HomeMy WebLinkAboutS6-07 (3) Ordinance No. S6-07
AN ORDINANCE
RESERVING AND AUTHORIZING THE TRANSFER OF VOLUME CAP IN CONNECTION
WITH PRIVATE ACTIVITY BOND ISSUES AND RELATED MATTERS
WHEREAS, the City of Elgin, Cook and Kane Counties, Illinois (the "City"), 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 146 of the Internal Revenue Code of 1986, as amended(the"Code"),
provides that the City has volume cap equal to$85.00 per resident of the City in each calendar year,
which volume cap may be reserved and allocated to certain tax-exempt private activity bonds; and
WHEREAS,the Illinois Private Activity Bond Allocation Act,30 ILCS 345/1 et seq.,(State
Bar Ed. 2006) as supplemented and amended (the "Act"), provides that a 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 City to reserve all of its volume
cap allocation for calendar year 2007 to be applied toward the issuance of private activity bonds(the
"Bonds"), as provided in this Ordinance, or to be transferred, as permitted by this Ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS:
Section 1. That pursuant to Section 146 of the Code and the Act,the entire volume cap of
the City for the calendar year 2007 is hereby reserved by the City,which may issue the Bonds using
such volume cap,or without any further action required on the part of the corporate authorities of the
City, may transfer such volume cap to a home rule unit of government, non-home rule unit of
government,the State of Illinois or any agency thereof for the issuance of private activity bonds by
such governmental entity,and the adoption of this Ordinance shall be deemed to be an allocation of
such volume cap for use in the issuance of such other bonds;provided,that any such transfer shall be
evidenced by a written instrument executed by the Mayor or City Manager or any other proper
officer or employee of the City.
Section 2. That the City shall maintain a written record of this Ordinance in its records
during the term that the Bonds or any other such bonds to which such volume cap is allocated remain
outstanding.
Section 3. That the Mayor,the City Clerk and all other proper officers,officials,agents and
employees of the City 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 and to comply with the provisions of the Act with respect to transfers of
volume cap.
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Section 4. 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 5. 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.
eCe•ZrietZ---
Ed Schock, Mayor
Presented: May 23, 2007
Passed: May 23, 2007
Omnibus Vote: Yeas: 7 Nays: 0
Recorded: May 24, 2007
Published:
Attest:
J ifer nton, Acting City Clerk