HomeMy WebLinkAboutOrd 4836 12/17/1996 ORDINANCE NO. 4836
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, 1996 AND ENDING DECEMBER 31, 1996
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 17th day of December, 1996
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the 17th day of December, 1996.
ORDINANCE NO. 4836
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, 1996 AND ENDING DECEMBER 31, 1996
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. 3788 adopted June 2, 1987 authorizing
the issuance of general obligation bonds for the construction of a new public
works facility, purchase of certain equipment, and acquisition of land and
constructing improvements in the Village's Tax Incremental Financing District
No. 1, and as amended by Village Ordinance No. 4539 adopted April 21, 1993
and by Certificate of Partial Reduction of Taxes fried November 19, 1993, there
was levied for the year 1996 the sum of $331,080 for bond principal and interest
payments.
B. That pursuant to Village Ordinance No. 3839 adopted September 15, 1987
authorizing the issuance of general obligation bonds for the purpose of refunding
$1,570,000 outstanding principal amount of General Obligation Bonds, Series
1985, and as amended by Village Ordinance No. 4539 adopted April 21, 1993
and by Certificate of Partial Reduction of Taxes filed November 19, 1993, there
was levied for the year 1996 the sum of $139,750 for bond principal and interest
payments.
C. That pursuant to Village Ordinance No. 4307 adopted May 7, 1991 authorizing
the issuance of general obligation bonds for the construction of a new Police and
Fire Building, the construction of storm water improvements, and the acquisition
of land and constructing improvements in the Village's District No. 1 Tax
Increment Redevelopment Project, and as amended by Village Ordinance No.
4539 adopted April 21, 1993 and by Certificate of Partial Reduction of Taxes
filed November 19, 1993, there was levied for the year 1996 the sum of $520,270
for bond principal and interest payments.
D. 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 1996 the sum of $757,262.50 for bond principal and interest
payments.
E. 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 1996 the sum of
$649,304.50 for bond principal and interest payments.
F. 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 1996 the sum of $890,487.50 for bond principal and interest
payments.
G. 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 1996 the sum of $500,756.25 for bond and interest payments.
H. That as of December 1, 1996 there has been collected, deposited to and on hand
in the Series 1987B and 1987C General Obligation Bond and Interest Funds the
sum of $170,880 for application to bond principal and interest payments for the
bonds issued pursuant to Village Ordinance No. 3788 adopted June 2, 1987.
I. That as of December 1, 1996 there has been collected, deposited to and on hand
in the Series 1987D General Obligation Bond and Interest Fund the sum of
$139,750 for application to bond principal and interest payments for the bonds
issued pursuant to Village Ordinance No. 3839 adopted September 15, 1987.
J. That as of December 1, 1996 there has been collected, deposited to and on hand
in the Series 1991A and 1991B General Obligation Bond and Interest Funds the
sum of $232,540 for application to bond principal and interest payments for the
bonds issued pursuant to Village Ordinance No. 4307 adopted May 7, 1991.
K. That as of December 1, 1996 there has been collected, deposited to and on hand
in the Series 1992A and 1992B General Obligation Bond and Interest Funds the
sum of $757,262.50 for application to bond principal and interest payments for
the bonds issued pursuant to Village Ordinance No. 4397 adopted February 4,
1992.
L. That as of December 1, 1996 there has been collected, deposited to and on hand
in the Series 1993A and 1993B General Obligation Bond and Interest Funds the
sum of $415,656.70 for application to bond principal and interest payments for
the bonds issued pursuant to Village Ordinance No. 4539 adopted April 21, 1993.
M. That as of December 1, 1996 there has been collected, deposited to and on hand
in the Series 1994A and 1994B General Obligation Bond and Interest Funds the
sum of $890,487.50 for application to bond principal and interest payments for
the bonds issued pursuant to Village Ordinance No. 4624 adopted March 1, 1994.
N. That as of December 1, 1996 there has been collected, deposited to and on hand
in the Series 1996A and 1996B General Obligation Bond and Interest Funds the
sum of $500,756.25 for application to bond principal and interest payments for
the bonds issued pursuant to Village Ordinance No. 4780 adopted March 6, 1996.
