1988-04-04 - Resolution 1988-15 - PROVIDING FOR THE RETIREMENT OF CERTAIN MUNICIPAL INDEBTEDNESS BY THE USE OF MOTOR FUEL TAX FUNDSRESOLUTION NO. 88- 15
A RESOLUTION PROVIDING FOR TEE RETIREMENT OF CERTAIN
MI'NICIPAL INDEBTEDNESS BY THE USE OI'I,IOTOR T'UEL TAX FI'NDS
WHEREAS, the Vlllage of Buffalo Grove, Cook and Lake Countles, Illlnols
has outstandtng lndebtedneas descrlbed as follows:
Corporate Purpose Bonds Serles 1982-4
Prlnclpal outstandlng $5,025,000.00
Calendar 1988 Prlnclpal Due $400,000.00
Calendar 1988 Interest Due $339,552,50
Date:
Date:
December l, 1988
June 1, 1988 and
December I, 1988
atrd
WHEREAS, ln the oplnlon of the Presldent and Board of Trustees of the
Vlllage of Euffalo Grove, e portlon of the lndebtedness descrlbed 1n the
precedlng paragraph equal to 41.572 ot the annual debt service may be retlred
rrlth the funds allotted to the Vtllage under the Motor Fuel Tax Law; aod
WIIEREAS, lt appears that sufflclent tlotor Euel Tax Funds are or wlll be
avallable when the above lndebtedness ls due for calendar 1988; and
WHEREAS, the President and Board of Trustees of the V1l1age of Buffalo
Grove has, by Ordlnance No. 87-8I adopted December 7,1987, dlrected the
C]-erka of Cook and Lake Countles to cancel a portlon of the 1987 tax levy
(for taxes collected ln 1988) whlch would have produced fund6 to pay thls
lndebtedness.
NoW, TI{EREFoRE, BE IT RESoLVED by the Presldent and Board of Trusrees of
the Vlllage of Buffalo Grove, Cook and Lake Countles, Il11nole that:
1. There ls hereby approprlated the sum of One l{undred Thousand
Doll"ars ($100,000.00) fron funds allorted to the nunlclpallry
under the Motor Fuel Tax Law for paynent of a portlon of the
above descrlbed lndebtedness.
2. The Vlllage Clerk sha11 lmedLately rransmlt three (3) certlfled
coples of thls resolutlon to the Reglon/Distrlct Englneer, Illlnols
Departuent of Transportatlon, at 201 W. Center Court, Schaunburg,
Illlnote 60196,
3. Thls resolutlon shal1 be ln fu1l force and effect upon 1ts passage
and approval.
AYES :6 - Marienthal, Glover. Shi s. Reid- Kowa'l ski - shifrin
NAYES: 0 - None
0 - NoneABSENT:
PASSED I April 4
APPROVED: April 4
, 1988.
,1988.
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