HomeMy WebLinkAboutRESOLUTIONS-2010-028-R-10•
4/26/2010
4/14/2010
28-R-10
A RESOLUTION
Reserving $6,992,370 of the City's
Bond Volume Cap Allocation for the Year 2010
Industrial/Commercial Revenue Bond Program
WHEREAS, the City of Evanston, Cook County, Illinois, (the "City")
is a home rule unit of government under the Illinois Constitution of 1970; and
WHEREAS, there exists within the borders of the City a recognized
need for decent, safe, sanitary, well -constructed and maintained housing which
persons of low and moderate income can afford; and
WHEREAS, there exists the need to aid in financing the cost of
• economic development projects in order to relieve conditions of unemployment
and to encourage an increase in commerce and industry within the City, thereby
reducing unemployment and providing for the increased welfare and prosperity of
the residents; and
WHEREAS, the United States Government has authorized several
states and their political subdivisions to issue qualified mortgage bonds ("Bonds")
as defined in Section 143(a) of the Internal Revenue Code of 1986, as amended,
(the "Code"); and
WHEREAS, on January 1, 2010, the Office of the Governor of the
State of Illinois issued the State of Illinois Guidelines and Procedures for the
Allocation of Private Activity Bonding Authority in Accordance with the Tax
0 Reform Act of 1986 and 30 ILCS 345, attached hereto as Exhibit A and
28-R-10
incorporated herein by reference, in order to provide below -market interest rate •
loans to qualifying individuals and/or to issue mortgage credit certificates
("Certificates") pursuant to Section 25 of the Code in lieu of Bonds, thereby
entitling qualified individuals to a credit against their federal income tax; and
WHEREAS, the City of Evanston desires to consider establishing
and implementing a 2010 Industrial/Commercial Revenue Bond or Mortgage
Revenue Bond with the allocation of its 2010 Bond Volume Cap as defined in
Section 146 of the Code (the "Volume Cap") in the approximate amount of six
million, nine hundred ninety-two thousand, three hundred seventy dollars
($6,992,370); and
WHEREAS, the City Council hereby proclaims the intent of the City
to allocate six million, nine hundred ninety-two thousand, three hundred seventy •
dollars ($6,992,370) of the City's Bond Volume Cap for calendar year 2010 to
either Industrial/Commercial Revenue Bonds, Mortgage Revenue Bonds, or
other eligible programs to be approved by City Council,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That the City Council hereby finds, determines, and
declares that the purposes of this Resolution are to enable the City to: a) take
steps designed to reduce the cost of financing principal residences located in the
City in order to provide decent, affordable, safe and sanitary housing for persons
with qualifying income; and b) assist in the economic development of the City to
relieve unemployment and encourage an increase in commerce and industry. •
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28-R-10
SECTION 2: That the City Council hereby authorizes the
reservation of six million, nine hundred ninety-two thousand, three hundred
seventy dollars ($6,992,370) of the City's Bond Volume Cap for calendar year
2010 for either Industrial/Commercial Revenue Bonds, Mortgage Revenue Bonds
or other appropriate qualifying and eligible financing instruments or a
combination of each, as approved from time to time by the City Council.
SECTION 3: That from and after the adoption of this resolution, the
proper officials, agents and employees of the City are hereby authorized,
empowered and directed to do all such acts and things and to execute all such
documents as may be necessary to carry out and comply with the provisions of
this resolution, or to effectuate the purposes hereof.
SECTION 4: That this Resolution 28-R-10 shall be in full force and
effect from and after its adoption.
Attest` r
C Rodney Gree , City Clerk
Adopted: , 2010
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Eli - th B. Tisdahl, Mayor
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28-R-10
EXHIBITA •
State of Illinois Guidelines and Procedures for the Allocation of
Private Activity Bonding Authority in Accordance with the
Tax Reform Act of 1986 and 34 /LCS 345
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STATE OF ILLINOIS
GUIDELINES AND PROCEDURES
FOR THE
ALLOCATION OF PRIVATE ACTIVITY ]BONDING AUTHORITY
IN ACCORDANCE `VITH THE TAX REFORM ACT OF 1986
AND 30 ILCS 345
OFFICE OF THE GOVERNOR
Effective January 1, 2010
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TABLE OF CONTENTS
1. Introduction...
3
2. Calendar Year 2010 State Ceiling and Allocations...
4
3. Home Rule...
5
4. Non -Horne Rule...
8
5. State Agencies...
11
6. Reallocation Provisions...
13
7. Appendix A - Standard Form of Letters...
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8. Appendix B - Annual Housing Report...
19
9. Appendix C - Population Estimates...
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Questions regarding these guidelines and procedures may be directed to the Debt
Management Unit of the Governor's Office of Management and Budget at (217) 782-
5886.
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• INTRODUCTION
The federal Tax Reform Act of 1986 (the "Code") as amended, imposes a limit on the aggregate
amount of "tax exempt private activity" bonds (also know as "Volume Cap") that can be issued
by a state.. While the Code provides an allocation scheme for specific issuing authorities, it also
provides that a state may, by law, provide a different formula for allocating the State ceiling
among the governmental units in the State having authority to issue such bonds. The State of
Illinois ("the State") has adopted procedures for the allocation of Volume Cap pursuant to the
Illinois Private Activity Bond Allocation Act, 30ILCS 345 (the "Illinois Allocation Act").
