HomeMy WebLinkAboutRESOLUTION - 19-89 - 3/28/1989 - TRANSFER & REALLOCATE BONDS TORRSOLurzoN Ho. 19-89
JtUWZVTI01 transferring and reallocating the aggregate
remaining, unused allocation of the private activity
bonds of the Village of Elk Grove Village to the Illinois
Development Finance Authority, with respect to the
issuance of private activity bonds by the Authority
to finance industrial, manufacturing, and commercial
projects in order to promote economic development
throughout the State of Illinois.
WHERHAS, 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 avaliability of job opportunities to relieve
conditions of unemployment and underemployment and the increase of business
and commerce to reduce the evils associated with unemployment and
underemployment are essential to the health, safety and general welfare
of the Home Rule Unit and the other inhabitants of the State of Illinois;
and
WEERBAS, pursuant to its corporate powers as a political
subdivision, body politic and corporate validly existing under the Illinois
Development Finance Authority Act, Ill. Rev. Stat. 1987, Ch. 48., Par.
850.01 et seq., as amended (the "Act"), the Illinois Development Finance
Authority (the "Authority") is authorized to issue tax-exempt private
activity bonds to finance industrial, manufacturing, and commercial
projects for economic development purposes; and
WHERHAS, Section 146 of the Internal Revenue Code of 1986
(the "Code") and Section 1301 of the Tax Reform Act of 1986 place a ceiling
(the "State Ceiling") on the aggregate principal amount of private activity
bonds (as defined in the Code) that can be issued in the State of Illinois
from January 1, 1989 to and including December 31, 1989; and
WHEREAS, the Home .Rule Unit's portion of the State Ceiling
at $50 per capita equals $1,660,230 (the "Available Ceiling") and
WHEREAS, the Home Rule Unit has a remaining, unused balance
of allocated Available Ceiling in the amount of $1,660,250 for the
remainder of calendar year 1989; and
WHEREAS, pursuant to Section 146 of the Code, the Tax Reform
Act of 1986, and Public Act .85-1141, the Home Rule Unit may reallocate
to the Authority any remaining, unused allocated portion of its Available
Ceiling; and
WHEREAS, the Authority has requested that the Home Rule
Unit transfer and reallocate its remaining, unused allocated Available
Ceiling, which could otherwise remain unused, to the Authority in order
to enable the Authority to complete the successful financing of industrial,
manufacturing, and commercial projects for economic development purposes
throughout the State of Illinois; and
WHEREAS, it is in the best interest of the Home Rule Unit
to transfer and reallocate $1,660,250 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 State of Illinois.
NOW, TREREFORS, BE IT RESOLVED BY TBE PRESIDENT AND BOARD
OF TRUSTEES OF TBE VILLAGE OF SLR GROVE VILLAGE, ILLINOIS,
AS FOLLOWS:
Section 1. That the Village of Elk Grove Village hereby
transfers and reallocates its remaining, 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 State of Illinois.
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
1989. 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 upon its passage and approval.
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Passed and approved this 28th day of March ,
1989.
Charles J. Zettek
Village President
(SEAL)
ATTEST:
By: Patricia S. Smith
Title: Village Clerk
Joseph T. Bosslet made a motion that said Resolution be adopted
by said Governing Body of the Nome Rule Unit, which motion was duly second
by Ronald L. Chernick
After full discussion and consideration of the matter,
the roll was called as follows:
AYE: Joseph T. Bosslet, Ronald L. Chernick,
Dennis J. Gallitano, Edward R. Hauser,
James P. Petri, Michael A. Tosto
NAY: None
ABSENT OR NOT VOTING: None
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President Zettek announced the motion carried and
the Resolution duly adopted.
(Other Business)
There being no further business to come before the
Vlg. Bd. of Trustees upon motion duly seconded and unanimously adopted,
the meeting was adjourned.
(SEAL)
ATTEST:
By: Patricia S. Smith
Title: Village Clerk
Charles J. Zettek
Village President
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