HomeMy WebLinkAboutRESOLUTIONS-1991-078-R-91•
RESOLUTION NO. 18 ^' - q 1
A RESOLUTION AUTHORIZING TRANSFER OF
INTEREST IN MEMORANDUM OF AGREEMENT
WHEREAS, the City Council of the City of Evanston, Cook
County, Illinois, adopted Resolution No. 26-R-90 on April 11,
1990, which authorized the execution of a Memorandum of Agreement
(the "Memorandum of Agreement") relating to the issuance of an
amount not to exceed $5,500,000 of revenue bonds for a project in
Evanston, Illinois (the "Project") to be acquired, constructed
and equipped by Belmont Steel Corporation, a Delaware corporation
(the "Borrower"); and
WHEREAS, at the time of adoption of said Resolution it was
the intention of the City to issue revenue bonds to finance said
• Project upon the condition that all terms thereof be acceptable
to the City; and
WHEREAS, the City is unable to obtain sufficient bond
allocations to allow the City to issue the bonds; and
WHEREAS, the Illinois Development Finance Authority does
have sufficient bond allocation available to it to issue the
bonds; and
WHEREAS, the City desires to help the Borrower to obtain the
bond allocation and to assign its interest in the Memorandum of
Agreement to the Illinois Development Finance Authority.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF EVANSTON, COOK COUNTY, ILLINOIS, as follows:
Section 1. That the City hereby transfer to the Illinois
Development Finance Authority its interest in the Memorandum of
Agreement with the Borrower relating to the Project.
Section 2. The City hereby waives its rights under Section
6.1 of the Illinois Development Finance Authority Act to
disapprove of the Project and approves said Project.
Section 3. That the City Clerk is directed to send a
certified copy of this Resolution to the Illinois Development
Finance Authority upon adoption.
Section 4. That this Resolution shall be in full force and
effect upon its passage and approval.
PASSED this _C50 day of September, 1991.
AYES: Aldermen Fiske, Newman, Paden, Drummer, Davis, Brady, Esch, Heydemann,
Washington, Kent, Nelson, Wollin, Engelman, Rainey, Lanyon Feldman; Warshau
NAYS: None
ABSENT: Alderman Moran
APPROVED THIS day of -BrG� , 1991.
Mayor
ATTEST:
/ City Clerk
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