R-98-09RESOLUTION R -98 -09
A RESOLUTION REALLOCATING $900,000 OF THE
VILLAGE OF DEERFIELD'S
PRIVATE ACTIVITY BOND ALLOCATION TO THE
ILLINOIS DEVELOPMENT FINANCE AUTHORITY
WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended,
grants Illinois Home Rule Municipalities volume cap in the amount of $50 per
capita per year to issue private activity bonds; and
WHEREAS, the Village of Deerfield, Illinois (the "Village ") is a Home Rule
Municipality in the State of Illinois and has received a volume cap allocation of
$900,150 for the year 1998; and
WHEREAS, the Illinois Consolidated Statutes authorize any Home Rule
Municipality to voluntarily reallocate any of its unused volume cap; and
WHEREAS, the Illinois Development Finance Authority (the "Authority ") has
requested that the Village transfer its 1998 volume cap allocation to the
Authority to be used to finance private bond issuances for certain projects to be
approved by the Authority; and
WHEREAS, the Authority has requested that the Village adopt a resolution
permitting the Authority to fund such projects through the authorization and /or
issuance of private activity bonds based, in part, upon the Village's volume cap
allocation;
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE MAYOR AND BOARD OF TRUSTEES OF
THE VILLAGE OF DEERFIELD, LAKE COUNTY, ILLINOIS, IN THE EXERCISE OF ITS HOME RULE
POWERS, as follows:
SECTION 1: The Village hereby allocates and transfers to the Authority its
1998 volume cap allocation in the amount of $900,150 for the purpose of enabling
the Authority to authorize and /or issue private activity bonds for the LandComp
Corporation ( "LandComp ") project as approved by the Authority. The Village hereby
acknowledges that the Authority, if LandComp in unable to utilize, may assign any
volume cap allocation transferred pursuant to this Resolution to another project
or issuer in the State of Illinois.
SECTION 2: In consideration of the foregoing transfer, the Authority shall
pay to the Village, no later than the time of issuance of the private activity
bonds pursuant to this reallocation, a fee of $9,000 and upon the responsibility
and obligation of the Illinois Development Finance Authority to defend and hold
harmless the Village of Deerfield and its officers and employees from any claim,
demand or judgment by any party which seeks money as a result of the passage of
this resolution or the action authorized herein.
SECTION 3: The Village Clerk is hereby authorized to send a certified copy
of the resolution to the Authority.
SECTION 4: This resolution shall be in full force and effect from and after
its passage, approval and publication according to law.
PASSED AND APPROVED THIS 4th DAY OF May_, 1998
AYES: Ehlers, Rosenthal, Seidman, Swanson, Swartz (5)
NAYS: None (0)
ABSENT: Heuberger (1)
APPROVED:
Mayor
ATTEST: A.J
Village Cler