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HomeMy WebLinkAboutRes 43-84 08/21/1984 l790V RESOLUTION NO. 43-84 A RESOLUTION AUTHORIZING THE VILLAGE OF MOUNT PROSPECT TO ENTER INTO AN AGREEMENT WITH THE COUNTY OF COOK, ILLINOIS, WITH RESPECT TO THE ISSUANCE OF CERTAIN BONDS FOR HOUSING PURPOSES BY THE COUNTY OF COOK. * * * WHEREAS, the availability of decent, safe and sanitary housing that most people can afford 1S essential to the health and safety of the inhabitants of the Village of Mount Prospect, Cook County, I~linois (the riMunicipality") and to the financial well-being of the Municipality¡ and WHE~AS, the shortage of such aecent, safe and sanitary housing that most people can afford is not transitory and self curing and it is necessary that this 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, pursuant to the provisions of the Municipal Housing Finance Law, being Division 11-74.5 of the "Illinois Municipal Code," approved May 29, 1961, as amended, the Municipality is authorized to engage in a home mortgage loan program as described therein and to issue its bonds for such purpose¡ and WHEREAS, it has heretofore been found and it is hereby determined that it is not feasible for the Municipality to issue its bonds and to engage in a home mortgage loan program as described in the Municipal Housing Finance Law 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 "County") pursuant to the provisions of Section 10 of Article VII of the 1970 Constitution of the State of Illinois which authori~es the Municipality to enter into intergovernmental cooperation agreements with other units of government, which Agreement will enable the County of Cook 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 Revenue Code of 1954, as amended (including the provisions of H.R. 4170, when passed into law) (the "Act")¡ and ,,' """""."\';""'~"-""""-";"'-""'._" WHEREAS, it is necessary, therefore, for the Municipality, acting by its corporate authorities, to approve a form of Agreement with the County (a copy of which is attached as part of his Resolution) whereby the Municipality allocates to the County all of its 1984 authority to issue "qualified mortgage bonds" (as defined in the Act): NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, as follows: SECTION 1. The Mayor 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. SEc'rlON 2. The said 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, including, without limitation, the filing of a reservation pursuant to Section 14.1 of the Illinois Housing Development Act, as amended. SECTION 3. This Resolution shall be in full force and etfect upon its passage and approval. * * * PASSED: this 21st day of August ,1984. AYES: ARTHUR. FARLF.V. MnRATT~KT~, W~TTENBE~Ç; NAYS: NONE APPROVED this 21st. day of t\ 11 ']11 5 t , 1984. MA~ II ~ ATTEST: VILLAGE CLERK ~~ if ~ -2- l787V AGREEMENT THIS IS AN AGREEMENT dated as of ~i.{S:-r J/ , 1984, between the Village of Mount Prospect, Cook County, Illinois (the "Municipality"), and the County of Cook, Illinois (the "County"). The Municipality and the County agree as follows: SECTION 1: The Municipality has the legal authority to issue "qualified mortgage bonds" as detined in Section 103A of the Internal Revenue Code of 1954, as amended (including the provision of H.R. 4170, when passed into law) (the "Act"). SECTION 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 qualified mortgage bonds in 1984, all for the purpose of enabling the County to issue its bonds in accord with the Act and the regulations promulgated tnereunaer. 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 (Ill.Rev.Stat. 1983, ch. 67-1/2, par 314.1). SECTION 3. This Agreement is subject to cancellation by either party hereto, such cancellation becoming effective not earlier than thirty (30) days following the delivery of written notice of such cancellation to the other party. ./ SECTION 4: This Agreement shall be in full force and effect immediately upon its execution by the parties hereto. WITN~SS the otficial signatures of the Mayor and Clerk of the Municipality and the seal of the Municipality and the official signature of the Comptroller of the County all as of the date hereinabove written. VILLAGE OF MOUNT PROSPECT COOK COUNTY, ILLINOIS By ~~~ II ~ MAYe1ft I / If ~ c51-' ~ VILLAGE CLERK By (S~AL) COUNTY OF COOK, ILLINOIS By Comptroller, County of Cook, I.llinOis ~TATE OF lLLINOIS ) ) SS ) COUNTY OF COOK I, the undersigned, do hereby certify that I am the duly qua.litied and acting Clerk of the Village of Mount Prospect, in the County and State aforesaid, and as such Clerk I am the keeper of the otticial Journal, records and files of the Mayor and Board of Trustees of said Village. I do further certify that the attached and foregoing is a full, true and correct copy of Resolution No.!/3-~1 entitled: "A RESOLUTION AUTHORIZING THE VILLAGE OF MOUNT PRO~PECT TO ENTER iNTO AN AG~EMENTWITH THE COUNTY OF COOK, ILLINOIS, WITH RESPECT TO THE ISSUANCE OF CERTAIN BONDS FOR tlOUSING PURPOSES BY THE COUNTY OF COOK. as adopted by the Mayor and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, at its legally convened meeting held on the 2t- day of ~. "". ' 1984, and signed by the Mayor on the ~} day of ~, 19B4, all as appears from the official records of said Village, in my care and custody. IN WiTN~SS WHEREOF, I have hereunto attixed my otticial signature and the corporate seal Cook County, I.llinOiS, this ~2( - , of Said~llageOf Mount Prospect, day of r 4'Sr- , 1984. ~y~ Village Clerk -- - " (~~AL) l788V RESERVATION TO: Illinois Housing Development Authority (the "Authority") Village of Mount Prospect, Illinois (the "Municipality") FROM: The Municipality hereby notifies the Authority that it is a home rule municipality in the State of Illinois which has authority to issue "qualified mortgage bonds", as defined in Section 103A of the Internal Revenue Code of 1954, as amended (the ~Codefl). Pursuant to Section 14.1 of the Illinois Housing Development amended (the "Act"), the Municipality reserves to itself all portion of the State ceiling amount determined in accordance Section 14.1 of the Act and Section 103A of the Code. Act, as of its with VILLAGE OF MOUNT PROSPECT By C~)I .t:~ Mayor A'l"l'EST: L~ eY~ Village Clerk