2002-40RESOLUTION NO. 2002 —40
A RESOLUTION REALLOCATING 2002 VOLUME CAP
TO THE VILLAGE OF GURNEE, 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, certain tax exempt private activity bonds may be issued only if sufficient
volume cap pursuant to Section 146 of the Internal Revenue Code of 1986, as amended (the
"Code"), is available for the bonds; and
WHEREAS, pursuant to Resolution No. 2001 -51, adopted December 17, 2001, the
Village agreed to reserve volume cap allocated to it by the Code, and accept volume cap
reallocated to the Village by other home rule units of local government, for the issuance of tax -
exempt private activity bonds placed through a Private Activity Bond Clearinghouse Pool (the
"Pool ") to facilitate the issuance of tax - exempt private activity bonds to finance industrial,
manufacturing, and commercial projects in Lake County, Illinois, for economic development
purposes ( "Eligible Projects "); and
WHEREAS, pursuant to the Code, the Village has been allocated volume cap equal to
$75.00 per resident of the Village in calendar year 2002, or $3,218,175.00, for the issuance of
such tax exempt private activity bonds; and
WHEREAS, pursuant to Section 6 and Section 6.1 of the Illinois Private Activity Bond
Allocation Act, 30 ILCS 345/1 et seq. (the "Bond Allocation Act "), the Guidelines and Procedures
promulgated thereunder (as defined in the Bond Allocation Act), and Resolution No. 2002 -10,
adopted March 4, 2002, the Village reserved the 2002 volume cap allocated to it by the Code for
the issuance tax - exempt private activity bonds placed through the Pool to finance Eligible
Projects as directed by the Advisory Committee created pursuant to Resolution No. 2001 -51;
and
WHEREAS, pursuant to Section 6 and Section 6.1 of the Bond Allocation Act and the
Guidelines and Procedures promulgated thereunder, certain home rule units of government
reallocated to the Village $11,537,487 in volume cap that had been allocated to them by the
Code for the issuance of such tax exempt private activity bonds; and
WHEREAS, the Village of Gurnee, Lake County, Illinois (the "Gurnee "), has approved an
application to issue tax - exempt private activity bonds on behalf of Little Lady Foods, Inc. to
finance development and acquisition of a site in Lake County, Illinois (the "Project "), for an
amount estimated not to exceed $6,230,000; and
WHEREAS, the Advisory Committee created pursuant to Resolution No. 2001 -51 has
found and determined that the Project is an Eligible Project and that it is in the best interest of
the Pool to transfer and reallocate $6,230,000 of the Village's 2002 volume cap to Gurnee to
issue tax - exempt private activity bonds to finance the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, as
follows:
Section 1. Pursuant to Section 6 and Section 6.1 of the Bond Allocation Act and the
Guidelines and Procedures promulgated thereunder, the Village hereby agrees to, and
does hereby, transfer and reallocate $6,230,000 of its 2002 volume cap to Gurnee to be
used for the issuance of tax - exempt private activity bonds to finance the Project;
provided, however, that such transfer and reallocation shall not give rise to any
pecuniary liability of the Village or impose any personal liability on any past, present, or
future director, member, elected or appointed officer, official, employee, attorney, or
agent of the Village and shall be without representation or guaranty as to the sufficiency
or validity of this Resolution to effectuate such transfer and reallocation.
Section 2. This Resolution shall constitute the agreement of the Village to a different
allocation under Section 146 (e) (3) of the Code and the writing required under Section 6
of the Bond Allocation Act.
Section 3. The Village covenants and warrants that it has taken no action or issued
bonds that 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, the Village Clerk, and all other proper officers, officials,
agents, and employees of the Village are hereby authorized, empowered, and directed
to take all necessary and advisable actions, and to execute all such documents and
certificates, as may be necessary to further the purposes and intent of this Resolution.
Section 5. The Village shall maintain a written record of this Resolution in its records for
so long as the bonds to which the volume cap transferred by this Resolution is
reallocated remain outstanding.
Section 6. This Resolution shall be in full force and effect from and after its passage and
approval as required by law and is enacted by the Village pursuant to its powers under
the laws of the State of Illinois and the Illinois Constitution of 1970 and its home rule
powers.
AYES: 5 - Braiman, Glover, Berman, Kahn, Trilling
NAYES: 0 - None
ABSENT: 0 - None Been §ec - 1 - Johnson
PASSED: October 21, 2002
APPROVED: October 21, 2002
ATTEST:
Village Clerk
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Village President