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HomeMy WebLinkAboutOrdinance # 1830ORDINANCE No. 183u AN ORDINANCE authorizing the issuance of Waterworks and Sewerage Revenue Bonds of the City of Canton, Fulton County, Illinois, in an aggregate principal amount not to exceed $36,000,000 or in lieu thereof, General Obligation Bonds (Alternate Revenue Source), in an aggregate principal amount not to exceed $36,000,000. WHEREAS, the City of Canton, Fulton County, Illinois (the "City "), is a duly organized and existing municipality incorporated and existing under the provisions of the laws of the State of Illinois, is now operating under the provisions of the Illinois Municipal Code, as amended (the "Code "), and for many years has owned and operated amunicipally-owned waterworks and sewerage system (the "System "); and WHEREAS, the City Council of the City (the "Corporate Authorities ") has determined that it is advisable, necessary and in the best interests of the public health, safety and welfare to improve the System, including but not limited to the following: (a) water improvements: construction of a raw water intake structure; construction of a raw water transmission main; rehabilitation and upgrade of equipment at the water treatment plant; expansion of the water treatment plant; construction of a finished water transmission main; and construction of an elevated water storage tank; and (b) wastewater improvements; construction of an extended aeration process; rehabilitation and upgrade of equipment at the west side wastewater treatment plant; expansion of west side wastewater treatment plant; construction of sewage pumping station; construction of excess flow equipment; and sanitary sewer collection system improvements; and engineering, legal, financial and administrative expenses related thereto (the "Project "), all in accordance with the estimate of costs therefor; and WHEREAS, the estimated cost of the construction and installation of the Project, including engineering, legal, financial, bond discount, printing and publication costs and other expenses is $36,000,000, and there are insufficient funds on hand and lawfully available to pay such costs; and WxExEAS, it is necessary and for the best interests of the City that the Project be undertaken and in order to finance the costs thereof it will be necessary for the City to issue up to $36,000,000 bonds payable from the revenues of the System as authorized to be issued at this time pursuant to Division 139 of Article 11 of the Code and Division 4 of Article 8 of the Code (the "Revenue Bonds "), or in lieu thereof, up to $36,000,000 alternate bonds, being general obligation bonds payable from one or more of the following revenue sources: (a) the net revenues of the System, (b) proceeds received by the City from the issuance of its general obligation bonds or notes to the fullest extent permitted by law, including Section 15.01 of the Local Government Debt Reform Act of the State of Illinois, as amended, and the Illinois Municipal Code, as amended, and (c) such other funds of the City as may be necessary and on hand from time to time and lawfully available for such purpose (the "Alternate Bonds "), as authorized to be issued at this time pursuant to the Local Government Debt Reform Act of the State of Illinois, as amended (the "Act "); and WxExEAS, 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 are authorized to be extended to pay the principal of and interest on the Alternate Bonds: Now, TxExEFORE, Be It Ordained by the City Council of the City of Canton, Fulton County, Illinois, as follows: Section 1. Incorporation of Preambles. The Corporate Authorities hereby find that all of the recitals contained in the preambles to this ordinance are full, true and correct and do incorporate them into this ordinance by this reference. -2- Section 2. Determination to Issue Bonds. It is necessary and in the best interests of the City to construct and pay for the Project for the public health, safety and welfare, in accordance with the estimate of costs as hereinabove described, that the System continue to be operated as a combined utility in accordance with the provisions of Division 139 of Article 11 of the Code, and that for such purpose, there are hereby authorized to be issued and sold the Revenue Bonds in an aggregate principal amount not to exceed $36,000,000 or in lieu thereof, the Alternate Bonds in an aggregate principal amount not to exceed $36,000,000. Section 3. Publication. This ordinance, together with a notice in the statutory form (the "Notice "), shall be published once within ten (10) days after passage hereof by the Corporate Authorities in the Canton Daily Ledger, the same being a newspaper of general circulation in the City, and if no petition, signed by 951 electors, being equal to ten percent (10%) of the number of registered voters in the City, asking that the question of improving the System, as provided in this ordinance, and the issuance of the Revenue Bonds therefor, 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 the Notice, then the Revenue Bonds shall be authorized to be issued. If no petition, signed by 713 electors, the same being equal to the greater of (i) 7.5% of the registered voters in the City or (ii) 200 of those registered voters or 15% of those registered voters, whichever is less, asking that the issuance of the Alternate Bonds be submitted to referendum is filed with the City Clerk within thirty (30) days after the date of the publication of this ordinance and the Notice, then the Alternate Bonds shall be authorized to be issued. It is expressly provided that in the event that there shall be filed with the City Clerk in a timely manner a petition, asking that the issuance of the Revenue Bonds be submitted