1995-37RESOLUTION NO. 95 -37
A RESOLUTION AUTHORIZING THE REALLOCATION OF 1995 VOLUME CAP TO
THE CITY OF DANVILLE, ILLINOIS
Whereas, Section 146 of the Internal Revenue Code of 1986 as amended (the "Code "), grants
Illinois home rule municipalities volume cap in the amount of $50 per capita per year to issue private
activity bonds; and
Whereas, the official 1994 Special Census population of the Village of Buffalo grove, Illinois
(the "Village ") is 40,273 giving the Village a volume cap of $2,013,650 for the year 1995; and
Whereas, the Village has not used any of its 1995 volume cap and presently has no requests
to use the same; and
Whereas,the City of Danville, Illinois ( "Danville ") has requested that the Village reallocate
$2,013,650 of its 1995 volume cap to Lombard to be used to finance private activity bonds.
Whereas, pursuant to Section 6 of the Illinois Private Activity Bond Allocation Act (30
ILC34/11, et sec .)(the "Act ") including the written Guidelines and Procedures dated as of January 1,
1995, of the Governor's Office of the State of Illinois issued under the Act (the "Guidelines and
Procedures "), the Village may reallocate all or any portion of its unused volume cap for calendar year
1995.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COUNTIES OF LAKE AND COOK,
ILLINOIS as follows:
SECTION 1. That in accordance with and pursuant to the power and authority granted by
and under Section 6 of Article VII of the Constitution of Illinois, Section 146 of the Code and Section
6 of the Act, including the Guidelines and Procedures, the Village hereby reserves for Danville and
hereby irrevocably agrees to and does hereby reallocate $2,013,650 of its 1995 volume cap to
Danville.
SECTION 2. That this Resolution shall constitute the agreement of the Village to a different
allocation under Section 146 (e) (3) of the Code and the "writing" required under Section 6 of the
Act. As required by the Act, Danville shall maintain in its records for the term of the Bonds a record
of reallocation as described in Section 1 of this Resolution. Within ten (10) calendar days of the date
the bonds are issued, Danville shall file or cause to be filed, the Office of the Governor of the State
of Illinois, written evidence of such reallocation and a confirmation of bond issuance letter as
described in the Guidelines and Procedures.
SECTION 3. That the Village hereby 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. That this Resolution shall be effective immediately upon passage and approval.
AYES: 6 - Marienthal Reid Rubin Braiman Hendricks, Glover
NAYS: 0 - None
ABSENT: 0 - N
PASSED: May 1 '1995.
APPROVED: Ma
ATTEST:
Village Ulerk
1995.