HomeMy WebLinkAboutRESOLUTIONS-2013-028-R-13•
4/11 /2013
28-R-13
A RESOLUTION
Reserving $7,104,575 of the City's Bond Volume Cap Allocation
for the Year 2012 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, 2013, 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
30 /LCS 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
0
issue mortgage credit certificates ("Certificates") pursuant to Section 25 of the Code
28-R-13
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 2013 Industrial/Commercial Revenue Bond or Mortgage Revenue Bond
with the allocation of its 2012 Bond Volume Cap as defined in Section 146 of the Code
(the "Volume Cap") in the approximate amount of seven million, one hundred four
thousand, five hundred seventy-five dollars ($7,104,575); and
WHEREAS, the City Council of the City of Evanston hereby proclaims the
intent of the City to allocate seven million, one hundred four thousand, five hundred
seventy-five dollars ($7,104,575) of the City's Bond Volume Cap for calendar year 2013
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, one hundred four thousand, five hundred seventy-five dollars
($7,104,575) of the City's Bond Volume Cap for calendar year 2013 for either
•
-2-
•
•
28-R-13
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-13 shall be in full force and effect
from and after its adoption.
Attes
—J
Rocjr%y Gre e, City Clerk
Adopted:, c 12013
—3—
Eliz th B. Tisdahl, Mayor
28-R-13
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
-4-
•
•
•
•
C
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, 2013
•
TABLE OF CONTENTS
1. Introduction...
3
2. Calendar Year 2013 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) 782-
5886.
•
2
INTRODUCTION
• The Federal Tax Reform Act of 1986 (the "Code") as amended, imposes a limit on the aggregate
amount of "talc exempt private activity" bonds (also known 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 "2013 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 (i i)
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.VolumeCaDRea uest20I3 ..illinois.4ov
Please indicate the () name, (ii) status of your organirrGon (home Rule, Non -Home Rule or State Agency) and (iii) type of
submission (either a "REPORT" or a "REQUESTT") in the "SUBJECT" tine 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
MORTANT NOTE — The time sod date stamp of the email will be used for the purpose of determining the order in %Lich
the submissions are received unless otherwise noted herein.
•
Calendar Year 2013 State Ceiling and Allocations
2013 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 CM 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 2013 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 30, 2012, 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, 2011 (NST-EST2011-01)" which
reports Illinois's estimated population as 12,869,257.
Illinois 2013 State Ceiling is $1,222,579,415.00 ($95 x 12,869,257).
Allocations •
Pursuant to the Statute, the table below denotes the initial allocation of the 2013 State Ceiling.
Home Rule Units $763,080,375.00
Non -Home Rule Units 229,749,520.00
State Agencies/Authorities 229,749,520.00
Total $1,222,579,415.00
[REMAINDER OF PAGE LEFT INTENTIONALLY BLANKI
0
•
HOME RULE UNITS
Allocation
January 1 Benchmark
As described in "2013 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 $763,080,375.00. 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, 2013 through May 1, 2013 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 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, trans€erred, or reserved by Home Rule units for
specific projects or purposes as of May 1, 2013, shall be reserved to the Governor's Office on
June 1, 2013 (the "home Rule Pool"). From the period of June 1 through July 15, 2013, 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, 2013. Requests will be
accepted, via the methods described on page 3, only on or after 8:30 a.m., June 1, 2013. 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, 2013, 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, 2013. Requests will be
accepted, via the methods described on page 3, only on or after 8:30 a.m., July 15, 2013. 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, 2013,
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, 2013.
Home Rule units MAY NOT reallocate any allocation granted by the Governor's
Office after June 1. Please see "REALLOCATION PROVISIONS" for further
details.
•
6
•
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, 2013, 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, 2013. 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, 2013, 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.
[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]
0
•
NON -HOME RULE UNITS
Allocation Requests
January I Benchmark
The 2013 allocation of Volume Cap available on or after January 1, 2013 to be issued by Non -
Home Rule units of local government is expected to be $229,749,520.00. 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, 2013
(January 2, 2013). Requests will be accepted, via the methods described on page 3, only on or
after 8:30 am., January 2, 2013. 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 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, 2013 (the "Non -Home Rule Pool") shall be reserved to the Governor's Office on July 15,
2013 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, 2013.
Requests will be accepted, via the methods described on page 3, only on or after 8:30 a.m., July
15, 2013. 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 Iocal 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 units 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.
[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]
C
•
•
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 rap 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 2013 submissions are to be sent via the instructions set forth on page 3 of these
Guidelines by February 1, 2013. 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
h( gR://www.state.il.usfbudiz for your convenience.
(REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]
10
•
STATE AGENCIES
Allocation Requests
For calendar year 2013 there is expected to be $229,749,520.00 for use by State Agencies, (the
"State Agency Pool"), defzned 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, 2013 (January 2, 2013). In addition, State agencies may apply
beginning on or after the fast State business day after June 1, 2013 for the allocation retained by
the Governor's Office from the Home -Rule Pool and beginning on or on July 15, 2013 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 lamp -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
11
•
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 2013
Submissions are to be sent via the instruction set forth on page 3 of these guidelines by February
1, 2013. 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
(htttiJ/www.state.il.us/budgetf) for your convenience.
[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]
12
•
•
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.
•
[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]
•
13
APPENDIX A
STANDARD FORM OF LETTERS
14
•
•
•
(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 30ILCS 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.]
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 $ of the State's 2013 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: (proj act, 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
isfederal 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, 20131
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 2013 Volume Cap Allocation: r_see list attached to guidelines for
population, multiplied by $95.001
Volume Cap allocations granted, transferred, or reserved by Issuer resolution
prior to May 1, 2013:
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
0
•
APPENDIX B
ANNUAL HOUSING REPORT
SAMPLE FORM
(Excel version available for download on GOMB website - http://wwwstate.H.us/budgetl)
•
•
19
Bond Issuer Annual Reporting Form •
StatutoryRequirement (301LCS 345ff.5))
E7mlanagontDefad ( Insert Required Information
In{onnabon:Re4wredlorAN Bond fuiies�-•.4.T,"-.� :ar—.:=:: `" ,� .-.a �' ,�.•-z:---i_��:r' .
Bond Issuer
Entity Issuing Bonds:
Person Completing Report (Drafter)
tdame:
Drafter Contact Information
ComyanY.
Address:
Address:
City. State. Zip:'
Phone:
E-ma® Address:
Reoodino Period
Calendar Year:
Date of Report
Date (no less than 45 days
prior to end of Reporting
Period):
Bond Proceeds Used for Projects and
Percentage of Total
Loans
Ispuancg:
Total Cost of Issuance
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 fimetatik for
use.
For Mfdltifainif,Z:RentAl.Unifs O6Yv
,jp
Total Number of Developments
Total:
Total Number of Units
Total:
Income Levels for AN Units (using Area
No. Units at 30% AMI or
Median Income. or'AMn
less:
No_ Units at 401% AMI:
No. Units at 50% AMI:
NOTE The table of currentAMI figures
No. Units at 60% AMI;
to be used in compiflng this Information
No. Units at 80% AMI:.
may be found at
No. of Other Restricted
I1WAvww.ihda.orn/Downbads.asox
Un'fs( %AMY
(search "Income !)nuts') or by calling
No, of Other Restricted
the Illinois Housing Development
UrfLs ( % AMn:
No. of Other Restricted
Authority at 312-896-5200.
IMits ( %AMI),
Unrestricted (Market Rate):
Annual Comprehensive Housing Plan Attach detail showing the numberuriLs serving the priority •
Priorities (see below for priority key) populations described below, along with documentation
showing efforts to serve Priority Populations, when
available.
For Sl!iale''PaM1V Unffs 0lX.-`�•
Loans and Households Achieving Number of Mortgage
Homeownership with Bond Proceeds Loans:) .
Number of Households:
Loan Amounts, Actual and Effective .Attach List of incMdual 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 Homebyvers Number.
Homeownership Counseling No. of assisted
homeowners who received
any homeownership
counseling:
Key to Priorities
Disabled - No. Units Serving People with Nsabllflies (as defined in the Illinois Comprehensive
Housing Plan, found at www.ihda.om: choose "Housing Policy and Pianning" in the left margin)
Extremely Low income - No. Units Serving Very Low-income (less than 301A AMI) Households and
Fandfies
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 6dstmg 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. •
20
• APPENDIX C
POPULATION ESTEWATES
21
Home Rule Unit
Population2
Home Rule Unit'
Pooulation2
Addison Village
37,198
De Pue Village
1,820
•
Alsip Village
19,362
Des Plaines City
58,6I7
Alton City
27,781
Dolton Village
23,253
Arlington Heights Village
75,428
Downers Grove Village
48,163
Aurora City
199,672
Du Quoin City
6,084
Bannockburn Village
1,586
