O-01-10 - Authorizing Issuance of TIF Refinancing BondsORDINANCE NO. 2 1- /
AN ORDINANCE AUTHORIZING THE ISSUANCE OF INCREMENTAL
TAXES / GENERAL SALES TAX / REVENUE SHARING RECEIPTS
ALTERNATE REVENUE SOURCE BONDS OF THE VILLAGE OF
LEMON-T, - COOK, - DUPAGE AND WILL COUNTIES ILLINOIS, FOR
THE PURPOSE OF REFINANCING A PARKING GARAGE AND OTHER
PUBLIC FACILITIES, IMPROVEMENTS AND REDEVELOPMENT
PROJECT COSTS WITHIN THE DOWNTOWN CANAL DISTRICT I
REDEVELOPMENT PROJECT AREA, AND RELATED COSTS
PREAMBLES
WHEREAS, the Village of Lemont, Cook, DuPage and Will Counties, Illinois
(the "Municipality "), operates in accordance with the provisions of the Illinois Municipal Code
[Section 5/1 -1 -1 et seq. of Chapter 65 of the Illinois Compiled Statutes, as supplemented and
amended, including by the Local Government Debt Reform Act (collectively, the "Act ")] and is
entitled to receive a certain distributive revenue share of proceeds of (i) Retailers' Occupation
Taxes, Service Occupation Taxes, Use Taxes and Service Use Taxes (collectively, and subject to
any prior lien or pledge, "General Sales Taxes ") imposed, collected and distributed pursuant to
applicable law and of (ii) State of Illinois income taxes (such distributive share referred to herein
as the "Revenue Sharing Receipts ") imposed by the State of Illinois pursuant to the Illinois
Income Tax Act and distributed pursuant to the State Revenue Sharing Act, and also is entitled to
receive incremental taxes derived from the Municipality's Downtown Canal District I
Redevelopment Project Area (subject to any prior pledge, "Incremental Taxes "); and
WHEREAS, the President and Board of Trustees (the "Corporate Authorities ")
had determined, and now re- determines, that it was advisable, necessary and in the best interests
of the Municipality's public health, safety and welfare to undertake a parking garage and other
public facilities, improvements and redevelopment project costs, within the Downtown Canal
District I Redevelopment Project Area, and related facilities, improvements and costs
(collectively, the "Project "), with respect to which the Municipality entered into a
redevelopment agreement and issued several redevelopment revenue notes (collectively, the
"Prior Obligations "), which now the Municipality determines are to be refinanced by refunding
the Prior Obligations (the "Refunding "); and
WHEREAS, the estimated cost of the Municipality's portion of refinancing the
Project, including by the Refunding, including necessary interest, engineering, legal, financial,
bond discount, printing and publication costs and other expenses preliminary to and in
connection with the Project is anticipated not to exceed the sum of $1,850,000, which is to be
paid from proceeds of the hereinafter described alternate bonds, being general obligation bonds
as authorized by Section 15 of the Local Government Debt Reform Act, but nevertheless
expected to be paid from receipts of one or more of Incremental Taxes, General Sales Taxes and
Revenue Sharing Receipts, rather than by any levy of taxes; and
WHEREAS, costs of refinancing the Project by the Refunding are expected to be
paid from available funds therefor and from proceeds from the sale of alternate Bonds, to be
payable from one or more of Incremental Taxes, General Sales Taxes and Revenue Sharing
Receipts and issued pursuant to the Act, this ordinance and one or more ordinances supplemental
to this ordinance authorizing and providing for the issuance of such alternate Bonds, prescribing
the details of such alternate Bonds and providing for the collection, segregation and distribution
of Incremental Taxes, General Sales Taxes and Revenue Sharing Receipts derived by the
Municipality in lieu of any levy of general taxes; and
WHEREAS, the Municipality has insufficient funds to pay costs of the
Refunding and, therefore, must borrow money and issue alternate Bonds in evidence thereof, at
one time or from time to time and in one or more series, up to the aggregate principal amount of
$1,85-0, 000 - for-- such- purposes,- pursuant to- and -in accordance with the provisions of the Act.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND
WILL COUNTIES, ILLINOIS, as follows:
Section I. Incorporation of Preambles and Determination to Issue Bonds.
