R-10-09RESOLUTION NO. R -10 -09
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
se q., the Tax Increment Allocation Redevelopment Act (the "Act ")
established the Village Center Redevelopment Project Area No. 2, a
tax increment financing district, in December, 1986, amended in
December, 1992 and again in January, 1998, within a portion of the
Village of Deerfield located within Lake County, Illinois; 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, all redevelopment project costs, including without
limitation all municipal obligations financing redevelopment
project costs, incurred by the Village in accordance with the Act
have been paid; and
WHEREAS, the Corporate Authorities have determined that
pursuant to the provisions of the aforementioned ordinances and
Act that Surplus Funds are currently available, and may become
available due to receipt of late payments of taxes incurred during
the life of the district.
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 all Surplus Funds presently existing in the
ONE: 1986 Special Tax Allocation Fund determined in
accordance with 65 ILCS 5/11- 74.4 -7 of the Act and
Ordinances No. 0- 86 -66, 0 -92 -54 and 0- 98 -02, and any funds
received in the future due to late payments of taxes incurred
during the active period of this TIF district, 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 $3,946.82 received from
the Lake County Collector for the Village Center Redevelopment
Project Area #2, and any future funds received from the Collector
from this Project Area, are Surplus Funds and are no longer
required for use pursuant to the provisions of the Act and the
ordinances cited above.
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 State of Illinois and appropriate taxing bodies
within Lake County and to take the required steps to promptly
insure the redistribution of Surplus Funds to said taxing bodies.
SECTION That the receipt of these funds and any future
FOUR: funds shall not be considered revenue of the
Village of Deerfield but shall be held in a deposit
account for distribution pursuant to Section Three
above.
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, Farkas, Jester, Oppenheim, Seiden, Struthers (6)
NAYS: None (0)
ABSENT: None (0)
PASSED: This 7th day of 7,,p A.D., 2010
APPROVED: This 7th day of -j„., A.D., 2010
MAYOR
ATTEST: