HomeMy WebLinkAboutRESOLUTION - 3-97 - 1/28/1997 - INDUSTRIAL REVENUE BONDS/CEDING UNUSEDRESOLUTION NO. 3-97
A RESOLUTION CEDING THE AGGREGATE UNUSED INDUSTRIAL
REVENUE BONDS OF THE VILLAGE OF ELK GROVE VILLAGE TO
THE ILLINOIS DEVELOPMENT 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 validy 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 $50.
per capita (the "Available Ceiling"); and
WHEREAS, the Home Rule Unit has an unused balance of allocated
Available Ceiling for calendar year 1997; 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 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 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: 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 1997.
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 28th day of January , 1997.
APPROVED: this 28th day of January , 1997•
APPROVED:
Dennis J. Gallitano
Village President
ATTEST:
Patricia S. Smith
village Clerk
Trustee Johnson made a motion that said Resolution be adopted by
said Governing Body of the Home Rule Unit, which motion was duly
seconded by Trustee Rettberg
After full discussion and consideration of the matter, the roll was
called as follows:
AYE: Trustees Czarnik, Feichter, Johnson,
Lissner, Petri and Rettberg
NAY: None
ABSENT OR NOT VOTING: None