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R-17-08VILLAGE OF DEERFIELD RESOLUTION NO. 17 -8 A RESOLUTION OF THE VILLAGE OF DEERFIELD, ILLINOIS, REALLOCATING 2017 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 govemment 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 5100.00 per resident of the Municipality in calendar year 2017, or $1,901,900 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 I, 2017, 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 2017 volume cap and has no present intention to use the same; 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 Municipality reallocate all of its 2017 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 LAKE COUNTY, ILLINOIS, AS FOLLOWS: SECTION ONE: RECITALS. The foregoing recitals are incorporated in and made a part of this Resolution by this reference as findings of the Village of Deerfield. SECTION TWO: TRANSFER AND REALLOCATION OF 2017 VOLUME CAP. 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 2017 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 THREE: AGREEMENT. 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 FOUR: WARRANTY. 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 FIVE: AUTHORIZATION. 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 SIX: MAINTAIN RECORD. 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 SEVEN: EFFECTIVE DATE. 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 61' DAY OF March, 2017 AYES: Farkas, Jester, Nadler, Shapiro, Struthers NAYS: None ABSENT: Seiden PASSED THIS 6th DAY OF March, 2017 Mayor ATTEST: 7 Village Clerk