2009-08i r
RESOLUTION NO. 2009 - 8
A RESOLUTION TRANSFERRING $3,883,230.00 PRIVATE ACTIVITY BOND ALLOCATION
TO THE PRIVATE ACTIVITY BOND CLEARINGHOUSE POOL,
HOSTED BY THE VILLAGE OF BUFFALO GROVE.
WHEREAS, the Village of Buffalo Grove (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 the Code, the Village has been allocated volume cap equal to
$90.00 per resident of the Village in calendar year 2009, or $3,883,230.00 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 "), and the Guidelines and
Procedures promulgated thereunder, the Village may, prior to May 1, 2009, reallocate to other
home rule units of government the volume cap allocated to the Village by the Code for their
issuance of such tax exempt private activity bonds or for subsequent transfer or reallocation;
and
WHEREAS, the Village has not used any of its 2009 volume cap and has no present
intention to use the same; 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 for projects in Lake County; and recommended
the creation of a Private Activity Bond Allocation Advisory Committee; and
WHEREAS, the Private Activity Bond Allocation Advisory Committee facilitates the
issuance of tax - exempt private activity bonds to finance manufacturing and multi - family housing
commercial projects in Lake County, Illinois, for economic development purposes; and
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, LAKE COUNTY, ILLINOIS, as follows:
Section 1: That the Village of Buffalo Grove consents to the reallocation of $3,883,230.00, 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 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 3: 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 4: This Resolution shall be in full force and effect from and after its passage and
approval.
AYES: 6 — Braiman, Glover,Berman, Kahn, Trilling, Rubin
NAYES: 0 — None
ABSENT: 0 — None
ADOPTED: March 9 ,2009.
APPROVED: March 9 ,2009.
illage President
ATTEST:
Village erk