The Governor's Office is the entity charged with authority to allocate Volume Cap among the
political subdivisions within the State. In the event of conflict between the Code and Illinois
Allocation Act and these "2010 Guidelines and Procedures" (the "Guidelines"), the Cade and the
Illinois allocation Act shall control. Any matters not covered by the Code or the Illinois
Allocation Act or the Guidelines shall be decided by the Governor's Office, and the Governor's
Office reserves the right to amend the Guidelines at any time.
These Guidelines are provided by the Governor's Office to assist issuers in understanding how
the allocation formula will be administered. They do not represent a binding legal interpretation
of either the Code or the Illinois Allocation Act. The Governor's Office will not make a legal
determination of the applicability of the Code to an issuer nor will it determine an issuer's
complianpe under the Code. Issuers should consult their own legal counsel to make these
determinations.
The Guidelines require certain issuers to submit requests to the Governor's Office for allocations
of Volume cap. In addition, they require issuers within the State to report on reallocations an3
their use of Volume Cap.
• PLEASE NOTE — ALL REQUESTS AND REPORTING SUBMISSIONS, AS
DESCRIBED HEREIN, MUST BE SUBMITTED IN BOTH (i) HARD AND (ii)
ELECTRONIC FORMATS (ADOBE ACROBAT KPDF") TO THE FOLLOWING
ADDRESSES:
HARD COPY SUBMISSIONS TO:
Governor's Office of Management and Budget
Debt Management Unit — Volume Cap Submission
603 Stratton Building
Springfield, IL 62706
ELECTRONIC (PDF) SUBMISSIONS TO:
OMB. VolumeC auRe(iuest201017a,illinois.gov
Please Indicate the (I) name, (ii) status of your organization (Home Role, Non -Home Rule or State Agency) and (119 type of
submission (either a "REPORT" or a "REQUEST") in the "SUBJECT" line of your submission e-mail. Please Include the
Following information for a primary and secondary contact person in the body of each electronic submission (email):
Name
Tide
Department/Division
Phone Number
Email address
IMPORTANT NOTE — The time and date stamp of the email will be used for the purpose of determining the order In which
the submissions are received unless otherwise noted herein.
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Calendar Year 2010 State Ceiling and Allocations
2010 State Ceiling — Background and Calculation
Section 146 of the Code limits the amount of qualified private activity bond debt that may be
issued in a state during a calendar year ("the State Ceiling"). Section 146(d) of the Code was
amended by H.R. 5662, the "Community Renewal Tax Relief Act of 2000 (the "CRTF Act")," to
specify that beginning in calendar year 2002 the limit shall be the greater of $75 multiplied by a
state's population or $225 million. The CRTF Act further specifies that beginning in calendar
year 2003 the volume limit may be adjusted annually for inflation. Pursuant to Revenue
Procedure 2008-66 published by the Internal Revenue Service, the volume limit on qualified
private activity bonds adjusted for inflation for calendar year 2010 is $90 multiplied by the state's
population.
Section 1460) of the Code further requires that the calculation of the State Ceiling be based on
the most recent resident population estimate released by the U. S. Bureau of the Census before the
beginning of the calendar year. On December 29, 2008, the Population Division of the U.S.
Census Bureau issued "Table 1: Annual Estimates of the Population for the United States,
Regions, States, and Puerto Rico: April 1, 2000 to July 1, 2009 (NST-EST2009-01)" which
reports Illinois's estimated population as 12,910,409.00
Illinois 2010 State Ceiling is $1,161,936,810 ($90 x 12,910,409.00).
Allocations
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Pursuant to the Statute, the table below denotes the initial allocation of the 2010 State Ceiling.
Home Rule Units $704,435,040.00
Non -Home Rule Units 228,750,885.00
State Agencies/Authorities 228,750,885.00
Total $1,161,936,810.00
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HOME RULE UNITS
Allocation
January I Benchmark
As described in "2010 State Ceiling — Background and Calculation" above, each Home Rule
community is allocated an amount equal to $90.00 multiplied by its population and Cook County,
as a Home Rule county, is allocated an amount equal to $90.00 multiplied by the population of i-.s
unincorporated area. Based on the most recent US Census estimates the total amount for all
Home -Rule units has been determined to be $704,435,040. Appendix C attached identifies the
list of Home Rule units and the population count used by the Governor's Office for the volurr_e
cap allocation. Special census estimates or other estimates for individual municipalities are not
recognized by the Governor's Office.
During the period from January 1, 2010 through May 1, 2010 Home Rule units may not apply to
the State for an allocation under the Illinois Allocation Act. Rather, Home Rule units muat
determine and monitor their own private activity bond limits as provided in the Illinois Allocation
Act. Please see reporting requirements detailed below in "Home Rule Reporting".
June 1 Benchmark
Of the total amount available to each Home Rule unit of government with less than 2,000,000
inhabitants, the amount that has not been granted, transferred, or reserved by Home Rule units for
specific projects or purposes as of May 1, 2010, shall be reserved to the Governor's Office on
• June 1, 2010 (the "home Rule Pool"). From the period of June 1 through July 15, 2010, one-half
of the Home rule Pool will be available to all Home Rule units with less than 2,000,000
inhabitants (the remaining half is available for allocation to the State or State Agencies as herein
after described).
The Govt rnor's Office will accept Home Rule units' requests for volume cap from the Home
Rule Pool beginning on the first State business day on or after June 1, 2010. Requests will be
accepted, via the methods described on page 3, only on or after 8:30 a.m., June 1, 2010. No
requests can or will be accepted prior to this date and time. On the first date that applications
may be received all applications received between 8:30am and 5pm on such date shall be
deemed equally first in line and the Governor's Office shall grant cap as it may determine.
If more than one request is received in a day, other than the first day that applications may
be submitted, completed requests will be logged in by the time the electronic submission is
received, and processed on a first -come, first -granted basis.
If a determination is made that there is a sufficient amount of allocation remaining in the Home
Rule Pool upon a request made, an allocation approval letter will be' sent to the applicant. The
approval letter will be trailed by first class U.S. Mail to the signator of the application letter
Express mail will be used upon request and at the issuer's expense. The allocation is valid for a
period of 60 calendar days from the date of the letter or December 27 of the year of the allocation.
This period is set by Illinois Allocation Act and cannot be extended.
July 15 Benchmark
On and after July 15, 2010, the amount of the unused allocation from the Home Rule Pool shall
be available to both Home Rule units of government (with less than 2,000,000 inhabitants) and to
State agencies. Requests submitted prior to July 15 that are not completely fulfilled must be rs-
• filed after July 15 if cap still is requested.
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The Govemor's Office will accept Home Rule units' requests for volume cap from the home
Rule pool beginning on the fast State business day on or after July 15, 2010. Requests will be
accepted, via the methods described on page 3, only on or after 8:30 a.m., July 15, 2010. No
requests can or will be accepted prior to this date and time. On the first date that applications
may be received all applications received between 8:30am and 5pm on such date shall be
deemed equally first in line and the Governor's Office shall grant cap as it may determine.
If more than one request is received in a day, other than the first day that applications may
be submitted, completed requests will be logged in by the time the electronic submission is
received, and processed on a first -come, first -granted basis.
Please Note —
• A completed "Allocation Request Letter" (Appendix A) and a copy of an "Official
action", as defined in the Statute, must accompany all request submissions (June 1
or July 15). A submission will not be deemed complete unless a copy of Official
action is included in the transmittal.
• No Home Rule unit may be granted more than 10% of the amount of total allocation
initially available for Home Rule units for a single project. Home Rule units may
submit separate requests for multiple projects. Requests must be for specific
projects, not general use. Requests will be processed only for allocation to be used
directly by the requesting Home Rule unit. Joint requests from more than one unit
or requests from one unit for allocation that will also be used by other units of
government will not be considered. Once an allocation is given to a specific unit, the
Governor's Office will not object if units pool their allocations and join together in a
bond issue as advised by legal counsel.
• The allocation approval letter to Home Rule units of government is valid for a •
period of 60 calendar days from the date of the letter or through December 31, 2010,
whichever date comes first. If an issuer's allocation has expired, it may apply for a
new allocation if allocation is still available. Such application will be processed by
the Governor's Office in the same manner as any other new application.
• The State, a State agency or Home Rule unit may reallocate all or a portion of its
ORIGINAL allocation to a Home Rule Unit, the State, a State agency or a Non
Home Rule Unit of local government. Home Rule units may reallocate by official
action of their governing body only as to volume cap reserved prior to May 1, 2010.
Home Rule units MAY NOT reallocate any allocation granted by the Governor's
Office after June 1. Please see "REALLOCATION PROVISIONS" for further
details.
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Home Rule Reporting
Confirmation oflssuance
Pursuant to Section 7 of the Illinois Allocation Act, any Home Rule unit utilizing Volume Cap
(regardless of its source) is required to report, within 10 calendar days of issuance, the following:
(a) Name of the Issuer;
(b) Principal amount of the issue;
(c) Purpose for which the private activity bonds were issued;
(d) The amount, if any, used to refund any prior issue of private activity bond; and
(c) IRS 8038
A form of the "Confirmation of Bond Issuance" letter is provided in Appendix A.
If the amount of bonds issued as stated in the confirmation letter is less than the amount approved
for allocation for that project, the amount of unused allocation shall be added to the remaining
pool allocation available. This "lapsed" volume cap will be offered first to all issuers who have
requested volume cap whose requests were not completely fulfilled, in the order that such
requests were initially filed. If more than one request was initially filed at the same time, the
order of filing will be randomly assigned for purposes of offering lapsed cap. Volume cap is not
considered lapsed unless the issuer or issuer's representative states in writing that all or a portion
of the cap will not be used.
Mid -Year Reporting
No later than May 10, 2010, each Home Rule unit with less than 2,000,000 inhabitants must
report to: the Governor's Office in writing on volume cap (i) granted, (ii) transferred, or (iii)
reserved by official action of the unit's governing body prior to May 1, 2010. The form described
• in Appendix A is provided for this purpose — "Report of Allocation Granted by Home Rule".
Once Volume Cap is properly reserved by a Home Rule unit prior to May 1, 2010, the
Governor's Office will not object to the subsequent transfer or reallocation of such cap, or filing
of a carry -forward of such volume cap, and no notice to the Governor's Office of any such
subsequeht action is required. (Please note, however, that Home Rule units must provide notice
to the Governor's office, as provided in Section 6 of the Illinois Allocation Act, within fourteen
days of slid reallocation.)
Please Note - Copies of "Official Action", as defined in the Illinois Allocation Act, must
accompany this reporting submission. Submission will not be deemed complete unless a
copy of Official Action is included with the submissions.
