HomeMy WebLinkAboutRes 21-85 05/07/1985
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RESOLUTION NO. -2~85
A RESOLUTION authorizing the Village of r~ount Prospect
to enter into an agreement with the County of Cook,
Illinois, with respect to the issuance of certain borids
for housing purposes by the County of Cook.
W~EREAS, the availability of decent, safe and sanitary housing
that most people can afford is essential to the health and safety of the
inhabitants of the Village of Mount Prospect, Cook County, Illinois (the
IIMunicipalityll) and to the financial well-being of the Municipality; and
WHEREAS, the shortage of such decent, safe and sanitary housing"
that most people can afford is not transitory and self cvring and it is
necessary that th~s Municipality take all possible action to lower the cost
of such housing in order to make it available to a larger portion of the
inhabitants of the Municipality; and
WHEREAS, the Muni ci pa 1 i ty is a Ifhome -rul elf uni t of government under
Article VII of the 1970 Constitution of Illinois and is therefore authorized to
- engage in a home mortgage loan program and to issue its bonds for such purpose;
and
~JHEREAS, it has heretofore been found and it is hereby determi ned
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that it is-not feasible for the r~unicipality to issue its bonds and to engage
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1n a home mortgage loan program and that it is in the best interests of the
Municipality to enter into an agreement with the County of Cook, State of
Illinois (the "Countylf) pursuant to the provisions of Section 10 of Article VII
of the 1970 Constitution of the State of Illinois which authorizes the Munici-
pality to enter into intergovernmental cooperation agreements with other units
of govern~ent, which agreement will enable the County to issue its bonds for
housing purposes in accordance with its Constitutional home rule powers and
pursuant to the provisions of Section 103A of the Internal Code of 1954, as
êfT1ended (the lI~ct"); and
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WHEREAS, it is necessary, therefore, for the Municipality, acting
by its corpora te authori ties, to approve a form of agreème,nt wi th the County
whereby the Municipality allocates to the County all of its 1985 authority to -
issue "qualified mortgage bondslf (as defined in the Act):
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, as follows:
Sect i ån 1.
That the President and Clerk of the Municipality are
hereby authorized, empowered and directed to enter into 'an ,agreement with the
County in substantially the form attached to this resolution with such changes
as shall be approved by the officials of the Municipality executing the same.
Section 2.
That the officials of the Municipality are hereby
authorized and directed to take all necessary or -advisable actions in connection
with the execution and implementation of the agreement in order to facilitate
the issuance of such bonds by the County.
Section 3.
This Resolution shall be in full force and
effect upon its passage and approval.
AYES: 5
NAYS: 0
ASBSENT:, 1
PÞ.SSED and F.PPROVED this 7th day of
May
, 1985.
(~~#K~
t-layor
Ly~
Village Clerk
2 of 2
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AGREEMENT
This is an Agreement dated as of
between the Village
of Mount Prospec.t, Cook County, Illinois (the "Municipality"), and The County
of Cook, Illinois (the "County").
follows:
The Municipality and the County agree as
Section 1.
That the Municipality has the legal authority to issue
"qualified mortgage bonds" as defined in Section lO3A of the Internal Revenue
Code of 195,4, as amended (the "Act").
Sectión 2.
The Municipality hereby allocates to the County all of
the area located within its jurisdiction and cedes to the County its entire
amount of authority to issue qual ified mortgage bonds in 1985, all for the
purpose of enabling the County to issue its bonds in accord with the Act and the
regulations promulgated thereunder.
This Agreement shall constitute a written
consent ceding all of the State ceiling amount applicable to the Municipality.
to the County within the meaning of Section 14.1 of the Illinois Housing
Development Act, as amended.
Section 3.
This Agreement is subject to cancellation by either
party hereto, such cancellation becoming effective not earlier than,30 days
following the delivery of written notice of such cancellation to the other party
at the following address:
If to the County
County Comptroller
Room 500
118 N. Clark Street
Chicago, IL 60602
If to the Municipality -
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Section 4.
This Agreement shall be in full force and effect
immediately upon its execution by the parties hereto.
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WITNESS the official signatures of the President and Clerk of the
Municipality and the seal of the Municipality and th~ official signature of the
Comptroller of the County all as of the date hereinabove written.
VILLAGE OF MOUNT PROSPECT,
COOK COUNTY, ILLINOIS
By ,
/V /J 'kl.. '
Cat pviw-- )) ~-'
CY Pres ì de~t
By/d ./ ~
Clerk
(SEAL)
THE COUNTY OF COOK, ILLINOIS
By
Comptroller, County of
Cook, 111 i noi s
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