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municipality and a home rule unit of government duly organized and validly existing under
<br /> the Constitution and the laws of the State of Illinois ("Urbana"), the CTTY OF WAUKEGAN,
<br /> LAKE COUNTY, ILLINOIS, a municipality and a home rule unit of government duly
<br /> organized and validly existing under the Constitution and the laws of the State of Illinois
<br /> ("Waukegan"), and the VILLAGE OF WILMETTE, COOK COUNTY, ILLINOIS, a municipality
<br /> and a home rule unit of government duly organized and validly existing under the
<br /> Constitution and the laws of the State of Illinois ("Wilmette");
<br /> WITNES S ETH:
<br /> WHEREAS, Section 10 of Article VII of the Constitution of the State of Illinois
<br /> authorizes units of local government and school districts to contract or otherwise associate
<br /> among themselves in any manner not prohibited by law or by ordinance, and to use their
<br /> credit, revenues and other reserves to pay cash and to service debt related to intergovern-
<br /> mental activities; and
<br /> WHEREAS, the Intergovernmental Cooperation Act (5 Illinois Compiled Statutes 1996,
<br /> 220/1 et seq., as supplemented and amended), authorizes public agencies to exercise any
<br /> power or powers, privileges or authority which may be exercised by any such public agency
<br /> individually to be exercised and enjoyed jointly with any other public agency in the State of
<br /> Illinois; and
<br /> WHEREAS, Aurora, Bartlett, Belleville, Champaign, Decatur, Evanston, Freeport,
<br /> Maywood, Morton Grove, Niles, Palatine, Pekin, Peoria, Peoria Heights, Rantoul, Rolling
<br /> Meadows, Springfield, Urbana, Waukegan and Wilmette (collectively, the "Municipalities")
<br /> are each a unit of local government and a public agency of the State of Illinois; and
<br /> WHEREAS, pursuant to the Constitution of the State of Illinois, and particularly
<br /> Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, each
<br /> Municipality has the power to issue its revenue bonds for public purposes, including the
<br /> financing and purchase of mortgage loans to finance single family residences for low and
<br /> moderate income persons within its corporate boundaries, and to pledge to the payment of
<br /> the principal of, premium, if any, and interest on such revenue bonds the payments made
<br />' with respect to the mortgage loans purchased with and financed by the proceeds of such
<br /> revenue bonds; and .
<br />, WHEREAS, the Municipalities have determined that it is necessary and desirable to
<br /> have Aurora, Niles and Springfield (the "Issuers")jointly issue such revenue bonds on behalf
<br /> of all of the Municipalities for the purpose of financing and purchasing mortgage loans to
<br /> finance single family residences for low and moderate income persons within the corporate
<br /> boundaries of the Municipalities (the "Program"); and
<br /> WHEREAS, to provide for the Program, the Issuer proposes to issue, sell and deliver
<br /> $36,740,000 aggregate principal amount of Collateralized Single Family Mortgage Revenue
<br /> Bonds, Series 1998 (the "Bonds") on behalf of all of the Municipalities to obtain funds to
<br /> finance the acquisition of mortgage-backed securities (the "GNMA Securities") of the
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