HomeMy WebLinkAboutORDINANCES-1999-044-O-9944 -O- 99
• AN ORDINANCE
Authorizing the City to Cede a Portion of
its 1999 Volume Cap to the
Gates Capital Corporation
to be Used for a First -Time Home Buyer Program
WHEREAS, the City of Evanston ("City") adopted Resolution 27-R-99 on April 5, 1999,
allocating the City's 1999 Volume Cap among a mortgage revenue bond, a single-family bond or
mortgage credit certificate program; and
WHEREAS, the'City desires to implement a first time home buyer program ("MCC
Program") using a portion of its aforesaid 1999 Volume Cap; and
WHEREAS, the Gates Capital Corporation is willing to conduct a First Time Home
0 Buyer Program on behalf of the City for the benefit of residents in the City.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That $800,000 (eight hundred thousand and no/100 dollars) of the City's
1999 Bond Volume Cap is hereby ceded to the Gates Capital Corporation for purposes of
implementing a First Time Home Buyer 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 First Time
Home Buyer Program.
SECTION 3: That all ordinances or parts of ordinances in conflict herewith are hereby
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repealed.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.
D
Introduced S .1999
Adopted ZO , 1999
APP roved: - , 1999,
Lk/�/ L U141L
Mayor pro tem
ATTEST: •
City Clerl`
A roved as tc form
f
Corporation ounsel
ordgares.99
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