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Home My WebLink AboutORDINANCE - 1829 - 8/12/1986 - INTERGOVERNMENTAL COOP AGREEMENTORDINANCE NO. 1829 AN ORDINANCE APPROVING AND AUTHORIZING EXECUTION OF INTER- GOVERNMENTAL COOPERATION AGREEMENT WITH THE VILLAGE OF WOOD - RIDGE, THE ILLINOIS MUNICIPAL LEAGUE AND OTHER UNITS OF LOCAL GOVERNMENT WHEREAS, the corporate authorities have determined that the Pooled Loan Program established by the Illinois Municipal League will assist in accomplishing the aims of the Illinois Municipal League generally and the Village of Elk Grove Village; and WHEREAS, the corporate authorities have determined that it is in the best interest of the Village of Elk Grove Village to execute an Inter- governmental Cooperation Agreement establishing the Illinois Municipal League Pooled Loan Program. NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois as follows: Section 1. That the Intergovernmental Cooperation Agreement pertaining to the Pooled Loan Program which is attached hereto and made apart hereof is approved and the Village of Elk Grove Village is authorized to enter into such an agreement. Section 2. The Village President and Village Clerk are authorized and directed to execute such agreement on behalf of the Village of Elk Grove Village and to transmit a duly executed copy thereof to the Illinois Municipal League. Section 3. That this Ordinance shall be in full force and effect from and after its passage and approval according to law. PASSED this 12th day of August , 1986. APPROVED this 12th day of August 1986. ATTEST: Patricia S. Smith Village Clerk Charles J. Zettek Village President COO- This agreement is made pursuant to the i[1te:governmentaL cooperation provisions of the ILLinois Constitution (Ill. Const. 1970, Art. VII, See. 10) and the Intergovernmental C000elacicn act (111. Rev. Stat. Ch. 127, 51 741-749 (1985)) by and among ViTiaae of 1.4nndrieIgp —,a home rl[le unit' of local gove:•n- mellc (tae "Iasuec"), the Illi::oi3 Nuaicipal an unincorpo- rated, no np ro £i z, nonpolitical associat1011 o£ ILlinois Cicies, villages and inCornora Ced Co,,;[:S Crea C_d OV Ill. Rev. Scat. Ch. 2 ;l -a-1 (1935) (the "?.d:ai.^.i3tratot"). a::d C::e undersic; ed unit:, o_ Local government ("Municipalities"). F1Fi_ti_AS, the bOrro'ding o£ -'ands for equlpnle.na pul:--haae3 and ora_r• c pltal projecta is 3 if0':ala:aentaL .u..---0:. ....-C:: : e i•iunici-oalitie3 'have in c=.,mon; and --.,a have :ou nd ao.d that, accl:lg _:..dividuaLLy, 3uC!1 barn.-._ ;gs have b29Ci aCCOiltp Llai%d•;l inefficiently or u-sconortucaLLy cue. to rhe £oLlonwinqcirc aaca:lc- .es, amcng others: (a) [Sant NuniClpaLltles hale crediC dhLLa sown and as Strinci in rheic i -mediate locald, are unkn04n1 oC lll:C'3.3StiifaCZd 1:1 tae t'aCiotlul Hark -ata; (b) as a practical matzer, ma[17 MLl[:iCL: :lir_;-s are denied access to the national mar:tets aia:uly thee, ave small; (c) the borrowing needs of many Municipalities aVe too small to attract interest in the national motley marketa; (d) the borrowing needs of many l• tllthi__7F.lities az.'- too small to justify the employment of the permanent techni- cal staff necessary to stay abreast of motley market developments and financial innovations; and (e) the fix-ad costs of municipal borrowing make it relative Ly disadvantageous to borrow in salalL amounts; and B HEC'EAS, the Municipalities desire, throLL,�,a Inter-Clove C:1- mental Cootie Cation, to a3Sociate corjecher to acIlte,.,e efficiencies and econollhies of scale in the raising of borrowed funds; an.c! ` FT-RC15, the Municipalities are ally::O L'isad bV t!.e A- Cesaid !!lit constitutional and- statutory pL'o Visl.ol:s to associate among t!leaisZlVe3 and eater into CoiltL'aC _Ud1 at'Ca::CJc:il9llt9 with otle another LOL' Che performance of any Cjove--nmentAL uI:'-: rrak- ing •,:hic!1 any or the cont_aC__.nCf Dy law to perform; and Oi'ci_3cAS, the Ad:lin.istrator has developed a pooL_zl loan program for home rule and non-home rule units o:: Local goverai:*:?nt of the State of I1li:lois for the purpose o: pr]•ridI-,q a nlean-i of fi.natlCing, razillancing and reimbursing the Cost of certain ecuip- ment puvC!lases and caps Cal projects of 'Municipalities; and such pooled load proyr_.tn Ls expacted to sopklisticatcd bprrowi:llj techniaues and Lol:ar borrow?::cJ costa and more favorable borr'owitlg terms to the Municipr.Iities which L•urrow from the pooled loan program thin would otherwise be availabl:_ to such (dunicipalities; and -0)_ i FEZEAS, iil :Llrtherance Of inte-•CIOVernine:lC:.l COOoeratiOR as provided in this Agreement. and"pursuant Co authority granted under Article VII, Section c(a) of the ILliaois Constitution and other applicable provisions of Illinois Law, the Issuer, as a home Tula unit of Local government, is authorized and willing to issue revenue bonds (the "3cdds") in its name, the proceeds from the sale of Which would be available to fund the pooled loa:l program; and lMIERCAS, i'1Ll:aciodLitieS Jd L•ticinatiilg in tle JoOLed Loan UrOg_3m Which de:ilra to bou-ow fvotit the pool:d loan Jrogra.m Will enter into an agraeltlenc with tale I-Z3Lle L' ,ac r'le ti.