Title
AN ORDINANCE APPROVING THE TRANSFER OF VOLUME CAP IN CONNECTION WITH PRIVATE ACTIVITY BOND ISSUES, AND RELATED MATTERS.
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Whereas, the Village of Orland Park, Will and Cook Counties, Illinois (the “Municipality”) is a municipality and a home rule unit of government under Section 6 of Article VII of the 1970 Constitution of the State of Illinois; and
Whereas, Section 146 of the Internal Revenue Code of 1986, as amended (the “Code”), provides that the Municipality has volume cap equal to $105 per resident of the Municipality in calendar year 2020, which volume cap may be allocated to certain tax-exempt private activity bonds; and
Whereas, the Illinois Private Activity Bond Allocation Act, 30 Illinois Compiled Statutes, 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, it is now deemed necessary and desirable by the Municipality to transfer its entire volume cap allocation for calendar year 2020 to the Town of Normal, McLean County, Illinois (the “Issuer”) to be applied toward the issuance of single family mortgage revenue bonds or mortgage credit certificates by the Issuer or for such other purpose permitted by this Ordinance;
Now, therefore, Be It Ordained by the President of the Village of Orland Park, Will and Cook Counties, Illinois, as follows:
Section 1
That, pursuant to Section 146 of the Code and the Act, the entire volume cap of the Municipality for calendar year 2020 is hereby transferred to the Issuer, which shall issue the bonds or mortgage credit certificates using such transfer of volume cap, without any further action required on the part of the Municipality, and the adoption of this Ordinance shall be deemed to be an allocation of such volume cap to the issuance of the bonds or mortgage credit certificat...
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