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RESOLUTION NO. 15-02 <br />A RESOLUTION CEDING THE AGGREGATE UNUSED INDUSTRIAL REVENUE BONDS <br />OF THE VILLAGE OF ELK GROVE VILLAGE TO THE ILLINOIS DEVELOPMENT <br />FINANCE AUTHORITY FOR USE WITHIN THE CORPORATE LIMITS OF ELK GROVE <br />WHEREAS, The Village of ELk Grove Village (the "Home Rule Unit") is <br />a home rule unit of government duly organized and validly existing under <br />Article VII of the 1970 Constitution and laws of the State of Illinois; <br />and <br />WHEREAS, the Home Rule Unit's portion of the State Ceiling is $75. <br />per capita (the "Available Ceiling"); and <br />WHEREAS, the Home Rule Unit has an unused balance of allocated <br />Available Ceiling for calendar year 2002; and <br />WHEREAS, it is in the best interest of the Home Rule Unit to <br />transfer and reallocate the Home Rule Unit's remaining, unused allocated <br />Available Ceiling to the Authority and thereby permit the Authority to <br />issue its tax-exempt private activity bonds to finance industrial, <br />manufacturing, and commercial projects for economic development purposes <br />throughout the Village of Elk Grove Village. <br />NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees <br />of the Village of Elk Grove Village, Counties of Cook and DuPage, State <br />of Illinois as follows: <br />Section 1: That the Village of Elk Grove Village hereby transfers <br />and reallocates its unused allocated Available Ceiling to the Authority <br />for the purpose of enabling the Authority to complete the financing of <br />industrial, manufacturing, and commercial projects for economic <br />development purposes throughout the Village of Elk Grove Village. <br />Section 2: That the Authority and Home Rule Unit shall each retain <br />a copy of this Resolution in their records for the term of all private <br />