R-13-06RESOLUTION NO. R -13 -6
A RESOLUTION OF THE VILLAGE OF DEERFIELD, ILLINOIS REALLOCATING
2013 VOLUME CAP
TO THE VILLAGE OF BUFFALO GROVE, ILLINOIS
WHEREAS, the Village of Deerfield, 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 1970 Constitution and laws 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 1986, as amended (the
"Code "), is available for the bonds; and
WHEREAS, pursuant to the Code, the Municipality has been allocated volume cap equal
to $95.00 per resident of the Municipality in calendar year 2013, or $1,738,120 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, 30 ILCS 345/1 et seq. (the "Bond Allocation Act), and the Guidelines and
Procedures promulgated thereunder, the Municipality may, prior to May 1, 2013, 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 2013 volume cap and has no
present intention to use the sam e; 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. 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 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 Muncipality reallocate all of its 2013
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 BY THE GOVERNING BOARD /COUNCIL OF
THE VILLAGE OF DEERFIELD, LAKE COUNTY, ILLINOIS, as follows:
Section 1: Pursuant to Section 6 and Section 6.1 of the Bond Allocation Act and the
Guidelines and Procedures promulgated thereunder, the Municipality irrevocably
agrees to, and does hereby, transfer and reallocate all of its 2013 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 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 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 3: The Municipality covenants and warrants that it has taken no action or issued
bonds that would abrogate, diminish, or impair its ability to fulfill the written
agreement, covenants, and undertakings on its part under this Resolution.
Section 4: 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, empowered, 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 5: The Municipality shall maintain a written record of this Resolution in its records
for so long as the bonds to which the volume cap transferred by this Resolution is
reallocated remain outstanding.
Section 6: 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
powers under the laws of the State of Illinois and the Illinois Constitution of 1970
and its home rule powers.
PASSED this 15th day of April '2013.
AYES: Benton, Farkas, Jester, Oppenheim, Seiden, Struthers (6)
NAYS: None (0)
ABSENT: None (0)
APPROVED this 15th day of April 2013.
, tF—j
(Village President)
ATTEST:
I /nwa 5 �' � �' t
(Village Clerk)