City Council Packet 2025 04-09-25 - special
NOTICE
I, Mayor John Purcell, call a Special City Council meeting on Wednesday, April 9, 2025 at 6:00 p.m.,
pursuant to the Open Meetings Act (5 ILCS 120/). The agenda for this meeting shall include
the following:
1. Call to Order
2. Roll Call
3. Establishment of Quorum
4. Citizen Comments
5. Business
a. Ordinance abating the tax hereto levied for the year 2024 to pay debt service on General
Obligation Bonds (Alternate Revenue Source), Series 2025A and Series 2025B, of the
United City of Yorkville, Kendall County, Illinois.
6. Adjournment
Dated this 7th day of April, 2025.
_______________________________
Mayor John Purcell
United City of Yorkville
651 Prairie Pointe Drive
Yorkville, Illinois 60560
Telephone: 630-553-4350
www.yorkville.il.us
AGENDA
SPECIAL CITY COUNCIL MEETING
Wednesday, April 9, 2025
6:00 p.m.
City Hall Council Chambers
651 Prairie Pointe Drive, Yorkville, IL
1. Call to Order
2. Roll Call
3. Establishment of Quorum
4. Citizen Comments
5. Business
a. Ordinance abating the tax hereto levied for the year 2024 to pay debt service on General
Obligation Bonds (Alternate Revenue Source), Series 2025A and Series 2025B, of the
United City of Yorkville, Kendall County, Illinois.
6. Adjournment
United City of Yorkville
651 Prairie Pointe Drive
Yorkville, Illinois 60560
Telephone: 630-553-4350
www.yorkville.il.us
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
Business - A
Tracking Number
2024 Bond Abatement – 2025A and 2025B Bonds
Special City Council – April 9, 2025
Majority
Approval
Please see the attached memo.
Rob Fredrickson Finance
Name Department
Summary
Approval of an ordinance abating debt service amounts for the 2025A and 2025B bonds.
Background
As part of the 2024 annual levy process, the City has previously abated the six bonds listed below:
1) 2015A (Partial 2005 Countryside Refi) Total abatement
2) 2014 (Partial 2005 Countryside Refi) Total abatement
3) 2014A (Game Farm) Total abatement
4) 2021 (New City Hall/Police Station) Total abatement
5) 2022 (2011 Refi/New City Hall) Total abatement (final year)
6) 2023A (Water Main Repl/Well #10) Total abatement
Staff was recently notified by the County regarding the absence of a bond abatement ordinance for the
City’s 2025A (Water) and 2025B (Public Works/Park Facility) bond issuances, which were approved by
the City Council on December 12, 2024 (Ordinance 2024-76), with the bond closing occurring in late
January 2025.
The attached ordinance will abate approximately $3.686 million in property taxes, as detailed in Exhibit
A, related to the 2025A and 2025B bonds for the 2024 levy year (payable in 2025). Pending approval of
the abatement ordinance, the City’s total property tax levy for 2024 is projected to be approximately
$4.05 million – which reflects estimated growth attributable solely to new construction.
Recommendation
Staff recommends approval of the 2025AB bond abatement ordinance.
Memorandum
To: City Council
From: Rob Fredrickson, Finance Director
Date: April 7, 2025
Subject: 2024 Bond Abatement – 2025A and 2025B Bonds
Ordinance No. 2025-____
Page 1
ORDINANCE NO. 2025-________
AN ORDINANCE abating the tax hereto levied for the year 2024 to pay debt service on
General Obligation Bonds (Alternate Revenue Source), Series 2025A and Series
2025B, of the United City of Yorkville, Kendall County, Illinois.
