HomeMy WebLinkAboutRESOLUTIONS-2009-021-R-094/6/2009
21-R-09
A RESOLUTION
Reserving $6,831,250 of
Bond Volume Cap Allocation for Year 2009 for
Single -Family blousing and
Industrial/Commercial Revenue Bond Program
WHEREAS, the City of Evanston, Cook County, Illinois, (the "City")
is a home rule unit of government under the Illinois Constitution of 1970; and
WHEREAS, there exists within the borders of the City 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 City, thereby
reducing unemployment and providing 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
21-R-09 t
WHEREAS, the City of Evanston desires to consider establishing •
and implementing a 2009 Industrial/Commercial Revenue Bond or Mortgage
Revenue Bond with -the allocation of its 2009 bond volume cap as defined in
Section 146 of the Code (the "Volume Cap") in the approximate amount of six
million, eight hundred thirty-one thousand, four hundred fifty and no/100ths
dollars ($6,831,450.00); and
WHEREAS, the City Council of the City of Evanston hereby
proclaims the intent of the City to allocate six million, eight hundred thirty-one
thousand, four hundred fifty and no/100ths dollars ($6,831,450.00); of the City's
Volume Cap for calendar year 2009 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: That the City Council hereby finds, determines, and
declares 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) assist in the economic development of the City to
relieve unemployment and encourage an increase in commerce and industry.
•
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21-R-09
• SECTION 2: That the City Council hereby authorizes the
reservation of six million, eight hundred thirty-one thousand, four hundred fifty
and no/100ths dollars ($6,831,450.00) of the City's Bond Volume Cap for
calendar year 2008 for 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: That 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
is this Resolution or to effectuate the purposes hereof.
•
SECTION 4: That this resolution shall be in full force and effect
from and after its adoption.
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,�torraine H. Morton, Mayor
Attest:
kodK'ey Greeneity Clerk
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Adopted: C' € , 2009
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