HomeMy WebLinkAboutResolutions - R-200909-12-273 - 09/01/2009 - ALLOCATE RECOVERY ZONE FOR AMER RECOVERY AND REINVR-200909-12-273
AGENDA # 15.2.B (051
RESOLUTION
ALLOCATING RECOVERY ZONE VOLUME CAP AND APPROVING A PROJECT
FOR THE CITY OF McHENRY FOR THE PURPOSES OF THE AMERICAN
RECOVERY AND REINVESTMENT TAX ACT OF 2009
WHEREAS, The American Recovery and Reinvestment Tax Act of 2009 (the "Act")
grants the County of McHenry, Illinois (the "County") certain authority to issue Recovery Zone
Economic Development Bonds and Recovery Zone Facility Bonds (the 'Bonds") and distribute
recovery zone allocation (the "Allocation") among borrowers and units of local government; and
WHEREAS, the Act requires the County to make certain findings of fact and designate
the County as a recovery zone (the "Recovery Zone") pursuant to the requirements of the Act;
and
WHEREAS, the County Board (the "County Board") of the County has designated
McHenry County a Recovery Zone; and
WHEREAS, the City of McHenry has submitted an application to the County requesting
an Allocation for a capital improvement project (the "Project"); and
WHEREAS, the County has reviewed the application and Project and has made certain
findings of fact;
NOW THEREFORE be it and it is hereby resolved by the County Board of the County,
as follows:
Section 1. The County meets certain conditions specified in the Act required to
designate the County as a Recovery Zone, those conditions being a significant increase in the
unemployment rate, an increase in the rate of home foreclosures, and general distress and the
County has been designated as a Recovery Zone.
Section 2. The County Board hereby approves the Project submitted by the City of
McHenry and designates $2,500,000 of Recovery Zone Allocation to the City of McHenry to
issue Bonds to finance the Project.
Section 3. The Allocation shall be used to issue bonds to fmance the Project and said
Bonds must close no later than March 1, 2010. In the event the Bonds do not close by March 1,
2010, then the Allocation shall expire and revert back to the County.
Section 4. All actions of the officers, agents and employees of the County that are in
conformity with the purposes and intent of this Resolution, whether taken before or after the
adoption hereof, are hereby ratified, confirmed and adopted.
Section 5. This resolution shall be in full force and effect immediately upon its
adoption.
Farecoveryzone city of mcHenry 9.15.09
C/83014.1
R-200909-12-273
BE IT FURTHER RESOLVED, that the County Clerk is hereby authorized to
distribute a copy of this Resolution to the City of McHenry, the County Administrator,
Deputy County Administrator, Associate County Administrator -Finance, and County
Auditor.
DATED, and adopted this fifteenth day of September, A.D., 2009
AYES: Schmidt, Schuster, Wheeler, Yensen, Barnes, Bless, Donley, Donner,
Draffkorn, Dvorak, Hammerand, Heisler, Hill, Kennedy, McCann,
Miller, Munaretto, Orphal, Ryan, Salgado, Keohler
NAYES:
ABSENT: Breeden, Merkel, Peschke
Kenneth D. Koehler, Chairman
McHenry County Board
Attest:
Katherine C. Schultz, Coun 9erk
County of McHenry, Illinois
-2-
C/83014.1
STATE OF ILLINOIS )
SS
COUNTY OF MCHENRY 1
I, Katherine C. Schultz, County Clerk within and for said County and State aforesaid, do hereby
certify the attached to be a true and complete copy of Resolution No. R-200909-12-273 Resolution
allocating Recovery Zone Volume Cap and approving a project for the City of McHenry for the purposes of
the American Recovery and Reinvestment Tax Act of 2009. WHEREOF I have hereunto subscribed my
hand and affixed the official seal of said County, at my office in Woodstock, Illinois this 16 ° day of
ier, bw A.D, ,2vv 9
McHenry County Clerk
(t)
OFFICE OF
KATHERINE C. SCHULTZ
McHENRY COUNTY CLERK
McHENRY COUNTY GOVERNMENT CENTER
2200 N. SEMINARY AVENUE
WOODSTOCK, ILLINOIS 60098
PHONE 815/334-4242 • FAX 815/334-8727
E-MAIL countyclerk@co.mchenry.il.us
MEMO
TO: Susan Low
Mayor
FROM: Katherine C. Schultz
County Clerk
DATE: September 17, 2009
RE: Resolution Approved by McHenry County Board
PI&S, TO.
Enclosed is a copy of a Resolution for your records approved by the McHenry
County Board on September 1s'Allocating Recovery Zone Volume Cap and Approving a
Project for the City of McHenry for the purposes of the American Recovery and
Reinvestment Tax Act of 2009.
Thank you,
Katherine C. Schultz
KCS:lf
enc