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HomeMy WebLinkAboutRes 55-85 12/03/1985 _/ RESOLUTION NO. 55-85 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 .~ONOMIC 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 IIAct"), 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 I WHEREAS, the Home Rule Unit's portion of the State Ceiling equals $7,895,000 of the "Available Ceiling"; and WHEREAS, the Home Rule Unit has issued bonds in the amount of $7,500,000 during the calendar year 1985; and WHEREAS, the Home Rule Unit has a balance of Available Ceiling in the amount of $395,000 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 VII of the 1970 Constitution of the State of Illinois which authorizes the Home Rule Unit to enter into intergovernmental cooperation agreements with other units of government, which Agreement will transfer $395,000 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 $395,000 of the Home Rule Unit1s Available Ceiling is hereby transferred to the Authority in order to enable the Authority to complete the financing of industrial projects in f'\ 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 Exhibtt 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 aùthorized, 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: Arthur, Farley, Floros, Murauskis, Van Geem, Wattenberg None ABS ENT: None PASSED and APPROVED this 5th day of _November, 1985. ATTEST: ~/I~. Cãro n A. rause : Mayor L~¿; ~ Village Clerk ~ AGREEMENT THIS AGREEMENT dated as of November 1 , 1985, by and between the Illinois Department:Finance Authority (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 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"); WITNESSETH 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 "Authority") is authorized to issue its industrial development revenue binds 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 Home Rule Unit has issued $7,500,000 of private activity bonds during calendar year 1985; and WHEREAS, the Home Rule Unit has a balance of Available Ceiling in the amount of $395,000 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 $395,000 of the Home Rule Unit1s 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 $395,000 of its 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 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 Governor 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. ILLINOIS DEVELOPMENT FINANCE AUTHORITY txecutive Director- , (Seal) ATTEST: Ássistant Secretaryr VILLAGE OF MOUNT PROSPECT, a home rule unit Carolyn H~ -KrãUse Village President (Seal) ATTEST: Caro1 A. ~íelds Village Clerk n A CERTIFICATE OF THE VILLAGE CLERK OF THE VILLAGE OF MOUNT PROSPECT I, the undersigned, certify that I am the duly qualified Village Clerk of the Village of Mount Prospect, a home rule unit, and the keeper of its official records and files, and do further certify as follows: 1. Attached to this Certificate is a true and correct copy of Resolution No. , which Resolution was adopted and approved by the President ãñdBoard of Tru-stees of the Vi 11 age of Mount Prospect, the Home Rule Unit, at their regular meeting held on November 5, 1985 in connection with the Home Rule Unit's consent to the allocation to the Illinois Development Finance Authority of the Home Rule Unit's Available Ceiling (as defined in the Resolution). The meeting at which the Resolution was adopted was duly called by the Governing Body and a quorum was present and acting throughout. 2. Minutes of said meeting, in which the proceedings concerning the adoption of the Resolution are set forth, have been duly entered into the minute book of the Village of Mount Prospect, the Home Rule Unit; the Resolution has not been altered, amended or repealed and is in full force and effect on the date hereof; and no other resolutions relating to the Allocation have been adopted by the Home Rule Unit. 3. At the time of the adoption of the Resolution, the following were the duly elected, qualified and acting members and officers of the Governing Body of the Home Rule Unit and are now in lawful incumbency of their respective offices: Village Village Vi 11 age Village Vi 11 age Village Vi 11 age President Trustee Trustee Trustee Trustee Trustee Trustee Carolyn H. Krause Ralph Arthur Gerald Farley Leo Floros Norma Murauskis George Van Geem Theodore J. Wattenberg 4. The meeting of the Governing Body of the Home Rule Unit at which the Resolution was adopted was open to the public at all times and was held at a time and place convenient to the public. Actual notice of such meeting was given to the public by posting a notice thereof in a prominent place at the principal office of the Governing Body at the beginning of the calendar year. Copies of such notice and agenda were supplied at the time of posting to all local news media who had submitted a request for them pursuant to law. IN WITNESS WHEREOF, I have executed this Certificate this day of , 1985. ëãrõl Á. Fie1ds ¡--- Village Clerk. .. Village of Mount Prospect Cook County, Illinois. (Seal)