HomeMy WebLinkAboutRESOLUTIONS-1989-085-R-8912/ 14/89
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85-R-89
A RESOLUTION
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Transferring and Reallocating the Aggregate Remaining,
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,
Manufacturing, and Commercial Projects in Order to Promote
Economic Development Throughout the State of Illinois.
WHEREAS, the City of 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
f 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 City of Evanston and
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the other inhabitants of the State of Illinois; and
WHEREAS, pursuant to its corporate powers as a
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body
political subdivision, politic and corporate validly
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existing under the Illinois Development Finance Authority Act,
'Ill. Rev. Stat. 1987, Ch. 48., Par. 850.01 et seq., as amended
(the "Act"), the Illinois Development Finance Authority (the
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"Authority") is authorized to issue tax-exempt private activity
bonds to finance industrial, manufacturing, and commercial
projects 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
place 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, 1989 to
and including December 31, 1989; and
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WHEREAS, the Home Rule Unit's portion of the State
Ceiling at $50 per capita equals $3,578,500 (the "Available
j Ceiling"); and
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12/ 14/89
WHEREAS, the Home Rule Unit has issued private activity
II bonds to which portions of the Available Ceiling have been
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(allocated in the aggregate principal amount of $ -0- from
jJanuary 1, 1989 through the date of adoption of this Resolution;
and ,
WHEREAS, the Home Rule Unit has a remaining, unused
balance of allocated Available Ceiling in the amount of
II$3,578,500 for the remainder of calendar year 1989; and I
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WHEREAS, pursuant to Section 146 of the Code, the Tax
Reform Act of 1986, and Public Act 85=1141, the Home Rule Unit
,may reallocate to the Authority any remaining, unused allocated
portion of its Available Ceiling; and
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WHEREAS, the Authority has requested that the City of
Evanston transfer and reallocate its remaining, unused allocated
(Available Ceiling, which would otherwise remain unused, to the
l'Authority in order to enable the Authority to complete the
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• (successful financing of industrial, manufacturing, and
l!commercial projects for economic development purposes throughout
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the State of Illinois; and
WHEREAS, it is in the best interest of the City of
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Evanston to transfer and reallocate $3,578,500 of the City's
remaining, unused allocated Available Ceiling to the Authority
and thereby permit the Authority to issue its tax-exempt private
Ilactivity bonds to finance industrial, manufacturing, and
commercial projects for economic development purposes throughout
the State of Illinois.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, ILLINOIS, as follows:
SECTION 1: Thatthe City of Evanston hereby transfers
�I and reallocates its remaining, unused
•allocated Available Ceiling to the Authority for the purpose of
enabling the Authority to complete the financing of industrial,
I� manufacturing, and commercial projects for economic development
`(purposes throughout the State of Illinois.
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85--89
12/ 14/89
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SECTION 2: The Authority and the City of Evanston
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in their records for the term of all private activity bonds of
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the City of Evanston issued.during calendar year 1989. Notice
II of this Resolution together with a copy of this Resolution shall
�Ibe given in writing by the Authority to the Office of the
Governor of the State of Illinois within ten (10) days of the
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passage and approval hereof.
I SECTION 3: That the officials of the City of Evanston
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are hereby authorized, empowered and
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directed to take all necessary or advisable actions in
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connection with the execution and implementation of this
jResolution.
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SECTION 4: That this Resolution shall be in full force
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I and effect upon its passage and approval.
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II J Mayor
At:,
City Clerk
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I I Adopted: L-��' CE'ayt-��(�% ��� 1 9 8 9
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