2000-15 AUTHORIZING AN INTERGOVERNMENTAL COOPERATION AGREEMENT

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WHEREAS, the Municipalities have determined that it is necessary and desirable to have Aurora (the "Issuer") issue such revenue bonds on behalf of all of the Municipalities for the purpose of financing and purchasing mortgage loans to finance single family residences for low and moderate income persons within the corporate boundaries of the Municipalities (the "Program"); and - WHEREAS, to provide for the Program, the Issuer proposes to issue, sell and deliver its Collateralized Single Family Mortgage Revenue Bonds, Series 2000 in one or more series in an aggregate principal amount not to exceed $150,000,000 (the "Bonds") on behalf of all of the Municipalities 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 of, mortgage-backed securities (the "FNMA Securities"} of the Federal National Mortgage Association("FNMA"),evidencing a guaranry by FNMA of timely payment of, and mortgage-backed securities (the "FHLMC Securities")of the Federal Home Loan Mortgage Corporation ("FHLMC"), evidencing a guazanty by FHLMC of timely payment of, monthly principal of and interest on certain qualified mortgage loans under the Program (the "Mortgage Loans"), all under and in accordance with the Constitution and laws of the State of Illinois; and WHEREAS, 30 Illinois Compiled Statutes 1998, 345/6 et seq., as supplemented and amended,permits the corporate authorities of any home rule unit of government to reallocate its private activity bond allocation to another home rule unit, and to allocate volume cap which has been allocated to it toward the issuance of the Bonds, subject to certain restrictions, guidelines and procedures, which guidelines and procedures also permit units of govemment (incIuding without limitation non-home rule units of govemment) to pool allocations of volume cap received from the Office of Governor of the State of Illinois; NOw, THEREFORE, in consideration of the above premises and of the mutual covenants hereinafter contained and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Municipalities hereby agree, as follows: Section 1. Bonds. The Issuer hereby agrees to issue the Bonds in one or more series on behalf of all of the Municipalities, as provided in the trust indenture or indentures pursuant to which the Bonds will be issued, for the purpose of purchasing GNMA Securities, FNMA Securities and FHLMC Securities to finance mortgage loans for single family residences for low and moderate income persons within the corporate boundaries of each Municipality, to pay interest on the Bands and to pay the costs of issuance of the Bonds. The Bonds shall be issued in such aggregate principal amounts, shall be issued in such series and classes, shall have such stated maturity or maturities, shall beaz interest at such rate or rates, payable on such date or dates, shall be subject to redemption prior to maturity, shall be payable at such date or dates and at such place or places, and shall have such other terms, all as shall be agreed upon by the Issuer and approved by ordinance of the governing body of the Issuer. The proceeds of the Bonds shall be applied to such public purposes and to the payment of the costs of issuance as shall be approved by ordinance of the governing body of the Issuer. -5-