funds, or to perform its obligations hereunder or with respect to the Bonds or the Prior Bonds, or to consummate any of the transactions set forth in the Ancillary Documents to which it is or is to be a party as contemplated hereby or by the Bond Ordinance, the Indenture, or the Official Statement, (z) the legal existence of the City, or the title of its Mayor, Aldermen or officers to their offices, and (ii) there is no action, suit, proceeding or investigation, at law or in equity, before or by any court or any governmental agency or public board or body, pending against the City or, to the knowledge of the City, threatened against the City, involving any of the property or assets within the City, which may result in any material adverse change in the Pledged Funds, assets or the financial condition of the City. (G) Certificates. Any certificate signed by an authorized officer of the City and delivered to the Underwriter and/or the Trustee shall be deemed a representation and covenant by the City to the Underwriter and/or the Trustee as to the statements made therein. (H) The Ordinances. Each of the Bond Ordinance and the Establishing Ordinance is in full force and effect, and has not been amended, modified, revoked or repealed. [The City covenants to adopt an abatement ordinance abating the Special Tax levied to pay the Prior Bonds at the first meeting held subsequent to the issuance of the Bonds and to file such abatement ordinance with the County Clerk of Kendall County.] 7 4859-0325-5201.4 5. Reserved. 6. Representations, Warranties and Agreements of the Underwriter. The Underwriter represents and warrants to and agrees with the City that: (A) Public Offering. The Underwriter intends to make a bona fide initial public offering of all the Bonds at prices no higher than, or yields not lower than, those shown in the Official Statement. The Underwriter reserves the right to lower such initial offering prices as it deems necessary in connection with the marketing of the Bonds. The Underwriter may offer and sell the Bonds to certain dealers (including dealers depositing the Bonds into investment trusts) and others at prices lower than the initial public offering price or prices set forth in the Official Statement. The Underwriter also reserves the right to: (i) over-allot or effect transactions which stabilize or maintain the market price of the Bonds at levels above those that might otherwise prevail in the open market and (ii) discontinue such stabilizing, if commenced, at any time without prior notice. (B) Official Statement. The descriptions and information contained in the Official Statement under the caption “UNDERWRITING” are, and as of the date of the Closing will be, true and correct in all material respects and such descriptions and information in the Official Statement, as of its date and as of the Closing Date, will not contain an untrue, incorrect or misleading statement of a material fact; and such descriptions and information in the Official Statement do not, as of its date and as of the Closing Date will not omit to state a material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading. 7. Termination of the Purchase Contract. The Underwriter shall have the right to cancel Underwriter’s obligations to purchase the Bonds, if, between the date hereof and the date of Closing, (i) legislation shall be enacted, or actively considered for enactment, by the Congress or recommended by the President of the United States to the Congress for passage, or favorably reported for passage to either House of the Congress by any committee of such House to which such legislation has been referred for consideration, a decision by a court of the United States or the United States Tax Court shall be rendered, or a ruling, regulation or Official Statement by or on behalf of the Treasury Department of the United States, the Internal Revenue Service or other agency or department of the United States shall be made or proposed to be made which has the purpose or effect, directly or indirectly, of imposing federal income taxes upon interest on the Bonds; (ii) any other action or event shall have transpired which has the purpose or effect, directly or indirectly, of materially adversely affecting the federal income tax consequences of any of the transactions contemplated in connection herewith or contemplated by the Official Statement, or, in the reasonable opinion of the Underwriter, such action or event pertaining to the federal income tax consequences referenced above materially adversely affects the market for the Bonds or the sale, at the contemplated offering price or prices (or yield or yields), by the Underwriter of the Bonds; (iii) legislation shall be enacted, or actively considered for enactment by the Congress, with an effective date on or prior to the date of Closing, or a decision by a court of the United States shall be rendered, or a ruling or regulation by the Securities and Exchange Commission or other governmental agency having 8 4859-0325-5201.4 jurisdiction over the subject matter shall be made, the effect of which is that (A) the Bonds are not exempt from the registration, qualification or other requirements of the Securities Act of 1933, as amended and as then in effect, or the Securities Exchange Act of 193 4, as amended and as then in effect, or (B) the Indenture is not exempt from the registration, qualification or other requirements of the Trust Indenture Act of 1939, as amended and as then in effect; (iv) a stop order, ruling or regulation by the Securities and Exchange Commission shall be issued or made, the effect of which is that the issuance, offering or sale of the Bonds, as contemplated herein and in the Official Statement, is in violation of any provision of the Securities Act of 1933, as amended and as then in effect, the Securities Exchange Act of 1934, as amended and as then in effect, or the Trust Indenture Act of 1939, as amended and as then in effect; (v) there shall occur any event which in the reasonable judgment of the Underwriter either (A) makes untrue, incorrect or misleading in any material respect any statement or information contained in the Official Statement or (B) is not reflected in the Official Statement but should be reflected therein in order to make the statements and information contained therein not misleading in any material respect and, in either such event, the City refuses to permit the Official Statement to be supplemented to correct or supply such statement or information, or the effect of the Official Statement as so corrected or supplemented is such as, in the reasonable judgment of the Underwriter, would materially adversely affect the market for the Bonds or the sale, at the contemplated offering price, by the Underwriter of the Bonds; (vi) there shall occur any outbreak of hostilities or any regional, national or international calamity or crisis or a financial crisis and the effect is such as, in the reasonable judgment of the Underwriter, would materially adversely affect the market for or the marketability of the Bonds or obligations of the general character of the Bonds; (vii) a general suspension of trading on the New York Stock Exchange is in force; (viii) a general banking moratorium is declared by federal or state authorities; (ix) there occurs any material adverse change in the affairs, operations or financial conditions of the City, except as set forth or contemplated in the Official Statement; (x) the Official Statement is not executed, approved and delivered in accordance with Section 3 above; (xi) in the reasonable judgment of the Underwriter, the market price of the Bonds, or the market price generally of obligations of the general character of the Bonds, might be adversely affected because: (A) additional material restrictions not in force as of the date hereof shall have been imposed upon trading in securities generally by any governmental authority or by any national securities exchange, or the New York Stock Exchange or other national securities exchange, or any governmental authority, shall impose, as to the Bonds or similar obligations, any material restrictions not now in force, or increase materially those now in force, with respect to the extension of credit by, or the charge to the net capital requirements of, underwriters; (xii) a war involving the United States of America shall have been declared, or any conflict involving the armed forces of any country shall have escalated, or any other international, national or regional emergency relating to or affecting the effective operation of government or the financial community shall have occurred, which, in the reasonable judgment of the Underwriter, materially adversely affects the market for the Bonds or of obligations of the general character of the Bonds; (xiii) any litigation shall be instituted, pending or threatened to restrain or enjoin the issuance, sale or delivery of the Bonds or in any way protesting or affecting any authority for or the validity of the Bonds, the Bond Ordinance, the existence or powers of the City, or any event described or contemplated by the Official Statement; (xiv) there shall have occurred a default with respect to the debt obligations of, or the institution of proceedings under any federal bankruptcy laws by or against, any state of the United States or any city or political subdivision of any state, the effect of 9 4859-0325-5201.4 which, in the reasonable judgment of the Underwriter, would materially adversely affect the ability of the Underwriter to market the Bonds. 8. Conditions of Closing. The Underwriter’s obligation to purchase the Bonds under this Contract is subject to the performance by the City of its obligations hereunder at and prior to the Closing Date, to the accuracy, in the reasonable discretion of the Underwriter, of the representations and warranties of the City contained herein as of the Closing Date, and, in the reasonable discretion of the Underwriter, to the following conditions, including the delivery of such documents as are enumerated herein in form and substance satisfactory to the Underwriter and its counsel as of the Closing Date: (A) Ordinances in Effect and City in Compliance Therewith. At the time of the Closing (i) each of the Bond Ordinance and the Establishing Ordinance shall be in full force and effect, and shall not have been amended, modified or supplemented since the date hereof, except as may have been agreed to in writing by the Underwriter, and the City shall have duly adopted and there shall be in full force and effect such additional ordinances or agreements as shall be, in the opinion of Bond Counsel, necessary in connection with the transactions contemplated hereby and (ii) the City shall perform or have performed all of its obligations required under or specified in this Contract with regard to the Bonds or the Bond Ordinance to be performed at, simultaneously with or prior to the Closing. (B) Opinions of Bond Counsel. The Underwriter shall have received an unqualified approving legal opinion substantially in the form of Appendix C to the Official Statement and a supplemental legal opinion substantially in the form of Exhibit A hereto, each dated the Closing Date, from Saul Ewing, LLP, Bond Counsel, satisfactory to the Underwriter in its reasonable discretion. (C) Opinion of Underwriter’s Counsel. The Underwriter shall have received an opinion dated the Closing Date, addressed to the Underwriter, from Foley & Lardner LLP, satisfactory to the Underwriter in its reasonable discretion. (D) Opinion of Counsel to the City. The Underwriter shall have received a favorable opinion dated the Closing Date, addressed to the Underwriter, Bond Counsel and the Trustee, from Ottosen DiNolfo Hasenbalg & Castaldo, Ltd., counsel to the City, satisfactory to the Underwriter in its reasonable discretion, substantially in the form of Exhibit B hereto. (E) Continuing Disclosure. An executed copy of the Continuing Disclosure Agreement substantially in the form attached to the Official Statement shall have been executed and delivered by the City and the Dissemination Agent named therein. (F) Performance: No Default. The City shall have performed and complied with all agreements and conditions herein required to be performed or complied with by the City prior to or on the Closing Date, and at the time of the Closing no event of default or default shall have occurred and be continuing with respect to the Ancillary Documents or the Bonds. 10 4859-0325-5201.4 (G) Ancillary Documents. At the Closing Date, (i) all of the Ancillary Documents shall be in full force and effect, shall have been duly executed and copies delivered to the Underwriter by, and shall constitute valid and binding agreements of, the parties thereto, shall not have been amended, modified or supplemented except as may have been agreed to in writing by the Underwriter and there shall be no defaults or events of default thereunder and (ii) the proceeds of the sale of the Bonds shall be applied or deposited with the Trustee for application as described in the Bond Ordinance, the trust indenture for the Prior Bonds and the Official Statement. (H) Closing Certificate of City. The City shall have delivered to the Underwriter a certificate dated the Closing Date, addressed to the Underwriter and the Trustee signed by the Mayor in form and substance reasonably satisfactory to the Underwriter. (I) The Bonds. The Bonds shall have been duly authorized, executed, authenticated, delivered, and the proceeds from the sale thereof applied, in accordance with the provisions of the Bond Ordinance and the Indenture (J) Trustee’s Certificate. The Underwriter shall have received a certificate dated the Closing Date of an authorized officer of the Trustee, addressed to the Underwriter reasonably acceptable in form and substance to the Underwriter. (K) Form 8038-G. The Underwriter shall have received a copy of the completed Form 8038-G of the Internal Revenue Service executed by the City. (L) Officers’ Certificates. The Underwriter shall have received any and all certificates required to be furnished by the provisions of any Ancillary Document to be obtained or furnished by the City at or prior to Closing. (M) Specimen Bonds. The Underwriter shall have received specimen Bonds. (N) Certified Copies of Ordinances. The Underwriter shall have received certified copies of the Bond Ordinance and the Establishing Ordinance. The Bond Ordinance shall include authorization for execution and delivery of this Contract. The Bond Ordinance shall have been filed with the County Clerk of Kendall County. The form of an abatement ordinance abating the Special Tax levied for the Prior Bonds shall be delivered to the Underwriter. (O) Bond Insurance Policy and Reserve Fund Policy. The Underwriter shall have received evidence of the issuance of the Bond Insurance Policy in the form of the specimen policy attached as Appendix C to the Official Statement and the Reserve Fund Policy, in form and substance satisfactory to the Underwriter, which Bond Insurance Policy and the Reserve Fund Policy shall be in full force and effect as of the Closing. (P) Opinion of Bond Insurer’s Counsel. The Underwriter shall have received an opinion of counsel to the Bond Insurer, dated the date of the Closing and addressed to the City and the Underwriter regarding the validity of the Bond Insurance Policy and Reserve Fund Policy and the accuracy and completeness of the Official Statement as to the Bond Insurer. (Q) Special Tax Roll and Report. The Underwriter shall have received a copy of the Special Tax Roll and Report substantially in the form attached to the Official Statement. 11 4859-0325-5201.4 (R) Special Tax Roll and Report Consent. The Underwriter shall have received from the preparer of the Special Tax Roll and Report a letter dated the Closing Date, addressed to the Underwriter regarding such preparer’s qualifications and the preparer’s consent to the inclusion of the Special Tax Roll and Report in the Official Statement. (S) Ratings. The Underwriter shall have received evidence that the Bonds have received an insured rating of “__” from Standard & Poor’s Ratings Group. (T) Additional Opinions, Certificates, etc. The Underwriter shall have received such additional legal opinions, certificates, proceedings, instruments and other documents as the Underwriter, the City or their respective counsel may deem reasonably necessary or desirable. All of the opinions, letters, certificates, instruments and other documents mentioned in this Contract shall be deemed to be in compliance with the provisions of this Contract only if in the reasonable judgment of the Underwriter, they are satisfactory in form and substance. If there shall be a failure to satisfy the conditions of the Underwriter’s obligations contained in this Contract or if the Underwriter’s obligations to purchase the Bonds shall be terminated for any reason permitted by this Contract, this Contract shall terminate, and the Underwriter and the City shall not have any further obligations hereunder, except for the obligations set forth in Section 10 hereof which shall remain in full force and effect. 9. Changes Affecting the Official Statement. At any time prior to the Closing, the City agrees to supplement or amend the Official Statement whenever requested by the Underwriter when, in the reasonable judgment of the Underwriter and the City, such supplement or amendment is required. No amendment or supplement to the Official Statement shall be made without the approval of the Underwriter. After the Closing and so long as the Underwriter or any participating dealer shall be offering Bonds, but not later than 90 days after the date of this Contract, if any event shall occur as a result of which it is necessary to amend or supplement the Official Statement in order to make the statements therein, in light of the circumstances under which they are mad, e not misleading, the City will so advise the Underwriter. ln any such case, the City shall cooperate in the preparation, execution and delivery of either amendments to the Official Statement or supplemental information so that the statements in the Official Statement, as so amended or supplemented will not, in light of the circumstances under which such statements were made, be misleading. The cost of providing such amendments or supplements shall be paid by the City which costs may be reimbursed from amounts made available under the Bond Ordinance and the Indenture as Administrative Costs. 10. Payment of Expenses. All fees, costs and expenses associated with the issuance of the Bonds, including without limitation, the reasonable fees and disbursements of the preparer of the Special Tax Report, the Underwriter’s legal counsel, Foley & Lardner LLP, Bond Counsel, Saul Ewing, LLP, and the City’s counsel, Ottosen DiNolfo Hasenbalg & Castaldo, Ltd., shall be disbursed and paid by the Trustee from the proceeds of the Bonds. 12 4859-0325-5201.4 11. Notices. Except as otherwise provided in this Contract, whenever notice is required to be given pursuant to the provisions of this Contract, such notice shall be in writing and may be given by personal or courier delivery, registered or certified mail, facsimile transmission or electronic communication, provided that delivery by facsimile transmission or electronic communication must be confirmed by the sender. 12. Law Governing. This Contract shall be construed in accordance with and governed by the laws of the State of Illinois. 13. Headings. The headings of the paragraphs and subparagraphs of this Contract are inserted for convenience only and shall not be deemed to constitute a part of this Contract. 14. Counterparts. This Contract may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 15. Parties and Interests. This Contract is made solely for the benefit of the City and the Underwriter, including the successors and assigns of the Underwriter, and no other person, partnership, association or corporation shall acquire or have any rights hereunder or by virtue hereof. 16. Reserved. 17. Further Financial Reports. The City agrees to provide the financial reports and information described in the Indenture which it has covenanted to provide to the Trustee, to the Underwriter, the Bond Insurer and any Bondholder upon written request. 18. Amendment or Assignment. This Contract may not be amended except through the written consent of all of the parties hereto and is not assignable. 19. Survival of Representations, Warranties and Agreements. All representations, warranties and agreements contained in this Agreement shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of the Underwriter and shall survive the delivery of and payment for the Bonds and any termination of this Agreement. 13 4859-0325-5201.4 20. Severability. If any provision of this Contract shall be held or deemed to be or shall, in fact, be inoperative or unenforceable as applied in any particular case in any jurisdiction or jurisdictions, or in all cases because it conflicts with any other provision or provisions or any constitution or statute or rule of public policy, or for any other reason, such circumstances shall not have the effect of rendering the provision in question inoperative or unenforceable in any other case or circumstance, or of rendering any other provision or provisions herein contained invalid, inoperative, or unenforceable to any extent whatever. The invalidity of any one or more phrases, sentences, clauses or sections in this Contract shall not affect the validity of the remaining portions of this Contract, or any part hereof. 21. Underwriter Not an Agent or Fiduciary. (A) The City has received and reviewed the disclosure letter January 4, 2024, that is required by the Municipal Securities Rulemaking Board (“MSRB”) Rule G-17 as set forth in MSRB Notice 2012-25 (May 7, 2012). (B) (i) The purchase and sale of the Bonds pursuant to this Contract is an arm’s length commercial transaction between the City and the Underwriter; (ii) in connection with the purchase and sale of the Bonds and with the discussions, undertakings and procedures leading up to the consummation of such transaction, the Underwriter is and has been acting solely as a principal and is not acting as an agent, advisor or fiduciary of the City; and (iii) the City has consulted its own legal, financial and other advisors to the extent it has deemed appropriate. 22. Establishment of Issue Price. (a) The Underwriter agrees to assist the City in establishing the issue price of the Bonds, and shall execute and deliver to the City at Closing “issue price” or similar certificates, together with the supporting pricing wires or equivalent communications, substantially in the form attached hereto as Exhibit C (the “Issue Price Certificate”), with such modifications as may be appropriate or necessary, in the reasonable judgment of the Underwriter, the City and Bond Counsel, to accurately reflect, as applicable, the sales price or prices or the initial offering price or prices to the public of the Bonds. (b) The City will treat the first price at which ten percent (10%) of each maturity of the Bonds (the “10% Test”) is sold to the public as the issue price of that maturity (if different interest rates apply within a maturity, each separate CUSIP number within that maturity will be subject to the 10% Test). At or promptly after the execution of this Agreement, the Underwriter shall report to the City the price or prices at which it has sold to the public each maturity of the Bonds. If at that time the 10% Test has not been satisfied as to any maturity of the Bonds, the Underwriter agrees to promptly report to the City the prices at which the Bonds of that maturity have been sold by the Underwriter to the public. Unless the hold-the-offering-price rule (described below) applies, that reporting obligation shall continue, whether or not the Closing has occurred, until the 10% Test has been satisfied as to the Bonds of that maturity or until all the Bonds of that maturity have been sold to the public. 14 4859-0325-5201.4 (c) The Underwriter confirms that it has offered the Bonds to the public on or before the date of this Agreement at the offering price or prices (the “initial offering price”), or at the corresponding yield or yields, set forth in Schedule A on the Issue Price Certificate, except as otherwise set forth therein. Schedule A on the Issue Price Certificate also sets forth, as of the date of this Agreement, the maturities, if any, of the Bonds for which the 10% Test has not been satisfied and for which the City and the Underwriter agree that the restrictions set forth in the next sentence shall apply, which will allow the City to treat the initial offering price to the public of each such maturity as of the sale date as the issue price of that maturity (the “hold-the-offering-price rule”). So long as the hold-the-offering-price rule remains applicable to any maturity of the Bonds, the Underwriter will neither offer nor sell unsold Bonds of that maturity to any person at a price that is higher than the initial offering price to the public during the period starting on the sale date and ending on the earlier of the following: (1) the close of the fifth (5th) Business Day after the sale date; or (2) the date on which the Underwriter has sold at least ten percent (10%) of that maturity of the Bonds to the public at a price that is no higher than the initial offering price to the public. Unless the hold-the-offering-price rule applies, the Underwriter shall promptly advise the City when it has sold ten percent (10%) of that maturity of the Bonds to the public at a price that is no higher than the initial offering price to the public, if that occurs prior to the close of the fifth (5th) Business Day after the sale date. (d) The Underwriter acknowledges that sales of the Bonds to any person that is a related party to the Underwriter shall not constitute sales to the public for purposes of this section. Further, for purposes of this section: (1) “public” means any person other than an underwriter or a related party, (2) “underwriter” means (A) any person that agrees pursuant to a written contract with the City (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the public and (B) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to participate in the initial sale of the Bonds to the public (including a member of a selling group or a party to a retail distribution agreement participating in the initial sale of the Bonds to the public), (3) a purchaser of any of the Bonds is a “related party” to an underwriter if the underwriter and the purchaser are subject, directly or indirectly, to (i) more than fifty percent (50%) common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than fifty percent (50%) common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (iii) more than fifty percent (50%) common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation 15 4859-0325-5201.4 and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other), and (4) “sale date” means the date of execution of this Agreement by all parties. [SIGNATURE PAGE FOLLOWS] 4859-0325-5201.4 [SIGNATURE PAGE OF BOND PURCHASE AGREEMENT] Very truly yours, D.A. Davidson & Co. By: Name: Title: Accepted and agreed to by the undersigned as of the date first above written. UNITED CITY OF YORKVILLE, an Illinois municipal corporation By: John Purcell, Mayor 4859-0325-5201.4 Schedule I $__________ United City of Yorkville, Kendall County, Illinois Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) MATURITY SCHEDULE Maturity (March 1) Amount Interest Rates Yield CUSIP * 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 * CUSIP is a registered trademark of the American Bankers Association. CUSIP data is provided by CUSIP Global Services, which is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. The CUSIP numbers listed are being provided solely for the convenience of the Bondholders only at the time of sale of the Bonds and the City does not make any representation with respect to such numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP number for a specific maturity is subject to being changed after the sale of the Bonds as a result of various subsequent actions, including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Bonds. [**Yield to first call date of March 1, ____] A-1 4859-0325-5201.4 EXHIBIT A March __, 2024 United City of Yorkville 652 Prairie Pointe Drive Yorkville, Illinois 60560 Amalgamated Bank of Chicago 30 North LaSalle Street 38th Floor Chicago, Illinois 60602 D.A. Davidson & Co. 227 W. Monroe Street Suite 5250 Chicago, IL 60606 Re: $__________ United City of Yorkville, Kendall County, Illinois Special Service Area Number 2004-107, Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) Ladies and Gentlemen: We have served as Bond Counsel to the United City of Yorkville, Kendall County, Illinois (the “City”) with respect to the issuance today of the $__________ United City of Yorkville, Kendall County, Illinois, Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) (the “Bonds”). The Bonds are issued pursuant to an ordinance adopted by the City on March 12, 2024 (the “Bond Ordinance”), a Bond Order of the City executed pursuant thereto and a Trust Indenture dated as of March 1, 2024 (the “Trust Indenture”) between the City and Amalgamated Bank of Chicago, as trustee. We have delivered to you an executed copy of our approving opinion, dated today, addressed to you with respect to the Bonds. Based upon our examination as described in that opinion, we are further of the opinion that the Bonds are not subject to the registration requirements of the Securities Act of 1933, as amended, and the Trust Indenture is exempt from qualification pursuant to the Trust Indenture Act of 1939, as amended. We are further of the opinion that statements contained in the Official Statement dated __________, 2024 relating to the Bonds under the sections entitled “THE BONDS”(other than information under the subcaption “- Book Entry Only System” as to which no view is expressed); “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS;” (other than information under the subcaptions” “Enforcement of Payment of Special Tax,” “Value to Lien Ratio,” “Representative Property Taxes,” and “Historical Special Tax Collections and Delinquencies” (as to which no view is expressed); “THE SPECIAL SERVICE AREA AND SPECIAL TAX” (other than information under the subcaptions “Levy Abatement and Collection of Special Tax,” “Special Service Area Special Tax Roll and Report” and “Administrative Services,” as to which no view is expressed), “TAX EXEMPTION,” and “CHANGES IN FEDERAL AND STATE TAX LAW” A-2 4859-0325-5201.4 and in Appendix C - Bond Opinion thereto insofar as the statements contained under such sections or in such Appendix purport to describe or summarize certain provisions of the Bonds, the Bond Ordinance, the Establishing Ordinance, and the Trust Indenture, or summarize such opinion, present an accurate description or summary of such provisions and opinion. Very truly yours, SAUL EWING LLP B-1 4859-0325-5201.4 EXHIBIT B March __, 2024 D.A. Davidson & Co. 222 West Adams Street Chicago, Illinoi s 60606 Saul Ewing, LLP 161 North Clark Street, Suite 4200 Chicago, Illinois 60601 Amalgamated Bank of Chicago 30 North LaSalle Street 38th Floor Chicago, Illinois 60602 [Bond Insurer] Re: $__________ United City of Yorkville, Kendall County, Illinois Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) Ladies and Gentlemen: We have served as counsel for the United City of Yorkville, Illinois (the “City”) in connection with the execution and delivery of the Bond Purchase Agreement dated March __ 2024 (the “Purchase Agreement”) by and between the City and D.A. Davidson & Co. (the “Underwriter”) providing for the purchase by the Underwriter of the United City of Yorkville, Kendall County, Illinois, Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) (the “Bonds”) issued pursuant to a Trust Indenture dated as of March 1, 2024 (the “Trust Indenture”) between the City and Amalgamated Bank of Chicago, as trustee. Terms used but not defined herein shall have the meanings ascribed thereto in the Purchase Agreement. This opinion is being delivered to you at the express direction of the City and pursuant to the Purchase Agreement. In such capacity, we have examined the following: a. the Purchase Agreement; b. the Preliminary Official Statement of the City dated March __, 2024 (the “Preliminary Official Statement”) and the Official Statement of the City dated March __, 2024 relating to the Bonds (the “Final Official Statement”, and together with the Preliminary Official Statement, the “Official Statement”); c. the Trust Indenture; B-2 4859-0325-5201.4 d. the Continuing Disclosure Agreement dated March __, 2024 executed and delivered by the City; e. the Tax Certificate dated March __, 2024 (the “Tax Compliance Certificate”); f. The City Ordinance adopted __________, 2024 relating to the Bonds (the “Bond Ordinance”) and City Ordinance No. 2005-90 adopted November 22, 2005 (the “Establishing Ordinance”); and g. The Administrative Services Agreement. and such other documents as we have deemed necessary to render this Opinion. As counsel to the City, we advised the City as to applicable requirements and performed other legal services necessary in order to enable us to render the opinions set forth below. Additionally, we participated in reviews and discussions with representatives of the Underwriter, Bond Counsel, and the Trustee relating to the Official Statement. For the purposes of this opinion, we have assumed that: a. The execution and delivery of all documents reviewed by us, and the entry into and performance of the transactions contemplated by the Purchase Agreement and the Indenture by all parties other than the City have been duly authorized by all necessary actions and that said agreements constitute the valid and binding obligations of all parties other than the City. b. All natural persons who are signatories to the Purchase Agreement, the Continuing Disclosure Agreement, the Administrative Services Agreement, and the Indenture on behalf of parties other than the City were legally competent at the time of execution. c. All signatures on behalf of parties other than the City on said agreements and other documents reviewed by us are genuine. d. The copies of all documents submitted to us are accurate and complete and conform to originals. Based upon our familiarity with the City, and the proceedings, showings and related matters of law with respect to the foregoing, but subject to the assumptions set forth herein, we are of the opinion that: 1. The City is a municipal corporation duly organized and validly existing under the laws of the State of Illinois, and has full legal right, power and authority to adopt the Bond Ordinance and the Establishing Ordinance, and to enter into, execute and deliver the Purchase Agreement, the Final Official Statement, the Continuing Disclosure Agreement, the Indenture, the Tax Compliance Certificate and the Administrative Services Agreement (the foregoing documents are hereafter collectively referred to as the “City Agreements”), to consummate all transactions B-3 4859-0325-5201.4 contemplated thereby, and to issue and sell the Bonds for the purposes described in the Official Statement. 2. Each of the members or officers of the City executing the City Agreements and other closing documents executed in connection with the delivery of the Bonds has been authorized to do so. 3. The Establishing Ordinance and the Bond Ordinance were each duly authorized and adopted by the City at a meeting of the Corporate Authorities of the City, which was called and held pursuant to law and with the public notice required by law and at which a quorum was present and acting throughout and each such Ordinance is in full force and effect, and has not been amended, modified, revoked, repealed or supplemented since the respective dates thereof. 4. Each of the City Agreements has been duly authorized by all necessary action on the part of the City, has been duly executed and delivered by authorized officers of the City and constitute legal, valid and binding obligations of the City enforceable against the City in accordance with their respective terms, subject to the qualification that the enforcement thereof may be limited by bankruptcy, reorganization, insolvency, moratorium or other similar laws affecting creditors’ rights and by the availability of equitable remedies. 5. The Final Official Statement has been duly executed and delivered by the City. The use by the Underwriter of the Official Statement in connection with the offer and sale of the Bonds has been authorized and ratified by the City. 6. The Bonds have been duly authorized by all necessary action on the part of the City, have been duly executed by the authorized officers of the City and have been validly issued by the City and constitute the legal, valid and binding obligations of the City enforceable against the City in accordance with their terms, subject to the qualification that the enforcement thereof may be limited by laws relating to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights and by the availability of equitable remedies. 7. Other than as set forth in the Official Statement, there is no action, suit, proceeding, inquiry or investigation, at law or in equity, or by any court, public board or body pending or, to our knowledge, threatened against or affecting the City, or, to our knowledge, is there any basis for any such action, suit, proceeding or investigation in any way (i) contesting or affecting the proceedings under which the Bonds are to be issued and de liver ed; (ii) contesting or affecting the collection, application or validity of the Special Tax or the special tax levy; (iii) contesting or affecting the creation, organization, existence or powers of the City or the Area, or the titles of the Mayor, Aldermen and officers to their respective offices; (iv) which seeks to enjoin or restrain the issuance, sale and delivery of the Bonds; (v) questioning or affecting any of the rights, powers, duties or obligations of the City with respect to the Special Tax or the monies and assets pledged or to be pledged to pay the principal of, premium, if any, or interest on the Bonds; (vi) questioning or affecting B-4 4859-0325-5201.4 any authority for the issuance of the Bonds, or the validity or enforceability of the Bonds; or (vii) questioning or affecting the City Agreements, the Bond Ordinance, the Establishing Ordinance or the transactions contemplated by the City Agreements, the Bond Ordinance or the Establishing Ordinance. 8. The authorization, execution and delivery by the City of the City Agreements do not, and the compliance with the provisions thereof by the City, under the circumstances contemplated therein, will not, in any material respect, conflict with or constitute on the part of the City a breach of or default under any agreement to which the City is a party under any law, regulation, order, ordinance or consent decree of any court or governmental tribunal to which the City is subject. 9. The adoption of the Bond Ordinance and the Establishing Ordinance, the execution and delivery by the City of the Bonds and compliance by the City with the provisions thereof: under the circumstances contemplated thereby, do not and will not violate any applicable judgment, order or regulation of any court or of any public or governmental agency or authority of the State of Illinois and will not conflict with, or result in a breach of, any of the terms and provisions of, or constitute a default under, any existing law, court or administrative regulation, decree, order or any agreement, indenture, mortgage, lease or other instrument to which the City is subject or by which it is or may be bound. 10. Based upon our familiarity with the City to the extent of our capacity as special counsel to the City, our involvement in the negotiation of the City Agreements and the issuance of the Bonds by the City, nothing has come to our attention and we have no reason to believe that the information contained in the Official Statement in or under the captions “INTRODUCTORY STATEMENT”; “THE BONDS” (other than information under the sub-caption “- Book Entry Only System”); “PLAN OF FINANCE”; “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS” (other than information under the sub-caption “- Value to Lien Ratio”); “THE AREA”; “THE CITY”; “THE SPECIAL SERVICE AREA AND THE SPECIAL TAX”; “RISK FACTORS - Limited Source of Funds” and “- Loss of Tax Exemption”; “LEGAL OPINIONS”; “CONTINUING DISCLOSURE”; “NO LITIGATION”; “BOND RATING” and “AUTHORIZATION” and in Appendix B thereto (except with respect to financial information and statistical data contained therein, as to which we express no opinion), contains any untrue statement of a material fact or omits any material fact that is necessary to be stated therein in order to make the statements therein, in light of the circumstances in which they were made, not misleading. B-5 4859-0325-5201.4 This opinion is limited to the matters set forth herein. No opinion may be inferred or implied beyond the matters expressly contained herein. This opinion is rendered solely for the benefit of the persons or entities to whom it is addressed and no other person or entity shall be entitled to rely on any matters set forth herein without the express written consent of the undersigned. Very truly yours, C-1 4859-0325-5201.4 EXHIBIT C Form of Issue Price Certificate Issue Price Certificate $__________ United City of Yorkville, Kendall County, Illinois Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) March , 2024 The undersigned, on behalf of D.A. Davidson & Co. (the “Underwriter”), hereby certifies as set forth below with respect to the sale and issuance of the above-captioned obligations (the “Bonds”). 