2010-031 -11 -2010
RESOLUTION NO. 2010 -3
A RESOLUTION CEDING THE 2009 UNUSED PRIVATE ACTIVITY BOND VOLUME CAP OF
THE VILLAGE OF BUFFALO GROVE (INCLUDING VOLUME CAP TRANSFERRED FROM
OTHER LAKE COUNTY HOME RULE UNITS) TO LAKE COUNTY.
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, in order to facilitate economic development both in the Village of Buffalo Grove
and in Lake County, Illinois, the Village has received Volume Cap from the Lake County Home
Rule Municipalities in the amounts identified in Exhibit A to consolidate management under control
of a single Home Rule entity in cooperation with Lake County Partners Private Activity Bond
Clearinghouse (the "PABC"); and
WHEREAS, tax exempt private activity bonds provide for opportunities to increase
business and commerce and relieve conditions of unemployment; and
WHEREAS, the PABC has $31,280,265 of calendar year 2009 unused Volume Cap
available from Lake County Home Rule Units; and
WHEREAS, the PABC has recommended that it is in the best interest of the Village of
Buffalo Grove to transfer $31,280,265 of unused Volume Cap to Lake County, Illinois and thereby
permit Lake County to issue tax - exempt private activity bonds to finance multi - family projects; and
WHEREAS, it is in the best interest of the Village, Lake County Home Rule Municipalities,
and Lake County Partners to collect the anticipated 1.0% Volume Cap fee as soon as possible;
and
WHEREAS, the Village will report this transfer of $31,280,265 of unused Volume Cap to
Lake County, Illinois to the State of Illinois Bureau, of the Budget as soon as reasonably possible;
and
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE BOARD OF THE VILLAGE
OF BUFFALO GROVE:
Section 1. That the Village of Buffalo Grove hereby transfers $31,280,265 of unused
Volume Cap to Lake. County, Illinois.
Section 2. The PABC 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 3. 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 4. That this Resolution shall be in full force and effect from and after its
passage and approval according to law.
Passed and approved this 18th day of January, 2010.
AYES: 6 - Braiman, Glover, Berman, Trilling, Slone, Sussman
NAYES:
0 - None
ABSENT: 0 - None
ADOPTED: January 18 ,2010.
APPROVED: January 18 ,2010.
Village President
ATTEST:
4.�,
Village Cle
Exhibit A
Collected / Allocated 2009 PABC
Volume Cap
12 -29 -08
Census
2009 Per Capita -
$90.00
Actual Collection
Buffalo Grove
43,147
$3,883,230
$3,883,230
Deerfield
19,594
$1,763,460
$1,763,460
Gurnee
30,586
$2,752,740
$2,752,740
Highland Park
31,457
$2,831,130
$2,831,130
Highwood City
5,414
$487,260
$487,260
Lake Barrington
4,982
$448,380
$448,380
Lake Bluff
6,227
$560,430
$560,430
Lake Forest
21,127
$1,901,430
$1,901,430
Lincolnshire
7,616
$685,440
$685,440
Mundelein
32,734
$2,946,060
$2,946,060
North Chicago
32,897
$2,960,730
$2,960,730
Park City
6,660
$599,400
$599,400
Round Lake Beach
27,959
$2,516,310
$1,258,155
Waukegan
91,138
$8,202,420
$8,202,420
Total 2009 Volume Cap Collected
361,538
$32,538,420
$31,280,265.00
2009 Activity:
None
Remaining 2009 PABC
$31,280,265.00
Rollover 2006
$12,708,480.00
Rollover 2007
$766,688.00
Rollover 2008
$14,904,802.00
Total Rollover (low income housing)
$28,379,970.00