HomeMy WebLinkAboutRESOLUTION - 73-87 - 12/8/1987 - ECONOMIC DEV. BOND FUNDS/UNUSED RESOLUTION NO. 73-87
A RESOLUTION TRANSFERRING AND REALLOCATING THE AGGREGATE REMAINING,
UNUSED ALLOCATION OF THE PRIVATE ACTIVITY BONDS OF THE VILLAGE OF
ELK GROVE VILLAGE, AND THE ILLINOIS DEVELOPMENT FINANCE AUTHORITY,
WITH RESPECT TO THE ISSUANCE OF PRIVATE ACTIVITY BONDS BY THE
AUTHORITY TO FINANCE INDUSTRIAL AND MANUFACTURING PROJECTS IN ORDER
TO PROMOTE ECONOMIC DEVELOPMENT THROUGHOUT THE STATE OF ILLINOIS
WHEREAS, the Village of Elk Grove Village (the "Home Rule Unit") is a
home rule unit of government duly organized and validly existing under
Article VII of the 1970 Constitution and laws of the State of Illinois;
and
WHEREAS, the availability 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
WHEREAS, pursuant to its powers as a political subdivision, body
politic and municipal corporation legally existing under the Illinois
Development Finance Authority Act, Ill . Rev. Stat. Ch. 48. par. 850.01
et seq. 1985, as amended (the "Act") , the Illinois Development Finance
Authority (the "Authority") is authorized to issue tax-exempt private
activity bonds such as its qualified small issue industrial development
bonds to finance industrial and manufacturing projects (as defined in the
Act) for economic development purposes; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986 (the
"Code") , and Section 1301 of the Tax Reform Act of 1986, places 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, 1987 to and including December 31, 1987; and
WHEREAS, the Home Rule Unit's portion of the State Ceiling equals
$2,285,700 (the "Available Ceiling") ; and
WHEREAS, the Home Rule Unit has not issued private activity bonds to
which portions of the Available Ceiling have been allocated from January 1,
1987 through the date of adoption of this Resolution; and
WHEREAS, the Home Rule Unit has a remaining, unused balance of
allocated Available Ceiling in the amount of $2,285,700 for the remainder
of calendar year 1987; and
WHEREAS, pursuant to Section 146 of the Code and Executive Order No. 8
of 1986 of the Governor of the State of Illinois, 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
would otherwise remain unused, to the Authority in order to enable the
Authority to complete the successful financing of industrial ,
manufacturing, and other economic development projects in its program
throughout the State; and
WHEREAS, it is in the best interests of the Home Rule Unit to transfer
and reallocate $2,285.700 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 other economic development projects
throughout the State of Illinois.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Elk 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 other economic development
projects in its program 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 1987.
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 this 8th day Of December , 1987•
APPROVED this 8th day Of December 1987•
AYE: Joseph T. Bosslet, Ronald L. Chernick.
James P. Petri, Michael A. Tosto,
Dennis J. Gallitano, Edward R. Hauser
NAY: 0
ABSENT: 0
Charles J. Zettek
Charles J. Zettek, Village President
ATTEST:
Patricia S. Smith
Patricia S. Smith, Village Clerk
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