1. Initial Offering Price of the Bonds. (a) As of the date of this Certificate, for each Maturity of the Bonds the first price at which at least 10% of such maturity was sold to the Public is at the respective initial offering prices listed in Schedule A (the “Initial Offering Prices”). A copy of the pricing wire or equivalent communication for the Bonds is attached to this certificate as Schedule B. 2. Yield on the Bonds. As shown on the attached Schedules, the yield on the Bonds has been calculated to be %. Such calculations were made using software licensed to the Underwriter by a third party vendor. 3. Defined Terms. (a) Holding Period means, with respect to each Maturity of the Bonds, the period starting on the Sale Date and ending on the earlier of (i) the close of the fifth business day after the Sale Date, or (ii) the date on which the Underwriter has sold at least 10% of such Maturity of the Bonds to the Public at a price that is no higher than the Initial Offering Price for such Maturity. (b) Issuer means the United City of Yorkville, Kendall County, Illinois. (c) Maturity means Bonds with the same credit and payment terms. Bonds with different maturity dates, or Bonds with the same maturity date but different stated interest rates, are treated as separate maturities. (d) Public means any person (including an individual, trust, estate, partnership, association, company, or corporation) other than an Underwriter or a related party to an Underwriter. The term “related party” for purposes of this certificate generally means any two or more persons who have greater than 50% common ownership, directly or indirectly. C-2 4859-0325-5201.4 (e) Sale Date means the first day on which there is a binding contract in writing for the sale of a Maturity of the Bonds. The Sale Date of the Bonds is , 2024. (f) Underwriter means (i) any person that agrees pursuant to a written contract with the Issuer (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the Public, and (ii) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (i) of this paragraph to participate in the initial sale of the Bonds to the Public (including a member of a selling group or a party to a retail distribution agreement participating in the initial sale of the Bonds to the Public). The representations set forth in this certificate are limited to factual matters only. Nothing in this certificate represents the Underwriter’s interpretation of any laws, including specifically Sections 103 and 148 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder. The undersigned understands that the foregoing information will be relied upon by the Issuer with respect to certain of the representations set forth in the Tax Certificate and with respect to compliance with the federal income tax rules affecting the Bonds, and by Saul Ewing LLP, Chicago, Illinois, in connection with rendering its opinion that the interest on the Bonds is excluded from gross income for federal income tax purposes, the preparation of the Internal Revenue Service Form 8038-G, and other federal income tax advice that it may give to the Issuer from time to time relating to the Bonds. IN WITNESS WHEREOF, the undersigned, on behalf of the Underwriter, has set his or her hand as of the date first written above. D.A. DAVIDSON & CO. By Name Title C-3 4859-0325-5201.4 SCHEDULE A TO ISSUE PRICE CERTIFICATE SALE PRICES OF THE ACTUALLY SOLD MATURITIES AND INITIAL OFFERING PRICES OF THE OFFERED MATURITIES C-4 4859-0325-5201.4 SCHEDULE B TO ISSUE PRICE CERTIFICATE FINAL PRICING FOR THE BONDS 51642736.6 Exhibit D Form of the Preliminary Official Statement (See attached) 4855-1679-8113.6 PRELIMINARY OFFICIAL STATEMENT DATED _______, 2024 NEW ISSUE - BOOK ENTRY ONLY INSURED INVESTMENT RATING Standard & Poor’s “___” (BAM Insured) (No Underlying Rating) In the opinion of Saul Ewing LLP, Bond Counsel, interest on the Bonds is not includable in gross income for purposes of federal income taxation under existing statutes, regulations, rulings and court decisions, subject to the condition described in “TAX EXEMPTION” herein and interest on the Bonds is not treated as an item of tax preference for purposes of the federal alternative minimum tax; however, such interest is taken into account in determining the annual adjusted financial statement income of applicable corporations (as defined in Section 59(k) of the Internal Revenue Code of 1986, as amended) for the purpose of computing the alternative minimum tax imposed on corporations for tax years beginning after December 31, 2022. Under existing law of the State of Illinois, interest on the Bonds is not exempt from Illinois income taxes. For a more complete discussion, see “TAX EXEMPTION” herein. $__________∗ UNITED CITY OF YORKVILLE Kendall County, Illinois Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) Dated: Date of Delivery Due: March 1 as shown on the inside cover This Official Statement is being furnished in connection with the issuance and sale of the United City of Yorkville, Kendall County, Illinois, Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) (the “Bonds”). The Bonds will be secured by a pledge of Special Taxes (as defined herein) and amounts held in certain of the funds established pursuant to the Trust Indenture dated as of March 1, 2024 (the “Trust Indenture” or “Indenture”) between the United City of Yorkville, Kendall County, Illinois (the “City”) and Amalgamated Bank of Chicago, as Trustee (the “Trustee”). The Bonds are issuable only as fully registered bonds without coupons and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Individual purchases will be made in book entry form only, in denominations of $5,000 or integral multiples of $1,000 in excess thereof. Beneficial Owners of the Bonds will not receive physical certificates representing their interest in the Bonds purchased. Principal of, premium, if any, and interest (payable on March 1 and September 1 of each year, commencing September 1, 2024) on the Bonds are payable by the Trustee to DTC, which will remit such principal, premium, if any, and interest to DTC’s Participants, who in turn will be responsible for remitting such payments to the Beneficial Owners of the Bonds, as described herein. The Bonds are subject to optional, mandatory and special mandatory redemption prior to maturity as set forth herein. Concurrently with the issuance of the Bonds, Build America Mutual Assurance Company (the “Bond Insurer”) will issue its Municipal Bond Insurance Policy for the Bonds (the “Bond Policy”). The Bond Policy guarantees the scheduled payment of principal of and interest on the Bonds when due as set forth in the form of the Bond Policy included as an exhibit to this Official Statement. The Bond Insurer will also issue its Reserve Fund Surety Policy for fifty percent (50%) of the Reserve Requirement with respect to the Bonds (the “Reserve Fund Surety Policy”) as set forth in the form of the Reserve Fund Surety Policy included as an exhibit to this Official Statement. [BOND INSURER LOGO] The City will use the proceeds of the Bonds to: (i) effect the defeasance and current refunding of the City’s Special Service Area Number 2004-107 Special Tax Bonds, Series 2005 (Raintree Village II Project); (ii) fund a portion of a Reserve Fund; (iii) pay the premiums owed for the Bond Policy and the Reserve Fund Surety Policy; and (iv) pay costs of issuance of the Bonds. See “THE BONDS.” THE BONDS ARE BEING ISSUED PURSUANT TO THE SPECIAL SERVICE AREA TAX LAW OF THE STATE OF ILLINOIS, AS AMENDED, AND, IN THE OPINION OF BOND COUNSEL, WILL CONSTITUTE VALID AND LEGALLY BINDING LIMITED OBLIGATIONS OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS (THE “CITY”), PAYABLE SOLELY AND ONLY FROM THE SPECIAL TAXES AND AMOUNTS ON DEPOSIT IN CERTAIN OF THE FUNDS ESTABLISHED AND MAINTAINED PURSUANT TO THE TRUST INDENTURE, AS SET FORTH HEREIN. THE BONDS ARE NOT GENERAL OBLIGATIONS OF THE CITY AND NEITHER THE FULL FAITH AND CREDIT NOR THE UNLIMITED TAXING POWER OF THE CITY, THE COUNTY OF KENDALL, THE STATE OF ILLINOIS, OR ANY ∗ Preliminary, subject to change 4855-1679-8113.6 POLITICAL SUBDIVISION THEREOF IS PLEDGED AS SECURITY FOR THE PAYMENT OF THE BONDS. NO HOLDER OF ANY BOND SHALL HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY TAXING POWER OF THE CITY (OTHER THAN THE LEVY OF THE SPECIAL TAXES AS DESCRIBED HEREIN) FOR PAYMENT OF THE PRINCIPAL AMOUNT OF, PREMIUM, IF ANY, OR INTEREST ON THE BONDS. The Bonds are offered when, as and if issued, subject to prior sale, withdrawal or modification of the offer without notice, the approving legal opinion of Saul Ewing LLP, Chicago, Illinois, Bond Counsel. Certain legal matters will be passed upon for the Underwriter by Foley & Lardner LLP, Chicago, Illinois, and for the City by Ottosen DiNolfo Hasenbalg & Castaldo, Ltd., Naperville, Illinois. It is expected that the Bonds will be available for delivery through the facilities of DTC in New York, New York on or about _____, 2024. _______, 2024 4855-1679-8113.6 RED HERRING LANGUAGE This Preliminary Official Statement and the information contained herein are subject to completion, amendment, or other change without notice. Under no circumstance shall this Preliminary Official Statement constitute an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. This Preliminary Official Statement is in a form deemed final by the City as of this date for purposes of SEC Rule 15c2-12, but is subject to revision, completion and amendment in a final Official Statement. 4855-1679-8113.6 MATURITIES AND PRINCIPAL AMOUNTS, INTEREST RATES, YIELDS AND CUSIPs $__________* UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS SPECIAL SERVICE AREA NUMBER 2004-107 SPECIAL TAX REFUNDING BONDS, SERIES 2024 (RAINTREE VILLAGE II PROJECT) Maturity (March 1)* Amount Interest Rates Yield CUSIP†† 2025 $ % % 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 ∗∗ * Preliminary, subject to change. † CUSIP is a registered trademark of the American Bankers Association. CUSIP data is provided by CUSIP Global Services, which is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. The CUSIP numbers listed are being provided solely for the convenience of the Bondholders only at the time of sale of the Bonds and the City does not make any representation with respect to such numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP number for a specific maturity is subject to being changed after the sale of the Bonds as a result of various subsequent actions, including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Bonds. ∗∗ Yield to first call date of ______ 1, 20___ 4855-1679-8113.6 OFFICIAL STATEMENT For purposes of compliance with Rule 15c2-12 of the United States Securities and Exchange Commission, this document constitutes a preliminary official statement of the City, with respect to the Bonds that has been deemed “final” by the City as of its date, except for the omission of no more than the information permitted by Rule 15c2-12. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person, in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale in such jurisdiction. No dealer, broker, salesman or other person has been authorized by the City or the Underwriter to give any information or to make any representation other than as contained in this Official Statement in connection with the offering described herein, and, if given or made, such information or representation must not be relied upon as having been authorized. Certain information contained herein has been obtained from the City, DTC, the municipal bond insurer and other sources which are believed by the Underwriter to be reliable, but it is not guaranteed as to accuracy or completeness. In accordance with, and as part of, its responsibilities to investors under the federal securities laws, as applied to the facts and circumstances of this transaction, the Underwriter has reviewed the information in this Official Statement but does not guarantee the accuracy or completeness of such information. Neither the delivery of this Official Statement nor the sale of any of the Bonds shall imply that the information herein is correct as of any time subsequent to the date hereof. This Official Statement should be considered in its entirety and no one factor should be considered more or less important than any other by reason of its position in this Official Statement. Where statutes, reports, agreements or other documents are referred to herein, reference should be made to such statutes, reports, agreements or other documents for more complete information regarding the rights and obligations of parties thereto, facts and opinions contained therein and the subject matter thereof. THE BONDS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 NOR HAS THE INDENTURE BEEN QUALIFIED UNDER THE TRUST INDENTURE ACT OF 1939 IN RELIANCE UPON EXEMPTIONS CONTAINED IN SUCH ACTS. THE REGISTRATION OR QUALIFICATION OF THE BONDS IN ACCORDANCE WITH THE APPLICABLE PROVISIONS OF SECURITIES LAWS OF THE STATES IN WHICH THE BONDS HAVE BEEN REGISTERED OR QUALIFIED AND THE EXEMPTION FROM REGISTRATION OR QUALIFICATION IN OTHER STATES CANNOT BE REGARDED AS A RECOMMENDATION THEREOF. NEITHER THESE STATES NOR ANY OF THEIR AGENCIES HAVE PASSED UPON THE MERITS OF THE BONDS OR THE ACCURACY OR COMPLETENESS OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE CONTRARY MAY BE A CRIMINAL OFFENSE. Build America Mutual Assurance Company (“Bond Insurer”) makes no representation regarding the Bonds or the advisability of investing in the Bonds. In addition, Bond Insurer has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any information or 4855-1679-8113.6 disclosure contained herein, or omitted herefrom, other than with respect to the accuracy of the information regarding Bond Insurer, supplied by Bond Insurer and presented under the heading “BOND INSURANCE” and “APPENDIX E - Specimen Municipal Bond Insurance Policy” and “APPENDIX F – Specimen Municipal Bond Debt Service Reserve Insurance Policy.” IN CONNECTION WITH THE OFFERING OF THE BONDS, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICES OF THE BONDS AT LEVELS ABOVE THOSE WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME WITHOUT NOTICE. THE PRICES AND OTHER TERMS RESPECTING THE OFFERING AND SALE OF THE BONDS MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITER AFTER THE BONDS ARE RELEASED FOR SALE, AND THE BONDS MAY BE OFFERED AND SOLD AT PRICES OTHER THAN THE INITIAL OFFERING PRICES, INCLUDING SALES TO DEALERS WHO MAY SELL THE BONDS INTO INVESTMENT ACCOUNTS. There can be no guarantee that there will be a secondary market for the Bonds or, if a secondary market exists, that it would continue to exist or that the Bonds could in any event be sold for any particular price. In connection with the issuance of the Bonds, the City will enter into a Continuing Disclosure Undertaking with Amalgamated Bank of Chicago. See “CONTINUING DISCLOSURE” herein. CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS IN THIS OFFICIAL STATEMENT _______________________________ Certain statements included in or incorporated by reference in this Official Statement that are not purely historical are “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended, and reflect the City’s current expectations, hopes, intentions, or strategies regarding the future. Such statements may be identifiable by the terminology used such as “plan,” “expect,” “estimate,” “budget,” “intend” or other similar words. Additionally, all statements in this Official Statement, including forward-looking statements, speak only as of the date they are made, and neither the City or the Underwriter undertakes any obligation to update any statement in light of new information or future events. THE ACHIEVEMENT OF CERTAIN RESULTS OR OTHER EXPECTATIONS CONTAINED IN SUCH FORWARD-LOOKING STATEMENTS INVOLVES KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE, OR ACHIEVEMENTS DESCRIBED TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE, OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. NEITHER THE CITY OR THE 4855-1679-8113.6 UNDERWRITER NOR ANY OTHER PARTY PLANS TO ISSUE ANY UPDATES OR REVISIONS TO THOSE FORWARD-LOOKING STATEMENTS IF OR WHEN THEIR EXPECTATIONS, OR EVENTS, CONDITIONS, OR CIRCUMSTANCES UPON WHICH SUCH STATEMENTS ARE BASED OCCUR. 4855-1679-8113.6 UNITED CITY OF YORKVILLE, ILLINOIS MAYOR JOHN PURCELL ALDERMEN Rusty Corneils Matt Marek Craig Soling Chris Funkhouser Arden Joe Plocher Seaver Tarulis Ken Koch Daniel Transier OFFICIALS Jori Behland Bart Olson City Clerk City Administrator Eric Dhuse Rob Fredrickson Ottosen DiNolfo Hasenbalg & Castaldo, Ltd. Director of Public Works Finance Director/Treasurer City Attorney PROFESSIONAL SERVICES BOND COUNSEL Saul Ewing LLP Chicago, Illinois SPECIAL SERVICE AREA ADMINISTRATOR TRUSTEE DTA Irvine, California Amalgamated Bank of Chicago Chicago, Illinois i 4855-1679-8113.6 TABLE OF CONTENTS Page INTRODUCTORY STATEMENT .................................................................................................1 THE BONDS ...................................................................................................................................2 General Description of the Bonds ........................................................................................2 Redemption ..........................................................................................................................3 Optional Prepayment of Special Tax ...................................................................................5 Book Entry Only System .....................................................................................................5 BOND INSURANCE ......................................................................................................................8 Bond Insurance Policy .........................................................................................................8 Build America Mutual Assurance Company .......................................................................8 RIGHTS OF BOND INSURER ....................................................................................................10 PLAN OF FINANCE .....................................................................................................................11 General ...............................................................................................................................11 Refunding of Prior Bonds ..................................................................................................11 Amounts Held for Prior Bonds ..........................................................................................11 Estimated Sources and Uses of Funds ...............................................................................12 DEBT SERVICE REQUIREMENTS*..........................................................................................13 ESTIMATED SPECIAL TAX AND DEBT SERVICE COVERAGE* .......................................14 SECURITY AND SOURCE OF PAYMENT FOR THE BONDS ...............................................14 General ...............................................................................................................................14 The Special Tax .................................................................................................................15 No Additional Bonds .........................................................................................................16 Pledged Funds ....................................................................................................................16 The Reserve Fund Surety Policy........................................................................................20 Non-Pledged Funds ............................................................................................................21 Security for the Bonds .......................................................................................................23 Covenants of the City.........................................................................................................23 Investment of Funds ...........................................................................................................24 Enforcement of Payment of Special Tax ...........................................................................25 Value to Lien Ratio ............................................................................................................27 Representative Property Taxes ..........................................................................................27 Historical Special Tax Collections and Delinquencies ......................................................28 THE AREA ....................................................................................................................................29 General ...............................................................................................................................29 Improvements ....................................................................................................................29 Single Family Homes, Duplexes and Townhomes ............................................................30 Water Facilities ..................................................................................................................30 Sanitary Sewers ..................................................................................................................30 Storm Water Facilities .......................................................................................................30 Other Utilities.....................................................................................................................30 Flood Plain/Wetlands .........................................................................................................30 Schools ...............................................................................................................................31 THE CITY .....................................................................................................................................31 THE SPECIAL SERVICE AREA AND SPECIAL TAX .............................................................33 ii 4855-1679-8113.6 The Act...............................................................................................................................33 Establishment of the Area ..................................................................................................34 Levy, Abatement and Collection of Special Tax ...............................................................34 Special Service Area Special Tax Report ..........................................................................35 Administrative Services .....................................................................................................37 RISK FACTORS ...........................................................................................................................38 Limited Source of Funds ....................................................................................................38 Information Not Verified ...................................................................................................38 Overlapping Indebtedness ..................................................................................................38 Tax Delinquencies .............................................................................................................39 Potential Delay and Limitations in Foreclosure Proceedings ............................................39 No Acceleration .................................................................................................................40 Bankruptcy .........................................................................................................................40 Maximum Parcel Special Taxes.........................................................................................41 Disclosure to Future Purchasers.........................................................................................41 Limited Secondary Market ................................................................................................41 Secondary Market and Prices .............................................................................................42 Loss of Tax Exemption ......................................................................................................42 Risk of Legislative and Judicial Changes ..........................................................................42 Force Majeure Events ........................................................................................................42 UNDERWRITING ........................................................................................................................42 LEGAL OPINIONS .......................................................................................................................43 TAX EXEMPTION .......................................................................................................................43 Tax Exemption - Opinion of Bond Counsel ......................................................................43 Alternative Minimum Tax .................................................................................................44 Deduction for Interest Paid by Financial Institutions to Purchase or Carry Tax- Exempt Obligations ...............................................................................................44 Property or Casualty Insurance Company .........................................................................44 [Accounting Treatment of Original Issue Discount and Amortizable Bond Premium .................................................................................................................44 Reportable Payments and Backup Withholding ................................................................45 CHANGES IN FEDERAL AND STATE TAX LAW ..................................................................46 CONTINUING DISCLOSURE .....................................................................................................46 Continuing Disclosure Undertaking ..................................................................................46 THE UNDERTAKING ..................................................................................................................47 Corrective Action Related to Certain Bond Disclosure Requirements ..............................48 NO LITIGATION ..........................................................................................................................49 BOND RATING ............................................................................................................................49 MISCELLANEOUS ......................................................................................................................49 AUTHORIZATION .......................................................................................................................51 APPENDICES: APPENDIX A - Special Tax Report APPENDIX B - Trust Indenture APPENDIX C - Bond Opinion APPENDIX D - Continuing Disclosure Undertaking iii 4855-1679-8113.6 APPENDIX E - Specimen Municipal Bond Insurance Policy APPENDIX F – Specimen Municipal Bond Debt Service Reserve Insurance Policy 4855-1679-8113.6 [This Page Intentionally Left Blank] 1 4855-1679-8113.6 OFFICIAL STATEMENT $__________∗ United City of Yorkville, Kendall County, Illinois Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) INTRODUCTORY STATEMENT This Official Statement, which includes the cover page and Appendices attached hereto, is provided to furnish information in connection with the issuance and sale by the United City of Yorkville, Kendall County, Illinois (the “City”) of $__________* aggregate principal amount of its Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) (the “Bonds”). The Bonds will be issued by the City pursuant to (i) the Illinois Constitution of 1970, as amended; (ii) the Special Service Area Tax Law of the State of Illinois, as amended (the “Special Service Area Act”); (iii) the Illinois Local Government Debt Reform Act, as amended; (iv) Ordinance No. 2024-___ of the City adopted at a meeting of the City Council on March 12, 2024, as supplemented by a Bond Order executed pursuant thereto (collectively, the “Bond Ordinance”) providing for the issuance of the Bonds; and (v) a Trust Indenture dated as of March 1, 2024 (the “Indenture” or “Trust Indenture”) between the City and Amalgamated Bank of Chicago, Chicago, Illinois, as trustee (the “Trustee”). The Bonds will be issued as fully registered bonds without coupons in book entry only form in denominations of $5,000 or any integral multiple of $1,000 in excess thereof. The Bonds will be secured primarily by the proceeds of the Special Tax (as defined in the Special Tax Report attached hereto as APPENDIX A and hereafter referred to as the “Special Tax Report”) levied on certain property within the United City of Yorkville Special Service Area Number 2004-107 (referred to herein as “SSA 2004-107,” the “Area” or the “Special Service Area”). In addition, the Bonds will be payable from and secured by certain funds established pursuant to the Trust Indenture. Payment of principal of and interest on the Bonds when due will be insured in accordance with the terms of a municipal bond insurance policy (the “Bond Policy”) to be issued by Build America Mutual Assurance Company (the “Bond Insurer” or “BAM”) for the Bonds. The Bond Insurer will also issue its Reserve Fund Surety Policy for fifty percent (50%) of the Reserve Requirement (as hereinafter defined) with respect to the Bonds (the “Reserve Fund Surety Policy”). See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS” herein. Capitalized terms used but not defined herein shall have the meaning given such terms in the Trust Indenture. See “APPENDIX B – Trust Indenture.” The Special Service Area consists of approximately 156 acres of land in the City and originally consisted of 202 lots for single family homes (“Single Family Homes”), 38 single family attached dwellings (“Duplexes”) and 128 townhomes (“Townhomes”). 12 Single Family Homes have prepaid the Special Tax, leaving the Special Taxes on 190 Single Family Homes to secure the Bonds; 5 Duplexes have prepaid the Special Tax, leaving the Special Taxes on 33 ∗ Preliminary, subject to change. 2 4855-1679-8113.6 Duplexes to secure the Bonds; and 1 Townhome has prepaid the Special Tax, leaving the Special Taxes on 127 Townhomes to secure the Bonds. The development of the Single Family Homes, Duplexes and Townhomes within the Area are hereinafter referred to as the “Project.” A finished lot for a Single Family Home, a Duplex and a Townhome shall be sometimes referred to herein respectively as a “Single Family Home Parcel,” a “Duplex Home Parcel” or a “Townhome Parcel” (collectively referred to as “Parcels” and individually as a “Parcel”). See “THE AREA.” The City previously issued its $9,400,000 Special Service Area Number 2004-107 Special Tax Bonds, Series 2005 (Raintree Village II Project) (the “Prior Bonds”) pursuant to a Trust Indenture dated as of November 1, 2005 (the “Prior Indenture”), between the City and The Bank of New York Mellon Trust Company, N.A. (the “Prior Bond Trustee”), as Trustee for the Prior Bonds. The Prior Bonds were issued to pay the costs of public infrastructure improvements for the Area. The proceeds of the Bonds, together with amounts on hand under the Prior Indenture, will be used to: (i) effect the defeasance of and currently refund all of the outstanding Prior Bonds; (ii) fund a portion of the Reserve Fund; (iii) pay the premiums owed for the Bond Policy and the Reserve Fund Surety Policy; and (iv) pay costs of issuance of the Bonds. See “THE BONDS.” IN THE OPINION OF BOND COUNSEL, THE BONDS WILL CONSTITUTE VALID AND LEGALLY BINDING LIMITED OBLIGATIONS OF THE CITY, PAYABLE SOLELY AND ONLY FROM THE SPECIAL TAXES (AS PROVIDED IN THE BOND ORDINANCE, THE SPECIAL TAX REPORT AND THE TRUST INDENTURE) AND AMOUNTS ON DEPOSIT IN CERTAIN OF THE FUNDS AND ACCOUNTS ESTABLISHED AND MAINTAINED UNDER THE TRUST INDENTURE, AS SET FORTH HEREIN. THE BONDS ARE NOT GENERAL OBLIGATIONS OF THE CITY AND NEITHER THE FULL FAITH AND CREDIT NOR THE UNLIMITED TAXING POWER OF THE CITY, THE COUNTY OF KENDALL, THE STATE OF ILLINOIS, OR ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE BONDS. NO HOLDER OF ANY BOND SHALL HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY TAXING POWER OF THE CITY (OTHER THAN THE LEVY OF THE SPECIAL TAX) FOR PAYMENT OF THE PRINCIPAL AMOUNT OF, PREMIUM, IF ANY, OR INTEREST ON THE BONDS. A copy of any document or agreement referred to herein may be obtained upon request from D.A. Davidson & Co. (the “Underwriter”). THE BONDS General Description of the Bonds The Bonds will be issued in the aggregate principal amount of $__________, will bear interest at the rates, and will mature on the dates set forth on the inside cover of this Official Statement. The Bonds are subject to optional, mandatory and special mandatory redemption as described herein. The Bonds will be issued only as fully registered bonds without coupons, initially in book entry form, in authorized denominations of $5,000 or any integral multiple of $1,000 in excess thereof. 3 4855-1679-8113.6 The Depository Trust Company, New York, New York (“DTC”), will act as securities depository for the Bonds. Principal of, premium, if any, and interest on the Bonds will be paid by the Trustee directly to DTC, which will remit such principal, premium, if any, and interest to DTC’s Participants, who, in turn will be responsible for remitting such payments to the Beneficial Owners of the Bonds. See “THE BONDS - Book Entry Only System.” Interest on the Bonds will be paid in lawful money of the United States of America semiannually on March 1 and September 1 of each year (each, an “Interest Payment Date”), commencing September 1, 2024. Interest on the Bonds shall be calculated on the basis of a 360- day year composed of twelve 30-day months. The sum of $________ shall be borrowed by the City pursuant to the Special Service Area Act and the Local Government Debt Reform Act for the purpose of paying a portion of the costs of effecting the defeasance and current refunding of the Prior Bonds (which, together with amounts on hand under the Prior Indenture shall be sufficient to refund the Prior Bonds), including the costs of the City in connection with the issuance of the Bonds (including, without limitation, the premiums for the Bond Policy and the Reserve Fund Surety Policy), and making a deposit to the Reserve Fund all as provided in the Bond Ordinance and the Trust Indenture. The Bonds shall be designated “Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project)” and shall be numbered consecutively from R-1 upward but need not be authenticated or delivered in consecutive order. The Bonds will be dated as of the date of their delivery. Redemption Optional Redemption. The Bonds maturing on or after March 1, _______, are subject to optional redemption prior to maturity at the option of the City, in whole or in part, on any date on or after March 1, 20___, at a redemption price of par plus accrued and unpaid interest to the date of redemption. Any optional redemption of the Bonds in part will be applied, to the extent possible, to reduce pro rata the amount of the Bonds maturing or required to be redeemed by mandatory sinking fund redemption pursuant to the Indenture and so as to maintain the proportion of principal maturing or subject to mandatory sinking fund redemption in each year to the total original principal amount of Bonds. Mandatory Redemption Upon Condemnation. The Bonds are also subject to mandatory redemption on any Interest Payment Date, in part, at a redemption price equal to the principal amount to be redeemed, together with accrued interest to the date fixed for redemption, without premium, from amounts in the Bond and Interest Fund consisting of the proceeds received by the City in connection with a condemnation of any of the Special Services or any other property dedicated to, or owned by, the City within the Area and allocable to the Bonds as determined by DTA, formerly known as David Taussig & Associates, Inc. (the “Consultant”) and which proceeds are not used by the City to rebuild the Special Services. Any mandatory redemption of the Bonds pursuant to the paragraph above shall be applied, to the extent possible, to reduce pro rata the amount of Bonds maturing or required to be 4 4855-1679-8113.6 redeemed by mandatory sinking fund redemption pursuant to the Indenture and so as to maintain the proportion of principal maturing or subject to mandatory sinking fund redemption in each year to the total original principal amount of the Bonds. Special Mandatory Redemption from Optional Prepayment of Special Tax. The Special Tax with respect to a Parcel may be prepaid at any time as described in the Special Tax Report. See “THE BONDS – Optional Prepayment of Special Tax.” The Bonds are also subject to mandatory redemption on any March 1, June 1, September 1 or December 1, in part, from any such optional prepayments of the Special Tax from amounts available for disbursement from the Special Redemption Account and from amounts transferred from the Reserve Fund and the Special Reserve Fund to the Special Redemption Account pursuant to the Trust Indenture, at a redemption price (expressed as a percentage of the principal amount of the Bonds to be redeemed), as set forth in the following table, together with accrued interest on such Bonds to the date fixed for redemption: Redemption Dates Redemption Prices Issue Date to and including _______, 20___ 102% ______ 1, 20___ to and including _________, 20__ 101 ______ 1, 20___ to maturity 100 Any special mandatory redemption of the Bonds pursuant to the previous paragraph will be applied, to the extent possible, to reduce pro rata the amount of the Bonds maturing or required to be redeemed by mandatory sinking fund redemption pursuant to the Indenture and so as to maintain the proportion of principal maturing or subject to mandatory sinking fund redemption in each year to the total original principal amount of the Bonds. Redemption Provisions; Notice of Redemption. If less than all the Bonds of any maturity are to be redeemed on any redemption date, by mandatory or optional redemption, written notice shall be given in writing to the Trustee at least 45 days prior to the redemption date from the City or the Consultant. Notice shall include the pro-rata breakdown for any such redemption. The Bond Registrar appointed in the Trust Indenture shall assign to each Bond of the maturity to be redeemed a distinctive number for each $1,000 of principal amount of that Bond. The Bond Registrar shall then select by lot from the numbers so assigned, using such method as it shall deem proper in its discretion, as many numbers as, at $1,000 per number, shall equal the principal amount of the Bonds of that maturity to be redeemed; provided that following any redemption, no Bond shall be outstanding in an amount less than the minimum Authorized Denomination except (a) as necessary to effect the mandatory sinking fund redemption of the Bonds as provided in the Indenture or (b) to effect a special mandatory redemption from optional prepayments when the total aggregate principal amount of Bonds outstanding is $5,000 or less. Notice of the redemption of any Bonds, which by their terms shall have become subject to redemption, shall be given to the registered owner of each Bond or portion of a Bond called for redemption not less than 30 or more than 60 days before any date established for redemption of the Bonds, by the Bond Registrar, on behalf of the City, by first class mail sent to the registered owner’s last address, if any, appearing on the registration books kept by the Bond Registrar. All notices of redemption shall include at least the designation, date and maturities of the Bonds called for redemption, CUSIP Numbers, if available, and the date of redemption. In 5 4855-1679-8113.6 the case of a Bond to be redeemed in part only, the notice shall also specify the portion of the principal amount of the Bond to be redeemed. The mailing of the notice specified above to the registered owner of any Bond shall be a condition precedent to the redemption of that Bond, provided that any notice which is mailed in accordance with the Trust Indenture shall be conclusively presumed to have been duly given whether or not the owner received the notice. The failure to mail notice to the owner of any Bond, or any defect in that notice, shall not affect the validity of the redemption of any other Bond for which notice was properly given. With respect to an optional redemption of any Bonds, unless moneys sufficient to pay the principal of, redemption premium, if any, and interest on the Bonds to be redeemed shall have been received by the Trustee prior to the giving of such notice of redemption, such notice may, at the option of the City, state that said redemption shall be conditional upon the receipt of such moneys by the Trustee on or prior to the date fixed for redemption. If such moneys are not received, such notice shall be of no force and effect, the City shall not redeem such Bonds and the Trustee shall give notice, in the same manner in which the notice of redemption was given, that such moneys were not so received and that such Bonds will not be redeemed. Purchase in Lieu of Redemption. In lieu of redemption as provided in the Trust Indenture, moneys in the Bond and Interest Fund may be used and withdrawn by the City, subject to the prior written consent of the Bond Insurer, for the purchase of outstanding Bonds, at public or private sale as and when, and at such prices (including brokerage and other charges) as the City may provide, but in no event may the Bonds be purchased at a price in excess of the principal amount of such Bonds, plus interest accrued to the date of purchase and any premium which would otherwise be due if such Bonds were to be redeemed in accordance with the Trust Indenture. Optional Prepayment of Special Tax The manner in which the Special Tax may be optionally prepaid is described in the Special Tax Report. Generally, so long as there are no delinquent Special Taxes with respect to a Parcel (as defined in the Special Tax Report), the Special Tax may be prepaid with respect to any Parcel at any time and the obligation to pay the Special Tax permanently satisfied by the payment of an amount equal to the amount of prepayment determined in accordance with the formula set forth in the Special Tax Report. See the information included in “APPENDIX A - Special Tax Report” hereto for a more complete discussion of the calculation of the amount of prepayment of Special Tax. Book Entry Only System THE INFORMATION PROVIDED IMMEDIATELY BELOW CONCERNING DTC AND THE BOOK-ENTRY-ONLY SYSTEM, AS IT CURRENTLY EXISTS, IS BASED SOLELY ON INFORMATION PROVIDED BY DTC AND IS NOT GUARANTEED AS TO ACCURACY OR COMPLETENESS BY AND IS NOT TO BE CONSTRUED AS A REPRESENTATION BY, THE UNDERWRITER OR THE CITY. The Depository Trust Company (“DTC”), New York, NY, will act as securities depository for the Bonds. The Bonds will be issued as fully-registered bonds registered in the 6 4855-1679-8113.6 name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered certificate will be issued for each maturity of the Bonds, in the aggregate principal amount of such maturity, and will be deposited with DTC. DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly- owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com. Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Bonds on DTC’s records. The ownership interest of each actual purchaser of each Bond (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Bonds, except in the event that use of the book-entry system for the Bonds is discontinued. To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect 7 4855-1679-8113.6 Participants will remain responsible for keeping account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Bond documents. For example, Beneficial Owners of Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. Redemption notices shall be sent to DTC. If less than all of the Bonds within an issue are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Bonds unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the City as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). Payment of principal of, premium, if any and interest on the Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the City or Paying Agent, on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with Bonds held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, the Paying Agent, or the City, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the City or Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving reasonable notice to the City or the Trustee. Under such circumstances, in the event that a successor depository is not obtained, Bonds are required to be printed and delivered. The City may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities depository). In that event, Bonds will be printed and delivered as described in the Indenture. 8 4855-1679-8113.6 NEITHER THE CITY, THE UNDERWRITER, NOR THE TRUSTEE, WILL HAVE ANY RESPONSIBILITY OR OBLIGATION TO ANY DIRECT PARTICIPANTS OR INDIRECT PARTICIPANTS OR THE PERSONS FOR WHOM THEY ACT WITH RESPECT TO (1) THE ACCURACY OF ANY RECORDS MAINTAINED BY DTC OR ANY SUCH DIRECT PARTICIPANT OR INDIRECT PARTICIPANT; (2) THE PAYMENT BY ANY PARTICIPANT OF ANY AMOUNT DUE TO ANY BENEFICIAL OWNER IN RESPECT OF THE PRINCIPAL OF OR INTEREST OR PREMIUM ON THE BONDS; (3) THE DELIVERY BY ANY SUCH DIRECT PARTICIPANT OR INDIRECT PARTICIPANT OF ANY NOTICE TO ANY BENEFICIAL OWNER THAT IS REQUIRED OR PERMITTED UNDER THE TERMS OF THE TRUST INDENTURE TO BE GIVEN TO BONDHOLDERS; (4) THE SELECTION OF THE BENEFICIAL OWNERS TO RECEIVE PAYMENT IN THE EVENT OF ANY PARTIAL REDEMPTION OF THE BONDS; OR (5) ANY CONSENT GIVEN OR OTHER ACTION TAKEN BY DTC AS BONDHOLDER. BOND INSURANCE Bond Insurance Policy Concurrently with the issuance of the Bonds, BAM will issue its Municipal Bond Insurance Policy for the Bonds (the “Bond Policy”). The Bond Policy guarantees the scheduled payment of principal of and interest on the Bonds when due as set forth in the form of the Bond Policy included as an exhibit to this Official Statement. The Bond Policy is not covered by any insurance security or guaranty fund established under New York, California, Connecticut or Florida insurance law. Build America Mutual Assurance Company BAM is a New York domiciled mutual insurance corporation and is licensed to conduct financial guaranty insurance business in all fifty states of the United States and the District of Columbia. BAM provides credit enhancement products solely to issuers in the U.S. public finance markets. BAM will only insure municipal bonds, as defined in Section 6901 of the New York Insurance Law, which are most often issued by states, political subdivisions, integral parts of states or political subdivisions or entities otherwise eligible for the exclusion of income under section 115 of the U.S. Internal Revenue Code of 1986, as amended. No member of BAM is liable for the obligations of BAM. The address of the principal executive offices of BAM is: 200 Liberty Street, 27th Floor, New York, New York 10281, its telephone number is: 212-235-2500, and its website is located at: www.buildamerica.com. BAM is licensed and subject to regulation as a financial guaranty insurance corporation under the laws of the State of New York and in particular Articles 41 and 69 of the New York Insurance Law. BAM’s financial strength is rated “AA/Stable” by S&P Global Ratings, a business unit of Standard & Poor's Financial Services LLC (“S&P”). An explanation of the significance of the rating and current reports may be obtained from S&P at www.standardandpoors.com. The 9 4855-1679-8113.6 rating of BAM should be evaluated independently. The rating reflects S&P’s current assessment of the creditworthiness of BAM and its ability to pay claims on its policies of insurance. The above rating is not a recommendation to buy, sell or hold the Bonds, and such rating is subject to revision or withdrawal at any time by S&P, including withdrawal initiated at the request of BAM in its sole discretion. Any downward revision or withdrawal of the above rating may have an adverse effect on the market price of the Bonds. BAM only guarantees scheduled principal and scheduled interest payments payable by the issuer of the Bonds on the date(s) when such amounts were initially scheduled to become due and payable (subject to and in accordance with the terms of the Bond Policy), and BAM does not guarantee the market price or liquidity of the Bonds, nor does it guarantee that the rating on the Bonds will not be revised or withdrawn. Capitalization of BAM BAM’s total admitted assets, total liabilities, and total capital and surplus, as of December 31, 2023 and as prepared in accordance with statutory accounting practices prescribed or permitted by the New York State Department of Financial Services were $500.0 million, $230.7 million and $269.3 million, respectively. BAM is party to a first loss reinsurance treaty that provides first loss protection up to a maximum of 15% of the par amount outstanding for each policy issued by BAM, subject to certain limitations and restrictions. BAM’s most recent Statutory Annual Statement, which has been filed with the New York State Insurance Department and posted on BAM’s website at www.buildamerica.com, is incorporated herein by reference and may be obtained, without charge, upon request to BAM at its address provided above (Attention: Finance Department). Future financial statements will similarly be made available when published. BAM makes no representation regarding the Bonds or the advisability of investing in the Bonds. In addition, BAM has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any information or disclosure contained herein, or omitted herefrom, other than with respect to the accuracy of the information regarding BAM, supplied by BAM and presented under the heading “BOND INSURANCE.” Additional Information Available from BAM Credit Insights Videos. For certain BAM-insured issues, BAM produces and posts a brief Credit Insights video that provides a discussion of the obligor and some of the key factors BAM’s analysts and credit committee considered when approving the credit for insurance. The Credit Insights videos are easily accessible on BAM's website at www.buildamerica.com/videos. (The preceding website address is provided for convenience of reference only. Information available at such address is not incorporated herein by reference.) Credit Profiles. Prior to the pricing of bonds that BAM has been selected to insure, BAM may prepare a pre-sale Credit Profile for those bonds. These pre-sale Credit Profiles provide information about the sector designation (e.g. general obligation, sales tax); a preliminary summary of financial information and key ratios; and demographic and economic 10 4855-1679-8113.6 data relevant to the obligor, if available. Subsequent to closing, for any offering that includes bonds insured by BAM, any pre-sale Credit Profile will be updated and superseded by a final Credit Profile to include information about the gross par insured by CUSIP, maturity and coupon. BAM pre-sale and final Credit Profiles are easily accessible on BAM's website at www.buildamerica.com/credit-profiles. BAM will produce a Credit Profile for all bonds insured by BAM, whether or not a pre-sale Credit Profile has been prepared for such bonds. (The preceding website address is provided for convenience of reference only. Information available at such address is not incorporated herein by reference.) Disclaimers. The Credit Profiles and the Credit Insights videos and the information contained therein are not recommendations to purchase, hold or sell securities or to make any investment decisions. Credit-related and other analyses and statements in the Credit Profiles and the Credit Insights videos are statements of opinion as of the date expressed, and BAM assumes no responsibility to update the content of such material. The Credit Profiles and Credit Insight videos are prepared by BAM; they have not been reviewed or approved by the issuer of or the underwriter for the Bonds, and the issuer and underwriter assume no responsibility for their content. BAM receives compensation (an insurance premium) for the insurance that it is providing with respect to the Bonds. Neither BAM nor any affiliate of BAM has purchased, or committed to purchase, any of the Bonds, whether at the initial offering or otherwise. RIGHTS OF BOND INSURER The Indenture contains a number of provisions required by Bond Insurer, which provisions shall govern so long as the Bond Policy is in effect and Bond Insurer is not in default in its payment obligations under the Bond Policy. Such provisions, among other things, grant Bond Insurer the right to receive notices of certain events and other information, the right to consent to certain actions and recognition of the Bond Insurer as a third-party beneficiary under the Security Documents. Upon the occurrence and continuance of an Event of Default, Bond Insurer shall be deemed to be the sole holder of the Bonds for the purpose of the Security Documents, including, without limitation, for purposes of exercising remedies under, and approving amendments to, the Security Documents. Pursuant to the Indenture, the Trustee and each Bondholder appoint Bond Insurer as their agent and attorney-in-fact and agree that Bond Insurer may at any time during the continuation of any proceeding by or against the City under the United States Bankruptcy Code or any other applicable bankruptcy, insolvency, receivership, rehabilitation or similar law (an “Insolvency Proceeding”), including without limitation, (A) all matters relating to any claim or enforcement proceeding in connection with an Insolvency Proceeding (a “Claim”), (B) the direction of any appeal of any order relating to any Claim, (C) the posting of any surety, supersedeas or performance bond pending any such appeal, and (D) the right to vote to accept or reject any plan of adjustment. In addition, the Trustee and each owner of the Bonds delegate and assign to the Bond Insurer, to the fullest extent permitted by law, the rights of the Trustee and each owner of the Bonds with respect to the Bonds in the conduct of any Insolvency Proceeding, including, without limitation, all rights of any party to an adversary proceeding or action with respect to any court order issued in connection with any such Insolvency Proceeding. See “APPENDIX B - Trust Indenture.” 11 4855-1679-8113.6 PLAN OF FINANCE General The City will use the proceeds of the Bonds, together with amounts on hand under the Prior Indenture, to: (i) effect the defeasance and currently refund all of the outstanding Prior Bonds; (ii) make a deposit to the Reserve Fund for the Bonds in the amount of 50% of the Reserve Requirement equal to $________ (the remaining 50% of the Reserve Requirement will be funded by the Reserve Fund Surety Policy as further described under the caption “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS – Pledged Funds – Reserve Fund”); (iii) pay the premiums owed for the Bond Policy and the Reserve Fund Surety Policy; and (iv) pay costs of issuance of the Bonds. Refunding of Prior Bonds The City has determined the refunding of the Prior Bonds to be in the public interest and in furtherance of the public purposes of the City. The City expects to transfer to the Prior Bond Trustee the amount of $_________ from the proceeds of the Bonds for deposit into the Bond and Interest Fund created pursuant to the Prior Indenture and to be used, together with any other funds on deposit therein, to pay the redemption price of the Prior Bonds on _______, 2024. The table below sets forth the maturity date, interest rate, principal amount payable to refund the Prior Bonds and the redemption date for the Prior Bonds. Maturity Date Interest Rate Par Amount Redemption Date March 1, 2035 6.250% $4,817,000 ______, 2024* * Preliminary and subject to change. Amounts Held for Prior Bonds The Indenture requires the City and the Trustee to cause the Prior Bond Trustee to (a) transfer all amounts held by the Prior Bond Trustee in the Administrative Expense Fund established for the Prior Bonds (the “Prior Bonds Administrative Expense Fund”) as follows: (i) the amount of $15,000 will be deposited into the Special Reserve Fund, and (ii) all remaining amounts held by the Prior Bond Trustee in the Prior Bonds Administrative Expense Fund will be deposited into the Administrative Expense Fund to be used to pay Administrative Expenses, and (b) transfer and deposit all amounts held by the Prior Bond Trustee into the Bond and Interest Fund for the Prior Bonds, to be applied to pay the redemption price of the Prior Bonds to be redeemed on _______, 2024. Any additional Special Taxes collected from the levy for the Prior Bonds will be deposited into the Bond and Interest Fund for the Bonds and applied in accordance with the Indenture as further described under the caption “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS – Pledged Funds – Bond and Interest Fund.” [Remainder of page intentionally left blank] 12 4855-1679-8113.6 Estimated Sources and Uses of Funds Sources of Funds: Par Amount of the Bonds ......................................................................... $ Net Premium/Discount............................................................................. Prior Bond Trustee Held Funds ............................................................... Total Sources .......................................................................................... $ Uses of Funds: Refunding of Prior Bonds ........................................................................ $ Deposit to Reserve Fund .......................................................................... Deposit to the Special Reserve Fund ....................................................... Bond Insurance Premium and Reserve Fund Surety Bond Cost ............. Deposit to Administrative Expense Fund ................................................ Costs of Issuance(1) .................................................................................. Total Uses ............................................................................................................ $ ______________________ (1) Includes Underwriter’s discount. [Remainder of page intentionally left blank] 13 4855-1679-8113.6 DEBT SERVICE REQUIREMENTS* The following table sets forth the debt service schedule for the Bonds based on the maturity, and interest rate set forth on the cover of this Official Statement, assuming no redemptions are made: Bond Year Ending March 1 Principal Interest Annual Debt Service 2024 $83,790 $83,790 2025 $365,000 $101,907 $466,907 2026 $370,000 $189,762 $559,762 2027 $390,000 $175,517 $565,517 2028 $415,000 $160,580 $575,580 2029 $435,000 $144,810 $579,810 2030 $460,000 $128,280 $588,280 2031 $490,000 $110,570 $600,570 2032 $515,000 $91,215 $606,215 2033 $545,000 $70,615 $615,615 2034 $590,000 $48,815 $638,815 2035 $615,000 $25,215 $640,215 $5,190,000 $1,331,077 $6,521,077 Note: Totals may not sum due to rounding. * Preliminary and subject to change. 14 4855-1679-8113.6 ESTIMATED SPECIAL TAX AND DEBT SERVICE COVERAGE* The following table sets forth expected Special Tax and Debt Service Coverage: Bond Year Ending March 1 Bonds Debt Service Administrative Expenses(1) Total Adjusted Debt Service Total Maximum Parcel Special Tax(2) Debt Service Coverage 2024 $83,790 $25,000 $108,790 $833,458 7.66 2025 $466,907 $25,375 $492,282 $835,920 1.70 2026 $559,762 $25,756 $585,518 $848,388 1.45 2027 $565,517 $26,142 $591,659 $861,173 1.46 2028 $575,580 $26,534 $602,114 $873,991 1.45 2029 $579,810 $26,932 $606,742 $887,126 1.46 2030 $588,280 $27,336 $615,616 $900,484 1.46 2031 $600,570 $27,746 $628,316 $913,969 1.45 2032 $606,215 $28,162 $634,377 $927,677 1.46 2033 $615,615 $28,585 $644,200 $941,702 1.46 2034 $638,815 $29,014 $667,829 $955,760 1.43 2035 $640,215 $29,449 $669,664 $970,168 1.45 Total $6,521,077 ____________________ (1) Trustee Fees and Administrative Fees are estimated at $_____ per year increasing at 1.5% per year. (2) Maximum parcel special taxes escalate annually at a rate of 1.5%. Note: Totals may not sum due to rounding. * Preliminary and subject to change. SECURITY AND SOURCE OF PAYMENT FOR THE BONDS General The Bonds and the interest thereon are limited obligations of the City secured and payable from (i) the Special Tax to be levied, extended and collected on all the taxable real property within the Area subject to the Special Tax, (ii) amounts deposited in the Bond and Interest Fund and the Reserve Fund, including a portion of the proceeds of the Bonds and the interest, profits and other income derived from the investment thereof. When collected, the Special Tax and Foreclosure Proceeds, including any interest and penalties collected in connection with the Special Taxes or Foreclosure Proceeds, shall be placed in the Bond and Interest Fund. In addition, proceeds received by the City in connection with a condemnation of any of the Special Services or any other property owned by or dedicated to the City within the Special Service Area and allocable to the Bonds as determined by the Consultant which is not used to rebuild the Special Services shall be deposited in the Bond and Interest Fund. When the amount of condemnation proceeds deposited to the Bond and Interest Fund equals $1,000 or more, such amount shall be used to redeem Bonds on the next Interest Payment Date, as described above under “THE BONDS - Mandatory Redemption Upon Condemnation.” Any 15 4855-1679-8113.6 amounts representing condemnation proceeds which remain on deposit in the Bond and Interest Fund for a continuous period of thirty (30) months and which will not be used to redeem the Bonds on the next Interest Payment Date shall be used to pay debt service on the Bonds on the next Interest Payment Date. The amount of Special Tax that the City may levy in the Area in any year is strictly limited by the maximum rates approved by the Corporate Authorities at the time of formation of the Area. Under the Special Service Area Act, the City is legally authorized to, and will, extend and collect the Special Tax in an amount determined according to the Special Tax Report. Pursuant to the Bond Ordinance, the City has levied the Special Tax in the amounts set forth in the Total Maximum Parcel Special Tax column in the Table hereinbelow under the caption “THE SPECIAL SERVICE AREA AND SPECIAL TAX – Special Service Area Special Tax Report,” and will abate such tax each year for any special tax prepayments and to the extent it is not required to pay principal or interest on the Bonds or replenish any reserve funds and Administrative Expenses. The Special Tax Report apportions the total amount of Special Tax to be collected among the Parcels in the Area as more particularly described herein. The Special Tax The levying of the Special Service Area’s Special Tax was authorized by the Corporate Authorities in Ordinance No. 2005-90, adopted at a meeting held on November 22, 2005 (the “Establishing Ordinance”). Pursuant to the Establishing Ordinance, the City caused (i) the Establishing Ordinance to be recorded with the Recorder of Deeds of Kendall County, Illinois, and (ii) the Declaration of Consent of the original developer to be recorded with the Recorder of Deeds of Kendall County, Illinois. The Bonds are secured by, among other things, a pledge of the Special Tax, including all scheduled payments of Special Tax received by the City, interest thereon, and proceeds of the redemption or sale of property sold as a result of foreclosure of the lien of Special Tax and other moneys deposited in the Funds and Accounts established under the Trust Indenture, other than the Administrative Fund, the Special Reserve Fund, and the Rebate Fund. Pursuant to the Bond Ordinance, the City has levied the Special Tax in the amounts set forth in the Total Maximum Parcel Special Tax column in the Table set forth below under the caption “THE SPECIAL SERVICE AREA AND SPECIAL TAX - Special Service Area Special Tax Report”, and will abate such tax each year and to the extent it exceeds the Special Tax Requirement as calculated by the Consultant on its behalf. The City has covenanted in the Bond Ordinance and the Trust Indenture annually on or before the last Tuesday of December for each of the years 2024 through 2033 to calculate or cause the Consultant to calculate the Special Tax Requirement; to amend the Special Tax Roll and provide the County tax collector with the amended Special Tax Roll; and to adopt an ordinance approving the amount of the current calendar year’s Special Tax Requirement and abating the Special Taxes levied pursuant to the Bond Ordinance to the extent the taxes levied pursuant to the Bond Ordinance exceeds the Special Tax Requirement as calculated by the City pursuant to the Establishing Ordinance and the Special Tax Report. 16 4855-1679-8113.6 On or before the last Tuesday of January for each of the years 2025 through 2034 the City shall notify the Trustee of the amount of the Special Tax Requirement and the amount of the Special Taxes to be abated. The City shall take all actions which shall be necessary to provide for the levy, extension, collection and application of the taxes levied by the Bond Ordinance, including enforcement of such taxes by providing Kendall County with such information as is deemed necessary to enable the County to include any property subject to a delinquent Special Tax in the County Collector’s annual tax sale and, in the event the tax lien is forfeited at such tax sale upon receipt of the written request of the Bond Insurer or a majority of the Bondholders by instituting proceedings, including assigning to the Trustee its right to institute foreclosure proceedings, and/or assigning to the Trustee its right to purchase as a taxing district the unpaid taxes due upon the property all in the manner provided by law; provided, however, that the obligation to purchase unpaid taxes, or institute any proceeding shall only arise in the event the City or the Trustee, as applicable, makes the determination that sufficient funds are on deposit in the Administrative Expense Fund to (i) pay all remaining Administrative Expenses expected for such levy year, and (ii) apply to the purchase of the unpaid taxes and/or pay the costs of any proceeding. See “THE SPECIAL SERVICE AREA AND SPECIAL TAX – Special Service Area Special Tax Report.” The levy of the Special Tax is subject to certain limitations. The levy of the Special Tax on property within the Area is constrained by the Maximum Parcel Special Tax amount applicable to such Parcel. See “THE SPECIAL SERVICE AREA AND SPECIAL TAX – Special Service Area Special Tax Report” and “RISK FACTORS – Maximum Parcel Special Taxes” herein. The full amount of the Total Maximum Parcel Special Tax as set forth in the subcaption “Special Service Area Special Tax Report” has been levied pursuant to the Bond Ordinance, as adjusted for prepayments. Although the Special Tax, when levied, will constitute a lien on Parcels within the Area, it does not constitute a personal indebtedness of the owners of such property within the Area. There is no assurance that the owners of property in the Area will be financially able to pay the annual Special Tax or that they will pay such tax even if financially able to do so. See “RISK FACTORS” herein. No Additional Bonds The Trust Indenture for the Bonds does not allow for the issuance of additional bonds or other indebtedness other than for purposes of refunding the Bonds. Pledged Funds Bond and Interest Fund. The Trust Indenture creates and establishes with the Trustee a separate and special fund of the City established exclusively for paying principal of, interest on and redemption premium on the Bonds and which is designated as the “Special Service Area Number 2004-107 Special Tax Refunding Bonds, Bond and Interest Fund” (the “Bond and Interest Fund”). Upon receipt by the Trustee, the Special Taxes and the Foreclosure Proceeds, including any interest and penalties, collected in connection with such Special Tax or 17 4855-1679-8113.6 Foreclosure Proceeds shall be placed in the Bond and Interest Fund. The City may provide for Kendall County to transmit directly to the Trustee for deposit to the Bond and Interest Fund any Special Tax collected by Kendall County. In addition, proceeds received by the City in connection with a condemnation of any of the Special Services or any other property dedicated to or owned by the City within the Special Service Area and allocable to the Bonds as determined by the Consultant which are not used to rebuild the Special Services shall be deposited in the Bond and Interest Fund. Moneys deposited in the Bond and Interest Fund and investments of the Bond and Interest Fund shall never be commingled with or loaned to any other funds of the City. All interest and other investment earnings on the Bond and Interest Fund shall become, when received, a part of the Bond and Interest Fund. When the amount of condemnation proceeds deposited to the Bond and Interest Fund equals $1,000 or more, such amount shall be used to redeem Bonds on the next Interest Payment Date. Any amounts representing condemnation proceeds which remain on deposit in the Bond and Interest Fund for a continuous period of thirty (30) months and which will not be used to redeem the Bonds on the next Interest Payment Date will be used to pay debt service on the Bonds on the next Interest Payment Date. Amounts deposited in the Bond and Interest Fund are appropriated for and irrevocably pledged to, and shall be used solely for the purpose of, paying the principal of and interest and redemption premium on the Bonds, or for transfers to the Reserve Fund, the Special Reserve Fund or the Administrative Expense Fund as permitted in the Trust Indenture. At any time after September 1 but in no event later than December 1 of each year, the Trustee shall determine the amount needed to pay principal of and interest and redemption premium on the Bonds on March 1 of the next succeeding year. After the Trustee has determined that sufficient amounts are on deposit in the Bond and Interest Fund to pay principal of, interest on and redemption premium due on the Bonds on the next March 1, the Trustee shall notify the City and the Consultant of any excess amounts on deposit in the Bond and Interest Fund and, at the written direction of the City, shall transfer an amount from the Bond and Interest Fund to the Administrative Expense Fund which the City, after consultation with the Consultant, has determined will be adequate, together with other amounts in the Administrative Expense Fund or reasonably expected to be transferred to or deposited in such Fund, to pay all Administrative Expenses during the succeeding calendar year. After making such transfer to the Administrative Expense Fund any excess amounts on deposit in the Bond and Interest Fund will be transferred to the Reserve Fund to the extent necessary to replenish the Reserve Fund to the Reserve Requirement (or to restore the amount available under any Reserve Fund Surety Policy, together with cash on deposit in the Reserve Fund, to the Reserve Requirement, as defined below under the subcaption “Reserve Fund”). After (i) making such transfer to the Administrative Expense Fund, and (ii) the Reserve Fund has amounts on deposit equal to the Reserve Requirement, any excess amounts on deposit in the Bond and Interest Fund shall be transferred to the Special Reserve Fund to the extent necessary to fund the Special Reserve Fund to the Special Reserve Fund Requirement. The total amount transferred from time to time to the Special Reserve Fund shall not exceed [$25,000] giving consideration to amounts that may have previously been transferred from the Special Reserve Fund. Thereafter, any remaining excess shall be retained in 18 4855-1679-8113.6 the Bond and Interest Fund and applied to pay principal and interest coming due on the next succeeding Interest Payment Date. Special Redemption Account. A separate account designated the “Special Redemption Account” exists within the Bond and Interest Fund established with the Trustee. All prepayments of the Special Tax made in accordance with the Special Tax Report shall be deposited in the Special Redemption Account. Amounts deposited in the Special Redemption Account representing optional prepayments of Special Tax in accordance with the Special Tax Report shall be applied to the redemption of the Bonds pursuant to the Trust Indenture and as described under the caption “THE BONDS – Redemption – Special Mandatory Redemption from Optional Prepayment of Special Tax.” Moneys in the Special Redemption Account shall be used exclusively to redeem Bonds pursuant to the Trust Indenture or to pay debt service on the Bonds pursuant to the Trust Indenture. In the event of any optional prepayment of Special Tax pursuant to Section 3.4 of the Trust Indenture, prior to giving notice of the redemption of the Bonds in accordance with the Trust Indenture, the Trustee will transfer from the Reserve Fund to the Special Redemption Account an amount equal to the Reserve Fund Credit (as defined in the Special Tax Report) and from the Special Reserve Fund (to the extent funds are available) to the Special Redemption Account an amount equal to the Special Reserve Fund Credit, if any, upon the direction of the Consultant in accordance with the Special Tax Roll and Report. When the amount on deposit in the Special Redemption Account from amounts deposited pursuant to Section 3.3 of the Trust Indenture equals or exceeds $1,000, such amount shall be used to redeem the Bonds on the next Interest Payment Date in accordance with Section 3.3 of the Trust Indenture. On each such Interest Payment Date, the Trustee shall withdraw from the Special Redemption Account and pay to the owners of the Bonds the amounts to redeem such Bonds pursuant to Section 3.3 of the Trust Indenture. When the amount on deposit in the Special Redemption Account from amounts deposited pursuant to Section 3.4 of the Trust Indenture equals or exceeds $1,000, such amount shall be used to redeem the Bonds on the next March 1, June 1, September 1, or December 1 in accordance with Section 3.4 of the Trust Indenture. On each such redemption date, the Trustee shall withdraw from the Special Redemption Account and pay to the owners of the Bonds the amounts to redeem the Bonds pursuant to Section 3.4 of the Trust Indenture. Notwithstanding the foregoing, any amounts contained in the Special Redemption Account for a continuous period of thirty (30) months and which will not be used to redeem the Bonds in accordance with the two immediately preceding sentences and the Trust Indenture shall be used to pay debt service on the Bonds on the next Interest Payment Date. Any amounts contained in the Special Redemption Account on the final maturity date of the Bonds shall be used to pay outstanding debt service on the Bonds. Reserve Fund. A separate and special fund of the City exists with the Trustee which is designated as the “Special Service Area Number 2004-107 Special Tax Refunding Bonds, Reserve Fund” (the “Reserve Fund”), and which is required to be maintained in an amount equal to the Reserve Requirement. The Reserve Requirement shall be an amount equal to $__________, as reduced by the amount of any Reserve Fund Credits in connection with prepayments pursuant to the Trust Indenture and as described in the preceding paragraph and 19 4855-1679-8113.6 shall be funded by a cash deposit and a Reserve Fund Surety Policy. The Reserve Requirement shall be satisfied by the deposit into the Reserve Fund of (i) cash in the amount of $ _________ transferred by the Prior Bond Trustee from the Reserve Fund under the Prior Indenture, and (ii) the Reserve Fund Surety Policy in the amount of $__________ . The City may at any time and from time to time substitute cash, a Reserve Fund Surety Policy or any combination thereof for either of the foregoing then on deposit in the Reserve Fund, and, thereupon, the Trustee shall release all or a portion of such cash or Reserve Fund Surety Policy and shall cause such excess to be deposited into the Bond and Interest Account and used for the payment of interest on the Bonds on the next following Interest Payment Date, so long as the combination of the foregoing remaining in the Reserve Fund following such release shall equal the Reserve Requirement. At closing the cash portion of the Reserve Requirement will be equal to 50% of the total Reserve Requirement or $_______ and the remaining 50% of the Reserve Requirement will be funded by the Reserve Fund Surety Policy. Amounts deposited in the Reserve Fund (including drawings under any Reserve Fund Surety Policy) shall be used solely for the purpose of (i) making transfers to the Bond and Interest Fund to pay the principal of, including mandatory sinking fund payments, and interest and any premium on, all Bonds when due, in the event that moneys in the Bond and Interest Fund are insufficient therefor without further direction from the City, (ii) making any transfers to the Bond and Interest Fund if the balance in the Reserve Fund and the Special Reserve Fund exceeds the amount required to redeem all Bonds then outstanding, (iii) making transfers to the Special Redemption Account in an amount equal to any Reserve Fund Credit in the event of an optional prepayment of the Special Tax as provided in the Indenture, or (iv) if the amount then on deposit in the Reserve Fund is at least equal to the Reserve Requirement, for transfer in accordance with the next paragraph. On the Business Day prior to each September 1 Interest Payment Date, (a) moneys in the Reserve Fund in excess of the Reserve Requirement shall be transferred by the Trustee from the Reserve Fund to the Bond and Interest Fund to be used for the payment of interest on the Bonds on such September 1 Interest Payment Date, and (b) moneys in the Reserve Fund in excess of (i) the Reserve Requirement and (ii) the interest due on the Bonds on such September 1 Interest Payment Date, shall be used for the payment of principal on the Bonds on the next following March 1 Interest Payment Date. On the Business Day prior to each March 1 Interest Payment Date, (a) moneys in the Reserve Fund in excess of the Reserve Requirement shall be transferred by the Trustee from the Reserve Fund to the Bond and Interest Fund to be used for the payment of principal of and interest and redemption premium (if any) on the Bonds on such March 1 Interest Payment Date, and (b) moneys in the Reserve Fund in excess of (i) the Reserve Requirement and (ii) the principal of and interest and redemption premium (if any) due on the Bonds on such March 1 Interest Payment Date, shall be used for the payment of interest on the Bonds on the next following September 1 Interest Payment Date. Any amounts contained in the Reserve Fund on the final maturity date of the Bonds shall be transferred to the Bond and Interest Fund, and used to pay outstanding debt service on the Bonds. 20 4855-1679-8113.6 Withdrawals from the Reserve Fund shall be made from the following sources in the following order of priority: (l) cash, and (2) from drawings under a Reserve Fund Surety Policy in the order of priority provided for in such instruments. Any replenishment of the Reserve Fund shall be applied first to the reimbursement of drawings under a Reserve Fund Surety Policy and then to the restoration of cash. In the event that the City chooses to deposit a Reserve Fund Surety Policy into the Reserve Fund, it may make reasonable covenants and agreements with the issuer of the policy, surety or other facility including, but not limited to, covenants and agreements related to the following: (a) The application and priority of amounts deposited to the credit of the Reserve Fund after a draw under the Reserve Fund Surety Policy to reimburse the issuer of the Reserve Fund Surety Policy or to reimburse or replenish cash in the Reserve Fund; (b) Not less than fifteen (15) days advance notice of the need for a draw by the Trustee under the Reserve Fund Surety Policy and to maintain records; and (c) The status of the issuer of the Reserve Fund Surety Policy as a third party beneficiary under the Trust Indenture and its ability to enforce the provisions of the Trust Indenture to the extent such rights may in fact benefit such issuer of the policy or facility. The Reserve Fund Surety Policy Bond Insurer has made a commitment to issue a financial guaranty insurance policy for fifty percent (50%) of the Reserve Requirement with respect to the Bonds, effective as of the date of issuance of the Bonds and held by the Trustee in the Reserve Fund. See “APPENDIX F for a Specimen Municipal Bond Debt Service Reserve Insurance Policy.” The Reserve Fund Surety Policy, together with a portion of the proceeds of the Bonds to be deposited in the Reserve Fund, will equal the Reserve Requirement. All amounts on deposit under the Indenture available to pay debt service on the Bonds (exclusive of the Reserve Fund Surety Policy) shall be used to pay such debt service before any drawing may be made on the Reserve Fund Surety Policy. Draws on the Reserve Fund Surety Policy may be used only to pay principal of and/or interest on the Bonds. The Bonds will be delivered only upon the issuance of the Reserve Fund Surety Policy. Under the terms of the Reserve Fund Surety Policy, Bond Insurer will unconditionally and irrevocably guarantee to pay that portion of the scheduled principal and interest on the Bonds that becomes due for payment but shall be unpaid by reason of nonpayment by the City (the “Insured Payment(s)”). Bond Insurer will pay each portion of an Insured Payment that is due for payment and unpaid by reason of nonpayment by the City to the Trustee, as beneficiary of the Reserve Fund Surety Policy on behalf of the holders of the Bonds on the later to occur of (i) the date such scheduled principal or interest becomes due for payment or (ii) the business day next following the day on which Bond Insurer receives a demand for payment therefor in accordance with the terms of the Reserve Fund Surety Policy. No payment shall be made under the Reserve Fund Surety Policy in excess of fifty percent (50%) of the Reserve Requirement established for the Bonds (the “Reserve Fund Surety 21 4855-1679-8113.6 Policy Limit”). Pursuant to the terms of the Reserve Fund Surety Policy, the amount available at any particular time to be paid to the Trustee shall automatically be reduced to the extent of any payment made by Bond Insurer under the Reserve Fund Surety Policy, provided, that, to the extent of the reimbursement of such payment by the City to Bond Insurer, the amount available under the Reserve Fund Surety Policy shall be reinstated in full or in part, in an amount not to exceed the Reserve Fund Surety Policy Limit. The premium on the Reserve Fund Surety Policy is included in the Costs of Issuance for the Bonds. See “PLAN OF FINANCE – Estimated Sources and Uses of Funds” herein. The Reserve Fund Surety Policy does not insure against nonpayment caused by the insolvency or negligence of the Trustee or Paying Agent. Costs of Issuance Account. The Indenture creates and establishes with the Trustee a Costs of Issuance Account created within the Administrative Expense Fund, as a separate and special fund of the City which is designated as "The Special Service Area Number 2004-107 Special Tax Refunding Bonds, Costs of Issuance Account, Series 2024" (the "Costs of Issuance Account") . Amounts deposited in the Costs of Issuance Account shall be used solely for the purpose of paying costs incurred in connection with the issuance of the Bonds and the refunding of the Prior Bonds. On the date which is six (6) months after the date of issuance of the Bonds, the Trustee shall transfer all amounts remaining in the Costs of Issuance Account to the Administrative Expense Fund. Non-Pledged Funds Special Reserve Fund. A separate and special fund of the City which shall be designated as the “Special Service Area Number 2004-107 Special Tax Refunding Bonds, Special Reserve Fund” (the “Special Reserve Fund”). Special Taxes shall be deposited in the Special Reserve Fund in accordance with Section 6.1 of the Indenture until the amounts on deposit in the Special Reserve Fund equal the Special Reserve Fund Requirement. The total amount transferred from time to time to the Special Reserve Fund shall not exceed [$25,000] giving consideration to amounts that may have previously been transferred from the Special Reserve Fund. Amounts deposited in the Special Reserve Fund shall be used solely for the purpose of (i) making any transfers to the Bond and Interest Fund if the aggregate balance in the Special Reserve Fund and the Reserve Fund exceeds the amount required to redeem all Bonds then outstanding, (ii) for transfer to the Special Redemption Account in an amount equal to the Special Reserve Fund Credit in accordance with Section 6.1(d) of the Indenture, (iii) on [March 1, ____] for transfer to the Bond and Interest Fund as described below, (iv) at the direction of an Authorized Officer for transfer to the Bond and Interest Fund or any other fund established under the Trust Indenture, or (v) at the direction of an Authorized Officer for any use permitted by the Special Service Area Act, provided an opinion of bond counsel is delivered to the Trustee to the effect that such use will not violate the Special Service Area Act or adversely affect the tax- exempt status of interest on the Bonds. 