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Home My WebLink About92-0408 Lunt Bond qa- o1"oS RESOLUTION CONCURRING IN THE ISSUANCE OF INDUSTRIAL REVENUE BONDS BY THE ILLINOIS DEVELOPMENT FINANCE AUTHORITY ON BEHALF OF LUNT MANUFACTURING CO. , INC. IN AN AMOUNT NOT TO EXCEED $6 , 000,000 WHEREAS, the Illinois Development Finance Authority has heretofore approved an application to issue industrial revenue bonds on behalf of Lunt Manufacturing Co. , Inc. in an amount not to exceed $6 , 000, 000; and WHEREAS, Lunt Manufacturing Co. , Inc. will use the proceeds of the bond issue for the acquisition of land and construction of a 65, 000 square foot manufacturing facility and the equipping thereof at 1345 Gasket, Elgin, Illinois; and WHEREAS, pursuant to Section 6 of the Illinois Development Finance Authority Act notice has been submitted to the corporate authorities of the City of Elgin; and WHEREAS, it is in the best interest of the City of Elgin to approve the issuance of revenue bonds as proposed. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that it hereby approves the issuance by the Illinois Development Finance Authority of industrial revenue bonds on behalf of Lunt Manufacturing Co. , Inc . in an amount not to exceed $6 , 000,000 for the acquisition of land and construction of a 65, 000 square foot manufacturing facility and the equipping thereof at 1345 Gasket, Elgin, Illinois . BE IT FURTHER RESOLVED that the City Clerk be and is hereby authorized and directed to cause a certified copy of this resolution to be mailed to the Illinois Development Finance Authority. s/ George VanDeVoorde George VanDeVoorde, Mayor Presented: April 8, 1992 Adopted: April 8, 1992 Vote : Yeas 7 Nays 0 Recorded: Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk State of Illinois) County of Kane ) ss . City of Elgin ) CERTIFICATE OF CITY CLERK I , Dolonna Mecum, DO HEREBY CERTIFY that I am the City Clerk of the City of Elgin, in the Counties of Kane and Cook in the state of Illinois, and that as such City Clerk I am the keeper and custodian of the files and records of said City of Elgin and the seal thereof . I DO FURTHER CERTIFY that the attached is a full, true, and correct copy of Resolution Concurring in the Issuance of Industrial Revenue Bonds by the Illinois Development Finance Authority on Behalf of Lunt Manufacturing Co. , Inc. in an amount Not to Exceed $6, 000, 000, adopted by the Elgin City Council on April 8, 1992 , the original of which is entrusted to my care for safe keeping. In Witness Whereof, I have hereunto set my hand and affixed the corporate seal of the City of Elgin at the said City in the County and State aforesaid this April 10, 1991 . City Clerk (SEAL) EllTELEPHONE 708/695-6500 CO D FAX 708/931-5610 FOR HEARING IMPAIRED ` TDD 708/931-5616 � CITY OF ELGIN 150 DEXTER COURT ELGIN, ILLINOIS 60120-5555 4� Direct Line 931-5660 April 10, 1992 Illinois Development Finance Authority Attention: Legal Department Two North LaSalle Street, Suite 980 Chicago, IL 60602 Re: Lunt Manufacturing Co. , Inc. 1335-IRB Gentlemen: Please be advised that the Elgin City Council adopted a resolution at its meeting on April 8, 1992, concurring in the issuance of industrial revenue bonds by the Illinois Development Finance Authority on behalf of Lunt Manufacturing Co. , Inc . in an amount not to exceed $6, 000, 000 . A certified copy of the aforesaid resolution is enclosed. Very truly yours, Dolonna "Loni" Mecum, PLS City Clerk dkm Enclosure Certified Mail Printed on recycled paper ILLINO"ETA I S DEVELOPMENT F INANCE June 2, 1992 AUTHORITY Via Certified Mail Ms. Dolonna Mecum City Clerk City of Elgin 150 Dexter Court Elgin, IL 60120-5557 Re: Lunt Manufacturing Co. , Inc. 1335-IRB Dear Ms. Mecum: At a regular meeting of the Illinois Development Finance Authority held in Chicago on March 18, 1992, the members of the Authority approved an application to issue Industrial Revenue bonds on behalf of Lunt Manufacturing Co. , Inc. The amount of bonds to be issued on behalf of the applicant is now estimated at an amount not to exceed $6,000,000. The proceeds of the bond issue will be used by the Applicant to acquire land and construct a 65,000 square foot manufacturing facility and equipping thereof, located at 1125 Jansen Farm Drive, Elgin, Illinois. Following is the pertinent provision of Section 6.1 of the Illinois Development Finance Authority Act, Illinois Revised Statutes 1989, ch. ChicagoONico: 48, par. 