HomeMy WebLinkAboutRes 49-82 09/21/1982
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RESOLUTION NO. 49-82
A RESOLUTION TO AUTHORIZE PARTICIPATION IN
THE JOBS 1982/83 LOW-COST MORTGAGE LOAN
PROGRAM TO BE SPONSORED AND ADMINISTERED
BY THE COUNTY OF COOK, STATE OF ILLINOIS
WHEREAS, pursuant to the Federal Mortgage Subsidy Bond
Tax Act of 1980, as amended, local governments have been given
limited authority to offer low-rate residential mortgage loans
by selling tax-exempt bonds to raise the money for the Mort-
gage Fund; and
WHEREAS, practical considerations in the bonding market
render it necessary to sell tax-exempt bonds of at least
$25,000,000 in order to fund said mortgage loan program; and
WHEREAS, in order to undertake such a bond issue it will
be necessary for each municipality located within the County
of Cook and having a limited authority to issue such mortgage
revenue bonds to delegate such municipal bonding authority
to the County of Cook so that the requisite minimum amount
of $25,000,000 or more in tax-exempt revenue bonds can be
realized; and
WHEREAS, the County of Cook proposes to act as an inter-
mediary for all the municipalities within the County that
turn over their bond issue authority so as to allow the
County to issue tax-exempt revenue bonds in the amount of
$25,000,000 or more; and
WHEREAS, in return for delegating such bonding authority
to the County of Cook, the County will in turn allocate to
each municipality for low interest rate home mortgage purposes
funds equal to the municipality's allocated bond authority;
and
í\1HEREAS, said program, to be known as the "Jobs 1982/83
Low Cost Mortgage Loan Program," will involve a delegation
of only the municipality's 1982 bonding authority; and
WHEREAS, the Village of Mount Prospect is interested in
stimulating home buying within the community, and the Village
does not otherwise intend to issue its own revenue bonds for
the purpose of obtaining home mortgage funds.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COC~TY, ILLINOIS:
SECTION ONE: This Board does hereby determine that it will
delegate to the County of Cook its 1982 mortgage revenue bond
authority pursuant to the Federal Mortgage Subsidy Bond Tax
Act of 1980; said bonding authority to be for the tax year
1982.
SECTION TWO: A copy of this Resolution shall be provided to
the pertinent officials of the County of Cook, State of
Illinois, as the authority of this Village to allow the County
of Cook, State of Illinois, to use its bonding authority.
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THREE: This Resolution shall take effect upon its
and approval in accordance with law.
AND APPROVED this
21st day of
September
, 1982.
Arthur
Farley
Floras
Hiller
Hurauskis
Wattenberg
Krause
None
None
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MAYOR
TTEST:
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