R-19-05VILLAGE OF DEERFIELD
RESOLUTION NO. R-19- 5
A RESOLUTION OF THE VILLAGE OF DEERFIELD, ILLINOIS REALLOCATING 2019
VOLUME CAP TO THE VILLAGE OF BUFFALO GROVE, ILLINOIS.
WHEREAS, the Village of Deerfield, Lake and Cook Counties, 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
$105.00 per resident of the Municipality in calendar year 2019, or $1,989,330 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, 2019, 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 2019 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 2019 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 2019 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 2019 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 _19th_ DAY OF _February_, 2019
AYES: Benton, Jester, Oppenheim, Seiden, Shapiro, Struthers
NAYS: None
ABSENT: None
PASSED THIS _20th_ DAY OF _February_—, 2019
Mayor Harriet Rosenthal
ATTE
Village Clerk Kent St et