HomeMy WebLinkAbout91-0410 Family Mortgage Bonds Resolution No. 91-0410
RESOLUTION
AUTHORIZING THE EXECUTION AND DELIVERY OF AN INTERGOVERNMENTAL
COOPERATION AGREEMENT AND REALLOCATION OF PRIVATE ACTIVITY BOND
VOLUME CAP IN CONNECTION WITH THE ISSUANCE OF CERTAIN SINGLE
FAMILY MORTGAGE REVENUE BONDS AND RELATED MATTERS
WHEREAS, Section 10 of Article VII of the Constitution of the State of Illinois
authorizes units of local government and school districts to contract or otherwise associate
among themselves in any manner not prohibited by law or by ordinances,and to use their credit,
revenues and other reserves to pay cash and to service debt related to intergovernmental
activities; and
WHEREAS, the Intergovernmental Cooperation Act (Illinois Revised Statutes 1989,
Chapter 172,Paragraph 741,et seq.,,as supplemented and amended)authorizes public agencies
to exercise jointly with any other public agency in the State of Illinois any power, privilege or
authority which may be exercised by such public agency individually; and
WHEREAS,the City of Elgin, Kane and Cook Counties, Illinois (the "Municipality" is
a home-rule unit of local government and a public agency of the State of Illinois; and
WHEREAS,pursuant to the Constitution of the State of Illinois,and particularly Article
II, Section 6(a)of the 1970 Constitution of the State of Illinois,the Municipality has the power
to issue its revenue bonds for public purposes including the financing and purchase of mortgage
loans or interests therein to finance the cost of residences for low and moderate income persons
within its corporate boundaries, and to pledge to the payment of the principal of, premium, if
any, and interest on such revenue bonds the payments made with respect to the mortgage loans
purchased with and financed by the proceeds of such revenue bonds; and
WHEREAS,pursuant to Section 146 of the Internal Revenue Code of 1986(the"Code")
bonds issued for the purpose described in the preceding paragraph may not be issued on a tax-
exempt basis unless the aggregate principal amount of such bonds issued by any issuer is within
such issuer's "volume cap" for the calendar year; and
WHEREAS, pursuant to Section 146 of the Code and the relevant provisions of the
Illinois Private Activity Bond Allocation Act (the "Bond Allocation Act") prior to a specified
date each year, the "volume cap" of the Municipality is limited to $50 multiplied by such
Municipality's population based on the most recent census estimate released prior to January 1
of that calendar year; and
WHEREAS, pursuant to the Bond Allocation Act and the current Guidelines and
Procedures issued thereunder (the "Guidelines"), the Municipality may reallocate its volume
cap to another municipality; and
WHEREAS, the Municipality hereby finds and determines that it cannot individually
access the capital markets on favorable terms through the issuance of tax-exempt mortgage
revenue bonds due to the limitations on the aggregate principal amount of such bonds which
may be issued under the Municipality's "volume cap" authority; and
WHEREAS,the Municipality hereby finds and determines that the pooling of all of the
"volume cap" authority of the Municipality and certain other municipalities for 1991 and the
reallocation of all of such authority to a single governmental entity would permit that
governmental entity to issue tax-exempt mortgage revenue bonds to finance residences for low
and moderate income persons within the corporate boundaries of all of the municipalities in an
aggregate principal amount of sufficient size to adequately access the capital markets at a
favorable interest rate; and
WHEREAS,it is now determined that it is necessary,desirable and in the public interest
for the Municipality to enter into an Intergovernmental Cooperation Agreement (the
"Cooperation Agreement")dated as of March 25, 1991,by and among the Municipality and the
other municipalities listed therein, to effect the purposes described in the preceding paragraph
and a form of such Cooperation Agreement is currently before this Council; and
WHEREAS, the Municipality proposes to reallocate its 1991 "volume cap" to a
governmental entity to be specified in the Cooperation Agreement (as executed), which
governmental entity shall either be a home-rule unit of local government which is a party to the
Cooperation Agreement or an Illinois state agency empowered to issue single family mortgage
revenue bonds (such governmental entity being herein referred to as the "Issuer") so that the
Issuer may use its best efforts to issue, sell and deliver its Single Family Mortgage Revenue
Bonds, Series 1991 (the "Bonds")in order to obtain funds to finance the cost of one to no more
than four family residences for low and moderate income persons within the corporate
boundaries of each of the participating municipalities.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ELGIN, ILLINOIS:
Section 1. That the form, terms and provisions of the proposed Cooperation
Agreement be,and they are hereby,in all respects approved;that the Mayor of the Municipality
be, and is hereby, authorized, empowered and directed to execute, and the City Clerk of the
Municipality be, and is hereby, authorized, empowered and directed to attest and to affix the
official seal of the Municipality to, the Cooperation Agreement in the name and on behalf of
the Municipality, and thereupon to cause the Cooperation Agreement to be delivered to the
other parties thereto;that the Cooperation Agreement is to be in substantially the form presented
to and before this meeting and hereby approved or with such changes therein as shall be
approved by the officer of the Municipality executing the Cooperation Agreement, his
approval of anyand all changes or
evidence of his
execution thereof to constitute conclusivepp
revisions therein from the form of Cooperation Agreement before this meeting; that from and
after the execution and delivery of the Cooperation Agreement, the officers, officials, agents
and employees of the Municipality are hereby authorized, empowered and directed to do all
such acts and things and to execute all such documents as may be necessary to carry out and
comply with the provisions of the Cooperation Agreement as executed; and that the
Cooperation Agreement shall constitute and is hereby made a part of this authorizing resolution
and a copy of the Cooperation Agreement shall be placed in the official records of the
Municipality and shall be available for public inspection at the principal office of the
Municipality.
