HomeMy WebLinkAbout7.3 First Reading of an ordinance to abate a part of the taxes levied for corporate and municipal purposes 11/8/2019 BoardDocs®Pro
IL
Agenda Item Details
Meeting v 05,, 2019 - REGULAR MEETINGLL - .
*REVISED 11-02-2019
Category 7. NEW BUSINESS
Subject 7.3 1st reading LEVIED
MUNICIPALCORPORATE AND PURPOSES OF THE VILLAGE , ILLINOIS
FOR THE FISCAL YEAR BEGINNINGJANUARY 11 2019 AND ENDING1, 2019
Access Public
Type cin
Preferred to Nov 05,, 2019
Absolute Date Nov 05,, 2019
Fiscal Impact Yes
Budgeted Yes
Recommended cin Approve an ordinancetin portions of the 2019 property tax levy.
Public Content
Information
This ordinance reduces the debt service levies for the Series 2013, 2017, 2018A, 2018B, and 2019A bonds
established y the original bond ordinance approved at the time of issuance. The subsidy for the public safety pension
levies are not included in this ordinance as there is not the formal levy requirement established for the pension levies
s there is with debt service. The debt service levy for proposed bond 2019B will be abatedseparately after the bond
issuance is completed.
The source of funds for abatement of debt service comes from rules sales tax ($924,956), r/ ewer
funds ($1,166,248), capitalized interest from TIF bonds ($432,,738), combination ener I Fund reserves and
capitalized interest from lic /Fire HQ bonds ($1.,514,125). It is important note that the pension levies are being
reduced y $210,,000i ener I Fund reserves. This is the final year of the four-year phase-in of the levy
requirement established y the pension actuary at the end of 2015. The phase-in allowed for more moderate
increases the tax levy rather than the significant increase (20.0 percent) that wouldv realized the
entire amount been added to the levy. The proposed bond 2019B debt service will also be abatedthe funding
source for the said bond is TIF Increments.
The net levy for the Village is reduced y $4,391,776 as a result of the pension subsidy debt service abatements.
After adding the Cook County 2.0 percentprovision for loss and cost the total Village levy for 2019 i .
This is a 2.00 percent increase from the prior year.
Alternatives
1. Village Boardapproval of an ordinance authorizing the abatement of 2019 Levy for all or portions of the Series
2013, 2 17., 2018Af2 n bonds.
2. Action discretion ill oar .
Staff Recommendation
https://go.boarddocs.com/il/vomp/Board.nsf/Private?open&login 1/2
11/8/2019 BoardDocs®Pro
It is recommended that the Village Boardordinance ting portions of the 2019 property tax levy.
Prop Tax 2019 Levy .
pdf (675 KB)
General Village i - 2019.pdf
Administrative Content
Executive Content
https://go.boarddocs.com/il/vomp/Board.nsf/Private?open&login 2/2
ORDINANCE NO.
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 BEGINNING
JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE
OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
Section 1: The President and Board of Trustees of the Village of Mount Prospect find as follows:
A. That pursuant to Village Ordinance No. 6090 adopted August 20, 2013 authorizing
the issuance of general obligation bonds for financing the construction of various
flood control projects throughout the village there was levied for the year 2019 the
sum of$924,956 for bond principal and interest payments.
B. That pursuant to Village Ordinance No. 6347 adopted November 7, 2017
authorizing the issuance of general obligation bonds for financing the costs of
certain capital projects in the Village, there was levied for the year 2019 the sum of
$159,368.76 for bond interest payments.
C. That pursuant to Village Ordinance No. 6347 adopted November 7, 2017
authorizing the issuance of general obligation bonds for financing the costs of
certain capital projects in the Village,there was levied for the year 2019 the sum of
$296,131.26 for bond principal and interest payments.
D. That pursuant to Village Ordinance No. 6385 adopted April 17, 2018 authorizing
the issuance of general obligation bonds for financing the costs of certain capital
projects in the Village, there was levied for the year 2019 the sum of$273,368.76
for bond interest payments.
E. That pursuant to Village Ordinance No. 6385 adopted April 17, 2018 authorizing
the issuance of general obligation bonds for financing the costs of certain capital
projects in the Village, there was levied for the year 2019 the sum of$303,500.00
for bond principal and interest payments.
F. That pursuant to Village Ordinance No. 6403 adopted September 4, 2018
authorizing the issuance of general obligation bonds for financing the construction
of various flood control projects throughout the village there was levied for the year
2019 the sum of$1,609,500 for bond interest payments.
1
G. That pursuant to Village Ordinance No. 6449 adopted April 16, 2019 authorizing
the issuance of general obligation bonds for financing the costs of certain capital
projects in the Village, there was levied for the year 2019 the sum of$566,617.00
for bond principal and interest payments.
Section 2: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of$924,956 levied for G.O. Bond interest payments for the purpose of
funding the construction of various flood control projects throughout the village pursuant to
Ordinance No. 6090 be and the same is hereby abated in the amount of$924,956 being the entire
amount levied for such bond interest payment purposes for the fiscal year commencing January 1,
2019 and ending December 31, 2019.
Section 3: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of$159,368.76 levied for G.O. Bond interest payments for the purpose
of funding construction projects throughout the village pursuant to Ordinance No. 6347 be and the
same is hereby abated in the amount of$159,368.76 being the entire amount levied for such bond
interest payment purposes for the fiscal year commencing January 1, 2019 and ending December
31, 2019.
Section 4: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of$296,131.26 levied for G.O. Bond principal and interest payments for
the purpose of funding construction projects throughout the village pursuant to Ordinance No.
6347 be and the same is hereby abated in the amount of$286,131.26 being the entire amount levied
for such bond principal and interest payment purposes for the fiscal year commencing January 1,
2019 and ending December 31, 2019.
Section 5: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of$273,368.76 levied for G.O. Bond interest payments for the purpose
of funding construction projects throughout the village pursuant to Ordinance No. 6385 be and the
same is hereby abated in the amount of$273,368.76 being the entire amount levied for such bond
interest payment purposes for the fiscal year commencing January 1, 2019 and ending December
31, 2019.
Section 6: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of$303,500 levied for G.O. Bond principal and interest payments for the
purpose of funding construction projects throughout the village pursuant to Ordinance No. 6385
be and the same is hereby abated in the amount of$303,500.00 being the entire amount levied for
such bond principal and interest payment purposes for the fiscal year commencing January 1,2019
and ending December 31, 2019.
Section 7: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of$1,609,500.00 levied for G.O. Bond interest payments for the purpose
of funding construction projects throughout the village pursuant to Ordinance No. 6403 be and
hereby partially abated in the amount of $1,514,125.00 levied for such bond interest payment
purposes for the fiscal year commencing January 1, 2019 and ending December 31, 2019.
2
Section 8: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of$566,617 levied for G.O. Bond principal and interest payments for the
purpose of funding construction projects throughout the village pursuant to Ordinance No. 6449
be and the same is hereby abated in the amount of$566,617 being the entire amount levied for
such bond principal and interest payment purposes for the fiscal year commencing January 1,2019
and ending December 31, 2019.
Section 9: Village Ordinance Nos. 6090, 63471 6385, 6403 and 6449 are hereby amended with
respect to the tax abatements declared herein and set forth in Sections Two through Eight of this
Ordinance.
Section 9: 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.
Section 10: 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:
NAYS:
ABSENT:
PASSED and APPROVED this day of , 2019.
Arlene A. Juracek, Mayor
ATTEST:
Karen Agoranos, Village Clerk
3
ORDINANCE NO.
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 BEGINNING
JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the day of , 2019
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the day of , 2019.
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