2024-02-05 - Resolution 2024-04 - REALLOCATING 2024 VOLUME CAP RESOLUTION NO.2024-04
A RESOLUTION OF THE VILLAGE OF BUFFALO GROVE ILLINOIS REALLOCATING 2024 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 s97o Constitution and lavcis 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 sg86,as amended(the"Code"), is
available for the bonds;and
WHEREAS,pursuant to the Code,the Municipality has been alLocated voLume cap equal to
$125.0o per resident of tfie MunicipaLity in calendar year 2024,or$5,321,125.0o 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,3o ILCS 345�1 et seq. (the"Bond Allocation Act"),and the Guidelines and Procedures
promulgated thereunder,the Municipality may, prior to May so,2024, 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 2024 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.2oos-51 adopted December 17,2oos,agreed to host the Pool and to
reserve its ovvn 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 2oz4.
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,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.
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SECTION T_WO:TRANSFER AND REALLOCATION OF 2024 VOLUME CAP.
Pursuant�to Section'6 and Section 6.1 of the Bond ALLocation Act and the Guidelines and Procedures
promuLgated thereunder;tkie Municipa�ity irrevocably agrees to, and does hereby,transfer and
reallocate±all of�ifs zo24 volume cap to Buffalo Grove to be used for the issuance of tax-exempt
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private activity bonds placed through the Pool to finance Eligible Projects as directed by the Advisory
Committee created pursuant to Buffalo Grove Resolution No.zool-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 vciarrants that it has taken no action or
issued bonds that vvould 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,empovcrered,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 vciritten record of this Resolution
in its records for so long as the bonds to vcihich 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 povcrers
under the lavcis of the State of Illinois and the Illinois Constitution of s97o and its home ruLe povciers.
AYES: �-Johnson, Cesario.Stein, Bocek,Weidenfeld
NAYES: o- None
ABSENT: 1-Ottenheimer
PASSED: February S,2024
APPROVED: February 5,2oz4
ATTEST: A VED:
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Jan . Sirabian,VilLage Clerk Eric N.Smith, ' lage President
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