92-87 4
RESOLUTION
PROVIDING FOR THE ACQUISITION OF CERTAIN REAL ESTATE FOR USE
IN THE WIDENING OF KIMBALL STREET AND FOR PAYMENT OF THE
COST OF SAID REAL ESTATE FROM THE PROCEEDS OF
GENERAL OBLIGATION BONDS
(246 N. Spring Street)
WHEREAS, the City Council of the City of Elgin, Kane and
Cook Counties, Illinois, has determined that it is in the best
interest of the City of Elgin to acquire certain real property
for the purpose of future widening of Kimball Street ( "Kimball
Street" right-of-way acquisition) ; and
WHEREAS, the City Council has determined that the finan-
cial status of the City will be improved by the payment of
acquisition cost of the Kimball Street right-of-way acquisi-
tion out of proceeds of borrowing to be repaid over a number
of years from various sources of revenue available to the
City; and
WHEREAS, the City Council intends to provide for such
borrowing and financing of Kimball Street right-of-way acquisi-
tion from the proceeds of bonds issued by the City in fiscal
and calendar year 1992 and it is within the power and authori-
ty of the City, in its plenary power over such financial af-
fairs of the City to declare its intent to provide for the
payment or the reimbursement for the payment of the Kimball
Street right-of-way acquisition from such borrowing as evi-
denced by such bonds; and
WHEREAS, the City and the owners of the Kimball Street
right-of-way property have reached agreement regarding terms
for the sale of such property to the City; and
WHEREAS, the purchase price for the Kimball Street right-
of-way property is $236, 250; and
WHEREAS, the City Council intends to fund this acquisi-
tion from the General Fund to be reimbursed from the proceeds
of bonds issued by the City in fiscal and calendar year 1992 .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS, as follows:
Section 1 . The preambles to this resolution are hereby
incorporated into the text of this resolution as if set in
full at this place.
Section 2 . The City Council of the City of Elgin hereby
declares its intent that prior to the conclusion of 1992 to
provide for the payment of the Kimball Street right-of-way
property in the aggregate amount of $236,250 from the proceeds
of general obligation bonds of the City (which may be alter-
nate bonds) during such time.
Section 3 . The Kimball Street right-of-way property and
the amount expended or to be expended for such property areas
set forth on the attached contract which is incorporated here-
in by reference.
Section 4 . It shall be recorded in the financial records
of the City of Elgin and in the audit thereof for 1992 that
the City has set forth its intention to fund acquisition of
the Kimball Street right-of-way property with the proceeds of
a borrowing to be evidenced by bonds as hereinabove provided.
Section 5 . The City Council of the City of Elgin hereby
authorizes the City Manager and City Clerk to execute the real
estate contract for acquisition of the Kimball Street right-
of-way property attached hereto and to take such further ac-
tions as may be necessary to close said transaction.
Section 6 . The Mayor, City Manager, City Clerk, Corpora-
tion Counsel and Finance Director of the City of Elgin are
hereby authorized and directed to do such acts and execute
such documents so as to effectuate the purposes of this
resolution. They are hereby further authorized and directed
to prepare promptly a plan of borrowing and submit same to the
City Council to provide for such funding of the Kimball Street
right-of-way property acquisition.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: April 8, 1992
Adopted: April 8, 1992
Omnibus Vote: Yeas 7 Nays 0
Recorded:
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk