2023-02-21 - Resolution 2023-02 - REALLOCATING 2023 VOLUME CAP TO THE VILLAGE OF BUFFALO GROVE RESOLUTION NO. 2023-02
A RESOLUTION OF THE VILLAGE OF BUFFALO GROVE, ILLINOIS REALLOCATING 2023 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
$120.00 per resident of the Municipality in calendar year 2023, or $5,135,280.00 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, 2023, 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 2023 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 2023 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 Board
SECTION TWO:TRANSFER AND REALLOCATION OF 2023 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 2023 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: 4—Stein, Weidenfeld,Johnson, Smith
NAYES: 0- None
ABSENT: 2—Ottenheimer, Pike
PASSED: FebruarV 21, 2023
APPROVED: February 21, 2023
APPROVED:
, Bever y Sussm ,Village President
ATTEST:
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Jane . ' abiar,,��illag�� Clerk
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