HomeMy WebLinkAboutRes 11-95 04/18/1995 Rle-~OLUTION NO~ 11 - 9 5
A RHSOLUTION AUTHORIZING TH~ TRANSFER OF 1995
VOLUM~ CAP OF THE VILLAGE OF MOUNT PROSPECT,
ILLINOIS TO THE VILLAGE OF NILES, N_I,1NOIS
WHF. P, EAS, Section 146 of the Internal Code of 1986, as mended, grants Illinois home rule
municipalities volume cap in the amount of $50 per population per year to issue private activity bonds;
and
WHEP, EAS, the official estimated 1992 population of the Village of Mount Prospect, Illinois
(the "Village") is 53,315 giving the Village volume cap of $2,665,750 for the year 1995; and
WHERP_.AS, the Village has not used any of its 1995 volume cap and presently has no requests
to use the same; and
WHEREAS, the Village of Niles, Illinois has requested that the Village of Mount Prospect
transfer $2,000,000 of its 1995 volume cap to the Village of Niles to be used to finance a private
activity bond for Fort Dearborn Lithograph Company; and
WItElZEAS, 30 ILCS 345/6 authorizes any home rule unit to voluntarily reallocate any of its
unused volume cap.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF MOUNT PROSPECT, ILLINOIS AS FOLLOWS:
SECTION ONlg: That the Village hereby reallocates and transfers $2,000,000 of its 1995
volume cap to the Village of Niles to be used for the Fort Dearborn Lithograph Company private
activity bond financing.
SECTION TWO: That the Village Cl~rk is directed to send a certified copy of this Resolution
to the Village of Niles.
SF, CTION TIIREE: That this Resolution shall be effective immediately upon passage and
approval.
PASSED this 18th day of April, 1995.
AYES: Clowes, Hendricks, Hoefert, Skowron, Wilks
NAYS: None
ABSE1Wr: Corcoran
APPROVED this 18th day of April, 1995.
Attest:
Village Clerk