2021-06 - REALLOCATING 2021 VOLUME CAP - 02/16/2021 RESOLUTION NO. 2021-06
RESOLUTION OF THE VILLAGE OF BUFFALO GROVE ILLINOIS REALLOCATING 2021 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$110.00 per
resident of the Municipality in calendar year 2021,or$4,493,830 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 1,2021, 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 2021 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
WHEREAS, Buffalo Grove has requested that the Municipality reallocate all of its 2021 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 2021 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 2021 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—Stein Ottenheimer,Weidenfeld Johnson Smith Pike
NAYES: 0—None
ABSENT: 0—None
PASSED: February 16,2021
APPROVED: February 16,2021
APPROVED:
Beverly Suss m ge Presi e t
ATTEST:
`tw. s
Janet 114,54bian,Village Clerk