90-76 PRELIMINARILY APPROVING THE ISSUANCE OF QUALIFIED MORTGAGE BONDS OR MORTGAGE CREDIT CERTIFICATES

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! ' r' . ' • r , , . � • Municipality in order to provide decent, safe and sanitary housing for qualifying persons of moderate income. It is further hereby found, determined and declared that this will provide for and promote the public health, safety, morals and welfare, maintain and foster the increase of industrial and commercial activity and economic development, and preserve and increase the ad valorem tax base of the Municipality and its environs. The foregoing are hereby declared and determined to be public purposes and functions pertaining to the government and affairs of the Municipality. Section 3. Preliminary Authorization for Issuance of Qualified Mortgage Bonds or Mortgage Credit Certificates. The Mayor, City Clerk and other officers of the Municipality are hereby authorized to take such steps as are necessary to provide for the issuance by the City, subject to City Council approval of the final terms of all instruments and agreements to be entered into in connection therewith, of its qualified mortgage bonds or, in lieu thereof, mortgage credit certificates. Such qualified mortgage bonds shall be issued in one or more series in a principal amount not to exceed the "volume cap" approved by the State of Illinois as approved pursuant to Section 4 hereof. If mortgage credit certificates are issued in lieu of qualified mortgage bonds, the Municipality shall elect not to issue qualified mortgage bonds in an amount not to exceed the amount set forth in the preceding sentence. Section 4. 1990 Volume Cap. The Mayor and other officials of the Issuer are hereby authorized to take such actions as are necessary under the Illinois Private Activity Bond Allocation Act ' to obtain up to $15,000 , 000 of "volume cap" as defined therein for the calendar year 1990 for purposes of the issuance of either qualified mortqage bonds or mortgage credit certificates as described herein. Section 5. Approval of Further Actions. From and after the adoption of this Ordinance, the proper officials, agents and employees of the Municipality are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of this Ordinance or to effectuate the purposes hereof. Section 6 . Repeal of Conflicting Actions. Al1 ordinances, resolutions, orders or parts thereof, in conflict with the provisions of this Ordinance are, to the extent of such conflict, hereby repealed. Section 7 . Effective Date. This Ordinance shall be in full force and effect upon its passage and approval.