1986-12-01 - Resolution 1986-79 - SUPPLEMENTING R-1986-57 WITH RESPECT TO THE VOLUME LIMITATIONS ON ISSUANCE OF INDUSTRIAL REVENUE BONDS FOR THE REMAINDER OF 1986 AND THE TOYOMENKA (AMERICA) INC PROJECTRESOLUTION iI8 6-79
RESOLUTION supptementing Resot-ution No' 86-5? with respeet to the
volume limitsti.'H';l- bt;";e of industrial revenue bonds for the
remainder ot rsei*a;;'th; Toyomenka (Ameriee) tnc' project'
WHEREAS' on August 18' 1986' this Villafe Board adopted Resolution No'
86-5?' attaehed hereto ,, 'iiiiuit li, ceding to th; Illinois Development Finance
Authority (the ,,Authority,l
""rr^ "i: ti" irren i",iaininc. state ceiling (as def ined in said
Resolution), in the amount;i ;i,;?;';;-0' io-u" "p"pri"a
toward the financing by the
Authoritv of a oroiect u"i"g '"olti"rt"i't-
i" it'" village of Buffalo Grove (the "Village") by
iovo..ni. (America) [nc. ("Toyomenka"); and
WHEREAS, the Tax Reform Aet of-1986 (the "Act")' adopted by the
Congress of the United s,"t"t ""'S"p1""'uer
2?' 1986'-has ereated a new State Ceiling
for the period August 15, i',86' ili;;;f i"."-"1'u"i 31' 1986 1n-i9n ^!or the villase'
produces an Available c"iri"g i* a"ii"Jin said Resolution) of $1'926'600; and
WHEREAS, it is desirable to supplement Resolution 86-5? by substituting
for the Available Ceiling ttt"."f" ""alJioine Lutnority the dollar amount $1'926'600;
NOW' THEREFORE, BE IT RESO-I'VED^.BY THE PRESIDENT AND BOARD
oF rRUsrEEs or rHE vrr,iio'i'o-isdrier'b cnovn' ILLINoIS' AS lollows:
Section 1' That Resolution No' 85-5? is hereby supplemented by
acknowledgingffithii""ii"tt" i"j"ri-"e ;rr.r".t lg th" Act is $1,926,600 for the period
of August 15, 1986 tn"ougn"iJ"i,iuii-11, isae, which amount is herewith ceded to the
Authority for purposes "t u""*g lpp-ti"q-; iii f\'A:ing of the projeet beins undertaken
by Toyomenka within tne corporate limits of the vrllage'
Section 2' That the agreement dated Ausust 18' 1986 authorized to be
executed uy E-esoution N".- ile'-ii -a'nJ -executed uy .inz vitt"g" and the Authority is
hereby, without neeessity "i t"**"'trorr'- amendld bv deleling the dollar amount
$1,5?s,200 and adding i" itrir*="ii" ;;ii;;;;;1-t1'ei6'600 is the Available ceiling
k
for the year 1986.
Section 3.
passage and aPPcoval.
That this resolution shall be in full force and effect upon its
Passed and approved this 1st day of December' 1986'
5 - Marlenthal, OrReilly, Glover, Reid, Kowalski
0 - None
ABSENT: 1 - Shields ViUage President
\P"i-fn. &J,^*
Aye:
Nay:
(SEA L)
Village Cter
ITEI'| XI (A)
RESOLUTION supplementing Resolution No' 86-5? with respect to the
iffii;"[';;i;;;";" or industrial revenue bonds for the
remainder of 1986 ancl the Toyomenka (America) Inc' project'
WHEREAS, on August 18, 1986' this Village Board adopted Resolution No'
86-5?, attaehed hereto ",
-i*ilLit i, ttaing to th; lllinois Development Finance
Authority (the ,'Authority"l
""rr "i-it "i',"n refiaining.State Ceiling (as defined in said
Resolution), in the amount;i ;i,;i;,;d-o; io-u"
"p-p6"a
toward the financing bv the
Authoritv of a oroiect U"i"C ,iA..i"k"it- i" in" Viltage of Buffalo Grove (the "Village") by
Toyomenia (emeriea) Ine. ("Toyomenka"); and
WHEREAS, the Tax Reform Act of -1986
(the "Act")' sdopted by the
Congress of the United strt". ""'s"pt"mber
2?' 1986'-has ereated a new State Ceiling
for the period August 15,;r;;';#';ch 6t""tu"" 31' 1986 "-hlgh:^lot
the villase'
pr"ar..t'"" er" "ui. c.iri"s i.. o"iinJ in said Resolution) of $1'926'600; and
WHEREAS, it is desirable to supplement Resolution 86-5? by substituting
for the Avaitable ceiling tn"."i"l"JJio in" L'uttroritv the dollar amount $1,926,600;
NOW, THEREFORE, BE IT RESO-I.VED^.BY THE PRESIDENT AND BOARD
oF TRUSTEES Or rHE vu,iic'i'o"r stFiALO GROVE' ILLINOIS, AS FOLLo$IS:
Section 1. That Resolution No' 85-5? is hereby supplem-ented by
""kno*l"dginsgi;#t#ir"ii"t"
i;;it";;;'-ti.ll"t to the Aet is $1'ei6'600 for the period
of August 15' 1986 tn ousn'b;;t;uut-ir, rses' whie.h amount is herewith ceded to the
Authority for purposes "f b"i"g;'ppti"C-; i;i ftl.?,1:ing of the project being undertaken
by Toyomenka witnin ttre corporate limits of the Yiltage'
Section 2. That the agreement dated August l8' 1986' 1:rtho^ril:9 to be
executed UV ffiffiilon ll". iO-iZ a-nd executed Uy tn; Viltage and the Authoritv is
hereby' without necessity of" ."**""ution, amendld bv deleling the dollar amount
$1,5?5,200 and adding in it."pr""="ii";;ii;;;;"i it'gie'ooo is the Available ceilins
for the year 1986.
Section 3. That this resolution shall be in full force and effect upon its
passage and apProval.
Passed and approved this lst day of December' 1986'
Aye:
Nay:
(sEAL)
Village Clerk
Village Pres ident