HomeMy WebLinkAboutORDINANCES-1998-046-O-98AN ORDINANCE
Authorizing the City to Cede a Portion of
its 1998 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 no. 25 -R-98 on April
14, 1998 allocating the City's 1998 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 1998 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 $1,500,000.00 (one million, five hundred thousand and no/100
dollars) of the City's 1998 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: All ordinances or parts of ordinances in conflict herewith are hereby
repealed.
SECTION 4: This ordinance shall be in full force and effect from and after its passage,
approval, and publication in the manner provided by law. •
Introducedofa 1 (4 , 1998
Adopted 9:7 , 1998
Approved: 3o 31998
Mayor
ATTEST:
City
as to form: •
Co oration Counsel
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