R-00-05RESOLUTION NO. R-00-05
A RESOLUTION ALLOCATING $940,100 OF THE VILLAGE
OF DEERFIELD, LAKE COUNTY, ILLINOIS PRIVATE ACTIVITY
BOND VOLMIE CAP ALLOCATION TO THE VILLAGE
OF BEDFORD PARK, COOK COUNTY, ILLINOIS
WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended
(the "Code") grants to Illinois hone rule units volume cap allocation in the amount of $50 per
capita per year for purposes of issuing tax - exempt private activity bonds for any calendar year;
and
WHEREAS, based on the home rule populations as reported by the United
States Census Bureau to the State of Illinois Governor's Office, the Village of Deerfield, Lake
County, Illinois (the "Village ") is allocated volume cap of $940,100 for the year 2000 ( "2000
Volume Cap Allocation ") based on its population of 18,802; and
WHEREAS, the Village's 2000 Volume Cap Allocation remains available for
reallocation; and
WHEREAS, the Village of Bedford Park, Cook County, Illinois ( "Bedford
Park ") intends to issue water revenue bonds to finance the acquisition and construction of
infrastructure improvements necessary to supply water from Lake Michigan (the "Bonds ");
and
WHEREAS, pursuant -to Section 6 of the Illinois Private Activity Bond
Allocation Act, 30 ILCS 345/ -1 et seq. (the "Act ") and the State of Illinois Guidelines and
Procedures' relating to the Act (the "Guidelines and Procedures "), the Village is permitted to
voluntarily reallocate all or any portion of its unused 2000 Volume Cap Allocation to Bedford
Park.
Now, Therefore, Be It Resolved by the President and Board of Trustees of the
Village of Deerfield, Lake County, Illinois, as follows:
Section 1: Allocation. In accordance with and pursuant to the power and
authority granted pursuant to Section 146 of the Code, .Section 6 of the Act and the Guidelines
and Procedures, the Village by this Resolution reserves to and for Bedford Park and agrees to
and does allocate its 2000 Volume Cap Allocation in the amount of $940,100 to Bedford Park
for the purposes set forth herein.
Section 2: Fee. This Resolution and the reallocation of the 2000 Volume Cap
Allocation is contingent upon Bedford Park adopting a resolution approving this transfer and
paying the sum of 528,203 (3 %) as a service fee to the Village by April 15, 2000.
Section 3: Requirements Viet. This Resolution shall constitute the agreement
of the Village to such reallocation under Section 146(e)(3) of the Code and the "writing"
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required under Section 6 of the Act. As required by the Act, Bedford Park shall maintain in its
records for the term of the Bonds a record of such reallocation. Within ten (10) calendar days
of the date the Bonds are issued, Bedford Park shall file or cause to be filed in the Office of the
Governor of the State of Illinois a confirmation of bond issuance letter in substantially the form
as Exhibit A attached to this Resolution, together with a copy of IRS Form 8038.
Section 4: Village Covenants. The Village covenants as follows:
(a) The Village has taken no action or issued bonds which would abrogate,
diminish or impair its ability to fulfill its obligations under this Resolution.
(h) The Village will, co later than April 9, 2000, report to the Governor's
Office in writing on the volume cap the Village granted, transferred or reserved by
official action of the President and Board of Trustees of the Village prior to that date
(including this transfer of $940,100 of the Village's 2000 Volume Cap Allocation to
Bedford Park). That report shall be in substantially the form as Exhibit B attached to
this Resolution. The Village Clerk and the President (both individually and
collectively) are authorized and directed to submit that report.
Section 5: Execution. The President shall execute such agreements,
certificates and other documents on bchalf of the Village as the President deems necessary and
desirable to evidence the reallocation of the 2000 Volume Cap Allocation, including, without
limitation, an agreement between the Village and Bedford Park pertaining to the reallocation.
Section 6: Savings Clause. In the event any portion of this Resolution is .
declared to he void, that such other parts or remainder of this Resolution shall not be adversely
effected and shall otherwise remain effective.and valid.
Section 7: Superseder and Effective Date. All resolutions and orders, or
parts thereof, in conflict herewith, are, to the extent of such conflict, superseded. This
Resolution shall be in full force and effect from and after its passage, approval and publication,
as required by law.
APPROVED AND ADOPTED this 20th day of March, 2000.
Pt tent, Board of Trustees
Village of Deerfield,
Lake County, Illinois
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The vote on the foregoing Resolution was as follows:
YEAS:
NAYS
Harris, Heuberger, Ragona,
Rosenthal, Seiden,.Swanson (6)
None 0
ABSENT: None (0 )
ABSTAIN: None (0 )
i .. - "IT
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