HomeMy WebLinkAboutRESOLUTION - 24-95 - 4/11/1995 - IL HOUSING DEV. AUTHORITYRESOLUTION NO. 24-95
A RESOLUTION AUTHORIZING THE VILLAGE PRESIDENT AND THE VILLAGE
CLERK TO CEDE THE VILLAGE'S 1995 PRIVATE ACTIVITY BOND AUTHORITY TO
THE ILLINOIS HOUSING DEVELOPMENT AUTHORITY FOR PARTICIPATION IN THE
1995 MORTGAGE CREDIT CERTIFICATION PROGRAM.
WHEREAS, the Village of Elk Grove Village, Illinois, is a home rule unit of local
government pursuant to the provisions of Article VII, Section 6, of the Illinois Constitution; and
WHEREAS, the United States Government has authorized the State of Illinois and its
political subdivisions to issue qualified mortgage bonds as defined in Section 143(a) of the
Internal Revenue Code of 1986, as amended, in order to provide below market interest rate loans
to qualifying individuals and/or to issue mortgage credit certificates pursuant to Section 25 of
the Code in lieu of Bonds which entitles qualifying individuals to a credit against their federal
income taxes; and
WHEREAS, the Village desires to consider establishing and implementing a 1995 Bond
or Certificate Program with the allocation of its 1995 bond volume cap as defined in Section 146
of the Code in the approximate amount of $1,671,450; and
WHEREAS, pursuant to the Illinois Private Activity Bond Allocation Act, the Village's
volume cap allocation may be ceded to the State of Illinois, Governor's Office, if it is not used
or allocated by May 1, 1995.
NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees of
the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois, as follows:
Section 1: It is hereby found, determined, and declared that the purpose of this
Resolution is to take steps designed to reduce the cost of financing principal residences located
in the Village of Elk Grove Village in order to provide decent, safe, and sanitary housing for
qualifying persons of low and moderate income.
Section 2: The Village of Elk Grove Village hereby authorizes the allocation of its bond
volume cap in the amount of $1,671,450 for calendar year 1995 to the Mortgage Credit
Certificate Program to be approved by the Village.
Section 3: That this Resolution shall be in full force and effect from and after its passage
and approval according to law.
ATTEST:
VOTE AYES: 6 NAYS: o ABSENT: 0
PASSED this 11th day of April 1995.
APPROVED this 11th day of April , 1995.
Patricia S. Smith
Village Clerk
Dennis S. Gallitano
Village President