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HomeMy WebLinkAboutS11-97 CITY OF ELGIN ORDINANCE NO. S11-97 AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF AN INTERGOVERNMENTAL COOPERATION AGREEMENT AND CERTAIN DOCUMENTS IN CONNECTION THEREWITH; AND RELATED MATTERS ADOPTED BY THE CITY COUNCIL OF THE CITY OF ELGIN ON THIS 10TH DAY OF SEPTEMBER, 1997 Published in pamphlet form by authority of the City Council of the City of Elgin, Kane and Cook Counties, Illinois, on this 11th day of September, 1997 . STATE OF ILLINOIS ss . COUNTY OF KANE CERTIFICATE I , Dolonna Mecum, certify that I am the duly appointed and acting municipal clerk of the City of Elgin, Cook and Kane Counties, Illinois . I further certify that on September 10, 1997, the Corporate Authorities of such municipality passed and approved Ordinance No. S11-97 , entitled An Ordinance Authorizing the Execution and Delivery of an Intergovernmental Cooperation Agreement and Certain Documents in Connection Therewith; and Related Matters, which provided by its terms that it should be published in pamphlet form. The pamphlet form of Ordinance No. S11-97 , including the Ordinance and a cover sheet thereof, was prepared, and a copy of such Ordinance was posted in the municipal building, commencing on September 11, 1997 , and continuing for at least ten days thereafter. Copies of such Ordinance were also available for public inspection upon request in the office of the municipal clerk. DATED at Elgin, Illinois, on September 11, 1997 . Municipal Clerk (SEAL) eft �• ORDINANCE NO. S11-97 AN ORDINANCE authorizing the execution and delivery of an Intergovernmental Cooperation Agreement and certain documents in connection therewith; and related matters. WHEREAS, pursuant to Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, the City of Elgin, Kane and Cook Counties, Illinois, is a municipality and a home rule unit of government duly organized and validly existing under the Constitution and the laws of the State of Illinois (the "Municipality"); and WHEREAS, pursuant to the Constitution and the laws of the State of Illinois, and particularly Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, the Municipality is authorized to issue its revenue bonds in order to aid in providing an adequate supply of residential housing for low and moderate income persons and families within the Municipality, which constitutes a valid public purpose for the issuance of revenue bonds by the Municipality; and WHEREAS, the Municipality has now determined that it is necessary, desirable and in the public interest to issue revenue bonds to provide an adequate supply of residential housing for low and moderate income persons and families within the Municipality; and WHEREAS, pursuant to Section 10 of Article VII of the 1970 Constitution of the State of Illinois and the Intergovernmental Cooperation Act (5 Illinois Compiled Statutes 1996, 220/1 et seq., as supplemented and amended), public agencies may exercise and enjoy 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, accordingly, it is now determined that it is necessary, desirable and in the public interest for the Municipality to enter into an Inter- governmental Cooperation Agreement (the "Cooperation Agreement") dated as of September 1, 1997, by and among the Municipality and certain other municipalities named therein (the "Municipalities"), to provide for the joint issuance of such revenue bonds to aid in providing an adequate supply of residential housing in such Municipalities (the "Program"); and WHEREAS, to provide for the Program, the City of Danville, Vermilion County, Illinois (the "Issuer") proposes to issue, sell and deliver not to exceed$20,000,000 aggregate principal amount of Collateralized Single Fan-u1' amily Mortgage Revenue Bonds, Series 1997 (the "Bonds") to obtain funds to finance the acquisition of mortgage-backed securities (the "GNMA Securities") of the Government National Mortgage Association ("GNMA"), evidencing a guarantee by GNMA of timely payment, the acquisition of mortgage-backed securities (the "FNMA Securities") of the Federal National Mortgage Association ("FNMA"), evidencing a guarantee by FNMA of timely payment, and the acquisition of mortgage-backed securities (the "FHLMC Securities") of the Federal Home Loan Mortgage Corporation ("FHLMC"), evidencing a guarantee by FHLMC of timely payment, of monthly principal of and interest on certain qualified mortgage loans under the Program (the "Mortgage Loans"), on behalf of the Municipality and the other Municipalities all under and in accordance with the Constitution and the laws of the State of Illinois; and WHEREAS, the City Clerk of the Municipality has caused a notice of public hearing with respect to the plan of finance of the costs of the Program through the issuance of the Bonds to be published in Daily Courier-News, a newspaper of general circulation in the Municipality, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), on August 14, 1997, and the President and Board of Trustees of the Village of Maywood, Cook County, Illinois, has conducted said public hearing on August 28, 1997; WHEREAS, a form of the Cooperation Agreement has been presented to and is before this meeting; -2- NOW, THEREFORE, Be It Ordained by the City Council of the City of Elgin, Kane and Cook Counties, Illinois, as follows: Section 1. That it is the finding and declaration of the City Council of the Municipality that the issuance of the Bonds by the Issuer is advantageous to the Municipality and therefore serves a valid public purpose; that this authorizing ordinance is adopted pursuant to the Constitution and the laws of the State of Illinois, and more particularly Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, Section 10 of Article VII of the 1970 Constitution of the State of Illinois and the Intergovernmental Cooperation Act; and that, by the adoption of this authorizing ordinance, the City Council of the Municipality hereby approves the issuance of the Bonds for the purposes as provided in the preambles hereto, the text hereof and the Notice of Public Hearing which is hereby incorporated herein by reference, which public approval shall satisfy the provisions of Section 147(t) of the Code. Section 2. 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 Municipalities; 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 execution thereof to constitute conclusive evidence of his rbk approval of any and all changes or revisions therein from the form of Cooperation Agree- -3- ment 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 ordinance 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 3. 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 acts and things and to execute all such documents and certificates as may be necessary to rik carry out and comply with the provisions of the Cooperation Agreement and to further the purposes and intent of this authorizing ordinance, including the preamble hereto. Section 4. That all acts of the officers, officials, agents and employees of the Municipality 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, including without limitation the publication of a Notice of Public Hearing. Section 5. That the Municipality hereby acknowledges receipt of an allocation of unified volume cap from the Office of the Governor of the State of Illinois in the amount of $1,603,892.86, which is hereby allocated by the Municipality to the issuance of the Bonds. Section 6. That after the Cooperation Agreement is executed by the Municipality, this authorizing ordinance shall be and remain irrepealable until the Bonds and the interest thereon shall have been fully paid, cancelled and discharged. -4- C .. Section 7. That the provisions of this authorizing ordinance are hereby declared to be separable, and if any section, phrase or provision of this authorizing ordinance 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 ordinance. Section 8. That all ordinances, resolutions and orders, or parts thereof, in conflict with the provisions of this authorizing ordinance are, to the extent of such conflict, hereby superseded; and that this authorizing ordinance shall be in full force and effect upon its adoption and approval as provided by law. -5- Presented, passed, approved and recorded by the City Council of the City of Elgin, Kane and Cook Counties, Illinois, this 10th day of September, 1997. Approved: ` , Mayor r [SEA,] Attest: sidge&-ktm."4 ke-e.a././Pv- City Clerk Ayes: Councilmembers Gavin, Gilliam, McKevitt, Schock, Walters, Yearman, and Mayor Kelly Nays: None Absent or Not Voting: None -6-