Laserfiche WebLink
1 I <br /> Board Meeting D�te: November 21, 2008 I <br /> Resolution No. 20U8-IHllA-lb8 I <br /> /� ; <br /> Resolution Authorizing �n Interagency Abreement rvith tl�e Cit�� of'Decatur <br /> Regarding the Moi•tba�e Credit Cer-tif'icate I'ro�ram � <br /> WHEREAS, the Illinois Ilotisinb Developmeni Autl�ority (the `'Authority") is << <br /> body politic and corporate of the State of Illinois (the "State"), created by and existin� <br /> under the Illinois Housing Development Aci, 20 ILCS �8U5/1 et seq., as supplemented <br /> and anlended, and was created to assist in the fnancing of decent, safe and sanitary <br /> housing affordable to residents of low and moderate income within the State; and <br /> WHEREAS, tl�e City of Decatur (the "City") is a duly organized nnulicipality <br /> under the laws of the State, operating generally under the Illinois .Mtulicipal Code, 65 <br /> ILCS 5/1 et sec�., as supplemented and amended; and <br /> WHEREAS, in accordance with the Tax Reforn� Act of 1986 (the "Code") and <br /> the Illinois Private Activity Bond Allocation Act, 30 ILCS 34�/1 et sec�., as amended (the <br /> "Bond Allocation Act"), the Authority and the City are each authorized to issue bonds, <br /> the proceeds of which may be used to finance the conshltction, acquisi�ion or <br /> rehabilitation of l�ousing for low and moderate income persous and families within the <br /> State; and <br /> _�� <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 ordinance, and encourages <br /> such intel-govenunental cooperation; and <br /> WHEREAS, the Intergovenunental Cooperatiou Act, 5 ILCS 220/1 et seq., as <br /> supplemented and amended, (the "Act") provides that any powers, privileges, fiinctions <br /> or authority, which may be exercised by any public agency of the State, may be <br /> exercised, combined, transferred and enjoyed jointly with any other public agency of the <br /> State; and <br /> WHEREAS,the City has existing bond volume cap for calendar year 2004 in the <br /> aniount of$6,387,360.00 (the "2004 Bond Cap"), which was allocated to the City by the <br /> State pursuant to the Tax Refonn Act and the Bond A1]ocation Act; and <br /> WEHEREAS, pursuatrt to Treasury Regulation � 1.25-4T(c) (the "Treasury <br /> Regulation"), the City elected to convert its 2004 Bond Cap to Mortgage Credit <br /> Certificates ("the "2004 MCCs"), on December 21, 2007 (the "2004 Election Date") the <br /> 2004 MCCs will e�pire on or about December 21, 2009;.and <br /> WHEREAS, the Authority and the City, each being public a�encies of the State <br /> as defined under the Act, have detennined it would be mutually beneficial to their <br /> � respective organizations and to the State to create a program �vhereby the Authority <br />