Section 2. That the Mayor, the City Clerk and the proper officers, officials,
agents and employees of the Municipality are hereby authorized, empowered and directed to
do all such things and to execute all such documents and certificates as may be necessary to
carry out and comply with the provisions of the Cooperation Agreement and the transactions
contemplated by this authorizing ordinance including the preambles hereto.
Section 3. That all acts of the officers, officials, agents and employees of the
Issuer heretofore or hereafter taken, which are in conformity with the purposes and intent of
this authorizing ordinance and in furtherance of the issuance and sale of the Bonds, and the
same hereby are, in all respects, ratified, confirmed and approved.
Section 4. That the Municipality hereby authorizes and directs the Mayor and
the City Clerk of the Municipality (or any other officer or official of the Municipality) to take
any and all actions required by the Illinois Private Activity Bond Allocation Act and the
Guidelines which are necessary to effect a reallocation of the Municipality's 1991 private
activity bond allocation to the Issuer in order that the Issuer may use its best efforts to issue the
Bonds for the purposes described herein, such reallocation to be effective only upon the
effective date of the Cooperation Agreement.
Section 5. The Council of the Municipality hereby approved the issuance of the
Bonds for the purpose of financing a single family mortgage program for the purchase of one
to not more than four family residences in the Municipality and the other municipalities that are
a party to the Cooperation Agreement, in an aggregate principal amount of not to exceed
$70,000,000. The Mayor and other officers of the Municipality are hereby authorized and
directed to take such further actions, if any, as are necessary to provide the public approval of
the Bonds by the Municipality under Section 147(f) of the Code.
Section 6. That after the Bonds are issued, this authorizing ordinance shall be
and remain irrepealable until the Bonds and the interest thereon shall have been fully paid,
cancelled and discharged.
Section 7. That the provisions of this authorizing resolution are hereby declared
to be separable, and if any section, phrase or provision of this authorizing resolution shall for
any reason be declared to be invalid, such declaration shall not affect the validity of the
remainder of the sections, phrases and provisions of this authorizing resolution.
Section 8. That all ordinances, resolution and orders, or parts thereof, in conflict
with the provisions of this authorizing resolution, are to the extent of such conflict, hereby
superseded.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: March 27, 1991
Adopted: April 10, 1991
Vote: Yeas 6 Nays 0
Recorded:
Attest:
s/Dolonna Mecum
Dolonna Mecum, City Clerk
h.
