HomeMy WebLinkAbout82-0927 Housing Bond [home rule units]
RESOLUTION NO. $A'b9a-4.
A RESOLUTION authorizing the City/Village
of Elgin to enter into an
agreement with the County of Cook, Illinois ,
with respect to the issuance of certain
bonds for housing purposes by the County
of Cook.
* * *
WHEREAS, the availability of decent, safe and sanitary
housing that most people can afford is essential to the health
and safety of the inhabitants of the City/Village of Elgin
Cook County, Illinois (the "Municipality" ) and to the financial
well-being of the Municipality; and
WHEREAS, the shortage of such decent, safe and sanitary
housing that most people can afford is not transitory and
self curing and it is necessary that this Municipality take all
possible action to lower the cost of such housing in order to
make it available to a larger portion of the inhabitants of the
Municipality; and
WHEREAS, the Municipality is a "home rule" unit of
government under Article VII of the 1970 Constitution of Illinois
and is therefor authorized to engage in a home mortgage loan
program and to issue its bonds for such purpose; and
WHEREAS, it has heretofore been found and it is hereby
determined that it is not feasible for the Municipality to issue
its bonds and to engage in a home mortgage loan program and that
it is in the best interests of the Municipality to enter into an
agreement with the County of Cook, State of Illinois (the "County" )
pursuant to the provisions of Section 10 of Article VII of the
1970 Constitution of the State of Illinois which authorizes the
Municipality to enter into intergovernmental cooperation agreements
with other units of government, which agreement will enable the
County of Cook to issue its bonds for housing purposes in accordance
with its Constitutional home rule powers and pursuant to the pro-
visions of the Mortgage Subsidy Bond Tax Act of 1980 (the "Act" ) ;
and
WHEREAS, it is necessary, therefore, for the Municipality,
acting by its corporate authorities , to approve a form of agree-
ment with the County whereby the Municipality allocates to the
County all of its 1982 authority to issue "qualified mortgage
bonds" (as defined in the Act) :
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL/CITY
COUNCIL/PRESIDENT AND BOARD OF TRUSTEES OF THE CITY/VILLAGE OF
ELGIN , COOK COUNTY, ILLINOIS, as follows :
Section 1. That the Mayor/President and Clerk of the
Municipality are hereby authorized, empowered and directed to enter
into an agreement with the County in substantially the form attached
to this resolution with such changes as shall be approved by the
officials of the Municipality executing the same.
-2-
Section 2 . That the officials of the Municipality are
hereby authorized and directed to take all necessary or advisable
actions in connection with the execution and implementation of
the agreement in order to facilitate the issuance of such bonds
by the County.
Section 3 . This resolution shall be in full force and
effect upon its passage and approval.
*
PASSED this 27th day of September , 1982.
AYES: Councilmen Gilliam, Hansen, Kirkland, Nelson, Schmidt, Waters and
Mayor Verbic.
NAYS: None
ABSENT:
APPROVED this 27th day of September , 1982.
s/ Richard L. Verbic
Mayor/President
ATTEST:
s/ Marie Yearman
City Clerk/Village Clerk
-3-
.
This is an Agreement dated as of November 5 , 1982
between the City/Village of Elgin , Cook County, Illinois
(the "Municipality") , and the County of Cook, Illinois. The
Municipality and the County of Cook agree as follows :
Section 1. That the Municipality has the legal authority
to issue "qualified mortgage bonds" as defined in the Mortgage
Subsidy Bond Tax Act of 1980 (the "Act") .
Section 2. The Municipality hereby assigns to the
County all of its 1982 authority to issue such bonds and allocates
to the County all of the area located within its jurisdiction for
the purpose of enabling the County to issue its bonds in accord
with the Act and the regulations promulgated thereunder.
Section 3 . This Agreement shall be in full force and
effect immediately upon its execution by the parties hereto.
WITNESS the official signatures of the Mayor and
Clerk of the Municipality and the seal of the Municipality
and the official signature of the Comptroller of the County of
dayof November 1 82.
