HomeMy WebLinkAboutRes 30-80 08/05/1980
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RESOLUTION NO. 30-80
A RESOLUTION WITH RESPECT TO
THE PROPOSED FINANCING OF A
MANUFACTURING PLANT BY THE
ILLINOIS INDUSTRIAL DEVELOPMENT
AUTHORITY ON BEHALF OF VANGUARD
TOOL AND ENGINEERING COMPANY
WHEREAS, the Illinois Industrial Development Authority
(the "Authority"), pursuant to Public Act 81-454 approved on
September 7,1979, and known as "The Illinois Industrial Develop-
ment Authority Act" (the "Act") has authority to acquire indus-
trial development projects and to finance same for the purpose
of relieving employment in areas of labor surplus; and
WHEREAS, Vanguard Tool and Engineering Company, (the
"Company"), an Illinois corporation, wishes to construct and equip
a manufacturing plant at 555 Carboy Road, Mount Prospect, Illinois;
and
WHEREAS, the Authority and the Company have negotiated the
terms of a proposed financing and the issuance of revenue bonds by
the Authority in the amount of Seven Hundred Thousand Dollars
($700,000) and
WHEREAS, it is required by Section 6(f) of the Act that:
"The powers contained in this Act shall not be
exercised within the jurisdiction of any muni-
cipality unless the governing body has adopted
a resolution or ordinance approving such project.
If any of the powers set forth in this Act are
exercised within the jurisdictional limits of
any municipality, all ordinances of such munici-
pality which remain in full force and effect and
shall be controlling," and
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WHEREAS, a request has been made to the Village of Mount
Prospect for its adoption of a resolution responsive to the afore-
said statutory mandate,
NOW, THEREFORE, BE IT RESOLVED by the President and Board
of Trustees of the Village of Mount Prospect, Cook County, Illinois,
as follows:
SECTION 1.
That the President and Board of Trustees of
the Village of Mount Prospect does not object to the exercise by
the Authority of the powers set out under the Act with respect to
the financing on behalf of the Company of the project at the address
set out in the preamble hereto.
SECTION 2.
That this resolution shall be in full force
and effect from and after its adoption and approval as provided by
law.
PASSED AND APPROVED THIS 5th day of August, 1980.
AYES
5
NAYS
0
ABSENT
1
APPROVED:
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ViI age President
ATTEST:
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Villàge C erk
VOTE:
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Ayes: Farley, Floros, Milœer, Murauskis, Richardson
Nays: None
Abs .-- Wattenberg
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