INTERGOVERNMENTAL COOPERATION AGREEMENT
Dated as of March 25, 1991
INTERGOVERNMENTAL COOPERATION AGREEMENT
THIS INTERGOVERNMENTAL COOPERATION AGREEMENT (the "Co-
operation Agreement") dated as of March 25, 1991, by and among the home rule units of
government duly organized and validly existing under the Constitution and the laws of
the State of Illinois which have executed this Cooperation Agreement (each such home
rule unit of government being referred to herein as a "Municipality" and all such home
rule units of government being collectively referred to as the "Municipalities");
WITNESSETH:
WHEREAS, Section 10 of Article VII of the Constitution of the State of
Illinois authorizes units of local government and school districts to contract or otherwise
associate among themselves in any manner not prohibited by law or by ordinances, and to
use their credit, revenues and other reserves to pay cash and to service debt related to
intergovernmental activities; and
WHEREAS, the Intergovernmental Cooperation Act (Illinois Revised
Statutes 1989, Chapter 127, Paragraph 741 et seq., as supplemented and amended) au-
thorizes public agencies to exercise jointly with any other public agency in the State of
Illinois any power, privilege or authority which may be exercised by such public agency
individually; and
WHEREAS, the Municipalities are each a unit of local government and a
public agency of the State of Illinois; and
WHEREAS, pursuant to the Constitution of the State of Illinois, and
particularly Article VII, Section 6(a) of the 1970 Constitution of the State of Illinois,
Each Municipality has the power to issue its revenue bonds (the "Mortgage Revenue
Bonds") for public purposes including the financing and purchase of mortgage loans or
interests therein to finance the cost of residences for low and moderate income persons
within its corporate boundaries, and to pledge to the payment of the principal of,
premium, if any, and interest on such revenue bonds the payments made with respect to
the mortgage loans purchased with and financed by the proceeds of such revenue bonds;
and
WHEREAS, pursuant to Section 146 of the Internal Revenue Code of 1986
(the "Code") bonds issued for the purposes described in the preceding paragraph may not
be issued on a tax-exempt basis unless the aggregate principal amount of such bonds
issued by any issuer is within such issuer's "volume cap" for the calendar year; and
WHEREAS, pursuant to Section 146 of the Code and the relevant provisions
of the Illinois Private Activity Bond Allocation Act (the "Bond Allocation Act") prior to a
specified date each year, the "volume cap" of each Municipality is limited to a specified
amount based on the most recent Bureau of the Census population estimate released
prior to January 1 of that calendar year; and
WHEREAS, pursuant to the Bond Allocation Act and the current Guidelines
and Procedures issued thereunder (the "Guidelines"), each Municipality may reallocate its
volume cap to another Municipality; and
WHEREAS, the Municipalities hereby find and determine that they cannot
individually access the capital markets on favorable terms through the issuance of tax-
exempt Mortgage Revenue Bonds due to the limitations on the aggregate principal
amount of such bonds which may be issued under each Municipality's "volume cap" au-
thority; and
WHEREAS, the Municipalities hereby find and determine that the pooling
of all of the "volume cap" authority of each of the Municipalities for 1991 and the re-
allocation of all of such authority to a single Municipality would permit that Municipality
to issue tax-exempt Mortgage Revenue Bonds to finance owner-occupied residences for
persons and families qualifying under Section 143 of the Code within the corporate
boundaries of all of the Municipalities in an aggregate principal amount of sufficient size
to adequately access the capital markets at favorable interest rates; and
WHEREAS, to accomplish the foregoing, the Municipalities propose to
reallocate their 1991 "volume cap" to the City of DeKalb, Illinois ("the Issuer") and the
Issuer proposes to issue, sell and deliver its Illinois Home Rule Units Single Family Mort-
gage Revenue Bonds, Series 1991 (the "Bonds") in order to obtain funds to finance the
cost of owner-occupied residences for persons and families qualifying under Section 143
of the Code within the corporate boundaries of each of the Municipalities.
NOW, THEREFORE, in consideration of the above premises and of the
mutual covenants hereinafter contained and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the Municipalities hereby agree as follows:
SECTION 1. Representations. Each Municipality represents as follows:
(a) The Municipality (1) is a home rule unit of government and either a
municipal corporation or county duly organized and existing under the laws of the
State, (2) has full power and authority to enter into this Cooperation Agreement
and to carry out its obligations hereunder and (3) by proper corporate action has
duly authorized the execution and delivery of this Cooperation Agreement.
(b) Neither the execution and delivery by the Municipality of this Coopera-
tion Agreement nor the consummation by the Municipality of the transactions
contemplated hereby conflicts with, will result in a breach of or default under or
will result in the imposition of any lien on any property of the Municipality pursuant
to the terms, conditions or provisions of any statute, order, rule, regulation,
Agreement or instrument to which the Municipality is a party or by which it is
bound.
(c) This Cooperation Agreement has been duly authorized, executed and
delivered by the Municipality and constitutes the legal, valid and binding obligation
of the Municipality enforceable against the Municipality in accordance with its
terms.
(d) There is no litigation or proceeding pending, or to the knowledge of the
Municipality threatened, against the Municipality, or to the knowledge of the
Municipality affecting it, which would adversely affect the validity of this Co-
operation Agreement or the ability of the Municipality to comply with its obliga-
tions thereunder.
(e) The population of the Municipality as set forth in the most recent census
estimate released by the United States Bureau of Census prior to January 1, 1991 is
as set forth in Exhibit A hereto. Exhibit A further sets forth the Municipality's
volume cap for calendar year 1991.
