1984-08-06 - Resolution 1984-52 - IN OPPOSITION TO IL DEVELOPMENT FINANCE AUTHORITY ISSUANCE OF INDUSTRIAL REVENUE BONDS FOR THE NORTH SHORE GAS COMPANYai
RESOLUTION II84- 52
A RESOLUTION IN OPPOSITION TO ILLINOIS DEVELOPI.IENT FINANCE
AUTHORITY ISSUANCE OF INDUSTRIAL REVENUE BONDS FOR THE
NORTH SHORE GAS COMPANY
WIIEREAS, the Village of Buffalo Grove recelved notice from the Illinois
Development Flnance Authority on July 9, f984 noting the Agencyrs approval of
a Memorandum of Agreement to Lssue lndustrlal- revenue bonds for the North
Shore Gas Coupany ln the amount of $15,000,000; and
IIIIEREAS, 1t would appear that very little of the proceeds of the
flnancing would be used within the Village of Buffalo Grove due to the llnited
area servLced by the North Shore Gas Conpany during 1984 through 19851 and
WITEREAS, the purpose of lndust.rial development revenue bo[ds 1s intended
for uses that stlmulate ongoing economic growth and for the creatlon of
pentranent, pri-vate sector employoent; and
WHEREAS, the abuses ln the use of flnancl-ng with lndustrlal develop-
menL revenue bonds was one of the underlylng conslderatlons glven to recent
federal enactment of It.R,4170, Ehe Deflcit Reduction Act of 1984; and
WHEREAS, the issuance of industrlal developn0ent revenue bond financlng
to asalst a regulated utility flnance lts customary capital expendl.tures
w111 not pemanently enhance the employment opportunltles and general economy
of the State of Illlnols; and
WHEREAS, the Village of Buffalo Grove has 45 days from the date of
recelpt of notlce to disapprove of the proJect finaflclng.
NO}', THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OE IRUSTEES
OT TTIE VILLAGE OT BUFFAIO GROVE, COOK AND LAKE COIJNTIES ! ILLINOIS, that:
SECTION 1.The Village of Buffalo Grove opposes the issuance of
$15,000,000 ln lndustrlal revenue bonds by the Illinois Development Flnance
Authority for the North shore cas company to asslst in the capital development
of the utllity.
SECTION 2.The Vlllage Cl-erk is hereby directed to submit a certlfied
copy of this Resolution to the rllinois Development !'rnance Authority upon
approval and executLon.
AyfS: 5 - Marienthal, OrRe11l
114yBg. 0 - None
y, Hartstein,Glover, Reid
1 StoneABSENT :
PASSED:1984.
1984 .
AugusE 6
APPROVED:August 6
Village Presid
Trt &.a]l,.r*,
Village Clerk
ATTEST: