HomeMy WebLinkAboutRes 15-81 04/21/1981
n
~
RESOLUTION NO.
15-81
A RESOLUTION ESTABLISHING LONG TERM FISCAL
POLICY BETWEEN THE VILLAGE OF MOUNT PROSPECT
AND MOUNT PROSPECT PUBLIC LIBRARY
WHEREAS, the Mount Prospect Public Library fund
demonstrates a need for working cash capital and the need
to anticipate future tax revenues; and
WHEREAS, the Village of Mount Prospect is prepared to
exercise its statutory authority to issue Tax Anticipation Notes
and to levy and appropriate working cash fund; and
WHEREAS, in the instance of Tax Anticipation Notes and
working cash, certain assumptions must be made by the Village
in estimating future years' equalized assessed evaluation;
and
WHEREAS, the limits imposed upon the Mount Prospect
Public Library by referendum for its operating expenses are
not to exceed 23Ç per $100 of equalized assessed value;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD
OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT,COOK COUNTY,
ILLINOIS:
SECTION ONE: That in an effort to achieve the immediate
objective of issuing Tax Anticipation Notes and the estab-
lishment of a working cash fund, the Mayor and the Board of
Trustees and the Directors of the Mount Prospect Public Library
have agreed to establish the following policy:
1. Upon the request and the documentation of the
Library Board, the Village Board will approve
and issue the necessary documents to effectuate
Tax Anticipation Notes;
2.
4.
Upon the request of the Board of Direct9~s of
the Mount Prospect Public Library, the Village
Board of Trustees will establish working cash
levy for such time period consistent with State
statute or until such accumulation of receipts
is sufficient to provide necessary and reason-
able working cash funds;
3.
It is the intention of the Village and Library
Boards to review the assessed valuation figures
issued by the Cook County Assessor's Office
for the tax year 1980, and to re-examine the
current estimates for the subsequent year's levy,
and if necessary to abate the 1981 levy in an
effort not to exceed 23Ç per $100 of equalized
assesed value.
If in spite of the best efforts of the Village
and Library Board, the abatement procedure is
not sufficient to assure that the operating levy
does not exceed 23Ç per $100 of equalized value,
the Village will transfer any and all operating
receipts in excess of 23Ç per $100 equalized
assessed value to the Library's working cash
fund until such time as that working cash fund
has achieved sufficient revenues to provide
necessary and reasonable balances
F\
,~
SECl'ION 'IW): This Resolution shall be in full force and effect fran and
after its passage, approval and publication in the manner provided by
law.
Passed this
21st
day of
April
1981.
AYES:
Farley, Floras, Murauskis, Richardson, Wattenberg
NAYS:
None
ABSENl': Miller
Approved this
21st
day of
April
, 1981.
~
Mayor ,-'W
,Ii I{ ~.
Attest:
.~~ PYiÉ~
Village Clerk