2008-02RESOLUTION NO. 2008 - 12
A RESOLUTION TRANSFERRING $3,674,635.00 PRIVATE ACTIVITY BOND ALLOCATION
TO THE PRIVATE ACTIVITY BOND CLEARINGHOUSE POOL,
HOSTED BY THE VILLAGE OF BUFFALO GROVE.
WHEREAS, the Village of Buffalo Grove, an Illinois Home Rule Unit government has
been allocated, pursuant to federal and state tax law, a Private Activity Bond volume cap of
$3,674,635 for calendar year 2008; and,
WHEREAS, pursuant to Illinois Statutes, a Home Rule Unit which has not used its
Private Activity Bond authority in a particular calendar year may transfer that authority to
another Illinois governmental unit; and,
WHEREAS, the Corporate Authorities of the Village of Buffalo Grove has established the
Village as the host of the Private Activity Bond Clearinghouse Pool; and
WHEREAS, Resolution 2001 -51, approved by the Corporate Authorities of the Village of
Buffalo Grove, recommended the transfer of unused Private Activity Volume Cap from Lake
County Home Rule Communities to the Village of Buffalo Grove for projects in Lake County; and
recommended the creation of a Private Activity Bond Allocation Advisory Committee; 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: That the Village of Buffalo Grove consents to the reallocation of $3,674,635.00, its
unused Private Activity Bond volume cap, to the Private Activity Bond
Clearinghouse Pool, hosted by the Village of Buffalo Grove, Illinois.
Section 2: That this resolution shall constitute the agreement of the Village of Buffalo Grove 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, Buffalo Grove shall maintain in its records for 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, Buffalo
Grove 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 Village of Buffalo Grove covenants 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.
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AYES: 5 Braiman, Glover, Berman, Kahn, Trilling
NAYES: 0 - None
ABSENT: 1 - Rubin
ADOPTED: February 4 2008.
APPROVED: February 4 2008.
Village President
ATTEST:
Villag rk