1995-02-21 - Resolution 1995-07 - AUTHORIZING THE RELOCATION OF 1995 VOLUME CAP TO THE VILLAGE OF LOMBARD, ILLINOISRESOLUTIONNO. 95-7
A RESOLUTION AUTHORZTNG THE REALLOCATION OF 1995 VOLUME CAP
TO TTIE VILLAGE OF LOMBARD. ILLINOIS
WHEREAS, Section 146 of the Internal Revenue Code of 1986 as amended (the
"Code"), grants Illinois home rule municipalities volume cap in the amount of $50 per
capita per year to issue private activity bonds; and
WHEREAS, the official 1990 population of the Village of Buffalo Grove, Illinois
(the "Village") is 40,273 giving the Village a volume cap of $2,013,650 for the year 1995;
and
WHEREAS, the Village has not used any of its 1995 volume cap and presently has
no requests to use the same; and
WHEREAS, The Village of Lombard, Illinois ("Lombard") Lombard has
requested that the Village reallocate $2,013,650 of its 1995 volume cap to Lombard to be
used to finance private activity bonds.
WHEREAS, pursuant to Section 6 of the Illinois Private Activity Bond Allocation
Act (30 ILCS 345/IL et ggq.) (the "Act") including the written Guidelines and Procedures
dated as of January 1, 1995, ofthe Govemor's Office ofthe State of Illinois issued under
the Act (the "Guidelines and Procedures"), the Village may reallocate all or any portion of
its unused volume cap for calendar year 1995.
NOW, TTMREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD
OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COUNTIES OF LAKE
AND COOK. ILLINOIS, as follows:
SECTION l: That in accordance with and pursuant to the power and authority
granted by and under Section 6 of Article VII of the Constitution of Illinois, Section 146
ofthe Code and Section 6 ofthe Act, including the Guidelines and Procedures, the Village
hereby reserves to an for Lombard and hereby irrevocably agrees to and does hereby
reallocate $2,013,650 of its 1995 volume cap to Lombard to be used by Lombard. The
Village will be paid a fee equal to (1/4) one quarter ofone percent ofthe amount actually
used by Lombard.
SECTION 2 That this Resolution shall constitute the agreement ofthe Village to
a different allocation under Section la6 (e) (3) of the Code and the "writing" required
under Section 6 ofthe Act. As required by the Act, Lombard shall maintain in its records
for the term of the Bonds a record of reallocation as described in Section I of this
Resolution. Within ten (10) calendar days ofthe date the bonds are issued, Lombard shall
file or cause to be filed, in the Ofiice of the Governor of the State of Illinois, written
evidence ofsuch reallocation and a confirmation ofbond issuance letter as described in the
Guidelines and Procedures.
SECTION I: That the Villa ge hereby covenants and warrants that it has taken no
action or issued bonds which would abrogate, diminish or impair its ability to fulfill the
written agreement, covenants and undertakings on its part under this Resolution
SEC ON 4: That this Resolution shall be effective immediately upon passage
and approval
AYES: 6 - llarlenthal , Rei4 , Rub 1Ilr Braiman,Hendricks, Moons
PASSED This 21st day of r"bruarv '1995'
NAYS 0 - None
ABSENT: 0 - None
APPRO\IED this 2 lst dayof Februa
resident
1995
/
Attest
d2o",LtYl. S."J"",.
Viliagd Cterk
STATE OF ILLINOIS
SS
COUNTIES OF LAKE
AND COOK
I the undersigned, do hereby certiry that I am duly qualified and elected Clerk of
the Village ofBuffalo Grove, in the County and State aforesaid; and as such Clerk, I am
the keeper ofthe ofticialjournal, records and files ofthe Board of Trustees of said Village.
I do further certiry that the attached and foregoing is a full, true and correct copy
ol:
RESOLUTIONNO. g5-7
A RESOLUTION AUTHORZING THE REALLOCATION OF 1995 VOLUME CAP
TO THE VILLAGE OF LOMBARD, ILLINOIS
Passed and Approved:F e h rrr a rv 2I . 1995 as ad opted by the Board
of Trustees of the Village of Buffalo Grove, at a legally convened meeting in the Village
of Buffalo Grove.
IN WITNESS WHEREOF, I have hereunto affixed my official signature and the
corporate seal of said Village of Buffalo Grove, Lake and Cook Counties, Illinois this
23rd day of February
Village Clerk
(VILLAGE SEAL)
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.1995