1989-05-22 - Resolution 1989-28 - CEDING THE VILLAGE OF BUFFALO GROVE'S INDUSTRIAL REVENUE AND BOND AUTHORITY FOR CALENDAR 1989 TO THE STATE OF ILLINOISRESOLUTION NO. 89- 28
A RESOLUTION CEDING THE VILLACE OF BUFFALO GROVEIS INDUSTRIAL
REVENUE AND BOND AUTHORITY FOR CALENDAR 1989 TO THE STATE OF ILLINOIS
I{IIEREAS, the Vll-la8e of Buffalo Grove an Illlnols Ilome Rule Unlt of
Governnent, has been allocate, pursuant to Federal Tax Lav, an Industrlal
Revenue Bond volume cap of $1,616,850.00 for calendar 1989; and
WHEREAS, pursuant to lllinols State Statute, a Hone Rule Unlt of
Goverment whlch chooses not to uae it6 Industrlal Revenue Bond (IRB)
authorlty 1n a partlcular year may cede that authorlty to aflother llltnols
governnental unlt; and
WHEREAS, the State of lllinols shares its IRB authorlty wlth non-home
rule unlts of government; and
WHEREAS, the 0fflce of the Governor of lllinols has lnforDed the Vlllage
of Buffalo Grove that the IRB authorlty for 1989 ln rnany comunltles has been
depleted and that a l,altlng list of projects need allocatlon authortty; and
WEEREAS, the Offlce of the Governor of Il.llnols has requested that the
Vl1lage of Buffalo Grove cede to the State of llllnols lts renalnlng IRB
authorlty for 1989, rrhich anount the Vlllage lntends not to use for
qualifylng projects nlthln the Village prlor to January 1, 1990.
NO[I, IHEREFORE, BE IT RESOLVED BY TIiE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE 0I' BUFFALO GR0VE, C00K AND LAKE C0UNTIES that the Village of
Buffalo Grove irrevocably consents to the allocatlon of $i,515,850.00 of lts
1989 Industrlal Revenue Bond volune cap to the State of Illinols.
BE IT rURTHER RESoLVED TIIAT THE VILLAGE CLERK 1s authorlzed and dlrected
to transmlt a certlfled copy of thls Resolutlon to the offlce of the
Governor of the State of Illlnols.
AYES :er. Reid, Shifrln. Mathlas, 0rMalley5 - Glov
ABSENT:I - Marlenthal
v111 Clerk
.B.Jt-''
V111age Presideut
1989.PAS SED:l{ay 2?1989. APPROVED:l(ay 22
ATTEST:
NAYES: 0 - None