City Council

Minutes of the Public Hearing Village of Dwight, Livingston and Grundy Counties, Illinois March 22, 2021 The Public Hearing of the Village of Dwight, Livingston and Grundy Counties, Illinois (the “Village”), was called to order at 6:32 p.m. at the Public Services Complex, 209 South Prairie Avenue, Dwight, Illinois regarding a plan to issue (A) not to exceed $2,300,000 in aggregate principal amount of the Village’s Taxable General Obligation Bonds (Waterworks System Alternate Revenue Source), Series 2021A (the “Series 2021A Bonds”), (B) not to exceed $600,000 in aggregate principal amount of the Village’s Taxable General Obligation Refunding Bonds (Alternate Revenue Source), Series 2021B (the Series 2021B Bonds) and (C) not to exceed $4,150,000 in aggregate principal amount of the Village’s Taxable General Obligation Refunding Bonds (Alternate Revenue Source), Series 2021C (the “Series 2021C Bonds,” and together with the Series 2021A Bonds and the Series 2021B Bonds, collectively, the “Bonds”). Jared Anderson, Village President, as Hearing Officer read the following statement: Good evening. This hearing will come to order. Let the record reflect that this is a public hearing being held pursuant to the requirements of Sections 10 and 20 of the Bond Issue Notification Act of the State of Illinois, as amended (the “Act”). Notice of this public hearing by teleconference was published on March 3, 2021, in The Paper, a newspaper of general circulation in the Village. This is a hearing regarding a plan to issue the Bonds. 1. The proceeds of the Series 2021A Bonds will be used to (i) refund the Village’s outstanding General Obligation Bonds (Alternate Revenue Source), Series 2016A, which were originally issued to construct certain water system improvements including water infrastructure extension, (ii) finance certain capital improvements within the Village, and (iii) pay certain costs of issuance of the Series 2021A Bonds. The Series 2021A Bonds will be issued by the Village in accordance with the provisions of Section 15 of the Local Government Debt Reform Act of the State of Illinois, as amended, and shall constitute a general obligation of the Village, payable from (i) the Net Revenues derived from the operation by the Village of the waterworks system (the “System”) as authorized to be issued at this time pursuant to Division 129 or, in lieu thereof, alternate bonds, being general obligation bonds payable from the Net Revenues of the System, and (ii) ad valorem taxes of the Village for which its full faith and credit have been irrevocably pledged, unlimited as to rate or amount. 2. The proceeds of the Series 2021B Bonds will be used to finance (i) refund the Village’s outstanding General Obligation Bonds (Alternate Revenue Source), Series 2016B, which were originally issued to finance the acquisition, construction, installation and rehabilitation of various capital related projects, including, but not limited to, certain infrastructure and road improvements within the Downtown TIF Redevelopment Project Area, 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 (ii) pay certain costs of issuance of the Series 2021B Bonds. The Series 2021B Bonds will be issued by the Village in accordance with the provisions of Section 15 of the Local Government Debt Reform Act of the State of Illinois, as amended, and shall constitute a general obligation of the Village, payable  from (i) the distributive share of incremental taxes derived from the Downtown TIF Redevelopment Project Area, (ii) certain distributions to the Village by the State of Motor Fuel Taxes, and (iii) ad valorem taxes of the Village for which its full faith and credit have been irrevocably pledged, unlimited as to rate or amount. 3. The proceeds of the Series 2021C Bonds will be used to finance to (i) refund the Village’s outstanding General Obligation Bonds (Alternate Revenue Source), Series 2016C, which were originally issued to finance the acquisition, construction, installation and rehabilitation of various capital related projects, including, but not limited to, certain infrastructure and road improvements within the Village, 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 (ii) pay certain costs of issuance of the Series 2021C Bonds. The Series 2021C Bonds will be issued by the Village in accordance with the provisions of Section 15 of the Local Government Debt Reform Act of the State of Illinois, as amended, and shall constitute a general obligation of the Village, payable from (i) all collections distributed to the Village from Retailer’s Occupation Taxes, Service Occupation Taxes, Use Taxes and Service Use Taxes, including the Non- Home Rule Infrastructure Municipal Retailers’ Occupation and Service Occupation Taxes, and (ii) ad valorem taxes of the Village for which its full faith and credit have been irrevocably pledged, unlimited as to rate or amount. This public hearing is required by Sections 10 and 20 of the Act. At the time and place set for the public hearing, residents, taxpayers and other interested persons will be given the opportunity to express their views for or against the proposed plan of financing, the issuance of the Bonds and the purpose of the issuance of the Bonds. The Hearing Officer asked if there was anyone who wished to submit written comments. No written comments were received at the Village office. The Hearing Officer asked all residents, taxpayers or other interested persons attending the hearing and desiring an opportunity to express their views for or against the proposed Bonds, to please now signify orally so that they may have an opportunity to make those comments or statements. No one present expressed a desire to comment. The Hearing Officer concluded the public hearing regarding a plan to issue the Bonds at 6:39 p.m. Let the Record further reflect this public hearing was concluded at the hour of 6:39 p.m., March 22, 2021. By: _____________________________________ Jared Anderson, Village President ATTEST: _____________________________ Jill V. Haacke, Village Clerk