S3-97 • .
ORDINANCE NO S3-97
AN ORDINANCE RELATING TO THE CONVERSION OF THE
$3,500,000 TAXABLE INDUSTRIAL DEVELOPMENT
REVENUE BONDS (BAILEY DEVELOPMENT, L.L.C.
PROJECT), SERIES 1996B OF THE CITY OF ELGIN, KANE
COUNTY, ILLINOIS
WHEREAS, the City of Elgin, Kane County, Illinois, a home rule unit and municipal
corporation existing under the Constitution and the laws of the State of Illinois (the "Issuer") adopted
Resolution No. 96-56 on February 28, 1996 in which the Issuer authorized the issuance of the
aggregate amount of$5,000,000 of tax-exempt bonds by the Issuer for Bailey Development, L.L.C.
("Bailey") and in which the Issuer agreed to apply $3,850,000 of its 1997 volume cap to said bonds;
and
WHEREAS, adop Ordi No. er , which
eft- authorized the issuance the of Issuer the $1,500ted,000 Industrinance al DeveS8-96 lopment on Septemb Revenue 11 Bonds 1996(Bailey
Development, L.L.C. Project), Series 1996A(the "Tax-Exempt Bonds") and the $3,500,000 Taxable
Industrial Development Revenue Bonds (Bailey Development, L.L.C. Project), Series 1996B (the
"Taxable Bonds") (the Tax-Exempt Bonds and the Taxable Bonds are collectively referred to as the
"Bonds"); and
WHEREAS, the Issuer also held a public hearing on September 11, 1996 in regard to the
issuance of an aggregate amount of$5,000,000 of tax-exempt bonds; and
WHEREAS, the Issuer possesses a 1997 volume cap of$4,266,950 based on the estimated
1994 population of 85,339; and
WHEREAS, the Issuer desires to allocate the amount of$3,500,000 of its 1997 volume cap
to the Bonds; and
WHEREAS, on March 6, 1997, Bailey filed a notice with the Issuer requesting that the
Taxable Bonds be converted to tax-exempt bonds on April 24, 1997;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, KANE COUNTY, ILLINOIS, AS FOLLOWS:
Section 1. That the Issuer hereby allocated $3,500,000 of its 1997 volume cap to the Taxable
Bonds for the conversion to occur on April 24, 1997.
Section 2. That the conversion on April 24, 1997 in regard to the Taxable Bonds is hereby
approved and the proper officials, agents and employees of the Issuer 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 said Taxable Bonds and to further the
purposes and intent of this Ordinance, including the preambles hereto.
Section 3. That all acts and doings of the officials of the Issuer which are in conformity with
the purposes and intent of this Ordinance and in furtherance of the conversion of the Taxable Bonds
in the principal amount of$3,500,000 and the financing of the Project to that amount be, and the
same hereby are, in all respects, approved and confirmed.
Section 4. That approval is hereby granted for the conversion of the Taxable Bonds pursuant
to Section 147(f) of the Code.
Section 5 That the Issuer hereby elects to have the provisions of Section 144(a)(4)(A) of the
Internal Revenue Code of 1986, as amended, apply to the Taxable Bonds and hereby affirmatively
notes said election on this Ordinance.
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ruk Section 6. That the provisions of this Ordinance 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 remainder of the sections, phrases or provisions.
Section 7. That all ordinances, resolutions, orders or parts thereof in conflict with the
provisions of this Ordinance are, to the extent of such conflict, hereby superseded.
Section 8. This Ordinance shall be in full force and effect from and after its passage and
approval, in accordance with law.
PASSED this 9th day of April, 1997.
APPROVED this 9th day of April, 1997.
Mayor
ATTEST:
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City Clerk
AYES: Councilmembers Gavin, Gilliam, Schock, Walters ,
Yearman and Mayor Kelly
NAYS: None
ABSENT: Councilman McKevitt
290.1
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