R-99-03FEB. 25. 1999 2: l OPM CHAPMAN NO. 1718 P. 4
RESOLUTIONNO, R -99 -03
A RESOLUTION AUTHORIZING THE REALLOCATION OF 1999
VOLUME CAP FOR PRIVATE ACTIVITY BONDS
TO THE VILLAGE OF BENTON, ILLINOIS
Adopted by the Village President and
Board of Trustees of the Village of
Deerfield, Lake County, Illinois, on the
1 st day of March, 1999.
FEB. 25. 1999 2:10PM CHAPMAN & Ci TL F ; N0. 1718 P. 5
RESOLUTION X10. R-99-03
A RESOLUTION AUTHORIZING THE REALLOCATION OF 1999
VOLUME CAP FOR PRIVATE ACTIVITY BONDS
TO THE VILLAGE OF BENTON, ILLINOIS
WHEREAS, Section 146 of the Internal Revenue Code of 1986 as amended (the "Code")
grants Illinois home rule units volume cap allocation for purposes of issuing tax - exempt private
activity bonds for any calendar year in an amount equal to $50 multiplied by the population of
such home rule unit; and
WHEREAS, according to an official Bureau of the Census population estimate for 1998 as
set forth in the State of Illinois Allocation of Bonding Authority in Accordance with the Tax
Reform Act of 1986 and 30 ILCS 345 Guidelines and Procedures of the Office of Governor,
effective January 1, 1999 (the "Guidelines and Procedures"), the most recent census estimate of
the resident population of the Village of Deerfield, Lake County. Illinois (the "Village ") is
18,294 providing the Village with a volume cap of $914,700 for the year 1999; and
WHEREAS, the Village has not used any of its 1999 volume cap and presently has all of
its 1999 volume cap; and
WHEREAS, the Village of Benton, Illinois (the "Issuer ") has requested that the Village
reallocate all of its 1999 volume cap to the Issuer to be used to finance certain private activity
bonds for an assisited living facility to be owned by Blair Minton & Associates LLC
(the "Company"), and the Village will be paid a service fee of one and one half percent; and
WHEREAS, pursuant to Section 6 of the Illinois Private Activity Bond Allocation Act (30
ILCS 345/1 et seq.) (the "Act ") and the Guidelines and Procedures, the Village may reallocate
all or any portion of its unused volume cap for calendar year 1999;
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF DEERFIELD, LAKE COUNTY, ILLINOIS, AS FOLLOWS: .
SECTION ONE: That in accordance with and pursuant to the power and authority granted
by and under Section 6 of Article VII of the Constitution of Illinois, Section 146 of the Code,
Section 6 of the Act and the Guidelines and Procedures, the Village hereby agrees to and does
hereby reallocate all of its $914,700 1999 volume cap to the Issuer. The Village will be paid a
fee of one and one half percent of the amount so reallocated.
SECTION TWO: That 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 Act. As required by the Act, the Issuer shall maintain in its records for the term
of the bonds a record of the reallocation described in Section One of this Resolution. Within ten
(10) calendar days of the date the bonds are issued, the Issuer shall file or cause to be filed in the
Office of the Governor of the State of Illinois written evidence of such reallocation and a
confirmation of bond issuance letter as described in the Guidelines and Procedures.
FEB. 25. 1999 2: l 0PM CHAPMAN .& C11T1 P
NO. 1718 P. 6
SECTION THREE: That the Village hereby covenants and warrants that it has taken no
action or issued bonds which would abrogate, diminish or impair its ability to fulfill the written
agreement, covenants and undertakings on its part under this Resolution.
SECTION FOUR: This Resolution and the reallocation of 1999 volume cap is contingent
upon the Village receiving the amount of one and one half percent of the amount reallocated as a
service fee.
SECTION FIVE: The Village President shall execute such agreements, certificates and
other documents on behalf of the Village as the Village President deems necessary and desirable
to evidence the reallocation of its 1999 volume cap, which may include a representation on
behalf of the Village that the reallocation of its 1999 volume cap has not been used and is
available for reallocation under the Code and the Act.
SECTION SIX: All resolutions, orders and parts thereof in conflict herewith are hereby
superseded to the extent of such conflict.
SECTION SEVEN: If any section, paragraph, clause or provision of this Resolution shall
be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any
other provisions of this Resolution.
SECTION EIGHT: That this Resolution shall be effective immediately upon passage and
approval.
-2-
FEB. 25. 1999 2 :11 PM CHAPMAN & CUTLER
NO. 1715 P. 7
PASSED by the President and Board of Trustees of the Village of Deerfield, Lake County,
Illinois this 1 Stday of March, 1999, on first reading, second reading not being requested.
