HomeMy WebLinkAboutRes 38-88 10/18/1988
RESOLUTION NO.
38-88
RESOLUTION CEDING THE VILLAGE OF MOUNT PROSPECT'S
REMAINING INDUSTRIAL REVENUE BOND AUTHORITY FOR 1988
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 $2,631,700 for calendar year 1988; and
WHEREAS, pursuant to Illinois State Statute, a Home Rule Unit of Government which
does not use its Industrial Revenue Bond (IRB) authority in a particular calendar
year may cede that authority to another Illinois governmental 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 1988 in many communities has been depleted and
that a waiting list of projects need 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 1988,
which amount the Village of Mount Prospect does not intend to use for qualifying
projects prior to January 1, 1989.
NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF
MOUNT PROSPECT, COOK COUNTY, IL~INOIS:
SECTION 1: That the Village of Mount Prospect irrevocably consents to the
allocation of $2,631,700 of its remaining 1988 Industrial Revenue Bond volume cap
to the State of Illinois.
SECTION 2: That the Village Clerk is authorized and directed to transmit a
certified copy of this Resolution to the Office of the Governor, the State of
Illinois.
SECTIDN 3: This resolution shall be in full force and effect from and after its
passage and approval according to law.
AYES:
FLDROS, MURAUSKIS, FARLEY, VAN GEEM, ARI'HUR
NAYS:
NONt:
ABSENT:
WA'lTENBERG
PASSED and APPROVED
18th
day of
October
, 1988.
c~~ Ii ¡¿~
Caro n H. Krause, Mayor
A nEST:
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Carol A. Fields, Village Clerk