22 4855-1679-8113.6 On [March 1, ____] (on which date the Special Reserve Fund Credit shall be zero), the Trustee shall without further direction, transfer any remaining amounts on deposit in the Special Reserve Fund to the Bond and Interest Fund to pay principal of and interest and redemption premium on the Bonds on the next succeeding Interest Payment Date. Any amounts in the Special Reserve Fund that are used to pay principal of, or interest or premium on, the Bonds shall be treated as Special Taxes paid by the owners of the affected Parcels for purposes of the Special Tax Roll and Report. Amounts on deposit in the Special Reserve Fund are not pledged to the payment of principal of or interest on the Bonds. Administrative Expense Fund. A separate and special fund of the City which is designated as the “Special Service Area Number 2004-107 Special Tax Refunding Bonds, Administrative Expense Fund” (the “Administrative Expense Fund”) exists with the Trustee. Amounts in the Administrative Expense Fund shall be withdrawn by the Trustee and paid to the City or its order upon receipt by the Trustee of a written request of an Authorized Officer stating the amount to be withdrawn, that such amount is to be used to pay an Administrative Expense, and the nature of such Administrative Expense. Costs of Issuance Account. A separate account designated the “Costs of Issuance Account” exists within the Administrative Expense Fund established with the Trustee. Amounts deposited in the Costs of Issuance Account shall be used solely for the purpose of paying costs incurred in connection with the issuance of the Bonds (including, without limitation, the premiums for any Bond Policy and any Reserve Fund Surety Policy). Disbursements from the Costs of Issuance Account shall be made by the Trustee upon receipt of a Written Request from the City in the form of Exhibit D to the Trust Indenture which shall (i) set forth the amount required to be disbursed, the purpose for which the disbursement is to be made, that the disbursement is a proper expenditure from the Costs of Issuance Account, and payment instructions to the Trustee for the amount to be disbursed and (ii) certify that no portion of the amount then being requested to be disbursed was set forth in any previous request for disbursement. On the date which is six months after the date of issuance of the Bonds, the Trustee will transfer all amounts remaining in the Costs of Issuance Account to the Administrative Expense Fund. Rebate Fund. A separate and special fund of the City exists with the Trustee which is designated as the “Special Service Area Number 2004-107 Special Tax Refunding Bonds, Rebate Fund” (the “Rebate Fund”), into which there shall be deposited as necessary investment earnings in the Bond and Interest Fund, the Reserve Fund and the Special Reserve Fund to the extent required so as to maintain the tax exempt status of interest on the Bonds all at the direction of the City. All rebates, special impositions or taxes for such purpose payable to the United States of America (Internal Revenue Service) shall be payable from the Rebate Fund at the direction of the City. 23 4855-1679-8113.6 Amounts in the Administrative Expense Fund, Special Reserve Fund and the Rebate Fund are not pledged to the repayment of the Bonds. Security for the Bonds The Bonds and the interest thereon are secured and payable primarily from (i) the Special Tax levied, and to be extended and collected on all taxable property within the Area subject to the Special Tax, including interest on such Special Tax and the proceeds of the redemption or sale of property sold as a result of any actions to foreclose the lien of Special Tax and any interest accrued thereon, brought following a delinquency in the payment of the Special Tax, (ii) any amounts transferred by the City to the Bond and Interest Fund, including the allocable portion of condemnation proceeds received by the City not used to rebuild the Special Services, and (iii) amounts deposited in the Bond and Interest Fund and the Reserve Fund. Covenants of the City Pursuant to the Trust Indenture, the City has covenanted for the benefit of the owners of the Bonds (the “Bondowners”) that the City will: (a) take all actions, if any, which shall be necessary, in order further to provide for the levy, extension, collection and application of the Special Tax levied pursuant to the Bond Ordinance and Trust Indenture, including enforcement of the Special Tax by institution of foreclosure proceedings as provided by law; (b) not take any action which would adversely affect the levy, extension, collection and application of the Special Tax levied pursuant to the Bond Ordinance and the Trust Indenture, except to abate the Special Tax to the extent permitted by the Trust Indenture and the Special Tax Report; (c) comply with all requirements of the Special Service Area Act, the Bond Ordinance and other applicable present and future laws concerning the levy, extension and collection of the Special Tax levied pursuant to the Bond Ordinance and the Trust Indenture, in each case so that the City shall be able to pay the principal of and interest on the Bonds as they come due and replenish the Special Reserve Fund to the Special Reserve Requirements and the Reserve Fund to the Reserve Requirement (or to restore the amount available under any Reserve Fund Surety Policy, together with cash on deposit in the Reserve Fund, to the Reserve Requirement), and take all actions necessary to assure the timely collection of the Special Taxes, including, without limitation, the enforcement of any delinquent Special Tax by providing Kendall County with such information as is deemed necessary to enable Kendall County to include any property subject to a delinquent Special Tax in the Kendall County Collector’s annual tax sale and, upon receipt of the written request of the Bond Insurer or a majority of the Bondholders, in the event the tax lien is forfeited at such tax sale by assigning to the Trustee its right to institute foreclosure proceedings, and/or assigning to the Trustee its right to purchase as a taxing district the unpaid taxes due upon the property all in the manner provided by law; provided, however, that the obligation to purchase unpaid taxes, or institute any proceeding shall only arise in the event the City or the Trustee, as applicable, makes the determination that 24 4855-1679-8113.6 sufficient funds are on deposit in the Administrative Expense Fund (i) pay all remaining Administrative Expenses expected for such levy year, and (ii) to apply to the purchase of the unpaid taxes and/or pay the costs of any proceeding; (d) not encumber, pledge or place any charge or lien upon any of the Special Tax or other amounts pledged to the Bonds superior to, or on a parity with, or junior to, the pledge and lien created in the Trust Indenture for the benefit of the Bonds, except as permitted by, or specifically set forth in, the Trust Indenture; (e) take all actions which are necessary to be taken (and avoid any actions which it is necessary to avoid being taken), so that interest on the Bonds will not be or become included in gross income for federal income tax purposes under existing law; (f) keep, or cause the Trustee to keep, proper books of record and accounts, separate from all other records and accounts of the City, in which complete and correct entries will be made of all transactions relating to the deposits to and expenditure of amounts disbursed from the Funds and Accounts created under the Trust Indenture and the Special Tax; and (g) to the extent possible, direct Kendall County, Illinois to deposit all Special Taxes when collected, including Foreclosure Proceeds, condemnation proceeds and prepayments, directly with the Trustee to be applied as set forth under the Trust Indenture. Investment of Funds Moneys on deposit in Funds and Accounts established under the Trust Indenture may be invested from time to time in Qualified Investments pursuant to and solely at the direction of the City to the Trustee provided that moneys on deposit in the Special Redemption Account shall be invested in Qualified Investments having a maturity of 180 days or less. Subject to the requirements of the Trust Indenture, earnings or losses on such investments shall be attributed to the Fund or Account for which the investment was made. In the event that the Trustee does not receive directions from the City to invest funds held under the Trust Indenture, the Trustee shall invest such funds in a money market fund which invests in short-term securities issued or guaranteed by the United States Government, its agencies or instrumentalities. The Trustee is authorized to execute purchases and sales of Qualified Investments through the facilities of its own trading or capital markets operations or those of any affiliated entity. Notwithstanding anything in the Trust Indenture to the contrary, at the written direction of the City, the Trustee shall invest amounts on deposit in the (1) Special Redemption Account of the Bond and Interest Fund and (2) the Special Reserve Fund such that the yield on the investment does not exceed the yield on the Bonds. The Reserve Fund shall be invested only in Qualified Investments with maturities not longer than ten (10) years, the average life of which is no longer than five (5) years. Investments on deposit in all funds and accounts established under the Trust Indenture shall be valued at market value at least quarterly. 25 4855-1679-8113.6 Enforcement of Payment of Special Tax In Illinois, general ad valorem property taxes are levied in one year and become payable during the following year. At the end of each collection year, the Kendall County Treasurer applies to the Circuit Court of Kendall County, for a judgment for all unpaid general ad valorem property taxes. The Circuit Court of Kendall County order resulting from that application for judgment provides for a sale of all property with unpaid general ad valorem property taxes. A public sale is held, at which time successful bidders pay the unpaid general ad valorem property taxes plus penalties. The annual tax sale is usually held during November of any given year in Kendall County. Unpaid general ad valorem property taxes accrue penalties at the rate of 1 1/2% per month from their due date until the date of sale. Taxpayers can redeem their property by paying the purchaser of the delinquent taxes on the property at the general tax sale the amount paid at the sale, plus a penalty. If redemption does not occur within two and one-half years, and certain procedural requirements are met, the purchaser of the property at the tax sale can receive a deed to the property which has been sold for delinquent taxes. Any delinquent Special Taxes for any given year would be included in this general tax sale. If there is no sale of the tax lien on a parcel of property at the annual tax sale, and the taxes remain unpaid, the taxes are forfeited and eligible to be purchased at any time thereafter at an amount equal to all delinquent taxes and interest to the date of purchase. Redemption periods and procedures are the same as applicable to the annual tax sale. In addition to using the annual tax sale as an enforcement mechanism, a municipality may seek enforcement of unpaid special taxes through commencement of foreclosure proceedings pursuant to the Special Service Area Act. If a delinquency in the payment of the Special Tax occurs, the City is authorized by the Special Service Area to assign to the Trustee its right to institute an action pursuant to Article 9 of the Illinois Municipal Code (65 ILCS 5/9-1-1, et seq.) to foreclose any lien therefor securing the Special Tax. In such an action, a court having jurisdiction would enter a foreclosure decree authorizing the sale of the property subject to the lien of the Special Tax, and the real property subject to the lien of the Special Tax would be sold at a judicial foreclosure sale. The ability of the Trustee to foreclose the lien of delinquent unpaid Special Tax may be limited in certain instances and may require prior consent of the property owner in the event that the property is owned by any receivership of the Federal Deposit Insurance Corporation (the “FDIC”). See “RISK FACTORS – Bankruptcy” and “RISK FACTORS – Tax Delinquencies.” Such judicial foreclosure proceedings are not mandatory under the Special Service Area Act. However, in the Trust Indenture, the City has covenanted with the holders of the Bonds to take all actions, if any, which shall be necessary to provide for the levy and extension, collection and application of the Special Tax, and to assure the timely collection of the Special Tax, including without limitation, the enforcement of any delinquent Special Tax by assigning to the Trustee its right to commence and maintain an action to foreclose the lien of any delinquent Special Tax; provided, however, that the obligation to institute any foreclosure action shall only arise if the City makes the determination that the proceeds from each foreclosure action have a commercially reasonable expectation of exceeding the costs thereof. 26 4855-1679-8113.6 No assurances can be given that a judicial foreclosure action, once commenced, will be completed or that it will be completed in a timely manner. See “RISK FACTORS - Potential Delay and Limitations in Foreclosure Proceedings” below. Article 9 of the Illinois Municipal Code provides that the municipality or its assignee may file a complaint to foreclose a special service area tax lien in the same manner that foreclosures are permitted by law in case of delinquent general taxes. The “law in case of delinquent general taxes” to which the Illinois Municipal Code refers is the Illinois Revenue Code. Under such foreclosure proceedings, the court adjudicates the existence of a default in the payment obligation and authorizes a foreclosure sale; the sale is conducted and the proceeds distributed according to the respective priorities; the successful bidder is given a certificate of sale; and, if the redemption period expires without a redemption of the special service area taxes, the certificate of sale may be converted to a deed. Although the municipality holds the lien for the local improvement and is therefore the proper party to commence foreclosure procedures, bondholders with bonds secured by special service area taxes may compel the municipality to perform its duty and use all lawful means, including foreclosure, to collect the taxes out of which the bondholders are to be paid. Special service area taxes create a lien that is superior to other liens and encumbrances, and when general property taxes and Special Taxes are both delinquent, the proceeds of any foreclosure action, if insufficient to pay each in full, are divided between them on a pro rata basis. If special service area taxes are not paid in full at a foreclosure sale, and the lien amounts are bid on at such foreclosure sale, then unless the special service area taxes are then redeemed through payment of the amount of the special service area taxes plus interest, the certificate of sale can be converted into a deed to the property only after expiration of the applicable redemption period. The Illinois Constitution prescribes certain minimum redemption periods for unpaid taxes on property, including special service area taxes, but the Illinois General Assembly may create longer redemption periods. For residential property with less than seven dwelling units, the Illinois Constitution provides for a minimum two year redemption period. The corresponding statute, however, permits the delinquent owner of such property to redeem it for two and a half years (35 ILCS 200/21-350). Additionally, in certain circumstances the redemption period may be extended for a period which will expire no later than 3 years from the date of sale (35 ILCS 200/21-385). If the property can also be considered “vacant non-farm real estate,” the Constitution authorizes a reduction of the redemption period to one year, but the statute applicable to special service area taxes contains no such exception. No assurances can be given that the real property subject to sale or foreclosure and sale will be sold or, if sold, that the proceeds of sale will be sufficient to pay any delinquent installment of special service area taxes. Neither the Special Service Area Act nor Article 9 of the Illinois Municipal Code requires the Trustee, as assignee of the City’s right to foreclose, to purchase or otherwise acquire any lot or parcel of property offered for sale or subject to foreclosure if there is no other purchaser at such sale. Article 9 of the Illinois Municipal Code does specify that the special service area taxes will have the same lien priority in the case of delinquency as the priority of the lien of ad valorem property taxes. If the Reserve Fund is depleted and delinquencies in the payment of Special Tax exist, there could be a default or delay in payments to the Bondowners pending the annual tax sale and/or prosecution of foreclosure proceedings and receipt by the City of the sale 27 4855-1679-8113.6 and/or foreclosure sale proceeds, if any. However, within the limits of the Special Tax Report and the Special Service Area Act, the City may adjust the Special Tax levied on all property within the Area in future calendar years to provide an amount, taking into account such delinquencies, required to pay debt service on the Bonds and to replenish the Reserve Fund. The amounts of the Maximum Parcel Special Tax are sufficient to pay the amounts required by the Trust Indenture to be paid on the Bonds; however, there are no assurances that the taxes levied will always be collected in their entirety. Value to Lien Ratio The following table sets forth sample value-to-lien ratios with respect to the Project. Product Types Market Value(1) Bond Assessment Lien Value to Lien Duplex $278,830.00 $14,329.87 19.458 Townhomes $236,010.00 $10,592.28 22.281 Single Family Homes $298,610.00 $16,167.87 18.469 ____________________ Source: Kendall County Tax Assessor. (1) Market value based on three times of average EAV for tax year 2023 for developed lots in the Area The value-to-lien ratio is based on the estimated market value of the Parcels. No assurance can be given that the foregoing ratio can or will be maintained during the period of time the Bonds are outstanding both because property values could drop and because other public entities, over which the Area has no control, could issue additional indebtedness secured by a lien on parity with the lien securing payment of the Special Tax or payable through the levy or imposition of a tax on parity with the Special Tax. Representative Property Taxes The following tables set forth general ad valorem taxes, based on current rates, imposed against Parcels improved with detached Single Family Homes, Duplexes or Townhomes in the Area based on the assessed values for such property and the most recent tax bills received by the owners of the property in the Area. United City of Yorkville Single Family Homes Duplex Homes Townhomes Average Market Value $298,610 $278,830 $236,010 Average Assessed Value $99,537 $92,943 $78,670 Multiplier 1 1 1 Average Homeowners Exemption $6,000 $6,000 $6,000 Average Taxable Valuation $93,537 $86,943 $72,622 Taxing Agency Single Family Homes Duplex Homes Townhomes Kendall County 0.590750% 0.590750% 0.590750% 28 4855-1679-8113.6 Bristol - Kendall Fire Protection District 0.698760% 0.698760% 0.698760% Forest Preserve 0.147640% 0.147640% 0.147640% Jr College #516 0.464150% 0.464150% 0.464150% Yorkville Library 0.255320% 0.255320% 0.255320% Yorkville/Bristol Sanitary District 0.000000% 0.000000% 0.000000% Kendall Township 0.087810% 0.087810% 0.087810% Kendall Road District 0.223390% 0.223390% 0.223390% School Dist. CU 115 6.652400% 6.652400% 6.652400% City of Yorkville 0.537710% 0.537710% 0.537710% Total Tax Rate 9.657930% 9.657930% 9.657930% Kendall Township Representative Ad Valorem Tax $9,033.74 $8,396.89 $7,013.78 Kendall Township Maximum Parcel Tax Levy Year 2023 $2,743.00 $2,245.00 $1,895.00 Kendall Township Actual Parcel Tax Levy Year 2023 $2,743.00 $2,245.00 $1,895.00 Total Taxes $11,776.74 $10,641.89 $8,908.78 ____________________ Source: Kendall County, for Tax Codes KE021 The City has no control over the amount of additional debt payable from taxes or assessments on all or a portion of the property within the Area, that may be issued in the future by other governmental entities or districts. Nothing prevents the owners of land within the Area from consenting to the issuance of additional debt by other public agencies which would be secured by taxes or assessments on the same property subject to the Special Tax. To the extent such indebtedness is payable from assessments, and other special taxes levied pursuant to the Special Service Area Act or other taxes, such assessments, special taxes and other taxes may have a lien on the property within the Area in addition to and on parity with the lien of the Special Tax. Accordingly, the liens on the property within the Area could increase without any corresponding increase in the value of the property within the Area and thereby reduce the ratio that exists at the time the Bonds are issued between the value of the property and the debt secured by the taxes and assessments thereon. The imposition of such additional indebtedness could also reduce the willingness and ability of the property owners within the Area to pay the Special Tax when due. See “RISK FACTORS - Overlapping Indebtedness.” Historical EAV Single Family Duplex Townhomes 2023 $18,911,958 $3,253,021 $9,755,071 2022 $10,661,024 $2,220,240 $6,670,012 2021 $5,330,945 $25,227 $928,102 2020 $1,404,397 $50,454 $930,328 2019 $575,659 $0 $860,074 Historical Special Tax Collections and Delinquencies The following table shows the historical Special Tax collections and delinquencies in connection with the Area. In the event of a delinquency in the payment of a Special Tax, no 29 4855-1679-8113.6 assurance can be given that the proceeds of any foreclosure sale would be sufficient to pay the delinquent Special Tax and any other delinquent special taxes, assessments or taxes. Historical Special Tax Collections and Delinquencies - 5 years.. Single Family Homes Levy Year 2023 2022 2021 2020 2019 Total Billed ...................................... $833,458 $845,270 $834,895 $823,066 $810,118 Total Collected (Before Tax Sale) ... $833,458 $845,270 $834,895 $812,050 $810,118 Percent Collected ............................. 100.00% 100.00% 100.00% 98.66% 99.89% Sold at Tax Sale ............................... N/A N/A N/A $11,016 $880 Total Collected (After Tax Sale) ...... N/A N/A N/A $11,016 $880 Percent Collected ............................. 100% 100% 100% 100% 100% ____________________ Source: Kendall County Treasurer and Special Service Area Administrator. THE AREA The information provided in this section “THE AREA” has been included because it may be considered relevant to an informed evaluation and analysis of the Bonds. The Bonds and the Special Tax are not personal obligations of any land owners. The Bonds are secured solely by the Special Tax and certain other amounts on deposit with the Trustee. See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS.” The Prior Bonds were issued to finance a portion of the construction and installation of the Special Services necessary to support the development of the Project, and the Special Services have been constructed and installed. The Bonds are being issued for the purpose of defeasing and currently refunding the Prior Bonds. General The Area is a subdivision of approximately 156 acres known as Raintree Village II. The Area is generally located on the southeast side of Illinois Route 71, the southwest side of Illinois Route 126 and east of State Route 47 in the United City of Yorkville, Illinois. The Area is improved with 190 Single Family Homes, 33 Duplexes and 127 Townhomes. All parcels have been developed within the Area. Improvements With proceeds from the Prior Bonds, the City completed the necessary public infrastructure improvements for the Special Service Area. These improvements included engineering, soil testing, mass grading and demolition, storm water management facilities, storm drainage systems and sewers, site clearing, public water facilities, sewer lines, roads, streets, curbs, gutters, street lighting, traffic controls, sidewalks, parks and landscaping, mitigations and related fees for water or sanitary sewer services, and other eligible improvements to serve the Area. 30 4855-1679-8113.6 Single Family Homes, Duplexes and Townhomes The Single Family Homes, Duplexes and Townhomes range in approximate size from 1,500 square feet to over 3,500 square feet. Standard features of the Single Family Homes, Duplexes and Townhomes include over 12 different plan designations having the following features: 2 bedroom plus den to 4 bedroom plus loft and den homes 2-3 car attached garage 1.5 to 3.5 Bathrooms Dishwasher Disposal Wall-to-wall carpeting Basement (Single Family Homes Only) Water Facilities The City provides the Area with potable water for domestic water consumption and fire flow protection and maintains the water distribution system to and within the Area. A permanent water tower and booster for the Area was constructed by the City. Sanitary Sewers The Area was annexed to the Yorkville-Bristol Sanitary District (“YBSD”) for the purpose of extending and connecting to the Yorkville-Bristol sanitary sewer lines and treatment facilities. YBSD constructed an expansion of its sewer treatment plant adding sufficient capacity to serve the sanitary sewer needs of the entire Area. Storm Water Facilities The Area has underground sewers for its buildings, structures, streets, driveways, and other locations which are conveyed and maintained by the City, and has graded, open swales or ditches and storm water retention/detention areas. Other Utilities The cable television franchise in this region is SBC. NICOR, SBC, and Com Ed provide gas, telephone, and electrical service, respectively, to the Area. Flood Plain/Wetlands The development is not in a flood plain and will not impact any jurisdictional wetlands. All flood plain and wetlands permits, if required, have been received. 31 4855-1679-8113.6 Schools Yorkville Community School District No. 115, with two grade schools serving grades K- 2, an intermediate school serving grades 3-5, a middle school serving grades 6-8, and a high school serving grades 9-12, serves the homes within the Area. Each school offers a full academic program coupled with a variety of extra-curricular activities for students. THE CITY The United City of Yorkville was established in 1834 and has been the county seat of Kendall County since 1859. It is located in northeastern Illinois on the Fox River, approximately 45 miles southwest of Chicago. Nearby communities include Oswego, Bristol, Plano, Millbrook, Helmar, Newark, Plattville, Montgomery, Sugar Grove and Plainfield. According to the 2010 Census, the City had a population of 21,683. Additional information about the City is set forth in the following tables. Equalized Assessed Valuation Levy Year 2018 2019 2020 2021 2022 By Property Class Residential........ $416,780,620 $450,745,939 $484,024,398 $524,668,429 $594,475,190 Farm ................. 3,202,140 3,259,791 3,360,133 3,524,082 3,936,704 Commercial ...... 83,874,064 83,974,878 79,649,698 79,815,145 80,620,321 Industrial. ......... 15,386,433 15,509,884 15,586,411 15,512,284 15,925,318 Railroad. ........... 60,243 89,004 75,859 77,628 90,328 Total ................. $519,303,500 $553,579,496 $582,696,499 $623,597,568 $695,047,861 Percent Change ............. 6.14%(1) 6.60% 5.26% 7.02% 11.46% _____________________ Source: Kendall County Clerk. (1) Percentage change based on 2017 EAV of $489,281,362 [Remainder of page intentionally left blank] 32 4855-1679-8113.6 Representative Tax Rates (Per $100 EAV) Levy Year The City 2018 2019 2020 2021 2022 Corporate ................................................ $0.1931 $0.1811 $0.1694 $0.1579 $0.1417 Police Protection ..................................... 0.1709 0.1562 0.1484 0.1596 0.1625 Police Pension ......................................... 0.2140 0.2223 0.2291 0.2141 0.1984 Audit ....................................................... 0.0057 0.0054 0.0051 0.0048 0.0043 Liability Insurance .................................. 0.0077 0.0072 0.0069 0.0064 0.0058 Social Security/IMRF ............................. 0.0289 0.0271 0.0258 0.0241 0.0216 School Cross Guard ................................ 0.0039 0.0036 0.0034 0.0032 0.0029 Revenue Recapture ................................. 0.0000 0.0000 0.0000 0.0009 0.0006 Total City Rate(1) ................................... $0.6242 $0.6030 $0.5880 $0.5710 $0.5377 Kendall County ....................................... 0.6728 0.6409 0.6232 0.6016 0.5908 Kendall County Forest Preserve ............. 0.1503 0.1542 0.1582 0.1620 0.1476 Kendall Township ................................... 0.3540 0.3520 0.3429 0.3323 0.3112 Bristol - Kendall Fire District ................. 0.7300 0.7202 0.7159 0.7050 0.6988 Unit School District Number 115 ........... 7.1852 7.0338 6.9567 6.7867 6.6524 Community College District Number 516 0.5413 0.5273 0.4378 0.4698 0.4642 Yorkville Library .................................... 0.2892 0.2829 0.2775 0.2678 0.2553 Total Tax Rate(2) .................................... $10.5471 $10.3141 $10.1002 $9.8963 $9.6579 _____________________ Source: Kendall County Clerk. (1) [Statutory tax rate limits for the City are as follows: Corporate ($0.4375); Police Protection ($0.6000); Garbage ($0.2000); School Crossing Guard ($0.0200).] (2) Representative tax rates for other government units are from Kendall Township tax code 003. Tax Extensions and Collections (Excludes Road, Bridge and Library Levies) Levy Year Collection Year Taxes Extended(1) Taxes Collected(2) Amount Percentage 2017 2018 $3,165,651 $3,149,635 99.49% 2018 2019 3,241,457 3,231,926 99.71% 2019 2020 3,337,703 3,327,913 99.71% 2020 2021 3,426,430 3,415,461 99.68% 2021 2022 3,560,742 3,552,451 99.77% 2022 2023 3,555,130 In Collection _____________________ Source: Kendall County Treasurer and the City. (1) Tax extensions have been adjusted for abatements. (2) Total collections include back taxes, taxpayer refunds, interest, etc. 33 4855-1679-8113.6 Principal Taxpayers(1) Taxpayer Name Business/Service 2022 EAV Wrigley Manufacturing Co LLC Gum $ 4,668,910 Yorkville Marketplace LLC Yorkville Shopping Center 3,851,349 Yorkville Apartments Holdings LLC Apartments 3,486,011 Menard Inc Retail 2,991,882 Fox River Harmony Housing LLC Affordable Housing Investments 2,779,144 Rainy Properties I LLC Real Property 2,555,759 Cedarhurst of Yorkville Real Estate LLC Senior Housing Options 2,098,088 Target Corporation Retail 1,900,000 Alliance Development Corp Real Property 1,866,429 Kendall Holdings I LLC Kendall Market Place 1,592,230 TOTAL .................................................................. $27,789,802 Ten Largest Taxpayers as a Percent of the City’s 2022 EAV ($695,047,861) ........... 4.00% ____________________ Source: Kendall County Clerk (1) Every effort has been made to seek out and report the largest taxpayers. However, many taxpayers listed contain multiple parcels and it is possible that some parcels and their valuations have been overlooked. The 2022 EAV by PIN is the most current available. Annual Average Unemployment Rates Calendar Year The City Kendall County State of Illinois 2014 6.6% 6.5% 7.2% 2015 4.9 5.3 6.0 2016 5.0 5.2 5.9 2017 4.4 4.4 4.9 2018 3.6 3.6 4.4 2019 3.4 3.4 4.0 2020 8.5 7.9 9.3 2021 5.3 4.7 6.1 2022 4.3 4.0 4.6 2023 NA 3.8 4.3 ____________________ Source: Illinois Department of Employment Security THE SPECIAL SERVICE AREA AND SPECIAL TAX The Act Section 7(6) of Article VII of the Illinois Constitution of 1970 permits a non-home rule unit to levy or impose additional taxes upon areas within its boundaries to provide special services to those areas and to pay debt incurred in order to provide those special services in the manner provided by law. Such areas are established pursuant to the provisions of the Special Service Area Act. Under the Special Service Area Act, the Corporate Authorities of the 34 4855-1679-8113.6 municipality within which the special service area lies constitute the governing body of such special service area. The Special Service Area Act provides that bonds may be issued to provide for the special services. Such bonds do not constitute indebtedness of the municipality in which the special service area is situated for the purpose of any limitation imposed by any law. Such bonds shall be retired by a tax which may be either an ad valorem property tax, a special tax, or a combination of an ad valorem property and a special tax. A special tax may be levied or imposed on any basis that provides a rational relationship between the amount of special tax levied or imposed against each lot or parcel within the special service area and the special service benefit conferred. The Special Service Area Act further provides that the lien and foreclosure remedies provided in Article 9 of the Illinois Municipal Code shall apply on nonpayment of any special tax. The Special Service Area Act contains a provision that allows residents of a special service area to petition the circuit court having jurisdiction to disconnect territory from the special service area if, among other things, such territory was not, is not, and is not intended by the corporate authorities which created the special service area to be benefited or served by work or services then existing or authorized, and that such territory constitutes less than 1 1/2% of the special service area’s total equalized assessed valuation. The City represents that no parcel within the Area meets this test. Establishment of the Area The City established SSA Number 2004-107 pursuant to the Establishing Ordinance, which established SSA Number 2004-107 to provide certain special services, and authorized the City to levy and collect Special Taxes in the manner set forth in the Special Tax Report, to pay principal of and interest on the bonds secured by the Special Taxes in an aggregate principal amount not to exceed $10,000,000 to be retired over a period not to exceed 40 years. Levy, Abatement and Collection of Special Tax In Illinois, property taxes levied in one year become payable during the following year as provided in said levy. Pursuant to the Bond Ordinance, the City has levied the Maximum Parcel Special Tax for all parcels within the Area. Pursuant to the Trust Indenture and the Special Tax Report, the City has covenanted that prior to the last Tuesday of December of each year to calculate or cause the Consultant to calculate the Special Tax Requirement due as provided in the Special Tax Report, taking into account other amounts that may be available to pay principal of and interest on the Bonds and administrative expenses, to amend the Special Tax Roll pursuant to the Special Tax Report and shall, by ordinance, approve the amount of the Special Tax Requirement and direct the County Clerk of Kendall County to extend the Special Tax for collection on the tax books in the amounts so determined pursuant to the Special Tax Report against all parcels of taxable property in the Area. The Kendall County Clerk must receive the Special Tax Roll by the last Tuesday in December. The Kendall County Clerk intends, to the extent possible, to incorporate the Special Tax bill into the regular ad valorem property tax bill 35 4855-1679-8113.6 which will be payable in two equal installments. The first installment is payable in June and the second installment is payable in September. The Special Tax levied by the Bond Ordinance shall be abated each year to the extent the taxes levied pursuant to the Bond Ordinance exceed the Special Tax Requirement as calculated by the City. At the end of each collection year, the Kendall County Treasurer applies to the Circuit Court of Kendall County, for a judgment for all unpaid taxes. The Circuit Court of Kendall County order resulting from that application for judgment provides for a sale of all property with unpaid taxes. A public sale is held, at which time successful bidders pay the unpaid taxes plus penalties. The annual tax sale is usually held during November in Kendall County. Unpaid taxes accrue penalties at the rate of 1 1/2% per month from their due date until the date of sale. Taxpayers can redeem their property by paying the purchaser of the property at the tax sale the amount paid at the sale, plus a penalty. If redemption does not occur within two and one-half years and certain procedural requirements are met, the purchaser of the property at the tax sale can receive a deed to the property which has been sold for delinquent taxes. In addition, a municipality may seek enforcement of unpaid Special Tax through foreclosure proceedings by seeking in court an adjudication of the existence of a lien and a finding of a failure to pay Special Tax when due. Upon making such a finding, a court having jurisdiction would enter a foreclosure decree authorizing the sale of the property subject to the lien of the Special Tax. See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS - Enforcement of Payment of Special Tax” herein. Special Service Area Special Tax Report The following description of the Special Service Area Special Tax Report prepared by DTA, formerly known as David Taussig & Associates, Inc., Irvine, California, Special Tax Consultant, is qualified in its entirety by reference to the complete form of the Special Tax Report set forth in “APPENDIX A - Special Tax Report” hereto. Capitalized terms used in this section, but not defined, shall have the meaning given to such terms in the Special Tax Report The Special Tax Report set forth the provisions for apportioning and levying the Special Tax in the Area. The Special Tax has been and will be levied in the Area each calendar Levy Year from 2024 to 2034. The amount of the Special Tax levied pursuant to the Special Tax Report has been calculated to pay the actual or reasonably estimated costs directly related to the administration of the Area, debt service on the Bonds, reasonably anticipated delinquent Special Taxes, any amount required to replenish the Reserve Fund to the Reserve Requirement (or to restore the amount available under any Reserve Fund Surety Policy, together with cash on deposit in the Reserve Fund, to the Reserve Requirement), less available funds as directed under the Indenture. The Maximum Parcel Special Tax to be levied by the City within the Area in 2024 will be $848,388, and will increase each year thereafter by 1.50% per year. The actual percentage annual change in the Special Tax may be greater depending upon actual Special Tax receipts, investment earnings, and administrative expenses. 