2008-379
RESOLUTION NO. 2008- 37
A RESOLUTION REGARDING CORPORATE PERSONAL PROPERTY
REPLACEMENT TAX DISTRIBUTION - 2008
WHEREAS, the Village of Buffalo Grove has received $26,618.04 in distributions of Corporate Personal
Property Replacement Tax revenues from the State of Illinois during calendar year 2008; 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 2008 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 2008 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 a certified copy of this Resolution with the Cook
County Clerk. The filing of said Resolution is in conformance with docket number 81 CH 3057.
AYES: 6 — Braiman, Glover, Berman, Kahn, Trilling, Rubin
NAYES: 0 — None
ABSENT: 0 — None
PASSED: December 1 2008.
APPROVED: December 1 2008.
- APPROVED:
Village President
ATTEST:
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