HomeMy WebLinkAboutOrd 5073 12/21/1999 ORDINANCE NO. 5 0 ? 3
AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR
CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF
MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGIN-
NING JANUARY 1, 1999 AND ENDING DECEMBER 31, 1999
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 21 dayof~, 1999
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the 22 day of Decembel:1999.
ORDINANCE NO. 5073
AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR
CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF
MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGIN-
NING JANUARY 1, 1999 AND ENDING DECEMBER 31, 1999
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE
OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
Section One: The President and Board of Trustees of the Village of Mount Prospect find as
follows:
A. That pursuant to Village Ordinance No. 4397 adopted February 4, 1992 and
authorizing issuance of general obligation bonds for financing flood control
improvements, capital improvements and the acquisition of land within the
Village's District No. 1 Tax Increment Redevelopment Project Area there was
levied for the year 1999 the sum of $342,550.00 for bond principal and interest
payments.
B. That pursuant to Village Ordinance No. 4539 adopted April 21, 1993 and
authorizing issuance of general obligation bonds for financing water system
improvements, the construction of public improvements within the Village's
District No. 1 Tax Increment Redevelopment Project Area, and the refunding of
certain of the Village's General Obligation Bonds, Series 1987B, Series 1987D,
Series 1991A and Series 1991B there was levied for the year 1999 the sum of
$1,507,115.00 for bond principal and interest payments.
C. That pursuant to Village Ordinance No. 4624 adopted March 1, 1994 and
authorizing issuance of general obligation bonds for financing the fourth phase of
the Village's flood control project, the reconstruction of streets in the Village, and
the demolition of buildings and public improvements within Target Area G of the
Village's District No. 1 Tax Increment Redevelopment Project Area there was
levied for the year 1999 the sum of $803,412.50 for bond principal and interest
payments.
D. That pursuant to Village Ordinance No. 4780 adopted March 6, 1996 and
authorizing issuance of general obligation bonds for financing flood control
projects, capital projects, and certain public improvements within the Village's
District No. 1 Tax Increment Redevelopment Project Area there was levied for the
year 1999 the sum of $512,991.25 for bond and interest payments.
E. That pursuant: to Village Ordinance No. 4917 adopted March 18, 1998 and
authorizing issuance of general obligation bonds for financing flood control
improvement projects, street improvements and the acquisition of land within the
Village's District No. 1 Tax Increment Redevelopment Project Area there was
levied for the year 1999 the sum of $169,495.00 for bond principal and interest
payments.
F. That pursuant to Village Ordinance No. 4977 adopted December 1, 1998 and
authorizing issuance of general obligation bonds for financing land acquisition costs
and other redevelopment costs within the Village's District No. I Tax Increment
Redevelopment Project Area there was levied for 1999 the sum of $152,343.75 for
bond principal and interest payments.
G. That pursuant to Village Ordinance No. 4999 adopted March 2, 1999 and
authorizing issuance of general obligation bonds for financing the acquisition of
land within the Village's District No. i Tax Increment Redevelopment Project
Area there was levied for the year 1999 the sum of $960,887.50 for bond principal
and interest payments.
H. That as of December 1, 1999 there has been collected, deposited to and on hand
in the Series 1992A and 1992B General Obligation Bond and Interest Funds the
sum of $342,550.00 for application to bond principal and interest payments for the
bonds issued pursuant to Village Ordinance No. 4397 adopted February 4, 1992.
I. That as of December 1, 1999 there has been collected, deposited to and on hand
in the Series 1993A and 1993B General Obligation Bond and Interest Funds the
sum of $912,115.00 for application to bond principal and interest payments for the
bonds issued pursuant to Village Ordinance No. 4539 adopted April 21, 1993.
I. That as of December 1, 1999 there has been collected, deposited to and on hand
in the Series 1994A and 1994B General Obligation Bond and Interest Funds the
sum of $803,412.50 for application to bond principal and interest payments for the
bonds issued pursuant to Village Ordinance No. 4624 adopted March 1, 1994.
K. That as of December 1, 1999 there has been collected, deposited to and on hand
in the Series 1996A and 1996B General Obligation Bond and Interest Funds the
sum of $512,991.25 for application to bond principal and interest payments for the
bonds issued pursuant to Village Ordinance No. 4780 adopted March 6, 1996.
L. That as of December 1, 1999 there has been collected, deposited to and on hand
in the Series 1998A and 1998B General Obligation Bond and Interest Funds the
sum of $169,495.00 for application to bond principal and interest payments for the
bonds issued pursuant to Village Ordinance No. 4917 adopted March 18, 1998.
M. That as of December 1, 1999 there is available in the Village's Downtown
Redevelopment Fund the mount of $152,343.75 for application to bond principal
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and interest payments for the bonds issued pursuant to Village Ordinance No. 4977
adopted December 1, 1998.