to referendum, the Alternate Bonds necessary for the Project shall not be authorized to be issued -3- until such time as the question of improving and extending the System, and the issuance of Revenue Bonds therefor shall have been submitted to the electors of the City and a majority of the votes cast on such question shall have been in favor thereof. Section 4. Additional Ordinances. If no petition meeting the requirements of applicable law is filed during the petition periods hereinabove referred to, then the Corporate Authorities may adopt additional ordinances or proceedings supplementing or amending this ordinance providing for the issuance and sale of the Revenue Bonds or in lieu thereof, the Alternate Bonds, prescribing all the details of the Revenue Bonds or in lieu thereof, the Alternate Bonds, and providing for the collection, segregation and distribution of the revenues of the System, so long as the maximum amount of the Revenue Bonds or in lieu thereof, the Alternate Bonds, as set forth in this ordinance is not exceeded and there is no material change in the Project or other purposes described herein. Such additional ordinances or proceedings shall in all instances become effective immediately without publication or posting or any further act or requirement. This ordinance, together with such additional ordinances or proceedings, shall constitute complete authority for the issuance of the Revenue Bonds or in lieu thereof, the Alternate Bonds, under applicable law. Section S. Severability. 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. -4- Section 6. Repealer. 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. ADOPTED by the Corporate Authorities on Apri16, 2005. AYES: Aldermen West, Reed, Hartford, Carl, Hann, Nblleck, Sarff. NAYS: None' ABSENT: Alderman Fillingham APPROVED on Apri16, 2005. PUBLISHED in the Canton Daily Ledger on RECORDED in the City Records on 4-u7-U5 , 2005. Attest: City Clerk, ity of Canton, Fulton County, Illinois M or, City of Canton, Ful n County, Illinois 2005. -5- Alderman Hartford moved and Alderman Reed seconded the motion that said ordinance as presented be adopted. After a full and complete discussion thereof, including a public recital of the nature of the matter being considered and other information that informed the public of the business being conducted, the Mayor directed that the roll be called for a vote upon the motion to adopt the ordinance. Upon the roll being called, the following Aldermen voted AYE: West, Reed, Hartford, Carl, Harm Nbileck, Sarff, NAY: None . Whereupon the Mayor declared the motion carried and the ordinance adopted, and henceforth did approve and sign the same in open meeting and did direct the City Clerk to record the same in full in the records of the City Council of the City of Canton, Fulton County, Illinois, which was done. Other business not pertinent to the adoption of said ordinance was duly transacted at said meeting. Upon motion duly made and seconded, the meeting was adjourned. r . /~ City Clerk -6- STATE OF ILLINOIS ) SS COUNTY OF FULTON ) CERTIFICATION OF ORDINANCE AND MINUTES I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of the City of Canton, Fulton County, Illinois (the "City "), and as such officer I am the keeper of the books, records, files, and journal of proceedings of the City and of the City Council thereof (the "Board "). I do further certify that the foregoing constitutes a full, true and complete transcript of the minutes of the meeting of the Board held on the 6th day of April, 2005, insofaz as same relates to the adoption of Ordinance No. 1830 entitled: AN ORDINANCE authorizing the issuance of Waterworks and Sewerage Revenue Bonds of the City of Canton, Fulton County, Illinois, in an aggregate principal amount not to exceed $36,000,000 or in lieu thereof, General Obligation Bonds (Alternate Revenue Source), in an aggregate principal amount not to exceed $36,000,000. a true, correct and complete copy of which said ordinance as adopted at said meeting appeazs in the foregoing transcript of the minutes of said meeting. I do further certify that the deliberations of the Board on the adoption of said ordinance were taken openly, that the vote on the adoption of said ordinance was taken openly, that said meeting was held at a specified time and place convenient to the public, that notice of said meeting was duly given to all of the news media requesting such notice, that an agenda for said meeting was posted at the location where said meeting was held and at the principal office of the Board at least 48 hours in advance of the holding of said meeting, that said agenda contained a separate specific item concerning the proposed adoption of said ordinance, a true, correct and complete copy of the agenda as so posted being attached to this certificate as Exhibit A, that said meeting was called and held in strict accordance with the provisions of the Illinois Municipal Code, as amended, and the Open Meetings Act of the State of Illinois, as amended, and that the Board has complied with all of the applicable provisions of said Code and said Act and its procedural rules in the adoption of said ordinance. _ IN WrrrrESS WHERbOF, I hereunto affix my official signature and the seal of the City, this 6th day of April, 2005. City Clerk, ity of Canton, Fulton County, Illinois (sue.) Section 6. Repealer. 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. ADOPTED by the Corporate Authorities on Apri16, 2005. AYES: ~-~~~ West, Reed, Hartford, Carl, Hann, Moileck, 5artf. NAYS: None. ABSENT: APPROVED on Apri16, 2005. PUBLISHED in the Canton Daily Ledger on RECORDED in the City Records on 4-07-05 , 2005. Attest: :7 City C erk, City. f Canton, Fulton County, inois Mayor, City of Canton, Fulton County, Illinois 2005. -5-