HomeMy WebLinkAboutRESOLUTION - 7-96 - 1/23/1996 - INDUSTRIAL REVENUE BONDS/CEDING UNUSED RESOLUTION NO. 7-96
A RESOLUTION CEDING THE AMREGATE UNUSED INDUSTRIAL
FMNuE 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 "Hare Rule Unit")
is a hone 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 Hone Rule Unit's portion of the State Ceiling at $50
per capita equals $1,671,450 (the "Available Ceiling") and
WHEREAS, the Ham Rule Unit has an unused balance of allocated
Available Ceiling in the amount of $1,671,450 for calendar year 1996;
and
WHEREAS, it is in the best: interest of the Herne Rule Unit to
transfer and reallocate $1,671,450 of 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 Hone Rule Unit shall each retain a
copy of this Resolution in their records for the term of all private
activity bonds of the Herne Rule: Unit issued during calendar year 1996.
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 Hone 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 23rd dAy of January 1996.
APPROVED: this 23rd day of January 1996.
APPROVED:
Dennis J. Gallitano
Village President
ATTEST:
Patricia S. Smith
Village Clerk
Trustee Rettberg made a mction that said Resolution be adopted by
said Governing Body of the Hare Rule Unit, which motion was duly
seconded by Trustee Czarnik
After full discussion and consideration of the matter, the roll was
called as follows:
AYE: Trustees Chernick, Czarnik, Johnson, Lissner,
Petri, Rettberg
NAY: None
ABSENT OR NOT VOTING: None