1983-09-19 - Resolution 1983-31 - BG TI ENTER INTO AN AGREEMENT WITH COOK CTY, FOR ISSUANCE OF CERTAIN BONDS FOR HOUSING PURPOSES BY COOK CTY. ror
r—
RESOLUTION NO. 83 - 31
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
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 purpose; and
WHEREAS, it has heretofore been found and it is hereby determined
that it is not feasible for the Municipality to issue its bonds and to engage
in a home mortgage loan program and that it is in the 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 1983
authority to issue "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. That the President and Clerk of the Municipality 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. That 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 shall be in full force and effect upon
its passage and approval.
AYES: 5 - Marienthal, Stone, Hartstein, Glover, Reid
NAYES: 0 - None
ABSENT: 1 - O'Reilly
PASSED: September 19 1983.
APPROVED: September 19 , 1983
>11"
Village Presid
ATTEST:
)1'c"V1 t, na x,
Vilr ge e Clrk
1 ,
-2-