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RESOLUTION NO. 32-92 <br />A RESOLUTION EXTENDING THE AGREEMENT FOR FUNDING AND <br />DEVELOPMENT OF THE ILLINOIS INTERNATIONAL CONVENTION <br />CENTER FOR A PERIOD OF THIRTY-SIX (36) MONTHS <br />WHEREAS, the municipalities of Schaumburg, Elk Grove Village, Hoffman <br />Estates, Palatine and Rolling Meadows have entered into an Agreement with <br />the Illinois International Convention Center Authority for purposes of <br />funding and development of the Illinois International Convention Center on <br />November 15, 1990; and <br />WHEREAS, the terms and conditions of said Agreement expire on or about <br />May 15, 1992; and <br />WHEREAS, the municipalities and the authority deem it to be in the <br />best interests of all parties to extend said Agreement. <br />NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees <br />of the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois <br />as follows: <br />Section 1: That the Agreement for Funding and Development of the <br />Illinois International Convention Center (Intergovernmental Agreement) <br />dated November 15, 1990 attached hereto and marked "Exhibit A" shall be and <br />hereby is amended to read as follows on Page 16, Paragraph 6. Duration. <br />"This Agreement shall be in effect upon the date entered on the <br />first page of this Agreement which shall be the last date of <br />approval of any of the parties to this Agreement, and shall be <br />in force for forty (40) years from the due date of the first <br />payment of the Tax Proceeds made by the Municipalities. <br />Notwithstanding the above, this Agreement shall terminate <br />Thirty-six (36) months from the date hereof if the Authority <br />fails to issue any portion of any Revenue Bonds as provided <br />herein. In the event of such termination, the Authority shall <br />pay to each participating Municipality, such Municipality's Tax <br />Proceeds deposited in the Convention Center Fund." <br />Section 2: That the Village President and Village Clerk be and <br />hereby are authorized to attest this Resolution authorizing the Amendment <br />to the Agreement for Funding and Development of the Illinois International <br />Convention Center. <br />