1991-21RESOLUTION NO. 91- 21
A RESOLUTION PROVIDING FOR THE RETIREMENT OF CERTAIN
MUNICIPAL INDEBTEDNESS BY THE USE OF MOTOR FUEL TAX FUNDS
WHEREAS, the Village of Buffalo Grove, Cook and Lake Counties, Illinois
has outstanding indebtedness described as follows:
and
Corporate Purpose Bonds Series 1982 -A
Principal Outstanding $5,025,000.00
Calendar 1991 Principal Due $525,000.00 Date: December 1, 1991
Calendar 1991 Interest Due $223,225.00 Date: June 1, 1991 and
December 1, 1991
WHEREAS, in the opinion of the President and Board of Trustees of the
Village of Buffalo Grove, a portion of the indebtedness described in the
preceding paragraph equal to 41.67% of the annual debt service may be retired
with the funds allotted to the Village under the Motor Fuel Tax Law; and
WHEREAS, it appears that sufficient Motor Fuel Tax Funds are or will be
available when the above indebtedness is due for calendar 1991; and
WHEREAS, the President and Board of Trustees of the Village of Buffalo
Grove has, by Ordinance No. 90 -84 adopted December 3, 1990, directed the
Clerks of Cook and Lake Counties to cancel a portion of the 1990 tax levy
(for taxes collected in 1991) which would have produced funds to pay this
indebtedness.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of
the Village of Buffalo Grove, Cook and Lake Counties, Illinois that:
1. There is hereby appropriated the sum of One Hundred Thousand
Dollars ($100,000.00) from funds allotted to the municipality
under the Motor Fuel Tax Law for payment of a portion of the
above described indebtedness.
2. The Village Clerk shall immediately transmit three (3) certified
copies of this resolution to the Region /District Engineer, Illinois
Department of Transportation, at 201 W. Center Court, Schaumburg,
Illinois 60196.
3. This resolution shall be in full force and effect upon its passage
and approval.
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AYES: 6 - Marienthal, Reid, Shifrin, Mathias, O'Malley, Kahn
NAPES: 0 - None
ABSENT: 0 - None
PASSED: March 18 1991.
APPROVED: March 18 1991.
President
ATTEST:
VillhSk Clerk