2024-11-04 - Resolution 2024-26 - CEDING THE 2024 UNUSED PRIVATE ACT BOND VOL CAP OF VBG (INCLUDING VOL CAP TRANSFERRED FROM OTHR LAKE COUNTY HOME RULE UNITS) TO LAKE CO ��,�,�_ ; RESOLUTION 2024-26
BUFFALtJ I PRIVATE ACTIVITY BIOND VOLUME CAP OF
G�V� THE VILLACE OF BUFFALO GROVE
(INCLUDING VOLUME CAP TRANSFERRED
FROM OTHER LAKE COUNTY HOME RULE
UNITS) TO LAKE COUNTY
WHEREAS the Village of Buffalo Grove, Cook and Lake Counties, Illinois (the
"Village") is a municipality and a home rule unit of government duly organized and
validly existing under Section 6(a) of Article VI I of the 1970 Constitution and laws of
the State of Illinois; and
WHEREAS in order to facilitate economic development both in the Village of
Buffalo Grove and in Lake County, Illinois, the Village has received Volume Cap from
the Lake County Home Rule Municipalities in the amounts identified in Exhibit A to
consolidate management under control of a single Home Rule entity in cooperation
with Lake County Partners Private Activity Bond Clearinghouse (the "PABC"); and
WHEREAS tax exempt private activity bonds provide for opportunities to
increase business and commerce and relieve conditions of unemployment; and
WHEREAS the PABC has $46,547,250 of calendar year 2024 unused Volume
Cap available from Lake County Home Rule Units; and
WHEREAS the PABC has recommended that it is in the best interest of the
Village of Buffalo Grove to transfer $46,547,250 of unused Volume Cap to Lake
County, Illinois and thereby permit Lake County to issue tax-exempt private activity
bonds to finance multi-family projects; and
WHEREAS it is in the best interest of the Village, Lake County Home Rule
Municipalities, and Lake County Partners to collect the anticipated 1.0%Volume Cap
fee as soon as possible; and
WHEREAS the Village will report this transfer of$46,547,250 of unused
Volume Cap to Lake County, Illinois to the State of Illinois Bureau of the Budget as
soon as reasonably possible; and
NOW THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Buffalo Grove, Cook and Lake Counties, Illinois, as follows:
SECTION 1. That the Village of Buffalo Grove hereby transfers $46,547,250 of unused
Volume Cap to Lake County, Illinois.
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SECTION 2. The PABC and the Village shall both retain a copy of this Resolution in
their records for a minimum of 30 years. Notice of this Resolution together with a
copy of this Resolution shall be given in writing by the Village after passage and
approval hereof.
SECTION 3. That the officials of the Village are hereby authorized, empowered, and
directed to take all necessary or advisable actions concerning the execution and
implementation of this Resolution.
SECTION 4. That this Resolution shall be in full force and effect from and after its
passage and approval according to law.
AYES: 6-Johnson. Cesario, Ottenheimer. Stein. Bocek. Weidenfeld
NAYES: 0- None
ABSENT: 0- None
PASS E D: N ove m be r 4. 2024
APPROVED: November 4. 2024
ATTEST: APPROVED:
_ �M.�c�.
Jan . Sirabian,Village Clerk Eric N. Smith, illage President
_ = - „_.._�- -_ =
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