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(f) As of the effective date of this Cooperation Agreement with respect to
each Municipality, the Municipality has not taken any action which would have the
effect of using or authorizing the use of all or any portion of its 1991 volume cap
pursuant to any (1) issuance of any "private activity bonds" (within the meaning of
Section 141 of the Code), (2) election not to issue qualified mortgage bonds in order
to issue mortgage credit certificates (as defined in the Code), (3) reallocation of
any of its "volume cap" to any other entity, (4) carry forward to future years of any
of its "volume cap", or (5) other action.
(g) As of the effective date of this Cooperation Agreement, the "targeted
areas", within the meaning of Section 143(j) of the Code (consisting of "qualified
census tracts" and "areas of chronic economic distress" as described in Section
143(j)(2) and (3) of the Code), within the Municipality are as set forth in Exhibit B
hereto.
(h) On or prior to the effective date of this Cooperation Agreement with
respect to each Municipality, the governing body of the Municipality conducted a
public hearing with respect to the proposed issuance of the Bonds in conformance
with the requirements of Section 147(f) of the Code. At such public hearing, all
residents, taxpayers and other interested persons were given the opportunity to
express their views with respect to the proposed issuance of the Bonds. Notice of
such public hearing was duly published in a newspaper of general circulation in the
Municipality at least 14 days prior to the date of such public hearing. The Mayor or
President, as the case may be, or the governing body of the Municipality, as an
"applicable elected representative" of the Municipality pursuant to Section 147(f) of
the Code, has approved the issuance of the Bonds pursuant to said Section on or
prior to the effective date of this Cooperation Agreement with respect to such
Municipality.
SECTION 2. Reallocation of Volume Cap. Each Municipality hereby agrees
that, immediately upon the effectiveness of this Cooperation Agreement, it will re-
allocate all of its 1991 volume cap as set forth in Exhibit A hereto to the Issuer pursuant
to and in accordance with the requirements of the Bond Allocation Act and the Guide-
lines in order that the Issuer may use its best efforts to issue the Bonds for the purposes
set forth in Section 3 below.
SECTION 3. Issuance of Bonds. The Issuer hereby agrees that it will use
its best efforts to issue the Bonds in an aggregate principal amount equal to the sum of
its own 1991 volume cap set forth on Exhibit A hereto plus all volume cap reallocated to
it pursuant to Section 2 above. The Bonds shall be issued solely for the purpose of fi-
nancing mortgage loans for one to two family residences located within the corporate
boundaries of the Municipalities for persons and families qualifying under Section 143 of
the Code. The Bonds shall be issued in such series and classes, shall have such stated
maturity or maturities, shall bear interest at such rate or rates, shall be subject to
redemption prior to maturity, shall be payable at such time or times and at such place or
places, and shall have such other terms, all as shall be approved by ordinance of the
governing body of the Issuer or specified in the trust indenture under which the Bonds are
issued.
The Issuer has complete discretion, as the issuer of the Bonds, to select the
trustee, the master servicer, if any, and a compliance agent, if any, to serve in such
capacities in connection with the Bonds. The proceeds of the Bonds may be used to
finance mortgage loans or the acquisition of interests therein, as described above, to
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fund reserves for the payment of debt service on the Bonds, to pay interest or debt
service on the Bonds, to pay costs of issuance of the Bonds or for such other purposes
related to the Bonds or the mortgage loans to be financed thereby as the Issuer deems
necessary or desirable. Similarly the Issuer has complete discretion, as the issuer of the
Bonds, to invest proceeds of the Bonds (pursuant to a guaranteed investment contract or
otherwise), and to establish fees and compensation of the entities serving in capacities
established in connection with the Bonds and the ongoing mortgage program established
thereby.
SECTION 4. Security for Bonds. The Bonds shall be limited obligations of
the Issuer, secured solely by mortgage loans financed with Bond proceeds, by interests
therein evidenced by obligations of the Government National Mortgage Association
("GNMA"), the Federal National Mortgage Association ("FNMA") or by obligations of
lenders who will originate qualifying mortgage loans under the program, all as the Issuer,
in its sole discretion, shall determine. The Bonds may be supported by municipal bond
insurance policies, letters of credit or other forms of credit enhancement as the Issuer
shall determine. Under no circumstances shall the Bonds be a general obligation of the
Issuer or of any Municipality nor shall they constitute or give rise to a pecuniary liability
of the Issuer or any Municipality or a charge against the general credit or taxing power
of the Issuer or any Municipality.
SECTION 5. Restrictions on Allocation of Mortgage Loans. The documents
under which the Bonds are issued (the "Bond Documents") shall provide that during an
initial period commencing on the date of issuance of the Bonds and ending on December
31, 1991 (the "Municipal Reservation Period"), a pro rata share of the initial amount
made available to finance mortgage loans or interests therein shall be reserved solely for
the financing of mortgage loans for residences located within the corporate limits of
each of the Municipalities, subject only to federal requirements under Section 143 of the
Code (such as the "targeted area" requirements of Section 143(i) and (j) of the Code).
