2018-22RESOLUTION NO.2018 - 22
A RESOLUTION AUTHORIZING THE USE OF PRIOR PERIOD
UNCOMMITED FUND BALANCE RESERVES TO PAY OFF A LINE OF CREDIT
WHEREAS, the Village of Buffalo Grove is a Home Rule Unit pursuant to the Illinois
Constitution of 1970; and
WHEREAS, the Village opened a line of credit with PNC Bank in 2012 to address the
devastating effects of the Emerald Ash Borer; and
WHEREAS, a line of credit was deemed fiscally prudent due to the timing of nursery stock
acquisition, infested tree removal, site preparation and new plantings; and
WHEREAS, the interest rate environment was favorable to establish a variable rate line of
credit; and
WHEREAS, the Village has increased its uncommitted reserves above the minimum policy
threshold whereby a payment of $3,413,873 to close the credit line will not jeopardize fund balance
reserve targets; and
WHEREAS, this is an appropriate and permitted use of uncommitted fund balance.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, as
follows:
Section 1. The President and Board of Trustees of the Village of Buffalo Grove approve a
Resolution ratifying the expenditure of funds to pay off the PNC line of credit.
Section 2. Warrant #1294 includes the payment request to PNC Bank.
AYES: 6 — Berman Stein Ottenheimer, Weidenfeld Johnson, Smith
NAYS: 0 - None
ABSENT: 0 - None
ABSTAIN: 0 - None
PASSED: October 15,, 2018.
APPROVED: October 15, 2018.
Approved:
Beverly Sussnlhn; Village President
Attest:
Jant 'M' SirabianVillage Cl
erk Jerk