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Village of Maryville, Illinois

Description Public Hearing - YMCA Series 2010 Bond Issue
Date 3/3/2010 Location Council Chamber
Time Speaker Note
7:00:01 PM Gulledge Called the Board meeting of Wednesday, March 3, 2010 to order and invited those in attendance to join in the Pledge of Allegiance. After the Pledge, asked for a roll of those officers present. Answering the roll call were Trustees Limberg, Schmidt, Bell, Kostyshock and Garcia; Short was absent. Also in attendance were Building and Zoning Administrator/Fire Chief Flaugher, Public Works Director Presson, Comptroller Brussatti, Police Chief Schardan, two reporters and one resident.
7:00:54 PM Gulledge Explained the first order of business was to hold a Public Hearing to discus the YMCA Bond Issue. There were thirteen people in attendance. Asked Attorney to discuss.
7:01:05 PM Wigginton Explained the Public Hearing has been called pursuant to Illinois Notice and Statute with notice having been previously published at least fourteen days in advance in a newspaper of general circulation in Madison County. Stated the purpose of the hearing is to discuss Maryville's potential involvement in issuing up to $6 million in Capital Improvement Refunding Revenue Bonds for the YMCA of Edwardsville project. Stated they are Series 2010 bonds. Stated this has been the subject of discussion in open session in the Village where they are considering assisting the YMCA of Edwardsville in this bond financing to allow certain improvements to land, buildings and equipment at 1200 Esic Drive and 7348 Goshen Road. Explained the second purpose of the bond issue is the refinancing by refunding the outstanding balance of $7.5 million Initial Principal Amount Special Facility Revenue Bonds Series 2003 and $595,000 Initial Principal Amount of Capital Improvement Refunding Revenue Bonds Series 2007 and paying of a $425,000 promissory note in 2007. Stated this will be the third time Maryville has cooperated with the YMCA of Edwardsville in serving as the issuing agency. Stated the Industrial Project Revenue Bond Act, along with the Registered Bond Act, the Illinois Bond Replacement Act and the Bond Authorization Act allows the Village to participate as an issuing agency to assist the YMCA in obtaining this bond financing. Stated the matter will be called during the regular course of the Board meeting tonight for a Resolution, which will authorize the Village to issue up to $6 million in Revenue Bonds and will also provide for the pledge of revenues for the payment of bonds and authorize a loan agreement that will be negotiated. Explained all documents will come back to the Board for a final vote; this Resolution simply gets the process started. Stated as was done on the past two occasions, this will be a no-cost proposition for the Village. Stated the Village has negotiated the terms under which it would participate, one being the Village will receive approximately $20,000 which the Village intends to deposit in the Park Fund; the YMCA will also pay any legal costs and expenses associated with the review, approval and opinion letter required by the issuing counsel. Stated the repayment of the bonds under the loan agreement will be the sole responsibility of the YMCA of Edwardsville. Stated they will be limited revenue bonds, not the general obligation of the Village.
7:04:45 PM Gulledge Opened the hearing to the public for questions or comments. There were none. He closed the hearing.

Respectfully submitted,

Thelma Long, Village Clerk

 

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