2025-04-21 - Resolution 2025-14 - REALLOCATING 2025 VOLUME CAP TO THE VILLAGE OF BUFFALO GROVE, ILLINOIS.tr -
BUFEALO
GRPVE
RESOLUTION 2025-14
A RESOLUTION REALLOCATING 2025
VOLUME CAP TO THE VILLAGE OF BUFFALO
GROVE, tLLtNOtS.
WHEREAS the Village of Buffalo Crove is a home rule unit pursuant to the
lllinois Constitution of l97O; and
WHEREAS certain tax-exempt private activity bonds may be issued only if
sufficient volume cap pursuant to Section ]46 of the lnternal Revenue Code of 1986,
as amended (the "Code"), is available for the bonds; and
WHEREAS pursuant to the Code, the Municipality has been allocated volume
cap equal to $]3O.OO per resident of the Municipality in calenda r year 2025, o(
$5,522,660.00 for the issuance of such tax-exempt private activity bonds; and
WHEREAS pursuant to Section 6 and Section 6.] of the lllinois Private Activity
Bond Allocation Act,30 ILCS 345n et seq. (the "Bond Allocation Act"), and the
Cuidelines and Procedures promulgated thereunder, the Municipality may, prior to
May 9,2025, reallocate to other home rule units of government the volume cap
allocated to the Municipality by the Code for their issuance of such tax exempt
private activity bonds or for subsequent transfer or reallocation; and
WHEREAS the Municipality has not used any of its 2025 volume cap and has
no present intention to use the same; and
WHEREAS the Lake County Partnership for Economic Development, lnc. has
offered Lake County home rule communities the opportunity to participate in a
program to combine their respective volume cap allocations and create a Private
Activity Bond Clearinghouse Pool (the "Pool") to facilitate the issuance of tax-exempt
private activity bonds to finance manufacturing and multi-family housing
commercial projects in Lake County, lllinois, for economic development purposes
("Eligible Projects"); and
WHEREAS the Village of Buffalo Crove, a home rule unit of government
("Buffalo Crove"), pursuant to its Resolution No.2OOl-51 adopted December .l7, 2OOl,
agreed to host the Pool and to reserve its own volume cap, and accept volume cap
reallocated to Buffalo Crove by other home rule units of government, for the
issuance of tax-exempt private activity bonds placed through the Pool to finance
Eligible Projects; and
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50 Raupp Blvd, Buffalo Grove, tL 60089 \ 847-459-2500
WHEREAS Buffalo Crove has requested that the Municipality reallocate all of
its 2025 volume cap to Buffalo Grove to be used for the issuance of tax-exempt
private activity bonds placed through the Pool to finance Eligible Projects.
NOW THEREFORE BE lT RESOLVED by the President and Board of Trustees of the
Village of Buffalo Crove, Cook and Lake Counties, lllinois, as follows:
SECTION l. RECITALS. The foregoing recitals are incorporated in and made a part of
this Resolution by this reference as flndings of the Village of Buffalo Crove.
SECTTON 2: TRANSFER AND REALLOCATION OF 2025 VOLUME CAP.
Pursuant to Section 6 and Section 6.1 of the Bond Allocation Act and the Cuidelines
and Procedures promulgated thereunder, the Municipality irrevocably agrees to,
and does hereby, transfer and reallocate all of its 2025 volume cap to Buffalo Crove
to be used for the issuance of tax-exempt private activity bonds placed through the
Pool to finance Eligible Projects as directed by the Advisory Committee created
pursuant to Buffalo Crove Resolution No. 2OOl-51.
SECTION 3: ACREEMENT. This Resolution sha ll constitute the agreement of the
Municipality to a different allocation under Section 1a6(e) (3) of the Code and the
writing required under Section 6 of the Bond Allocation Act.
SECTION 4: WARRANW. The Municipality covenants and warrants that it has taken
no action or issued bonds that would abrogate, diminish, or impair its ability to fulfill
the written agreement, covenants, and undertakings on its part under this
Resolution.
SECTION 5: AUTHORIZATION. As required by the Bond Allocation Act and the
Cuidelines and Procedures promulgated thereunder, a certified copy of this
Resolution shall be transmitted to the Office of the Covernor of the State of lllinois.
Any and all appropriate and proper officers, officials, agents, and employees of the
Municipality are hereby authorized, empowered, and directed to take all necessary
and advisable actions, and to execute all such documents and certificates, as may be
necessary to further the purposes and intent of this Resolution.
SECTION 5: MAINTAIN RECORD. The Municipality shall maintain a written record of
this Resolution in its records for so long as the bonds to which the volume cap
transferred by this Resolution is reallocated remain outstanding.
SECTION 7: EFFECTIVE DATE. This Resolution shall be in full force and effect from
and after its passage and approval as required by law and is enacted by the
Municipality pursuant to its powers under the laws of the State of lllinois and the
lllinois Constitution of l97O and its home rule powers.
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smart with heart.
50 Raupp Blvd, Buffalo Grove, lL 60089 \ 847-459-2500 v09.or9
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Aptil21.2025
Aoril ,2025
April23.2C25
ATTEST:
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Jan Sira bia n, Village Clerk Eric N. S llage Preside nt
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smart with heart.
50 Raupp Blvd, Buffalo Grove, lL 60089 \ 847-459-2500 , vbg.org
AYES:
NAYES:
ABSENT:
PASSED:
APPROVED:
PUBLISHED:
APPROVED:
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