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NON -HOME RULE UNITS
Allocation Requests
January I Benchmark
The 2010 allocation of Volume Cap available on or after January 1, 2010 to be issued by Non -
Home Rule units of local government is expected to be $228,750,885.00. Non -Home Rule units
are defined as municipalities or counties, other than Home -Rule units. All other forms of
government, such as local water districts or airport authorities, must apply for Volume Cap as a
State Agency.
The Governor's Office will accept Non -Home Rule units' requests for Volume Cap from the
Local Government Pool beginning on the fast State business day on or after January 1, 2010
(January 2, 2010). Requests will be accepted, via the methods described on page 3, only on or
after 8:30 a.m., January 2, 2010. No requests can or will be accepted prior to this date and time.
On the first date that applications may be received all applications received between 8:30am
and Spin on such date shall be deemed equally first in line and the Governor's Office shall
grant cap as it may determine. If more than one request is received in a day, other than the
first day that applications may be submitted, completed requests will be logged in by the
time the electronic submission received, and processed on a first -come, first -granted basis.
If a determination is made that there is a sufficient amount of allocation remaining in the total
available allocation, an allocation approval letter will be sent to the applicant. The approval letter
will be mailed by first class U.S. Mail to the signator of the application letter. Express mail may
be used upon request and at the issuer's expense. •
July 15 Benchmark
Of the total amount allocated to Non -Home Rule units, the amount of remaining allocation as of
July 14, 2010 (the "Non -Home Rule Pool") shall be reserved to the Governor's Office on July 15,
2010 to be allocated to the State, State agencies or Non -Home Rule units as described in the
Illinois Allocation Act. Requests submitted prior to July 15 that are not completely fulfilled must
be re -filed on or after July 15 if volume cap is still requested.
The Governor's Office will accept Non -Home Rule units' requests for Volume Cap from the
Non -Home Rule Pool beginning on the first State business day on or after July 15, 2010.
Requests will be accepted, via the methods described on page 3, only on or after 8:30 a.m., July
15, 2010. No requests can or will be accepted prior to this date and time. On the first date that
applications may be received all applications received between 8:30am and Spin on such
date shall be deemed equally first in line and the Governor's Office shall grant cap as it may
determine. If more than one request is received in a day, other than the first day that
applications may be submitted, completed requests will be logged in by the time the
electronic submission is received, and processed on a first -come, first -granted basis.
Please Note —
• A completed "Allocation Request Letter" (Appendix A) and a copy of an "Official
Action", as defined in the Illinois Allocation Act, must accompany all request
submissions (January 1 or July 15). A submission will not be deemed complete
unless a copy of Official Action is included in the transmittal.
• No Non -Home Rule unit may be granted more than 10% of the amount of total
allocation initially available to units of local government for a single project. Non -
Home Rule units may submit separate requests for multiple projects. Requests
must be for specific projects, not general use. Non -Home Rule units do not have •
• power under statute to transfer or reallocate cap to other Non -Home Rule or Home -
Rule units. Requests may be made only for cap that will be used within the Non -
Home Rule unit's jurisdiction, as evidenced by such documentation or evidence as
the Governor's Office shall request. Letters of Intent from lenders shall be deemed
prima facie evidence. Units planning to pool their allocations must certify their
intent to comply with this section in their request letter.
The allocation approval letter is valid for a period of 60 calendar days from the date
of the letter. This period is set by the Illinois Allocation Act and cannot be extended.
• Pursuant to Section 6 of Illinois Allocation Act, a Non -Home Rule unit IS NOT
AUTHORIZED TO REALLOCATE all or any unused portion of its allocation.
Direct and indirect reallocations by Non -Home Rule Units are strictly prohibited.
This prohibition is discussed more fully in the 1°Reallocation Provisions" of these
Guidei➢nes.
The proceeds from bonds utilizing Volume Cap allocated to a Non -Home Rule unit
pursuant to these Guidelines must be used within the jurisdiction of the Non -Home Rule
unit.
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Non -home Rule Reporting
Confirmation oflssuance
Pursuant to Section 7 of the Illinois Allocation Act, Non -Home Rule units are required to report,
within 10 calendar days of issuance, the following:
(a) Name of the Issuer;
(b) Principal amount of the issue;
(c) Purpose for which the private activity bonds were issued;
(d) The amount, if any, used to refund any prior issue of private activity bond; and
(e) IRS 8038
A form of the "Confirmation of Bond Issuance" letter is provided in Appendix A.
If the amount of bonds issued as stated in the confirmation letter is less than the amount approved
for allocation for that project, the amount of unused allocation shall be added to the remaining
pool allocation available. This "lapsed" volume cap will be offered first to all issuers who have
requested volume cap whose requests were not completely fulfilled, in the order that such
requests were initially filed. If more than one request was initially filed at the same time, the
order of filing will be randomly assigned for purposes of offering lapsed cap. Volume cap is not
considered lapsed unless the issuer or issuer's representative states in writing that all or a portion
of the cap will not be used.
Annual Reporting of Housing Projects
The Illinois Allocation Act requires Non -Home Rule units to provide an annual report of all
private activity bonds issued for any housing purposes which utilizes volume cap allocated by the •
State. Details on the reporting requirement can be located in the Section 7.5 of the Illinois
Allocation Act. A form to aid reporting has been provided in Appendix B to these Guidelines.
Calendar Year 2008 submissions are to be sent via the instructions set forth on page 3 of these
Guidelines by .February 1, 2010. Calendar Year 2010 Submissions are to be sent via the
instruction set forth on page 3 of these Guidelines by February 1, 2010. An additional copy of
this report only must also be submitted to the Illinois Housing Development Authority ("IHDA")
at the following address:
Illinois Housing Development Authority
Attention: General Counsel
401 North Michigan Avenue
Chicago, IL 60611
Please Note - Excel version of this form is available for download on our webpage
(httu://www.state.il.us/budL,ev) for your convenience.