Such pro rata share for any given Municipality shall approximately equal the amount of
volume cap contributed by such Municipality to the issue divided by the initial aggregate
principal amount of the Bonds. Notwithstanding the foregoing, any Municipality may
direct the Issuer to waive or relax the requirements of the preceding two sentences with
respect to such Municipality by delivery of a written certificate signed by the Mayor,
President or other authorized officer of the Municipality to that effect. After the
Municipal Reservation Period, the Bond Documents may provide that Bond proceeds
available to finance mortgage loans be used to finance loans originated on a first-come,
first-served basis, without regard for location of the residence, subject only to federal
requirements under Section 143 of the Code (such as "targeted area" requirements) which
must be observed to maintain the tax-exempt status of the Bonds, and other reservations
(such as reservations for builders and real estate brokers) which may be desirable in
marketing the program.
SECTION 6. Participating Lenders. The Bond Documents shall provide
that during at least the Municipal Reservation Period, for every Municipality, there shall
have been selected and be in place at least one participating lender who has agreed to
use reasonable efforts to originate mortgage loans financed under the program within the
corporate limits of that Municipality.
SECTION 7. Appointment of Professionals. George K. Baum & Company
shall serve as underwriter or placement agent for the Bonds. Chapman and Cutler shall
serve as bond counsel in connection with the issuance of the Bonds.
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SECTION 8. Failure to Issue Bonds. The Issuer agrees to use its best
dfforts to issue Bonds for the purposes described herein in a timely manner, such that the
1991 volume cap of the Municipalities is not automatically ceded to the Governor's
Office of the State of Illinois under the Bond Allocation Act and the Guidelines. All of
the Municipalities acknowledge and agree that market conditions or other factors could
make it impossible, uneconomic or undesirable for the Bonds to be issued and, accord-
ingly, the Issuer will not be subject to any liability to the other parties hereto if Bonds
are not issued. The Issuer will endeavor to keep the other Municipalities informed as to
the ongoing status of the preparations for issuance of the Bonds.
SECTION 9. Documents, Instruments and Opinions. Each Municipality
agrees to enter into all such documents and instruments as shall be necessary or appro-
priate in connection with the issuance of the Bonds, including without limitation closing
certificates, disclosure representations, and all such other documents and instruments as
shall be necessary or appropriate in connection with the issuance of the Bonds. Each
Municipality acknowledges that it has caused its municipal attorney to review this Co-
operation Agreement in order that he or she may render an opinion regarding its enforce-
ability and related matters.
SECTION 10. Absolute and Irrevocable Conditions; Amendment. All terms
and conditions contained herein are intended to be absolute and irrevocable conditions
hereof and are agreed to by the Municipalities. This Cooperation Agreement may not be
effectively amended, changed, modified, altered or terminated without the written
consent of all of the Municipalities, authorized by ordinances or resolutions adopted by
their respective governing bodies; provided that after the issuance of the Bonds no such
amendment shall adversely affect the interests of the owners of the Bonds.
SECTION 11. Obligations Unconditional. The Municipalities shall have no
right to terminate, cancel or rescind this Cooperation Agreement, it being the intent
hereof that, subject to the following paragraph, each Municipality shall be absolutely and
unconditionally obligated to perform all covenants contained in this Cooperation Agree-
ment from and after the effective date hereof with respect to such Municipality.
If the Issuer and its professional consultants are unable to obtain the
commitments of participating lenders to originate mortgage loans in a given Municipality
such that the requirements of Sections 5 and 6 hereof may be satisfied with respect to
that Municipality, the Issuer shall take such lawful steps as are necessary to reallocate to
such Municipality all or a portion, as the case may be, of its 1991 volume cap and, in the
event of total reallocation to such Municipality, such Municipality shall no longer be a
participant in the program established hereby or bound by the provisions of this
Cooperation Agreement.
SECTION 12. Notices. All notices, certificates or other communications
hereunder shall be sufficiently given and shall be deemed given when delivered or mailed
by registered or certified mail, postage prepaid, addressed to the appropriate address set
forth in Exhibit C hereto. A duplicate copy of each notice, certificate or other
communication given hereunder to any Municipality shall also be given to the others.
Any Municipality, by notice given hereunder, may designate a different or further
address to which subsequent notices, certificates or other communications will be sent.
SECTION 13. Binding Effect. This Cooperation Agreement shall inure to
the benefit of and shall be binding upon the Municipalities and their respective successors
and assigns.