Cook this � , 9
CITY/VILLAGE OF ELGIN
COOK COUNTY, ILLINOIS
By
(SEAL) Mayor
By IA C►_ -� '
C1 rk
COUNTY OF COOK, ILLINOIS
By /��'L��s ��
Comptro ler, County of
Cook, Illinois
STATE OF ILLINOIS )
) SS
COUNTY OF COOK )
I, the undersigned, do hereby certify that I am the
duly qualified and acting Clerk of the City/Village of Elgin ,
in the County and State aforesaid, and as such Clerk I am the
keeper of the official journal, records and files of the Council/
City Council/President and Board of Trustees of said City/Village.
I do further certify that the attached and foregoing
is a full, true and correct copy of Resolution No.
entitled:
"A RESOLUTION authorizing the City/Village
of Elgin to enter into an
agreement with the County of Cook, Illinois ,
with respect to the issuance of certain
bonds for housing purposes by the County
of Cook."
as adopted by the Council/City Council/President and Board of
Trustees of the City/Village of Elgin , Cook County,
Illinois , at its legally convened meeting held on the 27th day
of September , 1982, and signed by the Mayor/President on the
27th day ofSeptember , 1982, all as appears from the official
records of said City/Village, in my care and custody.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature and the corporate seal of said City/Village of Elgin
Cook $ Kane County, Illinois , this y day of November ,
1982.
City Cl rk/Village Clerk
(SEAL)
RESOLUTION
RESOLUTION authorizing the County of Cook, State
of Illinois, and certain officials of Cook County,
to issue Single-Family Mortgage Revenue Bonds.
WHEREAS, the County of Cook, State of Illinois (the "County") ,
is a "home rule unit" under the provisions of Article VII of the
Illinois Constitution of 1970 and as such may exercise any power
and perform any function pertaining to its government and affairs
which it deems necessary to further the public interests of the
County and the welfare of its inhabitants; and
WHEREAS, pursuant to its powers as a "home rule unit" under the
Illinois Constitution of 1970, and pursuant to the authority granted
by the Federal Mortgage Subsidy Bond Tax Act of 1980, the County is
authorized to issue bonds for the purpose of making available to the
inhabitants of the County funds to be used for the financing of
decent, safe and sanitary housing within the County at interest rates
lower than those generally prevailing for such financing within the
County at the present time; and
WHEREAS, in accordance with the Resolution approved by the Board
of County Commissioners on August 16, 1982, the County Comptroller
and Chief Administrative Officer have explored the feasibility of the
issuance of Mortgage Revenue Bonds by the County and have submitted
their findings and recommendations to the Board of County Commissioners:
NOW, THEREFORE, Be It Resolved by the Board of Commissioners of
the County of Cook, State of Illinois, as follows:
Section 1. That the Comptroller of the County and the Chief Admini-
strative Officer of the County be and are hereby authorized to proceed
with the preparation of all necessary forms and documents and any other
matters deemed pertinent and necessary in accord with the County's home
rule powers and as permitted by the Federal Mortgage Subsidy Bond Tax
Act of 1980.
Section 2. That the Comptroller of the County be and is hereby
authorized to negotiate the sale of Single-Family Mortgage Revenue Bonds
in an amount to be established in accord with the Federal Mortgage Subsidy
Bond Tax Act of 1980 and all federal and state regulations governing such
issue.
Section 3. That the County hereby stipulates that the mortgage revenue
bond authority allocated under the Federal Mortgage Subsidy Bond Tax Act
of 1980 to each ceding city, town, and village shall be reserved to that
ceding jurisdiction for a period of six months for the purpose of making
below market single-family mortgage loans within the ceding jurisdiction°
At the end of the initial six-month origination period, all funds
outstanding and not committed to mortgage loans under this program will be
returned to a pool and shall be available on a first-come, first-serve
basis, but only within the jurisdiction of the ceding cities, towns, and
villages in the County.
Section 4. That the County hereby stipulates that the total proceeds
of the issue of Single-Family Mortgage Revenue Bonds, (after payment of
issuing expenses and reserves) , under this program shall be reserved
Section 4. (Cont'd. )
Countywide on the basis of two-thirds(2/3) for the purchase of new single-
family houses and one-third (1/3) for the purchase of existing single-
family houses during the initial six-month origination period. At the end
of the initial six-month origination period, all funds outstanding and not
committed to mortgage loans under this program will be returned to a pool
and shall be available on a first-come, first-serve basis for the purchase
of either new or existing single-family houses, but only within the juris-
diction of the ceding cities, towns, and villages in the County.