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STATE AGENCIES
Allocation Requests
For calendar year 2010 there is expected to be $228,750,885.00 for use by State Agencies, (the
"State Agency Pool"), defined as any State agency, commission, board, authority, or body polit_c
and corporate of the State authorized by law to issue Private Activity Bonds, other than a Non -
Home Rule or Home -Rule unit.
The Governor's Office may allocate among all State agencies from the State Allocation Pool
available: after January 1, 2010 (January 2, 2010). In addition, State agencies may apply
beginning on or after the first State business day after June 1, 2010 for the allocation retained by
the Govemor's Office from the Home -Rule Pool and beginning on or on July 15, 2010 for the
allocation retained, if any, from the Non -Home Rule Pool. Requests submitted prior to June 1
which are not completely fulfilled and requests submitted prior to July 15 which are n,-t
completely fulfilled must be re -filed after July 15 if cap from the Non -Home Rule pool is
requested. Please see "HOME RULE" and "NON -HOME RULE" sections for submission
procedur&s.
Please Note -
Requests will be processed only for allocation to be used directly by the requesting
State agency. Requests may be requested and granted on a lump -sum by private
activity bond category or individual project basis as the Governor's Office may
determine. Joint requests from more than one State agency or units of government
• or requests from one State agency for an allocation that will be used by other units
of government will not be considered. Once an allocation is given to a specific State
agency, the Governor's Office will not object if units pool their allocations and join
together in a bond issue as advised by legal counsel.
• State agencies may submit requests for allocations of any amount. The 10% limit
does not apply to State Agencies
• The Governor's Office may consult with State agencies prior to submission of their
allocation requests and determine the amount of allocation that shall be requested
and approved. The allocation shall be valid through the end of the calendar year.
• State agencies may reallocate their unused allocation in the manner described in
"REALLOCATION PROVISIONS" with the approval of the Governor's Office. A
State agency that issues bonds after receiving a reallocation from it Home -Rule unit
or another State agency shall submit the information described in the "Reporting"
section below.
• State agencies also may file a carry -forward of an allocation remaining at the end of
one calendar year to the next under certain circumstances, with the approval of the
Governor's Office. Issuers should consult their legal counsel with respect to the
applicability of this provision to their circumstances
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State Agency Reporting
Confirmation oflssuance
Pursuant to Section 7 of the Illinois Allocation Act. State Agencies are required to report, within
10 calendar days of issuance, the following:
(a) Name of the Issuer;
(b) Principal amount of the issue;
(c) Purpose for which the private activity bonds were issued;
(d) The amount, if any, used to refund any prior issue of private activity bond; and
(e) IRS 8038
A form of the "Confirmation of Bond Issuance" letter is provided in Appendix A.
If the amount of the bonds issued as stated in the confirmation letter is less than the amount
approved for allocation for that project, the unused allocation amount shall be retained by the
State Agency unless otherwise directed by the Governor's Office.
Annual Reporting of Housing Projects
Pursuant to the Illinois Allocation Act, State Agencies are required to provide an annual report of
all private activity bonds issued for any housing purposes which utilizes volume cap allocated by
the State. Details on the reporting requirement can be located in Section 7.5 of the Illinois
allocation Act and a form has been provided in Appendix B for submission. Calendar Year 2008
Submissions are to be sent via the instruction set forth on page 3 of these guidelines by February
1, 2010. Calendar Year 2010 Submissions are to be sent via the instruction set forth on page 3 of
these guidelines by February 1, 2010. An additional copy of this report only must also be •
submitted to the Illinois Housing Development Authority ("IHDA") at the following address:
Illinois Housing Development Authority
Attention: General Counsel
401 North Michigan Avenue
Chicago, IL 60611
Please Note - Excel version of this form is available for download on our webpage
(httn://www.state.il.us/budeet/) for your convenience.
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REALLOCATION PROVISIONS
Reallocations by the State, a State Agency or a Home Rule Unit
The State, any State Agency or Home Rule unit may voluntarily reallocate to any Non -Home
Rule unit of local government, Home -Rule unit, the State or any State agency all or any portion
of its unused allocation. {The State Agency or Home Rule unit reallocating all or a portion of its
unused allocation must provide notice to the Governor's office within fourteen days of said
reallocation.)
Consistent with the Illinois Allocation Act and these guidelines, entities that issue private activity
bonds on:the basis of reallocations must submit to the Governor's Office written evidence of such
reallocation and a confirmation of bond issuance letter within ten calendar days from the date ttre
bonds are issued.
Reallocations by a Non -Home Rule Unit Are Prohibited
Non -Home Rule units may not reallocate to any issuer. This prohibition applies to direct
reallocations and to reallocations attempted via an intergovernmental or other agreement.
Allocations made to Non -Home Rule units pursuant to the Illinois Allocation Act and these
Guidelines may not be used in an issuance by another governmental entity on behalf of the Non -
Home Rule unit or as a surrogate for the Non -Home Rule unit via an intergovernmental or other
agreement.