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The Municipalities initially executing and delivering this Cooperation
Agreement on or prior to March 25, 1991 acknowledge and agree that additional Illinois
home rule units of government may execute and deliver this Cooperation Agreement
after such date (but prior to the date that the Issuer enters into a purchase contract for
the sale of the Bonds) and that this Cooperation Agreement shall be binding against such
parties as if they had executed and delivered this Cooperation Agreement with the initial
participating group of Municipalities.
SECTION 14. Non-Discrimination. No person shall be illegally excluded
from participation in, or be denied the benefits of the program which is the subject of
this Cooperation Agreement on the basis of race, religion, color, sex, age, disability,
handicapped status or national origin. The Issuer shall require in the Bond Documents or
otherwise that each lender originating mortgage loans under the program which is the
subject of this Cooperation Agreement covenant to comply with all applicable Federal,
state and local non-discrimination requirements.
SECTION 15. Compliance with Laws. In performing any actions under this
Cooperation Agreement, each Municipality shall comply with any and all applicable
Federal and state statutes, rules and regulations and any and all ordinances and
regulations of the Municipality pertaining to or regulating the provision of such actions,
including those now in effect, or hereafter adopted and applicable hereto.
SECTION 16. Assignability. No Municipality may assign or transfer any or
all of its interest, duties or authority under this Cooperation Agreement. This Section 16
shall not be a limitation on the provisions of this Cooperation Agreement requiring
reallocation of volume cap.
SECTION 17. Access to Records. The Issuer shall permit each
Municipality, or its authorized agent(s), access during normal business hours to the
records of the Issurer as the Municipality shall deem necessary so as to verify the nature
and scope of the actions being taken under this Cooperation Agreement as well as the
status of the program described herein, but said authority shall not grant a right to
inspect any records which are unrelated to the matters contemplated by this Cooperation
Agreement.
The Issuer shall cause the Trustee to maintain complete and accurate
records with respect to the Bonds and the application of the proceeds thereof for the
purposes contemplated by this Cooperation Agreement, which records shall be readily
accessible for inspection and copying by officials of any Municipality. The Issuer shall
cause the Trustee to provide open access free of charge to officials of any Municipality
to such data and records.
SECTION 18. Authority to Sign. Each person signing below on behalf of
one of the parties hereto agrees, represents and warrants that he or she has been duly
and validly authorized to sign this Cooperation Agreement on behalf of such party.
SECTION 19. Rights to Materials. The Issuer shall cause one (1) copy of
each report required to be prepared under the Bond Documents by the Trustee or the
Master Servicer (if any) relating to the Bonds, the application of the proceeds of the
Bonds, the origination of mortgage loans under the program or any related information,
to be delivered to each Municipality which requests the same not later than ten (10) days
after such request.
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SECTION 20. Severability. In the event any provision of this Cooperation
Agreement shall be held invalid or unenforceable by a court of competent jurisdiction,
such holding shall not invalidate or render unenforceable any other provision of this
Cooperation Agreement.
SECTION 21. Further Assurances and Corrective Instruments. The
Municipalities agree that they will, from time to time, execute, acknowledge and deliver,
or cause to be executed, acknowledged and delivered, such supplements hereto and such
further instruments as may reasonably be required for carrying out the expressed
intention of this Cooperation Agreement.
SECTION 22. Execution in Counterparts. This Cooperation Agreement
may be executed simultaneously in any number of counterparts, each of which counter-
part shall be an original and all of which counterparts shall constitute but one and the
same instrument.
SECTION 23. Applicable Law. This Cooperation Agreement shall be
governed by and construed in accordance with the laws of the State of Illinois.
SECTION 24. Effective Date. This Cooperation Agreement shall be in full
force and effect on the date when it is executed by Municipalities with 1991 "volume
caps" set forth in Exhibit A hereto aggregating at least $8,000,000. Prior to that date,
this Cooperation Agreement shall have no force and effect. This Cooperation Agreement
shall not be binding upon any Municipality which has not executed and delivered this
Agreement as provided in Section 25 below.
SECTION 25. Filing of Cooperation Agreement and Accompanying Docu-
ments. Each Municipality shall file at the offices of Chapman and Cutler, 111 West
Monroe Street, Chicago, Illinois 60603: Attention: Matthew R. Lewin, the following: (a)
an executed copy of this Cooperation Agreement, (b) a certified copy of the ordinance or
resolution authorizing the execution of this Cooperation Agreement, (c) the minutes of
the public hearing referred to in Section 1(h) hereof, (d) the affidavit of publication with
respect to the notice of public hearing referred to in Section 1(h) hereof, (e) the approval
of the Mayor or President of the Municipality pursuant to Section 147(f) of the Code
referred to in Section 1(h) hereof, (f) the reallocation of the Municipality's volume cap to
the Issuer referred to in Section 2 hereof and (g) the Municipality Attorney's opinion
referred to in Section 9 hereof.
