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Home My WebLink About 7.3 2nd reading of 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, 20194/15/2020 BoardDocs® Pro Agenda Item Details Meeting Nov 19, 2019 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - 7:00 p.m. Category 7. OLD BUSINESS Subject 7.3 2nd reading of 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 Access Public Type Action Preferred Date Nov 19, 2019 Absolute Date Nov 19, 2019 Fiscal Impact Yes Budgeted Yes Recommended Action Approve an ordinance abating portions of the 2019 property tax levy. Public Content Information This ordinance reduces the debt service tax levies for the Series 2013, 2017, 2018A, 20188, 2019A, and 2019E bonds established by the original bond ordinance approved at the time of issuance. Debt service levies for these bonds are abated since all or portions of the funding sources (for the levy year 2019 — payable in 2020) are not from property taxes. Total proposed levy for 2020 is $8,521,927. • Village Debt Service is $6,940,026 and Library Debt Service is $1,575,850. • $2,548,250 (or 37%) of the $6,940,026 Village Debt Service is paid through property taxes. • Debt service follows repayment schedules established at time of issuance. A total of $4,397,827 is abated and paid from the following funding sources: • $924,956 is paid through the Home Rule Sales Tax • $1,166,248 is paid through the Water/Sewer Charges • $1,224,738 is paid through Capitalized Interest • $728,176 is paid from the Debt Service Fund Balance • $353,709 is paid from the TIF Increment 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 pensions levies as there is with debt service. Alternatives 1. Village Board approval of an ordinance authorizing the abatement of 2019 Levy for all or portions of the Series 2013, 2017, 2018A, 20188, 2019A, and 2019B bonds. 2. Action at the discretion of the Village Board. https://go.boarddocs.com/il/vomp/Board.nsf/Private?open&login 1/2 4/15/2020 Staff Recommendation BoardDocs@ Pro It is recommended that the Village Board pass an ordinance abating portions of the 2019 property tax levy. Administrative Content Executive Content Motion &Voting Approve an ordinance abating portions of the 2019 property tax levy. Motion by Paul Hoefert, second byMichael Zadel. Final Resolution: Motion Carries Yea: VVi||iamGrossi, Eleni Hatzia, Paul Hoefert, Richard Rogers, Colleen SaccoteUi, Michae|Zade| mtpoj/guboarddoca.'on/il/vomp/Bnrd.nsf/private,opun&lngin 2/2 VILLAGE OF MOUNT PROSPECT Primary Levy - 2019 2% Gross Net Provision Total Total 2019 Capitalized Subsidy/ 2019 Loss and 2019 2018 $ % Levy Interest Abatements Levy Costs Extension Extension Inc/(Dec). Inc/(Dec). VILLAGE OF MOUNT PROSPECT Police Protection 4,346,500 - - 4,346,500 86,930 4,433,430 4,872,093 (438,663) -9.00% Fire Protection 5,049,574 - - 5,049,574 100,991 5,150,565 5,049,574 100,991 2.00% Police Pension Fund 3,864,556 - 97,500 3,767,056 75,341 3,842,397 3,481,193 3611204 10.38% Firefighters' Pension Fund 3,488,379 - 112,500 3,375,879 67,518 3,443,397 3,213,856 229,541 7.14% Total Operational Levy 16,749,009 - 210,000 16,539,009 330,780 16,869,789 16,616,716 253,073 1.52% Debt Service Funds Series 20118 794,530 - - 794,530 15,891 810,421 809,427 994 0.12% Series 2012 54,095 - - 54,095 1,082 55,177 55,177 - - Series 2013 924,956 - 924,956 - - - - - - Series 2014 883,450 - - 883,450 17,669 901,119 714,255 186,864 26.16% Series 2016 2651800 - - 2651800 51316 2711116 2711116 - - Series 2017 (TIF) 159,369 159,369 - - - - - - - Series 2017 (WTR) 296,131 - 296,131 - - - - - - Series 2018a (TIF) 273,369 273,369 - - - - - - - Series 2018a (WTR) 303,500 - 303,500 - - - - - - Series 2018b (new) 1,444,250 722,125 722,125 - - - - - - Series 2018b (refi) 620,250 - 69,875 550,375 11,007 561,382 620,574 (59,192) -9.54% Series 2019a (WTR) 566,617 - 566,617 - - - - - - Series 2019B (TIF) 353,709 - 353,709 - - - - - - Total Debt Service Levy 61940,026 1,154,863 31236,913 2,5481250 503965 2,5991215 23470,549 128,666 5.21% Total Village Levy 23,6893035 1,154,863 314463913 19,087,259 3813745 19,469,004 1930873265 381,739 2.00% Mount Prospect Public Library Library Levy Fund 919911692 - - 919911692 1991834 101191,526 10,014,131 177,395 1.77% Library Debt Service 115751850 - - 115751850 311517 1,6071,367 116041613 21754 0.17% Total Library Levy 11,5673542 - - 11,567,542 2313351 11,798,893 1136183744 1809149 1.55% Total Village and Library Combined 35,256,577 17154,863 3,446,913 30,654,801 613,096 31,267,897 30,706,009 561,888 1.83% 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 Police and Fire HQ projects and refunding of certain bonds of the village there was levied for the year 2019 the sum of $2,064,500 for bond interest payments. 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. H. That pursuant to Village Ordinance No. 6483 adopted October 15, 2019 authorizing the issuance of general obligation bonds for financing the construction of various capital projects with the TIF District of Prospect and Main of the Village of Mount Prospect, there was levied for the year 2019 the sum of $269,773 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. 2 Section 7: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $2,064,500 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. 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: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $296,773 levied for G.O. Bond principal and interest payment for the purpose of funding construction projects in the area of Prospect & Main TIF of the Village of Mount Prospect pursuant to Ordinance No. 6483 be and the same is hereby abated in the amount of $269,773 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, 6347, 6385, 6403, 6449 and 6483 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 3 2019. Arlene A. Juracek, Mayor ATTEST Karen Agoranos, Village Clerk 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.