2025-03-17 - Resolution 2025-13 - APPROVING THE DECLARATION OF TRUST OF THE ILLINOIS TRUST.&r-
BUFEALO
GRPVE
RESOLUTION 2025.13
A RESOLUTION APPROVING THE DECLARATION OF
TRUST OF THE ILLINOIS TRUST (FORMERLY KNOWN
AS THE |LL|NOTS |NST|TUT|ONAL TNVESTORS TRUSr)
ANO AUTHORIZING THE EXECUTION THEREOF AND
AUTHORIZING CERTAIN OFFICIALS TO ACT ON
BEHALF OF THE VILLAGE OF BUFFALO GROVE, LAKE
AND COOK COUNTIES.
WHEREAS the President and the Board of Trustees (the "Boord') of the Village of
Buffalo Crove, Lake and Cook Counties, lllinois (the "Villoge'), 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'J; and
WHEREAS the Declaration of Trust creates a common law trust (the "Trust") to
provide an instrumentality and agency through which public agencies organized under
the laws of the State of lllinois may jointly act, agree, and cooperate in accordance with
the laws of the State of lllinois in the performance of their responsibilities to invest
available funds so as to enhance their investment opportunities pursuant to an investment
program conducted in accordance with the laws of the State of lllinois, from time to time
in effect, governing the investment of the funds of public agencies; and
WHEREAS this Coverning Board of the Agency has also been presented with and
reviewed the appropriate lnformation Statement providing detailed information about the
investment objectives, organization, structure, and operation of the Trust and its investment
opportunities; and
WHEREAS the Agency is a public agency and unit of local government or school
district within the meaning of Section l0 of Article Vll of the l97O Constitution of the State
of lllinois (the "lllinois Constitution"), the lntergovernmental Cooperation Act, 5 ILCS 2201,
et seq., and the Public Funds lnvestment Act, 30 ILCS 235/O.0I, et seg., and is authorized
to enter into intergovernmental agreements, including the Declaration of Trust, pursuant to,
inter olio, the provisions of Section lO, Article Vll of the Illinois Constitution, the
Intergovernmental Cooperation Act, and the Public Funds lnvestment Act; and
WHEREAS the Agency does hereby find that by entering into the Declaration of
Trust and becoming a Participant (as such term is defined in Section 1.4 of the Declaration
of Trust) in the Trust, it shall bebetterableto perform its responsibility to invest itsfunds in
accordance with the laws of the State of lllinois; and
WHEREAS the Agency does hereby find and declare that it is in the best interest of
the residents of the Agency that the Agency enter into the Declaration of Trust, become a
Participant of the Trust, and use the Trust's services from time to time at the discretion of
the Treasurer [and/or other authorized official].
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WHEREAS the President and the Board of Trustees (the "Boord') of the Village of
Buffalo Crove, Lake and Cook Counties, lllinois lthe "Villoge') has been presented and review
the Declaration of Trust dated October 18,2022; and
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NOW THEREFORE BE lT RESOLVED by the President and the Board of Trustees of the
Village of Buffalo Crove, Lake and Cook Counties, lllinois, as follows:
Section I. The facts and statements contained in the preamble to this Resolution are
hereby found to be true and correct and are hereby adopted as part of this Resolution.
Section 2. The terms and conditions of the Declaration of Trust are hereby
approved, and the Agency is hereby authorized to become a Participant in the Trust.
The persons listed below are authorized to execute the said Declaration of Trust and
enter into the lntergovernmental Agreement, and said persons are duly authorized
present incumbents of said offlces; and actual samples of their respective signatures are
listed below:
Eric Smith Village President
Print Name Title Signature
Dane Bragg
Print Name Title
Section 3. 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.
Section 4. Severability. lf any section, paragraph, clause or provision of this Resolution
shall be held to be invalid or unenforceable for any reason, the invalidity or
u nenforcea bility of such section, paragraph, clause or provision shall not affect any of
the remaining provisions of this Resolution.
Section 5. 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.
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Village Manager
Srgnature
services from time to time at the discretion of the Treasurer Iand/or other authorized official];
Now, THEREFoRE, Be lt and lt ls Hereby Resolved by the President and the Board of Trustees of the Village of
Buffalo Grove, Lake and Cook Counties, lllinois, as follows:
Section 1. The facts and statements contained in the preamble to this Resolution are hereby found
to be true and correct and are hereby adopted as part of this Resolution.
Section 2. The terms and conditions of the Declaration of Trust are hereby approved, and
the Agency is hereby authorized to become a Participant in the Trust. The persons listed below are
authorized to execute the said Declaration of Trust and enter into the lntergovernmental Agreement,
and said persons are duly authorized present incumbents of said offices; and actual samples of their
respective signatures are listed below:
Eric Smith Village President
Print Name Tatle Signature
Dane Bragg Village Manger
Print Name Title Signature
Section 4. Severability. lf 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 5. 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.
Section 3. 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.
ADoprED bythe Board on March 17,2025.
AppRovED on March 17,2C25
RECoRDED in the Village Records on March 17,2025
Attest:
Village Clerk, Village of Buffalo Crove,
Lake and Cook Counties, lllinois
President, Villa Buffalo Crove, Lake
and Cook Counties, lllinois
AYES: 6 - Johnson. Cesario. Ottenheimer. Stein. Bocek. WeidenfeldNAYES: O- None
ABSENT: O- None
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