Title
AN ORDINANCE DECLARING
"SURPLUS FUNDS" IN THE
MARQUETTE TAX INCREMENT FINANCE DISTRICT
Body
WHEREAS, the Village of Romeoville has previously created a Tax Increment Finance District know as the "Marquette Tax Increment Finance District" (the "Marquette TIF"); and
WHEREAS, the Marquette TIF special tax allocation fund has Eight Hundred and Thirteen Thousand and Five Hundred and Five Dollars and Forty-Nine Cents ($813,505.49) of moneys not required, pledged, earmarked, or otherwise designated for payment and securing of obligations and anticipated redevelopment project costs (hereafter the "Surplus Funds"); and
WHEREAS, all of the funds in the Marquette TIF Special Tax Allocation Fund were as the result of an increase in the equalized assessed value of the real property in the Marquette TIF. NOW, THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF ROMEOVILLE, ILLINOIS in the exercise of its statutory, constitutional and home-rule authority as follows:
SECTION 1. Incorporation of Recitals.
That the Recitals set forth above are incorporated herein as if fully set forth in this Section 1.
SECTION 2. Declaration of Surplus Funds.
That the Surplus Funds are hereby declared to be a "surplus" in the Marquette TIF Special Tax Allocation Fund as contemplated by the "Tax Increment Allocation Redevelopment Act" (65 ILC7 5/11-74.4-1 et seq.) (the "TIF Act").
SECTION 3. Distribution of Surplus Funds.
That the Village Treasurer be and is hereby authorized and directed to pay the Surplus Funds within one hundred eighty (180) days from the close of the Village's fiscal year from the Marquette TIF Special Tax Allocation Fund to the Treasurer of Will County, Illinois. The Treasurer shall thereafter make distributions to each taxing district, including the Village of Romeoville, in the same manner and proportion as the most recent 2015 Tax Levy year distribution by the County Treasurer to the affected di...
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