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File #: 21-2302    Version: Name: TO SECURE AN ALLOCATION OF VOLUME CAP AND RELATED PRIVATE ACTIVITY FINANCING AUTHORITY
Type: Resolution Status: Approved
File created: 3/19/2021 In control: Finance Committee
On agenda: 4/15/2021 Final action: 5/13/2021
Title: 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, adjus...
Sponsors: TONI PRECKWINKLE (President)
title
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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