1982-07-06 - Resolution 1982-33 - REGARDING CORPORATE PERSONAL PROPERTY REPLACEMNET TAX DISTRIBUTION 1980 RESOLUTION NO. 82-33
A RESOLUTION REGARDING CORPORATE PERSONAL
PROPERTY REPLACEMENT TAX DISTRIBUTION - 1980
WHEREAS, the Village of Buffalo Grove has received $9,657.73 in
distributions of Corporate Personal Property Replacement Tax revenues from
the State of Illinois during calendar year 1980; and
WHEREAS, said distribution was not in excess of what had been estimated
to have been received during the calendar year; and
WHEREAS, a question has arisen with respect to whether said receipts
of Corporate Personal Property Replacement Taxes resulted in a surplus of funds
that are "available for the payment of any debt, obligation, liability,
operation, fund or account or any purpose" within the meaning of Section 157 (a)
of the Revenue Act of Illinois.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS that :
SECTION 1 . It is hereby found and declared that the amount of Corporate
Personal Property Replacement Taxes actually received by the Village of Buffalo
Grove during calendar 1980 has not caused a surplus "available for any debt,
obligation, liability, operation, fund or account or any purpose" within the
meaning of Section 157 (a) of the Revenue Act of Illinois such that the Village
is required to adopt an ordinance either reducing or abating the tax levy of
the Village of Buffalo Grove for calendar 1980 or requiring that any such surplus
be shown as available for appropriation and expenditure in the upcoming fiscal
year.
SECTION 2. The Village Clerk is hereby directed to file certified
copies of this Resolution with the Cook County Clerk and the Circuit Court of
Cook County.
AYES: 4 - Stone, Hartstein, Gerschefske, Schwartz
NAYES: 0 - None
ABSENT: 2 - Marienthal , O'Reilly
- PASSED: July 6 , 1982. APPROVED: July 6 , 1982.
ATTEST: _ Village President
r. . Village Clerk