Loading...
HomeMy WebLinkAboutResolution 2026-052Resolution No. 2026-52 A RESOLUTION EXPRESSING OFFICIAL INTENT REGARDING CERTAIN CAPITAL EXPENDITURES TO BE REIMBURED FROM PROCEEDS OF GENERAL OBLIGATION ALTERNATE REVENUE BONDS TO BE ISSUED BY THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS WHEREAS, the United City of Yorkville, Kendall County, Illinois (the "City") is a duly organized and existing municipality incorporated and existing under the provisions of the laws of the State of Illinois, and is now operating under the provisions of Illinois Municipal Code, as amended, and all laws amendatory thereof and supplementary thereto, including without limitation the Local Government Debt Reform Act of the State of Illinois, as amended; and, WHEREAS, the City has for many years owned and operated a municipally owned water supply system (the "System") pursuant to Division 129 of Article 11 of the Municipal Code; and, WHEREAS, the Mayor and the City Council of the City (the "Corporate Authorities") have determined that it is advisable, necessary and in the best interests of the public health, safety, welfare and convenience of the City to enhance the System, including, without limitation, to connect to a new source of water supply through the DuPage Water Commission, and may include construction of a shared transmission main, construction of receiving stations and internal system improvements, including water main repair and replacements that are necessary to connect to and receive the new water supply (collectively, the "Project"), all in accordance with the preliminary plans and estimates of costs therefor heretofore presented to the Corporate Authorities; and, WHEREAS, all or a portion of the expenditures relating to the Project (the "Expenditures") (i) have been paid within the sixty (60) days prior to the passage of this Resolution, or (ii) will be paid on or after the passage of this Resolution; and, WHEREAS, the City reasonably expects to reimburse itself for the Expenditures with the proceeds of its general obligation alternate revenue bonds. NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the United City of Yorkville, Kendall County, Illinois, as follows: Resolution No. 2026-52 Page 1 Section 1. Incorporation of Preambles. The City Council hereby finds that all of the recitals contained in the preambles to this Resolution are true and correct and does hereby incorporate them into this Resolution by this reference. Section 2. Intent to Reimburse. The City reasonably expects to reimburse the Expenditures with the proceeds of an obligation in the form of its general obligation alternate revenue bonds (the "Bonds"). All original Expenditures to be reimbursed will be capital expenditures (as defined in Treas. Reg. Sec. 1.150-1(b)) and other amounts permitted to be reimbursed pursuant to Treas. Reg. Sec. 1.150-2(d)(3) and (f). The description of the type and use of the property for which the original Expenditures to be fully or partially reimbursed is to be paid are the costs relating to the Project as defined in the recitals to this Resolution. Section 3. Maximum Amount. The maximum aggregate principal amount of the Bonds expected to be issued to reimburse the costs of the Project paid prior to their issuance and to complete the Project is $225,000,000, not including the costs of issuance of the Bonds. Section 4. Ratification. All actions of the officers, agents and employees of the City that are in conformity with the purposes and intent of this Resolution, whether taken before or after the adoption thereof, are hereby ratified, confirmed and approved. Section 5. Authorization, This Resolution is made pursuant to Treasury Regulations Section 1.150-2. The City intends this Resolution to satisfy the requirements of the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder, and specifically Treasury Regulation Section 1.150-2(d), regarding the declaration by the City of its official intent to issue its Bonds for the purpose of reimbursing original expenditures (as that term is defined in Treasury Regulation Section 1.150-2(c)) incurred with respect to the Project within 60 days preceding the adoption of this Resolution. Section 6. Severability. If any section, paragraph, clause or provision of this Resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution. Section 7. Repeal. All resolutions and parts of resolutions in conflict herewith be and the same are hereby repealed and that this Resolution be in full force and effect forthwith upon its adoption. Resolution No. 2026-52 Page 2 Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this 9th day of June, A.D. 2026. ITY CLERK Y KEN KOCH AYE DAN TRANSIER AYE ARDEN JOE PLOCHER ABSENT CRAIG SOLING AYE CHRIS FUNKHOUSER AYE MATT MAREK AYE RUSTY CORNEILS ABSENT RUSTY HYETT AYE APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois this �jd.y.f--,1u ne , A.D. 2026. --111�f(lil�j� MAYOR Attest: 1 cw�U'Nf-)- TY CLERK Resolution No. 2026-52 Page 3