2019-08RESOLUTION NO. 2019 - 08
A RESOLUTION OF THE VILLAGE OF BUFFALO GROVE ILLINOIS
REALLOCATING 2019 VOLUME CAP TO THE VILLAGE OF BUFFALO GROVE,
ILLINOIS.
WHEREAS, the Village of Buffalo Grove Lake County, Illinois the ("Municipality"), 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, certain tax exempt private activity bonds may be issued only if sufficient
volume cap pursuant to Section 146 of the Internal Revenue Code of 1986, as amended (the
"Code"), is available for the bonds; and
WHEREAS, pursuant to the Code, the Municipality has been allocated volume cap equal
to $105.00 per resident of the Municipality in calendar year 2019, or $4,328,730 for the issuance
of such tax-exempt private activity bonds; and
WHEREAS, pursuant to Section 6 and Section 6.1 of the Illinois Private Activity Bond
Allocation Act, 30 ILCS 345/1 et seq. (the "Bond Allocation Act"), and the Guidelines and
Procedures promulgated thereunder, the Municipality may, prior to May 1, 2019, reallocate to
other home rule units of government the volume cap allocated to the Municipality by the Code
for their issuance of such tax exempt private activity bonds or for subsequent transfer or
reallocation; and
WHEREAS, the Municipality has not used any of its 2019 volume cap and has no
present intention to use the same; and
WHEREAS, the Lake County Partnership for Economic Development, Inc. has offered
Lake County home rule communities the opportunity to participate in a program to combine their
respective volume cap allocations and create a Private Activity Bond Clearinghouse Pool (the
"Pool") to facilitate the issuance of tax-exempt private activity bonds to finance manufacturing
and multi -family housing commercial projects in Lake County, Illinois, for economic
development purposes ("Eligible Projects"); and
WHEREAS, the Village of Buffalo Grove, a home rule unit of government ("Buffalo
Grove"), pursuant to its Resolution No. 2001-51 adopted December 17, 2001, agreed to host the
Pool and to reserve its own volume cap, and accept volume cap reallocated to Buffalo Grove by
other home rule units of government, for the issuance of tax-exempt private activity bonds
placed through the Pool to finance Eligible Projects; and
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WHEREAS, Buffalo Grove has requested that the Municipality reallocate all of its 2019
volume cap to Buffalo Grove to be used for the issuance of tax-exempt private activity bonds
placed through the Pool to finance Eligible Projects;
NOW, THEREFORE, BE IT RESOLVED BY LAKE COUNTY, ILLINOIS, AS
FOLLOWS:
SECTION ONE: RECITALS. The foregoing recitals are incorporated in and made a
part of this Resolution by this reference as findings of the Village of Buffalo Grove.
SECTION TWO: TRANSFER AND REALLOCATION OF 2019 VOLUME CAP.
Pursuant to Section 6 and Section 6.1 of the Bond Allocation Act and the Guidelines and
Procedures promulgated thereunder, the Municipality irrevocably agrees to, and does hereby,
transfer and reallocate all of its 2019 volume cap to Buffalo Grove to be used for the issuance of
tax-exempt private activity bonds placed through the Pool to finance Eligible Projects as directed
by the Advisory Committee created pursuant to Buffalo Grove Resolution No. 2001-51.
SECTION THREE: AGREEMENT. This Resolution shall constitute the agreement of
the Municipality to a different allocation under Section 146(e) (3) of the Code and the writing
required under Section 6 of the Bond Allocation Act.
SECTION FOUR: WARRANTY. The Municipality covenants and warrants that it has
taken no action or issued bonds that would abrogate, diminish, or impair its ability to fulfill the
written agreement, covenants, and undertakings on its part under this Resolution.
SECTION FIVE: AUTHORIZATION. As required by the Bond Allocation Act and
the Guidelines and Procedures promulgated thereunder, a certified copy of this Resolution shall
be transmitted to the Office of the Governor of the State of Illinois. Any and all appropriate and
proper officers, officials, agents, and employees of the Municipality are hereby authorized,
empowered, and directed to take all necessary and advisable actions, and to execute all such
documents and certificates, as may be necessary to further the purposes and intent of this
Resolution.
SECTION SIX: MAINTAIN RECORD. The Municipality shall maintain a written
record of this Resolution in its records for so long as the bonds to which the volume cap
transferred by this Resolution is reallocated remain outstanding.
SECTION SEVEN: EFFECTIVE DATE. This Resolution shall be in full force and
effect from and after its passage and approval as required by law and is enacted by the
Municipality pursuant to its powers under the laws of the State of Illinois and the Illinois
Constitution of 1970 and its home rule powers.
AYES: 6 — Berman Stein Ottenheimer. Weidenfeld., Johnson, Smith
NAYS: 0 - None
ABSENT: 0 - None
PASSED: February 19, 2019.
APPROVED: February 19, 2019.
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Beverly Sus n, Village President
ATTEST:
Janet . Sirabian, Village Clerk