2000-30•
RESOLUTION NO. 2000 — 30
•
A RESOLUTION TRANSFERRING THE VILLAGE OF BUFFALO GROVE'S
2000 PRIVATE. ACTIVITY BOND ALLOCATION TO LAKE COUNTY, ILLINOIS
WHEREAS, the Village of Buffalo Grove, Cook and Lake Counties, Illinois (the "Village ") is
a municipality and a home rule unit of government duly organized and validly existing under
Section 6(a) of Article VII of the 1970 Constitution and laws of the State of Illinois; and
WHEREAS, the Village has been allocated, pursuant to federal and state tax law, a Private
Activity Bond volume cap of $2,092,850.00 for calendar year 2000; and
WHEREAS, the County of Lake has requested that the Home Rule Unit transfer its unused
Private Activity Bond authority for 2000 prior to June 1, 2000.
WHEREAS, it is in the best interest of the Village to transfer and reallocate the Village's
remaining, unused volume cap to Lake County and thereby permit Lake County to issue
tax - exempt private activity bonds to finance industrial, manufacturing and commercial projects for
economic development purposes; and
WHEREAS, under the Illinois Private Activity Bond Allocation Act (P.A. 84 -952 and P.A.
89 -460), that portion of volume cap remaining unused by a Home Rule Unit, other than a
municipality with over 2,000,000 inhabitants, as of May 1 of each calendar year, shall be, on June
1 of each calendar year reserved to the Governor's Office for reallocation; and
WHEREAS, under the Illinois Private Activity Allocation Act, the Village may reallocate to
Lake County any remaining unused portion of its volume cap; and
WHEREAS, Lake County, in cooperation with the other companies utilizing the Village's
IRB allocation, will pay the Village a .5% closing fee in consideration for using the Village's volume
cap; and
WHEREAS, the Village will report this transfer of approximately $2,092,850.00 in Volume
Cap for Lake County to the Governor's Office, as dictated by the Governor's Office allocation
guidelines; and
WHEREAS, Lake County will allow the Village to designate priorities for financing all
potential projects to be financed using the available transferred volume cap during 2000, as
appropriate.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS
that:
Section 1. The Village of Buffalo Grove hereby transfers and reallocates its remaining,
unused Private Activity Bond volume cap of approximately $2,092,850.00 to Lake County.
Section 2. That this resolution shall constitute the agreement of the Home Rule Unit to a
different allocation under Section 146 (e) (3) of the Internal Revenue Code and the writing
required under Section 6 of the Illinois Private Activity Bond Allocation Act. As required by
the Act, Lake County shall maintain in its records of the term of the bonds a record of the
reallocation as described in Section One of this resolution. Within ten (10) calendar days of
the date the bonds are issued, Lake County shall file or cause to be filed, in the Office of
the Governor of the State of Illinois, a confirmation of a bond issuance letter as described in
the Guidelines and Procedures of the Office of the Governor.
Section 3. That the Home Rule Unit convenants and warrants that it has taken no action or
issued bonds which would abrogate, diminish, or impair its ability to fulfill the written
agreement, covenants and undertakings on its part under this Resolution.
Section 4. The Village President and Village Clerk are hereby authorized, empowered and
directed to take all necessary and advisable actions in connection with the execution and
implementation of this Resolution.
Section 5. This Resolution shall be in full force and effect from and after its passage and
approval.
AYES: 5 - Marienthal, Braiman, Hendricks, Glover, Berman
NAYES: 0 - None
ABSENT: 1 - Reid
ADOPTED: May 1 ,2000.
APPROVED: May 1 72000.
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ATTEST:
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