1985-03-18 - Resolution 1985-14 - PROVIDING FOR THE RETIREMENT OF CERTAIN MUNICIPAL INDEBTEDNESS BY THE USE OF MOTOR FUEL TAX FUNDSRESOLUTION NO. 85 - 14
A RESOLUTION PROVIDING FOR THE RETIREI,IENT OF CERTAIN
MUNICIPAL INDEBTEDNESS BY THE USE OF HOTOR FUEL TAX FUNDS
ITHEREAS, the Village of Buffalo Grove, Cook and Lake Counties, lllinois
has outstanding indebtedness described as follows:
Corporate Purpose Bonds Series 1982-A
Principal 0utstanding S5,025,000.00
Calendar 1985 Principal Due S300,000.00
Calendar 1985 lnterest Due S439,500.00
Date:
Date:
N/A
J une 1, 1985 and
December I, l9 85
and
WHEREAS, in the opinlon of the President and Board of Trustees of the
Village of Buffalo Grove, a portion of the indebtedness described in the
preceding paragraph equal to \1 ,672 of the annual debt service may be reti red
with the funds alloted to the Village under the Hotor Fuel Tax Law; and
ITHEREAS, it appears that sufficient I'toto r Fuel Tax Funds are or will be
available when the above indebtedness is due for calendar 1985; and
ITHEREAS, the President and Board of Trustees of the Village of Buffalo
Grove has, by Ordinance No. 84-78 adopted December 3, l98l{, directed the Clerks
of Cook and Lake Counties to cancel a portion of the 1984 tax levy (for taxes
collected in 1985) which would have produced funds to pay this indebtedness.
NOW, THEREF0RE, BE lT RESOLVED by the President and Board of Trustees of
the Village of Buffalo Grove, Cook and Lake Counties, lllinois that:
l. There is hereby appropriated the sum of One Hundred Thousand Dollars
(S100,000.00) from funds alloted to the municipality under the ttotor
Fuel Tax Law for paynEnt of a portion of the above described indebtedness,
2. The Village Clerk shall immediately transmit three (3) certified copies
of thls resolution to the Region/District Engineer, lllinois Depart-
ment of Transportation, at 1000 Plaza Drive, Schaurnburg, ll I inois 60196.
3. This resolution shall be in full force and effect upon its
passage and approva I .
6 - Marienthal, Stone, oiReL11y, Hartstein, Glover, Reld
AYES:
NAYES : 0 - None
ABSENT: 0 - None
PASSED:March 18 1985.
t985APPROVED:I4arch 18
Vi age P res i t
ATT EST :
qe"t'fn: &.dr-^*
V i I lbgle Clerk
7
sisned this aay or 6bt"ony11 , t9-6
CERTIFICATION
Cancellation of Tax Levy
STATE OF I LL I NO IS
COUNTY OF LAKE
l, LINDA l. HESS, Clerk of Lake County, do hereby certify
that the 1984 tax levy (for taxes collectible in 1995) for the
payment of principal and interest on the following described
bond issue of the Village of Buffalo crove was partially abated
in the amount of $225,000.00 and stated arnount was not extended:
Village of Buffalo Grove Corporate Purpose Bonds Series 1!82-A
lss ue $5 ,0 2 5 ,000 .00
Dated Decembe r 1, 1982
0rdinance #84-78 (luatement)
0rdinance #82-35 11uahorization E Levy)
U L R
(srnl)
CERTIFICATION
Cancellation of Tax Levy
STATE OF ILL INO IS
COUNTY OF C OOK
I, STANLEY T. KUSPER, Clerk of Cook County, do hereby certify
that the 1984 tax levy (for taxes collectible in 1985) for the
payment of principal and interest on the following described
bond issue of the Village of Buffalo Grove was partially abated
in the aflDunt of 5225,000.00 and stated arnount was not extended:
Village of Buffalo Grove Corporate Purpose Bonds Series 1982-A
lssue S5 ,025 ,000 .00
Dated December 'l , 1982
0 rd i nance #84-78 (Abatement)
0rdinance #82-35 11ua1"'orization a Levy)
S igned th is day of
C UNTY C RK
\et(
( SEAL)
ITEM XI. (B)
William R. 8al'l ing
Wi lliam H. Brimm
April 10, 1985
Use of Hotor Fuel Tax Funds
Debt Service Use Resol ution
TO:
FROM:
DATE:
SUBJ ECT :
ln the FY 1985-1985 Program Budget for expenditures to be made from the
Motor Fuel Tax Fund, a line item program was approved to expend 5100,000for debt service purposes relative to the Corporate Purpose Bonds Series
l!82-A general obl igation bonds that were issued for street reconstruction
and rehabil itation. The S100,000 is to be appl ied against the calendar
1985 debt service and this aflpunt was included as part of a tax abatement
ordinance (#84-78) adopted by the Pres ident and Board of Trustees on
December 3, 19 84.
