HomeMy WebLinkAboutRESOLUTIONS-2011-023-R-113/29/2011
23-R-11
A RESOLUTION
Reserving $7,396,415 of the City's Bond Volume Cap Allocation
for the Year 2011 for Single -Family Housing and the
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, 2011, 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 Reform Act of 1986 and
301LCS 345, attached hereto as Exhibit A and incorporated herein by reference, in
order to provide below -market interest -rate loans to qualifying individuals and/or to
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issue mortgage credit certificates ("Certificates") pursuant to Section 25 of the Code
23-R-11
in lieu of Bonds, thereby entitling qualified individuals to a credit against their federal 0
income tax; and
WHEREAS, the City of Evanston desires to consider establishing and
implementing a 2011 Industrial/Commercial Revenue Bond or Mortgage Revenue Bond
with the allocation of its 2011 Bond Volume Cap as defined in Section 146 of the Code
(the "Volume Cap") in the approximate amount of seven million, three hundred ninety-
six thousand, four hundred fifteen dollars ($7,396,415); and
WHEREAS, the City Council of the City of Evanston hereby proclaims the
intent of the City to allocate seven million, three hundred ninety-six thousand, four
hundred fifteen dollars ($7,396,415) of the City's Bond Volume Cap for calendar year
2011 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.
SECTION 2: That the City Council hereby authorizes the reservation of
seven million, three hundred ninety-six thousand, four hundred fifteen dollars
($7,396,415) of the City's Bond Volume Cap for calendar year 2011 for either
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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 23-R-11 shall be in full force and effect
from and after its adoption.
Atte
Rodney Greene,,)elty Oerk
Adopted: 13
12011
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Eliz6beth B. Tisdahl, Mayor
23-R-11
EXHIBIT A
State of Illinois Guidelines and Procedures
for the Allocation of Private Activity Bonding Authority
in Accordance with the Tax Reform Act of 1986 and 30 ILCS 345
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STATE OF ILLINOIS
GUIDELINES AND PROCEDURES
FOR THE
ALLOCATION OF PRIVATE ACTIVITY BONDING AUTHORITY
IN ACCORDANCE WITH THE TAX REFORM ACT OF 1986
AND 30 ILCS 345
OFFICE OF THE GOVERNOR
Effective January 1, 2011
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TABLE OF CONTENTS
1. Introduction... 3
2. Calendar Year 2011 State Ceiling and Allocations... 4
3. Home Rule... 5
4. Non -Home Rule... 8
5. State Agencies... 11
6. Reallocation Provisions... 13
7. Appendix A - Standard Form of Letters... 14
8. Appendix B - Annual Housing Report... 19 •
9. Appendix C - Population Estimates... 21
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) 782is
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5886.
PA
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 "2011 Guidelines and Procedures" (the "Guidelines"), the Code 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
compliance 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 and
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 "PDF") 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.VolumeCapReq uest2011(a,illinois.gov
Please indicate the (i) name, (ii) status of your organization (Home Rule, Non -Home Rule or State Agency) and (iii) 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
Title
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 2011 State Ceiling and Allocations
2011 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 2011 is $95 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, 2009, 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.
Illinois 2011 State Ceiling is $1,226,488,856.00 ($95 x 12,910,409).
Allocations
Pursuant to the Statute, the table below denotes the initial allocation of the 2011 State Ceiling.
Home Rule Units $760,851,390.00
Non -Home Rule Units 232,818,733.00
State Agencies/Authorities 232:118:733.00
Total $1,226488856.00
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HOME RULE UNITS
Allocation
January I Benchmark
As described in "2011 State Ceiling — Background and Calculation" above, each Home Rule
community is allocated an amount equal to $95.00 multiplied by its population and Cook County,
as a Home Rule county, is allocated an amount equal to $95.00 multiplied by the population of its
unincorporated area. Based on the most recent US Census estimates the total amount for all
Home -Rule units has been determined to be $760,851,390.00. Appendix C attached identifies the
list of Home Rule units and the population count used by the Governor's Office for the volume
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, 2011 through May 1, 2011 Home Rule units may not apply to
the State for an allocation under the Illinois Allocation Act. Rather, Home Rule units must
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 I 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, 2011, shall be reserved to the Governor's Office on
June 1, 2011 (the "home Rule Pool"). From the period of June 1 through July 15, 2011, 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 Governor'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, 2011. Requests will be
accepted, via the methods described on page 3, only on or after 8:30 a.m., June 1, 2011. 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 mailed 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, 2011, 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 re -
filed after July 15 if cap still is requested.
