The URL can be used to link to this page

Home My WebLink AboutRESOLUTION - 20-85 - 4/9/1985 - ENTER INTO AGRMT/COOK COUNTY[home rule units] RESOLUTION NO. 20-85 A RESOLUTION authorizing the City/Village Of Elk Grove Village to enter into,an agreement with The County of Cook, Illinois, with respect to the issuance of certain bonds for housing purposes by The County of Cook. * * r WHEREAS, the availability of decent, safe and sanitary housing that most people can afford is essential to the health and safety of the inhabitants of the City/Village of Elk Grove Vlg., Cook County, Illinois (the "Municipality") and to the financial well-being of the Municipality; and WHEREAS, the shortage of such decent, safe and sanitary housing that most people can afford is not transitory and self curing and it is necessary that this Municipality take all possible action to lower the cost of such housing in order to make it available to a larger portion of the inhabitants of the Municipality; and WHEREAS, the Municipality is a "home rule" unit of government under Article VII of the 1970 Constitution of Illinois and is therefor authorized to engage in a home mortgage loan program -and to issue its bonds for such purpose; and WHEREAS, it has heretofore been found and it is hereby determined that it is not feasible for the Municipality to issue its bonds and to engage in a home mortgage loan program and that it is in the best interests of the Municipality to enter into an agreement with The County of Cook, State of Illinois (the "County") pursuant to the provisions of Section 10 of Article VII of the 1970 Constitution of the State of Illinois which authorizes the Municipality to enter into intergovernmental cooperation agreements with other units of government, which agreement will enable the County to issue its bonds for housing purposes in accordance with its Constitutional home rule powers and pursuant to the pro- visions of Section 103A of the Internal Revenue Code of 1954, as amended (the "Act"); and WHEREAS, it is necessary, therefore, for the Municipality, acting by its corporate authorities, to approve a form of agree- ment with the County whereby the Municipality allocates to the County all of its 1985 authority to issue "qualified mortgage bonds" (as defined in the Act): NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL/CITY COUNCIL/PRESIDENT AND BOARD OF TRUSTEES OF THE CITY/VILLAGE OF Elk Grove Vlg. ,Cook & DuPage COUNTY, ILLINOIS, as follows: Section 1. That the Mayor/President and Clerk of the Municipality are hereby authorized, empowered and directed to enter into an agreement with the County in substantially the form attached to this resolution with such changes as shall be approved by the officials of the Municipality executing the same. Section 2. That the officials of the Municipality are hereby authorized and directed to take all necessary or advisable actions in connection with the execution and implementation of the agreement in order to facilitate the issuance of such bonds by the County. -2- Section 3. This resolution shall be in full force and effect upon its passage and approval. PASSED this 9th day of April 1985. AYES: - 5 NAYS: 0 ABSENT: 1 APPROVED this 9th day of April 1985• ATTEST: Patricia S. Smith City Clerk/Village Clerk -3- Charles J. Zettek Mayor/President AGREEMENT This is an Agreement dated as of February 1, 1985 between the City/Village of Elk Grove Vta., Cook County, Illinois (the "Municipality"), and The County of Cook, Illinois (the "County"). The Municipality and the County agree as follows: Section 1. That the Municipality has the legal authority to issue "qualified mortgage bonds" as defined in Section 103A of the Internal Revenue Code of 1954, as amended (the "Act"). Section 2. The Municipality hereby allocates to the County all'of the area located within its jurisdiction and cedes to the County its entire amount of authority to issue qualified mortgage bonds in 1985, all for the purpose of enabling the County to issue its bonds in accord with the Act and the regulations promulgated thereunder. This Agreement shall constitute a written consent ceding all of the State ceiling amount applicable to the Municipality to the County within the meaning of Section 14.1 of the Illinois Housing Development Act, as amended. Section 3. This Agreement is subject to cancellation by either party hereto, such cancellation becoming effective not earlier than 30 days following the delivery of written notice of such cancellation to the other party at the following address: If to the County - If to the Municipality - County Comptroller Room 500 118 N. Clark Street Chicago, Illinois 60602 Section 4. This Agreement shall be in full force and effect immediately upon its execution by the parties hereto. WITNESS the official signatures of the Mayor/President and Clerk of the Municipality and the seal of the Municipality and the official signature of the Comptroller of the County all as of the date hereinabove written. (SEAL) THE COUNTY OF COOK, ILLINOIS By Comptroller, County of Cook, Illinois CITY/VILLAGE OF Elk Gve Vlg. , COOK COUNTY, ILLINOIro By Charles J. Zettek Mayor resident By Patricia S. Smith Jerk -2- STATE OF ILLINOIS ) SS COUNTY OF COOK ) I, the undersigned, do hereby certify that I am the duly qualified and acting Clerk of the City/Village of Elk GroveVlg,., in the County and State aforesaid, and as such Clerk I am the keeper of the official journal,records and files of the Council/ City Council/President and Board of Trustees of said City/ Village. I do further certify that the attached and foregoing is a full, true and correct copy of Resolution No. 20-85 entitled: "A RESOLUTION authorizing the City/Village of Elk Grove Village to enter into an agreement with the 7ounty of Cook, Illinois, with respect to the issuance of certain bonds for housing purposes by the County of Cook." as adopted by the Council/City Council/President and Board of Trustees of the City/Village of Elk Grove V1g., Cook County, Illinois, at its legally convened meeting held on the 9th day of April , 1985, and signed by the Mayor/President on the 9th day of April , 1985, all as appears from the official records of said City/Village, in my care and custody. IN WITNESS WHEREOF, I have hereunto affixed my official signature and the corporate seal of said City/Village of Elk Grove Vjg., Cook & DuPageCounty, Illinois, this 9th day of Apri 1 , 1985. Patricia S. Smith City Clerk/Village Clerk (SEAL)