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PROPOSED RESOLUTION
A RESOLUTION OF THE COUNTY OF COOK, ILLINOIS AUTHORIZING THE EXECUTION OF AN INTERGOVERNMENTAL COOPERATION AGREEMENT BETWEEN THE COUNTY AND THE TOWN OF NORMAL, McLEAN COUNTY, ILLINOIS ("NORMAL"), AND AUTHORIZING NORMAL TO EXERCISE THE POWERS OF THE COUNTY OF COOK, ILLINOIS IN CONNECTION WITH AN MCC PROGRAM AND A LOAN FINANCE PROGRAM.
WHEREAS, Section 10 of Article VII of the Constitution of the State of Illinois authorizes units of local government and school districts to contract or otherwise associate among themselves in any manner not prohibited by law or by ordinance; and
WHEREAS, the Intergovernmental Cooperation Act (5 Illinois Compiled Statutes, 220/1 et seq., as supplemented and amended), authorizes public agencies to exercise any power or powers, privileges or authority which may be exercised by any such public agency individually to be exercised and enjoyed jointly with any other public agency in the State of Illinois; and
WHEREAS, Normal and the County of Cook (the "Cooperating Unit") are each a unit of local government, home rule unit and a public agency of the State of Illinois; and
WHEREAS, pursuant to the Constitution and the laws of the State of Illinois, and particularly Section 6(a) of Article VII of the Constitution of the State of Illinois, Normal has the power to issue its revenue bonds for public purposes, including the financing and purchase of mortgage loans to finance single family residences for low and moderate income persons ("Mortgage Loans") within its corporate boundaries, and to pledge to the payment of the principal of, premium, if any, and interest on such revenue bonds the payments made with respect to the Mortgage Loans purchased with and financed by the proceeds of such revenue bonds; and
WHEREAS, pursuant to the Constitution and the laws of the State of Illinois, and particularly 50 Illinois Compiled Statutes, 465/1 et seq., as supplemented and amended, the Cooperating Unit has the power to issu...
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