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"Mureicipaliries"), to provide for the joint issuance of such revenue bonds to aid in providing <br /> an adequate supply of residential housing in such Municipalities (the "Program"); and <br /> WHEREAS, to provide for the Program, the City of Aurora, Kane, DuPage, Will and <br /> Kendall Counties, Illinois, the Village of Niles, Cook Counry, Illinois, and the City of <br /> Springfield, Sangamon County, Illinois (the "Issuers") propose to issue, sell and deliver not <br /> to exceed $75,000,000 aggregate principal amount of Collateralized Single Family Mortgage <br /> Revenue Bonds, Series 1998 (the "Bonds") to obtain funds to finance the acquisition of <br /> mortgage-backed securities (the "GNMA Securities") of the Government National Mortgage <br /> Association ("GNMA"), evidencing a guarantee by GNMA of timely payment, the <br /> acquisition of mortgage-backed securiries (the "FNMA Securities") of the Federal National <br /> Mortgage Association ("FNMA"), evidencing a guarantee by FNMA of timely payment, and <br /> the acquisition of mortgage-backed securities (the "FHLMC Securities") of the Federal Home <br /> Loan Mortgage Corporation ("FHLMC"), evidencing a guarantee by FHLMC of timely <br /> payment, of monthly principal of and interest on certain qualified mortgage loans under the <br /> Program (the "Mortgage Loans"), on behalf of the Municipality and the other Municipalities <br /> a11 under and in accordance with the Constitution and the laws of the State of Illinois; and <br /> WHEREAS, the City Clerk of the Municipality has caused a notice of public hearing <br /> with respect to the plan of finance of the costs of the Program through the issuance of the <br /> Bonds to be published in The Herald and Review, a newspaper of general circulation in the <br /> Municipality, pursuant to Section 147(fl of the Internal Revenue Code of 1986, as amended <br /> (the "Code"), on May 29, 1998, and the City Council of the City of Peoria, Peoria County, <br /> Illinois, or its designee has conducted said public hearing on June 16, 1998; <br /> WHEREAS, a form of the Cooperation Agreement has been presented to and is before <br /> this meeting; <br /> -2- <br />