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HomeMy WebLinkAboutOrdinances - ORD-16-1773 - 02/15/2016 - RESERVING VOLUME CAP IN CONN W/PRIVATE ACTIVITY BOORDINANCE NO. 16-1773 AN ORDINANCE RESERVING VOLUME CAP IN CONNECTION WITH PRIVATE ACTIVITY BOND ISSUES AND RELATED MATTERS WHEREAS, the City of McHenry, McHenry County, Illinois (the "Municipality") is a corporation and a home rule unit of local government under provisions of Section 6 of Article VII of the Illinois Constitution of 1970; and WHEREAS, Section 146 of the I'nternal Revenue Code of 1986, as amended (the "Code"), and the State of Illinois Guidelines and Procedures for the Allocation of Private Activity Bonding Authority in Accordance with the Tax Reform Act of 1986 and 30 ILCS 345 of the Office of the Governor effective January 1, 2016, provide that the Municipality has volume cap equal to $100.00 per resident of the Municipality in calendar year 2016, which volume cap may be reserved and allocated to certain tax-exempt private activity bonds; and WHEREAS, the City Council of the Municipality (the "Corporate Authorities") adopted an inducement resolution (Resolution R-16-001) on January 4, 2016 regarding industrial development revenue bond financing to benefit K&L Equity, LLC and Fabrik Industries, Inc. in an amount not to exceed $10,000,000 (the "Bonds"); and WHEREAS, it is now deemed necessary and desirable by the Municipality to reserve all of its volume cap allocation for calendar year 2016 to be applied toward the issuance of the Bonds as provided in this Ordinance. NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of McHenry, McHenry County, Illinois, a home rule municipality in the exercise of its home rule powers, as follows: SECTION 1: Pursuant to Section 146 of the Code and the Illinois Private Activity Bond Allocation Act, 30 ILCS, 345/1 et seq., as supplemented and amended, the entire volume cap of the Municipality for calendar year 2016, which amount is $2,663,000, is hereby reserved by the Municipality. The Municipality shall issue the Bonds using such volume cap, without any further action required on the part of the Municipality, and the passage of this Ordinance shall be deemed to be an allocation of such volume cap to the issuance of the Bonds. The Corporate Authorities shall adopt a subsequent ordinance on or about May 2, 2016 to obtain additional volume cap from the available home rule pool in an amount sufficient for the issuance of the Bonds. SECTION 2: The Municipality shall maintain a written record of this Ordinance in its records during the term that the Bonds or any other such bonds to which such volume cap is allocated remain outstanding. SECTION 3: The Mayor, the City Clerk and all other proper officers, officials, agents and employees of the Municipality are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents and certificates as may be necessary to further the purposes and intent of this Ordinance. SECTION 4: The provisions of this Ordinance are hereby declared to be separable, and if any section, phrase or provision of this Ordinance shall for any reason be declared to be invalid, such declaration shall not affect the remainder of the sections, phrases and provisions of this Ordinance. SECTION 5: All ordinances and resolutions, or parts thereof, in conflict with the provisions of this Ordinance are, to the extent of such conflict, expressly repealed. SECTION 6: This Ordinance shall be in full force and effect upon its passage and approval. Passed and approved this 15th day of February 2016. Voting Aye: Condon, Peterson, Wimmer, Curry, Schaefer, Glab, Santi Voting Nay: None Not Voting: None Abstaining: None Absent: None ATTEST: Mayor STATE OF ILLINOIS ) )SS MCHENRY COUNTY ) CERTIFICATION OF ORDINANCE AND MINUTES I, the undersigned, do hereby certify that I am the duly elected, qualified and acting City Clerk of the City of McHenry, Illinois (the "Municipality"), and as such official I am the keeper of the records and files of the Municipality and of its City Council (the "Corporate Authorities"). I do further certify that the foregoing constitutes a full, true and complete excerpt from the proceedings of the meeting of the Corporate Authorities held on February 15, 2016, insofar as same relates to the adoption of Ordinance No. 16-1773, entitled: AN ORDINANCE RESERVING VOLUME CAP IN CONNECTION WITH PRIVATE ACTIVITY BOND ISSUES AND RELATED MATTERS a true, correct and complete copy of which ordinance (the "Ordinance") as adopted at such meeting appears in the proceedings of the minutes of such meeting and is hereto attached. The Ordinance was adopted and approved by the