HomeMy WebLinkAboutOrd 5306 02/04/2003ORDINANCE NO. 5306
AN ORDINANCE RESERVING VOLUME CAP IN CONNECTION WITH
PRIVATE ACTIVITY BOND ISSUES, AND RELATED MATTERS
Passed and approved by
the President and Board of Trustees
the 4TM day of February, 2003
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
5th day of February, 2003
ORDINANCE NO. 5306
AN ORDINANCE RESERVING VOLUME CAP IN CONNECTION
WITH PRIVATE ACTIVITY BOND ISSUES, AND RELATED
MATTERS.
WHEREAS, the Village of Mount Prospect, Cook County, Illinois (the
"Municipality'S, is a municipality and a home rule unit of government under Section 6 of
Article VII of the 1970 Constitution of the State of Illinois; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended (the
"Code'l, provides that the Municipality has volume cap equal to $75.00 per resident of
the Municipality in each calendar year, which volume cap may be reserved and
allocated to certain tax-exempt private activity bonds; and
WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 Illinois Compiled
Statutes 1998, 345/1 et seq., as supplemented and amended (the "Act'S, provides that
a home rule unit of government may transfer its allocation of volume cap to any other
home rule unit of government, the State of Illinois or any agency thereof or any non-
home rule unit of government; and
WHEREAS, it is now deemed necessary and desirable by the Municipality to
reserve all of its volume cap allocation for calendar year 2003 to be applied toward the
issuance of private activity bonds (the "Bonds'l, as provided in this Ordinance, or to be
transferred, as permitted by this Ordinance;
Now, THEREFORE, Be It Ordained by the Mayor and Board of Trustees of the
Village of Mount Prospect, Cook County, Illinois, as follows:
SECTION ~. That, pursuant to Section 146 of the Code and the Act, the entire
volume cap of the Municipality for calendar year 2003 is hereby reserved by the
Municipality, which shall use or transfer such volume cap in such manner as shall be
directed by Stern Brothers & Co., without any further action required on the part of the
Municipality, and the adoption of this Ordinance shall be deemed to be an allocation of
such volume cap to the issuance of the Bonds or such other bonds; provided, that any
such transfer shall be evidenced by a written instrument executed by the Mayor or any
other proper officer or employee of the Municipality; provided further, that, upon the
passage of the Ordinance, there shall be paid to the Municipality a fee by the obligor of
the bonds of 2.00% of the volume cap so reserved.
SECTION2. That the Municipality shall maintain a written record of this
Ordinance in its records during the term that the Bonds or any other such bonds to
which such volume cap is allocated remain outstanding.
SECTION 3. That the President, the Village Clerk and all other proper officers,
officials, agents and employees of the Municipality are hereby authorized, empowered
and directed to do all such acts and things and to execute all such documents and
certificates as may be necessary to further the purposes and intent of this Ordinance.
SECTION 4. That the provisions of this Ordinance are hereby declared to be
separable, and if any section, phrase or provision of this Ordinance shall for any reason
be declared to be invalid, such declaration shall not affect the remainder of the
sections, phrases and provisions of this Ordinance.
SECTION 5. That all ordinances, resolutions or orders, or parts thereof, in conflict
herewith are, to the extent of such conflict, hereby superseded; and that this Ordinance
shall be in full force and effect upon its adoption and approval.
AYES: Corcoran, Hoefert, Lohrstorfer, Skowron, Wilks, Zadel
NAYES: None
ABSENT: None
PASSED and APPROVED this 4th day of February ,2003.
ATTEST:
s, Deputy Village Clerk
Gerald L. F'arl'e'y, ~/illage//~ident
'~ [SEAL]
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