2009-41RESOLUTION NO. 2009-41
A RESOLUTION REGARDING CORPORATE PERSONAL PROPERTY
REPLACEMENT TAX DISTRIBUTION - 2009
WHEREAS, the Village of Buffalo Grove has received $22,182.82 in distributions of Corporate
Personal Property Replacement Tax revenues from the State of Illinois during calendar year 2009; 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) ofthe 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 2009 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 2009 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: 5 - Braiman, GLover, Trilling, Stone, Sussman
NAPES: 0 - None
ABSENT: 1 -
PASSED: December 7 2009.
APPROVED: December 7 2009.
APPROVED:
Village President
ATTEST:
Village " erk