1998-410 -A 0
RESOLUTION NO. 98 -41
A RESOLUTION REGARDING CORPORATE PERSONAL PROPERTY
REPLACEMENT TAX DISTRIBUTION - 1998
WHEREAS, the Village of Buffalo Grove has received $16,618.80 in
distributions of Corporate Personal Property Replacement Tax revenues from the
State of Illinois during calendar year 1998; 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 1998 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 1998 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.
AYES: 4 - Marienthal, Rubin, Braiman, Glover
NAYES• 0 - None
ABSENT: 2 - Reid, Hendricks
PASSED: Novmeber 16 , 1998.
APPROVED: November 16 1998.
Villag resident
ATTEST:
illage Clerk