1995-30RESOLUTION NO. 95- 30
A RESOLUTION RESCINDING VILLAGE OF BUFFALO GROVE RESOLUTION NO. 95 -7
WHEREAS, on February 21, 1995, the Village of Buffalo Grove, Illinois gave
to the Village of Lombard, Illinois through a reallocation, all of its 1995
volume cap for the use in financing private activity bonds; and
WHEREAS, the amount of private activity bonding authority that was granted
to the Village of Lombard for 1995 totaled $2,013,650; and
WHEREAS, the Village of Lombard has been able to obtain private activity
bond financing authority through the State of Illinois thereby permitting Lombard
to return the original amount of the 1995 reallocation to the Village of Buffalo
Grove.
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. Village of Buffalo Grove Resolution No. 95 -7 adopted by the
President and Board of Trustees on February 21, 1995 is hereby rescinded.
Authority to rescind is granted based on notice received from the Village
of Lombard dated April 11, 1995 attached as an Exhibit to this Resolution.
AYES: 6 - Marienthal, Reid, Rubin, Braiman, Hendricks, Glover
NAYES: 0 - None
ABSENT: 0 - None
PASSED: April 17
ATTEST:
aa'�
V lage Clerk/
,1995.APPROVED:, pril 17 ,1995.
r
i4lage President
Exhibit A � •
Cti�0 LOS 9
,a G VILLAGE OF LOMBARD
,a 255 E. Wilson Ave.
LJ6-, h� Lombard, Illinois 60148 -3931
708/620 -5700 FAX: 708/620 -8222
1869 TDD :708/620 -5812
Village President April 11, 1995
William J. Mueller
Village Clerk
On February 21, 1995, in the spirit of intergovernmental cooperation, your Village
Lorraine G. Gerhardt
Board approved a resolution authorizing the reallocation of your community's 1995
Mr. William Brimm, Finance Director
Trustees
BUFFALO GROVE
Emrik H. Carlson, Dist. 1
Fifty Rall Blvd.
Richard J. Tross, Dist. 2
y pp
Karen S. Koenig, Dist. 3
Buffalo Grove, IL 60089 -2196
Gary L. Bird, Dist. 4
projects can be fully funded from the State's non -home rule pool and that the
Frank M. Gatz, Sr., Dist. 5
Frank Mackett, Dist. 6
Dear Mr. Brimm,
Village Manager
William T. Lichter
On February 21, 1995, in the spirit of intergovernmental cooperation, your Village
Board approved a resolution authorizing the reallocation of your community's 1995
volume cap to the Village of Lombard. The Village of Lombard requested this
reallocation because there was not enough money in the State's non -home rule pool
to fund Lombard's two Industrial Revenue Bond projects. Recently, we learned
that money from the State's non -home rule pool had been freed up because projects
in other areas of the State failed to close on time. This means that the Lombard's
"Our shared Vision for
projects can be fully funded from the State's non -home rule pool and that the
Lombard is a commu-
nity of excellence
allocation from your community is not necessary.
exemplified by its
government working
together with residents
In a recent phone conversation with me, you indicated that one of your local
and business to create
businesses was interested in Industrial Revenue Bond financing. Since Lombard no
a distinctive sense of
spirit and an outstand-
longer needs the allocation, please feel free to take whatever actions are necessary
ing quality of life."
to secure this allocation for your local needs.
"The Mission of the
Village of Lombard is
We wish to thank you and the Village of Buffalo Grove again for your cooperation
to provide superior and
in this matter. Please contact me at (708) 620 -5743 if you have any questions.
responsive governmen-
tal services to the
people of Lombard."
Respectfully
Village of Lombard
De artment of Community Development
Jo lien Charlton, AICP, Economic Development Administrator
Economic Development Division
cc: Lombard President and Board of Trustees
William T. Lichter, Village Manager
Tom Bayer, Village Attorney
Jeffrey B. Coder, AICP, ASIA Director of Community Development