HomeMy WebLinkAboutRes 10-96 04/02/1996 WL
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3/29/96
RESOLUTION NO. 10-96
A RESOLUTION AUTHORIZING THE TRANSFER OF 1996
VOLUME CAP OF THE VILLAGE OF MOUNT PROSPECT,
ILLINOIS TO THE VILLAGE OF NILES, ILLINOIS
WHEREAS, Section 146 of the Internal Code of 1986, as amended, grants Illinois home
rule municipalities volume cap in the amount of $50 per population per year to issue
private activity bonds; and
WHEREAS, the official estimated 1992 population of the Village of Mount Prospect,
Illinois (the "Village") is 53,315, giving the Village volume cap of $2,665,750 for the year
1996; and
WHEREAS, the Village has not used any of its 1996 volume cap and presently has no
requests to use the same; and
WHEREAS, the Village of Niles, Illinois, Illinois has requested that the Village of Mount
Prospect transfer $1.85 million of its 1996 volume cap to the Village of Niles to be used
to finance an industrial project for Lewis Spring and Manufacturing Company; and
WHEREAS, 30 ILCS 345/6 authorizes any home rule unit to voluntarily reallocate any of
its unused volume cap.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE BOARD OF THE VILLAGE
OF MOUNT PROSPECT, ILLINOIS AS FOLLOWS:
SECTION ONE: That the Village hereby allocates and transfers $1.85 million of its 1996
volume cap to the Village of Niles to be used for an industrial project for Lewis Spring and
Manufacturing Company.
SECTION TWO: That the Village Clerk is directed to send a certified copy of this
Resolution to the Village of Niles.
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: Clowes, Corcoran, Hendricks, Hoefert, Skowron, Wilks
NAYS: None
ABSENT: None
PASSED and APPROVED this 2nd day of April , i996.
ATTE~,T: J -,.
Carol A. Fields
Village Clerk