1987-12-07 - Resolution 1987-59 - TRANSFERRING AND REALLOCATING THE AGGREGATE REMAINING, UNUSED ALLOCATION OF THE PRIVATE ACTIVITY BONDS OF VBG, AND THE IL DEV FINANCE AUTHORITY...EESOI,ITTI0f, trO. sr_ )(.1
IESOLITTIoI transferrlng and reallocatlng the
aggregate remalnlng, rmused rllocatloD of the prlvate
actlvity bonds of tbe lli!l-€se_-el_-Bslle_l-e_Srq, and the
Illlnols DevelopDent flnance Authorlty, ylth respect
to the iasuance of prlvate actlvity bonds by the
Authorlty to flnance lndustrial and Danufacturlnt
projecta ln order to pro!0ote econonlc developEent
tbrouS,hout the State of Illlnois.
IIEEBEAS, the avallablllty of Job opportlmitles to
relleve condltlons of unemployDent and underemplolrDent and the lncrease
of buslness and comr0erce to reduce the evlls assoclated t,lth meDployment
aIId underenployment are essentlal to the health, safety aIId general
velfare of the [oDe Rule Unlt 8trd the other inlabitants of the State of
I llinols; and
llEEIElS, Sectlon 146 of the Internal Revenue Code of
1986 (the "Code"), and Sectlon 1301 of the fax Reforo Act of 1986, pllces
a celllng (the "State Cetltne") on the rggregate prlnclpal amormt of
prlvate activlty bonds (as deflued ln the code) that can be lssued ln the
State of Illlnols fron January 1, 1987 to and lncluding December 31,
1987; lnd
lfBPEls, the flome Bule Unlt's portlon of the State
Celllng equals i I 962 600 (rhe "Avallab1e Cetllng") ;
IIEBIBA:!, the Eome Rule Unit has lssued prlvate rctlvlty
bonds to vbtch portlous of the Avallable Celltng have been allocated ln
the aggretate prlnclpal aEount of $fron January 1, 1987-0-
through the date of adoptlon of this Resolutlon; and
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lrEEXtAS rhe villase of Buffalo crov(the trHone Rule Unlt") ls a
hoDe rule urlit of goyertnnent duly organlzed and valldly exlstlng tnder
Article VII of the 1970 Constltutlon and lalrs of the State of Illlnois;
and
IJf,BnE]f,S, pursuant to lts porrers as a polltical
subdlvlsion, body polltlc and nrmlclpal corporation legally exlstlng
under the Illinols Developnent finance Authorlty Act, Il1. Rev. Stat. ch.
48. par. 850.01 et seo. 1985, as a.nended (the "Act"), the Illlnols
Developnent Flnance Authorlty (the "Authorlty") ts authorized to lssue
tax-exeDpt prlvate activlty bonds such as lts quallfled sDall lssue
lndustrial developBent bonds to flnance industrial and Eanufacturlng
projects (as deflned lu the Act) for econonlc development purposes; and
I
HEBAEAS, the EoEe Bule Unlt has a remainlng, unused
baLance of allocated Avallable Celllng in the anormt of i 962 600
for the reoalnder of calendar year 1987; and
llEERELS, pursua[t to Sectlotr 146 of the Code alrd
Executlve order Fo. 8 of 1986 of the covernor of the State of Illhols,
the HoDe Rule Unlt Dry reallocate to the Authorlty any reoalalng, r[rused
allocated portlou of lts Avallable CeillnS; ard
HEBXEAI', the Authorlty has requested rhar rhe EoEe Bule
Unlt trangfer alrd reallocate lts reoalD.ing, rDuEed allocated Available
Celling, rrhich vould othenrlse reDaln unused, to the Authority ln order
to enable the Authorlty to conplete the aucceasful financlng of
lndustrlal, nanufacturlDt, eDd other economlc developEent proJects ln lts
prograo throughout the State; and
IrEER&f,It, lt ls ln the best luterests of tbe Eome Rule
Unlt to transfer and reallocate $962 6001 of the Eone Rule
UD.lt's remalning, rmused allocated Avallable Ceiling to the Authorlty and
thereby permlt the Authorlty to lssue lts tax-exenpt private activity
bonds to finance lndustrlal, nanufacturlng, end other econonlc
developDent proJects throug,hout tbe State of Illlnols.
iOT{, ffEIErloXE, BB IT IESOLVBD BY TEE
Village of Buffalo Crove. Cook & Lake Counties ILLIIOIS,
as FoLIpHs:
Sectlon 1.frat the Vlllase of Buffalo Grove
hereby transfers and reallocates lts rearlnlng, mused allocated
Ayallable CelllnA to the Authorlty for the purpose of enabllng the
Authorlty to coEplete the fl[snclng of industrial, Danufacturing, and
other ecoD.oEic developEent projects ln lts program throughout the State
of llllnolB.
Sectlon 2. The Authorlty and Horne RuIe Unlt 8ha11
each retain a copy of thls Resolutlon ln thelr records for the terE of
all prlvate activity bonds of the Hone Rule Unlt lesued durlng calendar
year 1987. llotlce of thls Besolutlon together yith a copy of thls
Besolutlon shall be glven ln vrltlng by the Authorlty to the office of
the Goyernor of the State of Illinols yithin 10 days of the passage and
approval hereof.
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Sectlon 3. That the offlclals of the Home Bule
Utrlt lre hereby authorlzed, erapovered lnd dlrected to tate all necessaryor sdvlsable actlons ln conrection slth the executlon a[d lmplementationof thls Resolutlon.
Sectlon 4. That rhls ResolutloD shal1 be ln full
force and effect upon lts passage and approval.
Passed r!.d approYed thl day of Decembers7
VILLAGE PRESIDENI
1987.
(SEAL)
ATTEST:
S,^[..o*By3
Title3 v I LI-AGE cl-ERK
adopted by Bald
duly seconded by
Trustee Reid Eade a Botion that sald Resolutlon be
Goveralng, Body of the EoDe Rule Uolt, rhlch notlon vas
Trustee Marienthal
After full dlscussion and conslderatlon of the natter, the
ro11 vrs called as follous:
AfE: 5 - Marienthal, Reid, Shields, Kowalski, Shifrin
nAY: 0 - None
ASSEM 0R II0T VoTING: 1 - Glover
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President Clayton annormced the rootlo[ carrled
and the Resolutlon duly adopted.
*i
(other Buslness )
There belng no furtber buslness to cone beforethe Villaee Boara , upon Dotlon duly seconded and urranlEou8ly
adopted, the DeetfuU rras adjouroed.
.z)
L,/
t
VILLACE PRESIDENT
( SEAL )
ATTSST:
Byl Tn &*$;^,
Title:VILT-AGE CLERK
(30e74)
Page 4 of Resolutlon