HomeMy WebLinkAboutRESOLUTION - 25-03 - 4/8/2003 - INDUSTRIAL REVENUE BONDS/CEDINGRESOLUTION NO. 25-03
A RESOLUTION CEDING THE AGGREGATE UNUSED INDUSTRIAL
REVENUE BONDS OF THE VILLAGE OF ELK GROVE VILLAGE TO THE
ILLINOIS DEVELOPMENT FINANCE AUTHORITY FOR USE WITHIN THE
CORPORATE LIMITS OF ELK GROVE VILLAGE
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 $75. per
capita (the 'Available Ceiling'); and
WHEREAS, the Home Rule Unit has an unused balance of allocated
Available Ceiling for calendar year 2003; 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 2003. 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 8" day of April 2003
APPROVED this 81 day of April 2003
APPROVED.
Craig B. Johnson, Mayor
ATTEST.
Ann I. Walsh
Village Clerk
Trustee Czarnik made a motion that said Resolution be adopted 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:
AYE. Trustees: Dill, Feichter, Lissner, Petri, Prochno, Czarnik
NAY. None
ABSENT OR NOT VOTING: None
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