1986-04-07 - Resolution 1986-28 - PROVIDING FOR THE RETIREMENT OF CERTAIN MUNICIPAL INDEBTEDNESS BY THE USE OF MOTOR FUEL TAX FUNDSRESOLI'TION NO. 86 - 28
A RESOLUTION PROVIDING FOR TIIE RETIREMENT OF CERTAIN
MJNICIPAL INDEBTEDNESS BY TI{E IISE OF MOTOR FUEL TAX PTTNDS
IIEEREAS, the Vlllage of Buffalo Grove, Cook and Lake Countles, Illinois
has outstandlng lndebtedness descrlbed as follows:
Corporate Purpose Bonds Serles 1982-A
Prlnclpal Outstandlng $4,450,000.00
Calendar 1986 Prlncipal Due $325,000.00 Date: Decenber l, 1986
Calendar 1986 Interest Due 5408,850,00 Date: June 1, 1986 and
December I, f986
and
I"TIIEREAS, ln the opinion of the President and Board of Trustees of the
VllLage of BuffaLo Grove, a portion of the lndebtedness descrlbed in the
preceeding paragraph equal to 41,572 of the annual debt service oay be retlred
wlth the funds alloted to the V1l1age under the Motor Fuel Tax Law; and
WHEREAS, it appears that sufficlent MoEor Fuel Tax Funds are or will be
avallable lrhen the above lndebtedness is due for calendar 1986; and
WHEREAS, the President and Board of Trustees of the Vlllage of Buffalo
Grove has, by Ordinance No. 85-85 adopted Deceober 2, 1985, directed the Clerks
of Cook and Lake Counties to cancel a portlon of the 1985 tax levy (for taxes
collected 1n 1986) whlch would have produced funds to pay thts lndebtedness,
NOW, THEREFORE, BE IT RESOLWD by the Presldent and Board of Trustees of
the Vlllage of Buffal,o Grove, Cook and Lake Counties, ILllnois that:
1. There is hereby appropriated the sum of One Ilundred ltrousand Dollars
($100,000.00) from funds alloted to the municipality under the uotor
Fuel Tax Law for payment of a portlon of the above descrlbed indebtedness.
2. The Village Clerk sha1l Lmedlately transmit three (3) certified coPles
of thls resolutlon to the Region/Dlstrlct Englneer r l111nois Depart-
ment of Transportatlon, at 1000 Plaza Drlve, Schaumburg, Illlnols 50195.
3. Ihis resolutlon shal1 be ln full force and effect upon lts
passage and approval.
AYES :-6 - Marienthal, O'Rell-1y, Glover, Reid, Shields, Kowalski
NAyES: 0 - None
ABSENT 3 0 - None
pASSED: April 7 1986.
1986.
lage President
APPROVED:April 7
v
ATTEST !
v111 e Clerk
Tn.B,nrI."*
:-
()o^J"
CERTIFICATION
Cancellation of Tax Leyv
Signed this day of
f=-,Jr,-
COIINTY CLERK
STATE OF ILLINOIS
COINTT OF I.AKE
I, LINDA I. HESS, Clerk of Lake County, do hereby certify
that the 1985 tax levy (for taxes collectlble in 1985) for the
payment of prlnclpal and lnterest on the followlng descrlbed
bond issue of the Village of Buf falo crove rrras partlally abated
in the amount of $2001000.00 and stated amount Lras not extended:
Vtllage of Buffalo Grove Corporate Purpose Bonds Series 1982-A
Issue $5,025,000.00
Dated Decenber 1, 1982
Ordlnance #85-85 (Abat€ment)
Ordinance #85-52 (Authorlzatlon & Levy)
s&
(SEAL)
)'*tz
CEI.TIFICATION
Cancellatlon of Tax Levv
STATE OF ILLINOIS
COTINTY OT COOK
I, STANLEY T. KUSPER, Clerk of Cook County, do hereby certify
that the 1985 tax levy (for taxes collecrible ln 1986) for the
pa)ment of prlnclpal and lnterest on the followlng descrlbed
bond lssue of the Vl11age of Buffalo crove was partially abated
ln the amount of $200,000.00 and stated amount was not extended:
Vlllage Of Buffalo Grove Corporate Purpose Bonds Series 1982-A
Issue $5,025,000, 00
Dated Dece!trbet l, 1982
Ordlnance /185-85 (Abatement)
Ordlnance /i85-52 (Authorlzatlon & Iew)
Slgned thls day of
COIINTY ERK
1e$6
(SEAL)