36 4855-1679-8113.6 The Maximum Parcel Special Tax for any Parcel may be prepaid and the obligation of the Parcel to pay the Maximum Parcel Special Tax may be permanently satisfied if there are no delinquent Special Taxes with respect to such Parcel at the time of prepayment. The Maximum Parcel Special Tax may also be prepaid in part, provided that proceeds for any such prepayment are sufficient to permit the redemption of Bonds in such amounts and maturities deemed necessary by the Consultant and in accordance with the Indenture. An owner of a Parcel intending to prepay the Maximum Parcel Special Tax, either partially or in full, shall provide the City with written notice of intent to prepay. Within 30 days of receipt of such written notice, the City or its designee shall notify such owner of the amount of the Special Tax Bond Prepayment for such Parcel and the date through which the amount shall be valid. The Special Tax Bond Prepayment for a Parcel is the amount equal to (a) the sum of (l) Principal, (2) Premium, (3) Defeasance, and (4) Fees and (b) minus the Reserve Fund Credit. The terms “Principal,” “Premium,” “Defeasance,” and “Fees,” and “Reserve Fund Credit” have the following meanings: “Principal” means the principal amount of Bonds to be redeemed and equals the quotient derived by dividing (a) the then current Maximum Parcel Special Tax for the Parcel intending to prepay by (b) the corresponding Maximum Parcel Special Taxes for the Area (and excluding that portion of the Maximum Parcel Special Tax for any Parcel(s) that has been prepaid), and multiplying the quotient by the principal amount of outstanding Bonds. “Premium” means an amount equal to the Principal multiplied by the applicable redemption premium, if any, for any Bonds so redeemed with the proceeds of any such prepayment. Any applicable redemption premium shall be as set forth in the Indenture. “Defeasance” means the amount needed to pay interest on the Principal to be redeemed until the earliest redemption date for the outstanding Bonds less any Special Taxes heretofore paid for such Parcel and available to pay interest on the redemption date for the Bonds. “Fees” equal the expenses of the Area associated with the Special Tax Bond Prepayment as calculated by the City or its designee and include, but are not limited to, the costs of computing the Special Tax Bond Prepayment, the costs of redeeming the Bonds, and the costs of recording and publishing any notices to evidence the Special Tax Bond Prepayment and the redemption of Bonds. “Reserve Fund Credit” shall equal the lesser of the Reserve Fund Requirement and the balance in the Reserve Fund (as such terms are defined in the Indenture) multiplied by the quotient used to calculate Principal. “Special Reserve Fund Credit” means, with respect to each Parcel, the difference between (A) the amount of the prepayment of the principal allocable to such Parcel calculated in 37 4855-1679-8113.6 accordance with the Special Tax Roll and Report and (B) the principal allocable to such Parcel calculated in accordance with the Special Tax Roll and Report if the Prior Bonds remained outstanding and the Bonds were not issued, as determined by the Consultant. The amount of any partial Special Tax Bond Prepayment will be computed pursuant to the preceding prepayment formula substituting the portion of the Maximum Parcel Special Tax to be prepaid for the Maximum Parcel Special Tax when computing Principal. The amount of any Special Tax Bond Prepayment or partial Special Tax Bond Prepayment may not exceed the Bonds plus any Premium, Defeasance, and Fees. The sum of the amounts calculated above will be paid to the City, deposited with Trustee, and used to pay and redeem Bonds in accordance with the Indenture and to pay the Fees associated with the Special Tax Bond Prepayment. Upon the payment of the Special Tax Bond Prepayment amount to the City, the obligation to pay the portion of the Maximum Parcel Special Tax which is prepaid for such Parcel shall be deemed to be permanently satisfied. The following table sets forth certain information concerning the Special Tax, including the aggregate Maximum Parcel Special Tax to be levied in 2023 through 2033 on the total non- prepaid single family, duplex and townhome dwelling units and the Total Maximum Parcel Special Tax which will be levied pursuant to the Bond Ordinance: Levy Year(1) Collection Year Aggregate(2) Single Family Per Unit Duplex Townhome 2023 2024 $835,920 $2,702 $2,212 $1,867 2024 2025 $848,388 $2,743 $2,245 $1,895 2025 2026 $861,173 $2,784 $2,279 $1,923 2026 2027 $873,991 $2,826 $2,313 $1,952 2027 2028 $887,126 $2,868 $2,348 $1,981 2028 2029 $900,484 $2,911 $2,383 $2,011 2029 2030 $913,969 $2,955 $2,419 $2,041 2030 2031 $927,677 $2,999 $2,455 $2,072 2031 2032 $941,702 $3,044 $2,492 $2,103 2032 2033 $955,760 $3,090 $2,529 $2,135 2033 2034 $970,168 $3,136 $2,567 $2,167 (1) Taxes to be collected in year after levy year. (2) Based on 190 Single Family Homes, 33 Duplexes and 127 Townhomes Administrative Services DTA (the “Administrator”) will provide administrative services for the Area for the City pursuant to an Administrative Services Agreement. The Administrator prepared the Special Tax Report. Under the Administrative Services Agreement, the Administrator will (i) maintain a Parcel database necessary to extend, bill and collect the Special Taxes, (ii) calculate the amount of Special Tax to be abated for the Area, (iii) prepare an annual report for the Area, (iv) facilitate 38 4855-1679-8113.6 billing of the Special Tax, (v) monitor tax receipts and collections, (vi) track Special Tax prepayment amounts, (vii) field taxpayer inquiries, and (viii) calculate any rebate on the Bonds. RISK FACTORS Investment in the Bonds involves risks which may not be appropriate for certain investors. The following is a discussion of certain risk factors which should be considered, in addition to other matters set forth in this Official Statement, in evaluating the Bonds. This discussion does not purport to be comprehensive or definitive. The occurrence of one or more of the events discussed herein could adversely affect the ability or willingness of property owners in the Area to pay their Special Tax when due. Such failures to pay Special Tax could result in the inability of the Area to make full and punctual payments of debt service on the Bonds. In addition, the occurrence of one or more of the events discussed herein could adversely affect the value of the property in the Area. Limited Source of Funds The Bonds, together with the interest thereon, are limited obligations of the City, payable solely from the Special Tax and the amounts on deposit in certain of the funds and accounts established and maintained under the Trust Indenture, all as more fully set forth therein. The Bonds are not general obligations of the City and do not constitute an indebtedness of the City within the meaning of any constitutional or statutory limitation. No holder of the Bonds shall have the right to compel the exercise of any taxing power of the City for payment of principal thereof or interest or premium, if any, thereon (other than the levy of the Special Tax as provided in the Bond Ordinance and the Trust Indenture). See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS - General” herein. Information Not Verified Information concerning the Area and the development has been obtained from the City and other sources believed by the Underwriter to be reliable, but much of that information involves predictions of future events, such as sales and ability of homeowners and other property owners to pay their share of the Special Tax. Such information is, by its nature, not subject to verification. Overlapping Indebtedness The Special Tax and any penalties assessed for failure to pay such taxes will constitute a lien against the parcels of land on which they will be levied until such taxes are paid. Such lien will be on a parity with all special taxes and special assessments which may be levied by other agencies and is co-equal to and independent of the lien for general ad valorem real property taxes regardless of when they are imposed upon the same property. The City, however, has no control over the ability of other entities and districts to issue indebtedness secured by special taxes or assessments payable from all or a portion of the property within the Area. 39 4855-1679-8113.6 The ability of an owner of land within the Area to pay the Special Tax could be adversely affected if additional debt is issued or additional taxes or assessments are levied, which are payable by the owners of land within the Area. The imposition of additional liens, whether public or private, may reduce the ability or willingness of the homeowners to pay the Special Tax and increase the possibility that foreclosure proceeds will not be adequate to pay any delinquent Special Tax. The Bonds are not in any way secured by the first mortgage lien. The Bonds are secured by the Special Tax, which has priority over a first mortgage lien. Tax Delinquencies In order to pay debt service on the Bonds, it is necessary that the Special Tax within the Area be paid in a timely manner. Under provisions of the Special Service Area Act, the Special Tax, from which funds necessary for the payment of principal of, and interest on, the Bonds are derived, are customarily billed to the property owners within the Area on the regular general ad valorem property tax bills sent to owners of such properties or on a special tax bill delivered at the same time as the regular ad valorem property tax bills. Such Special Tax installments are due and payable, and bear the same penalties and interest for nonpayment, as do general ad valorem property tax installments. The unwillingness or inability of a property owner to pay ad valorem property tax bills as evidenced by general ad valorem tax delinquencies may also indicate an unwillingness or inability to make general ad valorem tax payments and Special Tax installment payments in the future. If property owners fail to pay the Special Tax when due, there could be significant special tax delinquencies. Also, the Kendall County Collector may not be willing to bill the property owners in the Area the Special Tax on their regular ad valorem property tax bills or if the Kendall County Collector is willing to bill the property owners in the Area the Special Tax on their regular ad valorem property bills today, the Kendall County Collector may not be willing to do so in the future. In that event, the responsibility to bill and collect Special Tax would become the City’s responsibility under the Special Tax Report. However, the City has limited its obligation to pay for the costs of billing and collecting to amounts on deposit in the Administrative Expense Fund. See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS – Enforcement of Payment of Special Tax” for a discussion of the provisions which apply, and procedures which the City is obligated to follow under the Trust Indenture, in the event of delinquencies in the payment of Special Tax. See “RISK FACTORS - Potential Delay and Limitations in Foreclosure Proceedings” and “Bankruptcy” below, for a discussion of limitations on the City’s ability to foreclose the lien of delinquent unpaid Special Tax in certain circumstances. Potential Delay and Limitations in Foreclosure Proceedings The payment of Special Tax and the ability of the City to foreclose the lien of a delinquent unpaid Special Tax may be limited by bankruptcy, insolvency and other laws generally affecting creditors’ rights or by the laws of the State relating to judicial foreclosure. See “RISK FACTORS - Bankruptcy.” In addition, the prosecution of a foreclosure could be 40 4855-1679-8113.6 delayed due to many reasons, including crowded local court calendars or lengthy procedural delays. The ability of the City to foreclose the lien of a delinquent unpaid Special Tax payment may be limited with regard to properties in which the FDIC or any successor to the FDIC may acquire an interest. The FDIC currently does not have an interest in the land within the Area. However, if a lender takes a security interest in property in the Area and becomes insolvent, such a lender could fall under the jurisdiction of the FDIC. The FDIC could assert federal preemptive power to challenge any prior taxes, special taxes and assessments where it is in its interest to do so, including the requirement that local agencies obtain the consent of the FDIC in order to foreclose the lien of delinquent unpaid special taxes. If the City is required to obtain the consent of the FDIC to foreclose on property located in the Area, such consent could be denied and the City might be unable to pursue foreclosure proceedings. Additionally, obtaining such consent could delay the foreclosure proceedings. Any delay in foreclosure proceedings or the inability of the City to foreclose on property in the Area in which the FDIC has an interest could result in a delay or default in payment of the Bonds. In addition, potential investors should be aware that judicial foreclosure proceedings are not summary remedies and can be subject to significant procedural and other delays caused by crowded court calendars and other factors beyond the control of the Area or the City. In addition, the Illinois Constitution prescribes certain minimum redemption periods, which may be as long as three years, in the event of foreclosure. See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS – Enforcement of Payment of Special Tax.” Under current conditions, it is estimated that a judicial foreclosure of the lien of the Special Tax could take several years from initiation of litigation to the lien foreclosure sale. Delays and uncertainties in the Special Tax lien foreclosure process create significant risks for Bondowners. High rates of Special Tax payment delinquencies, which continue during the pendency of protracted Special Tax lien foreclosure proceedings, could result in the rapid, total depletion of the Reserve Fund prior to replenishment from the resale of Parcels in the Area upon foreclosure. In that event, there could be a default in payments of the principal of, and interest on, the Bonds. No Acceleration The Bonds are not subject to acceleration in the event of the breach of any covenantor duty under the Trust Indenture, including payment default. Bankruptcy The various legal opinions to be delivered concurrently with the delivery of the Bonds (including Bond Counsel’s approving legal opinion) will be qualified, as to the enforceability of the various legal instruments, by moratorium, bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors generally. 41 4855-1679-8113.6 Although a bankruptcy proceeding would not cause the Special Tax to become extinguished, the amount and priority of any Special Tax lien could be modified if the value of the property falls below the value of the lien. If the value of the property is less than the lien, such excess amount could be treated as an unsecured claim by a bankruptcy court having jurisdiction. In addition, bankruptcy of a property owner could result in a delay in commencement and completion of foreclosure proceedings. The filing of bankruptcy proceedings stays all legal proceedings of a debtor including any tax sale during the pendency of such proceedings. Such stay would increase the likelihood of a delay or default in payment of the principal of, and interest on, the Bonds and the possibility of delinquent tax Special Tax installments not being paid in full. Maximum Parcel Special Taxes Pursuant to the Bond Ordinance, the City has levied the Special Tax in the maximum amounts permitted by the Special Tax Report. However, there is no assurance that the maximum amounts will at all times be sufficient to pay the amounts required to be paid by the Trust Indenture. See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS – The Special Tax” and “THE SPECIAL SERVICE AREA AND SPECIAL TAX – Special Service Area Special Tax Report.” The Illinois State Legislature passed SB 107, which provides for an annual exemption amount from property taxes ranging from $2,500 to full exemption for veterans of the United States Military with a service-connected disability. The City cannot predict how, if at all, SB 107 will affect the City’s collection of the Special Taxes. Disclosure to Future Purchasers The City has recorded the Establishing Ordinance for the property included in the Area in the Office of the Recorder of Deeds of Kendall County on or prior to the Date of Delivery and has recorded the Declarations of Consent in the Office of the Recorder of Deeds of Kendall County on or prior to the Date of Delivery. While title companies normally refer to such notices in title reports, there can be no guarantee that such reference will be made or, if made, that a prospective purchaser or lender will consider such Special Tax obligation in the purchase of single family homes, duplexes or townhomes or the lending of money thereon. Failure to disclose the existence of the Special Tax may affect the willingness and ability of future owners of land within the Area to pay the Special Tax when due. Limited Secondary Market There can be no guarantee that there will be a secondary market for the Bonds or, if a secondary market exists, that such Bonds can be sold for any particular price. Except as described below under the caption “CONTINUING DISCLOSURE,” the City has not committed to provide any financial or operating data or information on a going forward basis. See “APPENDIX B - Trust Indenture.” Occasionally because of general market conditions, lack of current information, or because of adverse history or economic prospects connected with a particular issue, secondary marketing practices in connection with a particular issue are 42 4855-1679-8113.6 suspended or terminated. In addition, prices of issues for which a market is being made will depend on then prevailing circumstances. Such prices could be substantially different from the original purchase price. Secondary Market and Prices The Underwriter presently does not intend to engage in secondary market trading of the Bonds. The Underwriter is not obligated to engage in secondary trading or to repurchase any of the Bonds at the request of the Owners thereof. No assurance can be given that a secondary market for any of the Bonds will be available and no assurance can be given that the initial offering prices for the Bonds will continue for any period of time. Loss of Tax Exemption Interest on the Bonds could become includible in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds as a result of a failure of the City to comply with certain provisions of the Code. Should such an event of taxability occur, the Bonds are not subject to early redemption and will remain outstanding to maturity or until redeemed under the optional redemption or mandatory redemption provisions of the Trust Indenture. Risk of Legislative and Judicial Changes Future legislation, regulations, governmental or judicial interpretation of regulations or legislation or practices and procedures related to property tax assessment, levy, collections or distribution could have a material effect on the calculation or availability of the Special Tax. There is no assurance that legislation will not be considered or enacted in the future, and unless provision is made in such legislation for special service areas generally in Illinois, the generation of the Special Tax could be materially adversely affected. Force Majeure Events Certain unanticipated events beyond the City’s control could have a material adverse effect on the Department’s and the City’s operations and financial conditions if they were to occur. These events include fire, flood, earthquake, epidemic, adverse health conditions or other unavoidable casualties or acts of God, freight embargo, labor strikes or work stoppages, civil commotion, new acts of war or escalation of existing war conditions, sabotage, terrorism or enemy action, pollution, unknown subsurface or concealed conditions affecting the environment, and any similar causes. No assurance can be provided that such events will not occur, and, if any such events were to occur, the effect of such event or events on the Department’s and the City’s operations and financial condition on the Net Revenues Available for Bonds cannot be predicted. UNDERWRITING The Underwriter, D.A. Davidson & Co., has agreed to purchase the Bonds from the City for reoffering, subject to certain conditions, at an aggregate purchase price of $__________, representing the principal amount of the Bonds of $__________ plus net original issue premium 43 4855-1679-8113.6 of $__________ less Underwriter’s discount of $__________. Under the bond purchase agreement between the City and the Underwriter (the “Bond Purchase Agreement”), the Underwriter is obligated to purchase all of the Bonds if any are purchased. The obligation of the Underwriter to make such a purchase is subject to certain conditions set forth in the Bond Purchase Agreement. The Underwriter may change the prices and other terms with respect to the offer and sale of the Bonds from time to time after the Bonds are released for sale, and the Bonds may be offered and sold at prices other than the initial offering price set forth on the cover page of this Official Statement, including sales to dealers. LEGAL OPINIONS Legal matters incident to the authorization, issuance and sale of the Bonds are subject to the approving legal opinion of Saul Ewing LLP, Chicago, Illinois, Bond Counsel. The proposed form of the opinion of Bond Counsel is included herein as “APPENDIX C - Bond Opinion.” Certain legal matters will be passed upon for the Underwriter by its counsel, Foley & Lardner LLP, Chicago, Illinois; and for the City, by its counsel, Ottosen DiNolfo Hasenbalg & Castaldo, Ltd., Naperville, Illinois. TAX EXEMPTION Tax Exemption - Opinion of Bond Counsel The Internal Revenue Code of 1986, as amended (the “Code”) contains provisions relating to the tax-exempt status of interest on obligations issued by governmental entities which apply to the Bonds. These provisions include, but are not limited to, requirements relating to the use and investment of the proceeds of the Bonds and the rebate of certain investment earnings derived from such proceeds to the United States Treasury Department on a periodic basis. These and other requirements of the Code must be met by the Issuer subsequent to the issuance and delivery of the Bonds in order for interest thereon to be and remain excludable from gross income for purposes of federal income taxation. The Issuer has covenanted to comply with such requirements. In the opinion of Bond Counsel, interest on the Bonds is not includable in gross income for purposes of federal income taxation under existing statutes, regulations, rulings and court decisions. The opinion of Bond Counsel is subject to the condition that the Issuer complies with all applicable federal income tax law requirements that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon continues to be excluded from gross income. Failure to comply with certain of such requirements could cause the interest on the Bonds to be so includable in gross income retroactive to the date of issuance of the Bonds. The Issuer has covenanted to comply with all such requirements. Interest on the Bonds is not treated as an item of tax preference for purposes of the federal alternative minimum tax; ; however, such interest is taken into account in determining the annual adjusted financial statement income of applicable corporations (as defined in Section 59(k) of the Code) for the purpose of computing the alternative minimum tax imposed on corporations for tax years beginning after December 31, 2022. 44 4855-1679-8113.6 In addition to the matters addressed below, prospective purchasers of the Bonds should be aware that ownership of the Bonds may result in collateral tax consequences to certain taxpayers, including but not limited to, foreign corporations, certain S corporations, financial institutions, recipients of social security and railroad retirement benefits and property or casualty insurance companies. Bond counsel expresses no opinion regarding any other federal tax consequences relating to the Bonds or the receipt of interest thereon. Prospective purchasers of the Bonds should consult their own tax advisors as to the impact of these other tax consequences. In the opinion of Bond Counsel, under the laws of the State of Illinois as enacted and construed on the date hereof, interest on the Bonds is not exempt from Illinois income taxes. Bond Counsel’s opinion will be based on existing law, which is subject to change. Such opinion is further based on factual representations made to Bond Counsel as of the date of delivery of the Bonds. Bond Counsel assumes no duty to update or supplement its opinion to reflect any facts or circumstances that may thereafter come to Bond Counsel’s attention, or to reflect any changes in law that may thereafter occur or become effective. Alternative Minimum Tax Interest on the Bonds is not treated as an item of tax preference for purposes of the federal alternative minimum tax. However, such interest is taken into account in determining the annual adjusted financial statement income of applicable corporations (as defined in Section 59(k) of the Code) for the purpose of computing the alternative minimum tax imposed on corporations for tax years beginning after December 31, 2022. Deduction for Interest Paid by Financial Institutions to Purchase or Carry Tax-Exempt Obligations The Code, subject to limited exceptions not applicable to the Bonds, denies the interest deduction for indebtedness incurred or continued to purchase or carry tax-exempt obligations, such as the Bonds. With respect to banks, thrift institutions and other financial institutions, the denial to such institutions is one hundred percent (100%) for interest paid on funds allocable to the Bonds and any other tax-exempt obligations acquired after August 7, 1986. Property or Casualty Insurance Company The Code also provides that a property or casualty insurance company may also incur a reduction, by a specified portion of its tax-exempt interest income, of its deduction for losses incurred. [Accounting Treatment of Original Issue Discount and Amortizable Bond Premium [The Bonds maturing on _______ are hereinafter referred to as the “Discount Bonds.” In the opinion of Bond Counsel, the difference between the initial public offering price of the Discount Bonds set forth on the [inside] front cover page and the stated redemption price at 45 4855-1679-8113.6 maturity of each such Bond constitutes “original issue discount,” all or a portion of which will, on the disposition or payment of such Bonds, be treated as tax-exempt interest for federal income tax purposes. Original issue discount will be apportioned to an owner of the Discount Bonds under a “constant interest method,” which utilizes a periodic compounding of accrued interest. If an owner of a Discount Bond who purchases it in the original offering at the initial public offering price owns that Discount Bond to maturity, that Bondholder will not realize taxable gain for federal income tax purposes upon payment of the Discount Bond at maturity. An owner of a Discount Bond who purchases it in the original offering at the initial public offering price and who later disposes of the Discount Bond prior to maturity will be deemed to have accrued tax- exempt income in a manner described above; amounts realized in excess of the sum of the original offering price of such Discount Bond and the amount of accrued original issue discount will be taxable gain. Purchasers of Discount Bonds should consult their tax own advisors with respect to the determination and treatment of original issue discount for federal income tax purposes and with respect to the state and local tax consequences of owning Discount Bonds.] [The Bonds maturing on _______ are hereinafter referred to as the “Premium Bonds.” An amount equal to the excess of the initial public offering price of a Premium Bond set forth on the inside cover page over its stated redemption price at maturity constitutes premium on such Premium Bond. A purchaser of a Premium Bond must amortize any premium over such Premium Bond’s term using constant yield principles, based on the purchaser’s yield to maturity. As premium is amortized, the purchaser’s basis in such Premium Bond is reduced by a corresponding amount, resulting in an increase in the gain (or decrease in the loss) to be recognized for federal income tax purposes upon a sale or disposition of such Premium Bond prior to its maturity. Even though the purchaser’s basis is reduced, no federal income tax deduction is allowed. Purchasers of any Premium Bonds, whether at the time of initial issuance or subsequent thereto, should consult their own tax advisors with respect to the determination and treatment of premium for federal income tax purposes and with respect to state and local tax consequences of owning Premium Bonds.] Reportable Payments and Backup Withholding The payments of interest on the Bonds will be reported to the Internal Revenue Service by the payor on Form 1099 unless the holder is an “exempt person” under Section 6049 of the Code. A holder who is not an exempt person may be subject to “backup withholding” at a specified rate prescribed in the Code if the holder does not file Form W-9 with the payor advising the payor of the holder’s taxpayer identification number. Holders should consult with their brokers regarding this matter. The payor will report to the holders and to the Internal Revenue Service for each calendar year the amount of any “reportable payments” during such year and the amount of tax, if any, with respect to payments made on the Bonds. 46 4855-1679-8113.6 CHANGES IN FEDERAL AND STATE TAX LAW Legislative or administrative actions and court decisions, at either the federal or state level, could have an impact on the treatment of interest on the Bonds for federal or state income tax purposes, and thus on the value or marketability of the Bonds. This could result from changes to federal or state income tax rates, changes in the structure of federal or state income taxes (including replacement with another type of tax), or otherwise. It cannot be predicted whether or in what form any such proposals may be enacted or whether if enacted such proposals would apply to bonds issued prior to enactment. In addition, regulatory or other actions are from time to time announced or proposed which, if implemented or concluded in a particular manner, could adversely affect the market value, marketability or tax status of the Bonds. It cannot be predicted whether any such regulatory or other actions will be implemented or whether the Bonds would be impacted thereby. Purchasers of the Bonds should consult their tax advisors regarding any pending or proposed legislation, regulatory initiatives or litigation. The opinions expressed by Bond Counsel are based upon existing legislation and regulations as interpreted by relevant judicial and regulatory authorities as of the date of issuance and delivery of the Bonds, and Bond Counsel has expressed no opinion as of any date subsequent thereto or with respect to any proposed or pending legislation, regulatory initiatives or litigation. The Inflation Reduction Act, H.R. 5376 (the “IRA”), was signed into law by President Biden on August 16, 2022. The IRA includes a 15 percent alternative minimum tax to be imposed on the “adjusted financial statement income”, as defined in the IRA, of certain corporations for tax years beginning after December 31, 2022. Under the IRA, interest on the Bonds is included in the “adjusted financial statement income” of such corporations for purposes of computing such alternative minimum tax. Prospective purchasers of the Bonds should be aware that the ownership of tax- exempt obligations, such as the Bonds, may result in collateral federal income tax consequences. Such prospective purchasers should consult their own tax advisors as to the consequences of investing in the Bonds. CONTINUING DISCLOSURE Continuing Disclosure Undertaking The City will enter into a Continuing Disclosure Undertaking (the “Undertaking”) with Amalgamated Bank of Chicago, as dissemination agent (the “Dissemination Agent”) for the benefit of the beneficial owners of the Bonds to send certain information annually and to provide notice of certain events to the MSRB pursuant to the requirements of Section (b)(5) of Rule 15c2-12 (the “Rule”) adopted by the SEC under the 1934 Act. The information to be provided on an annual basis, the events which will be noticed on an occurrence basis and a summary of certain other terms of the Undertaking are set forth below under “THE UNDERTAKING.” The Undertaking is set forth on “APPENDIX D – Continuing Disclosure Undertaking.” 47 4855-1679-8113.6 THE UNDERTAKING City’s Annual Report. Within 240 days after the end of each fiscal year of the City (currently ending April 30) commencing with the fiscal year ending April 30, 2024, the City agrees to provide an Annual Report that will contain or incorporate by reference a copy of the annual report prepared by the Consultant showing the Special Taxes received, all disbursements from all Funds and Accounts administered under the Trust Indenture, including the balances in all Funds and Accounts relating to the Bonds and the Additional Special Services as of the end of such fiscal year, the collection of taxes, delinquencies, tax sales and foreclosures. Event Disclosure. The City is also required to provide notice of the occurrence of certain events with respect to the Bonds in a timely manner, not in excess of ten (10) business days after the occurrence of such event. Such events are as follows: (1) Principal and interest payment delinquencies; (2) Non-payment related defaults, if material; (3) Unscheduled draws on the Reserve Fund and/or Reserve Fund Surety Policy reflecting financial difficulties; (4) Unscheduled draws on the Bond Policy reflecting financial difficulties; (5) Substitution of credit or liquidity providers, or their failure to perform; (6) Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determination of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the security or other materials events affecting the tax status of the security; (7) Modification to rights of security holders, if material; (8) Bond calls, if material, and tender offers; (9) Defeasances; (10) Release, substitution, or sale of property securing repayment of the securities, if material; (11) Rating changes; (12) Bankruptcy, insolvency, receivership or similar event of the Obligated Person; (13) The consummation of a merger, consolidation, or acquisition involving an obligated person or the sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an 48 4855-1679-8113.6 action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; and (14) Appointment of a successor or additional trustee or the change of name of a trustee, if material. (15) Incurrence of a financial obligation of the City, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial obligation of the City, any of which affect security holders, if material. (16) Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a financial obligation of the City, any of which reflect financial difficulties. For purposes of the events set forth in (15) and (16), “financial obligation” means a (i) debt obligation, (ii) derivate instrument entered into in connection with or pledged as a security or a source of payment for, an existing or planned debt obligation, or (iii) a guarantee of any of the foregoing. Financial obligation does not include municipal securities as to which a final official statement has been provided to the MSRB. An event of default under the CDA will not constitute an Event of Default under the Trust Indenture and the only remedy under the CDA is for an action to compel performance. Notwithstanding any other provision of the CDA, the City by ordinance or resolution authorizing such amendment or waiver, may amend the CDA, and any provision of the CDA may be waived, if: (a) (i) The amendment or waiver is made in connection with a change in circumstances that arises from a change in legal requirements, including without limitation, pursuant to a “no-action” letter issued by the Securities and Exchange Commission, a change in law, or a change in the identity, nature, or status of the City, or type of business conducted; or (ii) The CDA, as amended, or the provision, as waived, would have complied with the requirements of the Rule at the time of the primary offering, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and (b) The amendment or waiver does not materially impair the interests of the beneficial owners of the Bonds, as determined by parties unaffiliated with the City (such as Bond Counsel) at the time of the amendment. Corrective Action Related to Certain Bond Disclosure Requirements The City has engaged Amalgamated Bank of Chicago to act as Dissemination Agent under the Continuing Disclosure Undertaking to assure that future required filings are done correctly and on a timely basis with respect to the Bonds. 49 4855-1679-8113.6 NO LITIGATION At the time of delivery of and payment for the Bonds, the City will certify that there is no action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, regulatory agency, public board or body, pending with respect to which the City has been served with process or is otherwise aware, or, to the knowledge of the officer of the City executing such certificate, threatened against the City affecting the existence of the City, the Area or the titles of its officers to their respective offices or seeking to restrain or to enjoin the sale or delivery of the Bonds, the application of the proceeds thereof in accordance with the Bond Ordinance and/or the Trust Indenture, or the collection or application of the Special Tax, or in any way contesting or affecting the validity or enforceability of the Bonds, the Bond Ordinance, the Trust Indenture or any action of the City contemplated by any of the said documents, or the collection or application of the Special Tax, or in any way contesting the completeness or accuracy of the Bond Ordinance, the Trust Indenture or any amendments or supplements hereto, or contesting the powers of the City contemplated by any of said documents, nor, to the knowledge of the officer of the City executing such certificate, is there any basis therefor. BOND RATING Standard & Poor’s Credit Market Services assigned its municipal bond rating of “___” (_____ outlook) to the Bonds based upon the issuance of the Municipal Bond Insurance Policy by the Bond Insurer at the time of delivery of the Bonds. No application was made to any other rating agency for the purpose of obtaining an additional rating on the Bonds. A rating reflects only the views of such organization and any desired explanation of the significance of such rating should be obtained from the rating agency furnishing the same. Generally, a rating agency bases its rating on the information and material furnished to it and on investigations, studies and assumptions of its own. There is no assurance such rating will not be revised downward or withdrawn entirely by the rating agency, if in the judgment of such rating agency, circumstances so warrant. Any such downward revision or withdrawal of such rating may have an adverse effect on the market price of the Bonds. Except as may be required of the City by the Undertaking described under the heading “CONTINUING DISCLOSURE,” neither the City nor the Underwriter undertake responsibility to bring to the attention of the owners of the Bonds any proposed change in or withdrawal of the rating or to oppose any such revision or withdrawal. MISCELLANEOUS The references, excerpts, and summaries of documents and statutes contained in this Official Statement do not purport to be complete statements of the provisions of such documents and statutes, and reference is made to all such documents and statutes for full and complete statements of their terms and provisions. The estimates, assumptions, statistical and financial information, and all other information contained in this Official Statement have been compiled from official and other 50 4855-1679-8113.6 sources believed to be reliable; however, none of such estimates, assumptions, or information is guaranteed by the City, the Consultant, or the Underwriter as to completeness or accuracy. Any statement made in this Official Statement involving matters of opinion or of estimates, whether or not so expressly stated, is set forth as such and not as a representation of fact; no representation is made that any of the estimates contained herein will be realized. The information and expressions of opinion contained herein are subject to change without notice, and neither the delivery of this Official Statement nor any offer or sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the City or the Area since the date hereof. [Remainder of page intentionally left blank] [Signature Page to Official Statement] 4855-1679-8113.6 AUTHORIZATION The City has authorized the execution and distribution of this Official Statement. UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS By: Its: Mayor 4855-1679-8113.6 APPENDIX A Special Tax Report 4855-1679-8113.6 [This Page Intentionally Left Blank] 4855-1679-8113.6 APPENDIX B Trust Indenture 4855-1679-8113.6 [This Page Intentionally Left Blank] 4855-1679-8113.6 APPENDIX C Bond Opinion 4855-1679-8113.6 [This Page Intentionally Left Blank] 4855-1679-8113.6 APPENDIX D Continuing Disclosure Undertaking 4855-1679-8113.6 [This Page Intentionally Left Blank] 4855-1679-8113.6 APPENDIX E Specimen Municipal Bond Insurance Policy 4855-1679-8113.6 [This Page Intentionally Left Blank] 4855-1679-8113.6 APPENDIX F Specimen Municipal Bond Debt Service Reserve Insurance Policy 51642736.6 Exhibit E Form of the Continuing Disclosure Agreement (See attached) 4870-2851-0113.3 CONTINUING DISCLOSURE UNDERTAKING THIS CONTINUING DISCLOSURE UNDERTAKING (this “Agreement”) is executed and delivered this __st day of March 2024 by and between the UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS (the “Issuer”), and AMALGAMATED BANK OF CHICAGO, as dissemination agent (the “Dissemination Agent”), in connection with the issuance by the Issuer of its $__________ Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) (the “Bonds”). The Bonds are being issued pursuant an Ordinance adopted on February __, 2024 by the City Council of the Issuer (the “Bond Ordinance”) and a Trust Indenture dated as of March 1, 2024 (the “Indenture”) between the Issuer and Amalgamated Bank of Chicago, as trustee. The Bonds will be as described in, and secured pursuant to, the Bond Ordinance and the Indenture. In consideration of the issuance of the Bonds by the Issuer and the purchase of such Bonds by the beneficial owners thereof, the Issuer and the Dissemination Agent covenant and agree as follows: 1. PURPOSE OF THIS AGREEMENT. The Issuer is entering into this Agreement as of the date set forth above, for the benefit of the beneficial owner or owners of the Bonds in order to provide certain information and to provide notice of certain events to the MSRB (as defined below) pursuant to the requirements of Section (b)(5) of the Rule (as defined below) and in order to assist the Underwriter (as defined below) in complying with the requirements of the Rule. Notwithstanding anything set forth in this Agreement to the contrary, however, neither the Issuer nor the Dissemination Agent will be required to provide any information or take any other actions set forth hereunder until the Closing Date (as defined below). From and after the Closing Date, the Issuer shall furnish the reports, statements and other documents required to be furnished hereunder in the manner set forth herein. 