RESOLUTION - 37-82 - 7/27/1982 - REVENUE BOND/EXCELLO PRESS

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RESOLUTION NO. x7_82 A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF INTENT BY AND BETWEEN THE VILLAGE OF ELK GROVE VILLAGE, ILLINOIS, AND THE EXCELLO PRESS, INCORPORATED, PROVIDING FOR THE ISSUANCE BY SAID VILLAGE OF REVENUE BONDS PURSUANT TO THE PROVISIONS OF ORDINANCE NUMBER 1486. WHEREAS, the Village of Elk Grove Village, Illinois (hereinafter called the "Village") recognizes that it is necessary for the general welfare and economy of the public that the Village endeavor to provide opportunities for economic development; and WHEREAS, the Village is a home rule unit of government and is authorized under the provisions of Ordinance Number 1486 (the "Enabling Ordinance"), to issue its revenue bonds in order to provide funds to acquire, construct, re- construct, improve, equip or extend any "project" (as defined in the Enabling Ordinance), in order to relieve conditions of unemployment, and to encourage economic development within the Village, thereby reducing the evils attendant upon unemployment; and WHEREAS, in order to implement the public purposes set forth in the Enabling Ordinance, the Village has indicated its intent to issue its revenue bonds and apply the proceeds therefrom to the acquisition and installation of a web offset printing press and auxiliary equipment, the dismantling and re -erection of certain existing equipment and the construction of various building improvements (collectively, the "Project"), all of the foregoing to be used by the Excello Press, Incorporated, an Illinois corporation (the "Borrower"), in a facility located within the corporate boundaries of the Village; and WHEREAS, the Village's intention to issue said revenue bonds is an induce- ment to the Borrower to locate the Project in the Village; and WHEREAS, it is now deemed advisable to authorize the execution and delivery by the Village of a Memorandum of Intent (the "Memorandum of Intent") by and between the Village and the Borrower, setting forth the understanding heretofore informally discussed by the Village and the Borrower; and WHEREAS, the form of Memorandum of Intent has been presented to this meeting of the President and Board of Trustees: NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois, as follows: