R-98-02RESOLUTION NO. R-98-02
RESOLUTION DECLARING A SURPLUS
OF TAX INCREMENT FINANCING FUNDS
WHEREAS, the Corporate Authorities of the Village of Deerfield, pursuant to the
provisions of 65 ILCS 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 PRESIDENT 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 1982 Special Tax
ONE: Allocation Fund determined in accordance with 65 ILCS 5/11 -74.4 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 Director of the Village of
TWO: Deerfield has determined that the sum of $6,665,868 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.
SECTION That the Finance Director of the Village of Deerfield is hereby directed to
THREE: 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 copies of this Resolution
FOUR: as may be required for the purposes of effectuating the redistribution of
Surplus Funds in the manner set forth above.
JKS 171849 . I January 19, 1998
RESOLUTION NO. R-98-02
RESOLUTION DECLARING A SURPLUS
OF TAX INCREMENT FINANCING FUNDS
SECTION That this Resolution shall be in full force and effect from and after its
FIVE: passage in the manner provided by law.
AYES: Ehlers, Heuberger, Rosenthal, Seidman, Swanson, Swartz (6)
NAYS: None (0 )
ABSENT: None (0 )
PASSED: This 19tWay of January A.D., 1998.
APPROVED: This 19thday of January A.D., 1998.
LLAGE PRESIDENT
ATTEST:
It
Il.�l
VILIkGF CLERK
JKS 171849 . 1 January 19, 1998 2