HomeMy WebLinkAboutRes 21-98 03/18/1998 wl
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3/12/98
RESOLUTION NO. 21-98
A RESOLUTION AUTHORIZING THE TRANSFER OF 1998
VOLUME CAP OF THE VILLAGE OF MOUNT PROSPECT,
ILLINOIS TO MADISON COUNTY, ILLINOIS
WHEREAS, Section 146'of the Internal Code of 1986, as amended, grants Illinois home
rule municipalities volume cap in the amount of $50 per population per year to issue private
activity bonds; and
WHEREAS, the official estimated 1997 population of the Village of Mount Prospect, Illinois
(the '¥illage") is 53,170, providing the Village volume cap of $2,702,000 for the year 1998;
and
WHEREAS, the Village has not used or reallocated its 1998 volume cap; and
WHEREAS, Madison County, Illinois has requested that the Village of Mount Prospect
transfer its 1998 volume cap allocation to Madison County to be used to finance the
acquisition, construction, and installation of sewage and/or solid wastes disposal facilities
located in Madison County, Illinois, which project is in conjunction with Shell Oil Company;
and
WHEREAS, 30 ILCS 345/1 authorizes any home rule unit to voluntarily reallocate all or any
of its unused volume cap.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE BOARD OF THE VILLAGE OF
MOUNT PROSPECT, ILLINOIS AS FOLLOWS:
SECTION ONE: That the Village hereby reallocates and transfers the Volume Cap
allocation $2,702,000 to Madison County, Illinois to be used for the purposes set forth
herein, contingent upon Shell Oil Company paying or causing to be paid 1% of the
reallocated amount to the Village of Mount Prospect as a service fee on or before the date
of issuance of the bonds.
SECTION TWO: ' That the Village Clerk is directed to send a certified copy of this
Resolution to Madison County, Illinois.
SECTION THREE: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law:
AYES: Hoefert, Lohrstorfer, Nocchi, Wilks
NAYS: None
ABSENT: C1 owes, Corcoran
PASSED and APPROVED this 18th day of March , i998.
Gerald L. Farl6y, Mayor
Garol A. Fields, Village Glerk
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