HomeMy WebLinkAboutRes 04-10 02/16/2010
RESOLUTION NO. 04-10
Preamble
The State of Illinois has established at 765 ILCS 1025/8.1 that any property held by a
unit of local government for more than seven years, that has remained unclaimed shall be
deemed abandoned. The Village of Mount Prospect has held certain escrows, cash bonds,
guarantees and other forms of assurance of performance for longer than seven years. The
Village of Mount Prospect President and Board of Trustees find that it is in the best interests of
the residents of the Village of Mount Prospect that these deposits be transferred to the Village's
general fund.
NOW, THEREFORE, THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, ACTING PURSUANT TO ITS
HOME RULE POWERS, RESOLVES AS FOLLOWS:
SECTION 1: All escrows, cash bonds, guarantees and other forms of assurance that
have been held by the Village for longer than seven years are declared to be abandoned and
shall become the property of the Village of Mount Prospect. The Finance Director is directed to
transfer such monies into the General Fund to be used in accordance with General Fund
policies.
SECTION 2:
This Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES:
Hoefert, Juracek, Korn, Matuszak, Polit, Zadel
NAYS:
None
ABSENT:
None
PASSED and APPROVED this 16th day of February, 2010.
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IIVana Wilks, Mayor
ATTEST:
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