1988-10-03 - Resolution 1988-54 - CEDING THE VILLAGE OF BUFFALO GROVE'S INDUSTRIAL REVENUE BOND VOLUME ALLOCATION FOR 1988 TO THE STATE OF IL..:
RESOLUTToN N0. 88- 54
A RESOLUTION CEDING THE VILLAGE OE BUFFALO GROVE'S INDUSTRIAL
REVENUE BOND VOLI'ME ALLOCATION FOR 1988 TO THE STATE OF ILLINOIS
WHEREAS, the Village of Buffalo crove is a Houe Rule Unlt pursuant to
the lllinols Constltution of 1970; and
I.IIIEREAS, the V1llage of Buffalo Grove, pursuant to federal tax lal,,s, has
an Lndustrial revenue bond volune cap of 9I,308,400 for calendar year 1988;
and
WI{EREAS, pursuant to Illinols State Statutes, a Hone Rule Unit of
government whlch chooses not to use lts lndustrlal revenue bond (IRB)
authority 1n a partlcular calendar year may cede that authorlty to another
Illlnols governmental unlt i and
WHEREAS, the State of llllnols shares lts IRB authority rdlth non-home
rule units of governnent; and
WHEREAS, the Offlce of the Governor of Illinols has inforned the Vlllage
of Buffalo Grove that the IRB authorlty for 1988 Ln urany comunltles has been
depleted and that a worklng list of projects need allocatlon authority; and
WHEREAS, the Offlce of the covernor of Illinols has requested that the
Vlllage of Buffalo Grove cede to the State of Illinols lts remalnlng IRB
authorlty for 1988, whLch amount the Vlllage lntends not to use for
qualifying projects rrlth the ViJ.lage prior to January 1, 1989.
NOW, THEREEORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COI'NTIES, ILLINOIS thAt:
SECTION 1. The Village of Buffalo Grove lrrevocably consents to the
allocatlon of $1,308,400 of lts 1988 industrial revenue bond volune cap
to the State of I1llnols.
SECTION 2. The Vlllage Clerk ls hereby authorlzed and dlrected to
traosntt a certifled copy of thls Resolutlon to the offlce of the
Governor of the State of llllnols.
AYES: 6 - Marienthal Glover Re id Shields Shifrin Marhias
NAYES: 0 - None
ABSENT: 0 - None
1988 .
APPRoVED: October 3 1988 .
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V11lage PreJideEt \
ATTEST:
vil C1e rk'd.TYL 8"*!,.^*
PASSED: October 3