850.01 et seq, which describes one of the conditions that 2NorthLaSalle must be met before bonds (the statutory definition of which includes Suite 980 other indebtedness) may be issued by the Authority: Chicago.Illinois 60602-9897 312/793-5586 The Authority shall not issue any bonds relating to the Downstate,Office: financing of an industrial project located within the 400 East DeYoung planning and subdivision control jurisdiction of any PO.Box 397 municipality unless: (1) notice, including a description Marion.Illinois 62959 of the proposed project and the financing therefor, is 618/997-6318 submitted to the corporate authorities of such municipality; Springfo/dOMico: and (2) such corporate authorities, within 45 days after 600S.Second Street mailing of the notice, have failed to notify the Authority Suite 100 that the municipality has adopted a resolution disapproving Springfield,IL 62704 the industrial project or have notified the Authority that 217/524-1673 or 217/524-1567 the municipality has adopted a resolution approving the Chicago Fax: industrial project. 312/793-6347 Springfield Fax: 217/524-2342 Ms. Dolonna Mecum Re: Lunt Manufacturing Co. , Inc. Page Two Please be advised that the corporate authorities of Elgin, Illinois, have 45 days after the mailing date of this letter to adopt either of the aforesaid resolutions. If the Authority has not been notified of the adoption of any such resolution within 45 days, it will assume that the corporate authorities have no objections to this project. Please send notification of the adoption of an approving or disapproving resolution, and a certified copy of the pertinent resolution by registered or certified mail to: ILLINOIS DEVELOPMENT FINANCE AUTHORITY Two North LaSalle Street Suite 980 Chicago, IL 60602 Attn: Legal Department If you have any questions concerning this matter, please contact Stephanie J. Hayes of our office at (312) 793-5586. Sincerely, ILLINOIS DEVELOPMENT FINANCE AUTHORITY By: ?0"4062 ��'"'_' st, Ronald Bean Executive Director RB/ac (483+AC) cc: Client Bond Counsel Issuer's Counsel IDFA File Certified Receipt Number P 694 860 455 • in Sy GF EEC1) ( 1 '0 Agenda Item No. April 1, 1992 TO: Mayor and Members of the City Council FROM: Larry L. Rice, City Manager SUBJECT: Industrial Revenue Bonds for Lunt Manufacturing Co. , Inc. PURPOSE The purpose of this memorandum is to submit to the Mayor and City Council a resolution concurring in the above bond issue. BACKGROUND The Illinois Development Finance Authority (IDFA) has approved an application to issue industrial revenue bonds (IRB) on behalf of the Lunt Manufacturing Co. , Inc. in an amount not to exceed $6,000,000. The bond proceeds will be used to acquire land and construct a 65,000 square foot manu- facturing facility and equipment, located at 1345 Gasket, in Spaulding Industrial Park. A letter from the IDFA concerning the bond issue is attached. Pursuant to Illinois Statute, the City of Elgin has the option of adopting a resolution either approving or disapprov- ing the issuance of bonds . Since it is in the City's best interest that the above project of Lunt Manufacturing Co. , Inc. proceed, a resolution concurring in the issuance of the IRB's has been prepared. FINANCIAL IMPACT Not applicable. RECOMMENDATION It is recommended the City Council adopt the resolution included on i -e lar agenda. Lam*. L Rice, City Manager LLR:daw Attachment RESOLUTION CONCURRING IN THE ISSUANCE OF INDUSTRIAL REVENUE BONDS BY THE ILLINOIS DEVELOPMENT FINANCE AUTHORITY ON BEHALF OF LUNT MANUFACTURING CO. , INC. IN AN AMOUNT NOT TO EXCEED $6,000,000 WHEREAS, the Illinois Development Finance Authority has heretofore approved an application to issue industrial revenue bonds on behalf of Lunt Manufacturing Co. , Inc. in an amount not to exceed $6 ,000,000; and WHEREAS, Lunt Manufacturing Co. , Inc. will use the proceeds of the bond issue for the acquisition of land and construction of a 65,000 square foot manufacturing facility and the equipping thereof at 1345 Gasket, Elgin, Illinois; and WHEREAS, pursuant to Section 6 of the Illinois Development Finance Authority Act notice has been submitted to the corporate authorities of the City of Elgin; and WHEREAS, it is in the best interest of the City of Elgin to approve the issuance of revenue bonds as proposed. