1996-11RESOLUTION NO.
A RESOLUTION REALLOCATING $ 2,013,650 OF THE VILLAGE OF
BUFFALO GROVE PRIVATE ACTIVITY BOND ALLOCATION TO THE
VILLAGE OF WOODRIDGE, ILLINOIS.
WHEREAS, pursuant to the Internal Revenue Code of 1986, as amended, the Village
of Buffalo Grove (the "Village ") as a home rule unit is allocated a certain amount of "volume
cap" per calendar year;
WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 ILCS 345/1 et seq.,
provides, among other things, that the corporate authorities of any home rule unit may
reallocate all or any portion of its unused allocation of volume cap; and
WHEREAS, the Village has available unused volume cap for calendar year 1996; and
WHEREAS, the Village President and Board of Trustees of the Village desire to
reallocate the Village's unused volume cap for calendar year 1996 to the Village of Woodridge,
Illinois, ( "Woodridge ") for use in connection with certain transactions;
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND
LAKE COUNTIES, ILLINOIS, a home rule municipality in the exercise of its home rule
powers, as follows:
SECTION ONE: $2,013,650 of the Village unused volume cap for the
calendar year 1996 is hereby reallocated to Woodridge (the "Reallocation ") for application to
the Village of Woodridge, Illinois, Industrial Development Revenue Bonds, Series 1996
(Morey Corporation Project). This Reallocation shall be irrevocable. The Village President is
hereby authorized and directed to evidence such reallocation by executing and filing a
certificate with the Clerk of the Village stating the amount of volume cap reallocated pursuant
to this Resolution.
SECTION TWO: The Village President shall provide a written notice of such
Reallocation to the Office of the Governor and to Woodridge.
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Ordinance No. 96-11
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SECTION THREE: The Village President shall execute such agreements,
certificates and other documents on behalf of the Village as he deems necessary and desirable to
evidence such Reallocation, which may include a representation on behalf of the Village that such
Reallocation volume cap has not been used and is available for Reallocation under the Internal
Revenue Code and the Illinois Private Activity Bond Allocation Act.
SECTION FOUR: That all resolutions, or parts thereof, in conflict with the
provisions of this Resolution are, to the extent of such conflict, expressly repealed.
SECTION FIVE: Thar this Resolution small be in full force and effect from
and after its adoption, approval and publication in pamphlet form as provided by law.
ADOPTED this 5th day of February , 1996.
Trustee
Marienthal AYE
Trustee Reid AYE
Trustee
Rubin AYE
Trustee Braiman AYE
Trustee
Hendricks AYE
Trustee Glover AYE
Village President
Mathias
APPROVED this 5th day of February , 1996.
a
VT&XGE PRESIDENT
ATTEST:
0 `x'1. 2.JJL &"
LAGE CLERK
Filed in the Office of the Village Clerk and published in pamphlet form by authority
of the Village President and Board of Trustees of the Village of Buffalo Grove, Cook
and Lake Counties, Illinois, this 6th day of February , 1996.
ILLAGE CLERK
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CERTIFICATE OF THE VILLAGE PRESIDENT
The undersigned does hereby certify that he is the duly qualified and acting Village
President (the "Village President ") of the Village of Buffalo Grove, Cook and Lake Counties,
Illinois (the "Village ") and does hereby further certify as follows:
1. Pursuant to a resolution of the Village entitled "A RESOLUTION
REALLOCATING $ 2,013,650 OF THE VILLAGE OF BUFFALO GROVE
PRIVATE ACTIVITY BOND ALLOCATION TO THE VILLAGE OF WOODRIDGE,
ILLINOIS" (the "Resolution "), the Corporate Authorities of the Village have reallocated
$ 2,013,650 of the Village's private activity bond volume cap to the Village of
Woodridge, Illinois, ( "Woodridge ") for application to the Village of Woodridge, Illinois
Industrial Development Revenue Bonds, Series 1996 (Morey Corporation Project).
2. The undersigned has provided notice of such reallocation to the Office of the
Governor of the State of Illinois and Woodridge substantially in the form attached hereto as
Exhibit A.
IN WITNESS WHEREOF, I hereunto my official signature this �_ day of
�-� , 1996.
If
Village President of the Village of Buffalo Grove, Illinois
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Confirmation of Allocation Granted
(Date)
Office of the Governor
2 1/2 State House
Springfield, Illinois 62706
Attn. Tonya Dring
Re: Issuer: Village of Buffalo Grove, Cook and Lake Counties, Illinois
Total 1996 Volume Cap Allocation: $ 2.013.650
I. Volume Cap allocations granted by Issuer resolution prior to May 1, 1996:
1. Principal Amount of Issue: None
Bond Description: , None
H. Volume Cap reallocated or transferred to a State Agency, other Home -Rule
Unit or Non - Home -Rule Unit by Issuer resolution prior to May 1, 1996:
1. Principal Amount Reallocated: $2,013,650
Issuer to Whom Reallocated: Village of Woodridge, Illinois
Purpose: Village of Woodridge, Illinois, Industrial Development
Revenue Bonds, Series 1996 (Morey Corporation Project)
Total Allocation Granted or Reallocated: $ 2,013,650
Sincerely,
Villa
By:
c: Village of Woodridge, Illinois
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