1988-12-19 - Resolution 1988-69 - REGARDING CORPORATE PERSONAL PROPERTY REPLACEMENT TAX DISTRIBUTION - 1988RESOLUTION NO. 88- 69
A RESOLUTION REGARDING CORPORATE PERSONAL PROPERTY
REPLACEMENT TAX DISTRIBUTION - 1988
WHEREAS, the Vlllage of Buffalo Grove has recel.ved $ 11,308.50 ln
dlstrlbutlons of Corporate Personal Property ReplaceDent Tax revenues from
the State of llllnois durlng calendar year 1988; and
WHEREAS, sald dlstrlbutlon was not ln excess of what had been estlmated
to have been recelved during the calendar year; and
WHEREAS, a questlon has arlsen wlth respect to whether said recelpts of
Corporate Personal Property Replacement Taxes resulted In a surplus of funds
that are "avail,able for the payment of any debt, obllgatlon, 1t8b11tty,
operatlon, fund or account or any purpose" withln the meanlng of sectlon
157 (a) of the Revenue Act of IlLlnois.
NOI{, THERETORE, BE IT RESOLVED BY TIIE PRESIDENT AND BOARD OE TRUSTEES OF
THE VILLAGE OI BUFFALO GROVE, COOK AND LAKE COI'NTIES, ILLINOIS thAt:
SECTION I.It is hereby found and declared that the amount of
Corporate Personal Property Replacennent Taxes actually received by the
Vlllage of Buffalo Grove duri.ng calendar 1988 has not caused a surplus
rravallable for any debt, obllgatlon, llablllty, operatlon, fund or
account or any purpose" wlthin the neaning of Sectlon 157 (a) of the
Revenue Act of I11lnols such that the Vlllage ls required to adopt an
ordinance either reducLng or abatlng the tax levy of the Vlllage of
Buffalo Grove for calendar 1988 or requlring that any such surplus be
shown as avallable for approprlatlon and expendlture ln the upconing
flscal year.
SECTION 2.The Vl1lage Clerk 1s hereby dlrected to flle certlfled
copLes of thls Resolutlon wlth the Cook County Clerk and Clrcult Court
of Cook County.
AYES: 6 Marienthal-. Glover. Reid. Shields. Shifrin. I'Iathias
NAYES t o - Nnna
O - Nona
December 19
APPROVED: December 19
1988.
1988 .
llage Presldent U
ATTEST:
"LTn 9^"$.,a",1
Vi age C 1er k
2
ABSENT:
PASSED:
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