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RESOLUTION NO. 24-95 <br />A RESOLUTION AUTHORIZING THE VILLAGE PRESIDENT AND THE VILLAGE <br />CLERK TO CEDE THE VILLAGE'S 1995 PRIVATE ACTIVITY BOND AUTHORITY TO <br />THE ILLINOIS HOUSING DEVELOPMENT AUTHORITY FOR PARTICIPATION IN THE <br />1995 MORTGAGE CREDIT CERTIFICATION PROGRAM. <br />WHEREAS, the Village of Elk Grove Village, Illinois, is a home rule unit of local <br />government pursuant to the provisions of Article VII, Section 6, of the Illinois Constitution; and <br />WHEREAS, the United States Government has authorized the State of Illinois and its <br />political subdivisions to issue qualified mortgage bonds as defined in Section 143(a) of the <br />Internal Revenue Code of 1986, as amended, in order to provide below market interest rate loans <br />to qualifying individuals and/or to issue mortgage credit certificates pursuant to Section 25 of <br />the Code in lieu of Bonds which entitles qualifying individuals to a credit against their federal <br />income taxes; and <br />WHEREAS, the Village desires to consider establishing and implementing a 1995 Bond <br />or Certificate Program with the allocation of its 1995 bond volume cap as defined in Section 146 <br />of the Code in the approximate amount of $1,671,450; and <br />WHEREAS, pursuant to the Illinois Private Activity Bond Allocation Act, the Village's <br />volume cap allocation may be ceded to the State of Illinois, Governor's Office, if it is not used <br />or allocated by May 1, 1995. <br />NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees of <br />the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois, as follows: <br />Section 1: It is hereby found, determined, and declared that the purpose of this <br />Resolution is to take steps designed to reduce the cost of financing principal residences located <br />in the Village of Elk Grove Village in order to provide decent, safe, and sanitary housing for <br />qualifying persons of low and moderate income. <br />