92-158 1215Ei
RESOLUTION
WAIVING THE CITY OF ELGIN'S RIGHT TO DISAPPROVE THE
ILLINOIS DEVELOPMENT FINANCE AUTHORITY' S INTENT TO ISSUE
$6,000,000 INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR
LUNT MANUFACTURING CO. , INC.
WHEREAS, the Illinois Development Finance Authority (the
"Authority' ) has submitted a written notice of the City of
Elgin, Kane and Cook Counties, Illinois, (the "City" ) ,
advising the City that the Authority intends to issue its
revenue bonds to finance a project for Lunt Manufacturing Co. ,
Inc. (the "Company" ) , some portion of which may be within the
planning and subdivision control jurisdiction of the City,
pursuant to the provisions of Illinois Revised Statutes, 1989,
Chapter 48, Paragraph 850. 01 et seq. , known as "The Illinois
Development Finance Authority Act" , as supplemented and
amended (the "Act" ) ; and
WHEREAS, the Act provides that the Authority shall not
issue its revenue bonds to finance a project within the
planning and subdivision control jurisdiction of a
municipality unless, within forty-five (45) days after receipt
of written notice from the Authority of such project, the
corporate authorities fail to adopt a resolution disapproving
such project, or have notified the Authority that the
eft. municipality has adopted a resolution approving the industrial
project; and
WHEREAS, the Company desires that the Authority issue its
revenue bonds to finance the Project within the forty-five
(45) day period referred to above; and
WHEREAS, the City Council of the City has reviewed said
written notice from the Authority, and is familiar with the
Project, the financing therefor and other relevant facts .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS:
Section 1 . That the City does hereby approve the
financing of the Project by the Authority within the planning
and subdivision control jurisdiction of the City.
Section 2 . That the City hereby acknowledges that, by
the adoption of this resolution, it is waiving any right it
may have under the Act to disapprove the financing of the
Project by the Authority within the planning and subdivision
control jurisdiction of the City.
Section 3 . That the provisions of this resolution are
hereby declared to be separable, 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
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fork remainder of the sections, phrases or provisions of this
resolution.
Section 4 . That all ordinances, resolutions or orders or
parts thereof in conflict with the provisions of this
Resolution are, to the extent of such conflict, hereby
superseded.
Section 5 . That this resolution shall be in full force
and effect immediately upon its adoption.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: June 10, 1992
Adopted: June 10, 1992
Vote: Yeas 6 Nays 0
Recorded:
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
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