1993-48RESOLUTION NO. 93- 4$
A RESOLUTION REGARDING CORPORATE PERSONAL PROPERTY
REPLACEMENT TAX DISTRIBUTION - 1993
WHEREAS, the Village of Buffalo Grove has received $11,787.73 in
distributions of Corporate Personal Property Replacement Tax revenues from the
State of Illinois during calendar 1993; and
WHEREAS, said distribution was not in excess of what had been estimated to
have been receiving 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 the Illinois Revenue Code
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 1993 has not caused a surplus "available for
any debt, obligation, liability, operation, fund or account or any
purpose" within the meaning of the Illinois Revenue Code 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 1993, 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
copies of this Resolution with the Cook County Clerk and Circuit Court of
Cook County.
AYES: 6 - Marienthal, Reid, Kahn, Rubin, Braiman, Hendricks
NAYES: 0 - None
ABSENT: n -
PASSED: December 6 ,1993 AP Oj4D: ��mb�r 6 ,1993
age Pres
ATTEST:
Village' Clerk