HomeMy WebLinkAboutRESOLUTION - 8-09 - 2/10/2009 - AGGREGATE UNUSED INDUSTRIAL REVENUE BONDS/2009 RESOLUTION NO. 8-09
A RESOLUTION CEDING THE AGGREGATE UNUSED INDUSTRIAL REVENUE
BONDS OF THE VILLAGE OF ELK GROVE VILLAGE TO THE ILLINOIS FINANCE
AUTHORITY FOR USE WITHIN THE CORPORATE LIMITS OF ELK GROVE
VILLAGE
WHEREAS, The Village of Elk Grove Village (the "Home Rule Unit") is a home rule unit
of government duly organized and validly existing under Article VII of the 1970 Constitution and
laws of the State of Illinois; and
WHEREAS,the Home Rule Unit's portion of the State Ceiling is $85. per capita(the
"Available Ceiling")- and
WHEREAS, the Home Rule Unit has an unused balance of allocated Available Ceiling for
calendar year 2009; and
WHEREAS, it is in the best interest of the Home Rule Unit to transfer and reallocate the
Home Rule Unit's remaining; unused allocated Available Ceiling to the Authority and thereby
permit the Authority to issue its tax-exempt private activity bonds to finance industrial,
manufacturing, and commercial projects for economic development purposes.throughout the
Village of Elk Grove Village.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois as follows:
Section 1: That the Village of Elk Grove Village hereby transfers and reallocates its
unused allocated Available Ceiling to the Authority for the purpose of enabling the Authority to
complete the financing of industrial, manufacturing, and commercial projects for economic
development purposes throughout the Village of Elk Grove Village.
Section 2: That the Authority and Home Rule Unit shall each retain a copy of this
Resolution in their records for the term of all private activity bonds of the Home Rule Unit issued
during calendar year 2009. Notice of this Resolution together with a copy of this Resolution
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shall be given in writing by the authority to the Office of the Governor of the State of Illinois
within 10 days of the passage and approval hereof.
Section 3: That the Officials of the Home Rule Unit are hereby authorized empowered
and directed to take all necessary or advisable actions in connection with the execution and
implementation of this Resolution.
Section 4: That this Resolution shall be in full force and effect from and after its passage
and approval according to law.
PASSED this 10`h day of February 2009
APPROVED this 101h day of February 2009
APPROVED:
Mavor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Ann I. Walsh, Village Clerk
Trustee Czarnik made a motion that said Resolution be adopted by said Governing Body of
the Home Rule Unit,which motion was duly seconded by Trustee Franke.
After full discussion and consideration of the matter, the roll was called as follows:
AYES: Trustees Franke, Lissner, Petri, Prochno, Czarnik, Feichter
NAYS: 0
ABSENT OR NOT VOTING: 0
Resced ingunusedlRBon ds2009
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