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HomeMy WebLinkAbout7.2 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, 2020 AND ENDING DECEMBER 31, 2020.Item Cover Page wubject 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. 2020 AND ENDING DECEMBER ` 1' 1 Meeting - 2020 A' MEETING OF THE MOUNT PROSPECT VILLAGE BOARD Impact -' .• a Amount $3,909,475 , w•w • from Property • ,• _ Source - _w Revenue Sources Category OLD BUSINESS Type Ordinance Information At the time of issuance of the bonds, a revenue source is defined for the repayment of the debt services. Most of the Village Bonds are General Obligation Bonds and are backed by Property Taxes. Many bonds are issued as a G.O. Bonds, but havean alternativealternativeith source do not need the property tax levy and the levy is then abated for the year. With the attached ordinance, the Village is abating property taxes totaling $31,909f475. Bond Series Series 2013 Series 2017 (TIF) Series 2017 (WTR) Series 2018a (TIF) Purpose of the Bonds Debt Service Revenue Source Flood Control Project TIF Capital Projects Water/Sewer Capital Projects TIF Capital Projects 923,306.00 Home -rule Sales Tax 299,369.00 TIF Revenues 300,531.00 Water/Sewer Charges 453,369.00 TIF Revenues 1 Series 2018a Water/Sewer Capital (WTR) Projects Series 2018b Police/Fire HQ Building (new) Series 2018b Refinancing Bonds (refi) Series 2019a Water/Sewer Capital (WTR) Projects Series 2019B (TIF) TIF Capital Projects Total Abatement 309,750.00Water/Sewer Charges Debt Service Fund 722,125.00 Balance Debt Service Fund 57,875.00 Balance 577,800.00Water/Sewer Charges 265,350.00 TIF Revenues 3,909,475.00 2018B - Police and Fire HQ Bond: The total debt service for the year is $114441250. $722,125 will be paid from the capitalized interests and the remainder of $722,,125 will be paid using the Debt Service Fund Reserves. TIF and Capital Project Bonds will be paid from the TIF Revenues and Water/Sewer Charges,, respectively. The Series 2013 Bond will have a debt service payment of $923,,306 and will be paid from 1/4% of the home -rule sales tax allocated to flood control r • After the abatements, the net levy will be $2,,690,,171 and with 2% provision for loss and costs,, the net levy will be in the amount of $2.,743,,975. A first readingof - abatement ordinance , - the November2020 Village Board meeting. No changes to the ordinance were made since the presentation on November 4th. Alternatives 1. Village iauthorizing totalingLevy 2. Action i ion of Village Board. Staff Recommendation Approve the attached ordinance abating the portion of the 2020 Property Tax Debt Service . ATTACH M E NTS: Levy Abatement Sched u le. pdf General Village Levy Abatement Ordinance - Nov 17 2020.pdf 2 Total Operating Levy 27,021,298 - 17,030,506 633,419 261387,879 527,758 26,915,637 27,061,315 (145,678) -0.54% Total Debt Service Levy 8,898,071 722,125 6,599,646 3,909,475 4,266,471 85,330 4,351,801 4,206,582 145,219 3.45% 35,919,369 722,125 23,630,152 4,542,894 30,654,350 613,088 31,267,438 31,267,897 (459) 0.00% VILLAGE OF MOUNT PROSPECT Property Tax Levy - 2020 2% 2019 Tax Extension Gross Levy After Net Provision Total Total 2020 Capitalized Capitalized Subsidy/ 2020 Loss and 2020 2019 $ % Levy Interest Interest Abatements Levy Costs Extension Extension Inc/ Dec. Inc/ Dec. VILLAGE OF MOUNT PROSPECT Police Protection 4,346,500 - 4,346,500 - 4,346,500 86,930 4,433,430 4,433,430 - - Fire Protection 5,049,574 - 5,049,574 141,922 4,907,652 98,153 5,005,805 5,150,565 (144,760) - Police Pension Fund 3,985,302 - 3,985,302 218,246 3,767,056 75,341 3,842,397 3,842,397 - 0.00% Firefighters' Pension Fund 3,649,130 - 3,649,130 273,251 3,375,879 67,518 3,443,397 3,443,397 - - Total Operational Levy 17,030,506 - 17,030,506 633,419 16,397,087 327,942 16,725,029 16,869,789 144,760 0.86% Debt Service Funds Series 2011B - - - - - - - 8101421 (810,421) -100.00% Series 2012 914,096 - 914,096 - 914,096 18,282 932,378 55,177 877,201 1589.79% Series 2013 923,306 - 923,306 923,306 - - - - - - Series 2014 1,065,650 - 1,065,650 - 1,065,650 21,313 1,086,963 901,119 185,844 20.62% Series 2016 265,800 - 265,800 - 265,800 5,316 271,116 271,116 - - Series 2017 (TIF) 299,369 - 299,369 299,369 - - - - - - Series 2017 (WTR) 300,531 - 300,531 300,531 - - - - - - Series 2018a (TIF) 453,369 - 453,369 453,369 - - - - - - Series 2018a (WTR) 309,750 - 309,750 309,750 - - - - - - Series 2018b (new) 