2021-26 - CEDING THE 2021 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 - 11/01/2021 RESOLUTION NO. 2021-26
A RESOLUTION CEDING THE 2021 UNUSED PRIVATE ACTIVITY BOND VOLUME CAP OF THE VILLAGE OF
BUFFALO GROVE JINCLUDING 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$ 37,617,250 of calendar year 2021 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$37,617,250 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 $37,617,250 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$37,617,250 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: S'—Stein,OtLgnhejnjgr Lei0gnE Id jotj q ' mit�h ik
NAYES: 0—None
ABSENT: 0—None
PASSED: November 1,2021
APPROVED: November 1, 2021
APPROVED:
618beverWlySu4ssman .e President
ATTEST:
Janet�1,,S' abr�ian,Village Clerk