HomeMy WebLinkAboutRESOLUTIONS-2000-115-R-00• 12/12/00
115-R-00
A RESOLUTION
Authorization for the City Manger to
Carry forward $2,000,000 in Year 2000 Bond Volume Cap for use in Year 2001.
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
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
WHEREAS, the Municipality has established and implemented 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
115-R-00
Bonds or a Mortgage Credit Certificate program or a combination of each to be approved by
City Council, and
WHEAREAS, $2,000,000 of the Bond Volume Cap was allocated for Riley & Geehr
Inc., by Resolution 38-R-00 (adopted Apra 24, 2000) subject to final City Council approval,
and such project will not proceed in 2000,
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 creating housing opportunity and economic development to relieve
unemployment and encourage an increase in commerce and industry.
Section 2. The City Council hereby authorizes the City Manger to carry forward
$2,000,000 of the Municipality's Volume Cap for calendar year 2000 to be used for eligible
purposes in Year 2001.
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 implement 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
carry forward provision.
Section 4. This Resolution shall be in full force and effect upon its passage and
approval in the manner provided by law.
Adopted:
ATTEST:
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City Qerkf
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Mayor
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