2017-02 RESOLUTION NO. 2017- 02
A RESOLUTION CEDING THE 2016 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 Bond
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 $28,936,100 of calendar year 2016 unused Volume Cap
available from Lake County Home Rule Units; and
WHEREAS, the PABC has recommended that it is in the best interest of the Village of
Buffalo Grove to transfer $28,936,100 of unused Volume Cap to Lake County, Illinois and thereby
permit Lake County to issue tax-exempt private activity bonds to finance 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 $28,936,100 of unused Volume Cap to
Lake County, Illinois to the 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 $28,936,100 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 for a 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 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 of this Resolution.
Section 4. That this Resolution shall be in full force and effect from and after its
passage and approval according to law.
AYES: 6 — Berman, Trilling, Stein, Ottenheimer, Weidenfeld, Johnson
on
ABSENT: 0 - None
PASSED: January 23, 201
APPROVED: January 23, 2017
APPROVED:
ilk p laot
Beverly Su ma Village President
ATTEST:
Janet M. Sir abian, Village Clerk
2016 Estimate 2016 Per
Collected!Allocated 2016 PABC (from Illinois Capita-
Volue Cap Guidelines) $100.00 Actual Collected Comments
Bannockburn 1,575 $157.500 $157.500,2016-R-1 9
Buffalo Grove 41,701 $4,170,100 $4,170,100 R2016-6
Deerfield 18,385 $1.838.500 $1.838.500 R2016-6
Gurnee 31,207 $3,120.700 $3.120,700 R2016-01
Hiqhland Park 29.871 $2,987,100 $2,987,100 R49-2016
Lake Barrington 4.985 $498.500 $498.500 2016-0-5
Lake Bluff 5,698 $569,800 $569,800 R2001-51
Lake Forest 19,379 $1.9373900 $1,937,900 2016-17
Lincolnshire 7.292 $729,200 $729.200 R.757
Park ON 7,440 $744,000 $744,000 2016-R-05
Round Lake Beach 28.012 $2.801.200 8700.300 R16-03-14
Vernon Hills 25,911 $2,591;100 $2.591,000 2016-045
Waukeqan 88,915 $8,891,500 $8,891,500 16-R-19
Total 2016 volume Cap Collected $31.037.100 $28.936.100
Total Rollover In 2016
Rollover 2014 $ 31.418,670
Rollover 2015 17,040,925
Rollover 2016 $ 28,936,100
TOTAL ROLLOVER IN 2016 $ 77,395,695
\\Client\C$\Users\micheec\AppData\Local\Temp\ inuteTraq\BuffaloGroveVillagelL@ BuffaloroveVillagelL.IM2.com\Work\Attac
hments\2729.xlsx