HomeMy WebLinkAboutRes 39-83 09/20/1983
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A RESOLUTION AUTHORIZINGTHEY:r:LLAGE OF MOUNT PROSPECT
TO ENTER INTO AN AGRÊÈMÊÎÑ'î'WÎ'TH: ..rrHÊ COUNTY OF COOK,
ILLINOIS, WITH RESPECT TO THE ISSUANCE OF CERTAIN
BONDS FOR HOUSING PURPOSES BY THECOURTYOFCOOK
WHEREAS, the availability of decent, safe and sanitary
housing that most people can afford is essential to the
health and safety of the inhabitants of the Village of
Mount Prospect, Cook County, Illinois (the "Municipality")
and to the financial well-being of the Municipality; and
WHEREAS, the shortage of such decent, safe and sanitary
housing that most people can afford is not transitory and
self curing and it is necessary that this Municipality take
all possible action to lower the cost of such housing in
order to make it available to a larger portion of the
inhabitants of the Municipality; and
WHEREAS, the Municipality is a 'home rule' unit of government
under Article VII of the 1970 Constitution of Illinois and
is therefor authorized to engage in a home mortgage loan
program ~nd to issue its bonds for such purposes; and
WHEREAS, it has heretofore been found and it is hereby
determined that it is not feasible for the Municipality to
issue its bonds and to engage in a home mortgage loan program
and that it is in the best interests of the Municipality to
enter into an agreement with the County of Cook, State of
Illinois (the "County") pursuant "to the provisions of
Section 10 of Article VII of the 1970 Constitution of the
State of Illinois which authorizes the Municipality to enter
into intergovernmental cooperative agreement with other units
of government, which agreement will enable the County of Cook
to issue its bonds for housing purposes in accordance with its
Constitutional home rule powers and pursuant to the provisions
of the Mortgage Subsidy Bond Tax Act of 1980 (the "Act"); and
WHEREAS, it is necessary, therefore, for the Municipality,
acting by its corporate authorities, to approve a form of
agreement with the County whereby the Municipality allocates
to the County all of its 1983 authority to issue 'qualified
mortgage bonds' (as defined in the Act).
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the Mayor and Clerk of the Municipality are
hereby authorized, empowered and directed to enter into an
agreement with the County in substantially the form attached
to this Resolution with such changes as shall be approve by
the officials of the Municifality executing the same.
SECTION TWO: That the officials of the Municipality are hereby
authorized and directed to take all necessary or advisable
actions in connection with the execution and implementation of
the agreement in order to facilitate the issuance of such bonds
by the County.
SECTION THREE: That this Resolution shall be in full force
and effect from and after its passage and approval in the
manner provided by law.
AYES.
NAYS:
Arthur, Farley, Floros, Murauskis, Van Geem, Wattenberg
None
ABSENT: None
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PASSED and APPROVED this
20t:h day of
September
, 1983.
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Mayo;r
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ATTEST: