HomeMy WebLinkAboutRESOLUTION - 62-88 - 10/11/1988 - CEDE REVENUE BOND ALLOCATION/1988 RESOLUTION NO. 62-88
A RESOLUTION AUTHORIZING THE VILLAGE OF ELK GROVE VILLAGE TO
CEDE THE REVENUE BOND ALLOCATION FOR CALENDAR YEAR 1988 IN
THE AMOUNT OF $1,660,200.00 TO THE STATE OF ILLINOIS
WHEREAS, the Village of Elk Grove Village, an Illinois Home Rule Unit of
Government, has been allocated, pursuant to Federal Tax Law, an Industrial
Revenue Bond volume cap of $1,660,200.00 for calendar year 1988; and
WHEREAS, pursuant to Illinois State Statute, a Home Rule Unit of
Government which chooses not to use its Industrial Revenue Bond (IRB)
authority in a particular calendar year may cede that authority to another
Illinois governmental unit; and
WHEREAS, the State of Illinois shares its IRB authority with non-home
rule units of government; and
WHEREAS, the Office of the Governor of Illinois has informed the Village
of Elk Grove Village that the IRB authority for 1988 in many communities has
been depleted and that a waiting list of projects need allocation authority;
and
WHEREAS, the Office of the Governor of Illinois has requested that the
Village of Elk Grove Village cede to the State of Illinois its remaining IRB
authority for 1988, which amount the Village of Elk Grove Village intends not
to use for qualifying projects within the Village of Elk Grove Village prior to
January 1, 1989.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of
the Village of Elk Grove Village that the Village of Elk Grove Village irre-
vocably consents to the allocation of $1,660,200.00 its 1988 Industrial Revenue
Bond volume cap to the State of Illinois.
BE IT FURTHER RESOLVED that the Village Clerk is authorized and directed
to transmit a certified copy of this Resolution to the Office of the Governor
of the State of Illinois.
PASSED this 11th day of October , 1988.
APPROVED this 11th day of October , 1988.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk