HomeMy WebLinkAboutORDINANCES-1997-056-O-9756-0-97
AN ORDINANCE
Authorizing the City of Evanston to Cede
the 1996 Volume Cap to the
Illinois Housing Development Authority
to be Used for Mortgage Credit Certificate Program
WHEREAS, the City of Evanston adopted Resolution No. 19-R-96 on May 6,
1996, allocating the City's Bond "Volume Cap" for uses including the mortgage credit
certificate program; and
WHEREAS, the City's 1996 Bond Volume Cap is $3,661,650.00; and
WHEREAS, the City desires to implement the mortgage credit certificate
program using the 1996 Volume Cap; and
WHEREAS, the Illinois Housing Development Authority has agreed to administer
• the mortgage credit certificate program for the City,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That the City's 1996 Bond Volume Cap of $3,661,650.00 is hereby
ceded to the Illinois Housing Development Authority for purposes of implementing the
mortgage credit certificate program, subsequent to the Carryforward Election of Unused
Private Activity Bond Volume Cap.
SECTION 2: That the City Manager be, and is hereby, authorized to execute any
and all documents ceding the "Volume Cap" for the mortgage credit certificate program
to the Illinois Housing Development Authority.
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repealed.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.
Introduced,1, oc , 1997
Adopted �� b , 1997
Approved: a--�' , 1997
Mayor
ATTEST:
t I rk
I
Approved as to for rr
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Corporation Counsel
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