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RESOLUTION NO. 58-84 <br /> A RESOLUTION AUTHORIZING THE VILLAGE OF ELK GROVE VILLAGE <br /> TO ENTER INTO AN AGREEMENT WITH THE COUNTY OF COOK, ILLINOIS, <br /> WITH RESPECT TO THE ISSUANCE OF CERTAIN BONDS FOR HOUSING <br /> PURPOSES BY THE COUNTY OF COOK. <br /> WHEREAS, the availability of decent, safe and sanitary housing <br /> that most people can afford is essential to the health and safety of <br /> the inhabitants of the Village of Elk Grove Village, Cook County, Illinois <br /> (the "Municipality") , and to the financial well-being of the Municipality; <br /> and <br /> WHEREAS, the shortage of such decent, safe and sanitary housing that <br /> most people can afford is not transitory and self curing and it is necessary <br /> that this Municipality take all possible action to lower the cost of such <br /> housing in order to make it available to a larger portion of the inhabitants <br /> of the Municipality; and <br /> WHEREAS, the Municipality is a "home rule" unit of government under <br /> Article VII of the 1970 Constitution of Illinois and is thereforeauthorized <br /> to engage in ahome mortgage loan program and to issue its bonds for such <br /> purpose; and <br /> WHEREAS, it has heretofore been found and it is hereby determined <br /> that it is not feasible for the Muncipality to issue its bonds and to <br /> engage in a home mortgage loan program and that it is in the best interests <br /> of the Municipality to enter into an agreement with the County of Cook, <br /> State of Illinois (the "County") pursuant to the provisions of Section 10 <br /> of Article VII of the 1970 Constitution of the State of Illinois which <br /> authorizes the Municipality to enter into intergovernmental cooperation <br /> agreements with other units of government, which agreement will enable the <br /> County of Cook to issue its bonds for housing purposes in accordance with <br /> its Constitutional home rule powers and pursuant to the provisions of the <br /> Mortgage Subsidy Bond Tax Act of 1980 (the "Act") ; and <br /> WHEREAS, it is necessary, therefore, for the Municipality, acting <br /> by its corporate authorities, to approve a form of agreement with the County <br /> whereby the Municipality allocates to the County all of its 1984 authority <br /> to issue "qualified mortgage bonds" (as defined in the Act) : <br />