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HomeMy WebLinkAboutS2-96 (3) Ordinance No. S2-96 AN ORDINANCE REALLOCATING $2 , 350, 500 OF THE CITY OF ELGIN' S PRIVATE ACTIVITY BOND ALLOCATION TO THE ILLINOIS DEVELOPMENT FINANCE AUTHORITY WHEREAS, pursuant to the Internal Revenue Code of 1986 , as amended, the City of Elgin (the "City" ) as a constitutional home rule unit is allocated a certain amount of "volume cap" per calendar year; and WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 ILCS 345 et seq. , provides, among other things, that the corporate authorities of any home rule unit may reallocate all or any portion of its unused allocation of volume cap; and WHEREAS, the City has available unused volume cap for calendar year 1996; and WHEREAS, the City wishes to authorize the Mayor of the City of Elgin (the "Mayor" ) to reallocate a portion of its unused volume cap for calendar year 1996 to the Illinois Finance Development Authority (the "Authority" ) for use in connection with a particular transaction. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS : Section 1 . Reallocation. The City hereby authorizes and directs the Mayor to reallocate to the Authority $2 , 350 , 500 of its unused volume cap, for calendar year 1996 ( the "Reallocation" ) for application by the Authority to bonds to be issued to finance a project located within the City for Suburban Plastics . Should Suburban Plastics not be granted the additional volume cap from the Authority by April 1, 1996 then the $2 , 350 , 500 will be returned to the City of Elgin to be reallocated at their discretion. The Mayor will evidence the making of such Reallocation by filing a certificate with the Clerk of the City stating the amount of volume cap reallocated pursuant to this ordinance. Section 2 . Records . The Mayor is hereby authorized and directed to maintain a record of such Reallocation for the term of the Bonds issued pursuant to such Reallocation. Section 3 . Notice. The Mayor shall provide a written notice of such Reallocation to the Office of the Governor and to the Authority. Section 4 . Execution of Documents . The Mayor shall execute such agreements , certificates and other documents on behalf of the City as he deems necessary and desirable to evidence such Reallocation, which may include a representation on behalf of the City that such Reallocation volume cap has not been used and is available for reallocation under the Internal Revenue Code and the Illinois Private Activity Bond Allocation Act . Section 5 . Effective Date. This ordinance shall be effective from and after its passage. s/ Kevin Kelly Kevin Kelly, Mayor Presented: February 28 , 1996 Passed: February 28, 1996 Vote : Yeas 7 Nays 0 Recorded: February 29 , 1996 Published: Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk Resolution No. 96-56 RESOLUTION AUTHORIZING THE EXECUTION OF A MEMORANDUM OF AGREEMENT (Bailey Development, L.L.C. Project) WHEREAS, Bailey Development, L.L.C . , an Illinois limited liability company (the "Borrower" ) wishes to finance the acquisition of approximately 12 acres of land located at the intersection of Spaulding and Gifford Roads in Elgin, Illinois and the construction and equipping of an approximately 46 , 000 square foot manufacturing facility thereon (the "Project" ) and wishes to have the City of Elgin, Illinois (the "Issuer" ) issue its industrial revenue bonds to finance the acquisition, construction and equipping of such facilities; and WHEREAS, a Memorandum of Agreement (the "Agreement" ) has been presented to the Issuer under the terms of which the Issuer agrees, subject to the provisions of such Agreement, to issue its industrial revenue bonds to finance the Project. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, as follows : Section 1 . That the Mayor of the Issuer is hereby authorized to execute, and the City Clerk of the Issuer is hereby authorized to attest to the Agreement with the Borrower in substantially the form of such agreement appended to this Resolution as Exhibit A. Section 2 . That the officers and employees of the Issuer are hereby authorized to take such further action as is necessary to carry out the intent and purposes of the Agreement as executed and to issue not to exceed $5, 000, 000 of its industrial revenue bonds upon the terms and conditions stated in such Agreement for the purpose of defraying the cost of the Project and that the same is declared to be for a public purpose. Section 3 . That this Resolution shall be in full force and effect upon its passage and approval . s/ Kevin Kelly Kevin Kelly, Mayor Presented: February 28, 1996 Adopted: February 28, 1996 Vote: Yeas 6 Nays 1 Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk Resolution No. 96-153 RESOLUTION AUTHORIZING REQUEST TO GOVERNOR OF THE STATE OF ILLINOIS FOR ALLOCATION FOR PRIVATE ACTIVITY BOND (Bailey Development L.L.C. ) BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that Raymond H. Moller, Director of Business Services and Property, be and is hereby authorized and directed to submit a request to the Governor of the State of Illinois for allocation of $5 . 0 million for Bailey Development, L.L.C. ) Series 1996 . s/ Kevin Kelly Kevin Kelly, Mayor Presented: May 22 , 1996 Adopted: May 22 , 1996 Vote: Yeas 7 Nays 0 Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk