HomeMy WebLinkAboutRESOLUTIONS-1984-066-R-84A RESOLUTION
Authorizing the City of Evanston to Enter
• into an Agreement with the County of Cook,
Illinois, with Respect to the Issuance of
j 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 that this Municipality take
all possible action to lower 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 its 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
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purposes in accordance with its Constitutional 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
1 Municipality, acting by its corporate authorities, to approve a
form of agreement with the County whereby the Municipality
allocates to the County all of its 1984 authority to issue i
"qualified mortgage bonds" (as defined in the Act),
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That the City Manager is hereby
authorized and directed to sign and the
City Clerk is hereby authorized and directed to attest on
behalf of the City of Evanston an Agreement with Cook County
for the issuance of certain bonds for housing purposes. Said
! Agreement shall be in substantially the terms.and conditions as
set forth in Agreement marked Exhibit A which is attached
hereto and incorporated herein by reference.
• SECTION 2: The City Manager is hereby author-
ized to negotiate any additional terms
for the aforesaid Agreement as shall be determined in the best
interests of the City..
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SECTION 3: That the officials of the City of
Evanston are hereby authorized and
directed to take.all necessary or advisable actions in
connection with the exectution and implementation of this !
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agreement in order to facilitate the issuance of such bonds by
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Cook County.
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SECTION 4: This Resolution shall be in full force
and effect from and after its passage,
approval, and publication in the manner provided by law.
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Adopted: �3 1984.
li Approv d>:� l� , 1984.
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ATTEST:
{ City Clerk
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AGREEMENT
This is an Agreement dated as of August 14, 1984 between the City of
• Evanston,: -Cook County, Illinois (the "Municipality"), and'the County of Cook,
Illinois (the "County"). The Municipality and the County agree as follows:
Section 1. That the Municipality has the legal authority to issue
"qualified mortgage bonds" as defined in Section 103A of the Internal Revenue
Code of 1954, as amended (including the provisions of H.R. 4170, when passed
into law) (the "Act").
Section 2., The Municipality hereby allocates to the County all of
the area located within its jurisdiction and cedes to the County its entire
amount of authority to issue qualified mortgage bonds in 1984, all for the
purpose of enabling the County to issue its bonds in accord with the Act and
the regulations promulgated thereunder. This Agreement shall constitute a
written consent ceding all of the State ceiling amount applicable to the
Municipality to the County within the meaning of Section 14.1 of the Illinois
Housing Development Act (Ill. Rev. Stat. 1983, ch. 67-1/2, par 314.1).
• Section 3. This Agreement is subject to cancellation by either party
hereto, such cancellation becoming effective not earlier than 30 days
following the delivery of written notice of such cancellation to the other
party.
Section 4. This Agreement shall be in full force and effect
immediately upon its execution by the parties hereto.
EXHIBIT A
WITNESS the official signatures of the Mayor/President and Clerk of
the Municipality and.the seal of the Municipality and the official signature
of the Comptroller of the County all as of the date hereinabove written.
(SEAL)
COUNTY OF COOK, ILLINOIS
By
Comptroller, County of
Cook, Illinois
CITY OF EVANSTON
COOK COUNTY, ILLINOIS
By
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By
Clerk
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