HomeMy WebLinkAboutRESOLUTIONS-1998-025-R-9825-R-98
A RESOLUTION
Bond Volume Cap Allocation for 1998
Single -Family Housing and
Industrial/Commercial Revenue Bond Program
WHEREAS, the City of Evanston, Cook County, Illinois (the "Municipality") is a
home rule unit under Section 6(a) 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, well -constructed and maintained housing which persons of moderate
income can afford; and
WHEREAS, there exists the need to aid in financing the cost of economic development
projects in order to relieve conditions of unemployment and to encourage an increase in
commerce and industry within the Municipality, thereby reducing unemployment and to
provide for the increased welfare and prosperity of the residents; and
• WHEREAS, the United States Government has authorized 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
entitle qualifying individuals to a credit against their federal income tax; and
WHEREAS, the Municipality desires to consider establishing and implementing a 1998
Industrial/Commercial Revenue Bond, Mortgage Revenue Bond or a Mortgage Credit
Certificate program with the allocation of its 1998 bond volume cap as defined in Section 146
of the Code (the "Volume Cap") in the approximate amount of $3,579,650.00; and
WHEREAS, the Mayor of the City of Evanston has heretofore proclaimed the intent of
the Municipality to allocate the entire amount of the Municipality's Volume Cap for calendar
year 1998 to either Industrial/Commercial Revenue Bonds, Mortgage Revenue Bonds or a
Mortgage Credit Certificate program, or a combination of each to be approved by City
Council.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Evanston, Cook County, Illinois:
• Section 1. It is hereby found, determined and declared that the purposes of this
Resolution are to a) 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 and, b) to assist in the economic development of the
Municipality to relieve unemployment and encourage an increase in commerce and industry.
Section 2. The City Council hereby authorizes the allocation of the entire amount of
the Municipality's Volume cap for calender year 1998 to either Industrial/Commercial
Revenue Bonds, Mortgage Revenue Bonds, Mortgage Credit Certificates or a combination of
each to be approved by the City Council.
Section 3. 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
comply with the provisions of this Resolution or to effectuate the purposes hereof.
Section 4. This Resolution shall be in full force and effect upon its passage and
approval in the manner provided by law.
Mayor
ATTEST:
City Clerk
Adopted: t , 1998
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