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that it hereby approves the issuance by the Illinois Development Finance Authority of industrial revenue bonds on behalf of Lunt Manufacturing Co. , Inc. in an amount not to exceed $6,000,000 for the acquisition of land and construction of a 65,000 square foot manufacturing facility and the equipping thereof at 1345 Gasket, Elgin, Illinois . BE IT FURTHER RESOLVED that the City Clerk be and is hereby authorized and directed to cause a certified copy of this resolution to be mailed to the Illinois Development Finance Authority. George VanDeVoorde, Mayor Presented: Adopted: Vote: Yeas Nays Recorded: Attest: Dolonna Mecum, City Clerk PY (Revised) REQUEST FOR LEGAL (To be Submitted in Duplicate) X OPINION DOCUMENT OTHER TO: Erwin W. Jentsch, Corporation Counsel FROM: Loni Mecum, City Clerk DATE: March 30, 1992 GENERAL SUBJECT: Industrial Revenue Bonds in the amount of $6, 000, 000 on Behalf of Lunt Manufacturing Co. , Inc. Please take whatever action is proper regarding the attached letter from Illinois Development Finance Autority dated March 26, 1992 , with reference to issuance of the above bonds . Description of request, including all relevant information (attach additional sheets or exhibits as necessary) including previous requests on subject, specific facts prompting inquiry, copies of relevant correspondence and documents . Identify special circumstances requiring immediate response: Returned for following: RECEIVED: ROUTE TO: RESPONSE DUE : ILLINOIIDFA: S March 26, 1992 DEVELOPMENT F INANCE AUTHORITY Via Certified Mail Ms. Dolonna Mecum City Clerk City of Elgin 150 Dexter Court Elgin, IL 60120-5557 Re: Lunt Manufacturing Co. , Inc. 1335-IRB Dear Ms. Mecum: At a regular meeting of the Illinois Development Finance Authority held in Chicago on March 18, 1992, the members of the Authority approved an application to issue Industrial Revenue bonds on behalf of Lunt Manufacturing Co. , Inc. The amount of bonds to be issued on behalf of the applicant is now estimated at an amount not to exceed $6,000,000. The proceeds of the bond issue will be used by the Applicant to acquire land and construct a 65,000 square foot manufacturing facility and equipping thereof, located at 1345 Gasket, in Spaulding Industrial Park, Elgin, Illinois, . Following is the pertinent provision of Section 6.1 of the Illinois Development Finance Authority Act, Illinois Revised Statutes 1989, ch. 48, par. 850.01 et seq, which describes one of the conditions that must be met before bonds (the statutory definition of which includes other indebtedness) may be issued by the Authority: p kM,p„ic,; The Authority shall not issue any bonds relating to the 2r4o•:-LaSa financing of an industrial project located within the Suite 980 planning and subdivision control jurisdiction of any Chucago.IIIno,s606029897 municipality unless: (1) notice, including a description 312/793-5586 of the proposed ro p p project and the financing therefor, is Downstate Office: submitted to the corporate authorities of such municipality; 400 East DeYoung and (2) such corporate authorities, within 45 days after P0 Box 397 mailing of the notice, have failed to notify the Authority Marion,Illinois62959 that the municipality has adopted a resolution disapproving 618/997-6318 the industrial project or have notified the Authority that Springfield Office: the municipality has adopted a resolution approving the 600S Second Street industrial project. Suite 100 Springfield.IL 62704 217/524-1673 or217/524-1567 Chicago Fax 312/793-6347 Springfield Fax 217/524-2342 r Ms. Dolonna Mecum Re: Lunt Manufacturing Co. , Inc. Page Two Please be advised that the corporate authorities of Elgin, Illinois, have 45 days after the mailing date of this letter to adopt either of the aforesaid resolutions. If the Authority has not been notified of the adoption of any such resolution within 45 days, it will assume that the corporate authorities have no objections to this project. Please send notification of the adoption of an approving or disapproving resolution, and a certified copy of the pertinent resolution by registered or certified mail to: ILLINOIS DEVELOPMENT FINANCE AUTHORITY Two North LaSalle Street Suite 980 Chicago, IL 60602 Attn: Legal Department If you have any questions concerning this matter, please contact Stephanie J. Hayes of our office at (312) 793-5586. Sincerely, ILLINOIS DEVELOPMENT FINANCE AUTHORITY By: ?C34•47'62 44- - Ronald Bean Executive Director RB/ac (483+AC) cc: Client Bond Counsel Issuer's Counsel IDFA File Certified Receipt Number P 393-266-203