HomeMy WebLinkAboutResolutions - R-89-25.A - 10/18/1989 - RAE Corp, Bond IDFARESOLUTION NO. R-89-25.A
A RESOLUTION AUTHORIZING TRANSFER OF
INTEREST IN MEMORANDUM OF AGREEMENT
WHEREAS, the Corporate Authorities of the City of
McHenry, McHenry County, Illinois, adopted a Resolution
which authorized the execution of a Memorandum of Agreement
relating to the issuance of not to exceed $1,400,000 of
industrial development revenue bonds for a project in
McHenry, Illinois (the "Project") to be acquired and
constructed by RAE CORPORATION (the "Borrower") on October
11, 1989; and
WHEREAS, at the time of adoption of said Resolution it
was the intention of the City to issue its industrial
development revenue bonds to finance said Project upon the
condition that all terms thereof be acceptable to the City;
and
WHEREAS, the City is unable to obtain sufficient bond
allocation to allow the City to issue the bonds; and
WHEREAS, the Illinois Development Finance Authority
does have sufficient bond allocation available to it to
issue the bonds; and
WHEREAS, the City desires to help the Borrower to
obtain the bond allocation and to assign its interest in the
Memorandum of Agreement to the Illinois Development Finance
Authority.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF MCHENRY, MCHENRY COUNTY, ILLINOIS, as follows:
SECTION 1. That the City hereby transfers to the
Illinois Development Finance Authority its interest in the
Memorandum of Agreement relating to the Project of the
Borrower in McHenry, Illinois.
SECTION 2. The City hereby waives its rights under
Section 6.1 of The Illinois Development Finance Authority
Act to disapprove of the Project and approves said Project.
SECTION 3. That the City Clerk is directed to send a
certified copy of this Resolution to the Illinois
Development Finance Authority upon adoption.
SECTION 4. That this Resolution shall be in full force
and effect upon its passage and approval.
PASSED THIS 18th DAY OF October , 1989.
AYE S:Bolger, Donahue, Lieder, McClatchey, Patterson, Serritella, Smith
NAYS: None
ABSENT: Teta
APPROVED THIS 18th DAY OF October , 1989.
MA R
ATTEST:
CITY CLERK