2007-3911 -30 -07
RESOLUTION NO. 2007- 39
A RESOLUTION TRANSFERRING $16,000,000 OF 2007 PRIVATE ACTIVITY BOND
VOLUME CAP OF THE VILLAGE OF BUFFALO GROVE (INCLUDING VOLUME CAP
TRANSFERRED FROM OTHER LAKE COUNTY HOME RULE UNITS) TO THE ILLINOIS
HOUSING DEVELOPMENT 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 availability of job opportunities to relieve conditions of
unemployment and underemployment and the increase of business and commerce to
reduce the evils associated with unemployment and underemployment are essential to the
health, safety and general welfare of a community; and
WHEREAS, in order to facilitate economic development both in the Village of
Buffalo Grove and in Lake County, Illinois, the Village coordinates with Lake County
Partners, serves as the Lake County Private Activity Bond Clearinghouse (the "PABC ")
and has received Volume Cap from the Lake County Home Rule Municipalities; and
WHEREAS, it is also in the best interest of the Village, Lake County Home Rule
Municipalities, and Lake County Partners to collect the anticipated 1.0% fee for transfer of
$16,000,000; and
WHEREAS, The DeBruler Co., Libertyville, and Lake County Residential
Development Corporation are the developers of the Colonial Park Apartments (the
"Project ") and have applied to the Illinois Housing Development Authority ( "IHDA ") for
Trust Funds to use in the acquisition and rehabilitation of the Project in Park City, Illinois;
and
WHEREAS, the Project consists of 320 apartments that were constructed in four
quadrangles between 1964 and 1969; and
WHEREAS, The DeBruler Co. and Lake County Residential Development
Corporation have indicated their intent to pay a fee equal to 1.0% of $16,000,000 (i.e.,
$160,000) for the Volume Cap currently available under the PABC; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended (the
"Code "), places a ceiling (the "State Ceiling ") on the aggregate principal amount of private
activity bonds (as defined in the Code) that can be issued in the State of Illinois from
January 1, 2007, to and including December 31, 2007; and
WHEREAS, it is in the best interest of the Village, on behalf of the PABC, to
transfer and reallocate $16,000,000 of 2007 Volume Cap to IHDA and thereby permit
IHDA to issue tax - exempt private activity bonds to finance the application of The DeBruler
0 0
Co. and Lake County Residential Development Corporation for the Project in Park City,
Illinois; and
WHEREAS, under the Illinois Private Activity Bond Allocation Act, the Village may
reallocate to IHDA any unused portion of its Available Ceiling (including that attributable to
PABC); and
WHEREAS, the Village will report this transfer of $16,000,000 of 2007 Volume Cap
to the Illinois Bureau of the Budget as soon as reasonably possible.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF BUFFALO GROVE:
Section 1. That the Village of Buffalo Grove as the PABC hereby transfers and
reallocates $16,000,000 of 2007 Volume Cap to IHDA. That the
foregoing recitals are incorporated herein and made a part hereof.
Section 2. That an amount equal to 1% of $16,000,000, (i.e., $160,000) shall be
paid to Lake County Partners prior to the issuance of the bonds.
Section 3. That IHDA and the Village shall both retain a copy of this Resolution
in their records for a minimum of 30 years. Notice of this Resolution
together with a copy of this Resolution shall be given in writing by the
Village after passage and approval hereof.
Section 4. 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 5. That this Resolution shall be in full force and effect from and after its
passage and approval according to law.
Passed and approved this 17th day of December, 2007.
AYES: 5 - Glover, Berman, Kahn, Trilling, Rubin
NAYS: 0 - None
ABSENT: 1 - Braiman
ADOPTED: December 17 ,2007.
APPROVED: December 17 ,2007.
Village President
ATTEST:
Village CI
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