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AN ORDINANCE authorizing the execution and delivery of an Intergovernmental Cooperation Agreement

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Date Introduced: 3/6/2003
Date Passed:
3/6/2003

Sponsors:
Stroger
Co-Sponsors:
Butler, Claypool, Collins, Daley, Gorman, Goslin, Hansen, Maldonado, Moreno, Murphy, Peraica, Quigley, Silvestri, Sims, Steele, Suffredin

Summary:

Cook County transferred its unified volume cap, in the amount of $4 million to the City of Aurora, Kane, DuPage, Will, and Kendall Counties to be carried forward for the issuance of bonds. The amount represents the minimum amount of mortgage loans to be made to low and moderate income applicants. The bond transfer is designed to help Cook County provided an adequate supply of quality residential housing for low to moderate income families.


Full Text of Legislation:

WHEREAS, pursuant to Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, The County of Cook, Illinois, is a political subdivision and a home rule unit of government duly organized and validly existing under the Constitution and the laws of the State of Illinois (the “County”); and

 

WHEREAS, pursuant to Section 10 of Article VII of the 1970 Constitution of the State of Illinois and the Intergovernmental Cooperation Act (5 Illinois Compiled Statutes 2000, 220/1 et seq., as supplemented and amended), public agencies may exercise and enjoy with any other public agency in the State of Illinois any power, privilege or authority which may be exercised by such public agency individually, and, accordingly, it is now determined that it is necessary, desirable and in the public interest for the County to enter into an Intergovernmental Cooperation Agreement (the “Cooperation Agreement”) dated as of March 1, 2003, by and among the County and certain other units of local government named therein (the “Units”), to aid in providing an adequate supply of safe, decent and sanitary residential housing for low and moderate income persons and families in such Units (the “Program”); and

 

WHEREAS, to provide for the Program, the City of Aurora, Kane, DuPage, Will and Kendall Counties, Illinois, and the City of Springfield, Sangamon County, Illinois, jointly (the “Issuers”), propose to issue, sell and deliver their Collateralized Single Family Mortgage Revenue Bonds, Series 2003 in an aggregate principal amount not to exceed $300,000,000 (the “Bonds”) in one or more series to obtain funds to finance the acquisition of mortgage-backed securities (the “GNMA Securities”) of the Government National Mortgage Association (“GNMA”), evidencing a guarantee by GNMA of timely payment, the acquisition of mortgage-backed securities (the “FNMA Securities”) of the Federal National Mortgage Association (“FNMA”), evidencing a guarantee by FNMA of timely payment, and the acquisition of mortgage-backed securities (the “FHLMC Securities”) of the Federal Home Loan Mortgage Corporation (“FHLMC”), evidencing a guarantee by FHLMC of timely payment, of monthly principal of and interest on certain qualified mortgage loans under the Program (the “Mortgage Loans”), on behalf of the County and the other Units all under and in accordance with the Constitution and the laws of the State of Illinois; and


 

WHEREAS, a notice of combined public hearing with respect to the plan of finance of the costs of the Program through the issuance of the Bonds has been published in The Chicago Tribune, a newspaper of general circulation in the County, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), on January 22, 2003, and appropriately designated hearing officers of the City of Aurora, Kane, DuPage, Will and Kendall Counties, Illinois, the City of Champaign, Champaign County, Illinois, the City of East Moline, Rock Island County, Illinois, and The County of St. Clair, Illinois, have conducted said combined public hearing on February 7, 2003; and

 

WHEREAS, a form of the Cooperation Agreement has been presented to and is before this meeting.

 

NOW, THEREFORE, BE IT ORDAINED BY THE COUNTY BOARD OF THE COUNTY OF COOK, ILLINOIS, AS FOLLOWS:

 

Section 1.        That it is the finding and declaration of the County Board of the County that the issuance of the Bonds by the Issuers is advantageous to the County, as set forth in the preamble to this authorizing ordinance, and therefore serves a valid public purpose; that this authorizing ordinance is adopted pursuant to the Constitution and the laws of the State of Illinois, and more particularly Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, Section 10 of Article VII of the 1970 Constitution of the State of Illinois and the Intergovernmental Cooperation Act; and that, by the adoption of this authorizing ordinance, the County Board of the County hereby approves the issuance of the Bonds for the purposes as provided in the preamble hereto, the text hereof and the notice of public hearing referred to in the preamble hereto, which notice is hereby incorporated herein by reference, and the conduct of the combined public hearing referred to in the preamble hereto, which public approval shall satisfy the provisions of Section 147(f) of the Code.

 

Section 2.        That the form, terms and provisions of the proposed Cooperation Agreement be, and they are hereby, in all respects approved; that the President of the County Board of the County be, and is hereby, authorized, empowered and directed to execute, and the County Clerk of the County be, and is hereby, authorized, empowered and directed to attest and to affix the official seal of the County to, the Cooperation Agreement in the name and on behalf of the County, and thereupon to cause the Cooperation Agreement to be delivered to the other Units; that the Cooperation Agreement is to be in substantially the form presented to and before this meeting and hereby approved or with such changes therein as shall be approved by the officer of the County executing the Cooperation Agreement, his or her execution thereof to constitute conclusive evidence of his or her approval of any and all changes or revisions therein from the form of Cooperation Agreement before this meeting; that from and after the execution and delivery of the Cooperation Agreement, the officers, officials, agents and employees of the County are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Cooperation Agreement as executed; and that the Cooperation Agreement shall constitute and is hereby made a part of this authorizing ordinance, and a copy of the Cooperation Agreement shall be placed in the official records of the County, and shall be available for public inspection at the principal office of the County.

 

Section 3.        That the President of the County Board, the County Clerk and the proper officers, officials, agents and employees of the County are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents and certificates as may be necessary to carry out and comply with the provisions of the Cooperation Agreement and to further the purposes of this authorizing ordinance, including the preamble to this authorizing ordinance. Section 4.           That all acts of the officers, officials, agents and employees of the County heretofore or hereafter taken, which are in conformity with the purposes of this authorizing ordinance and in furtherance of the issuance and sale of the Bonds, be, and the same hereby are, in all respects, ratified, confirmed and approved, including without limitation the publication of the notice of public hearing.

 

Section 5.        That the County hereby ratifies and confirms the transfer of its 2002 unified volume cap in the amount of $4,000,000 to the City of Aurora, Kane, DuPage, Will and Kendall Counties, Illinois, to be carried forward for the issuance of the Bonds that such amount represents the minimum amount of mortgage loans to be made to low and moderate income applicants within the County; and that the County, by adoption of this authorizing ordinance, hereby represents and certifies that such volume cap has not been allocated to any other bond issue or transferred to any other party.

 

Section 6.        That the provisions of this authorizing ordinance are hereby declared to be separable, and if any section, phrase or provision of this authorizing ordinance shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases and provisions of this authorizing ordinance.

 

Section 7.        That all ordinances, resolutions and orders, or parts thereof, in conflict with the provisions of this authorizing ordinance are, to the extent of such conflict, hereby superseded; and that this authorizing ordinance shall be in full force and effect upon its adoption and approval as provided by law.

 

Approved and adopted this 6th day of March 2003.


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