Section 5. That the County hereby stipulates that there shall be no
annual maximum income limit for persons wishing to apply and qualify for a
below market mortgage loan available under this program.
Section 6. That the County hereby stipulates that there shall be no
costs incurred by any ceding city, town, or village as a result of
participating in this program.
Section 7. That the County hereby stipulates that the County shall
send letters of invitation to all financial lending institutions located
within the County and within the ceding cities, towns, and villages inviting
.their participation as an originating lender in the County program. The
County shall also place appropriate public notices in newspapers of general
circulation inviting financial lending institutions to participate as an
originating lender in the County program.
That the County hereby stipulates that participating lending
institutions will be permitted to charge qualified borrowers a
maximum origination fee not greater than two percent (2%) , plus
reasonable and customary closing costs.
Section 8. That the County hereby stipulates that, in accordance
with the Federal Mortgage Subsidy Bond Tax Act of 1980 and all
pertinent federal and state regulations, applications for below market
mortgage loans under this program will be taken and processed by the
participating financial lending institutions on a first-come, first-
serve basis.
Section 9. That the County hereby stipulates that the mortgage loan
instrument to be used in this program shall be the Growing Equity
Mortgage Loan.
Section 10. That the County, in order to prepare the necessary forms
and documents required to issue and sell Single-Family Mortgage Revenue
Bonds and then to administer the program in accordance with the Federal
Mortgage Subsidy Bond Tax Act of 1980 and all federal and state regulations
and County administrative policies, requires the professional services of
the following:
To serve the County as Senior Managing Underwriter:
The First National Bank of Chicago, Chicago, Illinois;
To serve the County as Bond Counsel :
Chapman and Cutler, Attorneys-at-Law, Chicago, Illinois;
To serve the County as Trustee, Registrar and Paying
Agent:
Continental Illinois National Bank of Chicago, Chicago,
Illinois;
To serve the County as Master Servicer for all
mortgage loans originated under this program:
Talman Home Mortgage Corporation, Chicago, Illinois;
To serve the County as Accountant for the calculation .
and analysis of the mortgage revenue bond authority
allocated to each ceding city, town and village, as
permitted under the Federal Mortgage Subsidy Bond Tax
Act of 1980, and all federal and state regulations:
Peat, Marwick, Mitchell and Company, Chicago, Illinois.
The above listed appointments shall be in full force and effect immediately
upon the adoption and approval of this Resolution.
Section 11. That this Resolution shall be in full force and effect
immediately upon its adoption and approval ,
Approved and adopted October 4 , 1982
George W. Dunne„ President
Board of Commissioners of the
County of Cook, State of Illinois
ATTEST
Stanley T spar, Jr.
County Cl
County of ook, State of Illinois
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' THE BOARD OF COMMISSIONERS O O
BUREAU OF ADMINISTRATION
GEORGE W. DUNNE, PRESIDENT a "' z WILLIAM M. DOYLE
CHIEF ACMINISTRATIVE OFFICER
MATHEW W. BIESZCZAT RONALD R. LARSON s �^
BERNARD C. CAREY MARY M. McDONALD •��4 N o� 118 NORTH CLARK STREET, ROOM 801
MILDRED CASEY MATT ROPA - CHICAGO, ILLINOIS 60602
FRANK W CHESROW RUBY RYAN
CARL R. HANSEN JOHN H. STROGER, JR. 443-8826
IRENE C. HERNANDEZ MARTIN TUCHOW
JEROME HUPPERT HAROLD L. TYRRELL
JOSEPH I. WOODS
October 18, 1982
The Honorable President
and Members of the Board
of Cook County Commissioners
Room 567 - County Building
Chicago, Illinois 60602
Per the attached communication from Mr. James F. Nevins, Insurance
Coordinator, proposals for the role of "Mortgage Revenue Bond
Insurer" were solicited from six (6) Mortgage Insurance companies.
Four (4) firms submitted formal proposals to the Office of the
Insurance Coordinator.
