HomeMy WebLinkAboutOrdinance #2044 F
ORDINANCE NO. ~ ~
AN ORDINANCE authorizing the issuance of General Obligation
Revenue Bonds (Alternate Revenue Source), Series 2011 of the
City of Canton, Fulton County, Illinois in the aggregate principal
amount not to exceed $7,000,000 for the purpose of financing the
costs of capital projects within the City, refunding outstanding
Debt Certificates of the City and paying for costs related thereto.
PREAMBLES
WHEREAS, the City of Canton, Fulton County, Illinois (the "City"), operates in
~ accordance with the provisions of the Illinois Municipal Code, 65 ILCS 5/1-1-1 et seq., as
supplemented and amended and the Local Government Debt Reform Act, 30 ILCS 350/1 et seq.,
as supplemented and amended (collectively, the "Act"), and is entitled to receive incremental
taxes derived from an applicable tax increment financing ("TIF") redevelopinent project area
(the "Incremental Taxes," in an appropriate percentage or amount, to the extent applicable, and
not otherwise) established under the Tax Increinent Allocation Redevelopment Act, 65 ILCS
5/11-74.4-1 et seq., as supplemented and amended (the "TIF Act"), that has Project (as defined
below) elements within or served by it within the meaning of the TIF Act, distributed pursuant to
applicable law; and
WHEREAS, the Mayor and City Council of the City (the "Corporate Authorities")
have determined that it is advisable, necessary and in the best interests of the City's public
health, safety and welfare to finance certain redevelopment project costs within the meaning of
the TIF Act incurred in connection with the financing of (i) certain public and private projects
including public infrastructure, land acquisition, and other redevelopment project costs relating
to the following: acquisitioi~ of land and buildings; cleanup, reinoval 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 recoi~struction of sanitary sewer lines and wastewater
facilities; extension, repair or reconstruction of the stonn water drainage system; and public
redevelopinent costs for improvements to public parks, trails, green space and urban
forestry/landscaping improvements within or in furtherance of the Canton International
Harvester Site Project Area (to be renalned Canton 1- Downtown/Sth Avenue) Tax Increinent
Financing District Redevelopment Area, Plan and Projects as amended within the City (the "New
Money Project"), (ii) to refund flie City's outstanding Debt Certificates, Series 2009 which
were used to (a) pay the costs of various inunicipal improveinents withii7 the City including, in
connection with said wark, acquisition of all land or rights in land, inechanical, electrical, and
other services necessary, useful or advisable thereto and (b) currently refund an outstanding
note in the amount of $800,000 that financed other capital costs of the City (the "Refunding"
and together with the "New Money Project," the "Project") and (iii) pay certain costs of
issuance of the Bonds (as such tenn is hereinafter defined), all for the benefit of the inhabitants
of the City; and
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WHEREAS, the estimated cost of the Project, including legal, financial, bond discount,
printing and publication costs, capitalized interest, and other expenses (collectively, the "Costs"),
is not inore than $7,000,000, and there are insufficient funds on hand and lawfully available to
pay such costs; and
WHEREAS, it is necessary for the best interests of the City that the Project be
completed, and in order to raise funds required for such purpose it will be necessary for the City
to borrow an aggregate principal amount of not to exceed $7,000,000 and in evidence thereof to
issue bonds at one time or from ti~ne to time and in one or more series that may be taxable or tax-
exempt, being general obligation bonds payable from (i) incremental taxes derived from the
City's applicable TIF redevelopment project area, namely the International Harvester Site Project
Area Tax Increment Financing District (following City approval of the First Amendment to this
TIF District on Noveinber 22, 2011, this TIF District is to be renamed: Canton 1-
Downtown/St~' Avenue TIF District) and (ii) any such other funds of the City lawfully available
and annually appropriated for such purpose, in an aggregate principal amount not to exceed
$7,000,000, all in accordance with the Act; and
WHEREAS, if the above-mentioned revenue source is insufficient to pay the bonds, ad
valorem property taxes upon all taxable property in the City without liinitation as to rate or
amount are authorized to be extended to pay the principal of and interest on the bonds; and
