HomeMy Public PortalAboutOrdinance 3655 ORDINANCE NO. 3655
A SPECIAL ORDINANCE AUTHORIZING THE CEDING
OF PRIVATE ACTIVITY BONDING AUTHORITY
WHEREAS, the Internal Revenue Code of 1986 provides that the amount of private activity
bonds which may be issued by the Village of Plainfield ("Village") as a constitutional home rule unit is
equal to its population multiplied by $ 125.00; and
WHEREAS, the Illinois Private Activity Bond Allocation Act (30 ILCS 345/1 et seq.)provides,
among other things, that the corporate authorities of any home rule unit may reallocate to a state agency
any portion of its unused allocation of volume cap; and
WHEREAS, the Village of Plainfield has available year 2024 volume cap and desires to utilize
this cap in cooperation with the Upper Illinois River Valley Development Authority (UIRVDA) to
support the projects that will create jobs and expand the Village's tax base;
NOW THEREFORE, be it ordained by the Village President and Board of Trustees of the Village
of Plainfield, Illinois:
Section 1. Consent to Reallocate to UIRVDA. The Village hereby agrees to reallocate to the Upper
Illinois River Valley Development Authority its 2024 private activity volume bonding cap in the amount
of $5,780,375. Said private activity volume bonding cap shall be used to support projects that will
provide job opportunities and new investments.
Section 2. Letter of Agreement. The Assistant Village Administrator/ Management Services
Director is hereby authorized to execute a letter of agreement with UIRVDA consenting to such
allocation on behalf of the Village as authorized.
Section 3. Maintaining Records. The Assistant Village Administrator/ Management Services
Director is hereby authorized to maintain such record of the allocation for the term of the bonds issued
pursuant to such allocation.
Section 4. Notice. The Mayor shall provide notice of such allocation to the Office of the
Governor.
Section 5. Effective Date. This ordinance shall be effective from and after its passage.
PASSED: this 15th day of April, 2024.
Ayes: Kalkanis, Kiefer, Larson, Ruane, Wojowski
Nays: None
Absent: Bonuchi
APPROVED: this 15th day of April, 2024
ATTEST:
c. /2—
Village Clerk Village esident