HomeMy WebLinkAboutRESOLUTIONS-2005-021-R-053/29/2005
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A RESOLUTION
Bond Volume Cap Allocation for Year 2005
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 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
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•
"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 City of Evanston desires to consider establishing
and implementing a 2005 Industrial/Commercial Revenue Bond, Mortgage
Revenue Bond or a Mortgage Credit Certificate program with the allocation of its
2005 bond volume cap as defined in Section 146 of the Code (the "Volume Cap")
in the approximate amount of $5,948,800.00 (five million nine hundred forty-eight
eight hundred and no/100 dollars); 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 2005 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. •
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SECTION 2: The City Council hereby authorizes the reservation of
the entire amount of the City's Volume cap for calendar year 2005 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.
Attest:
Mary ri ity Clerk
Adopted: Z , 2005
•
Loraine H. Morton, Mayor
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