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Home My WebLink AboutRESOLUTIONS-1987-081-R-87A RESOLUTION 81-R-87 Authorizing the Transfer and Reallocation of Unused Allocation of the Private Activity Bonds of The City of Evanston to the Illinois Development Finance Authority With Respect to the Issuance of Private Activity Bonds By The Authority to Finance Industrial 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 of government duly organized and validly existing under Article VII of the 1970 Constitution and laws 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 Home Rule Unit and the other 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. par. 850.01 et • seg. 1985, as amended (the "Act"), the Illinois Development Finance Authority (the "Authority") is authorized to issue tax-exempt private activity bonds such as its qualified small issue industrial development bonds to finance industrial and manufacturing 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 1301 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 .January 1, 1987 to and. including December 31, 1987; and WHEREAS, Evanston's portion of the State Ceiling equals $5,479,200.00 (the "Available Ceiling"); and WHEREAS, Evanston_ has issued private activity bonds to which portions of the Available Ceiling have been.allocated in the aggregate principal amount of $ -0- from January 1, 1987 through the date of • adoption of this Resolution; and - 1 - 81-R-87 • WHEREAS, Evanston has a remaining, unused balance of allocated Available Ceiling in the amount of $5,479,200.00 for the remainder. of calendar year 1987; and WHEREAS, pursuant to Section 146 of the Code and Executive Order No. 8 of 1986 of the Governor of the State of Illinois, Evanston may reallocate to the Authority any remaining, unused allocated portion of its Available Ceiling; and WHEREAS, the Authority has 'requested that Evanston transfer and reallocate its remaining, unused allocated Available Ceiling, which would otherwise remain unused, to the Authdrity.in order to enable the Authority to complete the successful financing of industrial, manufacturing, and other economic development projects in its program throughout the State; and WHEREAS, it is in the best interests of Evanston to transfer and reallocate $5,479,200.00 of Evanston's remaining, unused allocated Available Ceiling to the Authority and thereby permit the Authority to issue its tax-exempt private activity bonds to finance industrial, manufacturing, and other economic development projects throughout the State of Illinois. • NOW, THEREFORE,- BE IT RESOLVED BY THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS: SECTION 1: That the City of Evanston hereby transfers and reallocates its remaining, unused allocated Available Ceiling to the Authority for the purpose of enabling the Authority to complete the financing of industrial, manufacturing, and other economic development projects in its program throughout the State of Ilinois, SECTION 2: The Authority and Evanston shall each retain a copy of this Resolution in their records for the term of all private activity bonds of the Home Rule Unit issued during calendar year 1987. Notice of this Resolution together with a copy of this Resolution shall be given in writing by.the Authority to the Office of the Governor of the State of. Illinois within 10 days of the passage and j approval hereof. • SECTION 3: That the City Manager is hereby authorized, empowered and directed to take all necessary or advisable actions in connection with the execution and implementation of this Resolution. f: II 81-R-87 i • R II ;i SECTION 4: That the City of Evanston does hereby request that the Authority give appropriate consideration in the I' future to.requests from the City of Evanston for financial assistance for industrial.projects within the City. Ij SECTION 5: That this Resolution shall be in full force and !� effect upon its passage and approval. j� , ,I. f i •l.tl�4..c.G t,/��CcJ'�'. 1 i i Mayor ATT ST:. .— ity Clerk I.i j, fi Adopted: , 1987 I! • II I� ; I 1 I ; I i I . ; i� _ -3- � ;