2. DEFINITIONS. The terms set forth below shall have the following meanings in this Agreement, unless the context clearly otherwise requires. Except as expressly otherwise defined herein, capitalized terms used herein shall have the same meanings as defined in the Indenture. Annual Financial Information means the information described in Exhibit I attached hereto. Annual Financial Information Disclosure means the dissemination of disclosure concerning Annual Financial Information and the dissemination of the Audited Financial Statements as set forth in Section 5 hereof. Annual Reports Filing Date means the date specified in Exhibit I for providing the Annual Financial Information and the Audited Financial Statements to the MSRB. Audited Financial Statements means the audited financial statements of the Issuer prepared pursuant to the standards and as described in Exhibit I attached hereto. Bond Insurer means__________________________________. 2 4870-2851-0113.3 Closing Date means the date on which the Bonds are issued pursuant to, and subject to the terms of, the Indenture. Commission means the Securities and Exchange Commission. Consultant means DTA, formerly David Taussig & Associates, Inc., and its successors and assigns or any other firm selected by the Issuer to assist it in administering the Special Service Area and the extension and collection of Special Taxes pursuant to the Special Tax Report. Dissemination Agent means Amalgamated Bank of Chicago, acting in its capacity as Dissemination Agent for the Issuer, or any other agent designated as such in writing by the Issuer and which has filed with the Issuer a written acceptance of such designation, and such agent’s successors and assigns. EMMA means the MSRB through its Electronic Municipal Market Access system for municipal securities disclosure or through any other electronic format or system prescribed by the MSRB for purposes of the Rule. Event means the occurrence of any of the events with respect to the Bonds set forth in Exhibit III attached hereto. Exchange Act means the Securities Exchange Act of 1934, as amended. Fiscal Year End means April 30 of each year, which is the last day of the Issuer’s fiscal year. MSRB means the Municipal Securities Rulemaking Board. Official Statement means the Official Statement dated March __, 2024 of the Issuer relating to the Bonds. Participating Underwriter means each broker, dealer, or municipal securities dealer acting as an underwriter in the primary offering of the Bonds. Reportable Event means any the occurrence of any Event set forth in Exhibit III attached hereto. Reportable Events Disclosure means dissemination of a notice of a Reportable Event as set forth in Section 6. Rule means Rule 15c2-12 adopted by the Commission under the Exchange Act, as the same may be amended from time to time. Special Service Area means the United City of Yorkville Special Service Area Number 2004-107. Special Services has the meaning as set forth in the Indenture. Special Tax has the meaning as set forth in the Indenture. 3 4870-2851-0113.3 State means the State of Illinois. Trustee means Amalgamated Bank of Chicago, Chicago, Illinois and its successors and assigns, as trustee under the Indenture. Undertaking means the obligations of the Issuer pursuant to Sections 5 and 6. 3. REPRESENTATIONS OF ISSUER. The Issuer represents that: (a) It will be the only “obligated person” (within the meaning of paragraph (f) (10) of the Rule) with respect to the Bonds at the time the Bonds are delivered to the beneficial owner thereof and that no other person is expected to become so committed at any time after issuance of the Bonds; and (b) During the past five (5) years, the Issuer has not failed to comply, in all material respects, with any previous undertakings it has entered into with respect to the Rule. 4. CUSIP NUMBERS. The CUSIP Numbers of the Bonds are set forth in Exhibit II. The Issuer will, or will cause the Dissemination Agent to, include the CUSIP Numbers in all disclosure materials described in Sections 5 and 6 of this Agreement. 5. ISSUER FINANCIAL INFORMATION DISCLOSURE. (a) Subject to Section 9 of this Agreement, the Issuer hereby covenants that, from and after the Closing Date, it will disseminate, or cause the Dissemination Agent to disseminate, its Annual Financial Information and its Audited Financial Statements (in the form and by the dates set forth in Exhibit I) to the MSRB through EMMA in such manner and format and accompanied by identifying information as is prescribed by the MSRB or the Commission at the time of delivery of such information and by such time so that such entities receive the information by the dates specified. (b) If any part of the Annual Financial Information can no longer be generated because the operations to which it is related have been materially changed or discontinued, the Issuer will, or cause the Dissemination Agent to, disseminate to the MSRB a statement to such effect as part of its Financial Information for the year in which such event first occurs. (c) If any amendment or waiver is made to this Agreement, the Annual Financial Information for the year in which such amendment or waiver is made (or in any notice or supplement provided to EMMA) shall contain a narrative description of the reasons for such amendment or waiver and its impact on the type of information being provided. (d) Within ten (10) business days of receipt thereof, and not later than 240 days after the Issuer’s Fiscal Year End, the Issuer shall provide the Annual Financial Information to the Dissemination Agent and the Bond Insurer. The Dissemination Agent shall notify the Issuer in the event it does not receive such report. The Issuer may seek the assistance of the Consultant in preparing the Annual Financial Information. 4 4870-2851-0113.3 (e) If the Issuer changes its Fiscal Year End, it shall give notice of such change in the same manner as for a Reportable Event under Section 6 below. (f) By no later than fifteen (15) business days prior to the applicable Annual Reports Filing Date, the Issuer shall provide its Annual Financial Information and, if applicable, its Audited Financial Statements, to the Dissemination Agent for filing with the MSRB through EMMA by no later than the Annual Reports Filing Date. If, by such 15th business day prior to the Annual Reports Filing Date, the Dissemination Agent has not received copies of the Annual Financial Information and the Audited Financial Statements from the Issuer, the Dissemination Agent shall contact the Issuer to determine if the Issuer is in compliance with its obligations hereunder. (g) If the Dissemination Agent is unable to verify that the Issuer has provided the Annual Financial Information and the Audited Financial Statements to the MSRB by the Annual Reports Filing Date, the Dissemination Agent shall promptly send a notice to the MSRB through EMMA in substantially the form attached hereto as Exhibit IV. (h) The Dissemination Agent shall: (i) determine each year, prior to the Annual Reports Filing Date, the applicable electronic format for filings through EMMA; (ii) file the Annual Financial Information and the Audited Financial Statements (if timely received from the Issuer) with the MSRB through EMMA by the Annual Reports Filing Date; (iii) file a report with the Issuer certifying that the Annual Financial Information and the Audited Financial Statements have been provided to the MSRB pursuant to this Agreement and stating the date that such Annual Financial Information and Audited Financial Statements were provided to the MSRB; and (iv) file such other Annual Financial Information with the MSRB upon receipt of same from the Issuer. 6. REPORTABLE EVENTS DISCLOSURE. (a) Subject to Section 9 of this Agreement, the Issuer hereby covenants that it will, or cause the Dissemination Agent to, disseminate in a timely manner (not in excess of ten (10) business days after the occurrence of the Event giving rise to the Reportable Event) Reportable Events Disclosure to the MSRB through EMMA in such manner and format and accompanied by identifying information as is prescribed by the MSRB or the Commission at the time of delivery of such information. (b) The Issuer may from time to time choose to provide notice of the occurrence of certain other events, in addition to the Reportable Events, if, in the judgment of the Issuer, such other event is material with respect to the Bonds, but the Issuer does not undertake any commitment to provide such notice of any event except for the Reportable Events. 5 4870-2851-0113.3 (c) MSRB Rule G-32 requires all EMMA filings to be in word-searchable PDF format. This requirement extends to all documents to be filed with EMMA, including financial statements and other externally prepared reports. (d) Notwithstanding the foregoing, notice of optional or unscheduled redemption of any Bonds or defeasance of any Bonds need not be given under this Agreement any earlier than the notice (if any) of such redemption or defeasance is given to the Bondholder pursuant to the Bond Ordinance. (e) In connection with providing a notice of the occurrence of a Reportable Event, the Dissemination Agent, solely in its capacity as such, is not obligated or responsible under this Agreement to determine the sufficiency of the content of the notice for purposes of the Rule or any other state or federal securities law, rule, regulation or administrative order. (f) The Dissemination Agent shall, promptly upon obtaining actual knowledge at its office specified in Section 13 below of the occurrence of any of the Events, contact the Issuer to inform the Issuer of the occurrence of such Event and request that the Issuer promptly notify the Dissemination Agent in writing whether or not to report such Event to the MSRB as a Reportable Event pursuant to Section 6(h) below; provided, however, that the failure by the Dissemination Agent to so notify the Issuer and make such request shall not relieve the Issuer of its duty to report Reportable Events as required by this Agreement. (g) Whenever the Issuer obtains knowledge of the occurrence of an Event, whether because of notice from the Dissemination Agent pursuant to Section 6(f) above or otherwise, the Issuer shall determine as soon as possible (but in no event in excess of ten (10) business days after the occurrence of the Event giving rise to the Reportable Event) if such Event is a Reportable Event which is required to be reported to the MSRB pursuant to the Rule and this Section 6. In the event the Issuer determines that such Event is not a Reportable Event, the Issuer shall promptly notify the Dissemination Agent in writing and instruct the Dissemination Agent to not report such Event. (h) If, however, the Issuer determines that an Event is a Reportable Event required to be reported to the MSRB pursuant to the Rule and this Section 6, the Issuer shall promptly notify the Dissemination Agent in writing and instruct the Dissemination Agent to report such Reportable Event, in which event the Dissemination Agent shall file a notice of such Reportable Event with the MSRB through EMMA in an electronic format and accompanied by such identifying information as is prescribed by the MSRB. Such notice shall in no event be filed later than ten (10) business days after the occurrence of the Event giving rise to the Reportable Event. (i) The Dissemination Agent may conclusively rely on an opinion of counsel that the Issuer’s instructions to the Dissemination Agent under this Section 6 comply with the requirements of the Rule. 7. CONSEQUENCES OF FAILURE OF THE ISSUER TO PROVIDE INFORMATION. The Issuer shall give, or cause the Dissemination Agent to give, notice in a 6 4870-2851-0113.3 timely manner to EMMA of any failure to provide Annual Financial Information Disclosure when the same is due hereunder. In the event of a failure of the Issuer or Dissemination Agent to comply with any of its obligations under this Agreement, the beneficial owner of any Bonds may seek mandamus or specific performance by court order, to cause the Issuer or Dissemination Agent, as the case may be, to comply with its obligations under this Agreement. A default under this Agreement shall not be deemed a default under the Bond Ordinance or the Indenture, and the sole remedy under this Agreement in the event of any failure of the Issuer or Dissemination Agent to comply with this Agreement shall be an action to compel performance. 8. AMENDMENTS; WAIVER. Notwithstanding any other provision of this Agreement, the Issuer by ordinance or resolution authorizing such amendment or waiver, may amend this Agreement, and any provision of this Agreement may be waived, if: (a) (i) The amendment or waiver is made in connection with a change in circumstances that arises from a change in legal requirements, including without limitation, pursuant to a “no-action” letter issued by the Commission, a change in law, or a change in the identity, nature, or status of the Issuer, or type of business conducted; or (ii) This Agreement, as amended, or the provision, as waived, would have complied with the requirements of the Rule at the time of the primary offering, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and (b) The amendment or waiver does not materially impair the interests of the beneficial owners of the Bonds, as determined by parties unaffiliated with the Issuer (such as Bond Counsel) at the time of the amendment. In the event that the Commission or the MSRB or other regulatory authority shall approve or require Annual Financial Information Disclosure or Reportable Events Disclosure to be made to a central post office, governmental agency or similar entity other than EMMA or in lieu of EMMA, the Issuer or the Dissemination Agent shall, if required, make such dissemination to such central post office, governmental agency or similar entity without the necessity of amending this Agreement. 9. TERMINATION OF UNDERTAKING. The Undertaking of the Issuer, and the obligations of the Dissemination Agent hereunder, shall be terminated hereunder if the Issuer shall no longer have any legal liability for any obligation on or relating to repayment of the Bonds (including defeasance of the Bonds) under the Bond Ordinance and the Indenture. The Issuer shall, or cause the Dissemination Agent to, give notice to the MSRB through EMMA in a timely manner if this Section is applicable. 10. DISSEMINATION AGENT. The Issuer may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Agreement, and may discharge any such Dissemination Agent, with or without appointing a successor Dissemination Agent. The Issuer hereby appoints Amalgamated Bank of Chicago as the Dissemination Agent. The Dissemination Agent may resign by providing sixty (60) days’ written 7 4870-2851-0113.3 notice to the Issuer. The Dissemination Agent shall not be responsible in any manner for the contents of any notice or report prepared by the Issuer pursuant to this Agreement. 11. ADDITIONAL INFORMATION. Nothing in this Agreement shall be deemed to prevent the Issuer from disseminating any other information, using the means of dissemination set forth in this Agreement or any other means of communication, or including any other information in any Annual Financial Information Disclosure or notice of occurrence of a Reportable Event, in addition to that which is required by this Agreement. If the Issuer chooses to include any information from any document or notice of occurrence of a Reportable Event in addition to that which is specifically required by this Agreement, the Issuer shall have no obligation under this Agreement to update such information or include it in any future disclosure or notice of occurrence of a Reportable Event. 12. DUTIES, IMMUNITIES AND LIABILITIES OF DISSEMINATION AGENT. The Dissemination Agent shall have only such duties as are specifically set forth in this Agreement. 13. NOTICES. Any notices or communications to or among any of the parties to this Agreement may be given as follows: To the Issuer: United City of Yorkville 651 Prairie Pointe Drive Yorkville, IL 60560 Attention: Mayor Telephone: (630) 553-4350 To the Dissemination Agent: Amalgamated Bank of Chicago 30 N. LaSalle Street 38th Floor Chicago, IL 60602 Attention: _______________ Telephone: (312) 822-3187 14. BENEFICIARIES. This Agreement has been executed in order to assist the Underwriter in complying with the Rule; however, this Agreement shall inure solely to the benefit of the Issuer, the Dissemination Agent and the beneficial owners of the Bonds and shall create no rights in any other person or entity. 15. RECORDKEEPING. The Issuer shall maintain records of all Annual Financial Information Disclosure and Reportable Events Disclosure, including the content of such disclosure, the names of the entities with whom such disclosure was filed and the date of filing such disclosure. 16. ASSIGNMENT. The Issuer shall not transfer its obligations under the Bond Ordinance unless the transferee agrees to assume all obligations of the Issuer under this Agreement or to execute an Undertaking under the Rule. 8 4870-2851-0113.3 17. GOVERNING LAW. This Agreement shall be governed by the laws of the State of Illinois applicable to contracts performed wholly therein and without reference to its conflict of laws principles, provided that to the extent this Agreement addresses matters of federal securities laws, including the Rule, this Agreement shall be construed in accordance with such federal securities laws and official interpretations thereof. (Signature page follows) Continuing Disclosure Undertaking 4870-2851-0113.3 UNITED CITY OF YORKVILLE, ILLINOIS By: Mayor Continuing Disclosure Undertaking 4870-2851-0113.3 ACCEPTANCE BY DISSEMINATION AGENT Amalgamated Bank of Chicago hereby accepts its appointment as Dissemination Agent hereunder and agrees to perform the services of Dissemination Agent hereunder. AMALGAMATED BANK OF CHICAGO, as Dissemination Agent By: Its: Exhibit I-1 4870-2851-0113.3 EXHIBIT I ANNUAL FINANCIAL INFORMATION AND TIMING AND AUDITED FINANCIAL STATEMENTS All or a portion of the Annual Financial Information and the Audited Financial Statements as set forth below may be included by reference to other documents which have been submitted to EMMA or filed with the Commission. If the information included by reference is contained in the Official Statement, the Official Statement must be available on EMMA; the Official Statement need not be available from the Commission. The Issuer shall clearly identify each such item of information included by reference. a. Annual Financial Information: 1. “Annual Financial Information” means the annual report prepared by the Consultant showing the Special Taxes received, all disbursements from the Funds and Accounts administered by the Indenture, including the balances in all Funds and Accounts relating to the Bonds and the Special Services as of the end of such fiscal year, and the collection of taxes, delinquencies, tax sales and foreclosures and the payment of recapture to the Issuer and remitted to the Trustee for payment of the Bonds. 2. The Annual Financial Information will be submitted to EMMA within ten (10) business days of receipt thereof and not later than 240 days after the Issuer’s Fiscal Year End. b. Audited Financial Statements: 1. “Audited Financial Statements” means the general purpose financial statements of the Issuer prepared in accordance with generally accepted auditing standards and “Government Auditing Standards” issued by the Comptroller of the United States. 2. Audited Financial Statements will be submitted to EMMA in such format and manner and accompanied by identifying information as is prescribed by the MSRB, at the same time as the Annual Financial Information. Audited Financial Statements as described above should be filed at the same time as the Annual Financial Information. If Audited Financial Statements are not available when the Annual Financial Information is filed, unaudited financial statements shall be included, and Audited Financial Statements will be filed when available. The Issuer shall file with the Dissemination Agent and the Bond Insurer (a) forthwith upon becoming aware of any Event of Default or other event which, with the lapse of time specified in the Indenture, would become an Event of Default, a Written Certificate of the Issuer specifying such Event of Default or other event; and (b) within 240 days after the Issuer’s Fiscal Year End, a written certificate of the Issuer stating that, to the best of knowledge and belief of the authorized officer of the Issuer executing such written certificate, the Issuer has kept, observed, performed Exhibit I-2 4870-2851-0113.3 and fulfilled each and every one of its covenants and obligations contained in the Indenture and there does not exist at the date of such certificate any default by the Issuer under the Indenture or any Event of Default or other event which, with the lapse of time, would become an Event of Default, or, if any such Event of Default or other event shall so exist, specifying the same and the nature and status thereof. If any change is made to the Annual Financial Information as permitted by Section 5 of this Agreement, the Issuer will disseminate a notice of such change as required by Section 5. Exhibit II 4870-2851-0113.3 EXHIBIT II CUSIP NUMBERS Maturity (March 1) CUSIP 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Exhibit III-1 4870-2851-0113.3 EXHIBIT III EVENTS WITH RESPECT TO THE BONDS FOR WHICH REPORTABLE EVENTS DISCLOSURE IS REQUIRED 1. Principal and interest payment delinquencies 2. Non-payment related defaults, if material 3. Unscheduled draws on debt service reserves reflecting financial difficulties 4. Unscheduled draws on credit enhancements reflecting financial difficulties 5. Substitution of credit or liquidity providers, or their failure to perform 6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the security, or other material events affecting the tax status of the Bonds 7. Modifications to the rights of Bondholders, if material 8. Bond calls, if material, and tender offers 9. Defeasances 10. Release, substitution or sale of property securing repayment of the Bonds, if material 11. Rating changes 12. Bankruptcy, insolvency, receivership or similar event of the Issuer (this event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the Issuer in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Issuer, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Issuer) 13. The consummation of a merger, consolidation, or acquisition involving the Issuer or the sale of all or substantially all of the assets of the Issuer, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material Exhibit III-2 4870-2851-0113.3 14. Appointment of a successor or additional trustee or the change of name of a trustee, if material 15. incurrence of a financial obligation of the City, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial obligation of the City, any of which affect security holders, if material 16. default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a financial obligation of the City, any of which reflect financial difficulties For purposes of the Rule, “financial obligation” means a (i) debt obligation, (ii) derivate instrument entered into in connection with or pledged as a security or a source of payment for, an existing or planned debt obligation, or (iii) a guarantee of any of the foregoing. Financial obligation does not include municipal securities as to which a final official statement has been provided to the MSRB. Exhibit IV-1 4870-2851-0113.3 EXHIBIT IV FORM OF NOTICE TO MSRB OF FAILURE TO FILE ANNUAL REPORT Name of Issuer: United City of Yorkville, Kendall County, Illinois (“Issuer”) Issue: Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) (the “Bonds”) Date of Issuance: March __, 2024 NOTICE IS HEREBY GIVEN that the Issuer has not provided its Annual Financial Information and its Audited Financial Statements with respect to the Bonds as required by the Continuing Disclosure Undertaking dated March __, 2024 by the Issuer and accepted by Amalgamated Bank of Chicago as Dissemination Agent. [The Issuer anticipates that the Annual Financial Information and Audited Financial Statements will be filed by_______ _______.] Dated: _____________________ AMALGAMATED BANK OF CHICAGO, as Dissemination Agent By: Its: 51642736.6 Exhibit F Form of the Agreement for Administrative Services (See attached) www.FinanceDTA.com Public Finance Public-Private Partnerships Development Economics Clean Energy Bonds Irvine | San Jose | San Francisco | Riverside Dallas | Houston | Raleigh | Tampa AGREEMENT FOR CONSULTING SERVICES SPECIAL SERVICE AREA NO. 2004-107 UNITED CITY OF YORKVILLE, IL SPECIAL SERVICE AREA ADMINISTRATION SERVICES March 7, 2024 1 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com AGREEMENT FOR CONSULTING SERVICES THIS AGREEMENT is made and entered into this ____ day of March of 2024, by and between the United City of Yorkville at 800 Game Farm Road, Yorkville, IL, 60560, herein called "Client," and DTA at 18201 Von Karman Avenue, Suite 220, Irvine, CA 92612, herein after called "Consultant." The Client and the Consultant in consideration of the mutual promises and conditions herein contained agree as follows. ARTICLE I DISCLOSURES AND TERM OF CONTRACT Section 1.1 As of the date of this Agreement, there are no actual or potential conflicts of interest that DTA is aware of that might impair its ability to render unbiased and competent advice or to fulfill its fiduciary duty. If DTA becomes aware of any potential conflict of interest that arise after this disclosure, DTA will disclose the detailed information in writing to the Client in a timely manner. Section 1.2 DTA, a Securities and Exchange Commission (“SEC”) and MSRB registered firm, does not have any legal events and disciplinary history on its Form MA and Form MA-I, which includes information about any criminal actions, regulatory actions, investigations, terminations, judgments, liens, civil judicial actions, customer complaints, arbitrations and civil litigation. The Client may electronically access DTA’s most recent Form MA and each most recent Form MA-I filed with the Commission at the following website: https://www.sec.gov/edgar/searchedgar/companysearch.html Section 1.3 While DTA has a fiduciary responsibility as a licensed Municipal Advisor, DTA is not, unless otherwise stipulated, acting as the Client’s Municipal Advisor. The services discussed herein do not constitute any financial advice or fall under the category of municipal advisory services as defined by the SEC. Section 1.4 This agreement shall become effective on the date stated above and will continue in effect until the earlier of (i) that day when the services provided for herein have been performed or (ii) until terminated as provided in Article 6 below. ARTICLE II SERVICES TO BE PERFORMED BY CONSULTANT Section 2.1 Consultant agrees to perform the professional services for the Client, herein after called "Project," in accordance with the applicable professional standard of care and to deliver the work products to the Client as described in the Scope of Work statement 2 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com attached as Exhibit "A" hereto. Such professional services and work products, as from time to time modified in accordance with Section 2.3 hereof, are collectively referred to as the "Consulting Services." Section 2.2 Instruments of Service. All computer software (including without limitation financial models, compilations of formulas and spreadsheet models), inventions, designs, programs, improvements, processes and methods (collectively, the “Proprietary Models”), reports, drawings, specifications, computer files, field data, notes and other documents and instruments prepared by Consultant are Instruments of Service of Consultant and shall remain the property of Consultant. Consultant shall likewise retain all common law, statutory and other reserved rights, including the copyright thereto. Client acknowledges and agrees that the consideration paid by Client herein only entitles Client to a license to use the hard copy or electronically transmitted reports generated pursuant to the Consulting Services and that any Proprietary Model that Consultant uses to generate such reports is owned by, or is duly licensed from a third party to Consultant and is not being provided to Client hereunder. The reports and models used to generate such reports are for use on this Project only. The Client shall not reuse or make any modification to the hard copy or electronically transmitted reports generated pursuant to the Consulting Services without the prior written authorization of the Consultant. The Client agrees, to the fullest extent permitted by law, to indemnify and hold harmless the Consultant, its shareholders, officers, directors, employees and subconsultants (collectively, Consultant's) against any damages, liabilities or costs, including reasonable attorneys' par fees and defense costs, arising from or allegedly arising from or in any way connected with the unauthorized use, reuse or modification of the hard copy or electronically transmitted reports generated pursuant to the Consulting Services or any of Consultant's Instruments of Service, including models, by the Client or any person or entity that acquires or obtains the reports from or through the Client without the written authorization of the Consultant. Client acknowledges that Consultant may have used reports and analyses that Consultant authored for other clients as base works or templates for the reports and analyses prepared for Client pursuant to this Agreement, and Client acknowledges and agrees that Consultant has the right to use the reports and analyses that it authors pursuant to this Agreement as base works or templates for reports and analyses that Consultant authors for Consultant's other clients, provided, however that Consultant shall not use any confidential information provided by Client in such future reports and analyses. Client further acknowledges and agrees that Consultant has spent substantial time and effort in collection and compiling data and information (the “Data Compilations”) in connection with the Consulting Services and that such Data Compilations may be used by Consultant for its own purposes, including, without limitation, sale or distribution to third parties; provided, however, that Consultant will not sell or distribute any of Client’s confidential information that may be contained in such Data Compilations, unless such confidential information is used only on an aggregated and anonymous basis. Section 2.3 Any proposed changes in the Consulting Services hereunder shall be submitted to the other party hereto, and any such changes agreed to by the parties shall be reflected in an amendment to Exhibit "A" in accordance with Section 7.2 hereto. 3 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com Section 2.4 Nothing in this Agreement shall give the Consultant possession of authority with respect to any Client decision beyond the rendition of information, advice, recommendation, or counsel. ARTICLE III COMPENSATION Section 3.1 Client agrees to pay Consultant for its Consulting Services in accordance with this Agreement, a professional fee computed according to the Professional Fee Schedule attached as Exhibit "B" hereto and incorporated herein by reference (the "Fee Schedule "). Client acknowledges and agrees that portions of Consultant's professional fees and expenses may have been incurred by Consultant prior to the execution of this Agreement (the "Pre-Agreement Fees ") and Client agrees to pay such Pre-Agreement Fees in accordance with this Agreement. Section 3.2 The Client shall reimburse the Consultant for out-of-pocket and administrative expenses by paying a charge equal to 3% of DTA’s monthly billings. Expenses shall include all actual expenditures made by Consultant in the performance of any Consulting Services undertaken pursuant to the Agreement, including, without limitation, the following expenditures: (a) Cost of clerical assistance, including typing, collation, printing and copying, plus copier and photography costs, including photographic reproduction of drawings and documents. (b) Transportation costs, including mileage for the use of personal automobiles at the prevailing IRS standard rate, rental vehicles, lodging and regularly scheduled commercial airline ticket costs. (c) Courier services, facsimile, and telephone expenses. Section 3.3 On or about the first two weeks of each month during which Consulting Services are rendered hereunder, Consultant shall present to Client an invoice covering the current Consulting Services performed and the reimbursable expenses incurred pursuant to this Agreement and exhibits thereto. Such invoices shall be paid by Client within thirty (30) days of the date of each invoice. A 1.2% charge may be imposed against accounts which are not paid within 30 days of the date of each invoice. Section 3.4 The maximum total fee amount set forth in Exhibit "B" may be increased as a result of any expansion of the Consulting Services to be rendered hereunder pursuant to Section 2.3 or as provided in Exhibit "A" hereto. Section 3.5 Records of the Consultant's costs relating to (i) Consulting Services performed under this Agreement and (ii) reimbursable expenses shall be kept and be 4 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com available to the Client or to Client's authorized representative at reasonable intervals during normal business hours. ARTICLE IV OTHER OBLIGATIONS OF CONSULTANT Section 4.1 Consultant agrees to perform the Consulting Services in accordance with Exhibit "A" and the applicable standard of care. Should any errors caused by Consultant's negligence be found in such services or products, Consultant will correct them at no additional charge by revising the work products called for in Exhibit "A" to eliminate the errors. Section 4.2 Consultant will supply all tools and instrumentalities required to perform the Consulting Services under the Agreement. Section 4.3 Neither this Agreement nor any duties or obligations under this Agreement may be assigned by Consultant without the prior written consent of Client. However, Consultant may subcontract portions of the work to be performed hereunder to other persons or concerns provided Consultant notifies Client of the name and address of said proposed subcontractor and Client either consents or fails to respond to notification with respect to the use of any particular proposed subcontractor. Section 4.4 In the performance of its Consulting Service hereunder, Consultant is, and shall be deemed to be for all purposes, an independent contractor (and not an agent, officer, employee or representative of Client) under any and all laws, whether existing or future. Consultant is not authorized to make any representation, contract, or commitment on behalf of Client. ARTICLE V OTHER OBLIGATIONS OF CLIENT Section 5.1 The Client shall provide full information in a timely manner regarding requirements for and limitations on the Project. Client agrees to comply with all reasonable requests of Consultant and provide access to all documents reasonably necessary to the performance of Consultant's duties under this Agreement with the exception of those documents which Exhibit "A" calls upon the Consultant to prepare. Section 5.2 Neither this Agreement nor any duties or obligations under this Agreement may be assigned by Client without the prior written consent of Consultant. 5 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com Section 5.3 The Client shall provide prompt written notice to the Consultant if the Client becomes aware of any fault or defect in the Project, including any errors, omissions, or inconsistencies in the Consultant's Instruments of Service. Section 5.4 Client, public agencies, landowners, consultants and other parties dealing with Client or involved in the subject development project referred to in Exhibit "A" will be furnishing to Consultant various data, reports, studies, computer printouts and other information and representations as to the facts involved in the project which Client understands Consultant will be using and relying upon in preparing the reports, studies, computer printouts and other work products called for by Exhibit "A." Consultant shall not be obligated to establish or verify the accuracy of the information furnished by or on behalf of Client, nor shall Consultant be responsible for the impact or effect on its work products of the information furnished by or on behalf of Client, in the event that such information is in error and therefore introduces error into Consultant's work products. Section 5.5 In the event that court appearances, testimony or depositions are required of Consultant by Client in connection with the services rendered hereunder, Client shall compensate Consultant at a rate of $400 per hour and shall reimburse Consultant for out-of-pocket expenses on a cost basis. ARTICLE VI TERMINATION OF AGREEMENT Section 6.1 Either party may terminate or suspend this Agreement upon thirty (30) days written notice. Unless terminated as provided herein, this Agreement shall continue in force until the Consulting Services set forth in Exhibit "A" have been fully and completely performed and all proper invoices have been rendered and paid. Section 6.2 Should either party default in the performance of this Agreement or materially breach any of its provisions, the other party at its option may terminate this Agreement by giving written notification to the defaulting party. Such termination shall be effective upon receipt by the defaulting party, provided that the defaulting party shall be allowed ten (10) days in which to cure any default following receipt of notice of same. Section 6.3 In the event of any termination that is not the fault of the Consultant, the Client shall pay the Consultant, in addition to payment for services rendered and reimbursable costs incurred, for all expenses reasonably incurred by the Consultant in connection with the orderly termination of this Agreement, including but not limited to demobilization, reassignment of personnel, associated overhead costs and all other expenses directly resulting from the termination, plus an amount for the Consultant’s anticipated profit on the value of the services not performed by the Consultant. 6 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com Section 6.4 Suspension and Termination for Non-Payment. (i) In addition to any other provisions in this Agreement regarding breach of the Agreement, if the Client fails to make payments when due, the Consultant may suspend performance of services upon ten (10) calendar days’ notice to the Client. The Consultant shall have no liability whatsoever to the Client for any costs or damages as a result of such suspension caused by any breach of this Agreement by the Client. Upon payment in full by the Client, the Consultant shall resume services under this Agreement, and the time schedule and compensation shall be equitably adjusted to compensate for the period of suspension plus any other reasonable time and expense necessary for the Consultant to resume performance. (ii) If the Client fails to make payment to the Consultant in accordance with the payment terms herein, and/or Client has failed to cure its breach or default following a suspension of services as set forth above, this shall constitute a material breach of this Agreement and shall be cause for termination of this Agreement by the Consultant upon seven (7) days written notice to the Client. (iii) Payment of invoices shall not be subject to any discounts or set-offs by the Client, unless agreed to in writing by the Consultant. Payment to the Consultant for services rendered and expenses incurred shall be due and payable regardless of any subsequent suspension or termination of this Agreement by either party. Section 6.5 The covenants contained in Sections 3.1, 3.2, 4.4, 5.3, 5.4 and all of Article VII shall survive the termination of this Agreement. ARTICLE VII GENERAL PROVISIONS Section 7.1 Any notices to be given hereunder by either party to the other may be affected either by personal delivery in writing or by mail. Mailed notices shall be addressed to the parties at the addresses appearing in the introductory paragraph of this Agreement, but each party may change the address by written notice in accordance with the first sentence of this Section 7.1. Notices delivered personally will be deemed communicated as of actual receipt. Mailed notices will be deemed communicated as of two (2) days after mailing. Section 7.2 This Agreement and exhibits hereto supersede any and all agreements, either oral or written, between the parties hereto with respect to the rendering of service by Consultant for Client and contains all of the covenants and agreements between the parties with respect to the rendering of such services. Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement, or promise not contained in this Agreement shall be valid or binding. Any modification of this Agreement (including any exhibit hereto) will be effective if it is in writing and signed by the party against whom it is sought to be enforced. 