HomeMy WebLinkAboutRes 37-87 12/15/1987
RESOLUTION NO.
37~87
A RESOLUTION TRANSFERRING AND REALLOCATING
THE AGGREGATE REMAINING, UNUSED ALLOCATION
OF THE PRIVATE ACTIVITY BONDS OF THE VILLAGE
OF MOUNT PROSPECT, AND THE ILLINOIS DEVELOPMENT
FINANCE AUTHORITY, WITH RESPECT TO THE ISSUANCE
OF PRIVATE ACTIVITY BONDS BY THE AUTHORITY TO
FINANCE INDUSTRIAL AND MANUFACTURING PROJECTS
IN ORDER TO PROMOTE ECONOMIC DEVELOPMENT
THROUGHOUT THE STATE OF ILLINOIS
WHEREAS, the Village of Mount Prospect (the "Home Rule Unit")
is a home rule unit of government duly organized and validly
existing under Article VII of the 1970 Constitution and laws
of the State of Illinois; and
WHEREAS, the availability of job opportunities to relieve
conditions of unemployment and underemployment and the
increase of business and commerce to reduce the evils
associated with unemployment and underemployment are
essential to the health, safety and general welfare of the
Home Rule Unit and the other inhabitants of the State of
Illinois; and
WHEREAS, pursuant to its powers as a political subdivision,
body politic and municipal corporation legally existing under
the Illinois Development Finance Authority, Ill. Rev. Stat.
Ch. 48. par. 850.01 et seq. 1985, as amended (the IOActn),
the Illi.nois Development Finance Authority (the "Authority")
is authorizedto~issue tax-exempt private activity bonds such
as its qualified small issue industrial development bonds to
finance industrial and manufacturing projects (as defined in
the Ac~) for economic development purposes; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986
{the "Code"), and Section 1301 of the Tax Reform Act of 1986,
places a ceiling (the "State Ceiling") on the aggregate
principal amount of private activity bonds (as defined in the
Code) that can be issued in the State of Illinois from
January 1, 1987 to and including December 31, 1987; and
WHEREAS, the Home Rule Unit's portion of the State Ceiling
equals $3,947,500 (the "Available Ceiling"); and
WHEREAS, the Horne Rule Unit has issued private activity bonds
to which portions of the Available Ceiling have been
allocated in the aggregate principal amount of $ -O~ from
January 1, 1987 through the date of adoption of this
Resolution; and
WHEREAS, the Home Rule Unit has a remaining, unused balance
of allocated Available Ceiling in the amount of $ 3,947,500
for the remainder of calendar year 1987; and
WHEREAS, pursuant to Section 146 of the Code and Executive
Order No.8 of 1986 of the Governor of the State of Illinois,
the Home Rule Unit may reallocate to the Authority any
remaining, unused allocated portion of its Available Ceiling;
and
WHEREAS, the Authority has requested that the Home Rule Unit
transfer and reallocate its remaining, unused allocated
Available Ceiling, which would otherwise remain unused, to
the Authority in order to enable the Authority to complete
the successful financing of industrial, manufacturing, and
other economic development projects in its program throughout
the State; and
WHEREAS, it is in the best interests of the Home Rule Unit
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to transfer and reallocate $3,947,500 of the Home Rule
Unit's remaining, unused allocated Available Ceiling to the
Authority and thereby permit the Authority to issue its
tax-exempt private activity bonds to finance industrial,
manufacturing, and other economic development projects
throughout the State of Illinois.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS, AS
FOLLOWS:
SECTION ONE: That the Village of Mount Prospect hereby
transfers and reallocates its remaining, unused allocated
Available Ceiling to the Authority for the purpose of
enabling the Authority to complete the financing of
industrial, manufacturing, and other economic development
projects in its program throughout the State of Illinois.
SECTION TWO: The Authority and Home Rule Unit shall each
retain a copy of this Resolution in their records for the
term of all private activity bonds of the Horne Rule Unit
issued during calendar year 1987. Notice of this Resolution
together with a copy of this Resolution shall be given in
writing by the Authority to the Office of the Governor of the
State of Illinois within 10 days of the passage and approval
hereof.
SECTION THREE: That the officials of the Home Rule Unit
are hereby authorized, empowered and directed to take all
necessary or advisable actions in connection with the
execution and implementation of this Resolution.
SECTION FOUR: This Resolution shall be in full force and
effect from and after its passage and approval in the manner
provided by law.
AYES: Arthur, Farley, Floros, Murauskis, Van Geem, Wattenberg
NAYS: None
ABSENT: None
PASSED and APPROVED this
15th
day of
December
, 1987.
~ / ~~ J..I:
Carolyn <,H.
f-iayor
ATTEST:
-~~ Y~ß/
Carol A. Fields
Village Clerk