Laserfiche WebLink
RESOLUTION NO. 25-03 <br />A RESOLUTION CEDING THE AGGREGATE UNUSED INDUSTRIAL <br />REVENUE BONDS OF THE VILLAGE OF ELK GROVE VILLAGE TO THE <br />ILLINOIS DEVELOPMENT FINANCE AUTHORITY FOR USE WITHIN THE <br />CORPORATE LIMITS OF ELK GROVE VILLAGE <br />WHEREAS, The Village of Elk Grove Village (the "Home Rule Unit') is a <br />home rule unit of government duly organized and validly existing under Article VII <br />of the 1970 Constitution and laws of the State of Illinois; and <br />WHEREAS, the Home Rule Unit's portion of the State Ceiling is $75. per <br />capita (the 'Available Ceiling'); and <br />WHEREAS, the Home Rule Unit has an unused balance of allocated <br />Available Ceiling for calendar year 2003; and <br />WHEREAS, it is in the best interest of the Home Rule Unit to transfer and <br />reallocate the Home Rule Unit's remaining, unused allocated Available Ceiling to <br />the Authority and thereby permit the Authority to issue its tax-exempt private <br />activity bonds to finance industrial, manufacturing, and commercial projects for <br />economic development purposes throughout the Village of Elk Grove Village. <br />NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of <br />Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, <br />State of Illinois as follows; <br />Section 1: That the Village of Elk Grove Village hereby transfers and <br />reallocates its unused allocated Available Ceiling to the Authority for the purpose <br />of enabling the Authority to complete the financing of industrial, manufacturing, <br />and commercial projects for economic development purposes throughout the <br />Village of Elk Grove Village. <br />Section 2: That the Authority and Home Rule Unit shall each retain a copy <br />of this Resolution in their records for the term of all private <br />activity bonds of the Home Rule Unit issued during calendar year 2003. Notice <br />of this Resolution together with a copy of this Resolution shall be given in writing <br />