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R-98-26RESOLUTION NO. R- .98 -26 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 ., Illinois Compiled 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; 65 ILCS 5/11- 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 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 -7 of the Act and Ordinances No. 0 -82 -33 and No. 0 -82 -34 be and are hereby declared Surplus Fiends. SECTION That pursuant to Section One hereof, the Finance Director of the Village of TWO: Deerfield has determined that the sum of $6,771,257 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 maybe 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 effect from and after its FIVE: passage in the manner provided by law. JKS 213493 . I December 17. 1998 RESOLUTION NO. R -98 -26 RESOLUTION DECLARING A SURPLUS OF TAX INCREMENT FINANCING FUNDS AYES: E-h- ler:s, Heuberger, Rosenthal, Seidman, Swanson (5) NAYS: None (0 ) ABSENT: Swartz (1) PASSED: This 21stdayof December A.D., 1998. APPROVED: This 22 stday of Decem er A.D., 1998. 00 VIL AGE PRESIDENT ATTEST: I T _�. VMIVGE CLERK 1KS 213493 . 1 December 17. 1998 7