2015-31 RESOLUTION NO. 2015—31
A RESOLUTION TRANSFERRING $15,000,000 OF 2015 PRIVATE ACTIVITY BOND
VOLUME CAP OF THE VILLAGE OF BUFFALO GROVE (INCLUDING VOLUME
CAP TRANSFERRED FROM OTHER LAKE COUNTY HOME RULE UNITS) TO THE
CITY OF WAUKEGAN FOR RESCUE TIRE RECYCLING, LLC, 3600 SUNSET
AVENUE, WAUKEGAN, ILLINOIS.
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 in coordination with Lake County Partners,
serves as the Lake County Private Activity Bond Clearinghouse (the "P C") and has received
Volume Cap from the Lake County Home Rule Municipalities; and
WHEREAS, it is also in the best interest of the Village, Lake County Home Rule
Municipalities, and Lake County Partners to collect the anticipated 1.0% fee as soon as possible-,
and
WHEREAS, Rescue Tire Recycling, LLC, 3600 Sunset Avenue in Waukegan, Illinois is
seeking to finance the purchase of the existing facility, conduct improvements t o t he existing
facility, and purchase fixtures and equipment. As a result oft e investment Rescue Tire
Recycling, LLC projects the creation of 50 full-time jobs; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended (the
"Code"), places a ceiling (the "State Ceiling") on the aggregate principal amount of private
activity bonds (as defi ned in the Code) that can be issued in the State of Illinois from January 1,
2015, to and including December 31, 2015; and
WHEREAS, it is the best interest of the Village, on behalf of the PABC to transfer and
reallocate $15,000,000 of 2015 Volume Cap tote City of Waukegan and thereby permit
Waukegan to issue tax-exempt private activity bonds to Rescue Tire Recycling, LLC for the
Project in Waukegan, Illinois; and
WHEREAS, the Village will report this transfer of$15,000,000 of 2015 Volume Cap to
the City of Waukegan, Illinois to the Illinois Bureau of Budget as soon as reasonably possible.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF BUFFALO GROVE:
Section 1. That the Village of Buffalo Grove as the PABC hereby transfers and
reallocates $15,000,000 of 2015 Volume Cap to the City of Waukegan,
Illinois. That the foregoing recitals are incorporated herein and made a
part hereof.
Section 2. That an amount equal to 1% of the tax exempt bonds issued shall be paid
to Lake County Partners prior to the issuance of the bonds.
Section 3. The PABC and the Village shall both retain a copy o f t his Resolution in
their records fora 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 thereof.
Section 4. 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 5. That this Resolution shall be in full force and effect from and after its
passage and approval according to law.
Passed and approved this
AYES: 6 —Berman, Trilling,_S cjui Oucniieli-ner, We.denfeld. Johnson
NAYS: 0 - None
ABSENT: 0 - None
ADOPTED: November 2, 2015.
APPROVED- November 2, 2015.
APP ROVED-
I
jb-bov—NdIft" r
Beverly, SUman, Village President
ATTEST:
Jan7e—CM. Sirabian, Village Clerk
TV7'ILLAGE OF
BUFFALO GROVE
}
Fifty Raupp Blvd
Buffalo Grove,IL 60089
Fax 847-459-7906
Jennifer I.Maltas
Deputy Village Manager
847-459-2525
November 3, 2015
Governor's Office of anagement and Budget
Debt Management Unit—Volume Cap Submission
603 Stratton Building
Springfield, IL 62706
Attention: Debt Management Unit
Issuer: Village of Buffalo Grove
2015 Volume Cap Transfer $15,000,000
The Corporate Authorities of the Village of Buffalo Grove approved Resolution No. 2015- 31
transferring $15,000,000 Private Activity Bond Volume Cap from the Village of Buffalo Grove
Private Activity Bond Clearinghouse Pool to the City of Waukegan. The Resolution was
approved on November 2, 2015 and is attached for your files.
Bond Description: Private Activity Bond Volume Cap
Should you have any questions, please contact me. Thank you for your coordination of this
program.
Sincerely,
i
Jennifer I. Maltas
Deputy Village Manager
cc: Michael Stevens, Lake County Partners
2015 Estimate 2015 Per
Collected/Allocated 2015 PAC (from Illinois Capita-
Volume Cap Guidelines) $100.00 Actual Collected Comments
Bannockburn 1,577 $157700 $157;700 Received;2015-R-11
Buffalo Grove 41,778 $4,177,800 $4,177,800 Received;R2015-11
Deerfield 18.297 $1,829,700 $1,829,700 Received;R15-7
Gurnee 31,284 $3,128,400 $3.128.400 Received:R2015-07
Highland Park 29,902 $2,990,200 $2,990,200 Received:R59-15
Lake Barrinqton 4.970 $497A00 $497,000 Received; 2015-R-05
Lake Bluff 5,706 $570,600 $570,600 Received:2015-5
Lake Forest 19,352 $1,935,200 $1,935,200 Received;2015-17
Lincolnshire 7,280 $728.000 $728,000 Received;2015-747
Park City 7,406 $740,600 $740,600 Received:2015-R-01
Round Lake Beach 28,093 $2,809,300 $702,325 Received;R15-03-09
Vernon Hills 25,613 $2.561,300 $2.561;300 Received;R2015-038
Waukegan 88,826 $8,882,600 $8,882,600 Received:R15-R-45
Total 2015 volume Cap Collected $31;008;400 $28,901,425.00
Total Rollover In 2015
Rollover 2013 $33,042,330.00
Rollover 2014 $31,418,670.00
Rollover 2015
TOTAL ROLLOVER IN 2015 $64,461,000.00