HomeMy WebLinkAboutORDINANCES-1999-045-O-99• 45 -O- 99
AN ORDINANCE
Authorizing the City to Cede a Portion of
its 1999 Volume Cap to the
Illinois Housing Development Authority
to be Used for a Mortgage Credit Certificate 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 mortgage credit certificate program ("MCC
Program") using a portion of its aforesaid 1999 Volume Cap; and
WHEREAS, the Illinois Housing Development Authority is willing to conduct an MCC
• 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 $2,000,000 (two million and no/100 dollars) of the City's 1999 Bond
Volume Cap is hereby ceded to the Illinois Housing Development Authority for purposes of
implementing an MCC 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 an MCC
Program.
SECTION 3: That all ordinances or parts of ordinances in conflict herewith are hereby
0 repealed.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.
Introduced J� .1999
Adopted l Z C . 1999
Approved: 3 , 1999
Mayor pro tern
ATTEST: •
City Clerk ,\j
Apprgved as to orm
1
Corporation Counsel
ordmcc99
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