Based on the analysis and recommendation of the Insurance Coordinator,
as presented in the attached letter, we respectfully request the Board
of Cook County Commissioners to appoint Verex Assurance, Inc. , Madison,
Wisconsin, as the Mortgage Revenue Bond Insurer for Cook County' s
Single-Family Mortgage Revenue Bond issue.
Sincerely,
. dee 40,
.474
i liam M. Doy e • Thomas P. Beck
Chief Administrativ- 'officer County Comptroller
WMD/TPB/ir
attachment
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11982
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C O O,,
THE BOARD OF COMMISSIONERS Ot . C•1�O BUREAU OF ADMINISTRATION
r' GEORGE W. DUNNE. PRESIDENT Z WILLIAM M. DOYLE
,.. • CHIEF ADMINISTRATIVE OFFICER
M ATHEW W. II ESZCZAT MARY M. MC DONALD
�m �
MILDRED CASEY MATT ROPA �� `+• OFFICE OF THE INSURANCE COORDINATOR.
FRANK W. CHESROW RUBY RY AN .. I N O`
CARL R. HANSEN JOHN H. STROGER. JR.
IR ENE C. H ERN AN DE JCTTEPRT TECSON - US NORTH CLARK STREET, ROOM 500
JEROME HUPPERT MARTIN TUCHOW CHICAGO, ILLINOIS 60602
ONALD� ARSON HAROLD L. TYRRELL 4���6�1{�
ernar Carey JOSEPH I. WOODS
October 15 , 1982 R lrE C 1if °D
Mr. William M. Doyle OCT 15 I98? !{
Chief Administrative. Officer
Room 801 7���� Pnfl y.,� .^.��.�,,,
County Building llclS' :ea►eb: ;,'
SUBJECT: MORTGAGE REVENUE BOND INSURER
Proposals for the role of "Mortgage Revenue Bond Insurer" were
discussed with and solicited from the following:
VEREX ASSURANCE , INC .
MGIC (MORTGAGE GUARANTY INSURANCE CORP.)
IMIC (CONTINENTAL GROUP)
TICOR MORTGAGE INSURANCE
AMIC (AMERICAN MORTGAGE INSURANCE CO . )
PMI (ALLSTATE)
WEST AMERICA MORTGAGE CO.
AMIC AND PMI declined to submit proposals . WEST AMERICA MORTGAGE
CO. is not a mortgage bond insurer and did not submit a bid.
We reviewed proposals from the remaining four companies :
IMIC (CONTINENTAL GROUP) submitted the most expensive proposal.
All other criteria being equal , they wished to levy a charge of
. 17 basis points for the mortgage pool insurance and . 03 basis
points for the special hazards insurance pool.
TICOR submitted the second highest proposal. All other criteria
being equal, they wished to levy a charge of .03 basis points for
the special hazards coverage .
MGIC (MORTGAGE GUARANTY INSURANCE CORP . ) and VEREX submitted almost.
identical low cost proposals , with one exception. MGIC charged
$1. 00 for the special hazards insurance. VEREX inc uded special
hazards insurance coverage through an endorsement to the mortgage
pool insurance policy.
Both companies , MGIC , ranked #1 and VEREX, ranked #2 in the mortgage
• bond insurance field , are qualified to act in that capacity for the
forthcoming County Mortgage Revenue Bond issue .
VEREX met with the County initially, and assisted us in establishing
the mortgage bond insurance provisions.
r?z . William M. Doyle
October 15 , 1982
Page 2
MGIC met with us later, and determined from the discussion which
ensued, the structure of the mortgage bond insurance provisions
as developed by VEREX and the County and submitted an almost exact
proposal.
Recognizing that the County needs no adverse publicity of any kind
in relation to the forthcoming bond issue, and not questioning
MGIC' s financial strength, I provide a quote from Dan Dorfman' s
column in the Chicago Tribune , dated October 10, 1982 : "As for
Baldwin-United, a sprawling financial conglomerate that earlier
this year acquired MGIC CORP . , the nation' s biggest private mort-
gage insurer, Steinhardt characterizes the firm as ' a painfully
leveraged (heavily debt-ridden) company whose financial reporting
is beyond the understanding of this mere mortal
After careful evaluation of the proposals and weighing the results
of the meetings held with each company, I recouutend the selection
of VEREX as the Mortgage Bond Insurer for the forthcoming County
Mortgage Revenue Bond Issue.
