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RESOLUTION NO. 38-86 <br />RESOLUTION authorizing the execution and delivery <br />of a Memorandum of Agreement between the Village of <br />Elk Grove Village, Illinois and the Toshiba Machine Co. <br />America providing for the issuance by said Village of <br />Revenue Bonds. <br />WHEREAS, the Village of Elk Grove Village (hereinafter <br />called the "Issuer") recognizes that it is necessary for the <br />general welfare and economy of the public that the Issuer <br />endeavor to provide permanent opportunities for employment; and <br />WHEREAS, the Issuer is a Home Rule Unit of Government and is <br />authorized by Section 6 of Article VII of the Constitution of the <br />State of Illinois (the "Constitution") and Ordinance No. 1486, as <br />amended and supplemented (the "Enabling Ordinance") to acquire, <br />construct, improve and finance economic development projects, to <br />lease, sell or finance the same to or for any person, and to <br />provide for the issuance of revenue bonds in conjunction <br />therewith; and <br />WHEREAS, the issuer, in order to implement the public <br />purposes described above and in furtherance thereof to induce the <br />Toshiba Machine Co. America, an Illinois corporation (hereinafter <br />called the "Owner"), to acquire, construct and improve an office <br />building to be used as its headquarters (hereinafter called the <br />"Project") within the corporate limits of the Issuer, has <br />evidenced its agreement to issue its revenue bonds under and <br />pursuant to the provisions of the Constitution and the Enabling <br />Ordinance and to apply the proceeds therefrom to the payment of <br />the costs of acquiring, constructing and improving a building for <br />