HomeMy WebLinkAboutRESOLUTIONS-2006-026-R-06It
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3/31 /2006
26-R-06
A RESOLUTION
Reserving $3,500,000 of
Bond Volume Cap Allocation for Year 2006 for
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
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qualifying individuals and/or to issue mortgage credit certificates (the
26-R-06
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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 2006 Industrial/Commercial Revenue Bond or Mortgage
Revenue Bond with the allocation of its 2006 bond volume cap as defined in
Section 146 of the Code (the "Volume Cap") in the approximate amount of
$3,500.000 (three million five hundred and no/100 dollars); and
WHEREAS, the City Council of the City of Evanston hereby
proclaims the intent of the City to allocate $3,500,000 of the Municipality's
Volume Cap for calendar year 2006 to either Industrial/Commercial Revenue
Bonds, Mortgage Revenue Bonds or other eligible programs 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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• 26-R-06
SECTION 2: The City Council hereby authorizes the reservation of
three million five hundred thousand dollars ($3,500,000.00) of the City's Volume
cap for calendar year 2006 to either Industrial/Commercial Revenue Bonds,
Mortgage Revenue Bonds, or 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.
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SECTION 4: This Resolution shall be in full force and effect upon
its passage and approval in the manner provided by law.
gorraine H. Morton, Mayor
Attest:
Mary . Varsity Clerk
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