IN WITNESS WHEREOF, the Municipalities have caused this Intergovern-
mental Cooperation Agreement to be executed in their respective names by their respec-
tive duly authorized officials shown on the succeeding pages.
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INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF AURORA, ILLINOIS
BY
Mayor
SAL)
Attest:
Deputy City Clerk ;04/
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF BURBANK, ILLINOIS
By
�' Tr surer
(SEAL) •
Attest:
4/---z- l-a-f
City CI rk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF CALUMET CITY, ILLINOIS
By)ta bctitait
Mayor
(SEAL)
Attest:
(City erl
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
THE COUNTY OF COOK, ILLINOIS
By
Pre-'d= t
(SEAL)
Attest:
LI
cc-
County Clerk
•
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF DE KALB, ILLINOIS
e
By
iora4A-A5-63
r.
(SEAL) y' 0
° Gj �
y O \ „
A% est:.
'•••;., :a F!���`0.0'%
•
j City Clerk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
VILLAGE OF DOLTON, ILLINOIS
By
President
(SEAL)
Attest:
lage Clerk
•
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I j
I
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF ELGIN, ILLINOIS
By
Mayor
(SEAL)
Attest:
City Cler
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
VILLAGE OF ELK GROVE VILLAGE, ILLINOIS
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(SEAL)
Attest:
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Village Clerk
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INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
VILLAGE OF EVERGREEN PARK, ILLINOIS
By
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(SEAL)
Attest: •
Village Clerk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF FREEPORT, ILLINOIS
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Mayor
(SEAL)
Attest:
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City C erk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF GALESBURG, ILLINOIS
By
Mayor
(SEAL)
Attest:
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City Clerk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
VILLAGE OF HANOVER PARK, ILLINOIS
By
President
(SEAL)
Attest:
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Vil/age Clerk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF HARVEY, ILLINOIS
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(SEAL)
Attest:
City Cler
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF HIGHLAND PARK, ILLINOIS
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Mayor
(SEAL)
Attest:
Ci 'Clerk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF JOLIET, ILLINOIS
By ,.J../ �tvl�—dZ�,,
May
(SEAL)
Attest:
ity Clerk
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INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
VILLAGE OF MAYWOOD, ILLINOIS
BY i' i?-teita,'1 'a C.,�
President
(SEAL)
Attest:
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Village Clerk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
VILLAGE OF MOUNT PROSPECT, ILLINOIS
By
President
(SEAL)
Attest:
Village Clerk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
VILLAGE OF NILES, ILLINOIS
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President
(SEAL)
Attest:
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INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF NORTH CHICAGO, ILLINOIS
By
Mayor
(SEAL)
Attest:
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City Clerk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF OAK FOREST, ILLINOIS
By
Mayor
(SEAL)
Attest:
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My Clerk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
VILLAGE OF OAK PARK, ILLIN I
By
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(SEAL)
Attest:
Village Clerk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
VILLAGE OF PARK FOREST, ILLINOIS
By
j President
(SEAL)
Attest:
illage Clerk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
VILLAGE OF PEORIA HEIGHTS, ILLINOIS
President
(SEAL)
Attest:
Acting Village Clerk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF QUINCY, ILLINOIS
By 0-tA/VA G
Mayor
(SEAL)
Attest:
ity Clerk
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INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
VILLAGE OF RANTOUL, ILLINOIS
By `;•
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Presiden
(SEAL)
Attest:
L M1 &c 2 C,
Village C erk
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INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
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VILLAGE OF SKOKIE, ILLINOIS
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Mayor
(SEAL)
Attest:
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Village Clerk
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INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF SPRINGFIELD, ILLINOIS
BY ��ti� y,=�
Mayor
(SEAL)
Attest:
City Clerk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
VILLAGE OF STREAMWOOD, ILLINOIS
By
President
(SEAL)
Attest:
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Village Clerk
INTERGOVERNMENTAL COOPERATION AGREEMENT
COUNTERPART SIGNATURE PAGE
CITY OF WATSEKA, ILLINOIS
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Byf!",4/1/ / 4/i/ , nr\
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Mayor
Wes Clement
(SEAL)
Attest:
G • lJ
Ity Clerk
Norma Martin
EXHIBIT A
Municipality Population* 1991 Volume Cap**
Aurora 91,150 $4,573,978
Burbank 28,620 1,436,174
Calumet City 39,080 1,961,065
Cook County (unincorporated
portion) 130,883 6,567,811
DeKalb 31,830 1,597,254
Dolton 23,770 1,192,797
Elgin 69,810 3,503,120
Elk Grove Village 33,240 1,668,009
Evergreen Park 20,590 1,033,222
Galesburg 31,810 1,596,250 •
Hanover Park 31,630 1,587,218
Harvey 34,380 1,725,215
Highland Park 29,700 1,490,369
Joliet 74,540 3,740,475
Maywood 27,340 1,371,942
Mount Prospect 53,120 2,665,603
Niles 28,530 1,431,657
North Chicago 41,080 2,061,426
Oak Forest 25,970 1,303,194
Oak Park 53,650 2,692,199
Park Forest 25,710 1,290,147
Peoria Heights 6,600 331,193
Quincy 39,070 1,960,563
Rantoul 20,160 1,011,644
Skokie 58,580 2,939,590
Springfield 99,860 5,011,053
Streamwood*** 135,890 6,819,066
Watseka 5,440 272,983
* Based on the most recent census estimate released by the Bureau of Census prior
to January 1, 1991 (Series P-26, No. 88-ENC-SC "Current Population Estimates -
Local Estimates Populations" released March 1990)
** Based on the advice of Chapman and Cutler
*** Includes volume cap of Hoffman Estates and Schaumburg which was reallocated
to Streamwood.