JAMES F. NEVINS
Insurance Coordinator
JFN/les
cc: Mr. Thomas P. Beck
Mr. John Zeunik
c.
THE BOARD OF COMMISSIONERS kj BUREAU OF ADMINISTRATION
G
GEORGE W DUNNE. PRESIDENT a a z WILLIAM M. DOYLE
CHIEF ADMINISTRATIVE OFFICER
MATHEW W. BIESZCZAT RONALD R. LARSON —
BERNARD C. CAREY MARY M. McDONALD << /N O\ 118 NORTH CLARK STREET ROOM 801
MILDRED CASEY MATT ROPA CHICAGO ILLINOIS 50502
FRANK W. CHESROW RUBY RYAN
CARL R. HANSEN JOHN H. STROGER, JR. 443-8826
IRENE C. HERNANDEZ MARTIN TUCHOW
JEROME HUPPERT HAROLD L. TYRRELL
JOSEPH I. WOODS
October 15, 1982
Dear Mortgage e Lender:
9
Cook County, Illinois , invites you to apply to participate as a qualified
originator of below-market mortgage loans in the County 's Single-Family
Mortgage Revenue Bond Program. Under the Federal Mortgage Subsidy Bond
Tax Act of 1930, Cook County, on behalf of participating suburban cities,
towns, and villages, plans to issue and sell approximately $60 - S70 million
in single-family mortgage revenue tax-exempt bonds . Approximately 90% of
the proceeds from this sale will be used to make below-market rate mortgage
loans to principally first-time home buyers wishing to purchase a home in
one of the participating suburban jurisdictions . (Approximately 10% will be
used to establish a Reserve Fund and pay costs of issuance. )
For your information and consideration , Cook County' s program will include
the following general conditions :
1 . In order to participate in this program, the institution
must be a state-chartered bank, national banking insti-
tution, state or federal savings and loan association, or
mortgage banking institution (i ) which is located in Cook
County, Illinois , unless such requirement is waived; (ii )
which is qualified to sell mortgages to Federal National
Mortgage Association (FNMA) and/or the Federal Home Loan
Mortgage Corporation (FHLMC) , unless such requirement is
waived, based upon a determination of financial suitability
after consideration of the net assets, lending capacity,
and experience of the potential lender over the past 12
months in residential mortgage lending; (iii ) whose deposits
are insured by the Federal Deposit Insurance Corporation
(FDIC) , or Federal Savings and Loan Corporation (FSLIC);
and (iv) whose application has been approved.
2. Mortgage loans eligible for purchase by the Trustee must
meet the program requirements dictated by the County's
Administrative Rules and the Federal Mortgage Subsidy Bond
Tax Act of 1980 and the regulations thereunder (cf. Treas .
Reg. 6a-103A-1 and 2) . The basic eligibility requirements
are:
October 15, 1982
Page 2
a) a maximum purchase price for new and existing
residences purchased under the program:
NEW EXISTING
One Unit $ 90,310 $ 78,430
Two Units $101,689 $ 80,283
Three Units $123,092 $ 97,181
Four Units $143,141 $113,010
b) borrowers may not have owned a residence or had
partial ownership in a residence in the three
(3) years prior to the date of the mortgage;
except that up to 10% of the proceeds from the
sale of the single-family mortgage revenue bonds
will be available for non-first-time home buyers.
c) the residence must be a single-family, mortgagor-
owned and owner-occupied residence, (including
condominiums) , which is a permanent structure.
