HomeMy WebLinkAboutRes 60-85 12/17/1985
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RESOLUTION NO.
60.-:- 8 5
A RESOLUTION AUTHORIZING THE VILLAGE OF MOUNT PROSPECT,
A HOME RULE UNIT TO ENTER INTO AN AGREEMENT
BY AND BETWEEN THE VILLAGE OF MOUNT PROSPECT AND
THE ILLINOIS DEVELOPMENT FINANCE 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 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 duly organized and validly
existing under and by virtue of the Illinois Development Finance
Authority Act, Ill. Rev. Stat. Ch. 48, Section 850.01 et seq.
(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 103 (n) of the Internal Revenue Code of 1954, as
amended (the "Code"), places a ceiling (the "State Ceiling") on
the aggregate principal amount of private activity bonds that can
be issued in 1985 in the State of Illinois; and
WHEREAS, the Home Rule Unit's portion of the State Ceiling equals
$7,895,000 of the "Available Ceiling"; and
WHEREAS, the Village of Mount Prospect did previously cede
$395,000 to the Illinois Development Finance Authority (IDFA);
and
WHEREAS, the Village of Niles, Illinois, did cede $1,500,000 of
their available funds to the Village of Mount Prospect, bringing
the amount available to the Village of Mount Prospect to a total
of$9,000,000; and
WHEREAS, the Home Rule Unit has not issued any bonds during the
calendar year 1985; and
WHEREAS, the Home Rule Unit has a balance of Available Ceiling in
the amount of $9,000,000 for calendar year 1985; and
WHEREAS, pursuant to the Deficit Reduction Act of 1984, Executive
Order No.5 of 1985 of the Governor of the State of Illinois and
Section 6 of the Illinois Private Activity Bond Allocation Act,
the Home Rule Unit may reallocate to the Authority any unused
allocation of its Available Ceiling; and
WHEREAS, the Authority has requested that the Home Rule Unit
transfer a part of its 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 Home Rule Unit to
enter into an Agreement by and between the Authority and the Home
Rule Unit, pursuant to the provisions of Section 10 of Article
~.c./
VII of the 1970 Constitution of the State of Illinois which
authorizes the Home Rule Unit t enter into intergovernmental
cooperation agreements with other units of government, which
Agreement will transfer $9,000,000 of the Home Rule Unit's
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 $9,000,000 of the Home Rule Unit's Available
Cei1ing lS 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 Home Rule Unit
(the "Agreement") are hereby approved, and the Village President
of the Home Rule Unit is authorized, empowered and directed to
execute, and the Village Clerk of the Home Rule Unit is hereby
authorized, empowered and directed to attest and to affix the
official seal of the Home Rule Unit to the Agreement, which shall
be in substantially the same form as Exhibit A attached hereto
and made a part hereof, with such changes therein as shall be
approved by the officer of the Home Rule Unit executing the same,
the execution of the Agreement, in any event, to constitute
approval of such changes.
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 and the Agreement.
SECTION FOUR: That this Resolution shall be in full force and
effect upon its passage and approval in the manner provide by
law.
AYES:
NAYS:
~rthur, Farley, Murauskis, Van Geem
.,
None
ABSENT:
Floras, Wattenberg
PASSED and APPROVED this l2Lh day of
Decembe~, 1985.
ATTEST:
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Ct2-( P'~ /,(jf1t.~Â-"
L: a r 0 1 yh fLr K r au s e .
Mayor
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Village Clerk
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AGREEMENT
THIS AGREEMENT dated as of D cembe . , 1985,
by and between the Illinois Department. lnance ut Orlty (the
"Authority") a political subdivision, body politic and municipal
corporation duly created and validly existing under the Illinois
Development Finance Authority Act (the "Act"), and the Village of
Mount Prospect, Illinois, a munièipality and a home rule unit of
government duly organized and va1idly existing under the
Constitution and laws of the State of Illinois (the "Home Rule
Unit"); .
WITNESSETH
WHEREAS, the availability of joblopportunities 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 duly organized and validly
existing under and by virtue of the Illinois Development Finance
Authority Act, Ill. Rev. Stat. Ch. 48, Section 850.01 et seq.
(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 103 (n) of the Internal Revenue Code of 1954, as
amended (the "Code"), places a ceiling (the "State Ceiling") on
the aggregate principal amount of private activity bonds that can
be issued in 1985 in the State of Illinois and restricts the Home
Rule Unit's portion of the State Ceiling to a total of $7,895,000
(the "Available Ceiling");
WHEREAS, the Village of Mount Prospect did previously cede
$395,000 to the Illinois Development Finance Authority (IDFA);
and
WHEREAS, the Village of Niles, Illinois, did cede $1,500,000 of
their available funds to the Village of Mount Prospect, bringing
the amount av~ilable to the Village of Mount Prospect to a total
of $9,000,000; and
WHEREAS, the Home Rule Unit has not issued any private
activity bonds during calendar year 1985; and
WHEREAS, the Home Rule Unit has a balance of Available Ceiling in
the amount of $9,000,000 for calendar year 1985; and
WHEREAS, pursuant to the Deficit Reduction Act of 1984, Executive
Order No.5 of 1985 of the Governor of the State of Illinois, and
Section 6 of the Illinois Private Activity Bond Allocation Act
(the.. "State Act"), the Home Rule Unit may reallocate to the
Authority any unused allocation of the Available Ceiling; and
WHEREAS, it is in the best interests of the Authority and the
Home Rule Unit to enter into an Agreement which will reallocate
to the Authority $9,000,000 of the Home Rule Unit's Available
Ceiling and thereby 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 Home Rule Unit
agree as follows:
SECTION ONE: The Home Rule Unit hereby reallocates to the
Authority $9,000,000 of its Available Ceiling for the purpose of
~
Page 2 of 2
IDFA AGREEMENT
enabling the Authority to complete the financing of industrial
projects in its program throughout the State of Illinois through
issuance of its revenue bonds.
SECTION TWO: The Authority and the Home Rule Unit shall each
retain a copy of this Agreement in their records for the term of
all industrial development revenue bonds of the Home Rule Unit
issued during calendar year 1985. Notice of this Agreement
together with a copy of this Agreement shall be given in writing
by the Home Rule Unit to the Office !of the Gove~nor of the State
of Illinois within 10 days of the execution hereof.
SECTION THREE: 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 Home Rule Unit
have caused this Agreement to be executed, attested and sealed by
its duly authorized officers, all as of the date first above
written.
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ILLINOIS DEVELOPMENT FINANCE AUTHORITY
q~ ~-u.-
txecutive ITirector
(Seal)
ATTEST:
VILLAGE OF MOUNT PROSPECT,
a home rule unit
, .
, ~,~ /1 f;:~
~arolyrfY . Krause
Village President
(Seal)
ATTEST:
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L~~~
Village Clerk