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HomeMy WebLinkAboutORDINANCE - 1461 - 6/2/1981 - JAWA/AGREEMENTORDINANCE NO. 1461 AN ORDINANCE AUTHORIZING THE AMENDMENT OF THE NORTHWEST SUBURBAN MUNICIPAL JOINT ACTION WATER AGENCY AGREEMENT NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees of the Village of Elk Grove Village as follows: Section 1. It is found and declared by the President and Board of Trustees (the "Board") of the Village of Elk Grove Village (the "Village") as follows: (a) The Village is a member of the Northwest Suburban Municipal Joint Action Water Agency (the "Agency") which agency was established and is governed by the Northwest Suburban Municipal Joint Water Agency Agreement (the "Agreement") (b) The agreement is entered into pursuant to the Inter- governmental Cooperation Act as amended (Illinois Rev. Stat. Ch. 127, Sec. 741 et sec.) the (Act); (c) The Act provides for the Agreement to authorize receipts of the Agency to be pledged to the payment of bonds or notes. (d) It is in the best interest of the Agency and the Village that the Agreement be amended to authorize a pledge, assignment, lien or security interest with respect to receipts of the Agency for the purpose of securing and paying any bonds or notes of the Agency, as provided in the Agreement of Amend- ment presented to this meeting and attached hereto and made a part hereof (the "Agreement of Amendment"); 8 (e) Section 12 of the Agreement provides for amendment of the agreement by a written agreement authorized by an ordinance of the corporate authorities of each Municipality; and (f) The Village desires to authorize the Agreement of Amendment. Section 2. The Village hereby authorizes the execution on its behalf of the Agreement of Amendment. Section 3. This ordinance shall become effective as of its approval by the President and Board of Trustees of the Village. PASSED by the President and Board of Trustees of this Village this 2nd day of June , 1981. APPROVED this 2 nd day of June 1981. ATTEST: V llage Clerk VOTE: AYES: (names) Trustees Bosslet, Chernick, Hauser, Petri, Tosto. NAYS: (names) None ABSTENTIONS: (names) None ABSENT: (names) None PASS: Trustee Uhlarik (2) NORTHWEST SUBURBAN MUNICIPAL JOINT ACTION WATER AGENCY AGREEMENT OF AMENDMENT THIS AGREEMENT is entered into by and between those municipalities (the "Municipalities") who are members of the Northwest Suburban Municipal Joint Action Water Agency (the "Agency") Agency; WITNESSETH WHEREAS, the Municipalities are all members of the WHEREAS, the Agency was established and is governed by the Northwest Suburban Municipal Joint Action Water Agency Agreement (the "Agreement"); WHEREAS, Section 12 of the Agreement provides that the Agreement may be amended by written agreement of the Municipalities, authorized by ordinances of their respective corporate authorities; WHEREAS, the Municipalities desire to amend the Agreement as stipulated herein; and THEREFORE, IT IS AGREED BY AND BETWEEN THE MUNICI- PALITIES AS FOLLOWS: Section 1. -2 - Section 8(a)(xiv) of the Agreement is hereby amended to read as follows (the added language being under- lined in this Agreement only for ease of understanding): Section 2. (xiv) To borrow money and, in evidence of its obligation to repay the borrowing, issue its bonds or notes, all as provided in the Act, and, for the purpose of securing and paving anv of its lien or security interest on revenues derived from the op including from contracts for and investment earnings ther any particular of its bonds ment earnings thereon; (iii) Agency under any interim con of water with any Municipali or any other contracts with other person which provide t'. may be used for that purpose earnings on any such receipt accounts securing payment of established by the bond or n the resolution authorizing the issuance of the bonds or notes. This Agreement of Amendment shall become effective upon its execution by all the Municipalities. IN WITNESS WHEREOF, the undersigned Municipalities have executed this Agreement of Amendment by the signatures of their respective officers as reflected on the dates set forth below. This Agreement of Amendment may be signed in duplicate originals. Village of Elk Grove Village B Pr r 1 Executed this June 2, , 1981.