WHEREAS, pursuant to and in accordance with the provisions of Section 15 of the Act,
the City is authorized to issue alternate bonds in an aggegate principal amount not to exceed
$7,000,000 for the purpose of providing funds for the Project and to pay the Costs.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL
OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, as follows:
Section 1. Incorporation of Preambles and Determination to Issue Bonds. The
Corporate Autharities hereby finds that all of the recitals contained in the preambles to this
ordinance are true, coinplete 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 City to finance
the Project for the public health, safety and welfare of the City and pay the Costs, as described
above, and that for such purposes there are hereby authorized to be issued and sold not to exceed
$7,000,000 in aggregate principal amount of general obligatioi~ bonds, known as "General
Obligation Revenue Bonds (Alternate Revenue Source), Series 2011 "(the "Bonds") of the City
using the full faith and credit of the City as security, said Bonds being payable from (i)
increinental taxes derived from the City's applicable TIF redevelopment project area, namely the
International Harvester Site Project Area Tax Increment Financing District (following City
approval of the First Amendment to this T1F District on November 22, 201 l, this TIF District is
to be renamed: Canton 1- Downtown/5`~' Avenue TIF District) and (ii) any such other funds of
the City lawfully available and annually appropriated for such purpose.
Section 2. Publication and Notice. This ordinance, together with a notice in the
statutory fonn, shall be published once within ten days after passage hereof by the Corporate
Authorities in the Ca~ito~2 Daily Ledger, the same being a newspaper of general circulation
withiil the City, and if no petition, signed by 659 electors (said nuinber being the greater of (i) 7
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1/2% (seven and one-half percent) of the registered voters in the City or (ii) the lesser of 200
registered voters or 15% of registered voters), asking that the question of the issuance of the
Bonds be submitted to the electors of tl~e City, is filed with the City Clerk of the Corparate
Authorities within thirty (30) days after the date of the publication of this ordinance and said
notice, then this ordinance shall be in full force and effect and the Bonds shall be authorized to
be issued. The City Clerk shall have available at the principal office of the City, located at
located at 2 North Main Street, Canton, Illinois and shall provide an applicable form of petition
to any person requesting one. The City Clerk shall give notice of the foregoing provisions as set
forth in substantially the fonn of such notice as is presented at the ineeting of the Corporate
Authorities at which this ordinance is adopted, modified as may be necessary for coinpleteness
and to comply with the Act.
Section 3. Additional Ordinances. If no petition meeting the requirements of
applicable law is filed as provided above in Section 2, 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, providing for the issuance and sale of the Bonds,
prescribing the details of such Bonds, providing for the collection, segegation, distribution and
application of the Incremental Taxes far the payinent thereof and providing for a levy of taxes as
further security and source of payment, although expected to be paid from the Incremental Taxes
and not any specific levy of taxes. Such additional or supplemental ordinances or other
proceedings shall in all instances becoine 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 Bonds under applicable law.
Section 4. Additional Proceedings. If no petition ineeting the requirement of
applicable law is filed during the petition period hereinabove referred to, then the preparation
and distribution of a preliminary official stateinent relating to the Bonds is hereby approved, and
the Mayor is hereby authorized to deem the preli~ninary official statement nearly final.
Section 5. Severabilitv 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. This also constitutes an intent to reimburse under
Section 1.150-2 of the Income Tax Regulations.
Section 6. Effective Date. This ordinance shall be in full force and effect trom and
after its passage and approval in the inanner provided by law.
AYES (names): I~ k~?~~cr,~p,d,~c~ I~nr ~r~ rz,~~cLY.r~, I l`tS aY~C_X cl, ~'rU'~
NAYS (naines): y~ ¢ _
ABSENT (names): ` ~ cFS ~r
PASSED this 4th day of October, 201 l.
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Gl 146503
APPROVED by the Mayar and attested by the City Clerk this 4th day of October, 2011.
Attest: ~
City Cler , ity o Canton, ayor, City of Canton,
Fulton County, Illinois Fulton County, Illinois
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NOTICE OF INTENT TO AUTHORIZE THE ISSUANCE OF BONDS
AND RIGHT TO F1LE PETITION
AND HEARING ON PROPOSED ISSUANCE
Notice is hereby given that, pursuant to Ordinance No. c~D ~ (the
"Ordinance"), adopted on October 4, 2011 at a meeting of the Mayor and City
Council of the City of Canton, Fulton County, Illinois (the "City"), the City intends to issue its
general obligation bonds (the "Bonds"), using the full faith and credit of the City as security and
payable from the hereinafter identified revenue sources, up to the amount of but in any event
not to exceed $7,000,000 in aggregate principal ainount, bearing interest at not to exceed the
rate limitation provided by applicable law, to 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 International Harvester Site Project Area (to be renamed
Canton 1- Downtown/Sth Avenue) Tax Increment Financing District Redevelopment Area, Plan
and Projects as amended within the City (the "New Money Project"), (ii) to refund the City's
outstanding Debt Certificates, Series 2009 which were used to (a) pay the costs of various
municipal improvements within the City including, in connection with said work, acquisition of
all land or rights in land, mechanical, electrical, and other services necessary, useful or
advisable thereto and (b) currently refund an outstanding note in the amount of $800,000 (the
"Refunding" and together with the "New Money Project," the "Project"), (ii) to refund the
City's outstanding Debt Certificates, Series 2009 which were used to (a) pay the costs of various
municipal improvements within the City including, in connection with said work, acquisition of
all land or rights in land, mechanical, electrical, and other services necessary, useful or
advisable thereto and (b) currently refund an outstanding note in the amount of $800,000 that
financed other capital costs of the City (the "Refunding"), as described in the Ordinance. The
Bonds are to be general obligation bonds and shall be payable from (i) incremental taxes
derived from the City's applicable TIF redevelopment project area, namely the International
Harvester Site Project Area Tax Increment Financii~g District (following City approval of the
First Amendinent to this TIF District on November 22, 2011, this TIF District is to be rena~ned:
Canton 1- Downtown/St~' Avenue TIF District) and (ii) any such other funds of the City lawfully
available and annually appropriated for such purpose, as provided in the Ordinance.
In addition, notice is hereby given that if a petition signed by not less than 659 electors of
the City (said number being the greater of (i) 7 1/2% (seven and one-half percent) of the
registered voters in the City or (ii) the lesser of 200 registered voters or 15% of registered
voters), requesting that the question of the issuance of the Bonds and of undertaking the above
described Project and Refundin~ be submitted to the City Clerk within thirty (30) days of the
date of publication hereof and of the above described ordinance, such question shall be submitted
to the electors of the City at the general primary election to be held on March 20, 2012 or the
next or prior election at which such question could be presented under the general election laws.
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GI 14G50.3
If no petition is filed with the City Clerk within said 30-day period, the Bonds shall be authorized
to be issued. A form of petition is available to any person requesting one in the City of Canton
City Clerk's office, located at 2 North Main Street, Canton
City Clerk, i anton, Fulton County, Illinois
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PETITION
To the City Clerk of Canton, Fulton County, Illinois:
We, the undersigned, being registered voters of the City of Canton, Fulton County, do hereby petition you
to cause the question of issuing General Obligation Revenue Bonds (Alternate Revenue Source), Series 2011 (the
"Bonds") of said City in the aggregate principal amount not to exceed $7,000,000 for the purpose of financing of
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; consttuction, 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 International Harvester Site Project Area
(to be renamed Canton 1- Downtown/Sth Avenue) Tax Increment Financing District Redevelopment Area, Plan and
Projects as amended within the City (the "New Money Project"), (ii) to refund the City's outstanding Debt
Certificates, Series 2009 which were used to (a) pay the costs of various municipal improvements within the City
including, in connection with said work, acquisition of all land ar rights in land, mechanical, electrical, and other
services necessary, useful or advisable thereto and (b) currently refund an outstanding note in the amount of
$800,000 that financed other capital costs of the City (the "Refunding" and together with the "New Money
Project,° the "Project") and (iii) pay certain costs of issuance of the Bonds, all for the benefit of the inhabitants of
the City, said Bonds being payable from (i) incremental taxes derived from the City's applicable TIF redevelopment
project area, namely the International Harvester Site Project Area Tax Increment Financing District (following City
approval of the First Amendment to this TIF District on November 22, 2011, this TIF District is to be renamed:
Canton 1- Downtown/5`f' Avenue TIF District) and (ii) any such other funds of the City lawfully available and
annually appropriated for such purpose, to be certified to the County Clerk of Fulton County, and submitted to the
electors of said City at the General Primary Election to be lield on the 20th day of March, 2012.
Name Address C~
, Fulton County, Illinois
, Fulton County, Illinois
, Fulton County, Illinois
, Fulton County, Illinois
, Fulton County, Illinois
, Fulton County, Illinois
, Fulton County, Illinois
, Fulton County, Illinois
, Fulton County, Illinois
, Fulton County, Illinois
I, of (insert residence address),
lllinois, do hereby certify that I am a citizen of the United States and at least 18 years of age or older, and in the
County of Fulton, Illinois, and that the signatures on this petition were signed in my presence, and are genuine, and,
to the best of my knowledge and belief, the persons so signing were at tlie time of signing this petirion registered
voters of said City and that their respective addresses are correctly stated herein.
/s/
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Subscribed and sworn to before me this ~ day of
Notary Public
My Commission Expires:
"`~`n~nn~nrv
OFFICIAL SEAL
DIANA L TUCKER
N07ARY PUBLIC - STATE OF ILLINOIS
MY COMMISSION EXPIRES:07/15/14
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Gl 14650.3
BINA Notice Form
The Mayor and City Council of the City of Canton, Fulton County, Illinois
will hold a public hearing on October 18, 2011 at 5:30 p.m. The hearing will be
held at the Canton Ciry Council Chamber, 50 N. 4`~ Avenue, Canton, Illinois. The
purpose of the hearing will be to receive public comments on the proposal to sell
bonds in the amount of up to $7,000,000 for the purpose of financing project
costs, including certain public and private projects within the City, including, but
not limited to the following: financing of (i) 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 International Harvester Site Project Area (to be
renamed Canton 1- Downtown/Sth Avenue) T~ Increment Financing District
Redevelopment Area, Plan and Projects as amended within the City (the "New
Money Project"), (ii) to refund the City's outstanding Debt Certificates, Series
2009 which were used to (a) pay the costs of various municipal improvements
within the City including, in connection with said work, acquisition of all land or
rights in land, mechanical, electrical, and other services necessary, useful or
advisable thereto and (b) currently refund an outstanding note in the amount of
$800,000 that financed other capital costs of the City (the "Refunding" and
together with the "New Money Project," the "Project") and (iii) pay certain
costs of issuance of the Bonds, all b t of the inhabitants of the City.
r, City of Canton, Fulton County, Illinois
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C/ 114650.3
Note to Publisher: The above notice is to be published one time on or betiore 7 days befare the hearing, but not priar to 30 days
before the hearin~. Suggest sometime in the week of October 4, 2011. The publication may be in the "legals" or
"classi~ed" section of the paper. NO SPECIAL BORDER IS REQUIRED FOR THIS PUBLICATION. DO NOT USE
ANY SPECIAL BORDER. Please send your statement to:
Jenine Phillips
Ice Miller LLP
200 West Madison Street, Suite 3500
Chicago, Illinois 60606-3417
and send two publication certificates (and text) to Ice Miller LLP, 200 West Madison Street, Suite 3500, Chicago,
Illinois 60606-3417, Attention Jenine Phillips.
PUBLISHER: DO NOT PRINT THE FOLLOWING:
Mavor's Aoqroval and Order Settine Public Hearing:
The undersigned, Mayor of the above City hereby approves and orders the setting of the above Bond Issue Notification
Act hearing.
Date: October 4, 2011
Mayor
When signed by the Mayor, please date and fax back to Ice Miller LLP, Attention: Jenine Phillips at 312/726-2694.
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