R-02-01RESOLUTION NO. R -02 -01
RESOLUTION DECLARING A SURPLUS OF TAX INCREMENT FINANCING FUNDS
WHEREAS, the Corporate Authorities of the Village of
Deerfield, pursuant to the provisions of 65ILCS 5/11 -74.4, et
se q., the Tax Increment Allocation Redevelopment Act (the "Act ")
established a tax increment financing district in 1982 within
portions of the Village of Deerfield located within both Cook
County and Lake County, Illinois; and
WHEREAS, pursuant to the provisions of the Act, the
Corporate Authorities adopted Ordinance No. 0 -82 -33 establishing
the 1982 Special Tax Allocation Fund and Ordinance No. 0 -82 -34
causing the issuance of $500,000 principal amount of Corporate
Purpose Bonds Series 1982; and
WHEREAS, 65 ILCS 5/11 -74.4 of the Act requires that any
monies held by a municipality and not required for the payment
and securing of obligations of a tax increment financing district
and /or redevelopment project costs shall be deemed to be "Surplus
Funds "; and
WHEREAS, the Corporate Authorities have determined that
pursuant to the provisions of the aforementioned ordinances No.
0 -82 -33 and No. 0 -82 -34 and the Act that Surplus Funds are
currently available.
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES,
ILLINOIS, AS FOLLOWS:
SECTION That any Surplus Funds presently existing in the
ONE: 1982 Special Tax Allocation Fund determined in
accordance with 65 ILCS 5/11- 74.4 -7 of the Act and
Ordinances No. 0 -82 -33 and No. 0 -82 -34 be and are hereby.declared
Surplus Funds.
SECTION That pursuant to Section One hereof, the Finance
TWO: Director of the Village of Deerfield has
determined that the sum of $7,058,519 held in the
1982 Special Tax Allocation Fund is Surplus Funds and is no
longer required for use pursuant to the provisions of the Act and
Ordinances No. 0 -82 -33 and No. 0- 82 -34.
SECTION That the Finance Director of the Village of
THREE: Deerfield is hereby directed to follow the
statutory provisions for the reallocation of
Surplus Funds to the appropriate taxing bodies within both Cook
and Lake Counties and to take the required steps to promptly
insure the redistribution of Surplus Funds to said taxing bodies.
SECTION That the Village Clerk shall provide such
FOUR: certified copies of this Resolution as may be
required for the purposes of effectuating the
redistribution of Surplus Funds in the manner set forth above.
SECTION That this Resolution shall be in full force and
FIVE: effect from and after its passage in the manner
provided by law.
AYES: Ragona, Rosenthal, Seiden, Swanson, Wylie
NAYS: None (0)
ABSENT: Kayne (1) _
PASSED: This 7th d
APPROVED: This 7th
ATTEST:
(5)
rad" JL% Air - - I
VILLA CE CLERK z:::)
RESOLUTION NO. R-02-02
A RESOLUTION RESERVING VOLUME CAP IN CONNECTION WITH
PRIVATE ACTIVITY BOND ISSUES, AND RELATED MATTERS
WHEREAS, the Village of Deerfield, Lake County, Illinois (the "Municipality"),
is a municipality and a home rule unit of government under section 6 of Article VII of the
1970 Constitution of the State of Illinois; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended (the
"Code "), provides that the Municipality has volume cap equal to $75.00 per resident of
the Municipality in each calendar year, which volume cap may be reserved and allocated
to certain tax - exempt private activity bonds; and
WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 Illinois
Compiled Statutes 1998, 345/1 et seq., as supplemented and amended (the "Act "),
provides that a home rule unit of government may transfer its allocation of volume cap to
any other home rule unit of government, the State of Illinois or any agency thereof or any
non -home rule unit of government; and
WHEREAS, it is now deemed necessary and desirable by the Municipality to
reserve all of its volume cap allocation for calendar year 2002 to be applied toward the
issuance of private activity bonds (the "Bonds "), as provided in this Resolution, or to be
transferred, as permitted by this Resolution;
NOW, THEREFORE, Be It Resolved by the President and Board of Trustees of
the Village of Deerfield, Illinois, as follows:
That, Pursuant to Section 146 of the Code and the Act, the entire volume cap of
the Municipality for calendar year 2002 is hereby reserved by the Municipality, which
shall issue the Bonds using such volume cap, as shall be directed by Stern Brothers &
Co., or shall use or transfer such volume cap in such manner as shall be directed by Stern
Brothers & Co., without any further action required on the part of the Municipality, and
the adoption of this Resolution shall be deemed to be an allocation of such volume cap to
the issuance of the Bonds or such other bonds; provided, that any such transfer shall be
evidenced by a written instrument executed by the President or any other proper officer
or employee of the Municipality; provided further, that, upon issuance of the bonds, there
shall be paid to the Municipality a fee by the obligor of the bonds of two percent (2.00 %)
of the volume cap so reserved.
Be It Further Resolved that the Municipality shall maintain a written record of
this Resolution in its records during the term that the Bonds or any other such bonds to
which such volume cap is allocated remain outstanding.
Be It Further Resolved that the President, the Village Clerk and all other proper
officers, officials, agents and employees of the Municipality are hereby authorized,
empowered and directed to do all such acts and things and to execute all such documents
and certificates as may be necessary to further the purposes and intent of this Resolution.
That all ordinances, resolutions or orders, or parts thereof, in conflict herewith
are, to the extent of such conflict, hereby superseded; and that this Resolution shall be in
full force and effect upon its adoption and approval.
Presented, passed, approved and recorded this 4th day of February, 2002.
ATTEST:
i_
,�ilfa—ge` Clerk
AYES: Kayne, Ragona, Rosenthal, Seiden, Swanson, Wylie (6)
NAYS: None (0 )
ABSENT OR NOT VOTING: None (0 )