The Governor'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 July 15, 2011. Requests will be
accepted, via the methods described on page 3, only on or after 8:30 a.m., July 15, 2011. 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, 2011,
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, 2011.
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 of Issuance
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
(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.
Mid -Year Reporting
No later than May 10, 2011, 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 I;iii)
• reserved by official action of the unit's governing body prior to May 1, 2011. 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, 2011, 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
subsequent 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 said 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 1 Benchmark
The 2011 allocation of Volume Cap available on or after January 1, 2011 to be issued by Non -
Home Rule units of local government is expected to be $232,818,733.00. 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 first State business day on or after January 1, 2011
(January 2, 2011). Requests will be accepted, via the methods described on page 3, only on or
after 8:30 a.m., January 2, 2011. 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. 0
July 15 Benchmark
Of the total amount allocated to Non -Home Rule units, the amount of remaining allocation as of
July 14, 2011 (the "Non -Home Rule Pool") shall be reserved to the Governor's Office on July 15,
2011 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, 2011.
Requests will be accepted, via the methods described on page 3, only on or after 8:30 a.m., July
15, 2011. 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 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 "Reallocation Provisions" of these
Guidelines.
• 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 of Issuance
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 2011 submissions are to be sent via the instructions set forth on page 3 of these
Guidelines by February 1, 2011. An additional copy of this report only must also be submitted to
the Illinois Housing Development Authority ("MA") 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/budizet/) for your convenience.
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STATE AGENCIES
Allocation Requests
For calendar year 2011 there is expected to be $232,818,733.00 for use by State Agencies, (the
"State Agency Pool"), defined as any State agency, commission, board, authority, or body politic
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, 2011 (January 2, 2011). In addition, State agencies may apply
beginning on or after the first State business day after June 1, 2011 for the allocation retained by
the Governor's Office from the Home -Rule Pool and beginning on or on July 15, 2011 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 not
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
procedures.
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 a 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 of Issuance
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 2011
Submissions are to be sent via the instruction set forth on page 3 of these guidelines by February
1, 2011. 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
(httD://www.state.il.usibud2et/) 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 the
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 2nd 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 Governor'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, gift, 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.]
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(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 $ of the State's 2011 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 30 ILCS 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.]
17
(Letterhead of Signator) •
REPORT OF ALLOCATION GRANTED
BY HOME -RULE UNITS
(Date) [Due Thursday, May 10, 2011]
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 2011 Volume Cap Allocation: fsee list attached to Ruidelines for
population, multiplied by $95.001
Volume Cap allocations granted, transferred, or reserved by Issuer resolution
prior to May 1, 2011:
1. 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 ofallocation 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
•
r�
•
APPENDIX B
ANNUAL HOUSING REPORT
SAMPLE FORM
(Excel version available for download on GOMB website - http://www.state.il.ustbudget/)
19
Bond Issuer Annual Reporting Form
•
Statutory Requirement (30ILCS 345/7.5) 1 Explanation/Detail I Insert Required Information
Information Required for All Bond Issues
Bond Issuer Entitv Issuinq Bonds:
Person Completing Report (Drafter) Name:
Drafter Contact Information Companv:
Address:
Address:
Citv, State, Zip:l
I Phone:l
I E-mail Address:l
Reportina Period Calendar Year:l
Date of Report Date (no less than 45 days
prior to end of Reporting
Period):
Bond Proceeds Used for Projects and Percentage of Totall
Loans Issuance,
Total Cost of Issuance I Amount:
Bond Proceeds Used to Refund Prior Amount:
Bonds
Unused Proceeds at Time of Report Amount:
Plan for Use of Any Unused Proceeds Attach Narrative and Supporting Documentation Showing
Commitments to Utilize Proceeds, including timetable for
use.
