1985-12-17 - Resolution 1985-73 - REGARDING CORPORATE PERSONAL PROPERTY REPLACEMENT TAX DISTRIBUTION - 1985RESoLUTIoN No.85 - 73
A RESOLUTION REGAPOING CORPORATE ?ERSONAL PROPERTY
REPI.ACEMENT TAX DISTRIBUTION - 1985
WHEREAS, the Vlllage of Buffalo Grove has recelved $9,465.54
ln dlstrlbutions of Corporate Personal ?roPerty Replacement Tax revenues
from the State of llllnols durlng calendar year 1985; and
WIIEREAS, said dlstrlbution was not in excess of L,hat had been
estimated to have been received during the calendar year; and
WIIEREAS, a question has arlsen with resPect to whether sald receiPts
of Corporate Personal ?roPerty Replacement Taxes resulted in a surplus of
funds that are "available for the paymenE of any debt' obligationr liabllityr
operation, fund or account or any PurPose" within the meanlng of Sectlon
f57 (a) of the Revenue Act of lllinois.
NOW, TIIEREEORE, BE IT RESOLVED BY TIIE ?RXSIDE}IT AND BOARD OT TRUSTEES
OI' TI{E VII.LAGE OF BUTFALO GROVE, COOK AND LAKE COUNTIES ' ILLINOIS thAt:
S.ECTI.ON--1. It ls hereby found and declared that the amount of
Corporate Personal ?roperty Replacement Taxes actually received by the Vl1lage
of Buffalo Grove durlng calendar 1985 has not caused a surplus "available for
any debt, obligation, 11ab111ty' oPeratlonr fund or account or any purpose"
H.lthin the oeaning of sectlon 157 (a) of the Revenue Act of Illinois such
that the Village is required to adoPt an ordlnance either reduclng or
abatlng the tax levy of the V11lage of Buffalo Grove for calendar 1985 or
requlrlng that any such surplus be shown as avallable for approprlatlon and
expendlture ln the upcouting flscal year.
SECTIO,N- 2. The Vlllage Clerk is hereby directed to flle certifled
coples of thls Resolutlon a'lth the Cook County Clerk and Circult Court of
Cook County'
AyES: 5 - O'Reilly, Glover, Reid' Shields, Kowalski
114ygg. 0 - None
ABSENT: I - Marienthal
PASSED: December 16
APPROVED:
1985 .
1985.
1985,
December l6
PUBLISHED: December 17
Village Presi
m.8*r!,-*
v age Clerk
ATTESTED :
ent
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