1987-03-16 - Resolution 1987-09 - PROVIDING FOR THE RETIREMENT OF CERTAIN MUNICIPAL INDEBTEDNESS BY THE USE OF MOTOR FUEL TAX FUNDSRESOLUTION NO. 87- 9
A RESOLUTION PROVIDING FOR THE RETIRE}IENT OF CERTAIN
MI'NICIPAL INDEBTEDNESS BY TltE USE OF MOTOR FUEL TAX FI'NDS
WIiEREAS, the Vlllage of Buffalo Grove, Cook and Lake Countles, Illlnols
has outstandlng lndebtedness described as follows:
and
I.IHEREAS, ln the oplnlon of the Presldent and Board of Trustees of the
V11l-age of Buffalo Grove, a portlon of the lndebtedness descrlbed ln the
precedlng paragraph equal to 41.672 of the annual debt servlce may be retlred
rrlth the funds allotted to the vlllage under the llotor Fuel Tax Law; and
I{IIEREAS, lt appears that sufflclent Uotor Fuel Tax Funds are ot wll1 be
aval1ab1e when the above l-ndebtedness Ls due for calendar 1987; and
WHEREAS, the Presldent and Board of Truatees of the Vll1age of Buffalo
Grove has, by Ordlnance No. 86-81 adopted December 15, 1985, directed the
Clerks of Cook and Lake CountLes to cancel a portlon of the 1986 tax levy
(for taxes col,lected ln 1987) whlch would have produced funds to pay thls
lndebtedness.
NoW, THEREFoRE, BE IT RESoLVED by the Presldent and Board of Trustees of
the Vl11age of Buffalo Grove, Cook and Lake Countles, Il11no1s that:
I. There ls hereby approprlated the srrm of One Eundred Thousand
Dollars ($100,000.00) fron funds allorted to the munlcipallty
under the Motor Fuel Tax Law for payment of a portion of the
above descrLbed lndebtedne6s.
2. The Village Clerk shall inmedtately transmlt three (3) certlfled
copLes of thls resolutlon to the Region/D16tr1ct Englneer, Illlnole
DepartEent of Transportatlon, at 201 t'I. Center Court, Schaunburg,
Illinols 50196.
3. This resolutlon shall be in fu1l force and effect upon its passage
and approval.
Corporate Purpose Bonds Serles 1982-A
Prlneipal Outstandlng $5,025,000.00
Calendar 1987 Prlnclpal Due $380,000.00
Calendar 1987 Interest Due $375,537.50
Date: N/A
Date: June 1, 1987 and
Decenber 1, 1987
4 - Marienthal , clover, Rei , Kowafski
2 - O'ReilLu. ShieldsABSENT:
PASSED:aarch 16 1987.
r987.
ViIlage Pre s ldent
ATTEST:
o ^"t TrL. &""!";
vi11 Clerk
AYES :
NAYES :
APPRoVED: March 16
u
CERTIFICATION
Cancellatlon of Tax Levy
STATE OF ILLINOIS
COUNTY OF COOK
I, STANLEY T. KUSPER, Clerk of Cook County, do hereby cerrlfy rhat rhe
1985 tax levy (for taxes collectlbte in 1987) for the payment of prlnclpal
and lnterest on the follolrlng descrlbed bond lssue of the Vlllage of Buffalo
Grove was partlally abated 1n the amount of $210,000.00 and stated amount rras
not extended l
Vlllage of Buffalo Grove Corporate Purpose Bonds Serles 1982-A
Issue $5,025,000.00
Dated Decenber 1, 1982
Ordlnance /186-81 (Abatenent)
OrdLnance #82-35 (Authorizatlon & Levy)
Slgned this day of re6J
COI]NTY CL
( SEAI,)
t,
CERTIFICATION
Cance tlon of Tax Levy
STATE OF ILLINOIS
COI]NTY OF LAKE
I, LINDA I. EESS, Clerk of Lake County, do hereby certlfy that rhe 1985
tax levy (for taxes collectlble fn 1987) for the pa)irent of princlpal
and lnterest on the follol,lng descrlbed bond Lssue of the Vi1lage of
Buffalo Grove was partlally abated ln the auount of $210,000.00 andwtct- 'oT 7E'stated amount +**-€et extended l
Vlllage of Euffalo Grove Corporate Purpose Bonds Serles 1982-A
Issue $5,025,000.00
Dated December L, 1982
Ordlnance #86-81 (Abatenent)
Ordlnance #82-35 (Authorlzation & Levy)
Slgned this day of ,Le y7
COUMY CLERK
(SEAL )