^.:e of the borrow- ing to evidence the t_L'm3 of such loan (a 4par -Jon Agree- menz:") ; and PiciC::= in order to zecu--e Jaz":eaC of tae JL'i:7C:D11 and iacarest OR 311c:1 !.-eve!:Lid 11 -ands to =he :.o Ltlers as t.:= same comes due Che r55Ller Will an L?L' into an agree:me:lt Or aCJraemen'-*3 ..-ta a national banking as3octation or Ocher .'•J7L'oo ri ate .:milt:al insticution or i,^.scicucion3 pro':idillg for the izsuance• Of an irr-2%,ocable direct pay or standby la_-ar of cradit or revolving line of credit and/or municipal bold insurinca and./or surety bonds (tile "CL'edic SLICoorts"), such Credit Supports securing the obliga- tiolh'3 of the iMu:1LCiJi lities Linder their res7nccive 7.'.rtiC.�oatio:l .yr�"•_mel1CS Gild:/O,�_Co ol'OV:de cr=dic support for 11::.1 32CU.'111<,J tar3 pal...lenc of the pri:lcinal of a:td iehcerest on the Fonds, :3 tch agreement oragreements (the credit Support iiCJL'eelneatS" ) to be entered into by and between the Issuer and such institl:tions ( the "Credit Institutions"); and -3- WEER. -'.S, Pursuant to the berms of the Credit Support Agreements, the Credit Institutions will be entitled to reimbursement for draws made on the Credit Sucoo-ts in order to nay maturing principal of and interest on the Bonds and/or pur- chase Bonds duly tendered for ourchase and not ocherWise reim- bursed from funds and revenges pledged under and received pursuant to the pacticipat'_On Agre•aments, Irdencule, and/or Remarketing Agreement (as hereinafter described) all as to be mole fully set forth In the Indencure hereina-- tar ment_Jned; and WFER-c?.S, certain proceeds front t!:e sale of t! -.e loads shall be deposited into a Crust Lund 011e °=Jail Fund") to be created and escablishad pursuant to the Indenture atld Hill, ..,hen dlsturnsed the Loan tJ tl:d be dill: ape l_.d by the i•IUR1C 1p.:ilt123 toward the _-..«::CI .Cf, .e_ - Il a:1C l:lg OCI'C'_ilt:]llrS2l:leaC OL t!:e CJst Of Clla ll_y1::g ?L.0)�Cts In accordance arit!1 the.apnlicable lacr. cL the Stat•= c i_1_nois; and Plc=i==.5, 1n Ord" to sacule tha issLld:.__ OL and the payment Of the principal of and interest on the Sonds and ocher amounta dile and owing under the Credit Su^ooct 1-:1veeatents, tl:a rasher shall enCur into a Trust Ind--nvure wizil d banking i:lstitaticn or crust comnan_i aooro• e by tl:e :.datir.itt_'ato_ and the IsCue L', thy, :ndeature to .:CJtide COI', ...:C.^.y O!:11'e t!llag the form of the bonds, the mar.::er in Whir -111 fluid_ shall be dis- bursed from the Loan Fund to participating i• IunicipaLities, the manner in Which the Sonds are to be issued including, :;iChout Limitation, the setting of interect races and interest accrual periods thereon and the marketing, and remarketing thereof, and the -4- manner in which the principal of, premium, 1£ a:ly, 111rerest On the Bonds sllalL be paid as the same shall becoS%e due and payable whether by tender, maturity, redemption or acceleration; and WFER-TAS, the Issuer shall require that adequate provi- sion is made under the Ividenture, the Participation Agreements and the Credit Support Agreements far the payment of zhe principal of, prentiuCl, if any, and interest on the Sonds aad the Lel:nbU r32Gleat Of ally draws and other amOUncs due under the Credit Support Agreement3 as the same shall become due and payable; and 4fHE:._:S, the Issuer shall require that the debt service payments to be made by the i•?unlci-palities under tP.e Indene:re, the Participation Agreenlent3 and the Credit Support :.greements w111, in aggregate, be sufficient to oay all of t;le a:in..i?a1 af, premium, if any, and interest on the Bonds authorised to be ?35Lleq, a3 tSle S„ille Befall become dile and Credit Institutions for draws, i` nny, made pursua.^.t to the Credit Support Agveealents to pay the ori..