HomeMy WebLinkAboutRESOLUTION - 52-82 - 9/28/1982 - AGRMT/KUKLA PRESS INC/REVENUE BONDSRESOLUTION No. 52-82
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF
AGREEMENT BY AND BETWEEN THE VILLAGE OF ELK GROVE VILLAGE, ILLINOIS, AND
KUKLA PRESS, INCORPORATED, PROVIDING FOR THE ISSUANCE BY SAID VILLAGE OF
REVENUE BONDS PURSUANT TO THE PROVISIONS OF ORDINANCE NUMBER 2486.
WHEREAS, the Village of Elk Grove Village, Illinois (hereinafter called the
"Village") recognizes that it is necessary for the general welfare and economy
of the public that the Village endeavor to provide opportunities for economic
development; and
WHEREAS, the Village is a home rule unit of government and is authorized
under the provisions of Ordinance Number 1486 (the "Enabling Ordinance"), to
issue its revenue bonds in order to provide funds to acquire, construct, re-
construct, improve, equip or extend any "project" (as defined in the Enabling
Ordinance), in order to relieve conditions of unemployment, and to encourage
economic development within the Village thereby reducing the evils attendant
upon unemployment; and
WHEREAS, Kukla Press, -Inc., a Delaware coproration (the "Company") wishes to
secure the financing of the cost of the construction of a building addition
located within the Village of Elk Grove Village, Illinois, and the acquisition of
printing and other equipment to be used therein (the building addition and
equipment hereinafter known as the "Project"), and wishes to have the Village of
Elk Grove Village, Illinois a home rule unit and political subdivision of the State
of Illinois, duly organized and existing under the Constitution and laws of the
State of Illinois (the "Issuer") issue its revenue bonds to provide such financing;
and
WHEREAS, the Village's intention to issue said revenue bonds is an induce-
ment to the Borrower to locate L;,e Project in the Village; and
WHEREAS, it is now deemed advisable to authorize the execution and delivery
by the Village of a Memorandum of Agreement (the "Memorandum of Agreement") by and
between the Village and the Borrower, setting forth the understanding heretofore
informally discussed by the Village and the Borrower; and
WHEREAS, a Memorandum of Agreement has been presented to the issuer under
the terms of which the Issuer agreessubject to the provisions of such agreement,
to issue its revenue bonds to provide such financing;
NOW, THEREFORE, Be It Resolved by the President and Board of Trustee of the
Village of Elk Grove Village, Illinois, as follows:
Section 1. That the President and Village Clerk of the Issuer
are hereby authorized to execute a Memorandum of Agreement with
the Company in substantially the form of such agreement presented
to this meeting or with such changes therein as shall be approved
by the officers executing the same.
Section 2. That the above officers of the Issuer are hereby
authorized to take such further action as is necessary to carry
out the intent and purpose of the Memorandum of agreement as
executed and to cause not exceeding $4,000,000 of its revenue
bonds to be issued upon the terms and conditions stated in such
Memorandum of Agreement, which Memorandum of Agreement is hereby
made a part of this Resolution.
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Section 3. All resolutions and orders or parts thereof, in conflict with
the provisions of this Resolution, are, to the extend of such conflict,
hereby repealed, and this Resolution shall be in immediate effect from and
after its passage and approval according to law.
PASSED
this
28th
day
of
September
, 1982
APPROVED
this
28th
day
of
September
, 1982
ATTEST:
, Patricia S. Smith I
Village Clerk
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-Charles J. Zettek
Village President