7 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com Section 7.3 If any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions will nevertheless continue in full force without being impaired or invalidated in any way. Section 7.4 Disputes. The parties agree to first try in good faith to settle the dispute by mediation pursuant to the Mediation Rules of the American Arbitration Association. If the claim or controversy is not settled by mediation, the claim or controversy may be resolved by final and binding arbitration. On the written request of one party served on the other, the dispute shall be submitted to binding arbitration in accordance with the commercial rules and regulations of the American Arbitration Association. The arbitration shall take place at the location in which the principal office of the Respondent is situated, or such other location as may be mutually agreed to by the parties. The arbitrator(s) shall be selected as follows: In the event that Consultant and Client agree on one arbitrator, the arbitration shall be conducted by such arbitrator. In the event Consultant and Client do not so agree, Consultant and Client shall each select an arbitrator and the two arbitrators so selected shall select the third arbitrator. If there is more than one arbitrator, the arbitrators shall act by majority vote. The parties may propose arbitrators from JAMS, ADR, ARC or any independent arbitrator/neutral for dispute resolution. The parties are not required to hire a AAA arbitrator for resolution of a dispute hereunder. No arbitration shall include by way of consolidation or joinder any parties or entities not a party to this Agreement without the express written consent of the Client, the Consultant and any party or entity sought to be joined with an express reference to this provision. Any party or entity joined in the arbitration, after mutual consent, shall be bound by this provision. The decree or judgment of an award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. Section 7.5 The prevailing party in any arbitration or legal action brought by one party against the other and arising out of this Agreement shall be entitled, in addition to any other rights and remedies it may have, to reimbursement for its expenses, including court costs and reasonable attorneys' fees. The non-prevailing party shall be liable, to the extent allowable under law, for all fees and expenses of the arbitrator(s) and all costs of the arbitration. Section 7.6 This Agreement will be governed by and construed in accordance with the laws of the State of Illinois. Section 7.7 Nothing contained in this Agreement shall create a contractual relationship with or a cause of action in favor of a third party against either the Client or the Consultant. The Consultant's services under this Agreement are being performed solely for 8 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com the Client's benefit, and no other party or entity shall have any claim against the Consultant because of this Agreement or the performance or nonperformance of services hereunder. Section 7.8 Notwithstanding any other provision of this Agreement, and to the fullest extent permitted by law, neither the Consultant nor the Client, their respective officers, directors, partners, employees, contractors or subconsultants shall be liable to the other for, or shall make, any claim for any incidental, indirect or consequential damages arising out of or connected in any way to the Project or to this Agreement. This mutual waiver of consequential damages shall include, but is not limited to, loss of use, loss of profit, loss of business, loss of income, loss of reputation or any other consequential damages that either party may have incurred from any cause of action including negligence, strict liability, breach of contract and breach of strict or implied warranty. Section 7.9 It is intended by the parties to this Agreement that the Consultant’s services in connection with the Project shall not subject the Consultant’s individual shareholders, officers, directors, members, managers or employees to any personal legal exposure for the risks associated with this Project. Therefore, and notwithstanding anything to the contrary contained herein, Client agrees that as Client’s sole and exclusive remedy, any claim, demand or suit shall be directed and/or asserted only against Consultant and not against any of the individual shareholders, officers, directors, members, managers or employees. Section 7.10 Limitation of Liability – for available insurance: In recognition of the relative risks and benefits of the Project to both the Client and the Consultant, the risks have been allocated such that the Client agrees, to the fullest extent permitted by law, to limit the liability of the Consultant to the Client for any and all claims, losses, costs, damages of any nature whatsoever or claims expenses from any cause or causes, including attorneys’ fees and costs and expert-witness fees and costs, so that the total aggregate liability of the Consultant to the Client shall not exceed the sum of insurance coverage available at the time of settlement or judgment. It is intended that this limitation apply to any and all liability or cause of action however alleged or arising, except for Consultant’s willful misconduct or unless otherwise prohibited by law. 9 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com IN WITNESS WHEREOF, this Agreement has been executed on the date and year first above written. CONSULTANT: CLIENT: David Taussig and Associates, Inc. United City of Yorkville d/b/a DTA By: By: Kelly Wright, Chief Executive Officer Date: Date: A-1 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com SCOPE OF WORK The Scope of Work statement is predicated on the assumption that the special taxes for the United City of Yorkville (“City”) Special Service Area No. 2004-107 (hereinafter called "SSA”) will be billed and collected by the County of Kendall (the "County"). The Scope of Work statement for the administration of the SSA is comprised of those services associated with the annual calculation and billing of the special taxes, review of bond funds and accounts, responses to taxpayer inquiries (i.e., phone calls, prepayment requests, builder education/coordination), and determination of arbitrage/rebate liability as follows: Task 1 – Development Research and SSA Parcel Database This task involves gathering and organizing the information required to establish and maintain parcel databases necessary to extend, bill, and collect the special taxes, pursuant to the SSA Special Tax Roll and Report, as amended, and includes the following: 1.1 Subdivision Research: Coordinate with the City and the builder(s) to obtain copies of all final plats. Identify recording date, property use, acreage, and the lot, block and unit numbers, as applicable, for each new parcel. 1.2 Permanent Index Numbers: Coordinate with the County to determine valid Permanent Index Numbers ("PIN") for the coming year and obtain new cadastral maps. 1.3 Classification of Property: Assign each parcel to the appropriate special tax classification in accordance with the respective SSA Special Tax Roll and Report, as amended. 1.4 SSA Parcel Database: Establish and maintain parcel databases for the SSA that will include all relevant PINs, property data, and special tax characteristics. Task 2 – Special Tax Requirement Calculation and Special Tax Abatement This task involves calculating the amount of special tax to be abated for the SSA and includes the following subtasks: 2.1 Bond Funds Accountability Analysis: This task involves the review and analysis of account statements for the funds and accounts maintained by the trustee. Consultant will prepare a monthly report that summarizes the activity for each fund and account and evaluates flow of funds for consistency with the Indenture or other controlling documents. When necessary, Consultant will communicate our findings with the City or trustee. 2.2 Determine Annual Expenses: Identify expenses for the SSAs including annual debt service, administrative expenses, and provision for delinquencies. 2.3 Year-End Reconciliation: Prepare year-end reconciliation to determine surplus funds, if any, in the bond funds and accounts, interest earnings, and other credits that may be applied to toward the abatement of the special tax. A-2 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com 2.4 Extension of Special Taxes: Extend the required special taxes to each PIN pursuant to the respective SSA Special Tax Roll and Report, as amended, and determine the resulting amount to be abated, if any. Task 3 – Report Preparation This task includes the preparation of an Annual Report for the SSAs, which will generally contain the following:  Brief development summary;  Flow of funds summary;  Special tax collection, tax sale, and foreclosure status;  Bond fund and account balance summary;  Special tax requirement calculation;  Current equalized assessed value;  Current property tax rates; and  Current equalized assessed value-to-lien ratio. Task 4 – Extension and Billing of the Special Tax This task involves coordination with and assistance to the County, as needed, to facilitate the extension and billing of the special tax. The special taxes will be established by ordinance passed by the City on or before the last Tuesday in December. The following subtasks are included: 4.1 Special Tax Roll: For the SSA, Consultant will prepare special tax roll listing each PIN and the corresponding maximum special tax, special tax amount abated, and special tax amount to be billed. 4.2 Transmittal to County: The special tax roll will be transmitted to the County in hard copy and/or electronic form as specified by the County, along with a certified copy of the abatement ordinances, to be provided to Consultant by the City, in hard copy and electronic form as specified by the County. 4.3 Coordination with Assessor: As requested, Consultant will assist the applicable Township Assessor determine the average public improvements allocable to properties in the SSA. Task 5 – Special Tax Collections DTA will review the SSA Special Tax Distribution Reports provided by the County to monitor and record the collection of special taxes as they are distributed to the SSA. DTA will request and review the County's unpaid list to determine the payment status of each individual PIN. This data will be recorded in special tax payment database and utilized to prepare an Annual Delinquent Special Tax Report that shall be distributed to the City and County as needed. DTA A-3 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com will provide assistance to the County, as requested, to facilitate the collection of the special taxes. Task 6 – Delinquent Special Tax Follow-Up DTA will assist in the collection of special taxes that remain delinquent after the County has conducted its tax sale (or such other date as specified in the bond indenture). The following subtasks are included: 6.1 Final Delinquent Special Tax Report: DTA will update the report of delinquent special taxes prepared pursuant to Task 5 above. 6.2 Demand Letters: This task entails the preparation and mailing of demand letters to the property owners with delinquent special taxes. DTA will prepare a draft demand letter for review and approval by City staff. After the form of the demand letter is approved, DTA will print the demand letters on City letterhead and mail to property owners. 6.3 Coordination with Delinquent Property Owners: DTA staff will be available to answer questions from the delinquent property owners. Task 7 – Foreclosure Assistance This task involves assistance with the foreclosure of the special taxes that remain delinquent after the follow-up process. We assume that at this stage in the collection process the City will be retaining legal counsel to pursue judicial foreclosure. Therefore, our services will consist of activities to assist legal counsel and the City with the foreclosure action. The following subtasks are included: 7.1 Foreclosure Report: Following the payment deadline specified in the demand letter, DTA will prepare a report of the remaining delinquent special taxes that would be subject to foreclosure. 7.2 Reserve Fund Analysis: This analysis will ascertain if the Reserve Fund is at its required amount and if any draws will be needed to make the debt service payments on the bonds. 7.3 Exhibit to Ordinance Ordering Judicial Foreclosure: DTA will prepare an exhibit showing the delinquent special taxes, penalties, interest and collection costs to be attached to the ordinance adopted by the City ordering the judicial foreclosure. Task 8 – Prepayment Calculations This task entails the calculation of prepayment amounts and coordination with the trustee and associated record keeping in the event any special tax is prepaid. This task includes the following subtask: 8.1 Special Tax Prepayments : Upon request, DTA will calculate the amount needed to prepay the special tax pursuant to the prepayment formula as set forth and adopted in the respective Rate and Method of Levying Special Taxes, as amended. The prepayment A-4 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com information provided will identify the amount due, the deadline for payment, and direction regarding where payment is to be remitted. Task 9 – Early Bond Redemption Analysis This task involves analysis of the early redemption of bonds resulting from the prepayment of special taxes or receipt of recapture funds. DTA will coordinate with the trustee to ensure the proper application of such funds and review the resulting revised debt service schedule. Task 10 – Taxpayer Inquiries This task involves responding to telephone calls from prospective or current property owners or other interested parties who have questions regarding SSA, the public improvements financed, the amount of the special tax, etc. This task includes brief written responses to property owners, as necessary. In order to efficiently and effectively handle these property owner's requests, DTA has a toll-free number for property owners who have questions. Task 11 – Arbitrage/Rebate Calculation This task encompasses those activities associated with computing the rebate liability of the bonds sold on behalf of SSA. B-1 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com FEE SCHEDULE DTA's annual compensation for Tasks 1-6 and 8-10 of the Scope of Work listed under Exhibit A is a fixed fee of $12,000 plus expenses. Task 7 services shall be billed on a time and materials basis in accordance with the hour rate schedule in Table 1, with payment due upon collection of the delinquent special taxes, including collection costs, through foreclosure. DTA’s compensation for Task 11 is $3,000 per bond issue for the initial calculation, and $2,500 per bond issue per year for subsequent years. Additional fees will be incurred for transferred proceeds analysis, commingled funds analysis, Final or Five-Year Report, or computation period in excess of 12 months. Table 1: DTA’s Fee Schedule Labor Category Labor Rate President/Managing Director $300/Hour Senior Vice President $275/Hour Vice President $250/Hour Senior Manager $210/Hour Manager $200/Hour Senior Associate $190/Hour Associate III $175/Hour Associate II $165/Hour Associate I $150/Hour Research Associate II $140/Hour Research Associate I $125/Hour A General Terms and Conditions The preceding annual professional fees shall be billed in four equal installments, with invoices submitted by Consultant to Client on or about the first two weeks of each quarter. Such invoices shall be paid by Client within 30 days of the date of each invoice. A 1.2% charge may be imposed against accounts that are not paid within 30 days of the date of each invoice. At Client's request, services in addition to those identified in the Scope of Work statement may be provided. Unless otherwise agreed to by Client and Consultant, any additional tasks assigned by Client shall be charged at the hourly rates listed in Table 1. B-2 United City of Yorkville SSA No. 2004-107 March 7, 2024 Special Service Area (“SSA”) Administration Services www.FinanceDTA.com Such additional tasks may include but are not be limited to the following:  Manual billing of special taxes;  Administration of variable rate bonds;  Attendance, other than via telephone, at meetings with property owners or City staff to answer questions, review the levy, or resolve disputes regarding the calculation of the special tax;  Assistance with workshops, seminars, etc. concerning disclosure of the special tax; and  Assumption of dissemination agent responsibilities for Developer Continuing Disclosure Reports, if any. The preceding lump sum professional fees and hourly rates apply for a 12-month period from execution of the Agreement and are subject to a cost-of-living and/or other appropriate increase every 12 months thereafter. Consultant generally reviews its professional fees and hourly rates annually and, if appropriate, adjusts them to reflect increases in seniority, experience, cost-of-living, and other relevant factors. Consultant shall notify Client in advance of any such increase. Feb 13, 2024 3:19 pm Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 1 SOURCES AND USES OF FUNDS Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Market Rate Assumptions as of 2/13/2024 Dated Date 04/03/2024 Delivery Date 04/03/2024 Sources: Bond Proceeds: Par Amount 5,190,000.00 Other Sources of Funds: Prior DSRF 250,352.67 Prior Admin Expense Fund 18,351.85 268,704.52 5,458,704.52 Uses: Project Fund Deposits: Project Fund 525.29 Refunding Escrow Deposits: Cash Deposit 0.54 SLGS Purchases 4,851,333.00 4,851,333.54 Other Fund Deposits: Debt Service Reserve Fund 259,500.00 Special Reserve Fund 15,000.00 Admin Expense Fund 3,351.85 277,851.85 Delivery Date Expenses: Cost of Issuance 125,000.00 Underwriter's Discount 64,875.00 Bond Insurance Premium (+175bps) 114,118.84 Reserve Fund Surety Premium 25,000.00 328,993.84 5,458,704.52 Feb 13, 2024 3:19 pm Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 2 SUMMARY OF REFUNDING RESULTS Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Market Rate Assumptions as of 2/13/2024 Dated Date 04/03/2024 Delivery Date 04/03/2024 Arbitrage yield 4.371993% Escrow yield 4.371990% Value of Negative Arbitrage 0.01 Bond Par Amount 5,190,000.00 True Interest Cost 4.608505% Net Interest Cost 4.163457% Average Coupon 3.969966% Average Life 6.460 Par amount of refunded bonds 4,817,000.00 Average coupon of refunded bonds 6.250000% Average life of refunded bonds 6.715 PV of prior debt to 04/03/2024 @ 4.371993% 5,350,926.25 Net PV Savings 284,717.71 Percentage savings of refunded bonds 5.910685% Percentage savings of refunding bonds 5.485890% Feb 13, 2024 3:19 pm Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 3 SAVINGS Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Market Rate Assumptions as of 2/13/2024 Present Value Prior Refunding to 04/03/2024 Date Debt Service Debt Service Savings @ 4.3719932% 03/01/2025 579,062.50 550,697.66 28,364.84 28,671.45 03/01/2026 588,687.50 559,762.00 28,925.50 27,576.01 03/01/2027 597,625.00 565,517.00 32,108.00 29,168.38 03/01/2028 605,812.50 575,580.00 30,232.50 26,295.91 03/01/2029 614,187.50 579,810.00 34,377.50 28,474.11 03/01/2030 622,625.00 588,280.00 34,345.00 27,175.73 03/01/2031 631,000.00 600,570.00 30,430.00 23,049.69 03/01/2032 640,187.50 606,215.00 33,972.50 24,516.69 03/01/2033 650,000.00 615,615.00 34,385.00 23,680.83 03/01/2034 659,250.00 638,815.00 20,435.00 13,506.51 03/01/2035 676,812.50 640,215.00 36,597.50 22,929.77 6,865,250.00 6,521,076.66 344,173.34 275,045.09 Savings Summary PV of savings from cash flow 275,045.09 Less: Prior funds on hand -268,704.52 Plus: Refunding funds on hand 278,377.14 Net PV Savings 284,717.71 Feb 13, 2024 3:19 pm Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 4 BOND PRICING Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Market Rate Assumptions as of 2/13/2024 Maturity Bond Component Date Amount Rate Yield Price Term Bond: 03/01/2025 365,000 3.850% 3.850% 100.000 03/01/2026 370,000 3.850% 3.850% 100.000 03/01/2027 390,000 3.830% 3.830% 100.000 03/01/2028 415,000 3.800% 3.800% 100.000 03/01/2029 435,000 3.800% 3.800% 100.000 03/01/2030 460,000 3.850% 3.850% 100.000 03/01/2031 490,000 3.950% 3.950% 100.000 03/01/2032 515,000 4.000% 4.000% 100.000 03/01/2033 545,000 4.000% 4.000% 100.000 03/01/2034 590,000 4.000% 4.000% 100.000 03/01/2035 615,000 4.100% 4.100% 100.000 5,190,000 Dated Date 04/03/2024 Delivery Date 04/03/2024 First Coupon 09/01/2024 Par Amount 5,190,000.00 Original Issue Discount Production 5,190,000.00 100.000000% Underwriter's Discount -64,875.00 -1.250000% Purchase Price 5,125,125.00 98.750000% Accrued Interest Net Proceeds 5,125,125.00 Feb 13, 2024 3:19 pm Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 5 BOND DEBT SERVICE Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Market Rate Assumptions as of 2/13/2024 Period Ending Principal Coupon Interest Debt Service 03/01/2025 365,000 3.850%185,697.66 550,697.66 03/01/2026 370,000 3.850%189,762.00 559,762.00 03/01/2027 390,000 3.830%175,517.00 565,517.00 03/01/2028 415,000 3.800%160,580.00 575,580.00 03/01/2029 435,000 3.800%144,810.00 579,810.00 03/01/2030 460,000 3.850%128,280.00 588,280.00 03/01/2031 490,000 3.950%110,570.00 600,570.00 03/01/2032 515,000 4.000%91,215.00 606,215.00 03/01/2033 545,000 4.000%70,615.00 615,615.00 03/01/2034 590,000 4.000%48,815.00 638,815.00 03/01/2035 615,000 4.100%25,215.00 640,215.00 5,190,000 1,331,076.66 6,521,076.66 Feb 13, 2024 3:19 pm Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 6 SUMMARY OF BONDS REFUNDED Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Market Rate Assumptions as of 2/13/2024 PRI - Prior Debt Maturity Interest Par Call Call Bond Date Rate Amount Date Price Special Tax Bonds, Series 2005 (Raintree Village II Project), ACTUAL, TERM: 03/01/2035 6.250% 4,817,000 05/03/2024 100.000 4,817,000 Feb 13, 2024 3:19 pm Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 7 ESCROW REQUIREMENTS Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Market Rate Assumptions as of 2/13/2024 Period Principal Ending Interest Redeemed Total 05/03/2024 51,849.65 4,817,000 4,868,849.65 51,849.65 4,817,000 4,868,849.65 Feb 13, 2024 3:19 pm Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 8 ESCROW STATISTICS Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Market Rate Assumptions as of 2/13/2024 Modified Yield to Yield to Perfect Value of Total Duration Receipt Disbursement Escrow Negative Cost of Escrow Cost (years) Date Date Cost Arbitrage Dead Time Global Proceeds Escrow: 4,851,333.54 0.082 4.371990% 4.371990% 4,851,333.52 0.01 0.01 4,851,333.54 4,851,333.52 0.01 0.01 Delivery date 04/03/2024 Arbitrage yield 4.371993% Feb 13, 2024 3:19 pm Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 9 ESCROW DESCRIPTIONS Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Market Rate Assumptions as of 2/13/2024 Type of Type of Maturity First Int Par Max Security SLGS Date Pmt Date Amount Rate Rate Apr 3, 2024: SLGS Certificate 05/03/2024 05/03/2024 3,888,917 5.480% 5.480% SLGS Certificate 05/03/2024 962,416 5.480% 4,851,333 SLGS Summary SLGS Rates File 13FEB24 Total Certificates of Indebtedness 4,851,333.00 Feb 13, 2024 3:19 pm Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 10 PROOF OF ARBITRAGE YIELD Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Market Rate Assumptions as of 2/13/2024 Present Value to 04/03/2024 Date Debt Service @ 4.3719931539% 09/01/2024 83,790.41 82,313.77 03/01/2025 466,907.25 448,866.74 09/01/2025 94,881.00 89,263.66 03/01/2026 464,881.00 428,002.04 09/01/2026 87,758.50 79,068.20 03/01/2027 477,758.50 421,240.09 09/01/2027 80,290.00 69,277.36 03/01/2028 495,290.00 418,213.51 09/01/2028 72,405.00 59,829.54 03/01/2029 507,405.00 410,308.46 09/01/2029 64,140.00 50,756.69 03/01/2030 524,140.00 405,901.14 09/01/2030 55,285.00 41,897.58 03/01/2031 545,285.00 404,402.42 09/01/2031 45,607.50 33,100.54 03/01/2032 560,607.50 398,167.98 09/01/2032 35,307.50 24,540.48 03/01/2033 580,307.50 394,714.28 09/01/2033 24,407.50 16,246.38 03/01/2034 614,407.50 400,219.64 09/01/2034 12,607.50 8,036.73 03/01/2035 627,607.50 391,513.95 6,521,076.66 5,075,881.16 Proceeds Summary Delivery date 04/03/2024 Par Value 5,190,000.00 Arbitrage expenses -114,118.84 Target for yield calculation 5,075,881.16 Feb 13, 2024 3:19 pm Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 11 BOND SOLUTION Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Market Rate Assumptions as of 2/13/2024 Period Proposed Proposed Total Adj Revenue Unused Debt Service Ending Principal Debt Service Debt Service Constraints Revenues Coverage 03/01/2025 365,000 550,698 550,698 579,063 28,365 105.15% 03/01/2026 370,000 559,762 559,762 588,688 28,926 105.17% 03/01/2027 390,000 565,517 565,517 597,625 32,108 105.68% 03/01/2028 415,000 575,580 575,580 605,813 30,233 105.25% 03/01/2029 435,000 579,810 579,810 614,188 34,378 105.93% 03/01/2030 460,000 588,280 588,280 622,625 34,345 105.84% 03/01/2031 490,000 600,570 600,570 631,000 30,430 105.07% 03/01/2032 515,000 606,215 606,215 640,188 33,973 105.60% 03/01/2033 545,000 615,615 615,615 650,000 34,385 105.59% 03/01/2034 590,000 638,815 638,815 659,250 20,435 103.20% 03/01/2035 615,000 640,215 640,215 676,813 36,598 105.72% 5,190,000 6,521,077 6,521,077 6,865,250 344,173 Jan 24, 2024 10:22 am Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 1 SOURCES AND USES OF FUNDS Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Assumes current AAA Market Rates +125bps Dated Date 04/03/2024 Delivery Date 04/03/2024 Sources: Bond Proceeds: Par Amount 4,890,000.00 Other Sources of Funds: Prior DSRF 600,000.00 5,490,000.00 Uses: Project Fund Deposits: Project Fund 3,791.57 Refunding Escrow Deposits: Cash Deposit 0.58 SLGS Purchases 4,851,176.00 4,851,176.58 Other Fund Deposits: Debt Service Reserve Fund 302,325.00 Delivery Date Expenses: Cost of Issuance 200,000.00 Bond Insurance Premium (+175bps) 107,706.85 Reserve Fund Surety Premium 25,000.00 332,706.85 5,490,000.00 Jan 24, 2024 10:22 am Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 2 SUMMARY OF REFUNDING RESULTS Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Assumes current AAA Market Rates +125bps Dated Date 04/03/2024 Delivery Date 04/03/2024 Arbitrage yield 4.411920% Escrow yield 4.411668% Value of Negative Arbitrage 1.00 Bond Par Amount 4,890,000.00 True Interest Cost 4.411920% Net Interest Cost 4.010986% Average Coupon 4.010986% Average Life 6.448 Par amount of refunded bonds 4,817,000.00 Average coupon of refunded bonds 6.250000% Average life of refunded bonds 6.715 PV of prior debt to 04/03/2024 @ 4.411920% 5,339,360.96 Net PV Savings 263,184.38 Percentage savings of refunded bonds 5.463657% Percentage savings of refunding bonds 5.382094% Jan 24, 2024 10:22 am Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 3 SAVINGS Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Assumes current AAA Market Rates +125bps Present Value Prior Refunding to 04/03/2024 Date Debt Service Debt Service Savings @ 4.4119197% 03/01/2025 579,062.50 521,227.11 57,835.39 57,086.42 03/01/2026 588,687.50 529,620.00 59,067.50 55,397.09 03/01/2027 597,625.00 535,970.00 61,655.00 55,257.80 03/01/2028 605,812.50 541,910.00 63,902.50 54,730.29 03/01/2029 614,187.50 552,285.00 61,902.50 50,707.85 03/01/2030 622,625.00 556,722.50 65,902.50 51,556.38 03/01/2031 631,000.00 565,192.50 65,807.50 49,202.24 03/01/2032 640,187.50 572,252.50 67,935.00 48,522.72 03/01/2033 650,000.00 582,852.50 67,147.50 45,828.84 03/01/2034 659,250.00 591,995.00 67,255.00 43,849.38 03/01/2035 676,812.50 604,650.00 72,162.50 44,928.79 6,865,250.00 6,154,677.11 710,572.89 557,067.81 Savings Summary PV of savings from cash flow 557,067.81 Less: Prior funds on hand -600,000.00 Plus: Refunding funds on hand 306,116.57 Net PV Savings 263,184.38 Jan 24, 2024 10:22 am Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 4 BOND PRICING Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Assumes current AAA Market Rates +125bps Maturity Bond Component Date Amount Rate Yield Price Term Bond: 03/01/2025 345,000 4.000% 4.000% 100.000 03/01/2026 350,000 3.900% 3.900% 100.000 03/01/2027 370,000 3.800% 3.800% 100.000 03/01/2028 390,000 3.750% 3.750% 100.000 03/01/2029 415,000 3.750% 3.750% 100.000 03/01/2030 435,000 3.800% 3.800% 100.000 03/01/2031 460,000 3.900% 3.900% 100.000 03/01/2032 485,000 4.000% 4.000% 100.000 03/01/2033 515,000 4.050% 4.050% 100.000 03/01/2034 545,000 4.100% 4.100% 100.000 03/01/2035 580,000 4.250% 4.250% 100.000 4,890,000 Dated Date 04/03/2024 Delivery Date 04/03/2024 First Coupon 09/01/2024 Par Amount 4,890,000.00 Original Issue Discount Production 4,890,000.00 100.000000% Underwriter's Discount Purchase Price 4,890,000.00 100.000000% Accrued Interest Net Proceeds 4,890,000.00 Jan 24, 2024 10:22 am Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 5 BOND DEBT SERVICE Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Assumes current AAA Market Rates +125bps Period Ending Principal Coupon Interest Debt Service 03/01/2025 345,000 4.000%176,227.11 521,227.11 03/01/2026 350,000 3.900%179,620.00 529,620.00 03/01/2027 370,000 3.800%165,970.00 535,970.00 03/01/2028 390,000 3.750%151,910.00 541,910.00 03/01/2029 415,000 3.750%137,285.00 552,285.00 03/01/2030 435,000 3.800%121,722.50 556,722.50 03/01/2031 460,000 3.900%105,192.50 565,192.50 03/01/2032 485,000 4.000%87,252.50 572,252.50 03/01/2033 515,000 4.050%67,852.50 582,852.50 03/01/2034 545,000 4.100%46,995.00 591,995.00 03/01/2035 580,000 4.250%24,650.00 604,650.00 4,890,000 1,264,677.11 6,154,677.11 Jan 24, 2024 10:22 am Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 6 SUMMARY OF BONDS REFUNDED Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Assumes current AAA Market Rates +125bps PRI - Prior Debt Maturity Interest Par Call Call Bond Date Rate Amount Date Price Special Tax Bonds, Series 2005 (Raintree Village II Project), ACTUAL, TERM: 03/01/2035 6.250% 4,817,000 05/03/2024 100.000 4,817,000 Jan 24, 2024 10:22 am Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 7 ESCROW REQUIREMENTS Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Assumes current AAA Market Rates +125bps Period Principal Ending Interest Redeemed Total 05/03/2024 51,849.65 4,817,000 4,868,849.65 51,849.65 4,817,000 4,868,849.65 Jan 24, 2024 10:22 am Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 8 ESCROW STATISTICS Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Assumes current AAA Market Rates +125bps Modified Yield to Yield to Perfect Value of Total Duration Receipt Disbursement Escrow Negative Cost of Escrow Cost (years) Date Date Cost Arbitrage Dead Time Global Proceeds Escrow: 4,851,176.58 0.082 4.411668%4.411668% 4,851,175.58 1.00 4,851,176.58 4,851,175.58 1.00 0.00 Delivery date 04/03/2024 Arbitrage yield 4.411920% Jan 24, 2024 10:22 am Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 9 ESCROW DESCRIPTIONS Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Assumes current AAA Market Rates +125bps Type of Type of Maturity First Int Par Max Security SLGS Date Pmt Date Amount Rate Rate Apr 3, 2024: SLGS Certificate 05/03/2024 05/03/2024 3,888,288 5.530% 5.530% SLGS Certificate 05/03/2024 962,888 5.530% 4,851,176 SLGS Summary SLGS Rates File 17JAN24 Total Certificates of Indebtedness 4,851,176.00 Jan 24, 2024 10:22 am Prepared by DBC Finance (Finance 8.901 United City of Yorkville, IL:2004_107-2024REF,2024REF) Page 10 PROOF OF ARBITRAGE YIELD Special Service Area 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) ________________________________________________________ Assumes current AAA Market Rates +125bps Present Value to 04/03/2024 Date Debt Service @ 4.4119196578% 09/01/2024 79,517.11 78,103.24 03/01/2025 441,710.00 424,491.94 09/01/2025 89,810.00 84,446.31 03/01/2026 439,810.00 404,617.70 09/01/2026 82,985.00 74,697.00 03/01/2027 452,985.00 398,943.28 09/01/2027 75,955.00 65,449.67 03/01/2028 465,955.00 392,842.86 09/01/2028 68,642.50 56,622.86 03/01/2029 483,642.50 390,343.46 09/01/2029 60,861.25 48,060.37 03/01/2030 495,861.25 383,115.90 09/01/2030 52,596.25 39,760.20 03/01/2031 512,596.25 379,134.23 09/01/2031 43,626.25 31,571.06 03/01/2032 528,626.25 374,294.85 09/01/2032 33,926.25 23,503.08 03/01/2033 548,926.25 372,071.74 09/01/2033 23,497.50 15,583.25 03/01/2034 568,497.50 368,883.13 09/01/2034 12,325.00 7,824.76 03/01/2035 592,325.00 367,932.25 6,154,677.11 4,782,293.15 Proceeds Summary Delivery date 04/03/2024 Par Value 4,890,000.00 Arbitrage expenses -107,706.85 Target for yield calculation 4,782,293.15 Sources Bond Proceeds: Par Amount $5,190,000.00 Other Sources of Funds: Prior Reserve Fund $250,352.67 Prior Admin Expense Fund $18,351.85 $5,458,704.52 •Reserve fund (and admin expense fund) balance on hand has been revised to the current amount on record with the Trustee. •Prior period of default and subsequent depletion of the reserve fund to make debt service payments explains for this underfunded balance of $250,352.67. •Decrease in reserve fund balance assumption has required an additional $300,000 of principal. •NPV Savings: $284,718 (5.91% of refunded bonds; 5.49% of refunding bonds.) Preliminary structuring assumptions as of February 19, 2024 Outstanding 6.25%Outstanding New New New Debt Total Savings/Savings/ Savings/ Year Principal Interest Debt Service Principal Interest Service Savings Single Family Duplex Townhome 2024 $255,000 $158,500 $413,500 Allocable % of DS >62.82% 9.67% 27.51% 2025 $278,000 $301,063 $579,063 $365,000 $185,698 $550,698 $28,365 $88 $72 $61 2026 $305,000 $283,688 $588,688 $370,000 $189,762 $559,762 $28,926 $90 $74 $62 2027 $333,000 $264,625 $597,625 $390,000 $175,517 $565,517 $32,108 $100 $82 $69 2028 $362,000 $243,813 $605,813 $415,000 $160,580 $575,580 $30,233 $94 $77 $65 2029 $393,000 $221,188 $614,188 $435,000 $144,810 $579,810 $34,378 $107 $87 $74 2030 $426,000 $196,625 $622,625 $460,000 $128,280 $588,280 $34,345 $107 $87 $74 2031 $461,000 $170,000 $631,000 $490,000 $110,570 $600,570 $30,430 $95 $77 $65 2032 $499,000 $141,188 $640,188 $515,000 $91,215 $606,215 $33,973 $106 $86 $73 2033 $540,000 $110,000 $650,000 $545,000 $70,615 $615,615 $34,385 $107 $88 $74 2034 $583,000 $76,250 $659,250 $590,000 $48,815 $638,815 $20,435 $64 $52 $44 2035 $637,000 $39,813 $676,813 $615,000 $25,215 $640,215 $36,598 $114 $93 $79 $5,072,000 $2,206,750 $7,278,750 $5,190,000 $1,331,077 $6,521,077 Outstanding Debt Service Proposed Debt Service Savings Sutton St C lo v e r C tWindett Ridge Rd Tremont AveI n g e mu n s o n L n Banbury AveFairfield AveFairfaxWay Wilton CtFairfaxWayHam pton LnWren RdFitzhughTurnPrestwickLn Kentshire DrCoach RdPr a ir i e C r o s s i n g D r WhitekirkLnSh e t l andCt Hearthstone AveM ontroseCt WindettRidgeRdWaverlyCirSchoolhouse Rd Country Hills DrGoldfinch AveMeadowlark LnRi chmond Av eWythe PlH a z e ltin e W a y D e e r p o i n t L n ParksideLnManchesterLnHarvestTrlS unnyD ell LnKingsmill St B l u e b ir d L nCandleberryL n Dra y t onCtGr e e n fi e l d T u r n K e n t s h i r e Dr GleneaglesLn WinterthurGrnIllinois Route#126Raintree RdBlueberry Hill C l ar emontCtS ta g e c o a c h T rlF a i r fax Way SunnyDellCtFaw nRidgeCtS ta g e c o a c h T ra ilCallander TrlShetland LnS B rid g e S t Hartfield AveCanary AveB r a e m o r e L n A s h w o r t h L nWeston AveWarblerLnPenmanRdS u t t o n S t Hawk Hollow DrEngineering Enterprises, Inc.52 Wheeler RoadSugar Grove, Illinois 60554(630) 466-6700 RAINTREE VILLAGE SSA 107www.eeiweb.com DATE DATE: PROJECT NO.: FILE: PATH: BY: MARCH 2024 YO1822 Raintree Village Street Unit 4,5,6 H:\GIS\PUBLIC\YORKVILLE\2018\ MJT NO.REVISIONS ³United City of Yorkville 651 Prairie Pointe DrYorkville, IL 60560 www.yorkville.il.us 500 0 500250 Feet UNIT 4 UNIT 6 UNIT 5 51882472.1 $ UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS SPECIAL SERVICE AREA NUMBER 2004-107 SPECIAL TAX REFUNDING BONDS, SERIES 2024 (RAINTREE VILLAGE II PROJECT) BOND ORDER Ordinance Number (the “Ordinance”) titled “An Ordinance Providing for Issuance of United City of Yorkville, Kendall County, Illinois Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project), and Authorizing the Execution of a Bond Order” was adopted by the Mayor and the City Council of the United City of Yorkville, Kendall County, Illinois (the “City”) on March 12, 2024. Pursuant to the Ordinance, the Mayor and the City Clerk are authorized and directed to establish certain terms of the City’s Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) (the “Bonds”), within parameters set forth in the Ordinance. All capitalized terms used in this Bond Order but not defined herein shall have the meanings assigned to such terms in the Ordinance or the Indenture. 1.Aggregate Principal Amount; Authorized Denominations; Bond Insurance Policy and Reserve Fund Insurance Policy. The Bonds shall be issued in the aggregate principal amount of $ and shall be issued in authorized denominations of $5,000 and integral multiples of $1,000 in excess thereof. The Bonds shall be insured by Build America Mutual Assurance Company, a New York mutual insurance corporation (the “Insurer”). The terms, provisions, conditions and requirements of the Insurer set forth in the Insurer’s commitment as a condition to its issuance of such bond insurance policy (the “Bond Insurance Policy”) are attached hereto as Exhibit A and are incorporated herein by this reference as if set out at this place in full. The provisions of Exhibit A shall be controlling notwithstanding anything to the contrary herein or in the Ordinance. The City has obtained a Debt Service Reserve Insurance Policy (the “Reserve Fund Insurance Policy”) in the amount of $ from the Insurer. The terms, provisions, conditions and requirements of the Insurer set forth in the Insurer’s commitment as a condition to its issuance of such Reserve Fund Insurance Policy are attached hereto as Exhibit B and are incorporated herein by this reference as if set out at this place in full. The provisions of Exhibit B shall be controlling notwithstanding anything to the contrary herein or in the Ordinance. 2.Terms of Bonds. The Bonds shall be dated their date of issuance, shall mature on the dates and in the principal amounts and shall bear interest at the interest rates per annum and at the prices as follows: Date (March 1) Principal Amount Interest Rate Yield Price 2025 2026 2027 2028 51882472.1 2029 2030 2031 2032 2033 2034 2035 C Priced to March 1, call date 3. Optional Redemption. The Bonds maturing on or after March 1, are subject to optional redemption prior to maturity at the option of the City, in whole or in part in the principal amount of $5,000 or integral multiples of $1,000 in excess thereof, on any date on or after March 1, , at par, plus accrued and unpaid interest to the date of redemption. 4. Mandatory Sinking Fund Redemption. The Bonds maturing on March 1, 20____ are subject to mandatory redemption from amounts on deposit in the Bond and Interest Fund, in part and randomly, at the Redemption Price equal to the principal amount thereof to be redeemed, without Bond Premium, on March 1 of the years and in the amounts as follows: Redemption Date Principal March 1 Amount 5. Mandatory Redemption upon Condemnation. The Bonds are subject to mandatory redemption on any Interest Payment Date, in part, at a redemption price equal to the principal amount to be redeemed, together with accrued interest to the date fixed for redemption, without premium, from amounts in the Bond and Interest Fund consisting of the proceeds received by the City in connection with a condemnation of any of the Special Services or any other property dedicated to, or owned by, the City within the Special Service Area and allocable to the Bonds as determined by the Consultant and which proceeds are not used by the City to rebuild the Special Services. 6. Special Mandatory Redemption from Prepayment of Special Taxes. The Bonds are subject to mandatory redemption on any March 1, June 1, September 1, or December 1, in part, from amounts available for disbursement from optional prepayments of the Special Taxes from amounts available for disbursement from the Special Redemption Account and from amounts transferred from the Special Reserve Fund and the Reserve Fund to the Special Redemption Account, at a redemption price (expressed as a percentage of the principal amount of the Bonds to be redeemed) as set forth below, together with accrued interest on such Bonds to the date fixed for redemption: 51882472.1 Redemption Dates Redemption Prices On or prior to March 1, 20 102% On or prior to March 1, 20 101% 1, 20 and thereafter 100% 7. Redemption Provisions; Notice of Redemption. If less than all the Bonds of any maturity are to be redeemed on any redemption date, the Bond Registrar shall assign to each Bond of the maturity to be redeemed a distinctive number for each $1,000 of principal amount of that Bond. The Bond Registrar shall then select by lot from the numbers so assigned, using such method as it shall deem proper in its discretion, as many numbers as, at $1,000 per number, shall equal the principal amount of Bonds of that maturity to be redeemed; provided that following any redemption, no Bond shall be outstanding in an amount less than the minimum Authorized Denomination. Notice of the redemption of any Bonds, which by their terms shall have become subject to redemption, shall be given to the Beneficial Owners and the registered owner of each Bond or portion of a Bond called for redemption not less than 30 or more than 60 days before any date established for redemption of Bonds, by the Bond Registrar, on behalf of the City, by first class mail sent to the registered owner’s last address, if any, appearing on the registration books kept by the Bond Registrar. All notices of redemption shall include at least the designation, date and maturities of Bonds called for redemption, CUSIP Numbers, if available, and the date of redemption. In the case of a Bond to be redeemed in part only, the notice shall also specify the portion of the principal amount of the Bond to be redeemed. The mailing of the notice specified above to the Beneficial Owners and the registered owner of any Bond shall be a condition precedent to the redemption of that Bond, provided that any notice which is mailed in accordance with the Indenture shall be conclusively presumed to have been duly given whether or not the owner received the notice. The failure to mail notice to the owner of any Bond, or any defect in that notice, shall not affect the validity of the redemption of any other Bond for which notice was properly given. With respect to an optional redemption of any Bonds, unless moneys sufficient to pay the principal of, redemption premium, if any, and interest on the Bonds to be redeemed shall have been received by the Trustee prior to the giving of such notice of redemption, such notice may, at the option of the City, state that said redemption shall be conditional upon the receipt of such moneys by the Trustee on or prior to the date fixed for redemption. If such moneys are not received, such notice shall be of no force and effect, the City shall not redeem such Bonds and the Trustee shall give notice, in the same manner in which the notice of redemption was given, that such moneys were not so received and that such Bonds will not be redeemed. 