Ordinance 2011-87 STAKE OF
COUNTY OF I,Z.''QAU
- FILED
JAN 1 'P Ylk
CUUNTY CLERK
uJJ X'-Lt -- KENDALL COUjI&,
UNITED CITY OF YORKVILLE
ORDINANCE NO. 2011-87
AN ORDINANCE ABATING THE TAX HERETO LEVIED FOR THE YEARS 2011
THROUGH 2014 TO PAY THE PRINCIPAL OF AND INTEREST ON THE $11,300,000
GENERAL OBLIGATION BONDS (ALTERNATE REVENUE SOURCE), SERIES 2005D, OF
THE UNITED CITY OF YORKVILE, KENDALL COUNTY, ILLINOIS
Passed by the City Council of the
United City of Yorkville, Kendall County, Illinois
this 27"'day of December, 2011
Published in pamphlet form by the
authority of the Mayor and City Council
of the United City of Yorkville,
Kendall County, Illinois this 29"'day
of December, 2011
ORDINANCE No. 2011- ',
AN ORDINANCE ABATING THE TAX HERETO LEVIED FOR THE YEARS 2011
THROUGH 2014 TO PAY THE PRINCIPAL OF AND INTEREST ON THE$11,300,000
GENERAL OBLIGATION BONDS(ALTERNATE REVENUE SOURCE),SERIES 2005D,OF
THE UNITED CITY OF YORKVILLE,KENDALL COUNTY,ILLINOIS
WHEREAS, the Mayor and City Council (the "Corporate Authorities") of the United
City of Yorkville, Kendall County, Illinois (the "City"), by Ordinance Number 2005-88, adopted
on the 25th day of October, 2005 (the "Ordinance"), did provide for the issue of$11,300,000
General Obligation Bonds (Alternate Revenue Source), Series 2005D (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 issued $11,150,000 General Obligation Refunding Bonds
(Alternate Revenue Source), Series 2011 by Ordinance No. 2011-59 adopted October 25, 2011
(the "Refunding Bonds') for the purpose of refunding 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 from the Refunding
Bonds for the remaining succeeding bond years from 2011 through 2014; and
WHEREAS, it is necessary and in the best interests of a the City that the tax heretofore
levied for the years 2011 through 2014 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:
r
Section 1. Abatement of Tax. The taxes heretofore levied for the years 2011 through
2014 by Ordinance No. 2005-88 adopted October 25, 2005, providing for the issuance of
$11,300,000 General Obligation Bonds ("Alternate Revenue Source") Series 2005D are hereby
abated in its 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 tax levied for the years 2011
through 2014 in accordance with the provisions hereof.
Section 3. Effective Date. This Ordinance shall be in full force and effect upon its
passage and approval by the Corporate Authorities and signing and approval by the Mayor as
provided by law.
Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this
day of L6Y` 1 Yj�F" , A.D. 2011.
� L
CITY CLERK
ROSE ANN SPEARS �)/ DIANE TEELING
GEORGE GILSON JR. JACKIE MILSCHEWSKI
CARLO COLOSIMO f MARTY MUNNS
CHRIS FUNKHOUSER Y LARRY KOT
Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this
day of 2011. )-
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