WHEREAS the City Council (the “Corporate Authorities”) of the United City of
Yorkville, Kendall County, Illinois (the “City”), by Ordinance Number 2024-76, adopted
on the 12th day of December, 2024 (the “Ordinance”), did provide for the issue of
$68,850,000 General Obligation Bonds (Alternate Revenue Source), Series 2025A and
Series 2025B (the “Bonds”), and the levy of a direct annual tax sufficient to pay the principal
of and interest on the Bonds; and
WHEREAS the City will have the Pledged Revenues (as defined in the Ordinance)
available for the purpose of paying the principal of and interest on the Bonds during the next
succeeding bond year; and
WHEREAS it is necessary and in the best interests of the City that the tax heretofore
levied for the year 2024 to pay the principal of and interest on the Bonds be abated;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the United City
of Yorkville, Kendall County, Illinois, as follows:
Section 1. Abatement of Tax. The taxes heretofore levied for the year 2024 in the
Ordinance authorizing the General Obligation Bonds (Alternate Revenue Source), Series
2025A and General Obligation Bonds (Alternative Revenue Source), Series 2025B are
hereby abated in their entirety.
Section 2. Filing of Ordinance. Forthwith upon the adoption of this ordinance,
the City Clerk shall file a certified copy hereof with the County Clerk of The County of
Kendall, Illinois, and it shall be the duty of said County Clerk to abate said taxes levied for
the year 2024 in accordance with the provisions hereof.
Ordinance No. 2025-____
Page 2
Section 3. Effective Date. This Ordinance shall be in full force and effect upon its
passage and approval as provided by law.
ADOPTED by the Corporate Authorities on the ____ day of ___________________,
2025, pursuant to a roll call vote as follows:
DAN TRANSIER ________ KEN KOCH ________
ARDEN JOE PLOCHER ________ MATT MAREK ________
CHRIS FUNKHOUSER ________ RUSTY CORNEILS ________
SEAVER TARULIS ________ CRAIG SOLING ________
APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois,
the ____ day of ____________________, 2025.
____________________________
MAYOR
PASSED by the City Council of the United City of Yorkville, Kendall County, Illinois,
the ____ day of _____________________, 2025.
Attest: ____________________________
CITY CLERK
STATE OF ILLINOIS )
) SS
COUNTY OF KENDALL )
FILING CERTIFICATE
I, the undersigned, do hereby certify that I am the duly qualified and acting County Clerk
of the County of Kendall, Illinois, and as such official I do further certify that on the ____ day of
__________________, 2025, there was filed in my office a duly certified copy of Ordinance No.
___________ entitled:
AN ORDINANCE abating the tax hereto levied for the year 2024 to
pay debt service on General Obligation Bonds (Alternate Revenue
Source), Series 2025A and Series 2025B, of the United City of
Yorkville, Kendall County, Illinois.
(the “Ordinance”) duly adopted by the City Council of the United City of Yorkville, Kendall
County, Illinois (the “City”), on the ____ day of _____________________, 2025, and that the
same has been deposited in the official files and records of my office.
I do further certify that the taxes heretofore levied for the year 2024 for the payment of the
City’s $68,850,000 General Obligation Bonds (Alternate Revenue Source), Series 2025A and
Series 2025B, as described in the Ordinance will be abated as provided in the Ordinance.
IN WITNESS WHEREOF I hereunto affix my official signature and the seal of said County
this ____ day of ___________________, 2025.
_________________________________
County Clerk
[SEAL]
STATE OF ILLINOIS )
) SS
COUNTY OF KENDALL )
CITY CLERK’S CERTIFICATE
I, JORI BEHLAND, the duly qualified and acting City Clerk of the United City of
Yorkville, Kendall County, Illinois, do hereby certify that attached hereto is a true and correct copy
of an Ordinance entitled:
ORDINANCE NO. 2025-________
AN ORDINANCE abating the tax hereto levied for the year 2024 to
pay debt service on General Obligation Bonds (Alternate Revenue
Source), Series 2025A and Series 2025B, of the United City of
Yorkville, Kendall County, Illinois.
which Ordinance was duly adopted by the City Council of the United City of Yorkville at a regular
meeting held on the ____ day of _____________________, 2025.