^.cipai and 1:1te L'e3L on t :e 3011ds and to make all other payments r cuired. MOP/ T ERE?CEt_, THE PARTIES HERETO 4-;GREE AS 40L:.0''eIS: SECTICH 1: The Issuer and the d:;liliatrstor will prepare the clocuments necessal:7 to is^.ol=meat the pooled Loan pragraill. SECTION 2: The Issuer will i:s:;ue ucPLC! s to fund the pooled loan orograla. SECTION 3: The Administrator will adrlinister the pooled loan program on b<half of the Issuer •aLld the participating MULlicipalities. -5- ScCT:CM 4: It is hereby exorassLy ;-a ted t:.at bl y executing this Agreement each undersi�gned.Munic:pality shall not become obligated oc entitled to borrow any amount from the pooled Loan program, and, except as expressly set forth in its particular Participation Agreement, shall not become obligated on or with respect to the Bonds or to pay any of the costs of implementing the pooled loan program. Each undersigned Municipality hereby exercises and t ra2:�_2r3 to. the Issuer those powers of the Municipality as are necessary fol' the Issuer to lmplemeLlt the pooled Loan pvc :raal for the benefit of such idunicipality, includi:lq the power Co i3Sue Bonds to finance (by funding the pooled Loan prcyraul) any aut::or- -=d project of sl'.-h ..:Ilicipalizy. It _3 hereby expreiaLV 3t..t_d that the tr3lL_2.__Llg MI LnICi pati C( :eSerV•eS the Conc;:r1:?11C r1 h= ♦'e1•- I♦ an Lel" .er C as ��Ip Qi1 to e..___i32 S:LC.. ._ S _2d pO'! ., ._c:Ll _. CJ t_,.._ 35 1C Ci. a.3 necessary and appropriate. S'cCTIC,,i 5: The principaL of, pr_tuium, _= any, acrd interest on the Bonds shall be payable solely :roar the sources 'and se--u--ed to the extent and a3 prOVided 1n the _nd_llture, t::= ?articipation Agreements and the Credit Support AcIreemencz. The Bonds and the obligations and cove lanC3 of the Issuer Linder tale Indenture, the Participation A.rn^E-!nz:c, the C.edit Support A:Ji•eements, and any other document.: relating to the pooled !call progt'acn (collectively, the "Program Documents") shall not be deemed to Constitute a debt, Liability, or obligation of the Stake of Illinois, or any political subdivision ov municipality thereof, including the Issuer, or •a pledge of the faith and credit of the -6- State Or any political subdlvl 5 40i Or MLI Ll I i-, CY C.1:?1: including the Issuer, but Shall constitute limited obligytions payable solely from the 'pledge of those funds, accounts and sources as set forth is the grogram Documents. The issuance of the Bonds shall not directly, indirectly or contingently obligate the Issuer, the State of Illinois or ally political subdivision or municipality thereof, including the Issuer to Levy or to pledge any fora OL ta.'Cat1on or assessment whatsoever t. erg £Or except as any par_icular Municipality may otherwise proviz'e in its pacion Agreement. S'ECT'ON 6: It is heraby agr-i=d th3: the r:�' linlstinto: shall have the power to approve or disapprove applications for Loar.s from the pooled loan program. S'cCT_I0V 7: If ally one Or more of the covenittta, agree- Illellts Or pl'OvlSlons cOtlzained in this steall be held contrary to ally exprass provisions OL Law oL' cOatl'a:y to the policy of express law, though npc expresSLy prohibited, or agalinst public policy, or shall for any reason w1latsoever be held iavaiid, then such covenants, agreements or provizions shaLl be null and void and shall be deemed separable from the vt).maining co:•enan:s, agreements ol• provisions hereof aad shall in no •+lay <.£ ect the validity of ail`f of the Other pL'OViSiOL1S Of t:ate=.•Jr:'?S!V_at. In tile? event it shall evau be determined by aCcllrt Of coltlpeteilt Juris- diction that the involvement of ally Muuicipalities ill the pooled Loan program is not permitted by the Laois of the State of Illiroi3, the pooled Loan program she'll proceed with Only those HunicipaLi ties pouilicted as participants therein. -7- SECTION 8: This Agreement shall take effect immediately upon its execution by the Issuer, the Administrator and at least one Municipality in addition to the Issuer. Any number of additional Municipalities may, at -any time,, become parties to this Agreement by executing the Form of Acceptance as set forth below on an executed counterpart of this Agreement. Dated as of "/ 1.uc}+ft;t 1 1986 Issuer I t s/A�--- -- Attest-: -Ls•__ Its_f�„ (SEAL] Illinois Municipal League Admin sltr *or -r Its r'ily" pt Attes It am FORM OF ACCEPTANCE The undersigned Municipality hereby agrees to the terms and provisions of the Intergovern metal Cooperation Agreement, dated as of July 1, 1986 by and among Village of Woodridge, the Illinois Municipal League and the Municipalities executing such agreement. DATE: August 12, 1986 Village of Elk Grove Village Municipality By: Charles J. Zettek Its: Village President Attest: Patricia S. Smith Its: Villa e Clerk SEAL