Mobile homes, vacation homes, and properties
purchased for income or investment purposes, do not
qualify;
d) Subject to paragraph (g) below, the residence must
be located in one of the participating suburban
cities, towns, or villages which have ceded their
mortgage revenue bond authority to the County (see
attached listing and map) ;
e) the proceeds from the mortgage revenue bond sale
may not be used to refinance existing mortgages;
f) there is no maximum annual income limit for qualified
borrowers;
g) the mortgage revenue bond authority ceded to the
County by the participating suburban cities, towns,
and Villages is reserved to those participating
jurisdictions for six (6) months. After the initial
October 15, 1932
Page 3
g) (continued)
six (6) months origination period, any proceeds
from the bond sale which are outstanding and
which are not committed to mortgage loans will
be returned to the pool and will be available on
a first-come, first-served basis ;
h) for one year, a percentage of bond proceeds must
be reserved for and a bona fide effort made to
place loans in targeted areas in the County (ex-
cluding the City of Chicago) ;
i ) the total proceeds of the issue of Single-Family
Mortgage Revenue Bonds, (after payment of issuing
expenses and reserves) , under this program is re-
served Countywide on the basis of two-thirds (2/3)
for the purchase of new single-family residences
and one-third (1/3) for the purchase of existing
single-family residences during the initial six-
month origination period. At the end of the ini-
tial six-month origination period, all funds out-
standing and not committed to mortgage loans under
this program will be returned to the pool and shall
be available on a first-come, first-served basis
for the purchase of either new or existing single-
family residences, but only within the jurisdiction
of the ceding cities, towns, and villages in the
County.
3. The County will require that each participating lending
institution deposit with the program Trustee, cash or
an irrevocable commercial letter of credit, issued by an
approved bank in Illinois, in a form acceptable to the
County's Trustee and in an amount equal to one percent
(1%) of the principal amount of mortgages committed to
be originated by such institution. This letter of
credit will be released by the County upon the satis-
factory delivery of the mortgages by the institution
to the County' s Trustee.
4. Participating lending institutions will be permitted to
charge qualified borrowers a maximum origination fee of
one and one-half percent (11%) , plus reasonable and cus-
tomary closing costs.
October 15, 1982
Page 4
5. Mortgage loans sold to the County's Trustee will be
serviced by the County's Master Servicer, Talman
Home Mortgage Loan Corporation. The monthly fee
allowed for servicing will be one-twelfth (1/12) of
three-eighths (3/8) of one percent (1%) of the out-
standing mortgage balance.
6. The County will establish a minimum application amount
of $250,000.00 from each participating lending insti-
tution. In addition, the Program Administrator will
make an initial evaluation of each lending institution
based on FNMA and FHLMC seller-servicer standards �c
determine the institution's financial strength and
experience in making residential loans, and in order to
determine the amount of program funds that may be allo-
cated to that institution.
7. Multi-branch associations must apply for funds on an
aggregate basis but thereafter, may subdivide funds
within the group. Each multi-branch association will
be responsible for allocating funds to its participating
branches.
8. In the event applications for funds exceed the amount of
funds available, the County will allocate funds to each
institution on a pro-rata basis.
9. The County presently anticipates the interest rate on the
mortgage loans will be approximately 1* percentage points
over the tax-exempt rate on the bonds.
CONTINGENCIES
The establishment of the County's 1982 Single-Family Mortgage Revenue Bond
Program will depend on the successful sale of securities by the County.
Such a sale is subject to the approval of the County's bond counsel , and the
October 15, 1982
Page 5
successful placement of the County's bonds. Further, the program is con-
tingent upon any further action taken by the Congress with respect to
mortgage subsidy bond regulations.
This letter is intended only as an invitation to participate and does not
constitute a formal offer to participate. If you feel your institution is
qualified and interested in participating in a program as outlined herein,
kindly return the enclosed application forms to the Office of the County
Comptroller, County Building - Room 500, 118 North Clark Street, Chicago,
Illinois, 60602, by Friday, October 29, 1982.
Sincerely,
.-//fe-227,04ai;,Ea
/2
Thomas P. Beck William M. Doyle
County Comptroller Chief Administrative-Officer
TPB/WMD/ir
enc.
FORM CC82-1
COOK COUNTY SINGLE-FAMILY MORTGAGE REVENUE BOND PROGRAM
APPLICATION TO ORIGINATE BELOW-MARKET MORTGAGE LOANS
I . GENERAL INFORMATION :
1) NAME OF FINANCIAL INSTITUTION:
2) STREET ADDRESS:
3) POST OFFICE BOX:
CITY, STATE, ZIP CODE:
5) TELEPHONE NUMBER: Area Code ( )
6) APPROVALS BY:
Federal Home Loan Mortgage Corporation YES NO
Federal National Mortgage Association YES NO
Federal Housing Administration YES NO
Government National Mortgage Association YES NO
Veterans Administration YES NO
7) SUPERVISED BY :
Federal Home Loan Bank Board YES NO
Federal Reserve Board YES NO
Federal Deposit Insurance Corporation YES NO
Federal Savings and Loan Insurance Corp. YES NO
OTHER AGENCIES:
-1-
FORM CC82-1
I . GENERAL INFORMATION: (Cont'd. )
7) Continued
Has approval for any of the above ever been denied, suspended, or
terminated? YES NO
If answer is "Yes," please explain.