AYES: Ehlers, Heuberger, Seidman, Swanson, Swartz (5)
NAYS: None (0 )
ABSENT: Rosenthal (1)
ADOPTED: The 1 stday of March, 1999
APPROVED: March 1 , 1999
Village President,
Village of Deerfield, Lake County,
Illinois
Recorded In Village Records: March 2, 1999..
Published in pamphlet form by authority of the Corporate Authorities on March 2 , 1999.
ATTEST:
4ViieClerk,
Village of Deerfield, Lake Co Lnols
[sEALJ
-3-
FFP 25. 1999 2; 11 ?M CH ". ''v1:?N 1 ?, CITT �:.
STATE OF ILLINOIS )
SS
COUNTY OF LAKE )
CERTIFICATION OF MINUTES AND RESOLUTION
71
I, the undersigned, do hereby certify that I am the duly qualified and acting Village Clerk
of the Village of Deerfield, Lake County, Illinois (the "Village "). and a� such official I am the
keeper of the official journal of proceedings, books, records, rrtinutes and files of the Village and
of the Village President and Board of Trustees (the "Corporate Authorities ") thereof.
I do further certify that the foregoing is a full, tnie and complete transcript of that portion
of the minutes of the meeting of the Corporate Authorities held on the 1 stday of March, 1999,
insofar as the same relates to the adoption of an resolution, numbered R -99 —Oe titled:
A RESOLUTION AUTHORIZItiG THE REALLOCATION OF 1999
VOLUME CAP FOR PRIVATE ACTIVITY BONDS TO THE VILLAGE
OF BENTON, ILLINOIS
a true, correct and complete copy of which said Resolution as adopted at said meeting appears in
the foregoing transcript of the minutes of said meeting.
I do further certify that the deliberations of the Corporate Authorities on the adoption of
said Resolution were taken openly; that the vote on the adoption of said Resolution was taken
openly; that said meeting was held at a specified time and place convenient to the public; that
notice of said meeting was duly given to all newspapers, radio or television stations and other
news media requesting such notice; that an agenda for said meeting was posted at the location
where said meeting was held and at the principal office of the Corporate Authorities at least 48
hours in advance of the holding of said meeting; and that said meeting was called and held in
strict compliance with the provisions of the Open Meetings Act of the State of Illinois, as
amended, and the Illinois Municipal Code, as amended, and that the Corporate Authorities have
complied with all of the provisions of said Act and said Code, except as validly superseded by
the home rule authorities of the Village, and with all of the procedural rules of the Corporate
Authorities in the adoption of said Resolution.
IN WITNESS WHEREOF I hereunto affix my official signature and the seal of the Village
thislnd day of March, 1999.
Village Clerk
(SEAL)
P1:J. ZJ. ,I�9J . OAP.K l,`.- .`'h'1. " -.N c; f :11'I' ._..
.. �_'. i '1 i 0 .. 2
EXTRACT OF MINUTES of a regular meeting of the Village
Presidcrit and Board of Trustees of the Village of Deerfield, Lake
County, Illinois, held at the Deerfield Village Hall,
in said Village, at 8:00 p.m., on the 1_atday of
March, 1999.
The Village President called the meeting to order and directed the Village Clerk to call
the roll.
Upon the roll being calledBernard Fo�F��tllage President, and the following
Trustees answered present: Ehlers, H uberge r, Seidman Swanson Swartz
The following were absent: Rosenthal
The Village President and Board of Trustees then considered a resolution providing for
the reallocation of 1999 Volume Cap for Private Activity Bonds to the Village of Benton, Illinois
of the Village of Deerfield, Lake County, Illinois.
Thereupon, President Forres�tesented the following resolution:
A RESOLUTION AUTHORIZING THE REALLOCATION Or 1999
VOLUME CAP FOR PRIVATE ACTIVITY BONDS TO THE VILLAGE
OF BENTON, ILLINOIS
(the "Resolution") which was before the Village President and Board of Trustees in words and
figures as follows.
Trustee Seidma}}loved and Trustee Swartz seconded the motion that the Resolution as
presented be adopted.
A discussion of the matter followed.
The Village President directed that the roll be called for a vote upon the motion to adopt
the Resolution.
878974.01.01
2057529/MRL /2/25/99
HE 25. 1999 09FM C....`'M..rI �� ,�,�;-- •�' -�. � ,! � �:i i�. J
Upon the roll being called, the following Trustees voted AYE:
Ehlers, Heuberger, Seidman, Swanson, Swartz (5)
and the following Trustees voted NAY: None (Q)
WHEREUPON, the Village President declared :he motion carried and the Resolution
adopted.
Other business was duly transacted at said meeting.
Upon motion duly made and carried, the meeting ad'oumed.
Village Clerk
-2-