EXHIBIT B
Targeted Areas
Qualified Areas of
Municipality Census Tracts Chronic Economic Distress
Aurora 8537 8535,8536
Burbank none none
Calumet City none 8260 (block group 2)
Cook County See Schedule B-1
De Kalb none none
Dolton none none
Elgin none 8514 (block group 6)
Elk Grove Village none none
Evergreen Park none none
Galesburg none none
Hanover Park none 8271,8272,8273
Harvey none none
Highland Park none none
Joliet none 8813,8819,8820,8821,8824,
8825 & 8812 (Block Group 1) 1
Maywood none 8173,8175
Mount Prospect none none
Niles none none
North Chicago 8628 8629 (Block Group 1)
Oak Forest none none
Oak Park none none
Park Forest none none
Peoria Heights none none
Quincy 0007,0008 0005,0004 (Block Group 3&4)
Rantoul 0103 none
Skokie none none
Springfield 0008 0002 (Block Group 1), 0015
0017,0024 (Block Group 5)
Streamwood none none
Watseka none none
EXHIBIT C
Municipality Notice Address
City of Aurora 44 East Downer Place
Aurora, IL 60507-3302
City of Burbank 6530 West 79th Street
Burbank, IL 60459
City of Calumet City 204 Pulaski Road
Calumet City, IL 60409
County of Cook 118 North Clark Street
Chicago, IL 60602
City of DeKalb 200 South Fourth Street
DeKalb, IL 60115
Village of Dolton 14014 Park Avenue
Dolton, IL 60419-1098
City of Elgin 150 Dexter Court
Elgin, IL 60120
Village of Elk Grove Village 901 Wellington Avenue
Elk Grove Village, IL 60007
Village of Evergreen Park 9418 South Kedzie Avenue
Evergreen Park, IL 60642
City of Galesburg 161 South Cherry Street
P.O. Box 1387
Galesburg, IL 61402
Village of Hanover Park 2121 West Lake Street
Hanover Park, IL 60103
City of Harvey 15320 Broadway
Harvey, IL 60426
City of Highland Park 1707 St. Johns Avenue
Highland Park, IL 60035
City of Joliet 150 West Jefferson Street
Joliet, IL 60431
Village of Maywood 115 South Fifth Avenue
Maywood, IL 60153-1390
C-1
Village of Mount Prospect 100 South Emerson Street
Mount Prospect, IL 60056-3266
Village of Niles 7601 N. Milwaukee Avenue
Niles, IL 60648
City of North Chicago 1850 Lewis Avenue
North Chicago, IL 60064
City of Oak Forest 15440 South Central Avenue
Oak Forest, IL 60452
Village of Oak Park 1 Village Hall Plaza
Oak Park, IL 60302
Village of Park Forest 200 Forest Boulevard
Park Forest, IL 60466
Village of Peoria Heights 4901 North Prospect Road
Peoria Heights, IL 61614
City of Quincy 507 Vermont Street
Quincy, IL 62301
Village of Rantoul 333 South Tanner
Rantoul, IL 61866
Village of Skokie 5127 West Oakton Street
Skokie, IL 60077
City of Springfield 7th & Monroe Streets
Springfield, IL 62701
Village of Streamwood 401 East Irving Park Road
Streamwood, IL 60103
City of Watseka 228 E. Walnut Street
Watseka, IL 60970
C-2