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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 Commissioners is required to secure and request said allocation and authority.
NOW, THEREFORE, BE IT RESOLVED, that the President and Board of Commissioners supports this initiative to secure volume cap for future financing of affordable housing developments and economic development initiatives in suburban Cook County; and
BE IT FURTHER RESOVLED, that the President and the Board of Commissioners seeks to secure the relevant volume cap and related bonding and other finance authority as available; and
BE IT FURTHER RESOVLED, that the President and the Board of Commissioners authorizes the Chief Financial Officer, the Bureau Chief of Economic Development, or their designees to execute, on behalf of the County of Cook, any and all documents necessary to implement this Resolution vis à vis the State of Illinois in accordance with specified instructions and deadlines; and
BE IT FURTHER RESOVLED, that the President and Board of Commissioners confirms and agrees that upon receipt of State approval, the County will (1) use the volume cap only within its jurisdiction, (2) comply with all applicable Federal, State, and Local rules and requirements, (3) prepare and submit related reports to the State as required and (4) will not transfer or reallocate this allocation to any other Home Rule or non Home Rule jurisdiction; and
BE IT FURTHER RESOLVED, this Resolution shall be effective as of the date of its adoption.
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