For MultifamilX Rental Units Only
Total Number of Developments Total:
_
Total Number of Units Total:
Income Levels for All Units (using Area l No. Units at 30 % AMI or
Median Income or "AMI") less:
I No. Units at 40% AMI:
No. Units at 50% AMI:
NOTE: The table of current AMI figures I No. Units at 60 % AMI:
to be used in compiling this information I No. Units at 80% AMI:I
may be found at l No. of Other Restrictedl
htto:/Avww.ihda.onvDownloads.asox Units( %AMI):
(search "Income Limits) or by calling l No. of Other Restrictedl
the Illinois Housing Development Units, % AMI);
l No. of Other Restricted
Authority at 312-836-5200.
Units I % AM
iUnrestricted (Market Rate):I
•
Annual Comprehensive Housing Plan JAttach detail showing the number units serving the priority
Priorities (see below for priority key) populations described below, along with documentation
showing efforts to serve Priority Populations, when
available.
For Sinvle Family Units Oniv
Loans and Households Achieving Number of Mortgagel
Homeownershio with Bond Proceeds Loans:
Number of Households:
_
Loan Amounts, Actual and Effective Attach List of Individual Loan Amounts, detailing the actual
Interest Rates and effective interest rate for each loan.
Annual Comprehensive Housing Plan Attach detail showing the number units serving the priority
Priorities (see below for priority key) populations described below, along with documentation
showing efforts to serve Priority Populations, when
available.
First-time Homebuvers Number.
Homeownership Counseling No. of assisted
homeowners who received
any homeownership
counseling:
Key to Priorities 1
Disabled - No. Units Serving People with Disabilities (as defined in the Illinois Comprehensive
Housing Plan, found at www.ihda.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 Near 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% AMI) Households and Families
•
QUESTIONS?????
Any questions on how to complete this form should be directed to Charlotte Flickinger at the Illinois
Housing Development Authority at 312-836-5200 or TTD 312-836-5222.
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CJ
•
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APPENDIX C
POPULATION ESTIMATES
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Home Rule Unit'
Potmiationz
Home Rule Unit'
Ponulation2
Addison Village
36,918
Des Plaines City
56,810
Alsip Village
18,580
Dolton Village
23,758
Alton City
29,264
Downers Grove Village
49,143
Arlington Heights Village
73,153
Du Quoin City
6,303
Aurora City
172,950
East Dundee Village
3,149
Bannockburn Village
1,886
East Hazel Crest Village
1,627
Barrington Hills Village
4,375
East St. Louis City
28,753
Bartlett Village
42,770
Edwardsville City
24,475
Bartonville Village
6,217
Elgin City
107,519
Batavia
27,700
Elk Grove Village Village
33,124
Bedford Park Village
530
Elmhurst City
46,314
Belleville City
41,285
Elmwood Park Village
23,926
Bellwood Village
18,853
Elwood Village
2,357
Benton City
6,910
Evanston City
77,857
Berkeley Village
4,885
Evergreen Park Village
19,237
Berwyn City
49,664
Fairview Heights City
16,706
Bloomingdale Village
21,858
Flora City
4,680
Bloomington City
74,184
Forest View Village
713
Bolingbrook Village
70,881
Freeport City
24,699
Bridgeview Village
15,006
Galesburg City
31,006
Bryant Village
242
Glendale Heights Village
31,877
Buffalo Grove Village
42,852
Glen Ellyn Village
27,236
Burbank City
27,467
Glenview Village
46,207
Burnham Village
3,954
Glenwood Village
8,453
Cahokia Village
15,103
Golf Village
442
Calumet City City
36,619
Granite City City
30,695
Calumet Park Village
