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RESOLUTION NO. 71-84 <br /> A RESOLUTION AUTHORIZING THE EXECUTION AND DELIV- <br /> ERY OF A MEMORANDUM OF AGREEMENT BY AND BETWEEN <br /> THE VILLAGE OF ELK GROVE VILLAGE, ILLINOIS, AND <br /> COLLINS, CO., LTD., PROVIDING FOR THE ISSUANCE BY SAID <br /> VILLAGE OF REVENUE BONDS PURSUANT TO THE PROVI- <br /> SIONS OF ORDINANCE NUMBER 1486. <br /> WHEREAS, the Village of Elk Grove Village, Illinois (hereinafter called the <br /> "Village'l recognizes that it is necessary for the general welfare and economy of the <br /> public that the Village endeavor to provide opportunities for economic development; 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 the construction of offices and showrooms in, <br /> and renovation of offices and showrooms in, an existing building and acquisition and <br /> installation of equipment therein, all located within the Village of Elk Grove Village, <br /> Illinois, (the building improvements and equipment hereinafter known as the "Project"), <br /> and wishes to have the Village of Elk Grove Village, Illinois (the "Issuer") issue its <br /> revenue bonds to provide 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 /> WHEREAS, it is now deemed advisable to authorize the execution and <br /> delivery by the Village of a Memorandum of Agreement (the "Memorandum of Agree- <br /> ment") by and between the Village and the Company, setting forth the understanding <br /> heretofore informally discussed by the Village and the Company; and <br />