S10-95 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.
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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 .
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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
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