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RESOLUTION NO. 25-86 <br />A RESOLUTION AUTHORIZING THE EXECUTION AND <br />DELIVERY OF A MEMORANDUM OF AGREEMENT BY <br />AND BETWEEN THE VILLAGE OF ELK GROVE VILLAGE, <br />ILLINOIS, AND COLLINS, CO., LTD., PROVIDING FOR <br />THE ISSUANCE BY SAID VILLAGE OF REVENUE BONDS <br />PURSUANT TO THE PROVISIONS OF ORDINANCE NUMBER <br />1486. <br />WHEREAS, the Village of Elk Grove Village, Illinois (hereinafter called <br />the "Village") recognizes that it is necessary for the general welfare and economy of <br />the public that the Village endeavor to provide opportunities for economic development; <br />and <br />WHEREAS, the Village is a home rule unit of government and is authorized <br />under the provisions of Ordinance Number 1486, as amended and supplemented (the <br />"Enabling Ordinance"), to issue its revenue bonds in order to provide funds to acquire, <br />construct, reconstruct, improve, equip or extend any "project" (as defined in the Enabling <br />Ordinance), in order to relieve conditions of unemployment, and to encourage economic <br />development within the Village thereby reducing the evils attendant upon unemployment; <br />and <br />WHEREAS, Collins Co., Ltd. a North Dakota corporation (the "Company") <br />wishes to secure financing of the cost of renovation of the roof of an existing building, <br />acquisition and installation of equipment therein, and improvement of the adjacent <br />real estate, all located within the Village of Elk Grove Village, Illinois, (the building <br />improvements and equipment hereinafter known as the "Project"), and wishes to have <br />the Village of Elk Grove Village, Illinois (the "Issuer") issue its revenue bonds to provide <br />such financing; and <br />WHEREAS, the Village's intention to issue said revenue bonds is an induce- <br />ment to the Company to locate the Project in the Village; and <br />