I do further certify that a quorum of said City Council was present at said meeting, and that
all requirements of the Illinois Open Meetings Act were complied with.
IN WITNESS WHEREOF, I have hereunto set my hand this ____ day of
___________________, 2025.
Jori Behland, City Clerk
United City of Yorkville
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (Alternate Revenue Source),
Series 2025A and Series 2025B,
Dated: February 19, 2025 / Final
Proof of D/S for Arbitrage Purposes
Date Principal Interest Total
02/19/2025 - - -
06/30/2025 - 1,087,313.65 1,087,313.65
12/30/2025 1,105,000.00 1,494,018.75 2,599,018.75
06/30/2026 - 1,466,393.75 1,466,393.75
12/30/2026 915,000.00 1,466,393.75 2,381,393.75
06/30/2027 - 1,443,518.75 1,443,518.75
12/30/2027 960,000.00 1,443,518.75 2,403,518.75
06/30/2028 - 1,419,518.75 1,419,518.75
12/30/2028 1,005,000.00 1,419,518.75 2,424,518.75
06/30/2029 - 1,394,393.75 1,394,393.75
12/30/2029 1,055,000.00 1,394,393.75 2,449,393.75
06/30/2030 - 1,368,018.75 1,368,018.75
12/30/2030 1,110,000.00 1,368,018.75 2,478,018.75
06/30/2031 - 1,340,268.75 1,340,268.75
12/30/2031 1,165,000.00 1,340,268.75 2,505,268.75
06/30/2032 - 1,311,143.75 1,311,143.75
12/30/2032 1,225,000.00 1,311,143.75 2,536,143.75
06/30/2033 - 1,280,518.75 1,280,518.75
12/30/2033 1,285,000.00 1,280,518.75 2,565,518.75
06/30/2034 - 1,248,393.75 1,248,393.75
12/30/2034 25,695,000.00 1,248,393.75 26,943,393.75
06/30/2035 - 606,018.75 606,018.75
12/30/2035 - 606,018.75 606,018.75
06/30/2036 - 606,018.75 606,018.75
12/30/2036 - 606,018.75 606,018.75
06/30/2037 - 606,018.75 606,018.75
12/30/2037 - 606,018.75 606,018.75
06/30/2038 - 606,018.75 606,018.75
12/30/2038 - 606,018.75 606,018.75
06/30/2039 - 606,018.75 606,018.75
12/30/2039 - 606,018.75 606,018.75
06/30/2040 - 606,018.75 606,018.75
12/30/2040 - 606,018.75 606,018.75
06/30/2041 - 606,018.75 606,018.75
12/30/2041 - 606,018.75 606,018.75
06/30/2042 - 606,018.75 606,018.75
12/30/2042 - 606,018.75 606,018.75
06/30/2043 - 606,018.75 606,018.75
12/30/2043 3,615,000.00 606,018.75 4,221,018.75
06/30/2044 - 531,459.38 531,459.38
12/30/2044 3,765,000.00 531,459.38 4,296,459.38
06/30/2045 - 451,453.13 451,453.13
12/30/2045 3,925,000.00 451,453.13 4,376,453.13
06/30/2046 - 368,046.88 368,046.88
12/30/2046 4,090,000.00 368,046.88 4,458,046.88
06/30/2047 - 278,578.13 278,578.13
12/30/2047 4,270,000.00 278,578.13 4,548,578.13
06/30/2048 - 185,171.88 185,171.88
12/30/2048 4,460,000.00 185,171.88 4,645,171.88
06/30/2049 - 87,609.38 87,609.38
12/30/2049 1,960,000.00 87,609.38 2,047,609.38
06/30/2050 - 44,734.38 44,734.38
12/30/2050 2,045,000.00 44,734.38 2,089,734.38
Total $63,650,000.00 $41,928,113.72 $105,578,113.72
2025 AB Bonds Final Prici | Issue Summary | 1/21/2025 | 1:00 PM
Speer Financial, Inc.
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