R-89-98 Declaration of official intentRESOLUTION
DECLARATION OF OFFICIAL INTENT
BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE
OF LEMONT, ILLINOIS, as follows:
Section 1. Findings. It is found and declared as follows:
(a) the Village of Lemont, Illinois (the "Village ") proposes to finance the costs of
the capital improvements listed on Exhibit A attached to and made part of this Resolution in respect
of the Lemont Senior Housing project, to be located in the Downtown Lemont Redevelopment Area
(the "Area ") through the issuance of not to exceed $2,000,000 of revenue bonds of the Village;
(b) it is the intention of the Village so to issue its bonds, interest on which will be
excluded from gross income for federal income tax purposes;
(c) the bonds will be special and limited obligations of the Village, payable solely
from certain amounts on deposit in the Special Tax Allocation Fund of the Village for the Area; and
(d) it is necessary and in the best interests of the Village to declare its official intent
under Section 1.150 -2 of the Treasury Regulations under the Internal Revenue Code of 1986 so to issue
its bonds.
Section 2. Official Intent. The Village declares its official intent to issue not to
exceed $2,000,000 of its tax - exempt revenue bonds, in one or more series, to finance the costs of
infrastructure improvements in respect of the Lemont Senior Housing project which are "eligible
redevelopment project costs," including also, without limitation, related expenses, costs of issuance,
capitalized interest and reserves and to use proceeds of those bonds to reimburse such expenditures
which have been or will be made for that acquisition, construction and equipping, to the extent
allowed by the Internal Revenue Code of 1986 and related regulations.
Section 3. Implementation. This Resolution does not constitute any contractual
or other obligation of the Village to finance the costs described in this Resolution. Issuance of the
bonds shall be approved by one or more ordinances of the Village Council of the Village.
AYES:
NAYS:
ABSENT:
Section 4. Effectiveness. This Resolution is effective upon its adoption.
Adopted Q--02g)- , 1998.
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ATTEST:
JAM 01.
Rl age Clerk
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Concrete Service Walks
Storm Drains
Road Works
Streets & Parking
Site Lighting
Earthwork
Watermains
Sanitary Sewers
Utilities
Fencing
Landscaping
Irrigation
Architect's and TIF Consultant Fees
Legal Fees
Appraisal Fees
Marketing Fees
Environmental Studies
Consultants' Fees
Engineering Fees
Bonds and Permits
130781.1 091698 1519
EXHIBIT A