R-08-02RESOLUTION NO. R -08 -02
A RESOLUTION REALLOCATING 2008 VOLUME CAP TO THE
VILLAGE OF BUFFALO GROVE, ILLINOIS
WHEREAS, the Village of Deerfield, Cook and Lake Counties, Illinois (the "Village"), 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 $85.00 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 ILCS 345 /1 el seq., as
supplemented and amended (the " Ac/ "), 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, the Village has not used any of its 2008 volume cap and has no present
intention to use the same; and
WHEREAS, the Lake County Partners 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 industrial,
manufacturing and commercial properties in Lake County, Illinois for economic development
purposes ( "Eligible Projects "); and
WHEREAS, the Village of Buffalo Grove, a home -rule unit of government, 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
municipalities 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 Village reallocate its entire 2008 volume
cap of $1,671,440 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 the Mayor and Board of Trustees of the Village of
Deerfield, Cook and Lake Counties, Illinois, as follows:
SECTION 1. That, pursuant to Section 146 of the Code and the Act, the entire volume
cap of the Village for calendar year 2008 is hereby transferred and reallocated to the Village of
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 2. 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
Bond Allocation Act.
SECTION 3. 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.
SECTION 4. 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.
SECTION 5. That the provisions of this Resolution are hereby declared to be separable,
and if any section, phrase or provision of this Resolution shall for any reason be declared to be
invalid, such declaration shall not affect the remainder of the sections, phrases and provisions of
this Resolution.
SECTION 6. That all Resolutions, ordinances 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 tl
Ayes: Benton, Feldman, Jester, Sei
Nays: None (0)
Absent: Rosenthal, Struthers (2)
Approved this 4th day of February
ATTEST:
lw�' 4�-
rllag Clerk
IPA