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HomeMy WebLinkAboutOrdinance #2050 ORDINANCE NO. 2050 AN ORDINANCE terminating the plan to issue $7,000,000 alternate revenue bonds of the City of Canton, Fulton County, Illinois. WHEREAS, the City of Canton, Fulton County, Illinois (the "City"), is a non-home rule municipal corporation and body politic of the State of Illinois, duly created, organized and existing under The Municipal Code of the State of Illinois, as amended from time to time (the "Municipal Code"), and having the powers, objects and purposes provided by said Municipal Code; and WHEREAS, the City has previously issued its Debt Certificates, Series 2009 (the "Series 2009 Debt Certificates") and the Series 2009 Debt Certificates are, by their terms, subject to redemption; and WHEREAS, the Mayor and the City Council of the City (the "Corporate Authorities") previously determined that it is advisable, necessary and in the best interests of the residents of the City to pay for costs 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) Tax Increment Financing District Redevelopment Area, Plan C/121893.1 and Projects as amended within the City (the "Project"), (ii) to refund the City's outstanding Series 2009 Debt Certificates (the "Refunded Certificates"), 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 and (iii) issuance of the Bonds (as such term is hereinafter defined), all for the benefit of the inhabitants of the City; and WHEREAS, for the purpose of providing funds to pay the Project Costs and to refund the Refunded Certificates and in accordance with the provisions of the Local Government Debt Reform Act, as supplemented and amended (the "Act"), the Corporate Authorities on the 4th day of October, 2011, adopted an ordinance (the "Authorizing Ordinance") authorizing the issuance of alternate bonds, being general obligation bonds payable from any revenue source as provided by the Act, in an amount not to exceed $7,000,000; and WHEREAS, on the lOth day of October, 2011, the Authorizing Ordinance, together with a notice in the statutory form, was published in the Canton Daily Ledger, being a newspaper of general circulation in the City; and WHEREAS, the Act provides that, within thirty (30) days since the date of publication of the Authorizing Ordinance, a petition with the requisite number of valid signatures thereon can be filed with the City Clerk requesting that the question of the issuance of the alternate bonds be submitted to referendum; and WHEREAS, a set of petitions with the purported requisite number of valid signatures thereon has been filed with the City Clerk requesting that the question of the issuance of the alternate bonds be submitted to referendum at the March 20, 2012 election; and -2- C/121893.1 WHEREAS, the Corporate Authorities determine that it is advisable, necessary and in the best interest of the City to not proceed with the issuance of the alternate bonds; and NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COLJNTY, ILLINOIS, AS FOLLOWS: Section 1. Incorporation of Preamble. The Corporate Authorities hereby find that all of the recitals contained in the preambles to this ordinance are full, true and correct and do hereby incorporate such recitals into this ordinance by this reference. Section 2. Findings; Issuance of Bonds. The Corporate Authorities hereby find and determine not to proceed with the issuance of alternate bonds announced in the Authorizing Ordinance. Section 3. Severabilitv. If any section, paragraph or provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this ordinance. Section 4. Publication. The City Clerk is hereby authorized and directed to publish this ordinance in pamphlet form and to file copies thereof for public inspection in his/her office. Section 5. Conflicting Ordinances. All ordinances, resolutions and parts of ordinances and resolutions, in conflict herewith are hereby repealed; provided, however, that this ordinance shall not be construed as adversely affecting the rights of the owners of the Refunded Certificates. Section 6. Headin~s. The headings or titles of the several sections shall be solely for convenience of reference and shall not affect the meaning, construction or effect of this ordinance. -3- C/121893.1 Section 7. Effective Date. This ordinance shall be in full force and effect from and after its adoption and publication. -4- G121893.1 ADOPTED this 15th day of November, 2011 by a roll call vote as follows: AYES: Aldermen Schenck, Fritz, West, Nelson, Ellis, Pickel, Hartford. NAYS: Aldermen Paslev. ABSENT: None APPROVED this 15th day of November, 2011. ~ . ~ ~ , ~ . , r' ~ / ~L • J Mayor A . ; - ~t J ~'V City C er -5- C/121893.1 MINUTES of regular public meeting of the City Council of the City of Canton, Fulton County, Illinois, held at the Council Chambers of the City, 50 N. 4th Avenue, Canton, Illinois, at 6:30 p.m., on the 15th day of November, 2011. The Mayor called the meeting to order and directed the City Clerk to call the roll. Upon the roll being called, the following Aldermen answered present: Schenck, Pasley, Frotz. West. Nelson, Ellis, Pickel, Hartford The following Aldermen were absent from the meeting: None The Mayor presented and the City Clerk read by title an ordinance, the complete text of which is set out herein below as follows: C/121893.1 \ Alderman SC ~1~ ~C 1C moved and Alderman c e Lseconded the motion that said ordinance as presented by the City Clerk be adopted. After a full discussion thereof, the Mayor directed that the roll be called for a vote upon the motion to adopt said ordinance as presented. Upon the roll being called, the following Aldermen voted AYE: X~~-~~ Z L~~ ~ ~ i ~ R~~~. E~~~~-~'~~ ~ and the following Aldermen voted NAY: 5 Whereupon the Mayor declared the motion carried and said ordinance adopted, approved and signed the same in open meeting and directed 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, seconded and carried, the meeting was adj ourned. `l City Cle C/121893.1 STATE OF ILLINOIS ) ) SS COUNTY OF FULTON ) CERTIFICATION OF MINUTES AND ORDINANCE 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 official am the keeper of the official journal of proceedings, books, records, minutes and files of the City Council (the "Corporate Authorities"). I further certify that the foregoing is a full, true and complete transcript of that portion of the minutes of the meeting of the Corporate Authorities held on the 15th day of November, 2011, insofar as the same relates to the adoption of Ordinance No. ~~j C entitled: AN ORDINANCE terminating the plan to issue $7,000,000 alternate revenue bonds of the City of Canton, Fulton County, Illinois. a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcript of the minutes of said regular public meeting. I do further certify that the deliberations of the Corporate Authorities on the adoption of said ordinance were conducted 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 said meeting was called and held in strict compliance with the provisions of the Open Meetings Act of the State of Illinois, as amended, and that the City has complied with all of the provisions of said Act and with all of the procedural rules of the Corporate Authorities. IN WITNESS WHEREOF, I hereunto affix my official signature and seal of said City, this 15th day of November, 2011. C~ , c~ty (SEAL) C/121893.1 STATE OF ILLINOIS ) ) SS COUNTY OF FULTON ) FILING CERTIFICATE I, the undersigned, do hereby certify that I am the duly qualified and acting County Clerk of Fulton County, Illinois, and as such official I do further certify that on the day of , 2011, there was filed in my office a duly certified copy of Ordinance No. entitled: AN ORDINANCE terminating the plan to issue $7,000,000 alternate revenue bonds of the City of Canton, Fulton County, Illinois. duly adopted by the City Council of the City of Canton, Fulton County, Illinois, on the 15th day of November, 2011, and that the same has been deposited in the official files and records of my office. IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of said County, this day of , 2011. County Clerk of Fulton County, Illinois (SEAL) C/121893.1 ~