N. That as of December 1, 1999 there is available in the Village's Downtown
Redevelopment Fund the amount of $960,887.50 for application to bond principal
and interest payments for the bonds issued pursuant to Village Ordinance No.
4999.
Section TWO: It is hereby declared and determined by the President and Board of Trustees of the
Village of Mount Prospect that the amount of $342,550.00 levied for G.O. Bond and Interest
payments for the purpose of financing flood control improvements, capital improvements and the
acquisition of land within the Village's District No. 1 Tax Increment Redevelopment Project Area
pursuant to Village Ordinance No. 4397 be and the same is hereby abated in the amount of
$342,550.00 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing January 1, 1999 and ending December 31, 1999.
Section Three: It is hereby declared and determined by the President and Board of Trustees of
the Village of Mount Prospect that the amount of $1,507,115.00 levied for G. O. Bond and
Interest payments for the purpose of financing water system improvements, the construction of
public improvements within the Village's District No. 1 Tax Increment Redevelopment Project
Area, and the refunding of certain of the Village's General Obligation Bonds, Series 198715, Series
1987D, Series 1991A, and Series 1991B pursuant to Village Ordinance No. 4539 be and the same
is hereby abated in the amount of $912,115.00 leaving a balance of $595,000.00 as that amount
levied for such bond and interest payment purposes for the fiscal year commencing January 1,
1999 and ending December 31, 1999.
Section Four: It is hereby declared and determined by the President and Board of Trustees of the
Village of Mount Prospect that the amount of $803,412.50 levied for G.O. Bond and Interest
payments for the purpose of financing the fourth phase of the Village's flood control project, the
reconstruction of streets in the Village, and the demolition of buildings and public improvements
within Target Area G of the Village's District No. 1 Tax Increment Redevelopment Project Area
pursuant to Village Ordinance No. 4624 be and the same is hereby abated in the amount of
$803,412.50 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing January 1, 1999 and ending December 31, 1999.
Section Five: It is hereby declared and determined by the President and Board of Trustees of the
Village of Mount Prospect that the amount of $512,991.25 levied for G.O. Bond and Interest
payments for the purpose of financing flood control projects, capital projects, and certain public
improvements within the Village's District No. 1 Tax Increment Redevelopment Project Area
pursuant to Village Ordinance No. 4780 be and the same is hereby abated in the amount of
$512,991.25 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing January 1, 1999 and ending December 31, 1999.
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~: It is hereby declared and determined by the President and Board of Trustees of the
Village of Mount Prospect that the amount of $169,495.00 levied for G.O. Bond and Interest
payments for the purpose of financing flood control projects, street improvements and the
acquisition of land within the Village's District No. 1 Tax Increment Redevelopment Project Area
pursuant to Ordinance No. 4917 be and the same is hereby abated in the amount of $169,495.00
being the entire amount levied for such bond and interest payment purposes for the fiscal year
commencing January 1, 1999 and ending December 31, 1999.
Section Seven: It is hereby declared by the President and Board of Trustees of the Village of
Mount Prospect that the amount of $152,343.75 levied for G.O. Bond and Interest payments for
the purpose of funding property acquisition within the Village's District No. 1 Tax Increment
Redevelopment Project Area pursuant to Ordinance No. 4977 be and the same is hereby abated
in the amount of $152,343.75 being the entire amount levied for such bond and interest payment
purposes for the fiscal year commencing January 1, 1999 and ending December 31, 1999.
fte, cfi.oll_F~dg~: R is hereby declared by the President and Board of Trustees of the Village of
Mount Prospect that the amount of $960,887.50 levied for G.O. Bond and Interest payments for
the purpose of funding property acquisition within the Village's District No. 1 Tax Increment
Redevelopment Project Area pursuant to Ordinance No. 4999 be and the same is hereby abated
in the amount of $960,887.50 being the entire amount levied for such bond and interest payment
purposes for the fiscal year commencing January 1, 1999 and ending December 31, 1999.
Section Nine: Village Ordinance Nos. 4397, 4539, 4624, 4780, 4917, 4977 and 4999 are and
each is hereby amended with respect to the tax abatements declared herein and set forth in Sections
Two through Eight of this Ordinance.
Section Ten: The Village Clerk of the Village of Mount Prospect is hereby authorized and
directed to file a certified copy of this Ordinance with the County Clerk of Cook County, Illinois
within the time specified by law:
~: This Ordinance shall be in full force and effect upon its passage, approval and
publication in pamphlet form and filing as provided by law.
AYES: Corcoran, HOefert, Lohrstorfer, Nocchi, Skowron, Wilks
NAYS: None
ABSENT: None
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ASSED and APPROVED this 21 day of December, 1999.
ATTEST: ~ '~ 13erald L. Farley, Village~ident
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