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HomeMy WebLinkAboutRESOLUTIONS-1986-096-R-86RESOLUTION 96-R-86 RESOLUTION authorizing the City of Evanston, Illinois, to enter into an Agreement by and between said City of • Evanston, and the Illinois Development Finance Authority (the "Authority") with respect to the issuance of revenue bonds by the Authority to finance industrial, commercial, and manufacturing projects in order to promote economic development throughout the State of Illinois. WHEREAS, the City of Evanston, ("Evanston") is a home rule unit under Article VII of the 1970 Constitution of the State of Illinois; and WHEREAS, the availability of job opportunities to relieve conditions of unemployment and underemployment and the increase of,business and commerce to reduce the evils associated with unemployment and underemployment are essential to the health, safety and general welfare of the inhabitants of the State of Illinois; and WHEREAS, pursuant to its powers as a political subdivision., body politic and municipal corporation legally existing under the Illinois Development Finance Authority Act, Ill. Rev. Stat. Ch. 48,E 850.01 et seq., as amended (.the "Act"), the Illinois Development Finance Authority (the. • "Authority") is authorized to issue its industrial development revenue bonds to finance industrial projects (as defined in the Act) for such purposes; and i WHEREAS, Section 146 of the Internal Revenue Code of 1986 (the "Code"), and Section 1311 of the Tax Reform Act of 1986, places a ceiling (the "State Ceiling") on the aggregate principal amount of private activity bonds (as defined in the Code) that can be issued in the State of Illinois from August 16, 1986 to and including December 31, 1986; and WIIEREAS, the City of Evanston's portion of the State Ceiling equals $5,479,200.00 (the "Available Ceiling"); WHEREAS, the City of Evanston has issued private activity bonds to which portions of the Available Ceiling have been allocated in the aggregate principal amount of $ -0- from August 16, 1986 through the date of adoption of this Resolution; and WHEREAS, the City of Evanston has a remaining balance of • unallocated Available Ceiling in the amount of $5,479,200.00 for the remainder of calendar year 1986; and WHEREAS, pursuant to Section 146 of the Code and Executive Order No. 8 of 1986 of the Governor of the State of Illinois, the City of Evanston may reallocate to the Authority any remaining unallocated portion of its Available Ceiling; and Y 96-R-86 • WHEREAS, the Authority has requested that the City of Evanston transfer its remaining unallocated Available Ceiling, which would otherwise remain unused to the Authority in order to enable the Authority to complete the successful financing of industrial projects in its program throughout the State; and WHEREAS, the City has requested that the Authority provide the City with the normal .one percent (190) issuing fee; and WHEREAS, the Authority has denied the City's request for the issuance fee but will give appropriate consideration in the future to requests from the City for funding of appropriate projects; and WHEREAS, it is in the best interest of the City of Evanston to enter into an Agreement by and between the Authority and the City of Evanston, pursuant to the provisions of Section 10 of Article VII. of the 19.70 Constitution of the State of Illinois which authorizes the City of Evanston to enter into .intergovernmental cooperation agreements with other units of government, which Agreement will transfer $5,479,200.00 of. the City. of Evanston's remaining unallocated Available Ceiling to the Authority; NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF EVANSTON, ILLINOIS, AS FOLLO WS: Section 1. That $5,479,200.00 of the City of Evanston's • remaining unallocated Available Ceiling is hereby transferred to the Authority in order to enable the Authority to complete r the financing of industrial projects in its program throughout the State of Illinois. Section 2. That the form, terms and provisions of the Agreement by and between the Authority and the City of Evanston (the "Agreement") are hereby approved, and the City Manager of the City of Evanston is authorized, empowered and directed to execute, and the City Clerk of the City of Evanston is hereby authorized, empowered and directed to attest and to affix the official seal of the City' of Evanston to the Agreement, which shall be in substantially the same form as Exhibit A attached hereto and made a part hereof, with such changes therein as shall be approved -by the City Manager of the City of Evanston executing the same, the execution of the Agreement, in any event, to constitute approval of such changes. Section 3. That the officials of the City of Evanston are hereby authorized, empowered and directed to take all, necessary or