East Dundee Village
2,887
Barrington Hills Village
4,223
East Hazel Crest Village
1,550
BartlettVillage
41,458
East St Louis City
27,027
Bartonville Village
6,483
Edwardsville City
24,220
Batavia City
26,298
Elgin City
109,104
Bedford Park Village
584
Elk Grove Village Village
33,272
Belleville City
44,515
Elmhurst City
44,439
Bellwood Village
19,156
Elmwood Park Village
24,993
Belvidere City
25,680
Elwood Village
2,292
Benton City
7,099
Evanston City
74,785
Berkeley Village
5,232
Evergreen Park Village
19,940
Berwyn City
56,906
Fairview Heights City
17,091
Bloomingdale Village
22,167
Flow City
5,041
Bloomington City
77,071
Forest View Village
700
Bolingbrook Village
73,802
Freeport City
25,559
Bridgeview Village
16,519
Galesburg City
32,193
Bryant Village
220
Glendale Heights Village
34,445
Buffalo Grove Village
41,668
Glen Ellyn Village
27,648
Burbank City
29,051
Glenview Village
44,888
Burnham Village
4,224
Glenwood Village
9,008
Cahokia Village
15,251
Golf Village
503
Calumet City City
37,204
Granite City City
29,758
Calumet Park Village
7,868
Gurnee Village
31,424
Carbon Cliff Village
2,130
Hanover Park Village
38,187 •
Carbondale City
25,960
Harvey City
25,392
Carlock Village
556
Harwood Heights Village
8,649
Carol Stream Village
39,989
Hazel Crest Village
14,162
Carpentersvilte Village
38,062
Herrin City
12,570
Carterville City
5,521
Highland Park City
29,882
Champaign City
81,291
Highwood City
5,426
Channahon Village
12,619
Hillside Village
8,193
Chicago City
2,707,120
Hodgkins Village
1,904
Chicago Heights City
30,408
Hoffman Estates Village
52,124
Chicago Ridge Village
14,366
"Homer Glen Village
24,365
Christopher City
2,387
Hopkins Park Village
609
Cicero town
84,261
Inverness Village
7,433
Collinsville City
25,513
Jacksonville City
19,445
Cook County, Unincorporated
105,279
Johnston City City
3,557
Joliet City
148,402
Country Club Hills City
16,615
Countryside City
5,920
Kankakee City
27,596
Ctainville Village
1,260
Lake Barrington Village
4,993
Crystal Lake City
40,766
Lake Bluff Village
5,745
Danville City
32,982
Lake Forest City
19,448
Darien City
22,241
Lake in the Hills Village
28,980
Decahu City
76,096
Lansing Village
28,458
Deerfield Village
18,296
LaSalle City
9,576
DeKalb City
43,702
Lincolnshire Village
7,303
•
22
Home Rule Unit'
Pooulation2
Home Rule Unit
Pooulation2
•
Lincolnwood Village
12,646•
Posen Village _
6,013
Manhattan Village
7,093
Prairie Grove Village
1,905
Marlon City
17,260
Quincy City
40,665
Mascoutah City
7,489
Rantoul Village
12,984
Maywood Village
24,196
Riverdale Village
13,609
McCook Village
229
Riverwoods Village
3,674
McHenry City
27,010
Robbins Village
5,359
Melrose Park Village
25,524
Rockdale Village
1,988
Mettawa Village
550
Rock Island City
39,020
Midlothian Village
14,884
Rolling Meadows City
24,205
Moline City
43,489
Romeoville Village
39,912
Monee Village
5,179
Rosemont Village
4,222
Monmouth City
9,50D
Round Lake Beach Village
28,289
Morton Grove Village
23,373
Sauget Village
160
Mound City City
577
Schaumburg Village
74,550
Mount Prospect Village
54,403
Schiller Park Village
I I,844
Mount Vernon City
15,236
Sesser City
1,935
Muddy Village
69
Sherman Village
4,I76
Mundelein Village
31,186
Skokie Village
65,066
Murphysboro City
7,990
South Barrington Village
4,586
Naperville City
142,7i'3
South Holland Village
22,123
Naples town
129
Springfield City
117,076
Nauvoo City
1,145
St Charles City
33,286
New Lenox Village
24,538
Standard Village
219
Niles Village
29,931
Sticlmey Village
6,916
Normal town
52,772
Stone Park Village
4,966
Nonidge Village
14,635
Streamwood Village
40,031
Northbrook Village
33,311
Sycamore City
17,446
North Chicago City
32,682
Thomton Village
2,348
Northfield Village
5,443
Tilton Village
2,719
Northlake City
W75
Tinley Park Village
56,965
North Utica Village
1,347
Tuscola City
4,447
Oakbrook Terrace City
2,149
University Park Village
7,170
Oak Forest City
28,094
Urbana City
41,518
Oak Lawn Village
56,937
Valmeyer Village
1,275
Oak Park Village
52,104
Vernon Hills Village
25,211
O'Fallon City
28,359
Volo Village
2,941
Old Mill Creek Village
178
Warenville City
13,232
Onarga Village
1,357
Washington City
15,165
Orland Park Village
57,016
Watseka City
5,210
Oswego Village
30,856
Waukegan City
89,426
Palatine Village
68,858
West Chicago City
27,273
Park City City
7,601
West City Village
663
Park Forest Village
22,075
West Dundee Village
7,402
Park Ridge City
37,642
West Frankfort City
8,192
Pekin City
34,160
Wheaton City
53,238
Peoria City
115,234
Wheeling Village
37,812
Peoria Heights Village
6,167
Williamsville Village
1,497
Peru City
10,257
Wilmette Village
27,206
Phoenix Village
1,972
Winnetka Village
12,241
Plainfield Village
39,840
Woodridge Village
33,200
•
23