1985-07-15 - Resolution 1985-36 - IN SUPPORT OF THE ISSUANCE OF INDUSTRIAL DEVELOPMENT BONDS BY THE IL DEVELOPMENT FINANCE AUTHORITY IN AN AMOUNT NOT TO EXCEED 7 MILLION DOLLARS FOR THE BENEFIT OF ROBERT EITZINGER AND MID-WEST AUTOMATION SYSTEMSo5522
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RESOLUTION NO. 85-36
A RESOLUTION IN SUPPORT OF THE ISSUANCE
OF INDUSTRIAL DEVELOP!4ENT BONDS BY THE
ILLINOIS DEVELOP!,TENT FINANCE AUTHORITY
IN AN AI,IOUNT NOT TO EXCEED SEVEN I,IILLION
DOLLARS FOR THE BENEFIT OF ROBERT BITZINGER AND
I,IID-WEST AUTO}IATION SYSTEI.4S
WHEREAS, by Resolution No. 85-5 approved by the Board
of Trustees of the village of Buffalo Grove, Illinois (the
'VilJ.age'), the Village endorsed the issuance by the Illinois
Development Finance Authority (the rlssuer') of industrial
revenue bonds on behalf of Robert Eitzinger (the rorner') and
Hid-west Automation Systens, Inc., an Illinois corporation (thercompany'), in an anount not to exceed $61500r000 (the
'Bondsr), che proceeds of which were to be used to Purchase
l.and at the Corporate Grove Subdivision, Busch Parkrray, Buffalo
Grove, I1linois, and to construct and equip a building for usein manufacturing of automatic assembly machinery for the
el.ectr on i cs industry (the 'Project');
ITIHEREAS, b y letter dated February 21, 1985,the I ssuer
i ssuancenotified the Village of the Project and the proposed
of the Bondsi
WH EREAS by letter from the village t{anager of the
Village dEtCdEbruary 25, I 985, the Village restated its
endorEement of the Project and issuance of the Bondsi and
WHEREAS, the Village has nou been advised that the
Bonds wilf6ffisued in an amount not to exceed $710001000 andthat the proceeds of said Bonds $ill be loaned to Anerican
National Bank and Trust company of chicago, as trustee under atru6t agreement dated l,!ar ch l, 1985, and known as Trust No.
63442, for the benefit of the Grner, and to the Company,
NOW, THEREFORE, be it resolved by the President and
Trustees of the Village of Buffalo Grove, Illinois, as
Section .1..That the Village approve and does hereby
and issuance of the Bonds in an amount notfor the benefit of the O{ner and the
approve the Projectto exceed $7r000r000
C ompany ,
Board of
foLlows:
the Village rraive and does hereby
from the Issuer with respect to thethe Bonds to an amount not to exceed
Section 2. That
waive any fur ther not l CeS
increase in the amount of
$7,ooo,ooo; and
sdclion 3. That this resolution take effect
immediately upon adoption and approval thereof.
Adopted and approved this L5lh day of .ruly, 1985.
Ayes:6 - Marlenthal, 0rRei11y, Glover, Reid, Shields, Kowalski
Na yes :0 - None
Absent: 0 - None
age res en
ATTEST:
Ue,*, Tn.
I Village clert
2
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