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individually to be exercised and enjoyed jointly with any other public agency in the State of
<br /> Illinois; and
<br /> WHEREAS, Aurora, Bartonville, Belleville, Belvidere, Bridgeview, Carpentersville,
<br /> Champaign, Charleston, Chicago Ridge Cicero, Collinsville, Crest Hill, Creve Cceur, Crystal
<br /> Lake, Danville, Decatur, DeKalb, Dolton, East Moline, East Peoria, Edwardsville, Elgin,
<br /> Evanston, Freeport, Godfrey, Harvey, Joliet, Justice, Kankakee, Lansing, LaSalle, Lockport,
<br /> Loves Park, Machesney Park, Marquette Heights, Mattoon, McHenry, Mendota, Minooka,
<br /> Montgomery, Mundelein, Naperville, North Pekin, Oak Park, Park Forest, Pekin, Peoria, Peoria
<br /> Heights, Peru, Princeton, Rantoul, Robbins, Rochelle, Rockford, Rockton, Romeoville, Round
<br /> Lake Beach, City of St Charles, Schaumburg, Shorewood, South Beloit, Springfield, Sycamore,
<br /> Tinley Park, Urbana, Washington, Woodridge, Wood River, United City of Yorkville, County of
<br /> Champaign, County of DeKalb, County of DuPage, County of Lake, County of Macon, County
<br /> of Madison, County of McLean, County of Peoria, and County of Winnebago (collectively, the
<br /> "Municipalities") are each a unit of local government and a public agency of the State of
<br /> Illinois; and
<br /> WHEREAS, pursuant to the Constitution and the laws of the State of Illinois, and
<br /> particularly Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, in the
<br /> case of the Municipalities which are home rule units of government, 65 Illinois Compiled
<br /> Statutes 2000, 5/11-74.5-1 et seq., as supplemented and amended, in the case of the
<br /> Municipalities which are municipalities, but are not home rule units of government, and 50
<br /> Illinois Compiled Statutes 2000, 456/1 et seq., as supplemented and amended, in the case of
<br /> Municipalities which are counties, each Municipality has the power to issue its revenue bonds
<br /> for public purposes, including the �nancing and purchase of mortgage loans to finance single
<br /> family residences for low and moderate income persons within its corporate boundaries, and to
<br /> pledge to the payment of the principal of, premium, if any, and interest on such revenue bonds
<br /> the payments made with respect to the mortgage loans purchased with and financed by the
<br /> proceeds of such revenue bonds; and
<br /> WHEREAS, the Municipalities have determined that it is necessary and desirable to have
<br /> Aurora and/or Springfield (the "Issuers") issue such revenue bonds on behalf of all of the
<br /> Municipalities for the purpose of financing and purchasing mortgage loans to finance single
<br /> family residences for low and moderate income persons within the corporate boundaries of the
<br /> Municipalities (the "Program"); and
<br /> WHEREAS, to provide for the Program, the Issuers propose to issue, sell and deliver their
<br /> Collateralized Single Family Mortgage Revenue Bonds in one or more series in an aggregate
<br /> principal amount not to exceed $250,000,000 (the "Bonds") on behalf of all of the
<br /> Municipalities to obtain funds to finance the acquisition of mortgage-backed securities (the
<br /> "GNMA Securities") of the Government National Mortgage Association ("GNMA"), evidencing
<br /> a guarantee by GNMA of timely payment of, mortgage-backed securities (the "Fannie Mae
<br /> Securities") of the Federal National Mortgage Association ("Fannie Mae"), evidencing a
<br /> guaranty by FaAnie Mae of timely payment of, and mortgage-backed securities (the "FHLMC
<br /> Securities") of the Federal Home Loan Mortgage Corporation ("FHLMC"), evidencing a
<br /> guaranty by FHLMC of timely payment of, monthly principal of and interest on certain qualified
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