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90-100 ESTABLISHING A QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAM
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90-100 ESTABLISHING A QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAM
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Last modified
8/23/2016 11:21:15 AM
Creation date
8/23/2016 11:21:14 AM
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Resolution/Ordinance
Res Ord Num
90-100
Res Ord Title
ESTABLISHING A QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAM PURSUANT TO THE AUTHORITY OF SECTION 25 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED...
Approved Date
9/4/1990
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� <br /> 1 � <br /> ORDINANCE NO. ��/ )� 'CG� <br /> 7�- <br /> AN ORDINANCE ESTABLISHING A QUALIFIED MORTGAGE <br /> CREDIT CERTIFICATE PROGRAM PURSUANT TO THE <br /> AUTHORITY OF SECTION 25 OF THE INTERNAL REVE- <br /> NUE CODE OF 1986, AS AMENDED; APPROVING THE <br /> ISSUANCE OF c�UALIFIED MORTGAGE CREDIT CERTIFI- <br /> CATES; APPROVING THE FORM AND AUTHORIZING THE <br /> EXECUTION OF AN ADMINISTRATION AGREEMENT FOR <br /> THE ISSUANCE OF QUALIFIED MORTGAGE CREDIT <br /> CERTIFICATES; APPROVING THE ELECTION NOT TO <br /> ISSUE QUALIFIED MORTGAGE BONDS; APPROVING THE <br /> FORM AND AUTHORIZING THE PUBLICATION Or^ A <br /> NOTICE OF THE ISSUANCE OF QUALIFIED MORTGAGE <br /> CREDIT CERTIFICATES; AND AUTHORIZING THE <br /> PROPER OFFICERS, STAFF AND ELECTED OFFICIALS <br /> TO DO ALL OTHER THINGS NECESSARY AND INCIDEN- <br /> TAL THERETO IN ORDER TO EFFECTIVELY IMPLEMENT <br /> AND ESTABLISH A QUALIFIED MORTGAGE CREDIT <br /> CERTIFICATE PROGRAM. <br /> WHEREAS, the provisions of Section 6 (a) of Article VII <br /> of the 1970 Constitution of Illinois provide that "any <br /> muaicipality which has a population of more than 25, 000 . . . <br /> ( is) a Home Rule Unit" and the City of Decatur, Macon County, <br /> Illinois ( the "Municipality" ) , has a population of :ncre than <br /> 25,000 and is therefore a Home Rule Unit and may, under the power <br /> granted by said Section 6(a) of Article VII of said Constitution <br /> or 1970, exercise any power and perform any function pertaining <br /> to its government and affairs; and <br /> WHEREAS, �here exists within the borders of the Munici- <br /> pality a recognized need for decent, safe, sanitary and well- <br /> constructed and maintained housing which persons of moderate <br /> income can afford; and <br />
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