2016-03 RESOLUTION NO. 2016 - 03
A RESOLUTION CEDING THE 2015 UNUSED PRIVATE ACTIVITY BOND VOLUME
CAP OF THE VILLAGE OF BUFFALO GROVE (INCLUDING VOLUME CAP
TRANSFERRED FROM OTHER LAKE COUNTY HOME RULE UNITS) TO LAKE
COUNTY.
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 has received Volume Cap from the Lake County
Home Rule Municipalities in the amounts identified in Exhibit A to consolidate management under
control of a single Home Rule entity in cooperation with Lake County Partners Private Activity
and Clearinghouse (the"PABC"); and
WHEREAS, tax exempt private activity bonds provide for opportunities to increase
business and commerce and relieve conditions of unemployment; and
WHEREAS, the PABC has $17,040,925 of calendar year 2015 unused Volume Cap
available from Lake County Home Rule Units; and
WHEREAS, the P has recommended that it is in the best interest of the Village of
Buffalo Grove to transfer $17,040,925 of used Volume Cap to Lake County, Illinois and thereby
permit Lake County to issue tax-exempt private activity bonds to fi nance multi-family projects; and
WHEREAS, it is in the best interest of the Village, Lake County Home Rule Municipalities,
and Lake County Partners to collect the anticipated 1.0%Volume Cap fee as soon as possible; and
WHEREAS, the Village will report this transfer of$17,040,925 of unused Volume Cap to
Lake County, Illinois tote State of Illinois Bureau of the Budget as soon as reasonably possible,
and
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE BOARD OF THE
VILLAGE OF BUFFALO GROVE:
Section 1. That the Village of Buffalo Grove hereby transfers $17,040,925 of unused
Volume Cap to Lake County, Illinois.
Section 2. The PABC and the Village shall both retain a copy of this Resolution in their
records fora minimum of 30 years. Notice oft is Resolution together with a
copy oft is Resolution shall be given in writing by the Village after passage
and approval hereof.
Section 3. That the officials of the Village are hereby authorized, empowered, and
directed to take all necessary or advisable actions concerning the execution
and implementation oft is Resolution.
Section 4. That this Resolution shall be in full force and effect from and after its passage
and approval according to law.
Passed and approved this 22"d day of February, 2016.
AYES: 5 — Berman, Trilling, Stein, Ottenheimer, Johnson
NAYS: 0 -None
ABSENT- I - Weidenfeld
PASSED: February 22, 20166
APPROVED: February 22, 2016w
APPROVED:
overly Village President
B
ATTEST:
Janet S a rbian, Village Clerk
2015 PABC Allocation for Transfer
2015 Estimate 2015 Per
Collected/Allocated 2015 PABC (from Illinois Capita-
Volume Cap Guidelines) $100.00 Actual Collected Comments
Bannockburn 1,577 $157,700 $157,700 Received; 2015- -11
Buffalo Grove 41,778 $4,177,800 $4,177,800 Received; R2015-11
Deerfield 18,297 $1,829,700 $1,829,700 Received; R1 5-7
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 Barrington 4.970 $497,000 $497.000 Received; 2015-R-05
Lake Bluff 5,706 $570,600 $570,600 Received; 2015-5
Lake Forest 19,352 $1,935,200 $1.936.200 Received; 2015-17
Lincolnshire 7,280 $728,000 $728,000 Received; 2015-747
Mundelein 31,395 $3,139,500 $3,139,500 Received: 15-12-72
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
Total 2015 volume Cap Collected $34,147,900 $32,040,925
Transferred to Waukegan-Rescue Tire Recycling ($15,000,000)
Resolution No.2015-31; Nov. 2,2015
Total 2015 Volume Cap Remaining 17 L4L 2.5
Total Rollover In 2016
Rollover 2013 $33,042,330
Rollover 2014 $31,418,670
Rollover 2015 $17,040,925
TOTAL ROLLOVER IN 2016 $81,501,925