HomeMy WebLinkAboutORDINANCES-2001-047-O-014/9/01
• 47-0-01
AN ORDINANCE
Authorizing the City to Cede a Portion of
its Year 2001 Bond Volume Cap to the
Illinois Housing Development Authority
to be Used for a Single -Family Home Buyer Program
WHEREAS, the City of Evanston (the "City") adopted Resolution 22-R-01 on
April 23, 2000, allocating the City's 2000 Bond Volume Cap among a mortgage revenue
bond, a single-family bond, or mortgage credit certificate program; and
WHEREAS, the City desires to implement a single-family bond program using a
portion of the aforesaid 2001 Bond Volume Cap; and
• WHEREAS, the Illinois Housing Development Authority is willing to conduct a
Single -Family Homebuyer Program on behalf of the City for the benefit of the residents of
the City.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That $1,600,000 (one million six hundred thousand and no/100
dollars) of the City's Bond Volume Cap is hereby ceded to the Illinois Housing
Development Authority for purposes of implementing a Single -Family Homebuyer Program.
SECTION 2: That the City Manager be, and is hereby authorized, to execute, and
the City Clerk be, and is hereby authorized to attest, an agreement for implementation of a
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47-0-01
Single -Family Homebuyer Program to negotiate any additional terms and conditions
deemed to be in the City's best interests.
SECTION 3: That all ordinances or parts of ordinances in conflict herewith are
hereby repealed.
SECTION 4: That this ordinance shall be in full force and effect from and after its
passage, approval, and publication in the manner provided by law.
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Introduced i.� )_,� , 2001
Adopted
ATTEST:
City er
Approved as to form
orporation Counsel
OrdihdcOl
3 , 2001
Approved:
n
,2001
r
Mayor
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