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r � <br /> i � t <br /> INTERGOVERNMENTAL AGREEMENT <br /> BETWEEN THE ILLINOIS FINANCE AUTHORITY <br /> AND THE ILLINOIS HOUSING DEVELOPMENT AUTHORITY <br /> T,�s��I tergovernmental Agreement (the "Agreement") is made and entered into <br /> this �"�ay of November, 2008 by and between the lllinois Housing Development <br /> Authority (the "Authority"), a body politic and corporate of the State as created by and <br /> existing under the Illinois Housing Development Act, 20 ILCS 3805/1 et seq., as <br /> supplemented and amended, and the City of Decatur (the "City"), a duly organized <br /> municipality under the laws of the State, operating generally under the Illinois Municipal <br /> Code 65 ILCS 5/1 et seq., as supplemented and amended, (collectively the "Parties"). <br /> RECITALS <br /> WHEREAS, Section 10 of Article VII of the Constitution of the State (the <br /> "Constitution") authorizes units of local government to contract or otherwise associate <br /> among themselves in any manner not prohibited by law or by ordinance, and encourages <br /> intergovernmental cooperation; <br /> WHEREAS, the Intergovernmental Cooperation Act, 5 ILCS 220/1 et seq., as <br /> supplemented and amended (the "Act"), provides that any powers, privileges, functions <br /> or authority which may be exercised by any public agency of the State may be exercised, <br /> combined, transferred and enjoyed jointly with any other public agency of the State; and <br /> WHEREAS, in accordance with the Tax Reform Act of 1986 (the "Tax Reform <br /> Act") and the Illinois Private Activity Bond Allocation Act, 30 ILCS 345/1 et seq., as <br /> amended (the "Bond Allocation Act"), the Authority and the City are each authorized to <br /> issue bonds, the proceeds of which may be used to finance the construction, acquisition <br /> or rehabilitation of housing for low and moderate income persons and families within the <br /> State; and <br /> WHEREAS,the City had existing bond volume cap for calendar year 2004 in the <br /> amount of$6,387,360.00 (the "2004 Bond Cap"), which was allocated to the City by the <br /> State pursuant to the Tax Reform Act and the Bond Allocation Act; and <br /> WHEREAS, pursuant to Treasury Regulation § 1.25-4T(c), the City elected to <br /> convert its 2004 Bond Cap to Mortgage Credit Certificates (the "2004 MCCs") on <br /> December 21, 2007 (the "2004 Election Date") and the 2004 MCCs will expire on or <br /> about December 31, 2009; and <br /> WHEREAS, pursuant to the Constitution and the Act, the Authority and the City, <br /> each being public agencies of the State as defined under the Act, have determined it <br /> would be mutually beneficial to their respective public agencies and to the State to create <br /> a program whereby the Authority and/or the City would issue MCCs targeted for <br /> allocation to qualifying veterans and persons on active duty residing in the City <br />