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