HomeMy WebLinkAboutRESOLUTION - 74-79 - 9/25/1979 - PROPOSED FINANCING OF PRINTING PLANT RESOLUTION NO. 74-79
A RESOLUTION WITH RESPECT TO THE
PROPOSED FINANCING OF A PRINTING
PLANT ADDITION BY THE ILLINOIS
INDUSTRIAL DEVELOPMENT AUTHORITY
ON BEHALF OF ALDEN PRESS, INC.
WHEREAS, the Illinois Industrial Development Authority
( the "Authority") , pursuant to Public Act 81-454 approved on
September 7 , 1979 , and known as "The Illinois Industrial Development
Authority Act" (the "Act") has authority to acquire industrial develop-
ment projects and to finance same for the purpose of relieving unemploy-
ment in areas of labor surplus; and
WHEREAS, Alden Press, Inc. , (the "Company") , a Delaware
corporation with printing plant facilities presently located within
the corporate limits of the Village of Elk Grove Village, Cook County,
Illinois, wishes to expand its printing plant; and
WHEREAS, the Authority and the Company have negotiated the
terms of a proposed financing and the issuance of revenue bonds by the
Authority in the amount of One Million Dollars ($1,000,000) and
WHEREAS, it is required by Section 6(f) of the Act that :
"The powers contained in this Act shall not be
exercised within the jurisdiction of any munici-
pality unless the governing body has adopted a
resolution or ordinance approving such project.
If any of the powers set forth in this Act are
exercised within the jurisdictional limits of
any municipality, all ordinances of such munici-
pality shall remain in full force and effect and
shall be controlling, " and
WHEREAS, a request has been made to the Village of Elk
Grove Village for its adoption of a resolution responsive to the
aforesaid statutory mandate,
NOW, THEREFORE, BE IT RESOLVED by the President and Board
of Trustees of the Village of Elk Grove Village, Cook and DuPage
Counties, Illinois , as follows:
SECTION 1 . That the President and Board of Trustees of
the Village of Elk Grove Village does not object to the exercise by
the Authority of the powers set out under the Act within the limits of
the Village of Elk Grove Village with respect to the financing of the
project described in the preamble hereto on behalf of the Company.
SECTION 2 . That this resolution should be in full force
and effect from and after its adoption and approval has provided by
law.
PASSED AND APPROVED this 25th day of September, 1979 .
AYES 6 NAYS 0 ABSENT 0
APPR D:
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IILLAGE PRE DEpIT
II . !
ATTEST:
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VILLAGE PLERK
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