Title
Ordinance authorizing participation in the ASSIST 2009 First-Time Homebuyers Down Payment Assistance Program
Staff Summary
• This program provides for loans to be made available to first-time homebuyers at interest rates competitive with conventional rates. First-time homebuyers must meet the following criteria: (1) occupy the home as their primary residence; (2) meet income guidelines; and, (3) meet purchase price guidelines.
• ASSIST 2009 provides 4.75% in cash assistance to qualifying homebuyers for closing costs of which 1.75% goes to the lender as origination fees and 3% goes to the homebuyer for closing costs and a down payment.
• The bond is funded out of the Governor’s 2009 unallocated pool of IRB Volume Cap and other government units’ Private Activity Bond Volume Cap. This will be a statewide pool. If needed, Lake County will receive an allocation of First-Time Homebuyers Funds from the Governor’s allocation equal any demand for participation in the program.
• The bond funds are provided to Participating Lenders for their direct loans to Lake County residents.
• Since 2005, Lake County’s participation in the ASSIST Program has helped 209 families purchase homes totaling more than $31 million. The average loan amount was in excess of $152,000. A summary of the originations as well as a map showing the locations of the loans are attached.
Body
Minutes of a regular public meeting of the County Board of The County of Lake, Illinois, held at the County Building, located at 18 North County Street, Waukegan, Illinois at 9:00 o’clock, A.M., on the ______ day of ______________, 2009.
The County Board Chairperson called the meeting to order, and directed the County Clerk to call the roll.
Upon the roll being called, the County Board Chairperson and the following members of the County Board answered present:
.
The following members of the County Board were absent:
.
* * *
(Other Business)
__________________ presented, and the County Clerk read in full, the following ordinance:
Ordinance No. ________
An Ordinance authorizing the public approval of the issuance of certain Collateralized Single Family Mortgage Revenue Bonds and certain documents in connection therewith; and related matters.
Whereas, The County of Lake, Illinois, is a political subdivision duly organized and validly existing under the Constitution and the laws of the State of Illinois (the “County”); and
Whereas, pursuant to the Constitution and the laws of the State of Illinois, and particularly 50 Illinois Compiled Statutes 2008, 465/1 et seq., as supplemented and amended (the “Act”), the County is authorized to issue its revenue bonds in order to aid in providing an adequate supply of safe, decent and sanitary residential housing for low and moderate income persons and families within the County, which such persons and families can afford, which constitutes a valid public purpose for the issuance of revenue bonds by the County; and
Whereas, the County has now determined that it is necessary, desirable and in the public interest to issue revenue bonds to provide an adequate supply of safe, decent and sanitary residential housing for low and moderate income persons and families within the County, which such persons and families can afford; and
Whereas, pursuant to Section 10 of Article VII of the 1970 Constitution of the State of Illinois and the Intergovernmental Cooperation Act (5 Illinois Compiled Statutes 2008, 220/1 et seq., as supplemented and amended), public agencies may exercise and enjoy with any other public agency in the State of Illinois any power, privilege or authority which may be exercised by such public agency individually, and pursuant to the Act, one or more public agencies (whether or not any of them are home rule units) may join together or cooperate with one another in the exercise, either jointly or otherwise, of any one or more of the powers conferred by the Act or other enabling acts or powers pursuant to a written agreement, and, accordingly, the County has previously entered into an Intergovernmental Cooperation Agreement (the “Cooperation Agreement”) dated as of April 1, 2005, by and among the County and certain other units of local government named therein (the “Units”), as from time to time supplemented and amended, to provide for the joint issuance of such revenue bonds to aid in providing an adequate supply of residential housing in such Units (the “Program”); and
Whereas, to provide for the Program, the City of Aurora, Kane, DuPage, Will and Kendall Counties, Illinois (the “Issuer”), proposes to issue, sell and deliver its Collateralized Single Family Mortgage Revenue Bonds in an aggregate principal amount not to exceed $600,000,000 (the “Bonds”) in one or more series to obtain funds to finance the acquisition of mortgage-backed securities (the “GNMA Securities”) of the Government National Mortgage Association (“GNMA”), evidencing a guarantee by GNMA of timely payment, the acquisition of mortgage-backed securities (the “FNMA Securities”) of the Federal National Mortgage Association (“FNMA”), evidencing a guarantee by FNMA of timely payment, and the acquisition of mortgage-backed securities (the “FHLMC Securities”) of the Federal Home Loan Mortgage Corporation (“FHLMC”), evidencing a guarantee by FHLMC of timely payment, of monthly principal of and interest on certain qualified mortgage loans under the Program (the “Mortgage Loans”), on behalf of the County and the other Units all under and in accordance with the Constitution and the laws of the State of Illinois; and
Whereas, a notice of combined public hearing with respect to the plan of finance of the costs of the Program through the issuance of the Bonds has been published in The News-Sun, a newspaper of general circulation in the County, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), on October 2, 2009, and appropriately designated hearing officers of the City of Aurora, Kane, DuPage, Will and Kendall Counties, Illinois, the City of Belleville, St. Clair County, Illinois, the City of Champaign, Champaign County, Illinois, and the City of East Moline, Rock Island County, Illinois, have conducted said combined public hearing on October 23, 2009;
Now, Therefore, Be It Ordained by the County Board of The County of Lake, Illinois, as follows:
Section 1. That it is the finding and declaration of the County Board of the County that the issuance of the Bonds by the Issuer is advantageous to the County, as set forth in the preamble to this authorizing ordinance, and therefore serves a valid public purpose; that this authorizing ordinance is adopted pursuant to the Constitution and the laws of the State of Illinois, and more particularly the Act, Section 10 of Article VII of the 1970 Constitution of the State of Illinois and the Intergovernmental Cooperation Act; that the determination and definition of “maximum home value,” “minimum home value,” “persons of low and moderate income” and the other standards required by the Act are set forth in the origination and servicing agreement referred to in the Cooperation Agreement; and that, by the adoption of this authorizing ordinance, the County Board of the County hereby approves the issuance of the Bonds for the purposes as provided in the preamble hereto, the text hereof and the notice of public hearing referred to in the preamble hereto, which notice is hereby incorporated herein by reference, and the conduct of the combined public hearing referred to in the preamble hereto, which public approval shall satisfy the provisions of Section 147(f) of the Code.
