HomeMy WebLinkAboutORDINANCES-1985-134-O-85134-0-85
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municipality,
Bonds; and
AN ORDINANCE
Allocating $5,500,000.00 in
Industrial Revenue Bond Authority to
the City of Mattoon, Illinois
WHEREAS, the .City of Evanston, as a home rule
is authorized by law to issue Industrial Revenue.
WHEREAS, the amount of Industrial Revenue Bonds to_
be issued is regulated by law in a manner which restricts said
issuance in an amount equal to One Hundred Fifty and no/100ths
Dollars ($150.00) per capita per year; and
WHEREAS, the amount of Industrial Revenue Bond
capacity for the City of Evanston is Ten Million Fifty-five
Thousand Nine Hundred and no/100ths Dollars ($10,055,900.00) of
which Two Million Three Hundred Twenty Thousand Dollars
($2,320,000) has been utilized; and
WHEREAS, the City of Evanston does not presently,
have requests which may require the City to utilize its entire
authority to issue said revenue bonds in the total amount
permitted by law; and
WHEREAS, the City may, by action of its corporate
authorities, reallocate its authority to issue said revenue
bonds to other municipalities authorized by law to issue said
revenue bonds; and
WHEREAS, the City of Mattoon, Illinois, desires to
acquire from the City of Evanston the authority to issue Five
Million Five Hundred Thousand and no/100ths Dollars
($5,500,000.00) of Industrial Revenue Bonds for the purpose of
loaning the proceeds of said funds to finance the construction
of a project authorized and eligible for financing by
Industrial Revenue Bonds; and
WHEREAS, the City of Evanston is willing to make
such reallocation to the City of Mattoon, Illinois;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
OF THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That the City of Evanston does hereby
allocate to the City of Mattoon,
Illinois, its authority to issue Five Million Five
Hundred Thousand and no/100ths Dollars
($5,500,000.00) Industrial Revenue Bonds, said
allocation being authorized and subject to the
• applicable statute in subject cases and provided.
SECTION 2: That the consideration for the
reallocation of said funds is in the
amount of one percent (1%) of the reallocation
herein authorized. Said full and complete.
administrative fee shall amount to. Fifty Five
Thousand and no/100ths Dollars ($55,000.00), which
amount shall be due and payable to the City of
Evanston on or before the issuance of said
Industrial Revenue Bonds by the City of Mattoon,
Illinois. Said reallocation is conditioned upon
and shall be effective only upon payment of said
consideration and the issuance of said Bond prior
to December 31. 1985.
SECTION 3: This ordinance shall be in full force
and effect from and after this passage
and approval in the manner provided by law.
T/
Introduced: �, 1985
Adopted:. 1985
Approved: ( 1985
Mayor
ATTEST:
City Cler .{
Appil ved as to f:3rm:
Corporati Counsel
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