HomeMy WebLinkAboutOrd 6437 03/05/2019 Reserving Volume Cap in Connection with Private Activity Bond Issues ORDINANCE NO. 6437
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AN ORDINANCE RESERVING VOLUME CAP IN CONNECTION WITH
PRIVATE ACTIVITY BOND ISSUES,AND RELATED MATTERS.
Passed and approved by
the President and Board of Trustees
this 5th day of March, 2019
Published in pamphlet form by authority
of the corporate authorities of the
Village of Mount Prospect, Illinois, this
6th day of March, 2019.
ORDINANCE NO. 6437
AN ORDINANCE RESERVING VOLUME CAP IN CONNECTION WITH
PRIVATE ACTIVITY BOND ISSUES,AND RELATED MATTERS.
WHEREAS, the Village of Mount Prospect, Cook County, Illinois (the "Municipality"), is
a municipality and a home rule unit of government under Section 6 of Article VII of the
1970 Constitution of the State of Illinois; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended (the "Code"),
provides that the Municipality has volume cap equal to $105.00 per resident of the Municipality
in each calendar year, which volume cap may be reserved and allocated to certain tax-exempt
private activity bonds; and
WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 Illinois Compiled
Statutes 1998, 345/1 et seq., as supplemented and amended (the "Act"), provides that a home
rule unit of government may transfer its allocation of volume cap to any other home rule unit of
government, the State of Illinois or any agency thereof or any non-home rule unit of government;
and
WHEREAS, it is now deemed necessary and desirable by the Municipality to reserve all of
its volume cap allocation for calendar year 2019 to be applied toward the issuance of
private activity bonds (the "Bonds"), as provided in this Ordinance, or to be transferred, as
permitted by this Ordinance;
Now,THEREFORE,Be It Ordained by the President and the Board of Trustees of the
Village of Mount Prospect, Cook County, Illinois, as follows:
SECTION 1. That, pursuant to Section 146 of the Code and the Act, the entire volume
cap of the Municipality for calendar year 2019 is hereby reserved by the Municipality, which
shall issue the Bonds using such volume cap, or shall use or transfer such volume cap,
without any further action required on the part of the Municipality, and the adoption of this
Ordinance shall be deemed to be an allocation of such volume cap to the issuance of the Bonds
or such other bonds;provided, that any such transfer shall be evidenced by a written instrument
executed by the Village President or any other proper officer or employee of the Municipality.
SECTION 2. That the Municipality shall maintain a written record of this Ordinance in its
records during the term that the Bonds or any other such bonds to which such volume cap is
allocated remain outstanding.
SECTION 3. That the President, the Village Clerk and all other proper officers, officials,
agents and employees of the Municipality are hereby authorized, empowered and directed to do
all such acts and things and to execute all such documents and certificates as may be necessary to
further the purposes and intent of this Ordinance.
SECTION 4. That the provisions of this Ordinance are hereby declared to be separable,and
if any section,phrase or provision of this Ordinance shall for any reason be declared to be invalid,
such declaration shall not affect the remainder of the sections, phrases and provisions of this
Ordinance.
SECTION 5. That all ordinances, resolutions or orders, or parts thereof, in conflict
herewith are, to the extent of such conflict, hereby superseded; and that this Ordinance shall be in
full force and effect upon its adoption and approval.
AYES: Grossi, Hatzis, Hoefert, Rorgers, Saccotelli, Zadel
NAPES: None
PASSED and APPROVED this 5th day of March, 2019.
Arlene A Ju__.....__....
racek
Village President
ATTEST: [SEAL]
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Karen Agoranos � �
Village Clerk