Laserfiche WebLink
RESOLUTION No. 52-82 <br />A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF <br />AGREEMENT BY AND BETWEEN THE VILLAGE OF ELK GROVE VILLAGE, ILLINOIS, AND <br />KUKLA PRESS, INCORPORATED, PROVIDING FOR THE ISSUANCE BY SAID VILLAGE OF <br />REVENUE BONDS PURSUANT TO THE PROVISIONS OF ORDINANCE NUMBER 2486. <br />WHEREAS, the Village of Elk Grove Village, Illinois (hereinafter called the <br />"Village") recognizes that it is necessary for the general welfare and economy <br />of the public that the Village endeavor to provide opportunities for economic <br />development; and <br />WHEREAS, the Village is a home rule unit of government and is authorized <br />under the provisions of Ordinance Number 1486 (the "Enabling Ordinance"), to <br />issue its revenue bonds in order to provide funds to acquire, construct, re- <br />construct, improve, equip or extend any "project" (as defined in the Enabling <br />Ordinance), in order to relieve conditions of unemployment, and to encourage <br />economic development within the Village thereby reducing the evils attendant <br />upon unemployment; and <br />WHEREAS, Kukla Press, -Inc., a Delaware coproration (the "Company") wishes to <br />secure the financing of the cost of the construction of a building addition <br />located within the Village of Elk Grove Village, Illinois, and the acquisition of <br />printing and other equipment to be used therein (the building addition and <br />equipment hereinafter known as the "Project"), and wishes to have the Village of <br />Elk Grove Village, Illinois a home rule unit and political subdivision of the State <br />of Illinois, duly organized and existing under the Constitution and laws of the <br />State of Illinois (the "Issuer") issue its revenue bonds to provide such financing; <br />and <br />WHEREAS, the Village's intention to issue said revenue bonds is an induce- <br />ment to the Borrower to locate L;,e Project in the Village; and <br />WHEREAS, it is now deemed advisable to authorize the execution and delivery <br />by the Village of a Memorandum of Agreement (the "Memorandum of Agreement") by and <br />between the Village and the Borrower, setting forth the understanding heretofore <br />informally discussed by the Village and the Borrower; and <br />WHEREAS, a Memorandum of Agreement has been presented to the issuer under <br />the terms of which the Issuer agreessubject to the provisions of such agreement, <br />to issue its revenue bonds to provide such financing; <br />NOW, THEREFORE, Be It Resolved by the President and Board of Trustee of the <br />Village of Elk Grove Village, Illinois, as follows: <br />Section 1. That the President and Village Clerk of the Issuer <br />are hereby authorized to execute a Memorandum of Agreement with <br />the Company in substantially the form of such agreement presented <br />to this meeting or with such changes therein as shall be approved <br />by the officers executing the same. <br />Section 2. That the above officers of the Issuer are hereby <br />authorized to take such further action as is necessary to carry <br />out the intent and purpose of the Memorandum of agreement as <br />executed and to cause not exceeding $4,000,000 of its revenue <br />bonds to be issued upon the terms and conditions stated in such <br />Memorandum of Agreement, which Memorandum of Agreement is hereby <br />made a part of this Resolution. <br />-1- <br />