G19-08 Ordinance No. G19-08
AN ORDINANCE
RESERVING 2008 VOLUME CAP FOR PRIVATE ACTIVITY BOND ISSUES
AND RELATED MATTERS
WHEREAS,the City of Elgin,Kane and Cook Counties,Illinois(the"City"),is a City and a
home rule unit of government under Section 6 of Article VII of the 1970 Constitution of the State of
Illinois; and
WHEREAS, according to an official Bureau of the Census population estimate set forth in
the State of Illinois Allocation of Bonding Authority in Accordance with the Tax Reform Act of
1986 and the Guidelines and Procedures for the Allocation of Private Activity Bonding Authority in
Accordance with the Tax Reform Act of 1986 and 30 ILCS 345 of the Office of the Governor,
effective January 1, 2008 (the "Guidelines and Procedures"), the most recent census estimate of
resident population of the City is 101,903,providing the City with a volume cap of$8,661,755 for
the year 2008; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended(the"Code"),
provides that such 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
2004,345/1 et seq., (the"Act"),as supplemented and amended,and the Guidelines and Procedures,
provide that a home rule unit of government may reserve its allocation of volume cap or 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 City to reserve its entire volume
cap allocation for calendar year 2008 to be applied toward the issuance of private activity bonds,or
to transfer such volume cap allocation, 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 the power and authority granted by and under Section 6 of
Article VII of the 1970 Constitution of the State of Illinois,Section 146 of the Code,the Act and the
Guidelines and Procedures, the City hereby reserves volume cap in the principal amount of
$8,661,755, which is all of the volume cap of the City for the year 2008. Such volume cap shall be
applied toward the issuance of private activity bonds or shall be transferred as directed by the Mayor
or any other proper officer or employee of the City without any further action required on the part of
the City,and the adoption of this Ordinance shall be deemed to be an allocation of such volume cap
to the issuance of such bonds; provided, that any transfer of volume cap shall be evidenced by a
written instrument executed by the Mayor or any other proper officer or employee of the City.
Section 2. That the Mayor, the City Clerk and all other proper officers, officials, agents
and employees of the City 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.
Section 3. 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 4. 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.
Ed Schock, Mayor
Presented: April 23, 2008
Passed: April 23, 2008
Vote: Yeas: 7 Nays: 0
Recorded: April 24, 2008
Published: April 25, 2008
Attest:
Diane Robertson, City Cle
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