HomeMy WebLinkAbout#4166 Refunding Bonds ORDINANCE NO. 4166
AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION
REFUNDING BONDS (ALTERNATE REVENUE SOURCE) SERIES 2019 OF THE
CITY OF CANTON, FULTON COUNTY, ILLINOIS IN THE AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $5,110,000 FOR THE PURPOSE OF REFUNDING
OUTSTANDING DEBT CERTIFICATES OF THE CITY AND PAYING FOR COSTS
RELATED THERETO.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF CANTON ILLINOIS:
SEPTEMBER 17, 2019
PUBLISHED BY THE CITY CLERK PURSUANT TO THE AUTHORITY OF THE CITY
COUNCIL OF THE CITY OF CANTON:
SEPTEMBER 17,2019
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STATE OF ILLINOIS )
) SS.
COUNTY OF FULTON )
CERTIFICATE
I, Diana Pavley-Rock, certify that I am the duly elected City Clerk of
the CITY OF CANTON, FULTON COUNTY, ILLINOIS.
further certify that on SEPTEMBER 17, 2019 , the City Council of such
municipality passed and approved Ordinance No 4166 entitled:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION
REFUNDING BONDS (ALTERNATE REVENUE SOURCE) SERIES 2019 OF THE
CITY OF CANTON, FULTON COUNTY, ILLINOIS IN THE AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $5,110,000 FOR THE PURPOSE OF REFUNDING
OUTSTANDING DEBT CERTIFICATES OF THE CITY AND PAYING FOR COSTS
RELATED THERETO
which proved by its terms that it should be published in pamphlet form.
The pamphlet for Ordinance No. 4166 including the Ordinance and a cover
sheet thereof, was prepared, and a copy of such Ordinance was posted at City Hall,
2 North Main Street Canton IL, commencing on September 17, 2019 , and continuing
for at least ten days thereafter. Copies of such Ordinance were also available for public
inspection upon request in the Office of the City Clerk.
DATED AT CANTON, ILLINOIS, THIS AY e tember 2019
Di a Pavley-Rock, CMC, City Clerk
Seal City of Canton, Illinois
ORDINANCE NO. 4166
AN ORDINANCE authorizing the issuance of General Obligation
Refunding Bonds (Alternate Revenue Source), Series 2019 of the
City of Canton, Fulton County, Illinois in the aggregate principal
amount not to exceed $5,110,000 for the purpose of 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") redevelopment project area
(the"Incremental Taxes," in an appropriate percentage or amount, to the extent applicable, and
not otherwise) established under the Tax Increment 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 (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 1 —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 (together, (i), (ii), and (iii) are -the "Refunding") and
(B) pay certain costs of issuance of the Bonds (as such term is hereinafter defined), all for the
benefit of the inhabitants of the City; and
WHEREAS, the estimated cost of the Refunding, including legal, financial, bond
discount, printing and publication costs, and other expenses (collectively, the "Costs"), is not
more than $5,110,000, and there are insufficient funds on hand and lawfully available to pay
such costs; and
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i
WHEREAS, it is necessary for the best interests of the City that the Refunding 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 $5,110,000 and in evidence thereof to
issue bonds at one time or from time to time and in one or more series that may be taxable or tax-
exempt, being general obligation bonds 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 (collectively, (i) and (ii) constitute the "Pledged
Revenues"), in an aggregate principal amount not to exceed $5,110,000, all in accordance with
the Act; and
WHEREAS, if the above-mentioned revenue sources are insufficient to pay the alternate
bonds, ad valorem property taxes upon all taxable property in the City without limitation as to
rate or amount (the "Pledged Taxes") are authorized to be extended to pay the principal of and
interest on the alternate 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 aggregate principal amount not to exceed
$5,110,000 for the purpose of providing funds for the Refunding 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 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 City to finance
the Refunding 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 $5,110,000 in aggregate principal amount of general obligation bonds, known as "General
Obligation Refunding Bonds (Alternate Revenue Source), Series 2019" (the "Bonds") of the
City, said Bonds being 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, (ii) any such other funds of the City lawfully available and annually appropriated for
such purpose (collectively, (i) and (ii) constitute the "Pledged Revenues.") and (iii) ad valorem
taxes of the City for which its full faith and credit have been irrevocably pledged, unlimited as to
rate or amount(the"Pledged Taxes").
Section 2. Publication. This ordinance, together with a notice in the statutory form,
shall be published once in the Canton Daily Ledger, the same being a newspaper of general
circulation in the City, and if a petition, signed by 699 electors (said number being the greater of
(i) seven and one-half percent (7%2%) 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 (the "Proposition") be submitted to the electors of the City, is filed with the City Clerk
within thirty (30) days after the date of the publication of this ordinance and said notice, then the
Proposition shall be submitted to the electors of the City at the general primary election to be
held on the 17th day of March, 2020, unless there are no voters scheduled to cast votes for any
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candidates for nomination for, election to or retention in public office, in which case the
Proposition shall be submitted to the electors of the City at the general election to be held on the
3rd day of November, 2020. If no petition is filed with the City Clerk within said 30-day period,
then this ordinance shall be in full force and effect and the Bonds shall be authorized to be
issued. A petition form shall be provided by the City Clerk at the principal office of the City,
located at 2 North Main Street, Canton, Illinois,to any individual requesting one.
