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PROPOSED RESOLUTION
TO SECURE AN ALLOCATION OF VOLUME CAP AND RELATED PRIVATE ACTIVITY FINANCING AUTHORITY
WHEREAS, the Federal Tax Reform Act of 1986, as amended, imposes a limit on the aggregate amount of tax-exempt private activity financing authority, also known as "volume cap", that can be authorized by a State; and
WHEREAS, the State of Illinois has adopted procedures for the allocation of volume cap pursuant to the Illinois Private Activity Bond Allocation Act, 30ILCS 345, also known as the "Illinois Allocation Act"; and
WHEREAS, the Governor's Office is the entity charged with authority to allocate volume cap among the political subdivisions within the State of Illinois; and
WHEREAS, the current limit on the aggregate amount of volume cap that a State can issue, adjusted for inflation for calendar year 2021, is $110.00 multiplied by the State's population; and
WHEREAS, the current limit on the aggregate amount of volume cap that the State of Illinois can issue, adjusted for inflation for calendar year 2021, is $110.00 multiplied by the State's population of 12,587,530 which equals $1,384,628,300.00; and
WHEREAS, the current limit on the aggregate amount of volume cap that the State of Illinois can issue to Home Rule units is $ 889,342,300.00; and
WHEREAS, Cook County is a Home Rule unit pursuant to Article VII, Section 6 of the Illinois State Constitution; and
WHEREAS, Cook County, as a Home Rule county, may be allocated an amount of volume cap equal to $110.00 multiplied by the population of its unincorporated area that is approximately 102,420 which equals $11,266,200; and
WHEREAS, Cook County, may secure its volume cap allocation and related bonding and other finance authority via a formal request to the State beginning on the first business day on or after June 1, 2021; and
WHEREAS, said requests will be processed by the State on a first come, first served basis; and
WHEREAS, a Resolution from the Cook County Board of Commis...
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