The Corporate Authorities hereby find that all of the recitals contained in the preambles to this
ordinance are true, complete and correct and hereby incorporate them into this Section 1 of this
ordinance by this reference thereto. It is necessary and in the best interests of the Municipality to
refinancing the Project by the Refunding for the public health, safety and welfare, and that for
the purpose of financing the Project there are hereby authorized to be issued and sold, at one time
or from time to time as the Project funding may proceed, in one or more phases, general
obligation bonds (Incremental Taxes and /or General Sales Taxes and /or Revenue Sharing
Receipts alternate revenue source(s)) of the Municipality in an aggregate principal amount up to
but in any event not to exceed $1,850,000 (the "Bonds "). The alternate revenue source(s) to pay
debt service on the Bonds are receipts of one or more of Incremental Taxes, General Sales Taxes
and Revenue Sharing Receipts.
Section 2. Publication and Notice. Within ten (10) days after the adoption of
this ordinance by the Corporate Authorities, this ordinance, preceded by the notice hereinafter
described, shall be published in a newspaper (as described in the Notice by Publication Act) of
general circulation in Lemont, Illinois, and of general circulation within the Municipality, and if
no petition, signed by not less than the number of electors of the Municipality being equal to the
greater of (i) 7.5% of the registered voters within the Municipality or (ii) 200 of those registered
voters or 15% of those registered voters, whichever is less, asking that the Refunding be
undertaken and of issuing the alternate bonds to pay the costs of the Project be submitted to the
electors of the Municipality, is filed with the Village Clerk within thirty (30) days after the date
of the publication of this ordinance, preceded by a notice conforming with the provisions of the
Local Government Debt Reform Act, then this ordinance shall be in full force and effect and the
Bonds shall be authorized to be issued. If such a petition is filed, an election on the question
shall be held as set forth in a form of notice complying with Section 15 of the Local Government
Debt Reform Act and not inconsistent with this ordinance, and this ordinance shall not become
effective until such question shall have been duly approved by a majority of the votes cast on the
question at the election held as set forth in such form of notice. The Village Clerk shall have
available and provide a form of petition to any person requesting one. The Village Clerk shall
give notice of the foregoing provisions as set forth in substantially the form of such notice as is
presented before the meeting of the Corporate Authorities at which this ordinance is adopted,
subject to completion and modification to conform with the Local Government Debt Reform
Act.
Section 3. Additional Ordinances. If no petition meeting the requirements of
applicable law is filed as provided above in Section 2, or if the question is approved as above set
forth, then the Corporate Authorities in accordance with and pursuant to the Act may adopt
additional ordinances or other proceedings supplemental to or amending this ordinance, at one
time or from time to time as the refinancing and Refunding may proceed, including in phases,
providing for the issuance and sale of up to but in any event not to exceed the amount of the
alternate Bonds set forth above, prescribing the details of such alternate Bonds, and providing for
a levy of taxes and the collection, segregation and distribution of one or more of Incremental
Taxes, General Sales Taxes and Revenue Sharing Receipts for the payment of the alternate
Bonds issued. Such additional or supplemental ordinances or other proceedings shall in all
instances become effective in accordance with applicable law; and this ordinance, together with
such supplemental and additional ordinances or other proceedings, shall constitute complete
authority for the issuance of the alternate Bonds under applicable law.
Section 4. Severability and Repealer. 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. All ordinances,
dmances
p ,
resolutions or orders, or parts thereof, in conflict with the provisions of this ordinance are to the
extent of such conflict hereby repealed.
Upon motion by Trustee Sniegowski , seconded
by Trustee Blatzer , adopted upon roll call vote and recorded in the
Municipality's records, this llth day of January , 2010.
Voting "aye" :
Voting "nay ":
Other (names):
Attest:
a/A704.A---
P2-1-L6-6-)
illage Clerk, Village of Lemont, Illinois /Villag g Illinois
e Presiders Village
Approved: !��y,ua i� � /�, , 2010
of Lemont Illin