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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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8/23/2016 11:21:15 AM
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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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necessary under the Illinois Private Activity Bond Allocation Act <br /> to obtain up to $15, 000 ,000 of "volume cap" as defined therein <br /> for purposes of the Municipality' s election not to issue Quali- <br /> fied Mortgage Bonds in order to issue Certificates under the <br /> Program and all such actions are hereby ratified and confirmed. <br /> Section 12. Ratification. The actions of the offi- , <br /> cials of the Municipality heretofore taken in connection with the <br /> Certificates and the Program are hereby ratified and confirmed. I <br /> Section 13 . Approval of Further Actions . Frorn and � <br /> after the execution and delivery of the documents hereby <br /> approved, the proper officials, agents and employees of the Muni- <br /> cipality are hereby authorized, empowered and directed to do all <br /> such acts and things and to execute all such documents as may be <br /> necessary to carry out and comply with the provisions of said <br /> documents as executed, and to further the purposes and intent of <br /> this Ordinance, including the preambles hereto. All acts and <br /> doings of the officials of the Municipality which are in conform- <br /> ity with the purposes and intent of this Ordinance and in fur- <br /> therance of the issuance of the Certificates and the establish- <br /> ment of the Program be, and the same are hereby in all respects, <br /> approved and confirmed. <br /> Section 14 . Severability. The provisions of this <br /> Ordinance are hereby declared to be separable, and if any sec- <br /> tion, phrase or provision shall for any reason be declared to be <br /> invalid, such declarations shall not affect the validity of the <br /> remainder of the sections, phrases or provisions. <br /> -10- <br />
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