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O-10-13 Authorizing the Issuance of Lemont Sports Complex RevenuesORDINANCE NO. 0 "1U_I � AN ORDINANCE AUTHORIZING THE ISSUANCE OF LEMONT SPORTS COMPLEX REVENUES / INCREMENTAL TAXES / GENERAL SALES TAX / REVENUE SHARING RECEIPTS ALTERNATE REVENUE SOURCE BONDS OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND WILL COUNTIES, ILLINOIS, FOR THE PURPOSE OF FINANCING A LEMONT SPORTS COMPLEX, 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 anticipates receiving revenues from a Lemont Sports Complex (the "Lemont Sports Complex Revenues ") 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 certain 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 ") hereby determines that it is advisable, necessary and in the best interests of the Municipality's public health, safety and welfare to undertake the acquisition, construction and installation of a Lemont Sports Complex, and related facilities, improvements and costs (collectively, including the cost of capitalized interest, the "Project "); and WHEREAS, the estimated cost of the Municipality's portion of financing the Project, 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 $21,000,000, 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 Lemont Sports Complex Revenues, Incremental Taxes, General Sales Taxes and Revenue Sharing Receipts, rather than by any levy of taxes; and WHEREAS, costs of financing the Project 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 Lemont Sports Complex Revenues, 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 Lemont Sports Complex Revenues, 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 Project costs 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 $21,000,000 for such purpose, 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 1. 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 financing the Project 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 (Lemont Sports Complex Revenues and/or 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 $21,000,000 (the "Bonds "). The alternate revenue source(s) to pay debt service on the Bonds are receipts of one or more of Lemont Sports Complex Revenues, Incremental Taxes, General Sales Taxes and Revenue Sharing Receipts. Section 2. Publication and Notice. 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 Project be undertaken and of issuing the alternate bonds to pay 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 i� 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 Project proceeds, 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 Lemont Sports Complex Revenues, 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, 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 Ilf¢4'OIlJSKt seconded by Trustee , z"ar adopted upon roll call vote and recorded in the Municipality's records, this day /of �TaKUe rte 2013. ��++ Voting "aye": �� Uaddikl'%, mii<1OSJVIIe�S6k-;l Voting "nay ": Other (names): Attest: &4�zz Village Clerk, Village of Lemont, Illinois ORDINANCE NO. �Q AN ORDINANCE AUTHORIZING THE ISSUANCE OF LEMONT SPORTS COMPLEX REVENUES / INCREMENTAL TAXES / GENERAL SALES TAX / REVENUE SHARING RECEIPTS ALTERNATE REVENUE SOURCE BONDS OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND WILL COUNTIES, ILLINOIS, FOR THE PURPOSE OF FINANCING A LEMONT SPORTS COMPLEX, 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 anticipates receiving revenues from a Lemont Sports Complex (the "Lemont Sports Complex Revenues") 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 certain 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 ") hereby determines that it is advisable, necessary and in the best interests of the Municipality's public health, safety and welfare to undertake the acquisition, construction and installation of a Lemont Sports Complex, and related facilities, improvements and costs (collectively, including the cost of capitalized interest, the "Project "); and WHEREAS, the estimated cost of the Municipality's portion of financing the Project, 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 $21,000,000, 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 Lemont Sports Complex Revenues, Incremental Taxes, General Sales Taxes and Revenue Sharing Receipts, rather than by any levy of taxes; and WHEREAS. costs of financing the Project 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 Lemont Sports Complex Revenues, 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 Lemont Sports Complex Revenues, 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 Project costs 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 $21,000,000 for such purpose, 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 1. 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 I of this ordinance by this reference thereto. It is necessary and in the best interests of the Municipality to financing the Project 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 (Lemont Sports Complex Revenues and /or 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 $21,000,000 (the "Bonds"). The alternate revenue source(s) to pay debt service on the Bonds are receipts of one or more of Lemont Sports Complex Revenues, Incremental Taxes, General Sales Taxes and Revenue Sharing Receipts. Section 2. Publication and Notice. 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 Project be undertaken and of issuing the alternate bonds to pay 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 2 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 Project proceeds, 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 Lemont Sports Complex Revenues, 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, 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 > Ii 12Q aws b seconded by Trustee 6la +ter , ado ted upon roll call vote and recorded in the Municipality's records, this Z? day of Mnuarl , 2013 T Voting "aye": Voting "nay ": Other (names): Attest: Village Clerk, Village of Lemont, Illinois Approved: rMnUari Z , 2013 sident, Village of Lemont, Illinois