HomeMy WebLinkAboutORDINANCES-1987-135-O-87f
12/17/87
135-0-87
AN ORDINANCE
Providing for the Election by the City of
• Evanston, Illinois, to Carry Forward Its
Unused Volume Cap for the 1987 Calendar
Year, Under the Internal Revenue Code of
1986, for the Purpose of Issuing Qualified
Mortgage Bonds Under said Code
WHEREAS, the City of Evanston is a Home Rule Unit and
may; under the powers granted by Section 6(a) of Article VII of
said Constitution of 1970, exercise any power and perform any
function pertaining to its government and affairs; and
WHEREAS, the shortage of decent, safe and sanitary
housing that most people can afford is not transitory and
self -curing and the cost of financing such housing is a major
and substantial factor affecting the supply and cost of decent,
safe and sanitary housing built by private enterprise; and
WHEREAS, the provisions of Section 146 of the
Internal Revenue Code of 1986, as amended (the "Code") imoose a
• Volume Cap on the amount of the private activity bonds which
the City may issue on a tax-exempt basis during a calendar year
and also authorizes an issuing authority to elect to carry
forward its unused Volume Cap for 1987 to future years for an
approved carry -forward purpose; and
WHEREAS, the City finds that it is desirable and
necessary to elect to carry forward its unused Volume Cap for
the 1987 calendar year, in accord with the provisions of the
Code, for the purpose of issuing Qualified Mortgage Bonds (as
defined in Section 143 of the Code):
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, AS FOLLOWS:
SECTION'l: The City of Evanston hereby elects
• under the provisions of Section 146(f) of
the Internal Revenue code of 1986, as amended, to carry forward
to future years all its unused Volume Cap for the 1987 calendar
• I
• ' I
135-0-87�
year under Section 146(c) (2) of the Code to be used solely and
exclusively to issue Qualified Mortgage Bonds to be used to
provide decent and safe housing within the City and further
authorizes and directs the City Manager to take all necessary
0 steps and to execute all necessary documents or forms as may be
•
required under the Code to effectuate the carry -forward hereby
authorized.
SECTION 2: That all ordinances, resolutions or
orders, or parts thereof, in conflict
with the provisions of this Ordinance are to the extent of such
conflict hereby repealed.
SECTION 3: This ordinance shall be in full force
and effect from and after its passage,
approval, and publication in the manner provided by law.
Introduced: ��i��.��,1987.
Adopted: �L��7 C�/ , 1987.
ATTEST: _
c
City Clerk
Al ov d as to orm:
Corporation Counsel
Appr ed : �e/1zl-tz'i 1987.
Mayor
EPM