2025-01-21 - Resolution 2025-09 - EXPRESSING OFFICIAL INTENT REGARDING CERTAIN CAPITAL EXPENDITURES TO BE REIMBURSED FROM PROCEEDS OF ONE OR MORE OBLIGATIONS TO BE ISSUED BY THE VILLAGE OF BUFFALO GROVE, LAKE AND COOK COUNTIES 1
�; �:_ RESOLUTION 2025-09
BUFFRLSJ A RESOWTION EXPRESSING OFFICIAL INTENT
REGARDING CERTAIN CAPITAL EXPENDITURES
G�V� TO BE REIMBURSED FROM PROCEEDS OF ONE
OR MORE OBLIGATIONS TO BE ISSUED BY THE
VILLAGE OF BUFFALO GROVE, LAKE AND COOK
COUNTIES
WHEREAS the President and the Board of Trustees (the "Board'� of the
Village of Buffalo Grove, Lake and Cook Counties, Illinois (the "Village'�, has
determined that it is necessary and in the best interests of the Village to finance
construction of a new fire station and street improvements (the "Project'�; and
WHEREAS all or a portion of the expenditures relating to the Project (the
"Expenditures") (i) have been paid within the 60 days prior to the passage of this
Resolution or (ii) will be paid on or after the passage of this Resolution; and
WHEREAS the Village reasonably expects to reimburse itself for the
Expenditures with the proceeds of one or more obligations.
NOW THEREFORE IT IS HEREBY RESOLVED by the President and the Board
of Trustees of the Village of Buffalo Grove, Lake and Cook Counties, Illinois, as follows:
SECTION 1. Incorporation of Preambles. The Board hereby finds that all of the
recitals contained in the preambles to this Resolution are full, true and correct and
do incorporate them into this Resolution by this reference.
SECTION 2. Intent to Reimburse. The Village reasonably expects to reimburse the
Expenditures with proceeds of one or more obligations.
SECTION 3. Maximum Amount. The maximum aggregate principal amount of the
obligations expected to be issued for the Project is $27,000,000.
SECTION 4. Separate Action Required to Pursue Project and Expend Funds. This
Resolution does not and shall not be construed to obligate the Village in any manner
to pursue any identified Project or expend any funds for the completion of any
identified Project, and the Board shall retain full discretion to approve such Project
and any expenditure of funds relating thereto, and such approval shall be by
separate action of the Board.
SECTION 5. Ratification. All actions of the officers, agents and employees of the
Village 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 approved.
Page 1 of 2
smart.with heart.
50 Raupp Blvd, Buffalo Grove, IL 60089 t 847-459-2500/ vbg.org
SECTION 6. Severability. If any section, paragraph, clause or provision of this
Resolution shall be held to be invalid or unenforceable for any reason, the invalidity
or unenforceability of such section, paragraph, clause or provision shall not affect any
of the remaining provisions of this Resolution.
SECTION 7. Repeal. All resolutions or parts thereof in conflict herewith be and the
same are hereby repealed and this Resolution shall be in full force and effect
forthwith upon its adoption.
AYES: 6-Johnson. Cesario, Ottenheimer. Stein. Bocek, Weidenfeld
NAYES: 0- None
ABSENT: 0- None
PASSED: January 21. 2025
APPROVED: January 21. 2025
ATTEST: APPROVED:
U�.����
Jane . Sirabian, Village Clerk Eric N. Sm ,Village President
_ _ _ - _! ��-
_ - Page 2 of 2
smart.with heart.
SO Raupp Blvd, Buffalo Grove, IL 60089 � 847-459-25001 vbg.org