R-95-02RESOLUTION NO. R -95 -02
A RESOLUTION AUTHORIZING THE REALLOCATION OF
1995 VOLUME CAP TO THE CITY OF ZION, ILLINOIS
WHEREAS, Section 146 of the Internal Revenue Code of 1986 as
amended (the "Code "), grants Illinois home rule municipalities
volume cap in the amount of $50 per population per year to issue
private activity bonds; and
WHEREAS, the official 1990 population of the Village of
Deerfield, Illinois (the "Village ") is 17,327 giving the Village a
volume cap of $866,350 for the year 1995; and
WHEREAS, the Village has not used any of its 1995 volume cap
and presently has no requests to use the same; and
WHEREAS, the City of Zion, Illinois ( "Zion ") adopted a
Resolution on February 7, 1994, entering into a Memorandum of
Agreement with American Industrial Heat Transfer, Inc. ( "American
Industrial ") to finance a manufacturing facility in Zion; and
WHEREAS, Zion has requested that the Village reallocate
$866,350 of its 1995 volume cap to Zion to be used to finance such
private activity bonds for American Industrial because volume cap
is otherwise unavailable to Zion; and
WHEREAS, pursuant to Section 6 of the Illinois Private
Activity Bond Allocation Act (30 ILCS 345/IL et sec.) (the "Act ")
including the written Guidelines and Procedures dated as of
January 1, 1995, of the Governor's Office of the State of Illinois
issued under the Act (the "Guidelines and Procedures "), the Village
may reallocate all or any portion of its unused volume cap for
calendar year 1995.
RESOLUTION NO. R -95 -02
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES,
ILLINOIS, as follows:
SECTION 1: That in accordance with and pursuant to the power
and authority granted by and under Section 6 of Article VII of the
Constitution of Illinois, Section 146 of the Code and Section 6 of
the Act, including the Guidelines and Procedures, the Village
hereby reserves to and for Zion and hereby irrevocably agrees to
and does hereby reallocate $866,350 of its 1995 volume cap to Zion
to be used for American Industrial.
SECTION 2: That this Resolution shall constitute the agreement
of the Village to a different allocation under Section 146(e)(3) of
the Code and the "writing" required under Section 6 of the Act. As
required by the Act, Zion shall maintain in its records for the
term of the bonds a record of reallocation as described in Section
1 of this Resolution. Within ten (10) calendar days of the date
the bonds are issued, Zion shall file or cause to be filed, in the
Office of the Governor of the State of Illinois, written evidence
of such reallocation and a confirmation of bond issuance letter as
described in the Guidelines and Procedures.
SECTION 3: That the Village hereby covenants and warrants that
it has taken no action or issued bonds which would abrogate,
diminish or impair its ability to fulfill the written agreement;
covenants and undertakings on its part under this Resolution.
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RESOLUTION NO. R -95 -02
SECTION 4: That this Resolution shall be effective immediately
upon passage and approval.
PASSED this 21st day of February 1995.
AYES: Ehlers, Heuberger, Rosenthal, Seidman, Swartz (5)
NAYS: None (0)
ABSENT: Swanson (1)
APPROVED this 21st day of
Attest:
age Clerk
February , 1995.
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President (pro Tem)
STATE OF ILLINOIS )
SS
COUNTIES OF LAKE )
AND COOK )
I the undersigned, do hereby certify that I am duly qualified
appointed
and e:lwa Clerk of the Village of Deerfield, in the Counties and
State aforesaid; and as such Clerk, I am the keeper of the official
journal, records and files of the Board of Trustees of said
Village.
I do further certify that the attached and foregoing is a
full, true and correct copy of:
RESOLUTION NO. R-05 -02
A RESOLUTION AUTHORIZING THE REALLOCATION OF
1995 VOLUME CAP TO THE CITY OF ZION, .ILLINOIS
Passed and Approved: February 21 , 1995
as adopted by the President and Board of Trustees of the Village of
Deerfield, at a legally convened meeting in the Village of
Deerfield.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature and the corporate seal of said Village of Deerfield, Lake
and Cook Counties, Illinois this 23rd day of February I
1995.
(VILLAGE SEAL)