R-12-10RESOLUTION NO. R -12 -10
A RESOLUTION REALLOCATING 2012 VOLUME CAP
TO THE VILLAGE OF BUFFALO GROVE, ILLINOIS
WHEREAS, the Village of Deerfield, Lake County, Illinois the (Village), 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 Village has been allocated volume cap equal to
$95.00 per resident of the Village in calendar year 2012, or $1,731,375 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 Village may, prior to May 1, 2012, reallocate to other
home rule units of government the volume cap allocated to the Village by the Code for their
issuance of such tax exempt private activity bonds or for subsequent transfer or reallocation;
and
WHEREAS, the Village has not used any of its 2012 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 Village reallocate all of its 2012
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 THE BOARD OF TRUSTEES OF THE
VILLAGE OF DEERFIELD, LAKE COUNTY, ILLINOIS, as follows:
Section 1: Pursuant to Section 6 and Section 6.1 of the Bond Allocation Act and the
Guidelines and Procedures promulgated thereunder, the Village irrevocably
agrees to, and does hereby, transfer and reallocate all of its 2012 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 2: 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 Bond Allocation Act.
Section 3: The Village 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 4: 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. The Village President, the
Village Clerk, and all other proper officers, officials, agents, and employees of the
Village 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 5: The Village 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 6: 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 Village 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 16th*day of April , 2012.
AYES: Benton, Farkas, Jester, Oppenheim, Seiden, Struthers (6)
NAYS: None
ABSENT: None
APPROVED this 16thday of April 2012.
VillaA President
ATTEST: