1985-05-06 - Resolution 1985-22 - 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 COOKRESOLUTI0N NO. 85 - 22
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 hous ing that
mcst people can afford is essential to the health and safety of the
inhabitants of the Village of Buffalo Grove, Cook County, lllinois (the
"l'lunicipal ity") and to the financial well-bein9 of the Hunicipality; and
WHEREAS, the shortage decent, safe and sanitary housinq 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 Hunicipal ity; and
WHEREAS, the Municipality is a I'home rule,r unit of government under
Article Vllof the 1970 Constitution of lllinois and ls therefore authorized
to engage in a home nErtgage loan program and to issue its bonds for such
pu rpose; and
tTHEREAS, it has heretofore been found it is hereby determined that
It ls not feasible for the Hunicipality to issue its bonds and to engage in
a horn nortgage 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
lllinois (the "County") pursuant to the provisions of Section l0 of Article
Vllof the 1970 Constitutfon of rhe State of lllinois which authorizes the
Hunlcipality to enter into intergovernmental cooperation agreements with
other units of government, which agreement will enable the County to issue
its bonds for housing purposes in accordance with its Constitutional home
rule powe rs and pursuant to the provisions of Section t03A of the lnternal
Revenue Code of '1954, as amended (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 Munlcipality allocates to the County alI of its 1985 authority to issue
rrqualified rnortgage bonds" (as defined in the Act);
NOI', THEREFORE, BE IT RESOLVED BY THE PRES IDENT AND BOARD OF TRUSTEES
0F THE VILLAGE 0F BUFFAL0 GROVE, C00K AND LAKE COUNTIES, lLLlN0lS, as fol lows:
SECTI0N I. That the President and Clerk of the Munici pality are hereby
authorized, empowered and directed to enter into an agreement with the
County in substantially the form attached to this resol ution with such
changes as shall be approved by the officials of the Hunicipality executing
the same.
SECTI0N 2. That the officials of the ttunicipal ity are hereby authorized
and directed to take all necessary or advisable actions in connection with
the execution and implementation of the agreem€nt in order to facilitate the
issuance of such bonds by the County,
SECTI0N 3. This resolution shall be in full force and effect upon
its passage and approval.
6 - tlarlenthal, 0'Rei11y, Glover, Reid, Shields, KowalskiAYES :
NAYES:0 - None
0 - NoneABS ENT :
PASSED:lqy 6 _, t985.
APPROVED: }{ay 6 85.
ATTEST:
q'o'.d, -fn^B-rl''^o,-
Yfl lilse cl er[
vi I I age res i ent
2
in Section l03A of the lnternal Revenue
AGREE}IENT BETI.JEEN THE VILLAGE OF BUFFALO GROVE,
COOK AND LAKE COUNTIES AND THE COUNTY OF COOK
I,'ITH RESPECT TO THE ISSUANCE OF CERTAIN BONDS
FOR HOUS ING PURPOSES.
This is an Agreement dated as of February l, l9g5 bet$,een the Village
of Buffalo Grove, cook and Lake counties, ll I inois (the ,,Hunicipal i ty,,) ,
and The County of Cook, lllinois (the ,,County,,). The Hunicipality and the
County agree as fol I ows :
SECTI0N l. That the l,tunici pality has the lega'l authority to issue
'rqual ified rnortgage bondsrr as defined
Code of 1954, as amended (the "Act,,).
sEcrlON 2. The Hunicipar ity hereby alrocates to the county aH of the
area located within its jurisdiction and cedes to the county its entire
amount of authority to issue quarified mortgage bonds in rgg5, a|l for the
purpose of enabring the county to issue its bonds in accord with the Act and
the regulations promulgated thereunder. This Agreement shal'l constitute a
written consent ceding all of the State ceiling anrcunt appl icable to the
l{unicipality to the County within the meaning of Section 14..1 of the
lllinois Housing Development Act, (llrinois Revised statute r9g3, chapter 67-*,
Paragraph 314.1) as amended.
SECTI0N 3. This Agreement is subject to cancel lation by either party
hereto' such cancellation becoming effective not earlier than l0 days for rowing
the del ivery of written notice of such cancel lation to the other party at the
fol lowing address:
lf to the County -County Compt rol ler
Room 500
118 N. Clark Street
Chicago, ll I inois 50602
lf to the l,tunicipal ity -Vil lage Hanager
l0 Raupp Blvd
Bu ffa lo G rove,lllinois 60090
force and effect immediately
upon its execution by the parties hereto.
SECT l0N 4. This Agreement shal I be in ful l
RESOLUTION NO. 85 - 22
A RESOLUT ION AUTHOR IZ ING THE V ILLAGE 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 availabillty of decent, safe and sanitary hous ing that
mcst people can afford is essential to the health and safety of the
inhabitants of the Village of Buffalo Grove, Cook County, lllinois (the
"l'lunicipal ity") and to the financial well-being of the Hunicipality; and
WHEREAS, the shortage 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 f,lunicipal ity; and
WHEREAS, the Hunicipality is a I'home rule', unit of government under
Article Vll of the 1970 Constitution of lllinois and is therefore authorized
to engage in a home nrcrtgage loan program and to issue its bonds for such
purpose; and
WHEREAS, it has heretofore been found it is hereby determined that
it is not feasible for the l,tunicipal ity to issue its bonds and to engage in
a home mortgage loan program and that it is in the best interests of the
|,tunicipal ity to enter into an agreement with the County of Cook, State of
lllinois (the "County") pursuant to the provisions of Section l0 of Article
Vll of the 1970 Constitution of the State of lllinois which authorizes the
I'lunlcipal ity to enter into intergovernmental cooperation agreements with
other units of government, whlch agreement will enable the County to issue
its bonds for housing purposes in accordance with its Constitutional home
rule powers and pursuant to the provisions of Sect ion t03A of the lnternal
Revenue Code of 1954, as amended (the ,,Act,') ; and
WHEREAS, it is necessary, therefore, for the liunicipality, acting by its
corporate authorities, to approve a form of agreement with the county whereby
the Huniclpality al locates to the County all of its 1985 authority to issue
'rqual ified mortgage bonds" (as defined in the Act):
l'/lrNEss the official signatures of the president and clerk of theHunlcipa'ty and the sear of the Huniciparity and the officiar signatureof the Comptrol'l er of the County all as of the date hereinabove written.
V ILLAGE OF BUFFALO GROVE
c0oK AND LAKE couNTiia,-ir-r-rHors
Vil I age P res i dent
By
By 8-"1"a.^
Vi 9ec erk
THE COUNTY
By
ompt ro er, County of
Cook, lll ino is
?
COOK ILL INO IS