HomeMy WebLinkAboutResolutions - RS-92-8 - 07/01/1992 - Bond for Chroma CorpR-92- 8
PRELXMINARY BOND RESOLUTION
WHEREAS, the City of McHenry, X11inoies (the "City")
Issued its $2,600,000 Economic Development Revenue Bond (Chroma
Corporation Project) Series 1984 (the 111984 Bond") on May 17, 1984
to finance the construot.ion and equipping of a certain industrial
building for Chroma Corporation, a Delaware Corporation (the
"Company") located at 3900 Dayton Street, McHenry, Illinois 60050
(the "Site"); and
WHEREAS, the Company desire$ to ,refund the 1984 Bond and
to acquire new equipment and construct an addition to the existing
building for use by the Company at the Site (the "Project");
WHEREAS, the Company wishes to have the City issue its
revenue bonds to provide financing for refunding the 1984 Bond and
for a portion of the coats of e3uch Project; and
WHEREAS, a Memorandum of Agreement (the "Memorandum of
Agreement") has been presented to the City under the terms of which
the City agrees, subject to the provisions of such agreement, to
issue its revenue bonds and lend the proceeds thereof to the
Company to finance the refunding of the 1984 Bond and a portion of
the costs of the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF McHENRY, MCHENRY COUNTY, ILLINOIS AS FOLLOWS:
1. That the Mayor and City Clerk of the City are
hereby authorized to execute the Memorandum of Agreement with
the Company in substantially the form of such agreement as was
presented at this meeting or with such changes therein as
shall be approved by the officers executing the same.
2. That the officers and employees of the City are
hereby authorized to take such further action as is nsceasary
to carry out the intent and purpose of the Memorandum of
Agreement as executed, including, but not limited to applying
for the volume, cap allocation, and to cause its revenue bonds
to be issued upon the terms and conditions stated in such
Memorandum of Agreement with respect to the refunding of the
1984 Bond and the Project described in the Memorandum of
Agreement, which Memorandum of Agreement is hereby made a part
of this Resolution.
3. That the City will hold n public hearing on the
Project in compliance with Section 147(f) of the Internal
Revenue Code of 19861 as amended on a date mutually agreeable
to the City and the Company and the City Clerk is authorized
to publish the appropriate notice prior to said public
hearing.
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ADOPTED ON JUIJ 1, 1992,
Dennis Adams,
AYES: William Bolger, Toni Donanue, Cecilia Serritella, Randy Patterso)
NAYS; None
ABSENT: Gary Lieder, Terence Locke, Raymond Smith
ABSTAINED: None
NOT VOTING: None
APPROVED THIS 1ST DAY OF JULY, 1992.
M; Mayor
William a &-aulr6e
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itv, lerk
B7arbara E. Gilpin
Recorded in the City Records on July 1, 1992.-
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