R99-199 AUTHORIZING THE REALLOCATION OF 1999 VOLUME CAP

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RESOLUTION NO. R99-199 RESOLUTION AUTHORIZING THE REALLOCATION OF 1999 VOLUME CAP FOR PRIVATE ACTIVITY BONDS TO THE VILLAGE OF BENTON, ILLINOIS WHEREAS, Pursuant to Resolution No. R06-99, the City of Highland Park, Lake County, Illinois ("Highland Park") reallocated $1,549,900 of its volume cap allocation ("Highland Park Volume Cap")to the City of Decatur, Macon County, Illinois (the"Cit�') for an assisted living facility to be owned by IBTLLC �ereinafter referred to as"Company"); and, WHEREAS, the City has not used any of its Highland Park Volume Cap and presently has all of its Highland Park Volume Cap; and, WHEREAS, the Village of Benton, Illinois, (the "Issuer") has requested that the City reallocate $1,000,000 of its Highland Park Volume Cap to the Issuer to be used to finance certain private activity bonds for an assisted living facility to be owned by the Company or a related entity; and, WHEREAS, pursuant to Section 6 of the Illinois Private Activity Bond Allocation Act (30 ILCS 345/1 et seq.) (the "AcY') and the Guidelines and Procedures, the City may reallocate all or any portion of its unused volume cap for calendar year 1999. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. That in accordance with and pursuant to the power and authority granted by and under Section 6 of Article VII of the Constitution of Illinois, Section 146 of the Code, Section 6 of the Act and the Guidelines and Procedures, the City hereby agrees to and does hereby reallocate $1,000,000 of its Highland Park Volume Cap to the Issuer. Section 2. That this Resolution shall constitute the agreement of the City to a different allocation under Section 146(e)(3) of the Code and the "writing"required under Section 6 of the Act. As required by the Act, the Issuer shall maintain in its records for the term of the bonds a record of the reallocation described in Section 1 of this Resolution.