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• . . <br /> COUNCIL MEMORANDUM <br /> #96-25 <br /> April 11, 1996 <br /> TO: The Honorable Mayor and City Council Members <br /> FROM: Daniel R. Sommerfeldt, Acting City Manager <br /> John W. Couter, Corporation Counse v <br /> � � <br /> RE: Ring Can Corporation <br /> By Resolution No. 95-132, approved September 5, 1995, the City Council approved a <br /> Memorandum of Intent to issue economic development bonds for Ring Can Corporation. By <br /> state law, allocation for such private activity bonds automatically reverts to the State of Illinois in � <br /> May of each year unless specifically reserved by the City. A resolution reserving such allocation <br /> for Ring Can, pursuant to previous Council resolution, is on the agenda for the meeting of <br /> Monday, April 15th. As it is in accordance with previous Council authority, staff recommends <br /> approval. <br /> JWC:ps <br />