II . FINANCIAL INFORMATION:
Please submit the following documentation:
1 ) The most recent audited financial statements .
(If a subsidiary corporation, please include most recent audited
financial statements of parent organization. )
2) If not supervised by FDIC or FSLIC:
a. Letters from Bank setting forth available lines of
credit;
b. List of major investors for whom you currently
service, and the number of loans and the amount
serviced.
3) Please provide the total dollar amount of mortgages originated
by your Financial Institution in the past three years (1979,
1980, 1981 ) . If possible, please break this down by
participating suburban cities, towns, and villages .
III. ESTIMATE OF MORTGAGE ORIGINATION ACTIVITY:
Please provide an estimated dollar amount of the below-market rate
mortgage loans which your institution is interested in originating
if the lending rate to the mortgagor were:
AN INTEREST RATE OF:
1 ) 9.00% - 9.50% $
2) 9.50% - 10.00% $
3) 10.00% - 10.50% $
4) 10.50% - 11 .00% $
5) 11 .00% - 11 .50% $
6) 11 .50% - 12.00% $
7) 12.00% - 12.50% $
8) 12.50% - 13.00% $
IV. GEOGRAPHIC SERVICE AREA:
After reviewing the enclosed listing of the participating suburban
cities , towns and villages, please list those suburban cities , towns
and villages which you currently service. Please indicate where
service is provided by Branch location. (Please list alphabetically) .
Signature of Officer
Date
PLEASE RETURN COMPLETED FORM TO:
Office of the County Comptroller
Cook County Building - Room 500
118 North Clark Street
Chicago, Illinois 60602
LISTING OF CITIES, VILLAGES, AND TOWNS
WHICH HAVE CEDED MORTGAGE REVENUE BOND AUTHORITY
TO COOK COUNTY
ALSIP
ARLINGTON HEIGHTS
BARRINGTON
BARTLETT
BRIDGEVIEW
BUFFALO GROVE
BURBAN K
CALUMET CITY
CHICAGO RIDGE
COUNTRY CLUB HILLS
COUNTRYSIDE
CRESTWOOD
DES PLAINES
DIXMOOR
DOLTON
EAST CHICAGO HEIGHTS
EAST HAZEL CREST
ELGIN
ELK GROVE VILLAGE
ELMWOOD PARK
EVANSTON
FOREST PARK
FRANKLIN PARK
HANOVER PARK
HARVEY
HAZEL CREST
-1-
LISTING OF CITIES, VILLAGES, AND TOWNS
WHICH HAVE CEDED MORTGAGE REVENUE BOND AUTHORITY
TO COOK COUNTY
HICKORY HILLS
HOMEWOOD
LA GRANGE PARK
LANSING
LEMONT
LYNWOOD
LYONS
MAYWOOD
McCOOK
MIDLOTHIAN
MORTON GROVE
MOUNT PROSPECT
NILES
NORRIDGE
NORTHFIELD
OAK FOREST
OAK LAWN
OAK PARK
ORLAND PARK
PALATINE
PALOS HILLS
PARK FOREST
PARK RIDGE
PHOENIX
PROSPECT HEIGHTS
POSEN
RIVERDALE
ROBBINS
-2-
LISTING OF CITIES, VILLAGES, AND TOWNS
WHICH HAVE CEDED MORTGAGE REVENUE BOND AUTHORITY
TO COOK COUNTY
ROLLING MEADOWS
ROSELLE
SAUK VILLAGE
SCHAUMBURG
SCHILLER PARK
SKOKIE
SOUTH CHICAGO HEIGHTS
STEGER
STONE PARK
STREAMWOOD
SUMMIT
THORNTON
TINLEY PARK
WESTERN SPRINGS
WESTHAVEN
WHEELING
WILMETTE
WORTH
-3-