Section 2. That the form, terms and provisions of the Cooperation Agreement be, and they are hereby, in all respects affirmed.
Section 3. That the County Board Chairperson, the County Clerk and the proper officers, officials, agents and employees of the County are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents and certificates as may be necessary to carry out and comply with the provisions of the Cooperation Agreement and to further the purposes and intent of this authorizing ordinance, including the preamble to this authorizing ordinance.
Section 4. That all acts of the officers, officials, agents and employees of the County heretofore or hereafter taken, which are in conformity with the purposes and intent of this authorizing ordinance and in furtherance of the issuance and sale of the Bonds, be, and the same hereby are, in all respects, ratified, confirmed and approved, including without limitation the publication of the notice of public hearing.
Section 5. That the County Board Chairperson of the County is hereby authorized to request unified volume cap from the Office of the Governor of the State of Illinois for the Program in each of the years of 2010, 2011 and 2012; and the County hereby allocates all unified volume cap received or to be received by the County from the Office of the Governor of the State of Illinois for the Program, if any, to the issuance of the Bonds; and that the County, by the adoption of this authorizing ordinance, hereby represents and certifies that such volume cap has not been allocated to any other bond issue or transferred back to the Office of the Governor or otherwise.
Section 6. That no pledge, agreement, covenant, representation, obligation or undertaking by the County contained in this authorizing ordinance and no other pledge, agreement, covenant, representation, obligation or undertaking by the County contained in any other document executed by the County in connection with the Program or the Bonds shall give rise to any pecuniary liability of the County or charge against its general credit, or shall obligate the County financially in any way; that no failure of the County to comply with any term, condition, covenant, obligation or agreement herein or therein shall subject the County to liability for any claim for damages, costs, or other financial or pecuniary charge and no execution of any claim, demand, cause of action or judgment shall be levied upon or collected from the general credit, general funds or other property of the County.
Section 7. That the provisions of this authorizing ordinance are hereby declared to be separable, and if any section, phrase or provision of this authorizing ordinance shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases and provisions of this authorizing ordinance.
Section 8. That all ordinances, resolutions and orders, or parts thereof, in conflict with the provisions of this authorizing ordinance are, to the extent of such conflict, hereby superseded; and that this authorizing ordinance shall be in full force and effect upon its adoption and approval as provided by law.
Presented, passed, approved and recorded by the County Board of The County of Lake, Illinois, this ______ day of ______________, 2009.
Approved:
County Board Chairperson
[Seal]
Attest:
______________________________________
County Clerk and Ex Officio Clerk of the
County Board
Ayes:
Nays:
Absent or Not Voting:
County Board Member ________________ moved, and County Board Member _______________ seconded the motion, that said ordinance as presented and read by the County Clerk be adopted.
After a full discussion thereof, the County Board Chairperson directed that the roll be called for a vote upon the motion to adopt said ordinance, as read.
Upon the roll being called, the following members of the County Board voted:
Aye:
.
Nay: .
Absent or Not Voting: .
Whereupon the County Board Chairperson declared the motion carried and said ordinance adopted, and hereforth did approve and sign the same in open meeting, and did direct the County Clerk to record the same in full in the records of the County Board of The County of Lake, Illinois.
* * *
(Other Business)
Upon motion duly made and seconded, the meeting was adjourned.
[Seal]
County Clerk
State of Illinois )
) SS.
County of Lake )
I, the undersigned, do hereby certify that I am the duly qualified and acting County Clerk of The County of Lake, Illinois, and as such officer I am the Ex Officio Clerk of the County Board of said County and the keeper of the records and files of said County Board and said County.
I do further certify that the foregoing constitutes a full, true and complete transcript of the minutes of the legally convened meeting of said County Board of said County held on the ____ day of ___________, 2009, insofar as same related to the adoption of an ordinance entitled:
An Ordinance authorizing the public approval of the issuance of certain Collateralized Single Family Mortgage Revenue Bonds and certain documents in connection therewith; and related matters.
a true, correct and complete copy of which said ordinance as adopted at the same meeting appears in the foregoing transcript of the minutes of said meeting.
I do hereby further certify that the deliberations of the County Board of said County on the adoption of said ordinance were taken openly; that the vote on the adoption of said ordinance was taken openly; that said meeting was called and held at a specified time and place convenient to the public; that notice of said meeting was duly given to all the news media requesting such notice; that an agenda for said meeting was posted at the location where said meeting was held and at the principal office of the County Board of said County on a day which was not a Saturday, Sunday or legal holiday for Illinois municipalities at least forty-eight (48) hours in advance of the holding of said meeting; that said agenda contained a separate specific item concerning said ordinance; and that said meeting was called and held in strict accordance with the provisions of the Open Meetings Act of the State of Illinois, as amended, and with the provisions of the County Code, as amended, and that said County Board has complied with all of the applicable provisions of said Act and said Code and its procedural rules in the adoption of said ordinance.
In Witness Whereof, I have hereunto affixed my official signature and the seal of said County, this _____ day of _______________, 2009.
County Clerk, and Ex Officio Clerk of the County Board, The County of Lake, Illinois
[Seal]