1998-11RESOLUTION NO. 98 -11
A RESOLUTION REALLOCATING $2,058,450 OF THE VILLAGE OF
BUFFALO GROVE, ILLINOIS PRIVATE ACTIVITY BOND VOLUME
CAP ALLOCATION TO MADISON COUNTY, ILLINOIS
WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended (the
"Code"), grants to Illinois home rule units volume cap allocation for purposes of issuing tax -
exempt private activity bonds for any calendar year in an amount equal to $50 multiplied by
the population of such home rule unit; and
WHEREAS, according to an official Bureau of the Census population estimate for 1997
as set forth in the State of Illinois Allocation of Bonding Authority in Accordance with the
Tax Reform Act of 1986 and 30 ILCS 345 Guidelines and Procedures of the Office of the
Governor, effective January 1, 1998 (the "Guidelines and Procedures"), the most recent
census estimate of the resident population of the Village of Buffalo Grove, Illinois (the
"Village ") is 41,169, providing the Village with a volume cap of $2,058,450 for the year
1998; and
WHEREAS, the Village has not used or reallocated the Volume Cap Allocation (defined
below); and
WHEREAS, Madison County, Illinois ( "Madison County ") intends to issue private
activity revenue bonds (the "Bonds ") on behalf of Shell Oil Company and its wholly -owned
subsidiary Shell Wood River Refining Company (together "Shell ") to finance the acquisition,
construction and installation of sewage and /or solid wastes disposal facilities located in
Madison County; and
WHEREAS, to assist Madison County in issuing the Bonds on behalf of Shell, it has
been requested that the Village reallocate its 1998 volume cap allocation in the amount of
$2,058,450 ( "Volume Cap Allocation ") to Madison County; and
WHEREAS, pursuant to Section 6 of the Illinois Private Activity Bond Allocation Act,
30 ILCS 345/1 et seq. (the "Act ") and the Guidelines and Procedures, the Village is
permitted to reallocate all or any portion of its unused Volume Cap Allocation to Madison
County; and
WHEREAS, Shell has agreed to pay to the Village a fee for such reallocation equal to
one percent of the amount of the Volume Cap Allocation reallocated to Madison County.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE PRESIDENT AND THE BOARD OF
TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, LAKE AND COOK COUNTIES, ILLINOIS, IN
THE EXERCISE OF ITS HOME RULE POWERS, 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, Section 6 of the Act and the Guidelines and Procedures, the Village hereby
reserves to and for Madison County and hereby agrees to and does hereby reallocate the
Volume Cap Allocation in the amount of $2,058,450 to Madison County for the purposes set
forth herein.
Section 2. That this Resolution shall constitute the agreement of the Village to such
reallocation under Section 146(e)(3) of the Code and the "writing" required under
Section 6 of the Act. As required by the Act, Madison County shall maintain in its records
for the term of the Bonds a record of such reallocation. Within ten (10) calendar days of
the date the Bonds are issued, Madison County shall file or cause to be filed in 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 its
obligations under this Resolution.
Section 4. That this Resolution and the reallocation of the Volume Cap Allocation
is contingent upon Shell paying or causing to be paid $20,584.50 to the Village as a service
fee on or before the date of issuance of the Bonds.
Section S. That the Village President and Village Clerk shall execute such
agreements, certificates and other documents on behalf of the Village as the Village
President deems necessary and desirable to evidence the reallocation of the Volume Cap
Allocation, which may include a representation on behalf of the Village that the reallocation
of the Volume Cap Allocation has not been used and is available for reallocation under the
Code and the Act.
Section 6. That all resolutions, orders and parts thereof in conflict herewith are
hereby superseded to the extent of such conflict.
Section 7. That, if any section, paragraph, clause or provision of this Resolution
shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not
affect any of the other provisions of this Resolution.
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Section 8. That this Resolution shall be in full force and effect from and after its
passage and approval as provided by law.
PASSED, APPROVED AND RECORDED this 16th day of March, 1998.
Village President
[SEAL]
ATTEST:
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,�j--k z Village Clerk
9l
AYES: 5 - Marienthal, Reid, Rubin, Braiman, Glover
NAYS: 0 - None
ABSENT OR NOT VOTING: 1 - Hendricks
(Other Business)
Upon motion duly made and carried, the meeting adjo d.
Village President
[SEAL]
ATTEST:
Village Clerk
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