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HomeMy WebLinkAbout85-0201 Housing Bond `85- o aol RESOLUTION AUTHORIZING THE CITY 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 of Elgin, Cook County, Illinois (the "Municipality") and to the financial well-being of the Munici- pality; 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 governnment under Article VII of the 1970 Constitution of Illinois and is therefore authorized to engage in a home mortgage loan program and to issue its bonds for such purposes; 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 agree- ment 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 author- izes 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 provisions of Section I03A of the Internal Revenue Code of 1954, as amended (including the provisions of H.R. 4170, when passed into law) (the "Act"); and WHEREAS, it is necessary, therefore, for the Municipality, acting by its corporate authorities, to approve a form of agreement with the County whereby the Municipality allocates to the County all of its 1985 authority to issue "qualified mortgage bonds" (as defined in the Act). NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, KANE AND COOK COUNTIES, ILLINOIS: Section I. That the Mayor 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. Section 2. That the appropriate officers of the City of Elgin are hereby author- ized and directed to take all necessary or advisable actions in connection with the execu- tion 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. s/ Richard L. Verbic Richard L. Verbic, Mayor Presented: April 22, 1985 Adopted: April 22 , 1985 Vote: Yeas 7 Nays 0 Recorded: Attest: sJ Marie Yearman Marie Yearman, City Clerk AGREEMENT This is an Agreement dated as of February 1, 1985 between the City/V� of Elgin , Cook County, Illinois (the "Municipality" ) , and The County of Cook, Illinois (the "County" ) . The Municipality and the County agree as follows : Section 1. That the Municipality has the legal authority to issue "qualified mortgage bonds" as defined in Section 103A of the Internal Revenue Code of 1954, as amended (the "Act" ) . Section 2. The Municipality hereby allocates to the County all of the area located within its jurisdiction and cedes to the County its entire amount of authority to issue qualified mortgage bonds in 1985, all for the purpose of enabling the County to issue its bonds in accord with the Act and the regulations promulgated thereunder. This Agreement shall constitute a written consent ceding all of the State ceiling amount applicable to the Municipality to the County within the meaning of Section 14 .1 of the Illinois Housing Development Act, as amended. Section 3. This Agreement is subject to cancellation by either party hereto, such cancellation becoming effective not earlier than 30 days following the delivery of written notice of such cancellation to the other party at the following address : If to the County - County Comptroller Room 500 118 N. Clark Street Chicago, Illinois 60602 If to the Municipality - • Section 4. This Agreement shall be in full force and effect immediately upon its execution by the parties hereto. WITNESS the official signatures of the MayorAPFPSYtTE and Clerk of the Municipality and the seal of the Municipality and the official signature of the Comptroller of the County all as of the date hereinabove written. CITY, OF RAIN COOK COUNTY, ILLINOIS By Mayor/President BY ` flCALL atra t Clerk n (SEAL) THE COUNTY OF COOK, ILLINOIS By Comptroller, County of Cook, Illinois -2- STATE OF ILLINOIS ) SS COUNTY OF COOK ) I, the undersigned, do hereby certify that I am the Elgin duly qualified and acting Clerk of the City/Vl E1gi of in the County and State aforesaid, and as such Clerk I am the keeper of the official journal , records and files of the Qom/ City Council/Reatipaixxloclidgmentxszboanaatteoaof said City/ 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/V1WQ4744 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 Q/City Council/ Rreedatextomolute TrasOestus of the City/IiiiiA40 of Elgin , Cook County , Illinois, at its legally convened meeting held on the 22nd day of April , 1985, and signed by the Mayor/ t on the 22 day of April , 1985, all as appears from the official records of said City/VTIVtg4, in my care and custody . IN WITNESS WHEREOF , I have hereunto affixed my official signature and the corporate seal of said City/V1144ge of Elgin Kane County, Illinois, this 20 day of Ray , 1985. City Clerk/3014MppeoWic (SEAL)