HomeMy WebLinkAboutRESOLUTION - 23-99 - 9/28/1999 - EXPENDITURES TO BE REIMBURSED/DEBTRESOLUTION NO. 23-99
A RESOLUTION EXPRESSING OFFICIAL INTENT REGARDING CERTAIN
EXPENDITURES TO BE REIMBURSED FROM PROCEEDS OF DEBT
WHEREAS, the Village of Elk Grove Village, Cook and DuPage
Counties, Illinois (the "Village") intends to finance the
redevelopment of that certain area of the Village known as the
Devon/Rohlwing Shopping Center, including without limitation, the
acquisition of land in the area of the Center (all of such
redevelopment being the "Project"); and
WHEREAS, expenditures relating to the Project will be paid on or
after the passage of this Resolution (the "Expenditures"); and
WHEREAS, the Village reasonably expects to reimburse itself for
the Expenditures by incurring debt.
NOW, THEREFORE, BE IT RESOLVED by the President 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 reasonably expects to reimburse the
Expenditures with proceeds of debt to be incurred by the Village.
Section 2: That the maximum principal amount of debt expected to
be issued for reimbursement of the Expenditures is $4,000,000.00.
Section 3: That this Resolution is a declaration of official
intent under Treasury Regulations Section 1.103-18.
Section 4: That the Village will comply with the applicable
State or local law governing the public availability of records
relating to its official acts with respect to this Resolution.
Section 5: That all actions of the officers, agents and
employees of the Village that are in conformity with the purposes and
intent of this Resolution, whether taken before or after the adoption
hereof, are hereby ratified, confirmed and adopted.
Section 6: That this Resolution shall be in full force and
effect immediately upon its adoption.
VOTES:
AYES:
6
NAYS:
0 ABSENT 0
PASSED
this
28th
day of
September 1999.
APPROVED
this
28th
day of
September 1999.
Craig B. Johnson
Village President
ATTEST:
Ann I. Walsh
Village Clerk
Res0Devon&Roh1wing99.doc