1,444,250 722,125 722,125 722,125 - - - - - - Series 2018b (refi) 502,500 - 502,500 57,875 444,625 8,893 453,518 561,382 (107,864) -19.21% Series 2019a (WTR) 577,800 - 577,800 577,800 - - - - - - Series 2019B (TIF) 265,350 - 265,350 265,350 - - - - - - Total Debt Service Levy 7,321,771 722,125 6,599,646 3,909,475 2,690,171 53,804 2,743,975 2,599,215 (144,760) -5.57% Total Village Levy 24,352,277 722,125 23,630,152 4,542,894 19,087,258 381,746 19,469,004 19,469,004 - 0.00% Mount Prospect Public Library Library Levy Fund 9,990,792 - - - 9,990,792 199,816 10,190,608 10,191,526 (918) -0.01% Library Debt Service 1,576,300 - - - 1,576,300 31,526 1,607,826 1,607,367 459 0.03% Total Library Levy 11,567,092 - - 11,567,092 231,342 11,798,434 11,798,893 459 0.00% Total Village and Library Combined 35,919,369 722,125 23,630,152 4,542,894 30,654,350 613,088 31,267,438 31,267,897 (459) 0.00% Total Operating Levy 27,021,298 - 17,030,506 633,419 261387,879 527,758 26,915,637 27,061,315 (145,678) -0.54% Total Debt Service Levy 8,898,071 722,125 6,599,646 3,909,475 4,266,471 85,330 4,351,801 4,206,582 145,219 3.45% 35,919,369 722,125 23,630,152 4,542,894 30,654,350 613,088 31,267,438 31,267,897 (459) 0.00% 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, 2020 AND ENDING DECEMBER 31, 2020 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 2020 the sum of $923,306.00 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 2020 the sum of $299,368.76 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 2020 the sum of $300,531.26 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 2020 the sum of $453,369.00 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 2020 the sum of $309,750.00 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 2020 the sum of $1,946,750.00 for bond interest payments. Ell 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 2020 the sum of $577,800.00 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 2020 the sum of $265,350.00 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 $923,306 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 $923,306 being the entire amount levied for such bond interest payment purposes for the fiscal year commencing January 1, 2020 and ending December 31, 2020. Section 3: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $299,368.76 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 $299,368.76 being the entire amount levied for such bond interest payment purposes for the fiscal year commencing January 1, 2020 and ending December 31, 2020. Section 4: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $300,531.26 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 $300,531.26 being the entire amount levied for such bond principal and interest payment purposes for the fiscal year commencing January 1, 2020 and ending December 31, 2020. Section 5: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $453,369.00 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 $453,369.00 being the entire amount levied for such bond interest payment purposes for the fiscal year commencing January 1, 2020 and ending December 31, 2020. Section 6: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $309,750 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 $309,750.00 being the entire amount levied for such bond principal and interest payment purposes for the fiscal year commencing January 1, 2020 and ending December 31, 2020. 2 5 Section 7: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $1,946,750.00 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 $780,000.00 levied for such bond interest payment purposes for the fiscal year commencing January 1, 2020 and ending December 31, 2020. Section 8: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $577,800.00 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 $577,800 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 $265,350 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 $265,350 being the entire amount levied for such bond principal and interest payment purposes for the fiscal year commencing January 1, 2020 and ending December 31, 2020. 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 , 2020. Arlene A. Juracek, Mayor 3 6 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, 2020 AND ENDING DECEMBER 31, 2020 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2020 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the day of , 2020.