HomeMy WebLinkAboutRESOLUTIONS-1996-019-R-96•
19-R- 96
A RESOLUTION
Bond Volume Cap Allocation for 1996
Single -Family Housing and
Industrial/Commercial Revenue Bond Programs
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 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 a 1996 Industrial/Commercial Revenue Bond,
Mortgage Revenue Bond or Mortgage Credit Certificate program with
the allocation of its 1996 bond volume cap as defined in Section
146 of the Code (the "Volume Cap") in the approximate amount of
$3,661,650.00; and
WHEREAS, the Mayor of the City of Evanston has heretofore
proclaimed the intent of the Municipality to allocate the entire
amount of the Municipalitys Volume Cap for calender year 199.6 to
either Industrial/Commercial Revenue Bonds, Mortgage Revenue
Bonds or Mortgage Credit Certificates, 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 purpose 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
calendar year 1996 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.
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Mayor
ATTEST:
Ci� Clerk
AdoptedJa', 1996
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