HomeMy WebLinkAboutResolutions - R-83-32 - 11/21/1983 - Bonds for NIMED R-83-32
PRELIMINARY BOND RESOLUTION
WHEREAS , pursuant to The Industrial Project Revenue Bond
Act of the State of Illinois, (the "Act" ) , the City of McHenry,
McHenry County, Illinois (the "City" ) is authorized to finance
the acquisition, purchase, construction, reconstruction, better-
ment or extension of " industrial projects" as defined in the Act;
and
WHEREAS, NIMED CORP. wishes to secure financing for the
acquisition, improvement and equipping of a Professional Arts
Building, and all improvements and equipment to be acquired,
constructed or installed therein, will constitute an "industrial
project" as defined in the Act (the "Project" ) ; and
WHEREAS , a Memorandum of Agreement has been presented to the
City under the terms of which the City agrees, subject to the pro-
visions of such agreement, to issue its revenue bonds to provide
the financing for such 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 a Memorandum of Agreement with NIXED CORP.
in substantially the form of such agreement as is presented at
this meeting or with such changes therein as shall be approved
by the officers executing the same.
2 . That the Mayor and employees of the City -are hereby auth-
orized to take such further action as is necessary to carry out
the intent and purpose of the Memorandum of Agreement as executed
and upon fulfillment of the conditions stated in the Memorandum of
Agreement, to cause its revenue bonds to be issued in an amount of
not to exceed $2, 000 , 000 to provide the financing for the Project
as described in the Memorandum of Agreement which is hereby made a
part of this Resolution.
3. That a public hearing on the Project in compliance with
Section 103 (b) of the Internal Revenue Code of 1954 , as amended
by the Tax Equity and Fiscal Responsibility Act of 1982 shall be
held by the City Council at their regular meeting place on such
date as the Mayor shall determine and the City Clerk is hereby
authorized and directed to cause notice of such public hearing
to be published in a newspaper of general circulation within the
City not less than 14 days prior to said hearing date.
Ayes :
Nays . gl. W
---j44"/-2"(
Mayor
Approved on November 21, 1983
Attest:
City Clerk
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