HomeMy WebLinkAboutRESOLUTION - 47-82 - 9/14/1982 - AGRMNT/COOK COUNTY/BONDSRESOLUTION NO. 47-82
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 inhabi-
tants 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 therefore 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 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 1982 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 an Clerk of the Municipality are here-
by 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
September
,
1982.
APPROVED
this
14th
day
of
September
,
1982.
AYES: 6 NAYS: 0 ABSENT: 0
ATTEST:
Patricia S. Smith
Village Clerk
- 2 -
CharlAq 1 Zettek
Village President
AGREEMENT
This is an Agreement dated as of September 14, 1982 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 Tax Act of
1980 (the "Act").
SECTION 2. The Municipality hereby assigns to the County all of its
1982 authority to issue such bonds and allocates to the County all of the
area located within its jurisdiction 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 immedi-
ately 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 September,
1982.
VILLAGE OF ELK GROVE VILLAGE
By Charles J. Zettek
Village President
(SEAL)
By Patricia S. Smith
Village Clerk
COUNTY OF COOK, ILLINOIS
By
Comptroller, County of Cook,
Illinois