2002-4511
RESOLUTION NO. 2002 -45
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A RESOLUTION REGARDING CORPORATE PERSONAL PROPERTY
REPLACEMENT TAX DISTRIBUTION - 2002
WHEREAS, the Village of Buffalo Grove has received $13,500.78 in distributions of Corporate Personal Property
Replacement Tax revenues from the State of Illinois during calendar year 2002; and
WHEREAS, said distribution was not in excess of what had been estimated to have been received during the
calendar year; and
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 2002 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: 6 – Braiman, Glover, Berman, Johnson, Kahn, Trilling
NAYES: 0 – None
ABSENT: 0 – None
PASSED: December 2 ,2002.
APPROVED: December 2 , 2002.
APPROVED:
Village President
ATTEST:
W4e—Clerk