HomeMy WebLinkAboutRESOLUTION - 15-02 - 2/26/2002 - CEDING THE UNUSED IND REV BONDSRESOLUTION NO. 15-02
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
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 2002; 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 2002.
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 26th day of February 2002.
APPROVED this 26th day of February 2002.
APPROVED:
Craig H. 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 Feichter.
After full discussion and consideration of the matter, the roll was
called as follows:
AYE: Trustees: P. Feichter, S. Lissner, J. Petri, C. Prochno,
N. Czarnik, B. Dill
NAY:
None
ABSENT OR NOT VOTING: None
RescedingunusedlMonds.dec
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