HomeMy WebLinkAboutRESOLUTION - 20-94 - 4/26/1994 - 1994 MORTGAGE CREDIT CERTIF. PROGRAMRESOLUTION NO. 20-94
A RESOLUTION AUTHORIZING THE VILLAGE PRESIDENT AND THE VILLAGE
CLERK TO CEDE THE VILLAGE'S 1994 PRIVATE ACTIVITY BOND
AUTHORITY TO THE ILLINOIS HOUSING DEVELOPMENT AUTHORITY FOR
PARTICIPATION IN THE 1994 MORTGAGE CREDIT CERTIFICATION PROGRAM
WHEREAS, the Village of Elk Grove Village, Illinois, is a home
rule unit of local government pursuant to the provisions of Article
VII, Section 6, of the Illinois Constitution; and WHEREAS, the
United States Government has authorized the State of Illinois and its
political subdivisions to issue qualified mortgage bonds as defined
in Section 143(a) of the Internal Revenue Code of 1986, as amended,
in order to provide below market interest rate loans to qualifying
individuals and/or to issue mortgage credit certificates pursuant to
Section 25 of the Code in lieu of Bonds which entitles qualifying
individuals to a credit against their federal income taxes; and
WHEREAS, the Village desires to consider establishing and
implementing a 1994 Bond or Certificate Program with the allocation
of its 1994 bond volume cap as defined in Section 146 of the Code in
the approximate amount of $1,671,450; and
WHEREAS, pursuant to the Illinois Private Activity Bond
Allocation Act, the Village's volume cap allocation may be ceded to
the State of Illinois, Governor's Office, if it is not used or
allocated by May 1, 1994.
NOW, THEREFORE, BE IT ORDAINED by the President and Board of
Trustees of the Village of Elk Grove Village, Counties of Cook and
DuPage, Illinois, as follows:
Section l: It is hereby found, determined, and declared
that the purpose of this Resolution is to take steps designed to
reduce the cost of financing principal residences located in the
Village of Elk Grove Village in order to provide decent, safe, and
sanitary housing for qualifying persons of low and moderate income.
Section 2: The Village of Elk Grove Village hereby
authorizes the allocation of its bond volume cap in the amount of
$1,671,450 for calendar year 1994 to the Mortgage Credit Certificate
Program to be approved by the Village.
Section 3: That this Resolution shall be in full force and
effect from and after its passage and approval according to law.
VOTE AYES: 6
PASSED this 26th
APPROVED this 26th
ATTEST:
Patricia S. Smith
Village Clerk
NAYS 0 ABSENT: 0
day of April , 1994
day of April , 1994
Dennis J. Gallitano
Village President