1990-51• e
RESOLUTION NO. 90- 51
A RESOLUTION REGARDING CORPORATE PERSONAL PROPERTY
REPLACEMENT TAX DISTRIBUTION — 1990
WHEREAS, the Village of Buffalo Grove has received $10,304.44 in
distributions of Corporate Personal Property Replacement Tax revenues from
the State of Illinois during calendar year 1990; 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 1990 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 1990 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
copies of this Resolution with the Cook County Clerk and Circuit Court
of Cook County.
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AYES: —6 - Marienthal, Reid, Shifrin, Mathias, O'Malley, Kahn
NAYES: 0 - None
ABSENT: 0 - None
PASSED: December 17 , 1990.
APPROVED: December 17 , 1990.
ATTEST:
Vil e Clerk
- 2 -
Village President