HomeMy WebLinkAboutRESOLUTIONS-2003-022-R-03•
4/14/03
22-R-03
A RESOLUTION
Bond Volume Cap Allocation for Year 2003
Single -Family Housing and
Industrial/Commercial Revenue Bond Program
WHEREAS, the City of Evanston, Cook County, Illinois (the "Municipality") is a
home rule unit of government under 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 low and
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
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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
4/14/03
WHEREAS, the City of Evanston desires to consider establishing and implementing •
a 2003 Industrial/Commercial Revenue Bond, Mortgage Revenue Bond or a Mortgage
Credit Certificate program with the allocation of its 2003 bond volume cap as defined in
Section 146 of the Code (the "Volume Cap") in the approximate amount of $5,567,925;
and
WHEREAS, the City Council of the City of Evanston hereby proclaims the intent of
the Municipality to allocate the entire amount of the Municipality's Volume Cap for calendar
year 2003 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 enable the City to a) take steps designed to reduce the cost of
financing principal residences located in the City in order to provide decent,
affordable, safe and sanitary housing for persons with qualifying income and, b) to
assist in the economic development of the City to relieve unemployment and
encourage an increase in commerce and industry.
Section 2. The City Council hereby authorizes the reservation of the entire amount
of the City's Volume cap for calendar year 2003 to either Industrial/Commercial
Revenue Bonds, Mortgage Revenue Bonds, Mortgage Credit Certificates, other
appropriate qualifying and eligible financing instruments or a combination of each as
approved from time to time by the City Council.
Section 3. From and after the adoption of this Resolution, the proper 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 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.
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ATTEST:
Cal y
Adopted: (ill•' , 2003
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IYayor
4/14/03