2001-43p N
RESOLUTION NO. 2001 — 43
A RESOLUTION RESCINDING RESOLUTION 2001 -18 AND REALLOCATING THE BALANCE
OF VILLAGE OF BUFFALO GROVE'S 2001 PRIVATE ACTIVITY BOND ALLOCATION,
$264,000, TO THE ILLINOIS DEVELOPMENT HOUSING AUTHORITY
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 $2,664,000.00 for calendar year 2001; and
WHEREAS, on April 16, 2001, the Village of Buffalo transferred its Private Activity Bond
authority for 2001 to Lake County; and
WHEREAS, on June 18, 2001, the Village of Buffalo transferred $2,400,000 of its Private
Activity Bond authority for 2001 to the Illinois Development Finance Authority to benefit the Long
Grove Confectionery Co. project;
WHEREAS, Lake County Partners is supporting a project to allocate a total of $500,000 to
the Illinois Development Housing Authority, and has requested with the City of Joliet, the balance
of the Village of Buffalo Grove's Private Activity Bond Allocation, $264,000;
WHEREAS, in return for the 2001 allocation, the City of Joliet will transfer a like amount in
year 2002 to Lake County;
WHEREAS, it is in the best interest of the Village to transfer and reallocate its balance of
$264,000 of the Village's volume cap to the Illinois Development Housing Authority;
WHEREAS, under the Illinois Private Activity Allocation Act, the Village may reallocate any
remaining unused portion of its volume cap; and
WHEREAS, the Village will report this transfer of approximately $264,000 in Volume Cap
for the City of Joliet to the Governor's Office, as dictated by the Governor's Office allocation
guidelines; and
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 rescinds Resolution 2001 -18 transferring its
total Private Activity Bond volume cap of approximately $2,664,000.00 to Lake County, and
hereby reallocates the balance, $264,000, to the Illinois Development Housing Authority.
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 and the Illinois Development Housing Authority shall maintain in their
records of the term of the bonds a record of the allocation as described in Section One of
this resolution. Within ten (10) calendar days of the date the bonds are issued, Lake
County and the Illinois Development Housing Authority 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: _ 6 - Marienthal, Braiman, Glover, Berman, Johnson, Kahn
NAYES: 0 - None
ABSENT: 0 - None
ADOPTED: October 15 ,2001.
APPROVED: October 15 ,2001.
Village President
ATTEST:
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Villa e Clerk
Finance /IRB01 CityofJoliet.doc
11- Oct -01