vote and on the date therein set forth. I do further certify that the deliberations of the Corporate Authorities on the adoption of such Ordinance were taken openly, that the vote on the adoption of such Ordinance was taken openly and was preceded by a public recital of the nature of the matter being considered and such other information as would inform the public of the business being conducted, that such meeting was held at a specified time and place convenient to the public, that notice of such meeting was duly given to all of the news media requesting such notice, that the agenda for such meeting was duly posted at the location where such meeting was held and at the principal office of the Corporate Authorities at least 96 hours before such meeting, that said agenda contained a separate specific item concerning the proposed adoption of such Ordinance, that at least one copy of said agenda was continuously available for public review during the entire 96-hour period preceding such meeting, that such meeting was called and held in strict compliance with the provisions of the Open Meeting Act of the State of Illinois, as amended, and the Illinois Municipal Code, as amended, and that the Corporate Authorities have complied with all of the applicable provisions of such Act and such Code and their procedural rules in the adoption of such Ordinance. IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the City of McHenry, Illinois, this 15th day of February, 2016. Janice C. Jon 's, ity Clerk REGULAR MEETING February 15, 2016 Mayor Low called the regularly scheduled February 15, 2016 meeting of the McHenry City Council to order at 7:00 p.m. In attendance were the following Aldermen: Santi, Glab, Schaefer, Curry, Wimmer, Peterson and Condon. Absent: None. Also in attendance: City Administrator Morefield, Deputy City Administrator Hobson, Director of Economic Development Martin, Director of Finance Lynch, Director of Community Development Polerecky, Chief of Police Jones and City Clerk Jones. Absent: Attorney McArdle, Director of Public Works Schmitt and City Engineer Pieper. Mayor Low announced that Item B, the Ordinance authorizing the execution of an Intergovernmental Agreement with City of Woodstock, City of Harvard and McHenry Township Fire Protection District for a Dispatch Center Partnership, is being pulled from the Consent Agenda. Additionally, Mayor Low announced that Item 8 on the Agenda is being pulled for further consideration. CONSENT AGENDA A. Adoption of Fiscal Year 2016/2017 — Fiscal Year 2020/2021 Capital Improvements Program; B. Ordinance authorizing the Mayor's execution of an Intergovernmental Agreement with City of Woodstock, City of Harvard and McHenry Township Fire Protection District for a Dispatch Center Partnership; C. Ordinance Reserving Volume Cap in Connection with Private Activity Bon issues and Related Matters relative to K&L Equity, LLC/Fabrik Industries, Inc.; D. Ordinance Authorizing the sale of public property owned by the City of McHenry through Clinton Auto Auction; E. Renewal of agreement with D's Marine Service, Inc., for lease of City property located at 3302 W. Waukegan Road for a one-year term expiring 2/28/17, with an option for one additional year; F. Request from Letizia Financial Group for a Special Use and Temporary Sign Permits and waiver of associated fees for the annual Back to Family Outdoor Movie Night in Veterans Memorial Park on September 9, September 26 and September 23, 2016; G. Request from Letizia Financial Group for a Special Use and Temporary Sign Permits and waiver of associated fees for the annual Green Street Cruise Night on Monday evenings from May 23, 2016 through September 26, 2016, from 6:00 pm to 8:30 pm; H. 14`h Annual Kiwanis Soap Box Derby, June 11, 2016, Practice Run, June 4, 2016; Use of City Support Services, intermittent closure of certain portions of Waukegan and Green Streets; and waiver of associated fees; I. Special Use/Park Picnic Permits; J. January 4, 2016 City Council meeting minutes; K. As Need Checks, in the amount of $13,685.82, and L. List of Bills, in the amount of $597,302.70. Motion by Wimmer, second by Schaefer, approving the Consent Agenda, as amended, with the removal of Item B. Alderman Santi requested that Item A on the Consent Agenda be pulled and voted on as a separate item. Alderman Wimmer and Alderman Schaefer agreed to amend their Motion. Motion by Wimmer, second by Schaefer, approving the Consent Agenda, as amended, with the removal of Item B and Item A voted on separately. Voting Aye: Santi, Glab, Curry, Schaefer, Wimmer, Peterson, Condon. Voting Nay: None. Absent: None. Motion carried.