R-03-01RESOLUTION NO. R -03 -01
RESOLUTION DECLARING A SURPLUS OF TAX INCREMENT FINANCING FUNDS
WHEREAS, the Corporate Authorities of the Village of
Deerfield, pursuant to the provisions of 65ILCS 5/11 -74.4, et
sec.., 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, 65 ILCS 5/11 -74.4 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 65 ILCS 5/11- 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 $7,270,526 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.
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
FOUR: certified 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: Ragona, Rosenthal,
NAYS: None (0`
ABSENT:Kayne
PASSED: This
APPROVED: Th
ATTEST:
Seiden, Swanson, Wylie (5)
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