HomeMy WebLinkAboutRESOLUTIONS-2000-038-R-00is
4/13/00
A RESOLUTION
Bond Volume Cap Allocation for Year 2000
Industrial/Commercial Revenue Bond Program for the
Benefit of Riley & Geehr, Inc.
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 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 and enhance the tax base 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
iscertificates (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
2000 Industrial/Commercial Revenue Bond, Mortgage Revenue Bond or a Mortgage Credit
Certificate program with the allocation of its 2000 bond volume cap as defined in Section
146 of the Code (the "Volume Cap") in the approximate amount of $3,596,400; 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 2000 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 purpose of this
Resolution is to assist in the economic development of the Municipality to relieve
unemployment and encourage an increase in commerce and industry.
0 Section 2. The City Council hereby allocates $2,000,000 of the Municipality's
Volume Cap for calendar year 2000 to an Industrial Revenue Bond for the purposes of
38-R-00
assisting Riley&Geehr, Inc., an Evanston -based manufacturer of plastic pouches for food
marketing companies, to purchase two additional pieces of equipment thereby increasing its
production and resulting in the hiring of approximately twenty-five individuals
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.
The aforesaid includes, but is not limited to, a direction to the City Manager to prepare and
execute any and all documents, consistent with the foregoing, necessary to implement the
allocation, and to negotiate additional terms he deems appropriate and in the best interests
of the City.
Section 4. The City Council may reallocate the $2,000,000 for either a mortgage
credit certificate program, mortgage revenue bond or industrial/commercial revenue
program in the event of failure or inability of the above —designated beneficiary to comply
with program provisions and applicable legislation.
Section 5. This Resolution shall be in full fo ce and effect upon its passage and
approval in the manner provided by law.
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ATTEST:
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Adopted: 0T 2000
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