1982-12-06 - Resolution 1982-58 - AUTHORIZING VBG TO ENTER INTO AN AGREEMENT WITH COOK COUNTY, IL WITH RESPECT TO THE ISSUANCE OF CERTAIN BONDS FOR HOUSING PURPOSES BY THE COUNTY OF COOK AND RESCINDING RESOLUTION #82-41 RESOLUTION NO. 82 - 58
A RESOLUTION AUTHORIZING THE VILLAGE OF BUFFALO GROVE
TO ENTER INTO AN AGREEMENT WITH THE COUNTY OF COOK, ILLINOIS
WITH RESPECT TO THE ISSUANCE OF CERTAIN BONDS FOR HOUSING
PURPOSES BY THE COUNTY OF COOK AND RESCINDING RESOLUTION NO. 82-41
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 Village of Buffalo Grove, Cook and Lake Counties,
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
purposes; and
WHEREAS, it has heretofore been found and it is hereby determined
that it is in the best interests of the Municipality to consider the
issuance of its bonds and to engage in a home mortgage loan program and
that it is in the further 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 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 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 1982 authority
to issue eligible "qualified mortgage bonds" (as defined in the Act) .
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, as follows:
SECTION 1 . The President and Clerk of the Village of Buffalo
Grove are hereby authorized, empowered, and directed to enter into
an agreement with the County in substantially the form attached to
this Resolution with such changes as shall be approved by the
officials of the Municipality executing the same.
SECTION 2. The officials of the Municipality are hereby authorized
and directed to take all necessary or advisable actions in connection
with the execution and implementation of the agreement in order to
facilitate the issuance of such bonds by the County.
SECTION 3. This Resolution rescinds and replaces Village
Resolution No. 82-41 adopted by the President and Board of
Trustees of the Village of Buffalo Grove on September 20, 1982
along with the Agreement part of that Resolution.
SECTION 4. This Resolution shall be in full force and effect
upon its passage and approval .
AYES: 5 - Marienthal , Hartstein, Gerschefske, Schwartz, President Clayton
NAPES: 2 - Stone, O'Reilly
ABSENT: 0 - None
PASSED: December 6 , 1982.
APPROVED: December 6 , 1982.
Village Presiiden
ATTEST: -
Vi:1Vage Clerk
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AGREEMENT BETWEEN THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES,
ILLINOIS AND THE COUNTY OF COOK WITH RESPECT TO THE ISSUANCE OF CERTAIN
BONDS FOR HOUSING PURPOSES
This is an Agreement dated as of September 20 , 1982,
between the Village of Buffalo Grove, Cook and Lake Counties, Illinois
(the "Municipality"), and the County of Cook, Illinois. The Municipality
and the County of Cook agree as follows:
SECTION 1. That the Municipality has the legal authority to
issue "qualified Mortgage Bonds" as defined -in the Mortgage
Subsidy Bond Tax Act of 1980 (the "Act").
SECTION 2. The Municipality hereby assigns to the County all
of its eligible 1982 authority to issue such bonds and allocates
to the County all of the area located within the Cook County
portion within its jurisdiction for the purpose of enabling
the County to issue its bonds in accord with the Act and the
regulations promulgated thereunder.
SECTION 3. The Municipality has the ability to decide to
terminate the agreement with the County at any time prior to
notice of sale should it be determined that the proposed program
is disadvantageous to the Municipality.
SECTION 4. The Municipality retains the authority to assign all
of its eligible authority to issue such bonds for the Lake County
portion within its jurisdiction to any other alternate program
that may be proposed.
SECTION 5. This agreement shall be in full force and effect
immediately upon its execution by the parties hereto.
WITNESS the official signatures of the President and Clerk of the
Village of Buffalo Grove and the seal of the Municipality and the official
signature of the Comptroller of the County of Cook this 20th day of
September 1982.
COUNTY OF COOK, ILLINOIS VILLAGE OF BUFFALO GROVE
COOK AND E COUNTIES, OC I�,
By �C7 By
Comptroller, County of Cook, Village President
Illinois j ,nl
By
Vi L ge Clerk
(SEAL)