Ordinance 2011-43 IN THE CITY COUNCIL OF THE UNITED CITY OF YORKVILLE, ILLINOIS
ORDINANCE NO. 2011-43
AN ORDINANCE authorizing the issuance of one or more
Series of General Obligation Refunding Bonds (Alternate
Revenue Source) Series 2011 of the United City of Yorkville,
Kendall County, Illinois, in an aggregate principal amount not
to exceed $12,000,000
BE IT ORDAINED BY THE CITY COUNCIL OF THE UNITED CITY OF
YORKVILLE, KENDALL COUNTY, ILLINOIS, AS FOLLOWS:
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 the Illinois Municipal Code, as
amended (the "Code"); and
WHEREAS, the City Council of the City (the "Corporate Authorities") has determined
that it is advisable, necessary and in the best interests of the City to pay the costs to refund (i) all
or a portion of the City's General Obligation Bonds (Alternate Revenue Source), Series 2005D
and (ii) all or a portion of the City's General Obligation Refunding Bonds (Alternate Revenue
Source), Series 2008 (the "Refunding"), in order to restructure the debt burden of the City; and
WHEREAS, the estimated cost of the Refunding and paying costs in connection
therewith is not greater than $12,000,000, and there are insufficient funds on hand and lawfully
available to provide the funds for such Project; and
WHEREAS, it is necessary and for the best interest of the City that the Refunding be
undertaken and in order to finance the costs thereof it will be necessary for the City to issue up to
$12,000,000 alternate bonds (the "Alternate Bonds"), being general obligation refunding bonds
payable from distributions of sales taxes imposed by the City and collected by the State of
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Illinois pursuant to Sections 8-11-1.3 and 8-11-1.4 of the Illinois Municipal Code consisting of
the Non-Home Rule Municipal Retailers Occupation Tax and Non-Home Rule Municipal
Service Occupation Tax; as authorized to be issued at this time pursuant to the Local
Government Debt Reform Act of the State of Illinois, as amended(the "Act"); and
WHEREAS, if the above-mentioned revenue sources are insufficient to pay the Bonds,
ad valorem property taxes upon all taxable property in the City without limitation as to rate or
amount are authorized to be extended to pay the principal of and interest on the Bonds;
WHEREAS, pursuant to and in accordance with the provisions of the Act, the City is
authorized to issue its Alternate Bonds in the aggregate principal amount of not to exceed
$12,000,000 for the purpose of providing funds to accomplish the Refunding and to pay the costs
of issuing such Alternate Bonds:
BE IT ORDAINED BY THE CITY COUNCIL OF THE UNITED CITY OF
YORKVILLE, ILLINOIS, as follows:
Section 1. Incorporation of Preambles. The Corporate Authorities hereby find that
all of the recitals contained in the preambles to this ordinance are full, true and correct and do
incorporate them and the terms defined therein into this ordinance by this reference.
Section 2. Determination To Issue Bonds. It is necessary and in the best interests
of the City to undertake the Refunding and that for the purpose of paying the costs of issuance in
connection therewith, there are hereby authorized to be issued and sold the Alternate Bonds of
the City in an aggregate principal amount not to exceed $12,000,000. It is hereby expressed to
be the desire of the City to issue Alternate Bonds in an amount not to exceed $12,000,000.
Section 3. Publication. This ordinance, together with a notice in the statutory form
as attached hereto, and appropriately completed (the "Notice"), shall be published once within
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ten (10) days after passage hereof by the Corporate Authorities in the Kendall County Record the
same being a newspaper of general circulation in the City, and if no petition, signed by electors
numbering seven and one half percent (7-1/2%) of the registered voters in the City(i.e., 790) and
asking that the issuance of the Alternate Bonds be submitted to referendum is filed with the City
Clerk within thirty (30) days after the date of the publication of this ordinance and said notice,
then the Alternate Bonds shall be authorized to be issued. If such petition is filed with the City
Clerk within thirty (30) days after the date of publication of the Notice, an election on the
proposition to issue said bonds shall be held on the 20th day of March, 2012.
Section 4. Additional Ordinances. If no petition meeting the requirements of
applicable law is filed during the petition period hereinabove referred to, then the Corporate
Authorities intend to adopt additional ordinances or proceedings supplementing or amending this
ordinance providing for the issuance and sale of the Alternate Bonds, prescribing all the details
of the Alternate Bonds, so long as the maximum amount of the Alternate Bonds as set forth in
this ordinance is not exceeded and there is no material change in the Refunding or other purposes
described herein. Such additional ordinances or proceedings shall in all instances become
effective in accordance with applicable law. This ordinance, together with such additional
ordinances or proceedings, shall constitute complete authority for the issuance of the Alternate
Bonds under applicable law.
Section 5. Bond Counsel. The Corporate Authorities hereby appoint Foley &
Lardner LLP as its bond counsel for the Alternate Bonds.
Section 6. Severability. If any section, paragraph, clause or provision of this
ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision
shall not affect any of the other provisions of this ordinance.
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Section 7. Repealer. All ordinances, resolutions or orders, or parts thereof, in
conflict with the provisions of this ordinance are to the extent of such conflict hereby repealed.
Section 8. Effectiveness. This ordinance is effective upon its passage and approval.
PASSED BY THE CITY COUNCIL OF THE UNITED CITY OF YORKVILLE,
KENDALL COUNTY, ILLINOIS this August 9, 2011.
GEORGE GILSON, JR. MARTY MUNNS I
CARLO COLOSIMO CHRIS FUNKHOUSER
LARRY KOT DIANE TEELING
JACKIE MILSCHEWSKI ROSE ANN SPEARS
APPROVED by me, as Mayor of the United City of Yorkville, Kendall County,
Illinois, the 9 day of August, 2011.
APPROVED
ycia
Mayor, n it;of yrkville
Kendall Coun y, Illinois
Gary J. Golinski
ATTEST:
City Clerk
Published in Kendall County Record on -Aug,u i I ! , 2011.
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NOTICE OF INTENT TO ISSUE BONDS
AND RIGHT TO FILE PETITIONS
Notice is hereby given that pursuant to Ordinance No. awl-143 , adopted on the 9th
day of August, 2011 (the "Ordinance"), the United City of Yorkville, Kendall County, Illinois
(the "City"), intends to issue its General Obligation Refunding Bonds (Alternate Revenue
Source) in an aggregate principal amount not to exceed $12,000,000 (the "Bonds"), and bearing
interest per annum at not to exceed the maximum rate authorized by law at the time the Bonds
are sold, for the purpose of paying the costs to refund all or a portion of (i) the City's General
Obligation Bonds (Alternate Revenue Source), Series 2005D and (ii) the City's General
Obligation Refunding Bonds (Alternate Revenue Source) Series 2008 (the "Refunding"), as more
fully described in the Ordinance. The revenue sources that will be pledged to the payment of the
principal of and interest on the Bonds will be distributions of sales taxes imposed by the City and
collected by the State of Illinois pursuant to Sections 8-11-1.3 and 8-11-1.4 of the Illinois
Municipal Code consisting of the Non-Home Rule Municipal Retailers Occupation Tax and
Non-Home Rule Municipal Service Occupation Tax. If these revenue sources are insufficient to
pay the Bonds, ad valorem property taxes upon all taxable property in the City without limitation
as to rate or amount are authorized to be extended to pay the principal of and interest on the
Bonds. A complete copy of the Ordinance follows this notice.
Notice is hereby further given that if a petition, signed by 790 or more electors of the City
(the same being equal to 7.5% of the registered voters of the City), asking that the issuance of the
Bonds be submitted to referendum is filed with the City Clerk of the City within thirty (30) days
after the date of publication of the Ordinance and this notice, the question of the issuance of the
Bonds shall be submitted to the electors of the City at the election to be held at the general
primary election on the 20th day of March, 2012. The Circuit Court may declare that an
emergency referendum should be held prior to said election date pursuant to the provisions of
Section 2A-1.4 of the Election Code of the State of Illinois, as amended.
By order of the City Council of the United City of Yorkville, Kendall County, Illinois,
this q day of August, 2011.
/s/Beth Warren
City Clerk, United City of Yorkville,
Kendall County, Illinois
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