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Home My WebLink About95-90 7 a w Resolution No. 95-90 RESOLUTION MAKING A VOLUME CAP ALLOCATION FOR THE $3, 800, 000 CITY OF ELGIN, ILLINOIS, ECONOMIC DEVELOPMENT REVENUE BOND (ELGIN CORRUGATED BOX PROJECT) , SERIES 1995, AND AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS WITH RESPECT THERETO WHEREAS, the City of Elgin, Illinois (the "City" ) , is a home rule unit of government under Section 6 (a) of Article VII of the 1970 Constitution of the State of Illinois; and WHEREAS, by ordinance adopted on April 12, 1995, by the City Council of the City, the City authorized the issuance of its $3, 800,000 Economic Development Revenue Bond (Elgin Corrugated Box Company Project) , Series 1995 (the "Bond" ) ; and WHEREAS, under the provisions of Section 146 of the Internal Revenue Code of 1986, as amended (the "Code" ) , the City is required to allocate volume cap to the Bonds . NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS: 1 . It is hereby found, declared and determined by the City Council of the City that the population of the City, for the purpose of calculating volume cap available to it for the year 1995 pursuant to Section 146 of the Code, as 81, 108, that such population entitles the City to a 1995 volume cap of $4 , 055,400 and that none of the 1995 volume cap of the City has been previously allocated. 2 . The City hereby allocates to the Bond, from the 1995 volume cap available to it pursuant to Section 146 of the Code, volume cap in the amount of $3,800,000 . • 3 . The Mayor and City Clerk of the City, for and on behalf of the City, be and are hereby authorized, empowered and directed to notify the Office of the Governor of the State of Illinois of the allocation of such volume cap and to take such further actions and to execute such further papers, documents, certificates and other instruments that may be required in order to carry out the allocation hereby made. s/ Kevin Kelly Kevin Kelly, Mayor Presented: April 26 , 1995 Adopted: April 26, 1995 Vote: Yeas 7 Nays 0 Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk APR z0 ': SEYFARTH, SHAW, FAIRWEATHER & GERALDSON O_ 1 O L e ATTORNEYS AT LAW 815.CONNECTICUT AVENUE.N.W. 55 EAST MONROE STREET - SUITE 4200 INTERNATIONAL WASHINGTON.D.C.20006-4004 12021 463-2400 CHICAGO, ILLINOIS 60603-5803 AVENUE LOUISE 500.BOITE 8 FAX 12021 828.5393 1050 BRUSSELS.BELGIUM (312)346-8000 TELEPHONE 1321121 647.60.25 ONE CENTURY PLAZA•SUITE 3300 FAX (312)269-8869 • FAX 1321121640.70.71 2029 CENTURY PARK EAST LOS ANGELES.CA 90067.3063 SEYFARTH.SHAW A WONG 1310)277.7200 80 RAFFLES PLACE FAX 13101 201.5219 258-01 COB PLAZA SINGAPORE 0104 900 THIRD AVENUE WRITERS DIRECT DIAL 1651 5324588 NEW YORK.NY 10022-4728 FAX 1651 532 5711 12121 715-9000 1651 632 5722 FAX 12121 752-3116 13121 269-8882 AFFILIATE FIRM 101 CALIFORNIA STREET-SUITE 2900 SAN FRANCISCO.CA 94111.5858 MATRAY.MATRAY M MALLET 14151 397.2823 BRUSSELS AND LIEGE.BELGIUM FAX 14151 397-8549 COLOGNE.GERMANY 400 CAPITOL MALL-SUITE 2350 SACRAMENTO.CA 95814-4420 April 19, 1995 19161 5584828 - FAX 19161 5504839 Mr. Erwin W. Jentsch Corporation Counsel City of Elgin 150 Dexter Court Elgin, IL 60120 Re: $3,800,000 City of Elgin, Illinois, Economic Development Bond (Elgin Corrugated Box Company Project) Series 1995 Dear Erwin: As you are aware, the Internal Revenue Code authorizes the City of Elgin and other Illinois home rule municipalities to issue annually private activity bonds such as industrial development bonds to a maximum aggregate amount equal to $50 for each of its residents. This is the so-called "Volume Cap" of which we have spoken previously. According to the Office of the Governor, the City's population for Volume Cap purposes is 81,108. At its April- 12 meeting, the Elgin City Council approved the issuance of the captioned Bond for the benefit of Elgin Corrugated Box Company. It is now necessary to approve an allocation of Volume Cap to such Bond. The enclosed resolution is intended to make such allocation. - i I would appreciate your having the resolution approved at the meeting of the City Council now scheduled for April 26. If you need further information, please feel free to call upon me. Very truly yours, SEYFARTH, SHAW • ' �A & GERALDSON By David A. aunders DAS/mm )76)) -377/1(3n-9 r-N, 1-10-190-j- or.""17 .1 tkooigiii4J . .