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
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AMENDMENTS TO AGENDA:
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AWARD PRESENTATIONS:
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1. Recognition of Life-Saving Efforts – Patrol Team
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PUBLIC HEARING:
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1. Lake Michigan Improvements – IEPA Project Plan PEID
2. Proposed Budget for Fiscal Year 2024-2025
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CITIZEN COMMENTS ON AGENDA ITEMS:
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CONSENT AGENDA:
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1. Minutes of the Regular City Council – February 13, 2024
□ Approved: Y ______ N ______ □ Subject to __________________________________________
□ Removed ________________________________________________________________________
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
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2. Minutes of the Regular City Council – February 27, 2024
□ Approved: Y ______ N ______ □ Subject to __________________________________________
□ Removed ________________________________________________________________________
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
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3. Bill Payments for Approval
□ Approved ________
□ As presented
□ As amended
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
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MAYOR’S REPORT:
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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 _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
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2. CC 2024-16 Appointment to the Planning and Zoning Commission
□ Approved: Y ______ N ______ □ Subject to __________________________________________
□ Removed ________________________________________________________________________
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
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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 _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
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MAYOR’S REPORT (CONT’D):
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4. CC 2021-04 City Building Updates
□ Approved: Y ______ N ______ □ Subject to __________________________________________
□ Removed ________________________________________________________________________
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
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5. CC 2021-38 Water Study Update
□ Approved: Y ______ N ______ □ Subject to __________________________________________
□ Removed ________________________________________________________________________
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
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6. CC 2024-14 Proposed Budget for Fiscal Year 2024-2025
□ Approved: Y ______ N ______ □ Subject to __________________________________________
□ Removed ________________________________________________________________________
□ Notes _____________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
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ADDITIONAL BUSINESS:
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CITIZEN COMMENTS:
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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. 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 may or may not be reimbursed by the state.
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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).
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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 $500,000,
etc.
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Other
Inter-Licenses &Fines &Charges Investment Reimb-Miscel-Financing Fund
FUND Taxes governmental Permits Forfeits for Services Earnings ursements laneous Sources Total
(01) General Fund 15,974,368$ 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
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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
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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
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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
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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.
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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
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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.
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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
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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
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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
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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
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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);
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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.
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“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.
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“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
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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.
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“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.
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“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.
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“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.
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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
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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
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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
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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.
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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
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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.
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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
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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),
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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
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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
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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
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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
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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
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(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.
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(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.
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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
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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
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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
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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
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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.
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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
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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.
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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
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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.
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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
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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
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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.
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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)
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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
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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
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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.
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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.
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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;
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(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
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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
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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;
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(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.
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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:
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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
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EXHIBIT A
UNITED CITY OF YORKVILLE
SPECIAL SERVICE AREA NUMBER 2004-107
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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.
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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
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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,
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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
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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]
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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
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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
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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:
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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
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The Trustee hereby acknowledges receipt of the sum of $ _______________.
AMALGAMATED BANK OF CHICAGO,
as Trustee
By:
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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 __________.
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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.
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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.”
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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)
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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.
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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.]
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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
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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
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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.
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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.
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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.
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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.
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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”
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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;
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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
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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
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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.
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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.
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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
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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
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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
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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
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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.
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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
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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
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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.”
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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.”
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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.
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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.
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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
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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.
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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
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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
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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
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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.
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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
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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.
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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.
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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
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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.
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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.
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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
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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%
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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
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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.
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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.
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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
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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.
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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
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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
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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.
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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
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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
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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.
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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
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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.
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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
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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
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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.
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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
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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.
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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.”
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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
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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.
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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)
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AGREEMENT FOR
CONSULTING SERVICES
SPECIAL SERVICE AREA NO. 2004-107
UNITED CITY OF YORKVILLE, IL
SPECIAL SERVICE AREA ADMINISTRATION
SERVICES
March 7, 2024
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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
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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.
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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
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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.
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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.
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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.
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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
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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.
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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:
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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.
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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
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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
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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.
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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.
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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
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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
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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.
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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?
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Agenda Item Summary Memo
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If new information is available at the time of the meeting, then a discussion will be held.
Reviewed By:
Legal
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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
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Reviewed By:
Legal
Finance
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Community Development
Purchasing
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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
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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,
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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