HomeMy WebLinkAboutRes 44-86 12/02/1986
RESOLUTION NO.
44~86
A RESOLUTION AUTHORIZING THE VILLAGE OF MOUNT PROSPECT
ILLINOIS, TO ENTER INTO AN AGREEMENT BY AND BETWEEN THE
VILLAGE OF MOUNT PROSPECT AND THE ILLINOIS DEVELOPMENT
AUTHORITY (lITHE AUTHORITY") WITH RESPECT TO THE ISSUANCE OF
REVENUE BONDS BY THE AUTHORITY TO FINANCE INDUSTRIAL,
COMMERCIAL 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 under Article VII of the 1970 Constitution 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 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 Act, Ill.Rev.Stat.Ch. 48,
sa50.01 et.seq., as amended (the "Act"), the Illinois Development
Finance Authority (the "Authority") is authorized to issue its
industrial development revenue bonds to finance industrial
projects (as defined in the Act) for such purposes; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986 (the
WCode"), and Section 1311 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 August 16, 1986 to and
including December 31, 1986; and
WHEREAS, the Village of Mount Prospect's portion of the State
Ceiling equals $3,947,500.00 (the "Available Ceiling")¡ and
WHEREAS, the Village of Mount Prospect has issued private
activity bonds to which portions of the Available Ceiling have
been allocated in the aggregate principal amount of $ None from
August 16, 1986 through the date of adoption of this Resolution;
and
WHEREAS, the Village of Mount Prospect has a remaining balance of
unallocated Available Ceiling in the amount of $3,947,500.00 for
the remainder of calendar year 1986; 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
Village of Mount Prospect may reallocate to the Authority any
remaining unallocated portion of its Available Ceiling; and
WHEREAS, the Authority has requested that the Village of Mount
Prospect transfer its remaining unallocated Available Ceiling,
which would otherwise remain unused, to the Authority in order to
enable the Authority to complete the successful financing of
industrial projects in its program throughout the State; and
WHEREAS, it is in the best interests of the Village of Mount
Prospect to enter into an Agreement by and between the Authority
and the Village of Mount Prospect, pursuant to the provisions of
Section 10 of Article VII of the 1970 Constitution of the State
of Illinois which authorizes the Village of MQunt Prospect to
IRB Resolution
Page 2 of 2
enter into intergovernmental cooperation agreements with other
units of government, which Agreement will transfer $3,947,500.00
of the Village of Mount Prospect's remaining unallocated
Available Ceiling to the Authority.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That $3,947,500.00 of the Village of Mount
Prospect's remaining unallocated Available Ceiling is hereby
transferred to the Authority in order to enable the Authority to
complete the financing of industrial projects in its program
throughout the State of Illinois.
SECTION TWO: That the form, terms and provisions of the
Agreement by and between the Authority and the Village of Mount
Prospect (the "Agreement") are hereby approved, and the Mayor of
the Village of Mount Prospect is authorized, empowered and
directed to execute, and the Village Clerk of the Village of
Mount Prospect is hereby authorized, empowered and directed to
attest and to affix the official seal of the Village of Mount
Prospect to the Agreement, which shall be in substantially the
same form as Exhibit etA" attached hereto and made a part hereof,
which such changes therein as shall be approved by officer of
the Village of Mount Prospect executing same, the execution of
the Agreement, in any event, to constitute approval of such
changes.
SECTION THREE: That the officials of the Village of Mount
Prospect are hereby authorized, empowered and directed to take
all necessary or advisable actions in connection with the
exection and implementation of this Resolution and the Agreement.
SECTION FOUR: That this Resolution shall be in full force and
effect from and after its passage and approval in the manner
provided by law.
AYES: Arthur,
NA YS: None
ABSENT: None
Farley, Flores, Murauskis, Van Geem, Wattenberg
PASSED and APPROVED this
2nd
day of
December
, 19860
ATTEST:
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lie Krause
,
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Carol A. Fields
Village Clerk
EXHIBIT "An TO RESOLUTION NO.
44-Rf>
AGREEMENT
THIS AGREEMENT dated as of December 3, 1986, by and between
the Illinois Development Finance Authority (the "Authority") a
political subdivision, body politic and municipal corporation
created under the Illinois Development Finance Authority Act (the
"Act"), and the Village of Mount Prospect, Illinois, a
municipality and a home rule unit of government duly organized
and validly existing under the Constitution and laws of the State
of Illinois (the "Home Rule Unit");
WIT N E SSE T H
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 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 Act, Ill.Rev.Stat.Ch. 48,
§850.01 et.seq., as amended (the "Act"), the Illinois Development
Fiñance Authority (the "Authority") is authorized to issue its
industrial development revenue bonds to finance industrial
projects (as defined in the Act) for such purposes; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986 (the
"Code"), and Section 1311 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 from August 16, 1986 to and including December 31, 1986,
in the State of Illinois and restricts the Village of Mount
Prospect's portion of the State Ceiling to a total of
$3,947,5000.00 (the "Available Ceiling"): and
WHEREAS, the Village of Mount Prospect has issued $ None in
aggregate principal amount of private activity bonds to which
portions of the Available Ceiling has been allocated since
August 16, 1986; and
WHEREAS, the Village of Mount Prospect has a remaining balance of
unallocated Available Ceiling in the amount of $3,947,500.00 for
the remainder of calendar year 1986; 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
Village of Mount Prospect may reallocate to the Authority any
remaining unallocated portion of its Available Ceiling; and
WHEREAS, it is in the best interest of the Authority and the
Village of Mount Prospect to enter into an Agreement which will
reallocate to the Authority $3,947,500.00 of the Village of Mount
Prospect's remaining unallocated Available Ceiling and thereby
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IRB Agreem{
Page 2 of 2.
permit the Authority to issue its tax-exempt industrial
development bonds to finance industrial projects throughout the
State of Illinois.
NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the Authority and the Village of
Mount Prospect agree as follows:
Section 1: The Village of Mount Prospect hereby reallocates to
the Authority $3,947,500.00 of its remaining unallocated
Available Ceiling for the purpose of enabling the Authority to
complete the financing of industrial projects in its program
,throughout the State of Illinois through issuance of its
industrial development revenue bonds.
Section 2: The Authority and the Village of Mount Prospect
shall each retain a copy of this Agreement in their records for
the term of all industrial development revenue bonds of the
Village of Mount Prospect issued during calendar year 1986. .
Notice of this Agreement together with a copy of the Agreement
shall be given in writing by the Village of Mount Prospect to the
Office of Governor of the State of Illinois within 10 days of the
execution thereof. A copy of such notice shall be sent directly
to the Authority.
Section 3: This Agreement shall be governed by and construed
in accordance with the laws of the State of Illinois
IN WITNESS WHEREOF, the Authority and the Village of Mount
Prospect have cause this Agreement to be executed, attested and
sealed by its duly authorized officers, all as of the date first
above written..
ILLINOIS DEVELOPMENT FINANCE
AUTHORITY
By:
Executive Director
(Seal)
ATTEST:
Assistant Secretary
VILLAGE OF MOUNT PROSPECT, ILLINOIS
By:
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CarolY~ H. Krause -
Mayor
(Seal)
ATTEST:
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Carol A. Fields
Village Clerk