HomeMy WebLinkAboutRESOLUTION - 36-85 - 5/14/1985 - INDUSTRIAL REVENUE BOND/ADDITIONAL TIMERESOLUTION No. 36-85
A RESOLUTION AMENDING RESOLUTION NO. 9-'85
BY PROVIDING FOR ADDITIONAL TIME FOR THE
A. J. OSTER COMPANY TO COMPLETE AND CLOSE ITS
INDUSTRIAL REVENUE BOND PROJECT WITH THE
VILLAGE OF ELK GROVE VILLAGE
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 Paragraph 4.(a) of the Memorandum of Agreement
previouly adopted pursuant to Resolution No. 9-85 be and the same is
hereby amended to read as follows:
4.(a) All commitments of the Issuer under Paragraph 2
hereof and of the Company under Paragraph 3 hereof are
subject to the conditions that on or before June 30, 1985
(or such other date as shall be mutually satisfactory
to the Issuer and the Company), the Issuer and the
Company shall have agreed to mutually acceptable terms
and conditions of one or more loan agreements and of the
Bonds and other instruments or proceedings relating to
the Bonds. All commitments of the Issuer are further
subject to the Company's compliance with the terms and
conditions of Issuer's Enabling Ordinance (Ordinance No.
1486 adopted October 13, 1981) and the approval of the
Company's application for the issuance of said Bonds by
the financial consultant of the Village, the Village
Attorney, the President and Board of Trustees and any
subcommittee thereof. All commitments of the Issuer are
further subject to compliance with applicable provisions
of federal and state law, including those which may
restrict the ability of the Issuer to issue the Bonds
in the amount proposed. The decision whether or not to
approve or agree to any term or condition of any document
or not to take any action prior to issuance of the
Bonds shall rest solely within the complete discretion
of the parties of this Agreement.
Section 2: That this Resolution shall be in full force
and effect from and after its passage and approval according to law.
VOTES: AYES: 6
NAYS: 0
ABSENT: 0
ATTEST:
APPROVED:
Charles J. Zettek
Village President
Patricia S. Smith
Village Clerk