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HomeMy WebLinkAboutS10-95 Ordinance No. S10-95 AN ORDINANCE RATIFYING AND CONFIRMING ORDINANCE NO. S4-95 ADOPTED ON APRIL 12, 1995 AUTHORIZING THE ISSUANCE OF A $3,800,000 PRINCIPAL AMOUNT ECONOMIC DEVELOPMENT REVENUE BOND (ELGIN CORRUGATED BOX COMPANY PROJECT) , SERIES 1995, BY THE CITY OF ELGIN, ILLINOIS WHEREAS, the City of Elgin, Illinois (the "Issuer" ) is a home rule unit of government under Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois and is authorized under Ordinance No. S2-80 adopted by the City Council of the Issuer on February 13, 1980, as supplemented and amended by Ordinance No. S4-84 adopted by the City Council of the Issuer on November 26, 1984 , and by Ordinance No. S1-85 adopted by the City Council of the Issuer on February 25, 1985 (said ordinances collectively being the "Enabling Ordinance" ) to issue revenue bonds to finance the "Project Costs" of "Economic Development Projects" ; and WHEREAS, Elgin Corrugated Box Company, an Illinois corporation (the "Borrower" ) , proposes to acquire land within the boundaries of the Issuer and to construct, improve and equip a manufacturing facility thereon (the "New Facility") ; and WHEREAS, by Ordinance adopted on April 12, 1995, by the City Council of the City ( "Ordinance S4-95" ) , the City authorized the issuance of its $3, 800,000 Economic Development Revenue Bond (Elgin Corrugated Box Company Project) , Series 1995 (the "Bond" ) and the lending of the proceeds of the Bond to the Borrower for the purpose of financing a portion of the costs of the New Facility; and WHEREAS, subsequent to the approval of Ordinance S4-95, the Borrower determined that in addition to financing a portion of the costs of the New Facility, a portion of the proceeds of the Bond to be loaned to the borrower should be used to finance the acquisition of equipment for use at the Borrower's present manufacturing facility which is also within the boundaries of the Issuer (such equipment and the New Facility being herein together called the "Project" ) ; and WHEREAS, pursuant to the requirements of Section 247 ( f) of the Internal Revenue Code of 1986 , as amended, public hearings for which there was reasonable public notice have been held by the Issuer on April 12, 1995 and May 24, 1995 concerning the issuance of the Bond. elk NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS: Section 1 . Findings . It is hereby found, determined and declared by the City Council of the Issuer that: (a) the Project will (a) provide increased employment opportunities and relieve conditions of unemployment and underemployment within the Issuer, (b) encourage the increase of industry and commerce within the Issuer, and (c) increase the tax base within the Issuer, thereby furthering valid public purposes; (b) The Project, the financing of the Project and the issuance of the Bond are determined to serve a valid public purpose in accordance with the Constitution and laws of the State of Illinois and are approved; and (c) the Project is an "Economic Development Project" within the meaning of the Enabling Ordinance and the financing thereof through the issuance of the Bond and the loan of the proceeds thereof pursuant to the Loan Agreement is consistent with the purposes of the Enabling Ordinance. rft. Section 2 . Ratification and Confirmation of Ordinance S4-95 . Ordinance S4-95 and each of the provisions of Ordinance S4-95 are hereby ratified and confirmed including, without limitation, those provisions of Ordinance S4-95 which authorize the issuance of the Bond and the execution and delivery of certain documents in connection therewith. Section 3 . Delegation. The Mayor and City Clerk of the Issuer, for and on behalf of the Issuer, are hereby authorized, empowered and directed to do any and all things necessary to effect the execution and delivery of the Bond and all documents to be executed and delivered in connection therewith and to perform all other acts of whatever nature necessary to effect and carry out the authority conferred by this Ordinance and Ordinance S4-95 . The Mayor and City Clerk of the Issuer are further authorized, empowered and directed, for and on behalf of the Issuer, to execute all papers, documents, certificates and other instruments that may be required in order to carry out the authority conferred by this Ordinance and Ordinance S4-95, or to evidence the said authority and its exercise. Section 4 . Severability. The provisions of this Ordinance are hereby declared to be severable and if any section, phrase or provision 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 hereof . .. r+- . Section 5 . Repealer. All ordinances and resolutions and parts thereof in conflict with the provisions of this Ordinance are, to the extent of such conflict, hereby repealed. Section 6 . This Ordinance shall be in full force and effect from and after its passage and approval . ;74 /-\ Kevin Kelly, Mayor Presented: May 24 , 1995 Passed: May 24 , 1995 Vote: Yeas 6 Nays 0 Recorded: May 25, 1995 Published: Attest: Dolonna Mecum, City Clerk eft-