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RESOLUTION NO. 91-86 <br /> A RESOLUTION AUTHORIZING THE VILLAGE OF ELK GROVE VILLAGE TO <br /> ENTER INTO AN AGREEMENT BY AND BETWEEN SAID VILLAGE OF ELK GROVE <br /> VILLAGE AND -HE ILLINOIS DEVELOPMENT FINANCE AUTHORITY (THE AUTHORITY) <br /> WITH RESPECT TO THE ISSUANCE OF REVENUE BONDS BY THE AUTHORITY TO <br /> FINANCE INDUSTRIAL, COMMERCIAL, AND MANUFACTURING PROJECTS IN ORDER <br /> TO PROMOTE ECONOMIC DEVELOPMENT THROUGHOUT THE STATE OF ILLINOIS <br /> WHEREAS, the Village of Elk Grove Village (the "Home Rule Unit") is a <br /> home rule unit under Article VII of the 1970 Constitution of the State of <br /> Illinois; and <br /> WHEREAS, the availability of job opportunities to relieve conditions of <br /> unemployment and underemployment and the increase of business and commerce to <br /> reduce the evils asssociated with unemployment and underemployment are essential <br /> to the health, safety and general welfare of the inhabitants of the State of <br /> Illinois; and <br /> WHEREAS, pursuant to its powers as a political subdivision, body politic <br /> and municipal corporation legally existing under the Illinois Development <br /> Finance Authority Act, Ill. Rev. Stat. Ch. 48, 850.01 et seq. , as amended <br /> (the "Act") , the Illinois Development Finance Authority (the "Authority") <br /> is authorized to issue its industrial development revenue bonds to finance <br /> industrial projects (as defined in the Act) for such purposes; and <br /> WHEREAS, Section 146 of the Internal Revenue Code of 1986 (the "Code") <br /> and Section 1311 of the Tax Reform Act of 1986, places a ceiling (the "State <br /> Ceiling") on the aggregate principal amount of private activity bonds (as <br /> defined in the Code) that can be issued in the State of Illinois from August <br /> 16, 1986 to and including December 31, 1986; and <br /> WHEREAS, the Home Rule Unit's portion of the State Ceiling equals <br /> $2,217,900.00 (the "Available Ceiling") ; and <br /> WHEREAS, the Home Rule Unit has not issued any private activity bonds <br /> to which portions of the Available Ceiling have been allocated from August <br /> 16, 1986 through the date of adoption of this Resolution; and <br /> WHEREAS, the Home Rule Unit has a remaining balance of unallocated <br /> Available Ceiling in the amount of $2,217,900.00 for the remainder of the <br /> calendar year 1986; and <br /> WHEREAS, pursuant to Section 146 of the Code and Executive Order No. <br /> 8 of 1986 of the Governor of the State of Illinois, the Home Rule Unit may <br /> reallocate to the Authority any remaining unallocated portion of its Avail- <br /> able Ceiling; and <br />