S10-03 Ordinance No . 510-03
AN ORDINANCE
AUTHORIZING THE REALLOCATION OF PRIVATE ACTIVITY
BONDING AUTHORITY TO THE ILLINOIS DEVELOPMENT FINANCE AUTHORITY
WHEREAS, the Internal Revenue Code of 1986 provides that the
amount of private activity bonds which may be issued by the City of
Elgin (the "City" ) as a constitutional home rule unit is equal to
its population multiplied by $75 . 00 ; and
WHEREAS, the Illinois Private Activity Bond Allocation Act, 30
ILCS 345/1 et seq. provides, among other things, that the corporate
authorities of any home rule unit may reallocate to a state agency
any portion of its unused allocation of volume cap; and
WHEREAS, the City has available unused year 2003 volume cap
and desires to reallocate this remaining cap to the Illinois
Development Finance Authority ("IDFA" ) to assist projects that will
enhance business opportunities within the State of Illinois .
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF ELGIN, ILLINOIS :
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Section 1 . Consent to Reallocate to IDFA. The City hereby
agrees to reallocate to IDFA its remaining unused 2003 private
activity volume bonding cap in the total amount of $6 , 086 , 525 .
Section 2 . Execution of Documents. The City Manager and City
Clerk are hereby authorized to execute on behalf of the City any
additional documents necessary in connection with the reallocation
by the City of Elgin as authorized herein.
Section 3 . Notice . The City Manager and City Clerk shall
provide a notice to the Office of the Governor of the reallocation
from the City to IDFA as provided herein.
Section 4 . Effective Date. This ordinance shall be effective
from and after its passage .
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E Schoc , Mayor
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Presented: April 23 , 2003
Passed: April 23 , 2003
Vote : Yeas : 6 Nays : 0
Recorded: April 24 , 2003
Attest :
Dolonna Mecum, City Clerk
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