HomeMy WebLinkAboutRESOLUTION - 9-05 - 2/22/2005 - 2005 UNUSED IR BONDS - CEDING OFRESOLUTION NO. 9-05
A RESOLUTION CEDING THE AGGREGATE UNUSED INDUSTRIAL REVENUE BONDS OF THE VILLAGE OF ELK GROVE VILLAGE TO THE ILLINOIS FINANCE AUTHORITY FOR USE WITHIN THE CORPORATE LIMITS OF ELK GROVE
VILLAGE
WHEREAS, The Village of Elk Grove Village (the "Home Rule Unit") is a home rule unit of government duly organized and validly existing under Article VII of the 1970 Constitution and
laws of the State of Illinois; and
WHEREAS, the Home Rule Unit's portion of the State Ceiling is $75. per capita (the "Available Ceiling"); and
WHEREAS, the Home Rule Unit has an unused balance of allocated Available Ceiling for calendar year 2005; and
WHEREAS, it is in the best interest of the Home Rule Unit to transfer and reallocate the Home Rule Unit's remaining, unused allocated Available Ceiling to the Authority and thereby
permit the Authority to issue its tax-exempt private activity bonds to finance industrial, manufacturing, and commercial projects for economic development purposes throughout the Village
of Elk Grove Village.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois as follows:
Section 1: That the Village of Elk Grove Village hereby transfers and reallocates its unused allocated Available Ceiling to the Authority for the purpose of enabling the Authority
to complete the financing of industrial, manufacturing, and commercial projects for economic development purposes throughout the Village of Elk Grove Village.
Section 2: That the Authority and Home Rule Unit shall each retain a copy of this Resolution in their records for the term of all private activity bonds of the Home Rule Unit issued
during calendar year 2005. Notice of this Resolution together with a copy of
this Resolution shall be given in writing by the authority to the Office of the Governor of the State of Illinois within 10 days of the passage and approval hereof.
Section 3: That the Officials of the Home Rule Unit are hereby authorized empowered and directed to take all necessary or advisable actions in connection with the execution and implementation
of this Resolution.
Section 4: That this Resolution shall be in full force and effect from and after its passage and approval according to law.
PASSED this 22nd day of February 2005.
APPROVED this 22nd day of February 2005.
APPROVED:
Mayor Craig B. Johnson
ATTEST: Village of Elk Grove Village
Ann I. Walsh, Village Clerk
Trustee Czarnik made a motion that said Resolution be adopted by said Governing Body of the Home Rule Unit, which motion was duly seconded by Trustee Dill.
After full discussion and consideration of the matter, the roll was called as follows:
AYE: Trustees: Feichter, Lissner, Petri, Prochno, Czarnik, Dill
NAY: None
ABSENT OR NOT VOTING: None
RescedingunusedIRBonds2005