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APPENDIX A
STANDARD FORM OF LETTERS
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(Letterhead of Signator)
ALLOCATION REQUEST LETTER
FROM ALL ISSUERS
(Date)
Office of the Governor
Governor's Office of Management and Budget
603 Stratton Building
Springfield, Illinois 62706
ATTENTION: Debt Management Unit
RE: Issuer:
Type: (Home -Rule, Non -Home Rule or State agency)
Maximum Principal Amount:
Bond Description: (project, beneficiary, location, type/category of bonds)
Dear Governor Quinn:
In accordance with the Tax Reform Act of 1986 as passed by 99th Congress 2ad Session
(1986), as amended, and 30 ILCS 345, the (name of issuer) respectfully requests an allocation for
the above -captioned private activity bonds. In preparation for this bond issue to date, all
applicable Federal and State requirements have been complied with. A copy of the inducement
resolution or similar official action for this issue has been attached herewith.
• [(The following is required only of Non -Home Rule units which expect to join other units
in a single bond issue as described in the guidelines): I hereby certify that (name of issuer)
intends to comply with requirements set forth in the Governor's Office guidelines and will not
transfer or reallocate any cap received from the Govemor's Office to other Non -Home Rule or
Home -Rule units and will use the cap only within our jurisdiction.]
I hereby certify under penalty of perjury, that to the best of my knowledge, the issuance
of the Private Activity Bond was or will not be made in consideration of any bribe, g:ft, gratuity
or direct or indirect contribution to any political campaign.
Please forward the allocation approval letter to the undersigned [or to: �.
Bond counsel for these bonds [is expected to be , who may be reached at [phone
number]] [has not yet been selected].
Sincerely,
(name of issuer)
(signature of authorized public official)
(title)
(phone number)
[Note: The Bond description cannot be materially changed after submission.]
•
15
•
(Governor's Letterhead)
BOND ALLOCATION APPROVAL LETTER
(Date)
Allocation Number (our assigned number)
(name of issuer)
Attention: (Name of Official)
Re: Issuer:
Type: (Home -Rule, Non -Home Rule or State agency)
Maximum Principal Amount:
Bond Description: (project, beneficiary, location, type/category of bonds)
Ladies and Gentlemen:
In accordance with the Tax Reform Act of 1986, as amended, and 30 ILCS 345, the
above -captioned Issuer has requested an allocation for Private Activity Bonds with respect to the
above -captioned bonds. In support of this request, I have been presented with the resolution duly
adopted by the Issuer or similar official action with respect to the above -captioned bonds.
I hereby allocate S of the State's 2010 maximum limit on private activity bonds
to the above -captioned Issuer.
Pursuant to Section 6 of the Illinois Private Activity Bond Allocation Act, this allocation •
is only valid if:
(1) the proceeds from the bonds (the "Bonds") utilizing the bond volume cap are to
originate single family mortgages to finance the purchase of homes located within the
jurisdiction of the unit local government applying for the bond volume cap, or the
costs associated therewith, or, if not so used, applied to redeem the Bonds; and
(2) the unit of local government is the Issuer of the Bonds.
"Issuer" as used herein is the entity named on the Bonds and obligated for the repayment of
the Bonds and does not include an entity for whom bonds have been issued by another party
via an intergovernmental or other agreement.
This allocation is valid through and including If the above -
captioned bonds have not been issued by said date this allocation automatically expires and is
available:for reallocation.
Sincerely,
PAT QUINN
Governor
16 •
•
(Letterhead of Signator)
CONFIRMATION OF BOND ISSUANCE
TO BE PROVIDED BY ISSUER
(Date) [Within 10 calendar days of issuance]
Allocation Number: (assigned by us in the allocation approval letter)
Office of the Governor
Governor's Office of Management and Budget
603 Stratton Building
Springfield, Illinois 62706
ATTENTION: Debt Management Unit
Re: Issuer:
Type: (non Home -Rule, Home -Rule or State agency)
Date of Issuance:
Principal Amount Issued:
Bond Description: (project, beneficiary, location, type/category of bonds)
Dear
In accordance with the Tax Reform Act of 1986, as amended, and 30ILCS 345,
the above -captioned Issuer is giving notice that the above -captioned private activity
• bonds have been issued. With regard to the issuance of these bonds, all applicable
federal and state requirements have been complied with. The total allocation provided
for this bond issue in the Allocation Approval Letter dated was
$ The total principal amount actually issued was
$ and, therefore, the amount of $
is unused allocation that may be added to the total available allocation.
Sincerely,
(name of issuer)
•
(signature of authorized public official)
(title)
Attachments
[Note: If the bonds were issued on the basis of a voluntary reallocation of unused
allocation or as a result of a carry -forward of allocation from a prior year, this fact
should be so stated in this confirmation letter and a copy of the written evidence
of such reallocation or carry -forward should be attached.]
;7
v_
•
(Letterhead of Signator)
REPORT OF ALLOCATION GRANTED
BY HOME -RULE UNITS
(Date) [Due Thursday, May 10, 2010]
Office of the Governor
Governor's Office of Management and Budget
603 Stratton Building
Springfield, Illinois 62706
ATTENTION: Debt Management Unit
Re: Issuer: (Home -Rule unit)
Total 2010 Volume Cap Allocation: fsee list attached to euidelines for
noDulation. multivlied by $90.001
Volume Cap allocations granted, transferred, or reserved by Issuer resolution
prior to May 1, 2010:
I.. Principal Amount of Issue:
Bond Description: (Type of bond)
(Repeat as necessary identify all specific allocations) •
If reallocated to another issuer, state name of issuer:
Copies of allocation resolutions or ordinances are attached. [Note:
Memorandums of agreements with businesses need not be attached.]
