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HomeMy WebLinkAboutRESOLUTION - 91-86 - 11/25/1986 - AGRMT WITH AUTHORITY ON REVENUE BONDS RESOLUTION NO. 91-86 A RESOLUTION AUTHORIZING THE VILLAGE OF ELK GROVE VILLAGE TO ENTER INTO AN AGREEMENT BY AND BETWEEN SAID VILLAGE OF ELK GROVE VILLAGE AND -HE ILLINOIS DEVELOPMENT FINANCE AUTHORITY (THE AUTHORITY) WITH RESPECT TO THE ISSUANCE OF REVENUE BONDS BY THE AUTHORITY TO FINANCE INDUSTRIAL, COMMERCIAL, 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 under Article VII of the 1970 Constitution 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 asssociated with unemployment and underemployment are essential to the health, safety and general welfare of the 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, 850.01 et seq. , as amended (the "Act") , the Illinois Development Finance Authority (the "Authority") is authorized to issue its industrial development revenue bonds to finance industrial projects (as defined in the Act) for such purposes; and WHEREAS, Section 146 of the Internal Revenue Code of 1986 (the "Code") and Section 1311 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 August 16, 1986 to and including December 31, 1986; and WHEREAS, the Home Rule Unit's portion of the State Ceiling equals $2,217,900.00 (the "Available Ceiling") ; and WHEREAS, the Home Rule Unit has not issued any private activity bonds to which portions of the Available Ceiling have been allocated from August 16, 1986 through the date of adoption of this Resolution; and WHEREAS, the Home Rule Unit has a remaining balance of unallocated Available Ceiling in the amount of $2,217,900.00 for the remainder of the calendar year 1986; 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 unallocated portion of its Avail- able Ceiling; and WHEREAS, the Authority has requested that the Home Rule Unit transfer (a part of) its remaining unallocated Available Ceiling, which would other- wise remain unused, to the Authority in order to enable the Authority to complete the successful financing of industrial projects in its program through- out the State; and WHEREAS, it is in the best interests of the Home Rule Unit to enter into an Agreement by and between the Authority and the Home Rule Unit, pursuant to the provisions of Section 10 of Article VII of the 1970 Constitution of the State of Illinois which authorizes the Home Rule Unit to enter into inter- governmental cooperation agreements with other units of government, which Agreement will transfer $2,217,900.00 of the Home Rule Unit's remaining un- allocated Available Ceiling to the Authority. 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: Section 1: That $2,217,900.00 of the Home Rule Unit's remaining un- allocated Available Ceiling is hereby transferred to the Authority in order to enable the Authority to complete the financing of industrial projects in its program throughout the State of Illinois. Section 2: That the form, terms and provisions of the Agreement by and between the Authority and the Home Rule Unit (the "Agreement") are hereby approved, and the Village President of the Home Rule Unit is authorized, empowered and directed to execute, and the Village Clerk of the Home Rule Unit is hereby authorized, empowered and directed to attest and to affix the official seal of the Home Rule Unit to the Agreement, which shall be in sub- stantially the same form as Exhibit "A" attached hereto and made a part hereof, with such changes therein as shall be approved by the officer of the Home Rule Unit executing the same, the execution of the Agreement, in any event, to con- stitute approval of such changes. 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 and the Agreement. Section 4: That this resolution shall be in full force and effect from and after its passage and approval according to law. - 2 - PASSED this 25th day of November 1986. APPROVED this 25th day of November 1986. Charles J . Zettek Village President ATTEST: Patricia S. Smith Village Clerk Trustee Petri made a motion that said Resolution be adopted by Village Board, which motion was duly seconded by Trustee Tosto After full discussion and consideration of the matter, the roll was called as follows: AYES: Bosslet. Gallitano, Hauser, Petri , and Tosto NAY: None ABSENT OF. NOT VOTING: Absent - Chernick President Zettek announced the motion carried and the resolution duly adopted. (Other Business) There being no further business to come before the Village Board, upon motion duly seconded and unanimously adopted, the meeting was adjourned. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk 3 - EXHIBIT "A" AGREEMENT THIS AGREEMENT dated as of Nnvamher 25 1986, by and between the Illinois Development Finance Authority (the "Authority") a political sub- division, body politic and municipal corporation created under the Illinois Development Finance Authority Act (the "Act") , and the Village of Elk Grove Village, Illinois, a municipality and a home rule unit of government duly organized and validly existing under the Constitution and laws of the State of Illinois (the "Home Rule Unit") ; W I T N E S S E T H 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 essentail to the health, safety and general welfare of the 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, 850.01 et seq. , as amended (the "Act") , the Illinois Development Finance Authority (the "Authority") is authorized to issue its industrial development revenue bonds to finance industrial 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 1311 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 from August 16, 1986 to and including December 31, 1986 in the State of Illinois and restricts the Home Rule Unit's portion of the State Ceiling to a total of $2,217,900.00 (the "Available Ceiling") ; and WHEREAS, the Home Rule Unit has not issued any private activity bonds to which portions of the Available Ceiling have been allocated since August 16, 1986; and WHEREAS, the Home Rule Unit has a remaining balance of unallocated Avail- able Ceiling in the amount of $2,217,900 for the remainder of calendar year 1986; 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 unallocated portion of its Available Ceiling; and WHEREAS, it is in the best interests of the Authority and the Home Rule Unit to enter into an Agreement which will reallocate to the Authority $2,217,900.00 of the Home Rule Unit's remaining unallocated Available Ceiling and thereby permit the Authority to issue its tax-exempt industrial development bonds to finance industrial projects throughout the State of Illinois. NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Authority and the Home Rule Unit agree as follows: Section 1: The Home Rule Unit hereby reallocates to the Authority $2,217,900.00 of its remaining unallocated Available Ceiling for the purpose of enabling the Authority to complete the financing of industrial projects in its program throughout the State of Illinois through issuance of its in- dustrial development revenue bonds. Section 2. The Authority and the Home Rule Unit shall each retain a copy of this Agreement in their records for the term of all industrial development revenue bonds of the Home Rule Unit issued during calendar year 1986. Notice of this Agreement together with a copy of this Agreement shall be given in writing by the Home Rule Unit to the Office of the Governor of the State of Illinois within 10 days of the execution hereof. A copy of such notice shall be sent to the Authority. Section 3. This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois. IN WITNESS WHEREOF, the Authority and the Home Rule Unit have caused this Agreement to be executed, attested and sealed by its duly authorized officers, all as of the date first above written. ILLINOIS DEVELOPMENT FINANCE AUTHORITY Executive Director ATTEST: Assistant Secretary CERTIFICATE OF VILLAGE CLERIC OF THE VILLAGE OF ELF: GROVE. VILLAGE I. the undersigned, certify that I am the fully qualified and acting Village Clerk of the Village of Elk Grove Village (the "home Rule Unit") and the keeper of its official books, records and files, and do further certify as follows: 1. Attached to this Certificate is a true and correct copy of Resolution No. 91-86 (the "Resolution") , which Resolution was adopted and approved by the Village Board (the "Governing Body") of the Home Rule Unit at a regular meeting held on November 25 , 1986 in connection with the Home Rule Unit's consent to the allocation (the "Allocation") to the Illinois Development Finance Authority of (a portion of) the Home Rule Unit's remaining unallocated Available Ceiling (as defined in the Resolution) . The meeting at which the resolution was adopted was duly called by the Governing Body and a quorum was present and acting throughout. 2. Minutes of said meeting, in which the proceedings concerning the adoption of the Resolution are set forth, have been duly entered into the minute book of the Home Rule Unit; the Resolution has not been altered, amended or repealed and is in full force and effect on the date hereof; and no other resolutions relating to the Allocation have been adopted by the Home Rule Unit. 3. At the time of the adoption of the Resolution, the following were the duly elected (or appointed, as the case may be) , qualified and acting members and officers of the Governing Body of the Home Rule Unit and are not in lawful incumbency of their respective offices: TITLE NAME Village President Charles J. Zettek Trustee Joseph T. Bosslet Trustee Ronald L. Chernick - Absent Trustee Dennis J. Gallitano Trustee Edward R. Hauser Trustee James P. Petri Trustee Michael A. Tosto 4. The regular meeting of the Governing Body of the Home Rule Unit at which the Resolution was adopted was open to the public at all times and was held at a time and place convenient to the public. Actual notice of such meeting was given to the public by posting a notice thereof in a prominent place at the principal office of the governing Body at the beginning of the calendar year. Copies of such notice and agenda were supplied at the time of posting to all local news media who had submitted a request for them pursuant to law. IN 14ITNESS WHEREOF, I have executed this certificate this 1st day of December 1986. Patricia S. Smith Village Clerk Village of Elk Grove Village