2020-02 - CEDING THE 2019 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 - 01/21/2020 RESOLUTION NO. 2020 - 02
A RESOLUTION CEDING THE 2019 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 $36,106,980 of calendar year 2019 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$36,106,980 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$36,106,980 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 $36,106,980 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.
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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 — Stein Ottenheimer, Weidenfeld Johnson Smith Pike
NAYES: 0 - None
ABSENT: 0 - None
PASSED: January 21, 2020
APPROVED:January 21, 2020
ATTEST: an everly Su , Village President
Janet J..'Sirabian, Village Clerk
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