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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) . T19r1w &'-.VILLATE LE