TITLE
AN ORDINANCE providing for the issuance of not to exceed $10,400,000 General Obligation Refunding Bonds, Series 2021B, of the Village of Romeoville, Will County, Illinois, for the purpose of refunding certain outstanding obligations of the Village, authorizing the execution of a bond order in connection therewith, providing for the levy and collection of a direct annual tax sufficient for the payment of the principal of and interest on said bonds, and authorizing the sale of said bonds to the purchaser thereof.
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WHEREAS, by virtue of its population, the Village of Romeoville, Will County, Illinois (the "Village"), is a home rule unit pursuant to Section 6 of Article VII of the 1970 Constitution of the State of Illinois, and as such is empowered to perform any function pertaining to its government and affairs, including the power to incur debt; and
WHEREAS, pursuant to the provisions of said Section 6, the Village has the power to incur debt payable from ad valorem property tax receipts or from any other lawful source and maturing within 40 years from the time it is incurred without prior referendum approval; and
WHEREAS the Village has outstanding a certain loan agreement with the Illinois Environmental Protection Agency (the "IEPA), as follows: L17-2158 loan payable of 2008 (the "Prior Loan"); and
WHEREAS, the President and Board of Trustees of the Village (the "Corporate Authorities") have heretofore and it hereby is determined that it is advisable and necessary and in the best interests of the Village that some or all of the Prior Loan (said portion of the Prior Loan selected to be refunded by the hereinafter defined Designated Officers, with the advice of the Village's municipal advisor, and as set forth in the hereinafter defined Bond Order, being the "Refunded Loan") be refunded (the "Refunding") in order to achieve debt service savings for the Village; and
WHEREAS the estimated cost to the Village of the Refunding ...
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