1986-08-18 - Resolution 1986-57 - AUTHORIZING VBG, IL TO ENTER INTO AN AGREEMENT WITH IL DEVELOPMENT FINANCE AUTHORITY WITH RESPECT TO THE ISSUANCE OF BONDS...IN ORDER TO PROMOTE ECONOMIC DEVELOPMENT THROUGHOUT THE STATE OF IL.RESOLUTION No. 86-s 7
RESOLUTION authorizing the Village of Buffalo Grove, Illinois' to
enter into an Agreement by and between t
and the Illinois Development Finance A
with respect to the issuanee of revenue
finanee industrial, eommercial, and manu
he Village of Buffalo Grove
uthority (the'rAuthorityrr)'
bonds by the Authority to
facturing projects in order
to promote eeonomic development throughout the State of lllinois'
WHEREAS, the availability of job opportunities to relieve eonditions of
unemployment and underemployment and the increase of business and commerce to
reduce tire evils associated with unemployment and underemployment are essentisl to the
health, safety and general welfare of the inhabitants of the State of lllinois; and
WHEREAS, pursuant to its powers as a politicat subdivision, body politic
and municipal eorporation duly organized and validly existing under and by vi,rt-ue of the
Illinois DevLlopment Finance Authority Aet, IIl. Rev. St&t. Ch. 48, Section 850.01 €t seq.
(the 'rActr), th; Iuinois Development Finance Authority (the I'Authoritytr) is authorized to
issue its industrial developmenl revenue bonds to finance industrial projects (as defined
in the Aet) for such purposesl and
WHEREAS, Section 103 (n) of the Internel Revenue Code of 1954, as
smended (the rrcode'r), places a ceiling (the "State Ceiling'r) on the agETegate prineipal
amount of private activily bonds that can be issued in 1986 in the State of Illinois; and
WHEREAS, the Village of Buffalo Grove (the 'rHome Rule Unit") is a home
rule unit of government under the 19?0 Constitution of the State of lllinois; and
WHEREAS' the Home RuIe Unitrs portion of the State Ceiling equals
i3,925,200 (the 'rAvailable Ceiling"); and
WHEREAS' the Home Rule Unit has issued bonds during the calendar year
1986 in the aggregate amount of $2,350,000 leaving a balance of Available ceiling in the
amount of $1'5?5,200 for ealendar year 1986; and
WHEREAS' pursuant to the Deficit Reduction Act of 1984, Executive Order
No. 5 of 1985 of the Governor of the State of lllinois and Section 6 of the Illinois Private
Activity Bond Allocation Aet' the Home Rule Unit may realloeate to the Authority any
unused allocation of its Available Ceilingi and
WHEREAS' the Authority has requested thet the Home Rule Unit transfer
all of its Available ceiling, to the Authority in order to ensble the Authority to complete
the suecessful financing of industrial projects in its program throughout the State; and
WHEREAS, it is in the best interests of the Home Rule Unit to enter into
an Agreement by and between the Authority and the Home Rule Unit' pursuant to the
proviiions of Section 10 of Artiele VII of the 19?0 Constitution of the Stete of Illinois
which euthorizes the Home Rule Unit to enter into intergovelnmentel cooperation
agreements with other units of government, which Agreement will transfer i1,5?5,200 of
the Home Rule Unit's Available Ceiling to the Authority; and
WHEREAS' there is a pending before the Authority an application for an
Industrial Revenue Bond Issue on behalf of Toyomenka (America) Ine., One World Trade
Center, New York' New York;
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD
OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE' ILLINOIS, AS FOLLOWS:
Section l. That this Viltage Board does not object to the exercise by the
Authority of =.-its
"bility to issue r"r"n-re bonds to finance the project of Toy.omenka
(Americe) Inc. to be Iocsted within the Home RuIe Unit and i; furtherance thereof'
i1,SZSTZOO of the Home Rule Unitrs Available Ceiling is here-by transfer.red.to the
Authority in order to enable the Authority to eompllte the financing of industrial
projects in its program throughout the State of lllinois.
Section 2. That the form, terms and provisions of the Agreement by and
between the A;thority end the Home RuIe Unit (ths 'tAgree ment") are hereby ap.proved'
and the Village president of the Home Rule Unit is authorized, empowered-and directed
to execute "iA tn" Villsge Clerk is authorized to attest and to affix the offieial seal of
the Home Rule Unit to the Agreement, which is Exhibit A sttached hereto and made e
part hereof.
section 3. That the transfer of the Home Rule unit's Available ceiling is
conditioned on=-ita ur" by the Authority for the issue of revenue bonds for the project to
be undertaken by Toyomenka (e,meriea) Ine., located in The corporate Grove industrial
park, which is wiihinihe corporate limits of the Home Rule Unit.