Total Allocation Granted or Reallocated $
Sincerely,
(name of issuer)
(signature of authorized public official)
(title)
(phone number)
18
•
•
APPENDIX B
ANNUAL HOUSING REPORT
SAMPLE FORM
(Excel version available for download on GOMB website - bttp://www.state.il.us/budget/)
C:
• 19
Bond Issuer Annual Reporting Form
Statutory Requirement (30 ILCS 345r7.5) 1
Information Required Tor All Bond Issues
Bond Issuer Entdy Issuing Bonds:l
Person Completing Report (Drafter) Name:
'Drafter Contact Information Companv:+
i+ Address:j+
Address.1
City. State, Zo:
Phone:
E-mail Address:
Calendar Year.
Date (no leas than 45 days
prior to end of Reporting
Pedodl:
Percentage of Total
Issuance,
Amount:
Reoortina Period
Date of Report
Bond Proceeds Used for Projects and
Joar)s
Total Cost of Issuance
Bend Proceeds Used to Refund Prior
Bonds
Unused Proceeds at Time of Report
Plan for Use of Any Unused Proceeds
For Multifamily Rental Unlb Oniv
Total Number of Developments
Total Number of Units
Income Levels for All Units (using Area
Median Income_ or "AMM
NOTE: The table of cufrent AMI figures
to be used in compiling this information
may be round at
htt y;0yo wihda. onyDownfoads. aspx
(search "Income Limitsl or by calling
the Illinois Housing Development
Authority at 312-836-5200.
Annual Comprehensive Housing Plan
Priorities (see below for priority key)
For Slrlale Famlly Units Only
Loans and Households Achieving
Homeownership with Bond Proceeds
Loan Amounts, Actual and Effective
Interest Rates
Annual Comprehensive Housing Plan
Priorities (see below for priority key)
First-time Homebuvers
Homeownership Counseling
Explanation/Detail I Insert Required Information
Amount
Amount:
Attach Narrative and Supporting Documentation Showing
Commitments to Utilize Proceeds, including timetable for
use.
Total:
Total:
No. Units at 30% AMI of
less:
No. Units at 40% AW
No. Units at 50% AMI:'
No. Units at 60% AMP(
No. Units at 50% AMI:
No. of Other Restricted)
No. of lather Restricted)
Units I %AMn-
No. of Other ReWictedl
M
Units I %An:
Unrestricted (Market Rate):
Attach detail stoning the number units serving the pdortfy
populations described below, along with documentation
showing eNoris to serve Priority Populations, when
available.
Number of Mortgage)
Loans:
Nurr)ber of Households:
Attach List of Individual Loan Amounts, detailing the actual
and effective interest rate for each loan.
Attach detail showing the number units serving the priortly
populations described below, along with documentation
showing efforts to serve Priority Populations, when
avaiable.
r
Nwhm
homeowners
moeivedl
any homeownershi
counseling:
IKev to Priorities I I _
(Disabled - No. Units Serving People with Disabilities (as defined In the Illinois Comprehensive
Housing Plan, found at www.thda.ora; choose "Housing Policy and Planning' in the left margin)
(Extremely Low Income - No. Units Serving Very Low -Income (less than 30% AMI) Households and
Families
(Homeless - No. Units Serving Homeless People and Families and Those At -Risk of Homelessness
Live New Work - No. Units Serving Low and Moderate -Income Families and People Unable to Find
Affordable Housing Near Employment or Transportation
Preservation - No. of Units for Low -Income Families and People Living In Existing Affordable Housing
that Is in Danger of Becoming Unaffordable
Very Low Income - No. Units Serving Very Low -Income (31 to 50°4 AMP Households and Families
QUESTIONS?????
Any questions on how to complete this form should be directed to Charlotte Flickinger at the IllinoisHousing Development Authority at 312-836.5200 or TTD 312.836-5222.
