1986-12-15 - Resolution 1986-83 - REGARDING CORPORATE PERSONAL PROPERTY REPLACEMENT TAX DISTRIBUTION - 1986RESOIUTION NO. 86- 83
A RESOLUTION REGARDING CORPORATE PERSONA], PROPERTY
REPLACE}.{ENT TAX DISTRIBUTION - 1985
I.IIEREAS, the village of Buffalo Grove has receLved $9,192.34 tn
dlstrlbutlons of Corporate Personal Property Replacement Tax revenues from
the State of Illlnols durlng calendar year 1985; and
WHEREAS, sald dlstributlon was not ln excesa of what had been estlmated
to have been received durlng the calendar year; and
WBEREAS, a question has arlsen wlth respect to lrhether sald recelPta of
Corporate Personal Property RePlacement Taxes resulted 1n a surplus of funds
chat are 'ravallable for the payment of any debt, obllgatJ"on, liabtllty'
operatlon, fund or account or any purpoaerr wlthln the Eeani.ng of section
157 (a) of the Revenue Act of Illlnols.
NOW, TITEREFORE, BE IT RESOLVED BY TIiE PRESIDENT AND BOARD OF TRUSTEES OF
TITE VILLAGE OF BUFTAIO GROVE, COOK AND LAXX COI'NTIES, ILLINOIS thAt:
SECTION 1. It 1s hereby found and declared that the amount of
Corporate Personal Property Replacement Taxes actuall,y received by the
V1J-tage of Buffalo Grove durlng calendar 1985 has not caused a surplus
"aval1ab1e for any debt, obllgatlon, 11ab111ty' oPeratlon, fund or
account or any purpose" wlthla the meanlng of Sectlon 157 (a) of the
Revenue Act of llllnoLs such that the Vtllage ls required to adoPt an
ordlnance elther reduclng or abatlng the tax levy of the Vl11age of
Buffalo Grove for calendar 1986 or requlrlng that any such surplus be
shown as avalLable for approprlatlon and expenditure ln the uPconlng
flscal year.
SECTION 2. The Vlllage Clerk ls hereby dlrected to flle certlfled
coples of thls Resolutlon wlth the Cook County Clerk and Clrcuit Court
of Cook County.
AyES: 5 - OrReilly, Glover, Reid, Shields, Kowalski
NAyES: 0 - None
ABSENT: 1 - Mar ienthal
pASSED: December 15 1986.
1986.
r985
AppROVED: December 15
pUBLISHED: Deceurber 16
ATTEST:
(}e^nTY\.s-r};*
Village Presldent
Vifige Cl,erli
2
4 97r