HomeMy WebLinkAbout10-01-2019 Public Hearing Minutes of the Public Hearing
City of Canton,Fulton County,Illinois
October 1,2019
The Public Hearing was called to order at 6:30 p.m. and held at the historic train depot of
the City of Canton, Fulton County, Illinois (the "City"), 50 North 4th Avenue (Donald E.
Edwards Way) in Canton, Illinois regarding a plan to issue not to exceed $5,110,000 in aggregate
principal amount of the City's General Obligation Refunding Bonds (Alternate Revenue Source),
Series 2019 (the"Bonds").
Kent McDowell, Mayor, as Hearing Officer read the following statement:
Good evening, ladies and gentlemen. This hearing will come to order. Let the
record reflect that this is a public hearing being held pursuant to the
requirements of Sections 10 and 20 of the Bond Issue Notification Act of the State
of Illinois, as amended. Notice of this hearing was published on September 24,
2019, in the Canton Daily Ledger, a newspaper of general circulation in the City.
This is a hearing regarding a plan to issue not to exceed$5,110,000 in aggregate
principal amount of the City's General Obligation Refunding Bonds (Alternate
Revenue Source), Series 2019 (the "Bonds'). The proceeds of the Bonds will be
used to (A) refund the City's outstanding Debt Certificates, Series 2011 which
were originally issued to (i)finance certain public and private projects including
public infrastructure, land acquisition, and other redevelopment project costs
relating to the following: acquisition of land and buildings; cleanup, removal and
remediation of environmental contaminants; construction, rehabilitation and
reconstruction public facilities; construction of new and/or'the extension of
existing sidewalks, streets, alleys and roadways; extension, repair or
reconstruction of the public water distribution and storage system; extension of
public utilities; extension, repair or reconstruction of sanitary sewer lines and
wastewater facilities; extension, repair or reconstruction of the storm water
drainage system; and public redevelopment costs for improvements to public
parks, trails, green space and urban forestry/landscaping improvements within or
in furtherance of the Canton I —Downtown/5th Avenue Tax Increment Financing
District Redevelopment Area, Plan and Projects, as amended, within the City,
(ii) currently refund the City's outstanding Series 2009 Debt Certificates and (iii)
finance a portion of the costs of issuance of said Certificates and (B)pay certain
costs of issuance thereof.
The Bonds will be issued by the City in accordance with the provisions of Section
15 of the Local Government Debt Reform Act of the State of Illinois, as amended,
and shall constitute a general obligation of the City, payable from (i) certain
incremental taxes derived from the City's applicable TIF redevelopment project
area, namely the Canton 1 —Downtown/5th Avenue TIF District, and(ii) any such
other funds of the City lawfully available and annually appropriated for such
purpose.
This public hearing is required by Sections 10 and 20 of the Bond Issue
Notification Act of the State of Illinois, as amended. At the time and place set for
the public hearing, residents, taxpayers and other interested persons will be given
the opportunity to express their views for or against the proposed plan of
financing, the issuance of the Bonds and the purpose of the issuance of the Bonds.
The Hearing Officer asked if there was anyone who wished to submit written comments.
[Pleasein ert comments here]
ejC—
The Hearing Officer asked all residents,taxpayers or
other interested persons attending the hearing and desiring an opportunity to express their views
for or against the proposed Bonds,to please stand so that they may have an opportunity to make
those comments or statements. [Please insert comments here]
Atom -c--
The
c —The Hearing Officer concluded the public hearing regarding a plan to issue not to exceed
$5,110,000 in aggregate principal amount of the City's General Obligation Refunding Bonds
(Alternate Revenue Source), Series 2019.
Let the Record further reflect this public hearing was concluded at the hour of (p 9
p.m., October 1, 2019.
Respectfully.Submitted,
By:
AZA & W,
ent A. McDowell, ayor
C\1397612.2