HomeMy WebLinkAboutRes 18-89 05/16/1989
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RESOLUTION NO.
18-89
A RESOL U TI ON CEDI NG THE V ILLAGE OF MOUN T P ROSPEC T'S
INDUSTRIAL REVENUE BOND VOLUME CAP TO THE STATE OF ILLINOIS.
WHEREAS, The Village of Mount Prospect, an Illinois Home Rule Unit of
Government, has been allocated, pursuant to Federal Tax Law, an Industrial
Revenue Bond volume cap of $2,631,900 for calendar year 1989; and
WHEREAS, pursuant to Illinois State Statute, a Home Rule Unit of Government
which chooses not to use its Industrial Revenue Bond (IRB) authority in a
particular calendar year may cede that authority to another Illinois govern-
mental unit; and
WHEREAS, the State of Illinois shares its IRB authority with non-home rule
units of government; and
WHEREAS, the Office of the Governor of Illinois has informed the Village of
Mount Prospect that the IRB authority for 1989 in many communities has been
depleted and that a waiting list of projects needs allocation authority; and
WHEREAS, the Office of the Governor of Illinois has requested that the Village
of Mount Prospect cede to the State of Illinois its remaining IRB authority
for 1989, which amount the Village intends not to use for qualifying projects
with the Village prior to January 1,1990.
NOW, THEREFORE, BE IT RESOLVED the Mayor and Board of Trustees of the Village
of Mount Prospect, Cook County, Illinois irrevocably consents to the alloca-
tion of $2,631,900, its 1989 Industrial Revenue Bond volume cap, to the State
of Illinois.
BE IT FURTHER RESOLVED that the Village Clerk is authorized and directed to
transmit a certified copy of this Resolution to the Office of the Governor,
State of Illinois.
AYES: Arthur,
NAYS: None
ABSENT: None
Busse, Corcoran, Floros, Van Geem, Wattenberg
PASSED and APPROVED this 16th day of May, 1989.
A nEST:
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Carol A. Fields, Village Clerk