R97-46 AUTHORIZING THE REALLOCATION OF 1997 VOLUME CAP

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Section l. That in accordance with and pursuant to the power and authority granted by and under Section 6 of Article VII of the Constitution of Illinois, Section 146 of the Code and Section 6 of the Act, including the Guidelines and Procedures, the City hereby reserves to and for Harvey and hereby irrevocably agrees to and does hereby reallocate $2,500,000 of its 1997 volume cap to Harvey to be used for the Borrower and the City will be paid a fee in the amount of one percent (1%) of the 1997 volume cap actually used by Harvey in regard to the issuance of the private activity bonds at the time of closing the bonds. Section 2. That this Resolution shall constitute the agreement of the City to a different allocation under Section 146(e)(3) of the Code and the "writing" required under Section 6 of the Act. As required by the Act, Harvey shall maintain in its records for the term of the bonds a record of reallocation as described in Section 1 of this Resolution. Within ten (10) calendar days of the date the bonds are issued, Harvey shall file or cause to be filed, in the Office of the Governor of the State of Illinois, written evidence of such reallocation and a confirmation of bond issuance letter as described in the Guidelines and Procedures. Section 3. That the City hereby covenants and warrants that it has taken no action or issued bonds which would abrogate, diminish or impair its ability to fulfill the written agreement, covenants and undertakings on its part under this Resolution. , Section 4. That this Resolution shall be effective immediately upon passage and approval. PRESENTED AND ADOPTED this 7th day of April, 1997. Y M. HO MAYOR ATTEST: �� , . , �� _ � �,L 2�� CITY CLERK