HomeMy WebLinkAbout02-118 Resolution No. 02-118
RESOLUTION
ASSIGNING UNALLOCATED PRIVATE ACTIVITY BOND AUTHORITY
FOR THE YEAR 2002
WHEREAS, the City of Elgin has $7, 086, 525 of private activity
bond authority for the year 2002 ; and
WHEREAS, the City of Elgin has previously allocated $0 of such
year 2002 private activity bond authority leaving a remaining
balance of unallocated authority of $7 , 086, 525 ; and
WHEREAS, the City of Elgin has received a request from the
ASSIST Bond Program to assign to the City of Aurora $1, 000, 000 of
the city' s remaining unallocated private activity bond authority
for the year 2002 to allow the City of Aurora to issue bonds the
proceeds of which will be utilized in the ASSIST Bond Program; and
WHEREAS, the ASSIST Bond Program is a statewide program that
provides first time homebuyers with closing costs and other
downpayment assistance; and
WHEREAS, the availabilityof decent, safe and sanitaryhousing
is essential to retain and increase industrial and commercial
activities and relieve conditions of unemployment in the City of
Elgin; and
WHEREAS, the shortage of decent, safe and sanitary housing
that most people can afford is not transitory and self-curing, the
cost of financing such housing is a major and substantial factor
effecting the supply and cost of decent, safe and sanitary housing
built by private enterprise and the revenue bonds to be issued by
the City of Aurora referenced in this resolution will substantially
lower the cost of such financing; and
WHEREAS, the ASSIST Bond Program would expand the City of
Elgin' s efforts to promote home ownership in the City of Elgin; and
WHEREAS, the City of Elgin, Illinois, is a home rule unit
pursuant to the Constitution and laws of the State of Illinois; and
WHEREAS, pursuant to the Constitution and laws of the State of
Illinois, particularly Section 10 of Article VII of the 1970
Constitution of the State of Illinois and 5 ILCS 220/1 et seq. , as
amended, (the "Intergovernmental Cooperation Act" ) , home rule units
of government may exercise jointly any power which they could
individually exercise .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ELGIN, COOK AND KANE COUNTIES, ILLINOIS :
Section 1 . That the City of Elgin hereby reserves and
allocates $1, 000, 000 of its private activity bond authority for the
year 2002 for the purpose of financing mortgage loans pursuant to
the ASSIST Bond Program for persons of low and moderate income for
one to four family residences located in the City of Elgin,
Illinois .
Section 2 . That upon the adoption of a resolution by the City
Council of the City of Elgin authorizing the execution and delivery
of an intergovernmental cooperation agreement with the City of
Aurora, Illinois, in a form approved by the Corporation Counsel of
the City of Elgin, the City of Elgin shall assign to the City of
Aurora, Illinois, such $1, 000, 000 of its private activity bond
authority for the year 2002 to be utilized by the City of Aurora,
Illinois to issue bonds for the ASSIST Bond Program for the purpose
of financing mortgage loans to persons of low and moderate income
for one to four family residences located in the City of Elgin,
Illinois .
Section 3 . That the Mayor, the City Clerk, and all other
proper officers, officials, agents and employees of the City of
Elgin 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
resolution, including without limitation, to obtain an allocation
of unified volume cap.
Section 4 . That all ordinances, resolutions or parts thereof,
in conflict with the provisions of this resolution, to the extent
of such conflict, are hereby superseded, and this resolution shall
be in full force and effect upon its passage .
s/ Ed Schock
Ed Schock, Mayor
Presented: March 27, 2002
Adopted: March 27, 2002
Omnibus Vote : Yeas : 5 Nays : 0
Attest :
s/ Dolonna Mecum
Dolonna Mecum, City Clerk