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Resolution 2010-19 STATE OF ILLINOIS COUNTY OF KENDALL STATE OF ILLINOIS ) - FILED - ss. COUNTY OF KENDALL ) AUG 1 2010 COUNTY CLERK f'Ifi.C.WI,� KENDALL COUNTY Resolution No. 2010- I9 A RESOLUTION PROVIDING FOR AND REQUIRING THE SUBMISSION OF A PROPOSITION TO ISSUE $1,000,000 GENERAL OBLIGATION BONDS TO THE VOTERS OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS, AT THE GENERAL ELECTION TO BE HELD ON NOVEMBER 2, 2010 WHEREAS, the Mayor and City Council (the "Corporate Authorities ") of the United City of Yorkville, Kendall County, Illinois (the "City ") have considered the benefits of constructing several miles of bike trails and pedestrian walkways within the City thereby providing recreational facilities to enhance the health and welfare of its residents; and, WHEREAS, the Corporate Authorities hereby find and determine after serious consideration and discussion, the construction of bike trails and pedestrian walkways would be in the best interest of its residents, however, there are not sufficient funds in the City's current budget or projected budgets and, therefore, it will be necessary to borrow money for the purpose of paying the costs associated with the acquisition of land and construction of such bike trails and pedestrian walkways (the "Project "); and, WHEREAS, the Corporate Authorities, recognized that the current economic climate dictates that only that portion of the Project for which funds are available from either the state or federal government to assist with the costs to be incurred should proceed at this time; and, WHEREAS, before the Corporate Authorities can borrow money and issue bonds to pay any costs associated with the Project, a proposition therefore must be submitted to the voters of the City and be approved by a majority of the voters of the City voting on such proposition at an election to be held in the City, and it is deemed advisable, necessary and, in the best interests of the City, that a proposition to borrow money be submitted to the voters of the City at an election to be held and conducted in accordance with the general election law. NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the � United City of Yorkville, Kendall County, Illinois, as follows: Section L Project Borrowing /Tax Rate Increase. That it is necessary and in the best interests of the City that the Corporate Authorities be authorized to undertake only that portion of the Project for which state or federal funds are available to assist with the costs thereof and that it will require an amount not to exceed $1,000,000 for such purpose, and that it is necessary and in the best interests of the City that money be borrowed and general obligation bonds of the City be i issued therefore in an amount not to exceed $1,000,000. Section 2. Election. That the proposition hereinabove referred be submitted to the voters of the City in accordance with the general election law at the general election to be held on Tuesday, the 2 day of November, 2010, between the hours provided by law for voting on such i day (the "Election "). Section 3. Election Precincts. That the Election shall be held in the voting precincts and at the polling places established by the County Board (the "County Board ") of Kendall County, Illinois (the "County "), for voters of the City at the Election. Section 4. Notice. That the County Clerk of the County (the "County Clerk ") shall give notice of the Election in accordance with the general election law by publishing notice thereof once in one or more local, community newspapers published in and having general circulation in the City, and also once in a newspaper published and of general circulation in Kendall County, i 2 Illinois, the dates of such publications of such notices for the Election to comply with the Election Code. Section S. Form of Notices. That the notices of the Election shall include the following: NOTICE IS HEREBY GIVEN that at the general election to be held on Tuesday, the 2nd day of November, 2010, the following proposition will be submitted to the voters of the United City of Yorkville, Kendall County, Illinois: Shall the United City of Yorkville issue general obligations bonds, bearing interest at a rate not to exceed the limitation of applicable law, in an amount not to exceed $1,000,000 for purpose of acquiring land and constructing bike trails and pedestrian walkways but only for Projects within the municipal boundaries of the United City of Yorkville that require City funding of not more than twenty percent (20 %)? Dated this day of 5 2010. County Clerk, Kendall County, Illinois Passed by the City Council of the United City of Yorkville, Kendall County, Illinois, this /C day of a u s f , A.D. 2010. ROBYN SUTCLIFF L/ GEORGE T. GILSON, JR. U ARDEN JOE PLOCHER U DIANE TEELING GARY GOLINSKI MARTY MUNNS ROSE SPEARS h WALLY WERDERICH 0 Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this day of d1jaUSf , A.D. 2010. Mayor 3 Attest: (�a bf-pwr y City Clerk 4