1987-12-21 - Resolution 1987-65 - REGARDING CORPORATE PERSONAL PROPERTY REPLACEMENT TAX DISTRIBUTION - 1987RESOLUTION NO. 87- 65
A RESOLUTION REGARDING CORPORATE PERSONAL PROPERTY
REPLACEMENT TAX DISTRIBUTION - 1987
WIIEREAS, the Vlllage of Buffalo Grove hae received $10,986.37 ln
distrlbutlons of Corporate Personal Property Replacement Tax revenueg from
the State of Il11nols durlng calendar year 1987; and
WHEREAS, sald dlstrlbutlon rras not Ln excess of what had been estlmated
to have been recelved durlng the cal-endar yearl and
WIIEREAS, a question has arleen lrlth respect to rrhether 6a1d recelpts of
Corporate Personal Property Replacenent Taxes resulted ln a surplue of funds
that are "avallable for the payment of any debt, obllgation, 11ab111ty,
operatlon, fund or account or any purposerr wlthln the neanlng of Sectlon
157 (a) of the Revenue Act of I1llnols.
NOI{, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AI{D BOARD OF TRUSTEES OF
TIIE VILLAGE OF BUFFAI,O GROVE, COOK AND LAKE COUNTIES, ILLINOIS thAts
SECTION 1.It 1s hereby found and declared that the amount of
Corporate Pereonal Property Replacenent Taxe6 actually received by the
Vlllage of Buffalo Grove durlng calendar 1987 has not caused a surplua
"available for any debt, obllgatlon, 11ab111ty, operatlon, fuud or
account or any purposerr rlthln the EeaDIng of Sectlon 157 (a) of the
Revenue Act of I11lno1s such that the Vll1age ls requlred to adopt an
ordinance elther reduclng or abatlng the tax levy of the Vlllage of
Buffalo Gtove for calefldar 1987 or requirlng that any such surplus be
shown aa avallable for approprlatlon and expendlture 1n the upcoml.ng
flscal- year.
SECTIoN 2. The Vl11age Clerk ls hereby dlrected to f11e certlfled
coples of thls Resolutlon rrlth the Cook County Clerk and Clrcult Court
of Cook County,
AYES:4 - Marienthal, Glover, Reid, Shields
NAYES:0 - None
2 - Kowalski, ShifrinABSENT:
PASSED:December 21
APPROVED: Deceruber 21
1987 ,
1987 ,
?."ryVi1l'age Presldent
ATTEST:
vl ge Clerk
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2