O-07-12ORDINANCE NO. 0 -07 -12
AN ORDINANCE RESERVING VOLUME CAP IN CONNECTION WITH
PRIVATE ACTIVITY BOND ISSUES, AND RELATED MATTERS.
WHEREAS, the Village of Deerfield, Cook and Lake Counties, Illinois (the
"Allzmicipalily "), is a municipality and a home rule unit of government under Section 6 of
Article V11 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 Illinois Compiled
Statutes 1998. 345/1 et sey., 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 2007 to be applied toward the issuance of private
activity bonds (the "Bondy"), as provided in this Ordinance, or to be transferred, as permitted by
this Ordinance;
NOW, THEREFORE, Be It Ordained 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 Municipality for calendar year 2007 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
Ordinance 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 Mayor or any other proper officer or employee of the Municipality; provided
further, that, upon the passage of the Ordinance, there shall be paid to the Municipality a fee by
the obligor of the bonds in the amount of 1.00% of the principal amount of the volume cap so
reserved.
SECT /ON 2. That the Municipality shall maintain a written record of this Ordinance in its
records during the term that the Bonds or any other such bonds to which such volume cap is
allocated remain outstanding.
SECT /ON 3. 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 Ordinance.
SECT /ON 4. That the provisions of this Ordinance are hereby declared to be separable,
and if any section, phrase or provision of this Ordinance shall for any reason be declared to be
invalid, such declaration shall not affect the remainder of the sections, phrases and provisions of
this Ordinance.
SECTION 5. That all ordinances, resolutions or orders, or parts thereof, in conflict
herewith are, to the extent of such conflict, hereby superseded; and that this Ordinance shall be in
full force and effect upon its adoption and approval.
Presented, passed, approved and rea
[SEAL]
ATTEST:
Village Clerk
Ayes: Benton, Seiden, Struthers, Wylie (4
Nays: None (0)
Absent or Not Voting
Feldman, Rosenthal (2)
9AP