HomeMy WebLinkAboutOrd 3113 05/19/1981 RDINANCE NO. 3113
AN ORDINANCE AUTHORIZING THE
AMENDMENT OF THE NORTHWEST
SUBURBAN MUNICIPAL JOINT ACTION WATER AGENCY AGREEMENT
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT AS
FOLLOWS:
Section 1. It is found and declared by the Presi-
dent and Board of Trustees (the "Board") of the Village of
MOUNT PROSPECT (the "Village") as follows:
(a)
(b)
(c)
The Village is a member of the Northwest
Suburban Municipal Joint Action Water
Agency (the "Agency") which Agency was
established and is governed by the
Northwest Suburban Municipal Joint
Action Water Agency Agreement (the
"Agreement");
The Agreement is entered into pursuant
to the Intergovernmental Cooperation Act,
as amended Jill. Rev. Stat. Ch. 127, Sec.
741 et seq.] (the "Act");
The Act provides for the Agreement to
authorize receipts of the Agency to be
pledged to the payment of bonds or
notes.
2-
(d) It is in the best interest of the Agency
and the Village that the Agreement be
amended to authorize a pledge, assignment,
lieu or security interest with respect
to receipts of the Agency for the purpose
of securing and paying any bonds or notes
of the Agency, as provided in the Agree-
ment of Amendment presented to this meeting
and attached hereto and made a part
hereof (the "Agreement of Amendment");
(e) Section 12 of the Agreement provides for
amendment of the Agreement by a written
agreement aUthorized by an ordinance of
the corporate authorities of each
Municipality; and
(f) The Village desires to authorize the
Agreement of Amendment.
Section 2. The Village hereby authorizes the execution on
its behalf of the Agreement of Amendment.
Section 3. This Ordinance shall become effective as of its
approval by the President and Board of Trustees of the
Village.
assed and ,Ap~¢~d by The Village of Mount
Prospect, %his 19th. day of May , 1981.
Ayes:
Nays: None
Absent: Miller, Murauskis
Arthur, Farley, Floros, wattenberg
Attest: