HomeMy WebLinkAboutOrd 5083 01/18/2000 ORDINANCE NO. 5083
AN ORDINANCE APPROVING THE TRANSFER OF VOLUME CAP
IN CONNECTION WITH PRIVATE ACTIVITY BOND
ISSUES AND RELATED MATTERS
Passed and approved by
the President and Board of Trustees
the 18th day of January, 2000
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
19th day of January, 2000
WVL/
1/12/2000
ORDINANCE NO. 5085
AN ORDINANCE APPROVING THE TRANSFER OF VOLUME CAP
IN CONNECTION WITH PRIVATE ACTIVITY BOND ISSUES
AND RELATED MATTERS
WHEREAS, the Village of Mount Prospect, Cook County, Illinois (the "Village'~ 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 148 of the Internal Revenue code of 1986, as amended (the "Code'l,
provides that the Village has volume cap equal to $50 per resident of the Village in each
calendar year, which volume cap may be allocated to certain tax-exempt private activity bonds;
and
WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 Illinois Compiled Statutes ?998,
345/? et seq., as supplemented and amended (the "Act% 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 Village to transfer its entire
volume cap allocation for calendar year 2000 to the Illinois Development Finance Authority (the
"lssuet'~ to be applied toward the issuance of private activity Bonds by the Issuer (the "Bonds')
or for such other purpose permitted by this Ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That pursuant to Section 146 of the Code and the Act, the entire volume cap
of the Village for calendar year 2000 is hereby transferred to the issuer, which shall issue the
Bonds using such transfer of volume cap, or shall use or transfer such volume cap in such
manner as shall be directed by Gates Capital Corporation, without any further action required on
the part of the Village, 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, upon the
adoption of this Ordinance, there shall be paid to the Village a fee in the amount of two percent
(2.0%) of the volume cap so transferred.
SECTION TWO: That the Village and the Issuer shall maintain a written record of this
Ordinance in their respective records during the term that the Bonds or any other such bonds to
which such volume cap is allocated remain outstanding.
age 2/2
Volume Cap, 2000
SECTION THREE: That the President, the Village Clerk and all other proper officers, officials,
agents and employees of the Village 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 FOUR: 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 FIVE: 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 and publication in pamphlet form as provided by
law.
AYES: Corceran, Hoefert, Lohrstorfer, Prikkel, Skowron, Wilks
NAYS: None
ABSENT: None
PASSED and APPROVED this 18th day of January ,2000.
· age P'resident ,//
/
ATTEST: r'
Village Clerk
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