HomeMy WebLinkAboutOrd 4308 05/07/1991 ORDINANCE NO. 4308
AN ORDINANCE AUTHORIZING A DIRECTION TO THE
CITY OF DEKALB, ILLINOIS PURSUANT TO THE INTERGOVERNMENTAL
COOPERATION AGREEMENT IN CONNECTION WITH THE ISSUANCE OF
CERTAIN SINGLE FAMILY MORTGAGE REVENUE BONDS AND RELATED MATTERS
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 7th day of May , 1991
Published in pamphlet form by
authority of the corporate
authorities of the village of
Mount Prospect, Illinois, the
15th day of May , 1991.
ORDINANCE NO. 4308
AN ORDINANCE authorizing a direction to the City of DeKalb,
Illinois pursuant to the Intergovernmental Cooperation Agreement in
connection with the issuance of eartain Single Family Mortgage
Revenue Bonds and related matters.
WHEREAS, the Village of Mount Prospect, Cook County, Illinois (the
"Municipality") has entered into an Intergovernmental Cooperation Agreement (the
"Cooperation Agreement") dated as of March 25, 1991, by and among the Municipality
and the other municipalities listed therein, in connection with the City of DeKalb, Illinois
(the "Issuer") Home Rule Units Single Family Mortgage Revenue Bonds (GNMA Mortgage-
Backed Securities Program] Series 1991 (the "Bonds"); and
WHEREAS, the Cooperation Agreement provides that a pro rata share of
the initial amount made available to finance mortgage loans or interests therein shall be
reserved solely for the financing of mortgage loans for residences in each of the
participating municipalities until December 31, 1991 except with respect to any
participating municipality which directs the Issuer to waive or relax the reservation
period requirements with respect to such participating municipality; and
WHEREAS, the participating lenders which have bid with respect to
mortgage loans in the Municipality have done so on the condition that their allocation be
reserved only until a date no later than July 31, 1991; and
WHEREAS, in order to participate in the Program, which the Municipality
deems to be beneficial to the public interest of the Municipality, it is necessary and
desirable to direct the Issuer to shorten the reservation period with respect to the
Municipality to July 31, 19991;
NOW, THEREFORE, Be It Ordained by the President and Board of Trustees
of the Village of Mount Prospect, Cook County, Illinois, as follows:
Section 1. That the President or Village Clerk of the Municipality is hereby
authorized and directed to take such action as is required under Section 5 of the
Cooperation Agreement to direct the Issuer to shorten the reservation period with
espect to the Municipality to July 31 including the delivery of a certificate signed by
such officer to that effect.
Section 2. That the provisions of this ordinance are hereby declared to be
separable, and if any section, phrase or provision of this authorizing ordinance shall for
any reason be declared'to be invalid, such declaration shall not affect the validity of the
remainder of the sections, phrases and provisions of this authorizing ordinance.
Section 3. That all ordinances, resolutions and orders, or parts thereof, in
conflict with the provisions of this authorizing ordinance are, to the extent of such
conflict, hereby superseded.
Presented, passed, approved and recorded by the President and Board of
Trustees of the Village of Mount Prospect, Cook County, Illinois, this 7th day of May,
Approved: - /:~
~ / - Presl/dent /
[SEAL]
Attest:
Village Clerk
Ayes: Busse, C]owes, Corcoran, Hoefert, F]oros, Wi]ks
Nays: Nolle
Absent or Not Voting: None
Trustee Corcoran moved, and Trustee Hoefert seconded
the motion, that said ordinance as presented and read by the Village Clerk be adopted.
After a full discussion thereof, the President directed that the roll be
called for a vote upon the motion to adopt said ordinance, as read.
Upon the roll being called, the following six voted:
AYE: Busse, Corcoran, Clowes, Hoefert~ Floros, Wilks
NAY: None
ABSENT OR NOT VOTING: None
Whereupon the President declared the motion carried and said ordinanee
adopted, and hereforth did approve and sign the same in open meeting and did direct the
Village Clerk to record the same in full in the records of the Village of Mount Prospect,
Cook County, Illinois.
(Other Business)
Upon motion duly made and seconded, the meeting was adjourned.
Village Clerk-