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 $331,080 levied for G.O. Bond and Interest
payments for construction of a public works facility, purchase of equipment, and acquisition of
land and constructing improvements in the Village's Tax Incremental Financing District No. 1,
pursuant to Village Ordinance No. 3788, and as amended by Village Ordinance No. 4539
adopted April 21, 1993 and by Certificate of Partial Reduction of Taxes filed November 19,
1993, be and the same is hereby abated in the amount of $170,880 leaving a balance of
$160,200 as that amount levied for such bond and interest payment purposes for the fiscal year
commencing January 1, 1996 and ending December 31, 1996.
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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 $139,750 levied for G. O. Bond and Interest
payments for the purpose of refunding the principal amount of General Obligation Bonds, Series
1985 purposes pursuant to Village Ordinance No. 3839, and as amended by Village Ordinance
No. 4539 adopted April 21, 1993 and by Certificate of Partial Reduction of Taxes fried
November 19, 1993, be and the same is hereby abated in the amount of $139,750 being the
entire amount levied for such bond and interest payment purposes for the fiscal year
commencing January 1, 1996 and ending December 31, 1996.
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 $520,270 levied for G. O. Bond and Interest
payments for construction of a new Police and Fire Building, construction of storm sewer
improvements, and acquisition of land and constructing improvements in the Village's District
No. 1 Tax Incremental Redevelopment Project, pursuant to Village Ordinance No. 4307, and
as amended by Village Ordinance No. 4539 adopted April 21, 1993 and by Certificate of Partial
Reduction of Taxes filed November 19, 1993, be and the same is hereby abated in the amount
of $232,540 leaving a balance of $287,730 as that amount levied for such bond and interest
payment purposes for the fiscal year commencing January 1, 1996 and ending December 31,
1996.
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 $757,262.50 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 $757,262.50 being the entire amount levied for such bond and interest payment purposes for
the fiscal year commencing January 1, 1996 and ending December 31, 1996.
Section Six: It is hereby declared and determined by the President and Board of Trustees of
the Village of Mount Prospect that the amount of $649,304.50 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 1987B,
Series 1987D, Series 1991A, and Series 1991B pursuant to Village Ordinance No. 4539 be and
the same is hereby abated in the amount of $415,656.70 leaving a balance of $233,647.80 as that
amount levied for such bond and interest payment purpose for the fiscal year commenc'mg
January I, 1996 and ending December 31, 1996.
Section Seven: It is hereby declared and determined by the President and Board of Trustees
of the Village of Mount Prospect that the amount of $890,487.50 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 Redevelop-
ment Project Area pursuant to Village Ordinance No. 4624 be and the same is hereby abated in
the amount of $890,487.50 being the entire amount levied for such bond and interest payment
purposes for the fiscal year commencing January 1, 1996 and ending December 31, 1996.
Section Eight: It is hereby declared and determined by the President and Board of Trustees of
the Village of Mount Prospect that the amount of $500,756.25 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
$500,756.25 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing January 1, 1996 and ending December 31, 1996.
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ection Nine: Village Ordinance Nos. 3788, 3839, 4307, 4397, 4539, 4624, and 4780, are and
each is hereby amended with respect to the tax abatements declared herein and set forth in
Sections Two through Seven of this Ordinance.
Section Ten: The Village Clerk of the Village of Mount Prospect is hereby authorized and
directed to f'fle a certified copy of this Ordinance with the County Clerk of Cook County, Illinois
within the time specified by law:
Section Eleven: This Ordinance shall be in full force and effect upon its passage, approval and
publication in pamphlet form and filing as provided by law.
AYF_~S: CloWes, Corcoran, Hendricks, Hoefert, duracek, Wilks, Farley
NAYS: None
ABSENT: None
PASSED and APPROVED this 17th day of December, 1996.
c-'""i '" Gered L; Farle(y, Village/President
ATTEST:
Carol A. Fields, Village Clerk
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