2015-36 RESOLUTION NO.2015-36
A RESOLUTION REGARDING CORPORATE PERSONAL PROPERTY
REPLACEMENT TAX DISTRIBUTION- 2015
WHEREAS, the Village of Buffalo Grove has received $23,888.35 in distributions of Corporate
Personal Property Replacement Tax revenues from the State of Illinois during calendar year 2015; 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, THE..REFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OFT UTEES
OFT E 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 2015 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 2014 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 a certified copy of this Resolution with
the Cook County Clerk. The filing of said Resolution is in conformance with docket number 81
CH 3057.
AYES: 6 —Berman,Tri I I i ag, Stein, Ottenhei mer, W ei denfel d, Johnson
NA ES: 0 - one
ABSENT- 0 -None
PASSED: December 21, 2015.
APPROVED: December 21, 2015.
APPROVE:
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Beverly SusZan,, Village President
ATTEST:
Janet'M. Sirabian, Village Clerk