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PROPOSED RESOLUTION
COOK COUNTY SURPLUS EQUITY FUND MAINTAINED BY THE COOK COUNTY TREASURER PURSUANT TO 35 ILCS 200
WHEREAS, the Surplus Equity Fund was created pursuant to 35 ILCS 200/21 to allow certain previous owners of property sold under 35 ILCS 200 who sustain loss or damage by reason of the issuance of a tax deed the right to recover surplus equity in the property through an award from a surplus equity fund; and
WHEREAS, in accordance with 35 ILCS 200/21-302, the Cook County Treasurer is the trustee of the Surplus Equity Fund; and
WHEREAS, pursuant to 35 ILCS 200/21-301, the county board in each county shall determine the amount of the fund to be maintained in that county until all potential claims under 35 ILCS 200/21-302 have been paid and any moneys accumulated by the County Treasurer in excess of the amount so established, as trustee of the fund, shall be paid by the County Treasurer to the general fund of the County once all potential claims under Section 21-302 have been paid; and
WHEREAS, fees collected pursuant to 35ILCS 200/21-296(a-5), 35 ILCS 200/22-40(c), and 35 ILCS 200/22-40(e-5) shall be deposited into the Surplus Equity Fund; and
WHEREAS, the county treasurer, as trustee of that fund, shall invest all of that fund, principal and income, in his or her hands from time to time, if not immediately required for payments of surplus equity under 35 ILCS 200/21-302, in investments permitted by the Public Funds Investment Act.
NOW THEREFORE BE IT RESOLVED, that the Cook County President and Board of Commissioners pursuant to 35 ILCS 200/21-301 authorize the Cook County Treasurer to create a Surplus Equity Fund and as trustee of the Surplus Equity Fund deposit all fees collected pursuant to 35 ILCS 200/21-296 (a-5), 35 ILCS 200/22-40(c) and 22-40(e-5) in the Surplus Equity Fund; and
BE IT FURTHER RESOLVED, following the first deposit of such fees collected, the Cook County Treasurer shall thereafter maintain, at a minimum $25,000...
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