R-06-01RESOLUTION NO. R -06 -01
RESOLUTION DECLARING A SURPLUS OF TAX INCREMENT FINANCING FUNDS
AND AMENDING THE FY 2005/06 ANNUAL BUDGET
WHEREAS, the Corporate Authorities of the Village of
Deerfield, pursuant to the provisions of 65ILCS 5/11 -74.4, et
seq., 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 ILLS 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 ILLS 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 $11,586,517 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 FY 2005 %06 Annual Budget is hereby
FOUR: amended to increase the expenditure in account
25118.0 -.5390 Surplus Distribution from $11,500,000
to $11,586,517 to reflect this surplus distribution.
SECTION That the Village Clerk shall provide such
FIVE: 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
SIX: effect from and after its passage in the manner
provided by law.
AYES: Benton, Rosenthal, Seiden, Struthers, Wylie (5)
NAYS: None (0)