HomeMy WebLinkAboutORDINANCES-1985-143-O-8512/16/85
1.43-0-85
AN ORDINANCE
Allocating $1,200,000.00 in
Industrial Revenue Bond Authority
to the Village of Melrose Park, Illinois
WHEREAS, the City of Evanston, as a home rule municipality, is
authorized by law to issue Industrial Revenue Bonds; and
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
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One Hundred Fifty and no/100ths Dollars ($150.00) per capita per year; and
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WHEREAS, the amount of Industrial Revenue Bond capacity for the City
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of Evanston is Ten Million Fifty-five Thousand Nine Hundred and no/100ths
Dollars ($10,055,900.00) of which Seven Million Nine .Hundred Thousand Dollars
($7,900,000.00) has been utilized; and
WHEREAS, the City of Evanston does not presently have requests which
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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
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I to issue said revenue bonds; and
i WHEREAS, the Village of Melrose Park, Illinois desires to acquire from the
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j City of Evanston the authority to issue One Million Two Hundred Thousand and
Y I no/100ths Dollars ($1,200,000.00) of Industrial Revenue Bonds for the purpose of
! loaning the proceeds of said funds to finance the construction of a project
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4i authorized and eligible for financing by Industrial Revenue Bonds; and
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WHEREAS, the City of Evanston is willing to make such reallocation to the
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City of Melrose Park, Illinois;
I� NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
{:. 11 CITY OF EVANSTON, COOK COUNTY, ILLINOIS:
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SECTION 1: That the City of Evanston does hereby allocate to the
Village of Melrose Park, Illinois, its authority to issue
ij One Million Two Hundred Thousand and no/100ths Dollars.($1,200,000.00)
• Industrial Revenue Bonds, said allocation being authorized and subject
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to the applicable statute in subject cases 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
Twelve Thousand and no/100ths Dollars ($12,000.00), 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 Melrose Park, 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.
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Introduced:
Adopted:
Approved:
Mayor
ATTEST:
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City -Clerk
Approved as to form:
Corporation Counsel
1985
1985
, 1985