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RESOLUTION NO. 3-01 <br />A RESOLUTION CEDING THE AGGREGATE UNUSED INDUSTRIAL <br />REVENUE BONDS OF THE VILLAGE OF ELK GROVE VILLAGE TO <br />THE ILLINOIS DEVELOPMENT FINANCE AUTHORITY FOR USE WITHIN <br />THE CORPORATE LIMITS OF ELK GROVE VILLAGE <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 $50. <br />per capita (the "Available Ceiling"); and <br />WHEREAS, $560,000 of the 2001 Volume Cap be set aside for transfer <br />to the County of Cook for the Little Lady Food project. Upon <br />notification that the County is ready to move forward the IDFA will <br />provide the appropriate resolution; and <br />WHEREAS, the Home Rule Unit has an unused balance of allocated <br />Available Ceiling for calendar year 2001; 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 />