1989-02-23 - Resolution 1989-15 - PROVIDING FOR THE RETIREMENT OF CERTAIN MUNICIPAL INDEBTEDNESS BY THE USE OF MOTOR FUEL TAX FUNDSRESoLUTIoN N0. 89- t5
A RESOLUTION PROVIDING FOR THE RETIREMENT OF CERTAIN
MUNICIPAL INDEBTEDNESS BY THE USE OF MOTOR F1IEL TAX FI'NDS
WIIEREAS, the Village of Buffalo Grove, Cook and Lake Countles, Illlnois
has outstandLng lndebtedness descrlbed as follows:
Corporate Purpose Bonds Serles 1982-4
Prlnclpal Outstandlng $5,025,000.00
Calendar i988 Prlncipal Due $425,000.00
Calendar 1988 Interest Due $298,662.50
Date:
Date:
December 1, 1989
June 1, 1989 and
December 1, t 989
and
WIIEREAS, ln the oplnlon of the President and Board of Trustees of the
Vlllage of BuffaLo Grove, a portlon of the indebtedness descrlbed in the
precedlng paragraph equal to 4I.672 of the annual debt service may be retlred
wlth the funds allotted to the Vlllage under the Motor Fuel Tax Larr; and
WIIEREAS, lt appears that sufflclent Motor Fuel Tax Funds are or will be
available when the above lndebtedness is due for calendar 1989; and
WIIEREAS, the President and Board of Trustees of the Vlllage of Buffalo
Grove has, by 0rdlnance No. 88-l18 adopted December 5, 1988, directed the
Clerks of Cook and Lake Countles to cancel a portl.on of the 1988 tax levy
(for taxes collected ln 1989) whlch would have produced funds to pay this
indebtedness.
NOW, TEEREFORE, BE IT RESOLVED by the President and Board of Trustees of
the Vlllage of Buffalo Grove, Cook and Lake Countles, Illinois that:
1. There is hereby approprlated the sun of One Hundred Thousand
Dollars ($100,000.00) from funds all-otted to the municipality
under the Motor Fuel Tax Law for payment of a portlon of the
above described indebtedness.
2. The Vlllage Clerk shall lxmediately transmlt three (3) certlfied
coples of this resolutlon to the Reglon/Dlstrict Englneer, Itllnols
Department of Transportatlon, at 201 W. Center Court, Schaumburg,
I11lno1s 60196.
3. Thls resolutlon shall be 1n full force and effect upon lts passage
and approval.
CERTIFICATION
Cancellatlon of Tax Levy
STATE OF ILLINOIS
COUNTY OF LAKE
I, LINDA I. IIESS, Clerk of Lake County, do hereby cerrlfy rhat rhe 19gg
tax levy (for taxee collectlble ln 1989) for the paynent of prlnclpal
and lnterest on the following descrlbed bond lssue of the Village of
Buffalo Grove was partlally abated ln the anount of 9250,000.00 and
stated anount was not extended:
Vlllage of Buffalo Grove Corporate purpoae Bonds Serles l9g2_A
Issue $5,025,000.00
Dated December l, 19 82
Ordlnance #88-1f 8 (Abacemenr)
Ordlnance #82-35 (Aurhorlzarlon & Levy)
"(@r-t D_0Signed this day
COUNTY CLERK
(SEAL)
CERTIFICATION
c ancellation of Tax Levy
STATE OF ILLINOIS
COUNTY OF COOK
I' STAIILEY T. KUSPER, Clerk of Cook Counry, do hereby certify that the
1988 tax levy (for taxes colLectlble 1n l9g9) for the pa),ment of princlpal
and lnterest on the fo11'!ring descrlbed bond issue of the vlllage of Buffal0
Grove was partlally abated Ln lhe amount of g250,000.00 ind stated amount was
not extended 3
Village of Buffalo Grove Corporate purpose Bonds Serles l9g2_A
Issue 95,025,000, 00
Dated December l, 1982
Ordlnance #88-f18 (Abatement )
Ordlnance #82-35 (Authorlzatlon & Levy)
Signed thls day of.Le5?
COUNTY
( sEAL )