1994-19•
RESOLUTION NO. 94 - 19
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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 1994 Principal Due $270,000.00 Date: December 1, 1994
Calendar 1994 Interest Due $27,345.00 Date: June 1, 1994 and December 1, 1994
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 1994; and
WHEREAS, the President and Board of Trustees of the Village of Buffalo Grove has, by
Ordinance No. 93 -106 adopted December 6, 1993, directed the Clerks of Cook and Lake Counties
to cancel a portion of the 1993 tax levy (for taxes collected in 1994( 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:
There is hereby appropriated the sum of Fifty Thousand Dollars ($50,000.00) 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, Kahn, Rubin, Braiman, Hendricks
NAYES: 0 - None
ABSENT: 0 - None
PASSED: April 18 , 1994.
APPROVED: April 18 , 1994.
ATTEST:
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Village Ctedrk