2001-49RESOLUTION NO. 2001- 49
A RESOLUTION REGARDING CORPORATE PERSONAL PROPERTY
REPLACEMENT TAX DISTRIBUTION - 2001
WHEREAS, the Village of Buffalo Grove has received $16,770.02 in
distributions of Corporate Personal Property Replacement Tax revenues from the
State of Illinois during calendar year 2001; and
WHEREAS, said distribution was not in excess of what had been estimated to
have been received during the calendar year; and
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WHEREAS, a question has arisen with respect to whether said receipts of
Corporate Personal Property Replacement Taxes resulted in a surplus of funds that
are "available for the payment of any debt, obligation, liability, operation,
fund or account or any purpose" within the meaning of Section 157 (a) of the
Revenue Act of Illinois.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS that:
SECTION 1. It is hereby found and declared that the amount of Corporate
Personal Property Replacement Taxes actually received by the Village of
Buffalo Grove during calendar 2001 has not caused a surplus "available for
any debt, obligation, liability, operation, fund or account or any purpose"
within the meaning of Section 157 (a) of the Revenue Act of Illinois such
that the Village is required to adopt an ordinance either reducing or
abating the tax levy of the Village of Buffalo Grove for calendar 2001 or
requiring that any such surplus be shown as available for appropriation and
expenditure in the upcoming fiscal year.
SECTION 2. The Village Clerk is hereby directed to file certified copiesof
this Resolution with the Cook County Clerk.
AYES: 5 - Marienthal. Braiman, Glover, Berman. Kahn
NAYES: 0 - None
ABSENT: 1 - Johnson
PASSED:— December 3 , 2001.
APPROVED: December 3 , 2001.
APPROVED:
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Village President
ATTEST:
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Vilizcfe Clerk