2025-11-03 - Resolution 2025-26 - REALLOCATING 2025 VOLUME CAP TO THE VILLAGE OF BUFFALO GROVE, ILLINOIS.&,\ar rl
BUFEALO
GROVE
RESOLUTION 2025.25
A RESOLUTION CEDING THE 2025 UNUSED
PRIVATE ACTIVIW BOND VOLUME CAP OF THE
vTLLAGE OF BUFFALO GROVE (tNCLUD|NG
VOLUME CAP TRANSFERRED FROM OTHER LAKE
couNw HoME RULE UN|TS) TO LAKE COUNTY.
WHEREAS the Village of Buffalo Crove, Cook and Lake Counties, lllinois (the
"Village") is a municipality and a home rule unit of government duly organized and
validly existing under Section 5(a) of Article Vll of the l97O Constitution and laws of
the State of lllinois; and
WHEREAS in order to facilitate economic development both in the Village of
Buffalo Crove and in Lake County, lllinois, the Village has received Volume Cap from
the Lake County Home Rule Municipalities in the amounts identifled in Exhibit A to
consolidate management under control of a single Home Rule entity in cooperatlon
with Lake County Partners Private Activity Bond Clearinghouse (the "PABC"); and
WHEREAS tax exempt private activity bonds provide for opportunities to
increase business and commerce and relieve conditions of unemployment; and
WHEREAS the PABC has $48,334,650 of calendar year 2025 unused Volume
Cap available f rom Lake County Home Rule Units; and
WHEREAS the PABC has recommended that it is in the best interest of the
Village of Buffalo Crove to transfer $48,334,650 of unused Volume Cap to Lake County,
lllinois and thereby permit Lake County to issue tax-exempt private activity bonds to
f inance multi-family projects; and
WHEREAS it is in the best interest of the Village, Lake County Home Rule
Municipalities, and Lake County Partners to collect the anticipated l.O% Volume Cap
fee as soon as possible; and
WHEREAS the Village will report this transfer of $48,334,650 of u nused Volume
cap to Lake county, lllinois to the state of lllinois Bureau of the Budget as soon as
reasonably possible.
NOW THEREFORE BE lT RESOLVEO by the President and Board of Trustees of the
Village of Buffalo Crove, Cook and Lake Counties, lllinois, as follows:
SECTTON I. That the Village of Buffalo Crove hereby transfers 948,334,G5O of unused
Volume Cap to Lake County, lllinois.
SECTION 2. The PABC and the Village shall both retain a copy of this Resolution in
their records for a minimum of 30 years. Noticeof this Resolution together with a
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copy of this Resolution shall be given in writing by the Village after passage and
approval hereof.
SECTION 3. That the officials of the Village are hereby authorized, empowered, and
directed to take all necessary or advisable actions concerning the execution and
implementation of this Resolution.
SECTION 4. That this Resolution shall be ln full force and effect from and after its
passage and approval according to law.
AYES:
NAYES:
ABSENT:
PASSED:
APPROVED
O - None
O - None
November 3. 2025
November 3. 2025
r ek
ATTEST:OVED
/q-A.Y^. S,,J'.q^"
:a rret'i.,t. Slrabian, Village Clerk Eric N. Smit ge President
Page 2 of 2
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50 Raupp Blvd, Buffalo Grove, lL 60089 \ 847-459-2500, vbg.org