HomeMy WebLinkAboutRESOLUTION - 58-84 - 8/14/1984 - AGRMT/COOK COUNTY RESOLUTION NO. 58-84
A RESOLUTION AUTHORIZING THE 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.
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 Village of Elk Grove Village, 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 thereforeauthorized
to engage in ahome 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 Muncipality 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 of Cook to issue its bonds for housing purposes in accordance with
its Constitutional home rule powers and pursuant to the provisions of the
Mortgage Subsidy Bond Tax Act of 1980 (the "Act") ; and
WHEREAS, it is necessary, therefore, for the Municipality, acting
by its corporate authorities, to approve a form of agreement with the County
whereby the Municipality allocates to the County all of its 1984 authority
to issue "qualified mortgage bonds" (as defined in the Act) :
NOW, THEREFORE, BE IT RESOLVED by the President and Board of
Trustees of the Village of Elk Grove Village, Cook County, Illinois ,
as follows:
SECTION 1 . That the 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.
SECTION 3. This resolution shall be in full force and effect
upon its passage and approval .
PASSED this 14th day of August 1984,
APPROVED this 14th day of August , 1984.
AYES: 6 NAYS: 0 ABSENT: 0
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
2 -
AGREEMENT
This is an Agreement dated as of August 14, 1934 between the
Village of Elk Grove Village, Cook County,• Illinois (the "Municipality") ,
and .the County of Cook, Illinois . The Municipality and the County of
Cook agree as follows:
SECTION 1 . That the Municipality has the legal authority to
issue "qualified mortgage bonds" as defined in the Mortgage Subsidy
Bond Tax Act of 1980 (the "Act") .
SECTION 2. The Municipality hereby allocates to the County all
of the area located within its jurisdiction and the entire corresponding
amount of authority to issue qualified mortgage bonds in 1984 based on
qualifying mortgage activity In such area during the three immediately
preceding calendar years, all for the purpose of enabling the County to
issue its bonds in accord with the Act and the regulations promulgated
thereunder.
SECTION 3. This Agreement shall be in full force and effect
immediately upon its execution by the parties hereto.
WITNESS the official signatures of the President and Clerk of the
Municipality and the seal of the Municipality and the official signature
of the Comptroller of the County of Cook this 14th day of .August
1984•
VILLAGE OF ELK GROVE VILLAGE
(SEAL) by: Charles J. Zettek
Village President
by: Patricia S. Smith
Village Clerk
PASSED this 14th day of August 1984.
APPROVED this 14th day of August 1984.
COUNTY OF COOK
by:
Comptroller, County of Cook,
Illinois