Section 3. Additional Ordinances. If no petition meeting the requirements of
applicable law is filed as provided above in Section 2, then theCorporate 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, segregation, distribution and
application of the Incremental Taxes for the payment 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 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 Bonds under applicable law.
Section 4. Additional Proceedings. If no petition meeting the requirement of
applicable law is filed during the petition period hereinabove referred to, then the preparation
and distribution of a preliminary official statement relating to the Bonds is hereby approved, and
the Mayor is hereby authorized to deem the preliminary official statement-nearly final.
Section 5. 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. This also constitutes an intent to reimburse under
Section 1.150-2 of the Income Tax Regulations.
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Section 6. Effective Date. This ordinance shall be in full force and effect from and
after its passage and approval in the manner provided by law.
AYES: Aldermen Ryan Mayhew, Quin Mayhew, John Lovell, Craig West, Angela Lingenfelter,
Justin Nelson
NAYS: None
ABSENT Aldermen Jeff Fritz,Angela Hale
PASSED this 17th day of September, 2019.
APPROVED by the Mayor and attested by the City Clerk this 17th day of September, 2019.
A est:
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City Clerk, City of Canton, Mayor, 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 FILE PETITION
AND HEARING ON PROPOSED ISSUANCE
Notice is hereby given that, pursuant to Ordinance No. (f lA (the "Ordinance"),
adopted on September 17, 2019 at a regular 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, in an aggregate principal amount not to exceed $5,110,000, bearing interest at not to
exceed the rate limitation provided by applicable law, 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 1 —
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 of
the Bonds, all for the benefit of the inhabitants of the City. The Bonds are"to. be general obligation
bonds and shall be payable from (a)certain incremental taxes derived from the City's applicable TIF
redevelopment project area, namely the Canton 1 —Downtown/5th Avenue TIF District, (b)any such
other funds of the City lawfully available and annually appropriated for such purpose, as provided in the
Ordinance, and (c)ad valorem taxes of the City for which its full faith and credit have been irrevocably
pledged, unlimited as to rate or amount. The Ordinance is attached hereto and appears below this notice.
Notice is hereby further given that if a petition signed by not less than 699 electors (said number
being the greater of(i) seven and one-half percent (7'/z%) 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 (the "Proposition") be submitted to the electors of the City, is filed with the City Clerk within
thirty(30) days after the date of the publication, then the Proposition shall be submitted to the electors of
the City at the general primary election to be held on the 17th day of March, 2020, unless there are no
voters scheduled to cast votes for any candidates for nomination for, election to or retention in public
office, in which case the Proposition shall be submitted to the electors of the City at the general election
to be held on the 3rd day of November, 2020. If no petition is filed with the City Clerk within said
30-day period,then this ordinance shall be in full force and effect and the Bonds shall be authorized to be
issued. A petition form shall be provided by the City Clerk at the principal office of the City, located at
2 North Main Street, Canton, Illinois,to any individual reque
,1.r 7—,1,
City Cle , y of Canton,Fulton County,Illinois
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PETITION
To the City Clerk of the City of Canton,Fulton County,Illinois:
We, the undersigned, being registered voters of the City of Canton, Fulton County, Illinois, do hereby
petition you to cause the question of issuing General Obligation Refunding Bonds (Alternate Revenue Source),
Series 2019(the"Bonds")of said City in the aggregate principal amount not to exceed$5,110,000 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 1 —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 of the Bonds, all for the benefit of the inhabitants of the City, said Bonds being 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,(ii)any such other funds of the City lawfully available and annually
appropriated for such purpose, and (iii)ad valorem taxes of the City for which its full faith and credit have been
irrevocably pledged, unlimited as to rate or amount, to be certified to the County Clerk of Fulton County, Illinois,
and submitted to the electors of said County at the next election to be held at which said question may be voted
upon.
Name Address
Canton,Fulton County,Illinois
Canton,Fulton County,Illinois
Canton,Fulton County,Illinois
Canton,Fulton County,Illinois
Canton.,Fulton County,Illinois
Canton,Fulton County,Illinois
Canton,Fulton County,Illinois
Canton,Fulton County,Illinois
I, of (insert residence address),
Illinois, 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 the time of signing this petition registered
voters of said City and that their respective addresses are correctly stated herein.
/s/
Subscribed and sworn to before me this day of ,2019.
Illinois Notary Public
My Commission Expires:
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BINA Notice Form
The Mayor and City Council of the City of Canton, Fulton County, Illinois will hold a public
hearing on October 1, 2019 at 6:30 p.m. The hearing will be held at the historic train depot located at
50 North 4th Avenue(Donald E.Edwards Way)in 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 $5,110,000 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 1—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(C)pay certain costs of issuance of the Bonds,
all for the benefit of the inhabitants of the City.
City ,City of Canton,Fulton'County,Illinois
Note to Publisher: The above notice is to be published one time on or before 7 days before the hearing,but not prior to 30 days
before the hearing. Suggest sometime in the week of '2019. The publication may be in the"legals"or"classified"
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.
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PUBLISHER: DO NOT PRINT THE FOLLOWING:
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Mavor's Approval and Order Settine Public Hearin
¢:
The undersigned,Mayor of the above City hereby approves and orders the setting of the bove Bond Issue Notification
Act hearing.
Date: '2019
6 � " t
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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