Title
A RESOLUTION CEDING THE AGGREGATE REMAINING UNUSED ALLOCATION OF 2013 PRIVATE ACTIVITY BOND VOLUME CAP OF THE VILLAGE OF ORLAND PARK, ILLINOIS TO THE ILLINOIS FINANCE AUTHORITY FOR USE BY PROJECTS IN THE CHICAGO SOUTHLAND AREA
Body
WHEREAS, the Village of Orland Park, Cook/Will/Cook and Will County (Counties), Illinois (the "Home Rule Unit") 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, the availability of job opportunities to relieve conditions of unemployment and underemployment and the increase of business and commerce to reduce the evils associated with unemployment and underemployment are essential to the health, safety and general welfare of the Home Rule Unit; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended, (the "Code"), places a ceiling (the "State Ceiling") on the aggregate principal amount of private activity bonds (as defined in the Code) that can be issued in the State of Illinois from January 1, 2013, to and including December 31, 2013; and
WHEREAS, the Home Rule Unit's portion of the "State's Ceiling" is $95.00 per capita (the "Available Ceiling") (based on 2011 Census Estimate-see spreadsheet) thereby resulting in approximately $5,392,865 of 2013 State Ceiling, of which the Home Rule Unit, has used, transferred or reserved $0.00, leaving $5,392,865 unused (the "Available Ceiling"); and
WHEREAS, it is in the best interest of the Home Rule Unit to transfer and reallocate the Home Rule Unit's remaining, unused Available Ceiling to the Illinois Finance Authority ("IFA") and thereby permit the IFA to issue tax- exempt private activity bonds to finance industrial, manufacturing, and commercial projects for economic development purposes in the Chicago Southland Region (the "Region"); and
WHEREAS, the Home Rule Unit has issued private activity bond requiring Volume...
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