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Home My WebLink AboutRESOLUTIONS-1983-061-R-839/6/83 61-R-83 ; A RESOLUTION • Authorizing the City of Evanston to Enter Into an Agreement with the County of Cook, Illinois, with Respect to the Issuance of Certain Bonds for Housing Purposes by the County of Cook WHEREAS, the availability of decent, safe and sanitary housing that most people can afford is essential to the health and safety of the inhabitants. of the City of Evanston, Cook County, Illinois (the "Municipality") and to the financial well-being of the Municipality; and WHEREAS, the shortage of such decent, safe and sanitary housing that : most people can afford is not transitory and self -curing" and it is necessary F that this Municipality take all possible action to Tower -the cost of such housing in order to make it available to a larger portion of the inhabitants of the Municipality; and WHEREAS, the Municipality is a "home rule" unit of government under • Article VII of the 1970 Constitution of Illinois and is therefore authorized to engage in a home mortgage loan program and to issue its bonds for such purpose;. and WHEREAS, it has heretofore been found and it is hereby. determined that it is not feasible for the Municipality to issue i°ts bonds and to engage in a home mortgage loan program and that it is in the best interests of the Municipality to enter into an agreement with the County of Cook, State of Illinois (the "County") pursuant to the provisions of Section 10 of Article VII of the 1970 Constitution of the State of Illinois which authorizes the Municipality to enter into intergovernmental cooperation agreements with other units of government, which agreement will enable the County of Cook to issue its bonds for housing purposes in accordance with its Cons titutional home rule powers and pursuant to the provisions of the Mortgage Subsidy Bond Tax Act of 1980 (the "Act"); and • WHEREAS, it is necessary, therefore, for the Ru nicipaltiy, acting by its corporate authorities, to approve a form of agreement with: the County whereby the Municipality allocates to the County all of' its 19,83 authority to issue "qualified mortgage bonds" (as defined in the Act): 9/6/83 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS: , • SECTION 1: That the City Manager and Clerk of the Municipality are hereby authorized, empowered and directed to enter into t an agreement with the County in substantially the farm attached to this resolution with such changes as shall be approved, by the officials of the Municipality executing the same. i SECTION 2: That the officials of the Municipality are hereby E authorized and directed to take all necessary or advisable actions in connection with the execution and implementation of the agreement in order to facilitate the issuance of such bonds by the County. SECTION 3: This resolution shall be in full force and effect € upon its passage and approval.. ATTEST: • ; City Cle k Adopted: �—r� /� 1983. -2- AGREEMENT This is an Agreement dated as of September 12 , 1983 • between the CITY OF EVANSTON, Cook County, Illinois (the "Municipality"'), and the COUNTY OF COOK, Illinois. The Municipality and the County of Cook agree C� as follows: SECTION 1: That the Municipality has the legal authority to issue "qualified mortgage bonds" as defined in the Mortgage Subsidy Bond Tax Act. of 1980...(the "Act"). SECTION 2: The Municipality hereby allocates to the County all of the area located within its jurisdiction and the entire corresponding amount of authority to issue qualified mortgage bonds in 1983 based upon qualifying ± mortgage activity in such area during the three immediately preceding calendar years, all for the purpose of enabling the County to issue the bonds in accord with the Act and the regulations promulgated thereunder. SECTION 3: This Agreement shall be in full force and effect immediately upon its execution by the parties hereto. WITNESS the official signatures of the City Manager and. Clerk of the Municipality and the seal of the Municipality and the official signature of the Comptroller of the County of Cook this 12 day of September , 1983. CITY OF EVANSTON COOK COUNTY, ILLINOIS By / K .� City "Manager . (SEAL) By • City Clerk COUNTY OF COOK, ILLINOIS By Treasurer, County, of Cook, Illinois: