1983-12-19 - Resolution 1983-55 - REGARDING CORPORATE PERSONAL PROPERTY REPLACEMENT TAX DISTRIBUTION - 1983RESoLUTtoN No. 83 - 55
A RESOLUTION REGARDING CORPORATE PERSONAL
PROPERTY REPLACEMENT TAX D ISTRTBUT ION - I983
WHEREAS, the Village of Buffalo Grove has received $ 6,588,1r0
in distributions of Corporate Personal Property Replacement Tax revenues
from the State of ll linois during calendar year lg8l; and
ITHEREAS, said distribution was not in excess of what had been
estimated to have been received during the calendar year; and
ITHEREAS, a question has arisen with respect to whether said receipts
of Corporate Personal Property Replacement Taxes resulted in a surplus of
funds that are rravailable for the payment of any debt, obl igation, liability,
operation, fund or account or any purpose" within the meaning of Section
157 (a) of the Revenue Act of I I I ino is.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES
0F THE VILLAGE 0F BUFFALO GR0VE, C00K A{D LAKE COUNTIES, lLLlN0lS that:
' SECTION l. lt is hereby found and declared that the amount of
Corporate Personal Property Replacement Taxes actually received by the Village
of Buffalo Grove during calendar 1983 has not caused a surplus "available for
any debt, obl igation, liability, operation, fund or account or any purpose'l
within the meaning of Section 157 (a) of the Revenue Act of lllinois 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 1983 or
requiring that any such surplus be shovrn as available for appropriation and
expenditure in the upcoming fiscal year.
SECTI0N 2. The Vil lage Clerk is hereby directed to f ile certified
copies of this Resolution with the Cook County Clerk and the Circuit Court of
Cook County.
AYES: 4 - Stone, OrReilly, Glover, Reld
NAYES:
ABSENT:
PAS SE D:
0 - None
2 - Marienthal, Hartstein
December f9 r983.
1983.
r 983.
APPROVED:
PIJBL I SHFD :
ATTEST: -
Deqember 19
December 20
n.&!"1r,.",."
I lage Clerk
- -V'rTTactI re sTaE;T
?\