Ordinance 2011-88 SWE Pj >s" J
COW14TY Cd YidADAL.
- FILED
JAI i P 22 2
COJiiTY CLERK
KENDALL COUNiV
UNITED CITY OF YORKVILLE
ORDINANCE NO. 2011-88
AN ORDINANCE ABATING THE TAX HERETO LEVIED FOR THE YEARS 2011
THROUGH 2016 TO PAY THE PRINCIPAL OF AND INTEREST ON THE $2,020,000 GENERAL
OBLIGATION BONDS (ALTERNATE REVENUE SOURCE), SERIES 2008, 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`x'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`x' day
of December, 2011
ORDINANCE No. 2011-
AN ORDINANCE ABATING THE TAX HERETO LEVIED FOR THE YEARS 2011
THROUGH 2016 TO PAY THE PRINCIPAL OF AND INTEREST ON THE$2,020,000 GENERAL
OBLIGATION BONDS(ALTERNATE REVENUE SOURCE),SERIES 2008,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 2008-125,
adopted on the 22nd day of December, 2008 (the "Ordinance"), did provide for the issue of
$2,020,000 General Obligation Bonds (Alternate Revenue Source), Series 2008 (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 2016; and
WHEREAS, it is necessary and in the best interests of the City that the tax heretofore
levied for the years 2011 through 2016 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
2016 by Ordinance No. 2008-125 adopted December 22, 2008, providing for the issuance of
$2,020,000 General Obligation Bonds (Alternate Revenue Source), Series 2008, 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 2016 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 �y��� /� , A.D. 2011. /� /� ///'�
CITY CLERK
ROSE ANN SPEARS �J/ DIANE TEELING
GEORGE GILSON JR. JACKIE MILSCHEWSKI
�l �1
CARLO COLOSIMO j MARTY MUNNS
CHRIS FUNKHOUSER LARRY KOT
ApproveA by me as Mayor of the United City of Yorkville, Kendall County, Illinois, this �b
day of ' !' �/:/' 2011.
A R