Title
A RESOLUTION CEDING THE AGGREGATE REMAINING UNUSED ALLOCATION OF 2011 PRIVATE ACTIVITY BOND VOLUME CAP OF THE VILLAGE OF ORLAND PARK TO THE ILLINOIS FINANCE AUTHORITY FOR USE BY PROJECTS IN THE CHICAGO SOUTHLAND AREA.
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WHEREAS, the Village of Orland Park, Cook and Will 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, 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, 2011, to and including December 31, 2011; and
WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 Illinois Compiled Statutes 2008, 345/1 et seq., 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, the Village's portion of the "State's Ceiling" is $95.00 per capita (the "Available Ceiling") thereby resulting in approximately $5,247,420 of 2011 State Ceiling, of which the Village, all of which has not used, transferred or reserved, leaving $5,247,420 unused (the "Available Ceiling"); and
WHEREAS, it is in the best interest of the Village to transfer and reallocate the Village’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, under the Illinois Private Activity Bond Allocation Act, that portion of Available Ceiling remaining unu...
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