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RESOLUTION NO. 47-82 <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 that <br />most people can afford is essential to the health and safety of the inhabi- <br />tants of the Village of Elk Grove Village, Cook County, Illinois (the <br />"Municipality"), and to the financial well-being of the Municipality; and <br />WHEREAS, the shortage of such decent, safe and sanitary housing <br />that most people can afford is not transitory and self -curing and it is <br />necessary that this Municipality take all possible action to lower the cost <br />of such housing in order to make it available to a larger portion of the <br />inhabitants 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 therefore authorized <br />to engage in a home 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 that <br />it is not feasible for the Municipality to issue its bonds and to engage in <br />a home mortgage loan program and that it is in the best interests of the <br />Municipality to enter into an agreement with the County of Cook, State of <br />Illinois (the "County"), pursuant to the provisions of Section 10 of Article <br />VII of the 1970 Constitution of the State of Illinois which authorizes the <br />Municipality to enter into intergovernmental cooperation agreements with <br />other units of government, which agreement will enable the County of Cook <br />to issue its bonds for housing purposes in accordance with its Constitutional <br />home rule powers and pursuant to the provisions of the Mortgage Subsidy Bond <br />Tax Act of 1980 (the "Act"); and <br />WHEREAS, it is necessary, therefore, for the Municipality, acting by <br />its corporate authorities, to approve a form of agreement with the County <br />whereby the Municipality allocates to the County all of its 1982 authority <br />to issue "qualified mortgage bonds" (as defined in the Act); <br />