HomeMy WebLinkAboutRESOLUTION - 22-96 - 3/26/1996 - GROVE MALL/EXPRESSING OFFICIAL INTENTRESOLUTION NO. 22-96
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 redevel-
opment of that certain area of the Village known as the Grove Mall
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, 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 cf the Expenditures is $3,000,000.00.
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 re-
lating to its official acts with respect to this Resolution.
Section 5: That all actions of the officers, agents and em-
ployees 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.
VOTE: AYES: 5 NAYS: 0 ABSENT: 1
PASSED this 26th day of March 1996.
APPROVED this 26th day of March 1996.
ATTEST:
Patricia S. Smith
VILLAGE CLERK
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Dennis J. Gallitano
VILLAGE PRESIDENT