R-91-11RESOLUTION NO. R -91 -11
RESOLUTION DECLARING A SURPLUS OF TAX INCREMENT FINANCING FUNDS
WHEREAS, the Corporate Authorities of the Village of
Deerfield, pursuant to the provisions of Chapter 24, Section 11-
74.4, et seq., Illinois Revised Statutes, the Tax Increment
Allocation Redevelopment Act (the "Act ") established a tax
increment financing district in 1982 within portions of the Village
of Deerfield located within both Cook County and Lake County,
Illinois; and
WHEREAS, pursuant to the provisions of the Act, the Corporate
Authorities adopted Ordinance No. 0 -82 -33 establishing the 1982
Special Tax Allocation Fund and Ordinance No. 0 -82 -34 causing the
issuance of $500,000 principal amount of Corporate Purpose Bonds
Series 1982;,and
WHEREAS, Chapter 24, Section 11- 74.4 -7 of the Act requires
that any monies held by ,a municipality and not required for the
payment and securing of obligations of a tax increment financing
district and /or redevelopment project costs shall be deemed to be
"Surplus Funds "; and
WHEREAS, the Corporate Authorities have determined that
pursuant to the provisions of the aforementioned ordinances No. 0-
82-33 and No. 0 -82 -34 and the-Act that Surplus Funds are currently
available.
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES,
ILLINOIS, AS FOLLOWS:
SECTION That any Surplus Funds presently existing in the
ONE: 1982 Special Tax Allocation Fund determined in
accordance with Chapter 24, Section 11- 74.4 -7 of the
Act and Ordinances No. 0 -82 -33 and No. 0 -82 -34 be and are hereby
declared Surplus Funds.
SECTION That pursuant to Section One hereof the Finance
TWO: Director of the Village of Deerfield has determined
that the sum of $6.632.468 and held in the 1982
Special Tax Allocation Fund is Surplus Funds and is no longer
required for use pursuant to the provisions of the Act and
Ordinances No. 0-82-33-and No. 0- 82 -34.
RESOLUTION NO. R -91 -11
SECTION That the Finance Director of the Village of
THREE: Deerfield is hereby directed to follow the statutory
provisions for the reallocation of Surplus Funds'to
the appropriate taxing bodies within both Cook and Lake Counties
and to take the required steps to promptly insure the
redistribution of Surplus Funds to said taxing bodies.
SECTION That the Village Clerk shall provide such certified
FOUR: copies of this Resolution as may be required for the
purposes of effectuating the redistribution of
Surplus Funds in the manner set forth above.
SECTION That this Resolution shall be in full force and
FIVE: effect from and after its passage in the manner
provided by law.
AYES: Ehlers, Marovitz, Rosenthal, Seidman, Swanson, Swartz (6)
NAYS: None (0)
ABSENT: None (0)
PASSED: This 16th day of December , A.D., 1991
APPROVED: ThisT6th day of December , A.D., 1991
VILLAGE PRES ENT
ATTEST:
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VILLAGE CLERK (Deputy)
Available for Rebate 6,632,468.39
TIF Tax Collections
1989
1990
Total
Lake County
1,664,331.00
2,216,066.04
3,880,397.04
Cook
3.540,696.76
3.750,953.96
7,291.650.72
Total
51205,027.76
5,967,020.00
11,172,047.76
Rebate
Lake 212,780.11 2,216,066.04 2,428,846.15
Cook 452.668.28 3.750.953.96 4,203,622.24
665,448.39 5,967,020.00 6,632,468.39
Total Cash and
Investments 12/1/91 6,847,618.39
Projected Expditures
12/1/91-11130/92
Bonded Debt
96,150.00
Brickyard
0.00
Public Works
Fence
16,000.00
West Fork Channel
50,000.00
PW Buildimg
15,000.00
Sanitary Sewer Reloca
38,000.00 119,000.00
Total 91 -92 Requirements ` 215,150.00
Available for Rebate 6,632,468.39