S15-05 Ordinance No. S 15-05
AN ORDINANCE
RESERVING VOLUME CAP IN CONNECTION WITH PRIVATE ACTIVITY BOND
ISSUES AND RELATED MATTERS
WHEREAS, the City of Elgin, Cook and Kane Counties, Illinois (the "Municipality"), is a
municipality and a home rule unit of government under Section 6 of Article VII of the 1970
Constitution of the State of Illinois; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended(the"Code"),
provides that the Municipality has volume cap equal to $80.00 per resident of the Municipality in
each calendar year, which volume cap may be reserved and allocated to certain tax-exempt private
activity bonds; and
WHEREAS,the Illinois Private Activity Bond Allocation Act,30 Illinois Compiled Statutes
1998, 345/1 et seq., as supplemented and amended (the "Act"), provides that a home rule unit of
government may transfer its allocation of volume cap to any other home rule unit of government,the
State of Illinois or any agency thereof or any non-home rule unit of government; and
WHEREAS, it is now deemed necessary and desirable by the Municipality to reserve all of
its volume cap allocation for calendar year 2005 to be applied toward the issuance of private activity
bonds (the "Bonds"), as provided in this Ordinance, or to be transferred, as permitted by this
Ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS:
Section 1. That pursuant to Section 146 of the Code and the Act,the entire volume cap of
the Municipality for the calendar year 2005 in the total amount of$7,769,630 is hereby reserved by
the Municipality,which shall issue Bonds using such volume cap,or shall transfer such cap,without
further action required on the part of the Municipality, and the adoption of this Ordinance shall be
deemed to be an allocation of such volume cap to the issuance of the bonds or such other bonds;
provided,that any such transfer shall be evidenced by a written instrument executed by the Mayor of
the Municipality.
Section 2. That the Municipality shall maintain a written record of this Ordinance in its
records during the term that the Bonds or any other such bonds to which such volume cap is
allocated remain outstanding.
Section 3. That the Mayor,the City Clerk and all other proper officers,officials,agents and
employees of the Municipality are hereby authorized,empowered and directed to do all such acts and
things and to execute all such documents and certificates as may be necessary to further the purposes
and intent of this Ordinance.
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Section 4. That the provisions of this Ordinance are hereby declared to be separable,and if
any section,phrase or provision of this Ordinance shall for any reason be declared to be invalid,such
declaration shall not affect the remainder of the sections,phrases and provisions of this Ordinance.
Section 5. That all ordinances,resolutions or orders,or parts thereof,in conflict herewith
are, to the extent of such conflict, hereby superseded; and that this Ordinance shall be in full force
and effect upon its adoption and approval.
Ari
Ed Schock, Mayor
Presented: April 27, 2005
Passed: April 27, 2005
Vote: Yeas: 7 Nays: 0
Recorded: April 28, 2005
Published:
Attest:
Dolonna Mecum, City Clerk