8. Purchase in Lieu of Redemption. In lieu of redemption as provided in the Indenture, moneys in the Bond and Interest Fund subject to the prior written consent of the Insurer may be used and withdrawn by the City for the purchase of outstanding Bonds, at public or private sale as and when, and at such prices (including brokerage and other charges) as the City may provide, but in no event may Bonds be purchased at a price in excess of the principal amount of 51882472.1 such Bonds, plus interest accrued to the date of purchase and any premium which would otherwise be due if such Bonds were to be redeemed in accordance with the Indenture. 9. Levy of Special Tax. There are hereby levied Special Taxes upon all taxable real property within each of the Special Service Areas in accordance with the Special Tax Roll and Report sufficient to pay and discharge the principal of and interest on the Bonds at maturity or mandatory sinking fund redemption dates and to pay interest on the Bonds for each year at the interest rates set forth in paragraph 2 above and to pay for the Administrative Expenses of the City, if any, for each year and to fund and replenish the Reserve Fund created and established pursuant to the Indenture and to fund and replenish the Special Reserve Fund, including specifically the following amounts for the following years (the “Special Taxes”): Year of Levy An Amount Sufficient to Produce the Sum of: Year of Levy An Amount Sufficient to Produce the Sum of: 2024 2029 2025 2030 2026 2031 2027 2032 2028 2033 10. Purchase Price. The purchase price of the Bonds is $ (which reflects the par amount of the Bonds of $ , less original issue discount of $ , plus original issue premium of $ , less Underwriters’ discount of $ ), which purchase price is not less than 98.75% of the principal amount of the Bonds exclusive of any original issue discount or premium. The interest rate on the Bonds does not exceed in any year five and one-half percent (5.50%) per annum. 11. Underwriters’ Discount. The compensation to be paid by the City to D.A. Davidson & Co., as the Underwriter of the Bonds, in the form of Underwriter’s discount, is $ . The original issue discount or an original issue premium does not exceed 2.0% of the principal amount of the Bonds. 12. Prior Bonds to be Refunded. The Prior Bonds shall be called for redemption on , 2024 (the “Redemption Date”), at a redemption price of 100% of the principal amount of the outstanding Prior Bonds plus accrued interest thereon ($ ), which is the earliest practicable date for which the Prior Bonds may be redeemed upon giving notice of redemption in accordance with the Indenture for the Prior Bonds (the “Series 2005 Indenture”). The aggregate amount of $ shall be transferred to the Trustee, as trustee for the Prior Bonds under the Series 2005 Indenture, for deposit into the Bond and Interest Fund under the Series 2005 Indenture (the “2005 Bond Fund”) and used by the Trustee to refund and defease all of the outstanding Prior Refunding Bonds on the Redemption Date. Such amounts shall be held in cash in such Bond and Interest Fund. The Trustee shall not require an escrow agreement with respect to such funds. 13. Deposits to Funds and Accounts. (a) Proceeds of the Bonds in the amount of $ (which is net of Underwriter’s discount in the amount of $ , less original issue discount of $ , 51882472.1 plus original issue premium of $ ) shall be deposited into the following Funds and Accounts or paid as follows: 2005 Bond Fund Administrative Expense Fund Costs of Issuance Fund Bond and Interest Fund Reserve Fund Special Reserve Fund (b) In addition, (i) $ on deposit in the 2005 Bond Fund shall be retained therein; (ii) $ of excess collections of levy year 2023 Special Taxes shall be deposited by the City into the 2005 Bond Fund; (iii) $ on deposit in the Special Redemption Account of the 2005 Bond Fund shall remain therein, (iv) $ of the amount on deposit with the Trustee in the Reserve Fund under the Series 2005 Indenture shall be transferred into 2005 Bond Fund, (v) $ of the amount on deposit with the Trustee in the Special Reserve Fund under the Series 2005 Indenture shall be transferred into 2005 Bond Fund, and (vi) such amounts, together with the deposit of $ , representing a portion of the proceeds of the Bonds as described in paragraph (a) above, shall be applied to pay the redemption price of the Prior Bonds on the Redemption Date. (c) $ of the amount on deposit with the Trustee in the Reserve Fund under the Series 2005 Indenture shall be transferred into the Reserve Fund under the Indenture, and, as set forth in paragraph 11(b)(iv) above, the remaining $ of the amount on deposit with the Trustee in the Reserve Fund under the Series 2005 Indenture shall be transferred into 2005 Bond Fund. (d) $ in the Special Reserve Fund under the Series 2005 Indenture shall be transferred into the Special Reserve Fund under the Indenture, and, as set forth in paragraph 11(b)(v) above, the remaining $ of the amount on deposit with the Trustee in the Special Reserve Fund under the Series 2005 Indenture shall be transferred into 2005 Bond Fund. (e) $ on deposit in the Administrative Expense Fund under the Series 2005 Indenture shall be transferred into the Administrative Expense Fund under the Indenture. Any amounts collected from the 2023 levy of Special Taxes pursuant to the ordinance authorizing the Prior Refunding Bonds shall be deposited, when collected, into the Bond and Interest Fund for the Bonds for application in accordance with the Indenture, including, without limitation, the payment of interest on the Bonds on September 1, 2024. 14.Approval of Official Statement, Indenture, Consulting Services Agreement and Bond Purchase Agreement. The Indenture, the Bond Purchase Agreement, the Preliminary Official Statement and the Agreement for Consulting Services with respect to the Bonds in the forms attached as Exhibit C, Exhibit D, Exhibit E and Exhibit F, respectively, are approved. 51882472.1 15. Continuing Disclosure. Pursuant to the authority granted by the Bond Ordinance, the Mayor is hereby authorized, empowered and directed to execute and deliver the Continuing Disclosure Undertaking (the “Continuing Disclosure Undertaking”) in substantially the same form as Exhibit G, or with such changes herein as the individual executing the Continuing Disclosure Undertaking on behalf of the City shall approve, his execution thereof to constitute conclusive evidence of his approval of such changes. When the Continuing Disclosure Undertaking is executed and delivered on behalf of the City as herein provided, the Continuing Disclosure Undertaking will be binding on the City and the officers, employees and agents of the City, and the officers, employees and agents of the City are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carryout and comply with the provisions of the Continuing Disclosure Undertaking as executed. Notwithstanding any other provision of the Ordinance, the sole remedies for failure to comply with the Continuing Disclosure Undertaking shall be the ability of the beneficial owner of any Bond to seek mandamus or specific performance by court order, to cause the City to comply with its obligations under the Continuing Disclosure Undertaking. 16. Abatement of Taxes. The Special Taxes levied for the tax years to with respect to the Prior Bonds shall be abated in accordance with a Certificate of Tax Reduction directing the abatement of such Special Taxes, to be filed with the County Clerk of the County of Kendall, Illinois. 17. Filing with Kendall County Clerk. Pursuant to the Ordinance, a copy hereof, certified by the City Clerk, shall be filed with the County Clerk of the County of Kendall, Illinois. (Signature page follows) IN WITNESS WHEREOF, the undersigned have hereunto set their hand for and on behalf of the United City of Yorkville, Kendall County, Illinois as of this day of March, 2024. Mayor City Clerk [Signature Page to Bond Order] EXHIBIT A Commitment for Bond Insurance Policy See attached EXHIBIT B Commitment for Reserve Fund Insurance Policy See attached EXHIBIT C Form of Trust Indenture See attached EXHIBIT D Form of Bond Purchase Agreement See attached EXHIBIT E Form of Preliminary Official Statement See attached EXHIBIT F Form of Agreement for Consulting Services See attached EXHIBIT G Form of Continuing Disclosure Undertaking See attached ACKNOWLEDGEMENT The Bond Order relating to the United City of Yorkville, Kendall County, Illinois, Special Service Area Number 2004-107 Special Tax Refunding Bonds, Series 2024 (Raintree Village II Project) (the “Bonds”) was filed in the Office of the City Clerk of the United City of Yorkville, Kendall County, Illinois, this day of March, 2024. City Clerk 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 2024-16 Appointment to the Planning and Zoning Commission City Council – March 12, 2024 Mayor John Purcell Name Department 2024 Board and Commission Appointment BOARD/ COMMISSION NAME Type of Appointment Term Expiration Planning and Zoning Commission Ryan Forristall New appointment partial term May 2027 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 2024-17 Lake Michigan Phase 2 Engineering Escrow Agreement City Council – March 12, 2024 Majority Approval Please see the attached memo. Bart Olson Administration Name Department Summary Consideration of an intergovernmental agreement for detailed design engineering costs for the second phase of the Lake Michigan water source project. Background This item was last discussed by the City Council in June 2023, when the City Council approved an intergovernmental agreement between Oswego, Montgomery, DuPage Water Commission (DWC) and Yorkville that covers municipal coverage of phase 1 and phase 2 engineering costs of the Lake Michigan water supply project. In general, the City’s coverage of phase 1 and partial phase 2 design engineering costs totaled $1.4m spread out over three deposits in 2023. Since then, phase 1 engineering is wrapping up and DWC has received a proposal for phase 2 engineering costs (attached) from their current engineering consultants (LAN – Lockwood, Andrews, and Newnam, Inc.) in an amount of ~$20m. DWC is asking the three Waterlink communities to approve the attached intergovernmental agreement and make the first deposit prior to expected DWC board approval of the engineering contract on March 21st. The agreement structures our deposits as: $2,588,000 on or before March 21st; $1,844,000 on or before September 1, and $2,220,300 on or before Jan 1, 2025. The agreement provides for equal shares between each town, with the intent that when we finalize an overall project cost share, we will reconcile these engineering costs at that time. Additionally, DWC has opined that they expect the phase 1 engineering costs to come in $400,000 below budget. When the final phase 1 payments are made, any leftover funds will be carried forward to the phase 2 engineering process and credits will be issued against future deposits. Yorkville’s cost for this engineering agreement is generally included in the FY 24 and FY 25 budget, and no budget amendment is proposed at this time. Per the FY 25 budget presentation, we expect to have a better idea of project details including costs in the coming months, which will result in us having a more defined project schedule and financing plan. These phase 2 engineering costs have not been specifically estimated in any of our previous communications to City Council, but they are generally in line with what we expected as part of our DWC Water Transmission Mains estimate of ~$100m+. As a general project update, we expect a public presentation of high-level cost and route information in the next couple months. Costs have increased in general, because of construction inflation, plans being more in depth and thus some costs are becoming more certain, and that Memorandum To: City Council From: Bart Olson, City Administrator CC: Date: March 7, 2024 Subject: Lake Michigan Phase 2 Engineering Escrow Agreement new project components are being identified. The exact utility route is not final and may not be disclosed in full, for security and land acquisition considerations. This phase 2 engineering agreement will take us all the way through production of bid documents and an expected 4- phased transmission main bid in late 2025. Completion of the transmission mains is still planned to be end of 2027 at the earliest, but all entities have been briefed that a turn-on of the system is not likely until Summer 2028. This is because the DWC engineering team has commissioned new water system extensions to communities in the past during a winter season, and the relative cold temperature of the lake water plus cold ground temperature results in an exorbitant amount of watermain breaks. Thus, they recommend commissioning only during warmer months. Recommendation Staff recommends approval of the intergovernmental agreement covering phase 2 engineering costs for the Lake Michigan water supply project. Resolution No. 2024-____ Page 1 Resolution No. 2024-_____ RESOLUTION APPROVING A SECOND ESCROW INTERGOVERNMENTAL AGREEMENT BY AND AMONG THE UNITED CITY OF YORKVILLE, THE VILLAGE OF OSWEGO, THE VILLAGE OF MONTGOMERY AND THE DUPAGE WATER COMMISSION WHEREAS, the United City of Yorkville, Kendall County, Illinois (the "City"), the Village of Oswego (“Oswego”) and the Village of Montgomery (“Montgomery’) are duly organized units of government of the State of Illinois within the meaning of Article VII, Section 10 of the 1970 Illinois Constitution (collectively, the “Municipalities”); and, WHEREAS, the Constitution of the State of Illinois of 1970, Article VII, Section 10, and the Intergovernmental Cooperation Act, 5 ILCS 220/1 et seq., authorize units of local government to contract or otherwise associate among themselves to obtain or share services and to exercise, combine, or transfer any power or function in any manner not prohibited by law; and WHEREAS, the Municipalities and the DuPage Water Commission (the “Commission”) is a county water commission and public corporation under Division 15 of Article 11 of the Illinois Municipal Code, 65 ILCS 5/11-135-1 et seq. and the Water Commission Act of 1985, 70 ILCS 3720/0.01 et seq.; and WHEREAS, the Municipalities and the Commission are in the process of negotiating contracts for the sale of Lake Michigan water to the Municipalities from the Commission’s Waterworks System; and WHEREAS, the Commission will design, construct, own, operate and maintain the water main (the “Project”) required to transmit the water; and WHEREAS, the Commission will incur expenses for the design and construction of the Project and the eventual connections to serve the Municipal System, costs which will include but not be limited to engineering, property acquisition, and easement acquisitions (the “Commission Resolution No. 2024-____ Page 2 Expenses”); and WHEREAS, the Commission and the Municipalities previously entered into an Escrow Intergovernmental Agreement for the first phase of engineering on the Project, this first phase now having reached completion; and WHEREAS, the Municipalities and Commission mutually agree and desire to commence the necessary engineering for the second phase of engineering for the Project, including conventional engineering activities associated with preparation of “issued for bid” construction drawings and associated permits and contract documents, specifications, and estimates (“Phase 2 Services”) prior to the execution of the water purchase and sale contracts and construction contract in order to accelerate the schedule for the delivery of Lake Michigan water to the Municipalities; and WHEREAS, the Commission requires the Municipalities to establish an escrow fund with the Commission as stated herein to provide a funding source for the Phase 2 Services portion of the Commission Expenses pursuant to the terms as stated in the attached Second Escrow Intergovernmental Agreement. NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the United City of Yorkville, Kendall County, Illinois, as follows: Section 1. The recitals set forth above are incorporated into this Resolution as if fully restated herein. Section 2. Second Escrow Intergovernmental Agreement Among the United City of Yorkville, Village of Oswego, Village of Montgomery and the DuPage Water System, in the form attached hereto and made a part hereof, is hereby approved; and, the Mayor and City Clerk are hereby authorized to execute said Agreement. Resolution No. 2024-____ Page 3 Section 3. That this Resolution shall be in full force and effect from and after its passage and approval as provided by law. Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this ____ day of __________________, A.D. 2024. ______________________________ 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. 2024. ______________________________ MAYOR Attest: ______________________________ CITY CLERK SECOND ESCROW INTERGOVERNMENTAL AGREEMENT This Second Escrow Intergovernmental Agreement (the “Second Escrow Agreement”) is dated the 21st day of March, 2024 between the Village of Montgomery (“Montgomery”), the Village of Oswego (“Oswego”), and the United City of Yorkville (“Yorkville”) (Oswego, Montgomery, and Yorkville are collectively referred to herein as the “Municipalities”) and the DuPage Water Commission (the “Commission”), a county water commission and public corporation under Division 135 of Article 11 of the Illinois Municipal Code, 65 ILCS 5/11-135-1 et seq., and the Water Commission Act of 1985, 70 ILCS 3720/0.01 et seq. (the “Acts”). WITNESSETH: WHEREAS, the Commission has been organized under the Acts to supply water within its territorial limits; and WHEREAS, the Municipalities currently own and operate municipal drinking water systems served by wells which extract source water from the Ironton-Galesville aquifer; and WHEREAS, the Municipalities are within the territorial limits of the Commission; and WHEREAS, the Municipalities intend to change from the Ironton-Galesville groundwater source to Lake Michigan source water, through a future water purchase agreement with the Commission, and have applied to and been awarded a Lake Michigan Water Allocation Permit from the State of Illinois Department of Natural Resources, Office of Water Resources (“IDNR”); and WHEREAS, the Municipalities, pursuant to a 2021 Intergovernmental Cost-Sharing Agreement have conducted extensive study and have concluded that the most sustainable alternative water source to serve the Municipalities through the municipal waterworks systems currently serving the Municipalities, as well as any extensions or improvements of those systems (collectively the “Municipal Systems”) is Lake Michigan water from the Commission; and 2 WHEREAS, since time is of the essence, the Municipalities agree to equally share in the costs of this Second Escrow Agreement until the final cost-share allocation for construction is determined by the Municipalities. It is the intent of the Municipalities that the engineering costs paid into the escrow account pursuant to this Second Escrow Agreement will mirror the cost share allocation for construction. The Municipalities, separate from the DWC, agree to; 1) include these contributions in a cost-share agreement, 2) make an adjustment, accounting, or true-up at the time of the cost-share agreement, and 3) use best efforts to finalize said agreement no later than January 1, 2025 The Commission will not be a party to the Municipalities’ cost sharing agreement and will not have any responsibility or liability as to the true-up or any adjusted accounting, as this paragraph only applies to the Municipalities. and WHEREAS, the Commission owns and maintains a waterworks system as a supplier of Lake Michigan water to member customers that contract for such service (“Commission’s Waterworks System”); and WHEREAS, Oswego seeks to connect to Lake Michigan water through the Commission in 2027, Yorkville in 2030, and Montgomery in 2032; and WHEREAS, the Commission has entered into a water supply contract with the City of Chicago to purchase Lake Michigan water sufficient to meet the water supply needs of the Commission and its customers; and WHEREAS, the Municipalities and the Commission are in the process of negotiating a Construction Contract for the construction of a transmission line to be directly connected to the Commission’s Waterworks System (the “Direct Connections”), through the construction and extension of the Commission’s water transmission infrastructure as preliminarily described in Exhibit A (the “Transmission Main”), such that the Municipal Systems will connect through the Transmission Main to the Commission’s Waterworks System facilities directly; and WHEREAS, the Commission will design, construct, own, operate, and maintain the Transmission Main (the “Project”); and 3 WHEREAS, the Municipalities have each individually submitted a (“Notice of Intent”) for financing through the Water Infrastructure Finance and Innovation Act (“WIFIA”), and are currently assembling additional financing instruments which have not yet closed; and WHEREAS, the Water Purchase and Sale Agreement will document the financing terms including the disposition of construction costs among the participating Municipalities, which are not yet fully established pending the assembly of financing instruments by the Municipalities; and WHEREAS, the Commission will incur expenses for the design and construction of the Project and the eventual Direct Connections to serve the Municipal System, costs which will include but not be limited to engineering, property acquisition, and easement acquisitions (the “Commission Expenses”); and WHEREAS, the Municipalities and Commission have previously entered into an Escrow Intergovernmental Agreement for Phase 1 engineering services related to the preliminary engineering design of the Transmission Main and Direct Connections (the “Phase 1 Services”); and WHEREAS, the Phase I Services have been substantially completed by Lockwood, Andrews and Newnam, Inc. (“LAN”); and WHEREAS, in order to continue with the necessary engineering, including conventional engineering activities associated with preparation of “issued for bid” construction drawings and associated permits and contract documents, specifications, and estimates (the “Phase 2 Services”) prior to the execution of the Water Purchase and Sale Agreements and Construction Contract in order to maintain the desired schedule for the delivery of Lake Michigan water to the Municipalities, a contract will need to be executed with LAN to perform the Phase 2 Services; and WHEREAS, the Municipalities and the Commission agree that the Phase 2 Services may include some preliminary land acquisition soft costs, including but not limited to legal, survey and title commitment; however, Phase 2 Services do not include costs for the actual acquisitions of any easements or fee simple purchases of real estate as those types, of acquisition costs will be subject to a separate agreement; and 4 WHEREAS, the Commission requires the Municipalities to establish an escrow fund with the Commission as stated herein to provide a funding source for the design engineering portion of the Phase 2 Services; and WHEREAS, the Commission will execute a contract with Lockwood, Andrews and Newnam, Inc. (“LAN”) to perform the Phase 2 Services; and WHEREAS, the cost of services to complete the Phase 2 Services from LAN is the amount of $19,956,942 plus reimbursable costs; and WHEREAS, the Municipalities agree that they are responsible for those expenses incurred for Phase 2 Services performed and completed within the scope of services of the contract between the Commission and LAN; and WHEREAS, pursuant to Article VII, Section 10 of the Illinois Constitution of 1970, and the Intergovernmental Cooperation Act, 5 ILCS 220/1 et seq., the Commission and the Municipalities are authorized to enter into this Second Escrow Agreement. NOW, THEREFORE, in consideration of the foregoing recitals and of the mutual covenants and agreements herein contained, the Municipalities and the Commission hereby agree as follows: 1. The recitals contained in the Preamble above will become a part of this Second Escrow Agreement as if fully set forth herein. 2. Montgomery, Oswego, and Yorkville will each deposit $6,652,300 into the Commission’s escrow account for a total amount of $19,956,900 plus reimbursable costs in the form of cash to be held by the Commission in escrow (“Escrow Account”) in three payments as follows: • The First Payment will be due on or before March 21, 2024, in the amount of $2,588,000 • The Second Payment will be due on or before September 1, 2024, in the amount of 5 $1,844,000 • The Third Payment will be due on or before January 1, 2025, in the amount of $2,220,300 3. Since time is of the essence, the Municipalities agree to equally share in the costs of this Second Escrow Agreement until the final cost-share allocation for construction is determined by the Municipalities. It is the intent of the Municipalities that the engineering costs paid into the escrow account pursuant to this Second Escrow Agreement will mirror the cost share allocation for construction. The Municipalities, separate from the DWC, agree to; 1) include these contributions in a cost-share agreement, 2) make an adjustment, accounting, or true-up at the time of the cost-share agreement, and 3) use best efforts to finalize said agreement no later than January 1, 2025The Commission will not be a party to the Municipalities’ cost sharing agreement and will not have any responsibility or liability as to the true-up or any adjusted accounting, as this paragraph only applies to the Municipalities. 3. The Commission will establish a segregated Escrow Account for the sole purpose of funding the Commission Expenses. The Commission will draw from the Escrow Account to pay for or reimburse the design engineering costs of Commission Expenses. Any remaining funds from the First Escrow Agreement will remain in the account and can be utilized for Phase II activities. 4. The Escrow Account will be insured and interest bearing, and the Commission will provide the Municipalities with Quarterly Statements: (1) showing the starting and ending balances for that quarter in the Escrow Account; and (2) detailing the design engineering costs of Commission Expenses incurred for that quarter including any amounts received or paid from the Escrow Account. The Municipalities will have the right to conduct audits for three years after the termination of this Second Escrow Agreement relative to the Escrow Account. 5. The Commission will keep a record of all pay requests from the Escrow Account for reimbursement of Commission Expenses incurred (the “Pay Request”) and sufficient documentation of the Commission Expenses incurred in support of the Pay Request. The 6 documentation will be retained for review by the Municipalities upon request and included within the Quarterly Statements issued by the Commission. 6. The Municipalities and the Commission will resolve any Escrow Account disputes using the dispute resolution procedure set forth in Paragraph 10. 7. This Second Escrow Agreement will terminate, and any monies not paid or incurred for Commission Expenses, including any interest therein will be returned to the Municipalities, unless mutually extended by the Municipalities and the Commission, upon the earlier of: a. Two years from the date of this Escrow Agreement; b. Upon the signing of Water Purchase and Sale Agreements between the Commission and the Municipalities for the purchase of water from the Commission; c. Upon the Municipalities’ written notification to the Commission that they are no longer pursuing Water Purchase and Sale Agreements with the Commission for the purchase of water from the Commission; or d. Any failure of one or more of the Municipalities to make any payment required under this Second Escrow Agreement within seven days after being notified of the failure to pay. No monies will be returned to the Municipalities until a full accounting has been completed of the expenditures incurred under this Second Escrow Agreement. 9. The Commission will follow generally accepted engineering principles and regularly conduct Project progress meetings with the Municipalities to ensure continuity between the proposed water transmission main project and the municipal infrastructure; 10. All claims, disputes, and other matters in question among the Municipalities and the Commission arising out of, or relating to, this Second Escrow Agreement shall be decided by arbitration, in accordance with the Arbitration Rules of the American Arbitration Association, unless the Municipalities and the Commission mutually agree otherwise. The award rendered by the arbitrator shall be final, and judgment may be entered on it in accordance with applicable law 7 in the Eighteenth Judicial Circuit, DuPage County, Illinois. Demand for arbitration shall be made in accordance with the notice provisions contained in Paragraph 13 below, with copies sent to the American Arbitration Association. 11. If any Municipality or the Commission defaults in the full and timely performance of any of its obligations hereunder, the non-breaching entity or entities, after first providing written notice to the breaching entity of the event of default and providing the breaching entity ten (10) days to cure the same, will be entitled to invoke its legal rights and remedies as a result thereof, including, but not limited to, its equitable remedy of specific performance. THE FOREGOING NOTWITHSTANDING, NO ENTITY WILL BE LIABLE TO ANOTHER ENTITY OR ANY OF ITS AFFILIATES, AGENTS, EMPLOYEES OR CONTRACTORS FOR SPECIAL, INDIRECT, EXEMPLARY, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES. 12. There are no third-party beneficiaries of this Second Escrow Agreement and nothing in this Second Escrow Agreement, express or implied, is intended to confer on any person other than the Parties hereto (and their respective successors, heirs and permitted assigns), any rights, remedies, obligations or liabilities. 13. Any notices under this Second Escrow Agreement will be personally delivered, delivered by the deposit thereof in the U. S. Postal Service, postage prepaid, registered, or certified, return receipt requested, or by overnight courier service to the Party at the address listed below or at another address hereafter designated by notice or by email transmission. Any such notice will be deemed to have been delivered and given upon personal delivery or delivery by a nationally recognized overnight courier service, or deposit with the United States Postal Service or upon receipt of written confirmation that facsimile or email transmission has been successfully completed: If to the Commission: Paul D. May, P.E., General Manager DuPage Water Commission 600 E. Butterfield Road Elmhurst, IL 60126 8 Email: may@dpwc.org With a copy to: Phillip A. Luetkehans Luetkehans, Brady, Garner & Armstrong, LLC 105 E. Irving Park Road Itasca, IL 60143 Email: pal@lbgalaw.com If to the Municipalities: Village Manager Village of Oswego 100 Parkers Mill Oswego, IL 60543 Village Manager Village of Montgomery 200 N. River Street Montgomery, IL 60538 City Manager United City of Yorkville 800 Game Farm Road Yorkville, IL 60560 With a copy to: Irene Schild Caminer Caminer Law, LLC 2612 W. Sunnyside Ave. Chicago, IL 60625 14. Each Municipality will hold the Commission harmless and defend the Commission from any claims or litigation that arise out of the Phase 2 Services due to that Municipality’s failure to comply with the payment obligations arising under this Second Escrow Agreement. 15. Miscellaneous. a. Except as provided herein, the Municipalities and the Commission will not assign this Second Escrow Agreement or any right or privilege any Municipalities and the 9 Commission may have under this Second Escrow Agreement without the prior written consent of all Parties hereto, not to be unreasonably withheld conditioned or delayed. b. This Second Escrow Agreement will be governed by the internal laws of the State of Illinois. c. The person(s) executing this Second Escrow Agreement on behalf of the Parties hereto warrant that: (i) such each Municipality and the Commission are duly organized and existing; (ii) the individual signing is duly authorized to execute and deliver this Second Escrow Agreement on behalf of said Municipality or the Commission; (iii) by so executing this Second Escrow Agreement, such Municipality and the Commission are formally bound to the provisions and conditions contained in this Second Escrow Agreement; and (iv) the entering into this Second Escrow Agreement by a Municipality and the Commission does not violate any provision of any other agreement to which said Municipality and the Commission is bound. d. Each Municipality and the Commission acknowledge that it may be necessary to execute documents other than those specifically referred to herein in order to complete the objectives and requirements that are set forth in this Second Escrow Agreement. Each Municipality and the Commission hereby agree to cooperate with each other by executing such other documents or taking such other actions as may be reasonably necessary to complete the objectives and requirements set forth herein in accordance with the intent of each Municipality and the Commission as evidenced by this Second Escrow Agreement. e. This Second Escrow Agreement is the entire agreement between the Municipalities and the Commission regarding its subject matter and may not be changed or amended except pursuant to a written instrument signed by each Municipality and the Commission. f. This Second Escrow Agreement may be executed in any number of identical counterparts each of which will be considered an original, but which together will constitute one and the same agreement. 10 IN WITNESS WHEREOF, each Municipality and the Commission hereto have caused their respective corporate names to be subscribed hereto and their respective corporate seals to be affixed hereto and attested by their duly authorized officers, all on the date set opposite their respective corporate names. ATTEST: DuPage Water Commission _________________________ BY: ________________________ ATTEST: Village of Montgomery _________________________ BY: ________________________ ATTEST: Village of Oswego _________________________ BY: ________________________ ATTEST; United City of Yorkville _________________________ BY: ________________________ Page 1 of 30 EXHIBIT A SCOPE OF SERVICES Page 2 of 30 g. Page 3 of 30 h. Page 4 of 30 7) Page 5 of 30 4) Page 6 of 30 Page 7 of 30 6) Page 8 of 30 Page 9 of 30 4) Page 10 of 30 9) Page 11 of 30 4) Page 12 of 30 5) Page 13 of 30 Page 14 of 30 5) Page 15 of 30 i. QC to be provided by SCI & REL. Page 16 of 30 8) Page 17 of 30 4) Page 18 of 30 2) Prepare preliminary cover, index standards list, and notes sheets. 3) Conceptual detail drawings will be provided and discussed. 4) Page 19 of 30 6) Page 20 of 30 d. IDNR – Fox River, other stream crossings > 1 square mile watershed. e. Railroads – CNRR, ILRW and BNSF. f. Commission will pay required permit fees via WaterLink escrow account. 10. Task 10 – Bidding Assistance and Contractor Sel Page 21 of 30 b. Page 22 of 30 Page 23 of 30 Page 24 of 30 b. The Phase I ESA process includes a search of standard historical sources (e.g., aerial photographs, topographic maps, and historical fire insurance maps), a review of federal and state environmental databases, interviews with past and present owners, operators, and occupants of the site, and an on-site reconnaissance to determine the presence or absence of RECs. c. Visit the sites to examine and document the current uses and Page 25 of 30 7. Task 7 – Phase I Archaeology and Cultural (SCI Lead) a. Complete cultural study based on final alignment Page 26 of 30 10. Task 10 – Supplemental Hydraulic Modeling (SCI Lead) a. Supplemental hydraulic modeling will be performed o Page 27 of 30 Page 28 of 30 Page 29 of 30 7.0 Contract Price: We propose that our fees for this Phase II work (including reimbursable expenses) will be Page 30 of 30 Approval and Acceptance: Acceptance and approval of Exhibit BLevel of Effort - Phase II ServicesDuPage Water CommissionWaterLink ExtensionPRINCIPAL / PROJECT DIRECTORSENIOR PM PM SENIOR ENGINEER/ SMEENGINEER VII ENGINEER VI ENGINEER V ENGINEER IV ENGINEER III ENGINEER II ENGINEER I SENIOR DESIGNER CADD DESIGNER GIS COORDINATOR GIS DEVELOPERFIELD SUPERINTENDENTCHIEF LAND SURVEYORLAND SURVEYORPROJECT CONTROLS ADMINSTRATORADMIN. ASSISTANT TOTAL HOURS TOTAL FEEBILLING RATE RANGE $415 to $368 $350 to $300 $262 to $202 $395 to $315 $325 to $285 $268 to $237 $250 to $190$200 to $172 $170 to $160 $150 to $148 $140 to $130 $210 to $202 $175 to $126 $211 to $201 $184 to $175 $236 to $225 $215 $162 $198 to $180 $124 to $110NO. TASK DESCRIPTION1.0 Project Management406 544 1080 164 0 130 0 0 240 0 0 120 0 80 0 92 172 0 230 0 3258 $850,7042.0 Project Coordination & Meetings420 175 768 76 0 180 0 64 290 40 80 80 0 0 40 40 80 0 116 0 2449 $612,7383.0 Transmission Main Design Package 149 338 756 812 350 1278 1578 1052 1580 1220 1220 2134 2840 0 160 024 0 120 68 15579 $3,083,9154.0 Transmission Main Design Package 2257 1398 128 1300 16 30 158 630 2184 0 1224 724 2580 0 0 80 64 0 0 0 10849 $1,998,4295.0 Transmission Main Design Package 327 126 408 452 320 174 220 720 336 500 480 792 894 0 160 0 0 0 0 0 5705$1,167,5036.0 Transmission Main Design Package 4124 454 1580 1004 300 430 512 412 3120 0 2068 1420 3104 0 0 0 0 0 19224 14744 $2,899,2307.0 Metering Station Design Package100 156 106 240 210 160 100 0 552 0 0 144 1046 24 0 0 0 0 0 64 2902 $555,5468.0 Chemical Feed Building Design Package10 24 50 36 80 156 100 0 168 0 0 10 320 2 0 2 16 0 0 12 986 $189,1269.0 Permitting92 224 466 264 60 0 296 80 336 120 340 0 120 0 0 0 8 0 0 0 2482 $529,82010.0 Bidding Assistance and Contractor Selection96 184 262 160 24 116 152 0 376 120 436 128 192 4 32 0 0 0 76 112 2470 $511,184TOTAL HOURS 1581 3623 5604 4508 1360 2654 3116 2958 9182 20005848 5552 11096 110 392 214 364 0 870 392 61424`TOTAL FEES $540,195 $988,398 $1,531,472 $1,402,860 $412,840 $615,210 $680,550 $526,200 $1,466,388 $300,000 $777,568 $1,157,104 $1,572,550 $22,110 $71,840 $48,150 $78,260 $0 $161,940 $44,560$12,398,195 TOTAL BASIC SERVICES LUMP SUM FEE12,398,195$ SubtotalTask 1 & 3 - Survey / SUE / Potholing / Existing Conditions CADD (REL) 2,048,375$ Task 2 - Geotechnical & CCDD Investigations (REL) 1,349,575$ Task 4 - ROW / Easement Acquisition Services (REL) 1,806,275$ Task 5 - Phase 1 ESA (SCI) 47,880$ Task 6 - Wetlands Delineation (SCI) 47,700$ Task 7 - Cultural/Archaeology (SCI) 111,022$ Task 8 - Special Species (SCI) 44,300$ Task 9 - WIFIA PEA Checkist (SCI) 72,600$ Task 10 - Supplemental Hydraulic Modeling (SCI) 50,020$ Task 11 - Cathodic Protection Design and Field Investigation (LAN) 775,000$ Task 12 - Additional Bid Package Allowance (by Authorization Only) 85,000$ SubtotalTask 13 - Owner Design Contingency Allowance (by Authorization Only) 1,000,000$ 121,000$ TOTAL PHASE II SERVICES FEE19,956,942$ 7,437,747$ TOTAL 121,000$ TOTALAdditional Services (Not-to-Exceed)Basic Services Reimbusable Expenses (Estimated)Expense Allowance Sheet 1 of 13/4/2024 Exhibit CPreliminary Cash Flow/Invoicing Forecast - Phase II ServicesDuPage Water CommissionWaterLink ExtensionDescription May 2024 June 2024 July 2024 August 2024 September 2024 October 2024 November 2024 December 2024 January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 July 2025 August 2025 September 2025Basic Services876,344$ 876,344$ 876,344$ 876,344$ 1,001,536$ 1,126,728$ 1,126,728$ 1,126,728$ 1,126,728$ 1,001,536$ 1,001,536$ 751,152$ 250,384$ 125,192$ 125,192$ 125,192$ 125,192$ Additional Services864,266$ 1,337,587$ 1,209,473$ 847,300$ 426,433$ 290,744$ 225,124$ 207,982$ 330,058$ 318,851$ 309,854$ 322,020$ 210,726$ 178,750$ 178,750$ 179,830$ -$ SUBTOTAL1,740,610$ 2,213,930$ 2,085,816$ 1,723,644$ 1,427,968$ 1,417,471$ 1,351,851$ 1,334,710$ 1,456,785$ 1,320,387$ 1,311,389$ 1,073,172$ 461,110$ 303,942$ 303,942$ 305,022$ 125,192$ TOTAL PHASE II SERVICES FEE 19,956,942$ $6,660,942$7,764,000 $5,532,000Sheet 1 of 13/7/2024 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 – March 12, 2024 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: 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 #5 Tracking Number CC 2021-38 Water Study Update City Council – March 12, 2024 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 #6 Tracking Number CC 2024-14 Proposed Budget for Fiscal Year 2024-2025 City Council – March 12, 2024 None Informational A discussion will take place at the meeting. Bart Olson Administration Name Department