HomeMy WebLinkAboutRESOLUTION - 20-06 - 4/25/2006 - AMEND RES NO 8-06RESOLUTION NO. 20-06
A RESOLUTION AMENDING RES. NO. 8-06 CEDING THE AGGREGATE UNUSED INDUSTRIAL REVENUE BONDS OF THE VILLAGE OF ELK GROVE VILLAGE TO THE ILLINOIS FINANCE AUTHORITY FOR USE WITHIN THE CORPORATE
LIMITS OF ELK GROVE VILLAGE BY INCREASING THE AVAILABLE CEILING FROM $75. PER CAPITA TO $80. PER CAPITA
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 Home Rule Unit's portion of the State Ceiling is $80. per capita (the "Available Ceiling"); and
WHEREAS, the Home Rule Unit has an unused balance of allocated Available Ceiling for calendar year 2006; and
WHEREAS, it is in the best interest of the Home Rule Unit to transfer and reallocate 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 commercial projects for economic development purposes throughout the Village
of Elk Grove Village.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois as follows:
Section 1: That the Village of Elk Grove Village hereby transfers and reallocates its unused allocated Available Ceiling to the Authority for the purpose of enabling the Authority
to complete the financing of industrial, manufacturing, and commercial projects for economic development purposes throughout the Village of Elk Grove Village.
Section 2: That 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 2006. 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 from and after its passage and approval according to law.
PASSED this 25th day of April 2006
APPROVED this 25th day of April 2006
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Ann I. Walsh, Village Clerk
Trustee Czarnik made a motion that said Resolution be amended by said Governing Body of the Home Rule Unit, which motion was duly seconded by Trustee Dill
After full discussion and consideration of the matter, the roll was called as follows:
AYES: Trustees Dill, Feichter, Lissner, Petri, Prochno, Czarnik
NAYS: None
ABSENT OR NOT VOTING: None
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