Section 4. That the officials of the Home Rule Unit are hereby suthorized'
empowered 8nd directed to tske all necessafy or advisable aetions in conneetion with the
execution and implementation of this Resolution and the Agreement'
section 5. That this resolution shall be in full force 8nd effect upon its
passage and approvaL
Passed and approved 16it 18th day of August, 1986.
Aye: 6 - Marienthal, orReilly, Glover' Reid, Shields, Kowalski
Nay: o - Noru
Village President
(SEAI,)
TY\ S*^li"^
AL
ViUqde Clerk
EXHIBIT A TO RESOLUTION
AGREEMENT
THISAGREEMENTdat€dssofAugustls,lgsSbyendbetweentheIllinois
Development Finance Authority (the 'tAuthority"), a politieat subdivision, body politic and
municiial corporation duly created and validly existing under the Illinois Development
Financl Authority Act, Iil, Rev. Stat. Ch. 46, Section 850.01 et seq. (the 'rAct") and
Village of Buffalo Grove, Illinois, a municipality and a home rule unit of government duly
"rg"ifr"a and validly existing unier the Constiiution and laws of the State of lllinois (the
"Home Rule Unit");
WITNESSETH
WHEREAS'thesvailabilityofjobopportunitiestorelieveconditionsof
unemployment and underemployment and the increase of business and eommerce to
reduce tire evils associated with unemployment and underemployment are essential to the
health, safety and general welfare of the inhabitsnts of the stste of lllinois; and
WHEREAS,pursuanttoitspowersasapoliticelsubdivision,bodypolitic
and municipal corporation duly organized ind validly eiisting under and by virtue of the
Act, the Autnority is authorized -to issue its industrial development revenue bonds to
finance industriel projects (as defined in the Act) for such purposes; and
WHEREAS' Section 103(n) of the Internel Revenue Code of 195{, as
amended (the I'Code"), pleces I ceiling (the rrstate Ceilingtt) on the sggregete. plincipal
amount olprivate aciivity bonds that cin be issued in 1986 in the Stete of lllinois and
lestricts the Home Rule unit's portion of the stste ceiling to a total of $3,925'200 (the
rrAvailable Ceiling'); and
WHEREAS, the Home Rule Unit has issued private sctivity bonds during
calendsr year 1986 in the sggregste principal amount of 12,350'000; and
WHEREAS' the Home Rule Unit has a balenee of Available Ceiling in the
amount of $1,5?5,200 for ealendar year 1985i and
WHEREAS, pursuant to the Deficit Reduetion Act of 1984, Executive Order
No. 5 of 1985 of the Goveinor of the Stete of IIlinois, and Section 6 of the ltlinois Private
Aetivity Bond Allocation Act (the "State Aet'r), the Home Rule Unit may reallocate to
the Authority any unused allocation of the Available Ceiling; and
WHEREAS' there is a pending before the Authority an application for an
Industrial Revenue Bond Issue on behalf of Toyomenka (America) Inc., One World Trade
Center, New York, New York, (the nCompany"); and
WHEREAS, it is in the best interests of the Authority end the Home Rule
Unit to enter into an Agreement which will reellocete to the Authority $1,5?5,200 of the
Home Rule Unit's Available Ceiling and thereby permit the Authority to issue its tax-
exempt industrial development bonds, for the benefit of the Company, for the purpose of
financing a project to be loested within the corporate limits of thl Home Rule Unit;
NOW, THEREFORE, in consideration of the premises and the mutual cove-
nants herein eontained, the Authority and the Home Rule Unit agree as follows:
S€ction l. The Home Rute Unit hereby reallocetes to the Authority
1115?5,200 of ltlTiillable Ceiling for the purpose of enabling the Authority to complete
the proposed issuance of its revenue bonds with respect to the projeet of the Company to
be loeated in The Corporate Grove, Buffalo Grove, Illlnois.
Seetion 2. The Authority end the Home Rule Unit shall each retain a copy
of this Agreement in their records for the term of a]l industriel developrirent tevenue
bonds of the Home Rule Unit issued during ealendar year 1986. Notice of the Agreement
together rvith 8 copy of this Agreement shall be given in writing by the Home RuIe Unit
to the Office of the Governor of the State of Illinois within 10 days of the execution
hereof.
Section 3. This Agreement shall be governed by and eonstrued in accor-
dance with the-lliGiftne state ;f tlinois.
IN WITNESS WHEREOF, the Authority 8nd the Home Rule Unit have
eaused this Agreement to be executed, attested and sealed by its duly authorized
officers, all as of the date first above trritten.
ILLINOIS DEVELOPMENT FINANCE
AUTHO RUPNfua
(SEAL)
ATTEST:
\-,.
Executive Director
VILLAG F BUFFALO GROVE, ILLINOIS
esident
Seeretery
cl "ATY\. Sr.^irr"^
-2-
Ar4
(sEAL)
ATTEST:
h