ln order to properly expend such funds from the l.totor Fuel Tax Fund
proceeds, a resolution must be adopted annually by the Village Board
requesting the use of such funds from our allotments. The attachedtlS-1,{ -Resolution will satisfy the requirements for calendar 1985 and once
approved by the lll inois Department of Transportation, funds can be
transferred from llFT to the Debt Service Fund prior to the June I and
December l, ,I985 payments,
gdue Lul ry1
Wil I iam H. Bri
RESOLUT ION NO. 85 t4
A RESOLUTION PROVIDING FOR THE RETIRE},IENT OF CERTAIN
MUNIC]PAL INDEBTEDNESS BY THE USE OF MOTOR FUEL TAX FUNDS
I.IHEREAS, the Village of Buffalo Grove, Cook and Lake Counties, lllinois
has outstanding indebtedness described as fol lows:
Date:
Date:
N/A
June 1, '1985 and
December I , l9 85
and
WHEREAS, in the opinlon of the President and Board of Trustees of the
Village of Buffalo Grove, a portion of the indebtedness described in the
preceding paragraph equal to \1 ,571 of the annual debt service may be retired
with the funds alloted to the Village under the lloto r Fuel Tax Law; and
WHEREAS, it appears that sufficient I,lotor Fuel Tax Funds are or wi ll be
ayailable when the above indebtedness is due for calendar l!8!; and
i{HEREAS, the President and Board of Trustees of the yillage of Buffalo
Grove has, by Ordinance l{o, 84-78 adopted December 3, l98lt, directed the Clerks
of Cook and Lake Counties to cancel a portion of the 1984 tax levy (for taxes
collected in !985) which would have produced funds to pay this indebtedness.
NOV, THEREF0RE, BE tT RESOLVED by the president and Board of Trustees of
the Village of Buffalo Grove, Cook and Lake Counties, lllinois thatr
l. There is hereby appropriated the sum of One Hundred rhousand Dor lars
(Sl00,OO0.O0) from funds alloted to the municipality under the l.totor
Fuel Tax Law for payrEnt of a portion of the above described indebtedness,
2. The Village Clerk shall innediately transfl,it three (3) certified copies
of this resolution to the Region/District Engineer, rinois Depart-
ment of rransportation, at 1000 plaza Drive, schaumburg, linois 60r95.
Corporate Purpose Bonds Series 1182-A
Principal 0utstanding S5,025,000.00
Calendar 1985 Principal Due 5300,OOO.OO
Calendar 1985 lnterest Due S439,5OO.OO
3. This resolution shall be ln full fo rce and effect upon its
passage and approva I .
6 - Marienthal, Stone, 0tRe111y' IlartstelD, Glover, Reld
AYES:
NAYES : 0 - None
ABSENT: O - NONC
PASSED:
APPROVED:
ATTEST:
March 18
l'larch 18
t \1,,1. r
1985.
19 85
Vi I I age President
APPROVED
&or0)-ri"u"
Vi Cler ?*"f 2 rcB
fpt. ol Transportation
Olractor ot
CERTIFICATION
Ca ncel Iation of Tax Levy
STATE OF ILLINOIS
COUNTY OF COOK
I, STAIILEY T. KUSPER, Clerk of Cook County, do hereby certify
that the 1984 tax levy (for taxes collectible in 1985) for the
payment of principal and i nterest on the fol lowing described
bond issue of the Village of Buf falo Grove was partially abated
in the arpunt of 5225,000.00 and stated anount was not extended:
Village of Buffalo Grove Corporate purpose Bonds Series 1982-A
lss ue $5 ,025 ,000 .00
Dated December 1, 1982
Ord i nance #84-78 146","*n.,
Ordinance #82-35 (Aulh.rization a Levy)
S lgned th i s day of
OUNTY C LER
D_b
( S EAL)
- --::-2- -
CERTIFICATION
Ca ncel lat ion of Tax Levy
STATE OF ILLINOIS
COUNTY OF LAKE
l, LINDA L HESS, Clerk of Lake County, do hereby certify
that the 1984 tax levy (for taxes collectible in 1985) for the
payment of principal and interest on the fol lowing described
bond issue of the Village of Buf fa'lo Grove was partially abated
in the arbunt of 5225,000.00 and stated arnount was not extended:
Village of Buffalo Grove Corporate Purpose Bonds Series 1982-A
lss ue $5 ,025,000.00
Dated Dece,rbe r l, 1982
0rdinance #84-78 196",.r"na,
0rdinance #82-35 14ua1.'orization e Levy)
Siened this aay or Frbwqrll7, 19S-(
,
L RK
(S EAL )
/&\....
::
+-
I I linols Department of Tranqcortation
2300 South Dirksen Parkway / Springfield, lllinois/62764
April 2, 1985
CITY MFT
Buffal o Grove
0bl igation Retirement Resol ution
(Secti on 82-00030-01 -GB)
RECE'YED
APR 4 1985
ytl(,,tc[ oF
SUFFALO GROVE
Ms. Janet M. Si rabi an
Vil1age Cl erk
50 Raupp Boul evard
Buffalo Grove, IL 60090
Dear Ms. Si rabi an :
The obl igation retirement resolution for the above section,
adopted by the Village Board on March 18, 1985, was approved
today. The resolution appropriates $.I00,000.00 of motor fuel tax
funds toward payment of principal and interest due June 1,,l985
and December I, 1985, on the $5,025,000.00 Corporate Purpose
Bonds Series I982-A, dated December 1,I982.
Expenditure of motor fuel tax funds in the amount of $.I00,000.00for payment of the above obligation is authorized and will be
indicated on your next month's allotment report.
Very truly yours,
2?r/^-; d'#
Mel vi n l.l. $nith
Acti ng Engineer of Local
Roads and Streets
cc-
Verna L. CIayton, Village President
R. C. Wehner Attn: Ray HarrisAttn: Jack Ryder
STATE OF ILLINOIS
COUNTIES OF COOK AND LAKE
I, JANET 1,,1, SIRABIAN, hereby certify that I am the
duly elected, qualified and acting VILLAGE CLERK of the Villaqe
of Buffalo Grove, Counties of Cook and Lake, lllinois, and the
keeper of lts seal and records.
I hereby further certify that the attached is a true
copy of Resolution n". t{/-adopted on the /fu day of
'--YY1a,,u,A , DU by the Village Board of the Vil lage
of Buffalo Grove as shourn by the records in nry custody.
lN \,rlTNESS WHEREOF, I have hereunto set my hand and
affixed the seal of the Village of Buffalo Grove aforesaid,
at said Village, in the County and Srate aforesaid, this /IL
day of d,1-/-.,tg-g
a9e er
&^rZW
)
)
)