7,953
Gurnee Village
30,571
Carbon Cliff Village
1,646
Hanover Park Village
36,703
Carbondale City
26,235
Harvey City
27,946
Carlock Village
503
Harwood Heights Village
8,009
Carol Stream Village
40,041
Hazel Crest Village
13,996
Carpentersville Village
38,020
Herrin City
12,450
Carterville City
5,518
Highland Park City
31,516
Champaign City
80,286
Highwood City
5,382
Channahon Village
14,048
Hillside Village
8,265
Chicago City
2,851,268
Hodgkins Village
2,040
Chicago Heights City
30,412
Hoffman Estates Village
53,655
Chicago Ridge Village
13,310
Homer Glen Village
269150
Christopher City
2,798
Hopkins Park Village
847
Cicero Town
80,100
Inverness Village
7,649
Collinsville City
26,016
Jacksonville City
19,214
Cook County, Unincorp
97,713
Joliet City
147,648
Country Club Hills City
16,605
Kankakee City
26,840
Countryside City
5,785
Lake Barrington Village
4,973
Crainville Village
1,362
Lake Bluff Village
6,223
Crystal Lake City
42,180
Lake Forest City
20,991
Danville City
32,467
Lake in the Hills Village
29,704
Darien City
22,389
Lansing Village
26,524
Decatur City
76,199
LaSalle City
9,497
Deerfield Village
19,636
Lincolnshire Village
7,956
DeKalb City
45,734
Lincolnwood Village
11,742
DePue
1,735
Manhattan Village
7,345
22
•
•
is
•
Home Rule Unit'
PoDulationZ
Home Rule Unit'
Population
Marion City
17,460
Prairie Grove Village
2,007
Mascoutab City
6,797
Quincy City
40,061
Maywood Village
24,903
Rantoul Village
12,247
McCook Village
236
Riverdale Village
14,080
McHenry City
27,165
Riverwoods Village
4,072
Mettawa Village
516
Robbins Village
6,330
Midlothian Village
13,577
Rockdale Village
2,004
Moline City
43,050
Rock Island City
38,084
Monee Village
4,993
Rolling Meadows City
23,324
Monmouth City
9,244
Romeoville Village
37,997
Morton Grove Village
22,412
Rosemont Village
3,907
Mound City City
574
Round Lake Beach Village
27,790
Mount Prospect Village
53,050
Sauget Village
239
Mount Vernon City
16,185
Schaumburg Village
71,303
Muddy Village
72
Schiller Park Village
111,431
Mundelein Village
33,979
Sesser City
2,116
Murphysboro City
8,106
Sherman Village
3,873
Naperville City
143,661
Skokie Village
66,468
Naples Town
124
South Barrington Village
4,494
Nauvoo City
1,141,
South Holland Village
21,045
New Lenox Village
24,286
Springfield City
118,033
Niles Village
28,513
St. Charles City
32,840
Normal Town
52,799
Standard Village
133
Norridge Village
13,876
Stickney Village
5,741
Northbrook Village
33,764
Stone Park Village
4,851
North Chicago City
32,656
Streamwood Village
36,974
Northfield Village
5,463
Sycamore City
17,816
Northlake City
11,380
Thornton Village
2,375
North Utica Village
1,051
Tilton Village
3,061
Oakbrook Terrace City
2,384
Tinley Park Village
59,140
Oak Forest City
27,681
Tuscola City
4,570
Oak Lawn Village
52,948
University Park Village
8,222
Oak Park Village
53,125
Urbana City
39,985
O'Fallon City
27,778
Valmeyer Village
1,168
Old Mill Creek Village
264
Volo Village
1,044
Onarga Village
1,350
Warrenville City
13,050
Orland Park Village
55,236
Washington Park Village
5,554
Oswego Village
29,364
Watseka City
5,375
Palatine Village
66,690
Waukegan City
90,622
Park City City
6,710
West Chicago City
26,475
Park Forest Village
22,462
West City Village
764
Park Ridge City
36,806
West Dundee Village
8,015
Pekin City
33,580
West Frankfort City
8,125
Peoria City
115,520
Wheaton City
64,568
Peoria Heights Village
6,278
Wheeling Village
35,912
Peru City
9,792
Williamsville Village
1,387
Phoenix Village
2,034
Wilmette Village
26,300
Plainfield Village
36,659
Winnetka Village
12,381
Posen Village
4,875
Woodridge Village
34,173
23