1984-07-16 - Resolution 1984-50 - AUTHORIZING VBG TO ENTER INTO AN AGREEMENT WITH THE COUNTY OF COOK, IL, WITH RESPECT TO THE ISSUANCE OF CERTAIN BONDS FOR HOUSING PURPOSES BY THE COUNTY OF COOK-T
I
R.ESOLUTION NO. 84- 50
A RESOLUTION AUTHORIZING THE VILLAGE OF BUFFALO
GROVE TO ENTER INTO AN AGREB,IENT WITIT THE COIJNTY
OF COOK, ILLINOIS, WITIT RESPECT TO TttE ISSUANCE
OF CERTAIN BONDS FOR I{OUSING PURPOSES BY THE
COUNTY OF COOK
WIIEREAS, the availablllty of decen!, safe and sanilary housLng that nost
people can afford is essentlal to the healEh and safety of the inhabLtants of the
Vlllage of Buffalo Grove, Cook County, Illinols (the "Municipa11ty") and to the
financial well-being of the Municlpallty; and,
WITEREAS, the shortage of such decent, safe and sanltary housing that most
peopJ-e can afford is not transltory and self curlng and it is necessary that this
MunlcipaliEy take all possible action to lorrer the cost of such housing in order to
make 1t avallable to a larger portlon of the inhabitants of the Munlcipallty; and,
WIIEREAS, the Muoiclpality Ls a "home rule" unlt of government under Art-
Ic1e \[I of the 1970 coostltution of l11lnois and i.s therefore authorized to
engage in a hooe mortgage loan program and to issue lts bonds for such purpose; and'
I,IXEREAS, it has heretofore been found and it is hereby detelmlned that it
1s not feaslble for the Munlclpallty to lssue its bonds and to engage io a houe
Eortgage loan program and that it 1s in the best ioterests of the Municipality to
enter into an agreement wlth the County of Cook, State of Illinois (the "County")
pursuant to the provisions of Sectlon 10 of Article VII of the 1970 Constltutlon
of the State of Illlnols which authorlzes the ltuniclpallEy to enter inLo inter-
governmental cooperation agreements wlth other unlts of government, whlch agreement
wll1 enab le the County of Cook to issue its bonds for housing purposes ln accordance
uith its Constltutlooal home rule powers and pursuaflt to the provisions of Sectj-on
103A of the Internal Revenue Code of 1954, as amended (including the provlslons of
H.R. 4170, when passed into 1aw) (the "Act"); and,
-1-
I.IITEREAS, it Ls necessary, therefore, for the Munlclpallty, actlng by its
corporate authorLtles, to approve a form of agreeEent wlth the County rrhereby the
Munlclpality allocates to the County all of lts 1984 authorlty to lssue quallfled
Eortgage bonds" (as deflned 1n the Act):
NOW, THEREFORE, BE IT RESOLVED BY T1IE PRESIDENI AND BOARD OF TRUSTEES OF
IIIE VILLAGE OF BUFI'AIO GROVE, COOK AND LAKE COI'NTIES, ILLINOIS AS FOLI,O}'S:
SESIIoN 1. That the PresLdent and Clerk of the Munlclpality are hereby
auEhorized, empowered and directed to enter lnto an agreement with the County in
substantially the fonn attached to this resolution with such changes as sha11 be
approved by the offlcials of the Municipallty executlng the same.
SECTIoN 2. That the offlcials of the Munlclpality are hereby authorlzed
and directed to take all neeessary or advisable actions in connection with the
execution and lmplementation of the agreenent ln order to facllltate the lssuance
of such bonds by the County.
SECTION 3. This resolutlon shal1 be ln fu1l force and effecL upon its
passage and approval.
AYES l 5 - Marienthal, Stone, Hartstein' Glover, Reid
NAYES: 0 - None
ABSEM: 1 O'Rei11
PASSED: July 16 t984 AppRovED: July 16
APPR
1984
V ge President1
ATTEST:
illage Clerk 4-(-/al Aaut ,'*-
v \-/
AGREEMENT BETI.IEEN THE VILIAGE OT BUFFAI.O GROVE,
COOK AND LAKE COT]NTIES AND TIiE COI'NTY OF COOK
WITI{ RESPECT TO TITE ISSUANCE OF CERTAIN BONDS
FOR IIOUS ING PURPOSES
This is an Agreement dated as of July 16, 19g4 between rhe Village of
Buffalo crove, Cook and Lake CountLes, Illinols (the "Municipality"), and the
County of Cook, I11lno1s (rhe "Counry,r).
as follows:
The Municipality and the County agree
Section I.Ttat the Municipallty has the 1egal authorlty to issue qualifled
mortgage bonds" as defined in sectlon 1034 of the rnternal Revenue code of 1954, as
amended (includlng the provlslons of H.R. 4170, when passed lnto law) (the ,,Act,,).
section 2. The Munlcipality hereby a11,cates to the cormty all 0f the area
l0cated ,r'thin the cook county portr.oo of its jurisdiction aod cedes to the county
lts entlre amount of authorlty to issue qualified nortgage bonds in r9g4, ar1 for
the purpose of enabling the county to lssue its bonds in accord wlth the Act and the
regulatlons Promulgated thereunder. Thls Agreement sha11 constltute a written con-
sent cedlng all of the state cell-ing aoount applicable to the Munlcipality to the
county withln the meaning of section 14.1 0f the rlllnols Irousing Devel.pment Act
(IL Rev. Srar. 1983, ch. 67-L/2, -par. 314.1).
sectl0n 3' This Agreenent ls subject to cancellat10n by elther party hereto,
such cancellatr.on beconlng effective not earlier than 30 days foll0rring the dellvery
of writlen notice of such cancellatlon to the other party.
Sec tion 4. Thi s Agreenent sha1l be Ln full force and effect iunedlately upon
1ts executlon by the parties hereto.
wrrNESS the offlclal signatures of the president and clerk of the Municlpality
and the seal 0f the Municlpallty aud rhe officiar srgnature of the conptroller of the
Couoty all as of the date hereloabove lfrltten.
-1-
a i.
VILLAGE OF BUFFALO GROVE
COOK AND COI'MIES, ILLINOIS
v Pres
r..
(SEAL)
coIlNTY OF COoK, ILLINOIS
troller yo Cook,Illinois
er