HomeMy WebLinkAboutRESOLUTIONS-1994-033-R-94•
33R94
RESOLUTION
Bond Volume Cap Allocation for a
Single Family Housing Program 1994
WHEREAS, the City of Evanston, Cook County, Illinois (the
"Municipality") is a home rule unit under subsection (a) of Section
of Article VII of the Illinois Constitution of 1970; and
WHEREAS, there exists within the borders of the Municipality
a recognized need for decent, safe, sanitary and well -constructed
and maintained housing which persons of moderate income can afford;
and
WHEREAS, the United States Government has authorized the
several states and their political subdivisions to issue qualified
mortgage bonds (the "Bonds") as defined in Section 143 (a) of the
Internal Revenue Code of 1986, as amended (the "Code") in order to
provide below market interest rate loans to qualifying individuals
and/or to issue mortgage credit certificates (the "Certificates")
pursuant to Section 25 of the Code in lieu of Bonds which entitles
qualifying individuals to a credit against their federal income
tax; and
• WHEREAS, the Municipality desires to consider establishing and
implementing 1994 Bond or Certificate program with the allocation
of its 1994 bond volume cap as defined in Section 146 of the Code
(the "Volume Cap") in the approximate amount of $3,661,650.00.
WHEREAS, pursuant to the Illinois Private Activity Bond
Allocation Act (the "Act"), the Municipality's Volume Cap
allocation may be ceded to the State of Illinois if it is not used
or allocated by May 1, 1994:
NOW, THEREFORE, BE IT RESOLVED by the Mayor (the "Corporate
Authorities") of the City of Evanston, Cook County, Illinois:
Section 1. Public Purpose. It is hereby found, determined
and declared that the purpose of this Resolution is to take steps
designed to reduce the cost of financing principal residences
located in the Municipality in order to provide decent, safe and
sanitary housing for qualifying persons of low and moderate income.
Section 2. Allocation of Volume Cap. The Corporate
Authorities hereby authorize the allocation of the entire amount of
the Municipality's Volume Cap for calendar year 1994 to a Single
Family Bond or Mortgage Credit Certificate Program to be approved
by the Corporate Authorities.
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Section 3. Approval of Further Actions. From and after
the adoption of this Resolution, the proper 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 as may be necessary to carry out and complywith the
provisions of this Resolution or to effectuate the purposed hereof.
Section 4. Effective Date. This Resolution shall be in
full force and effect upon its passage and approval.
ADOPTED
ATTEST:
C' y Clerk
, 1994.
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