20
•
•
•
•
,7
•
APPENDIX C
POPULATION ESTIMATES
M
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
2010 Home Rule Communities
•
Home Rule Unit'
P ooulationi
Home Rule Unit'
emulation'
Addison Village
36,917
52
DePue
1,753
Alsip Village
18,692
53
Des Plaines City
57,062
Alton City
29,393
54
Dolton Village
23,899
Arlington Heights Village
73,399
55
Downers Grove Village
49,250
Aurora City
171,782
56
Du Quoin City
6,326
Bannockburn Village
1879
57
East Dundee Village
3,121
Barrington Hills Village
4,354
58
East Hazel Crest Village
1,536
Bartlett Village
42,209
59
East St. Louis City
28,773
Bartonville Village
6,160
6o
Edwardsville City
24,557
Batavia
27,502
61
Elgin City
106,330
Bedford Park Village
533
62
Elk Grove Village Village
33,320
Belleville City
41,097
63
Elmhurst City
46,013
Bellwood Village
18,973
64
Elmwood Park Village
24,052
Benton City
6,957
65
Elwood Village
2,341
Berkeley Village
4,913
66
Evanston City
77,693
Berwyn City
49,919
67
Evergreen Park Village
19,359
Bloomingdale Village
21,848
6a
Fairview Heights City
16,643
Bldomington City
73,026
69
Flora City
4 ;72
Bolingbrook Village
70,823
70
Forest View Village
718
Bridgeview Village
14,991
71
Freeport City
24,615
Bryant Village
242
72
Galesburg City
31,181
Buffalo Grove Village
42,972
73
Glendale Heights Village
31,847
Burbank City
27,567
74
Glen Ellyn Village
27,142
Burnham Village
3,973
75
Glenview Village
46,180
Ca6okia Village
15,103
76
Glenwood Village
8,489
Calumet City City
36,800
77
Golf Village
445
Calumet Park Village
7,980
78
Granite City City
30,703
Carbon Cliff Village
1,657
79
Gurnee Village
30,608
Carbondale City
26,231
80
Hanover Park Village
36,777
•
Carlock Village
478
81
Harvey City
28,056
Carol Stream Village
40,004
82
Harwood Heights Village
8,058
Carpentersville Village
37,741
83
Hazel Crest Village
14,075
Carterville City
5,441
84
Herrin City
12,337
Champaign City
79,389
85
Highland Park City
31,449
Channahon Village
14,030
86
Highwood City
5,388
Chicago City
2,953,114
87
Hillside Village
8,341
Chicago Heights City
30,586
88
Hodgkins Village
2,014
Chicago Ridge Village
13,366
89
Hoffman Estates Village
53,641
Christopher City
2,819
90
Homer Glen Village
26,111
Cicero town
80,414
91
Hopkins Park Village
791
Collinsville City
25,960
92
Inverness Village
7,673
Cook County, Unineorp
98,329
93
Jacksonville City
19,415
Country Club Hills City
16,723
94
Joliet City
146,125
Countryside City
5,795
95
Kankakee City
26,710
Crainville Village
1,353
96
Lake Barrington Village
4,975
Crystal Lake City
41,797
97
Lake Bluff Village
6,222
Danville City
32,248
98
Lake Forest City
20,990
Darien City
22,370
99
Lake in the Hills Village
29,698
Decatur City
76,256
10o
Lansing Village
26,672
Deerfield Village
19,667
101
LaSalle City
9,520
DeKalb City
45,497
102
Lincolnshire Village
7,960
l.List of Home Rule units comes from the Secretary of State Index Division
2. Population data taken from U.S. census website
22
•
•
2010 Home Rule Communities
Home Mule Unit'
Population'
Home Rule Unit'
Population'
103
Lincolnwood Village
11,810
152
Quincy City
39,983
104
McCook Village
237
153
Rantoul Village
12,189
105
Manhattan Village
7,166
154
Riverdale Village
14,163
106
Marion City
17,388
155
Riverwoods Village
4,081
107
Mascoutah City
6,701
156
Robbins Village
6,331
108
Maywood Village
25,035
157
Rockdale Village
1,993
109
Mettawa Village
514
158
Rock Island City
38,139
110
Moline City
43,088
159
Rolling Meadows City
23,463
111
Monec Village
4,993
160
Romeoville Village
38,028
112
Monmouth City
91321
161
Rosemont Village
3,929
113
Morton Grove Village
22,478
162
Round Lake Beach Village
27,855
114
Mound City City
590
163
St. Charles City
32,829
115
Mount Prospect Village
53,338
164
Sauget Village
237
116
Mount Vernon City
16,298
165
Schaumburg Village
71,716
117
Muddy Village
73
166
Schiller Park Village
11,573
118
Mundelein Village
33,717
167
Sesser City
2,121
119
Murphysboro City
8,184
168
Sherman Village
3,827
120
Naperville City
143,117
169
Skokie Village
66,620
121
Naples Town
123
170
South Barrington Village
4,461
122
Nauvoo City
1,155
171
South Holland Village
21,083
123
New Lenox Village
24,137
172
Springfield City
117,352
124
Niles Village
28,666
173
Standard Village
250
125
Normal Town
52,056
174
Stiekney Village
5,774
126
Norridge Village
13,954
175
Stone Park Village
4,860
127
Northbrook Village
33,936
176
Streamwood Village
37,119
128
North Chicago City
32,608
177
Sycamore City
17,679
129
Northlake City
11,462
178
Thornton Village
2,386
130
North Utica Village
1,039
179
Tilton Village
2,779
131
Oakbrook Terrace City
2,221
180
Tinley Park Village
59,198
132
Oak Forest City
27,740
181
Tuscola City
4,514
133
Oak Lawn Village
53,244
182
University Park Village
8,171
134
Oak Park Village
49,557
183
Urbana City
39,641
135
O'FallonCity
27,540
184
ValmeyerVillage
1,164
136
Old Mill Creek Village
263
185
Volo Village
803
137
Onarga Village
1,376
186
Warrenville City
13,033
138
Orland Park Village
55,514
187
Washington Park Village
5,558
139
Oswego Village
31,504
198
Watseka City
5,481
140
Palatine Village
67,080
189
Waukegan City
90,788
141
Park City City
6,609
190
West Chicago City
26,454
142
Park Forest Village
22,583
191
West City Village
762
143
Park Ridge City
36,927
192
West Dundee Village
7,975
144
Pekin City
33,430
193
West Frankfort City
8,190
145
Peoria City
114,114
194
Wheaton City
54,465
146
Peoria Heights Village
6,230
195
Wheeling Village
36,063
147
Peru City
9,810
196
Williamsville Village
1,388
148
Phoenix Village
2,041
197
Wilmette Village
34,130
149
Plainfield Village
36,507
198
Winnetka Village
12,371
150
Posen Village
4,907
199
Woodridge Village
34,130
151
Prairie Grove Village
11995
1-List of Home Rule units comes from the Secretary of State
Index Division
2. Population data taken from
U.S. census website
23