advisable actions in connection with the execution and implementation of this Resolution and the Agreement. -2- 96-R-86 Section 4. That the City of Evanston does hereby request that the Authority give appropriate consideration d n • the future to requests from the City of,Evanston for financial assistance to industrial projects within the City. Section 5 That this Resolution shall be in full force and effect upon its passage and approval. • ATTEST: City Clerk Adopted: Q,4z�s oC oC , 1986 -3- ti EXHIBIT A TO RESOLUTI(iN- AGREEMENT THIS AGREEMENT dated as of , 1986, by and between the Illinois Development Finance Authority (the "Authority") a political subdivision, body politic and municipal corporation created under the Illinois Development Finance Authority Act (the "Act"), and the. City of Evanston, . Illinois, a municipality and a home rule unit of government duly organized and validly existing under the Constitution and laws of the State of Illinois ("City of Evanston") W I T N E S S E T II WHEREAS, the availability of job opportunities to relieve conditions of unemployment and underemployment and the increase of business and commerce to reduce the evils associated with unemployment and underemployment are essential to the health, safety and general welfare of the inhabitants of the State of Illinois; and WHEREAS, pursuant to its powers as a political subdivision, body politic and municipal corporation legally existing under the Illinois Development Finance Authority Act, Ill. Rev. stat. Ch. 48,§ 850.01 et seq., as amended (the"Act"), the Illinois Development Finance Authority (the "Authority") is authorized to issue its industrial development revenue bonds to finance industrial projects (as defined in the Act) for economic development purposes; and WHEREAS,, Section 146 of the Internal Revenue Code of 1986 (the "Code"), and Section 1311 of the Tax Reform Act of '1986, places a ceiling (the"State Ceiling") on the aggregate principal amount of private activity bonds (as defined in the code) that.can be issued from. August 16, 1986 to and including December 31, 1986 in the State of Illinois and restricts the City of. Evanston's portion, of the state ceiling to a total of $5,479,200.00 (the "Available Ceiling"); and • WHEREAS, the City of Evanston has issued $ -0- in aggregate principal amount of private activity bonds to which portions of the Available Ceiling have been allocated since August 16, 1986; and i WHEREAS, the City of Evanston has a remaining balance of unallocated. Available Ceiling in the amount of $5,479,200.00 for the remainder of calendar year 1986; and WHEREAS, pursuant to Section 146 of the code and Executive Order No. 8 of 1986 of the Governor of the State of Illinois, the City of Evanston may reallocate to the Authority any remaining unallocated portion of its Available Ceiling; and WIIEREAS, it is in the best interests of the Authority and the City of Evanston to enter into an Agreement which will reallocate to the Authority $5,479,200.00 of the City of Evanston's remaining unallocated Available Ceiling and thereby permit the Authority to issue its tax-exempt industrial development bonds to finance industrial projects throughout the State of Illinois.; Page 1 of Agreement NOW, THEREFORE, in consideration of the premises and the mutual i covenants herein contained, the Authority and the City of Evanston agree as follows: Section 1. The City of Evanston hereby reallocates to the Authority: $5,479,200.00 of its remaining unallocated Available Ceiling for the purpose of enabling the Authority to complete the financing of industrial projects in ,,its • program throughout the State of Illinois through issuance of its industrial development revenue bonds. Section 2. The Authority and the City of Evanston shall each retain a copy of this Agreement in their records for the term of all industrial development revenue bonds of the City of Evanston issued during calendar year 1986. Notice of this Agreement together with a copy of this Agreement shall be given in writing by the City of Evanston to the Office of the Governor of the State of Illinois within 10 days of the execution hereof. A copy of such notice shall be sent to the Authority. Section 3. This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois. Section 4. That the Authority shall give appropriate consideration to future requests from the City of Evanston for financial assistance to industrial projects within the City. IN WITNESS WHEREOF, the Authority and the City of Evanston have caused this Agreement to be executed, attested and sealed by its duly authorized officers, all as of the date first above written. ILLINOIS DEVELOPMENT FINANCE AUTHORITY Executive Director ATTEST: Assistant Secretary CITY OF EVANSTON, ILLINO IS Its ATTEST: Its (Title of Recording Officer) Pine 2 of Anr.epMp nt.