HomeMy WebLinkAboutOrd 4689 12/21/1994 ORDINANCE NO. 4689
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
MAY 1, 1994 AND ENDING APRIL 30, 1995
Passed and approved by
the President and Board of Trustees
the 21st day of December ,1994
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
21st day of Decembe{, 1994.
ORDINANCE NO. 4689
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
MAY 1, 1994 AND ENDING APRIL 30, 1995
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. 2541 adopted November 19, 1974 and
authorizing the issuance of general obligation bonds for Library and Village Hall
improvements there was levied for the year 1994 the sum of $210,000 for bond
principal and interest payments.
B. 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 filed November 19, 1993, there was levied for the
year 1994 the sum of $497,520 for bond principal and interest payments.
C, 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 1994 the sum of $86,360 for bond principal and interest payments.
D. 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 1994 the sum of $521,855 for bond principal
and interest payments.
E. 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 1994 the sum of $817,062.50 for bond principal and interest payments.
F. 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. I Tax Increment Redevelopment Project Area, and the refunding of certain of
the Village's General Obligation Bonds, Series 1957B, Series 1987D, Series 1991A
and Series 1991B there was levied for the year 1994 the sum of $664,675 for bond
principal and interest payments.
G. 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 1994 the sum of $893,162.50 for bond principal and interest
payments.
H. That as of December 1, 1994 there has been collected, deposited to and on hand in
the Series 1974 General Obligation Bond and Interest Fund the sum of $10,000 for
application to bond principal and interest payments for the bonds issued pursuant
to Village Ordinance No. 2541 adopted November 19, 1974.
I. That as of December 1, 1994 there has been collected, deposited to and on hand in
the Series 1987B and 1987C General Obligation Bond and Interest Funds the sum
of $235,600 for application to bond principal and interest payments for the bonds
issued pursuant to Village Ordinance No. 3788 adopted June 2, 1987.
That as of December 1, 1994 there has been collected, deposited to and on hand in
the Series 1987D General Obligation Bond and Interest Fund the sum of $86,360
for application to bond principal and interest payments for the bonds issued pursuant
to Village Ordinance No. 3839 adopted September 15, 1987.
K. That as of December 1, 1994 there has been collected, deposited to and on hand in
the Series 1991A and 1991B General Obligation Bond and Interest Funds the sum
of $251,855 for application to bond principal and interest payments for the bonds
issued pursuant to Village Ordinance No. 4307 adopted May 7, 1991.
L. That as of December 1, 1994 there has been collected, deposited to and on band in
the Series 1992A and 1992B General Obligation Bond and Interest Funds the sum
of $817,062.50 for application to bond principal and interest payments for the
bonds issued pursuant to Village Ordinance No. 4397 adopted February 4, 1992.
M. That as of December 1, 1994 there has been collected, deposited to and on hand in
the Series 1993A and 1993B General Obligation Bond and Interest Funds the sum
of $429,903 for application to bond principal and interest payments for the bonds
issued pursuant to Village Ordinance No. 4539 adopted April 21, 1993.
N. That as of December 1, 1994 there has been collected, deposited to and on hand in
the Series 1994A and 1994B General Obligation Bond and Interest Funds the sum
of $893,162.50 for application to bond principal and interest payments for the
bonds issued pursuant to Village Ordinance No. 4624 adopted March 1, 1994.
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 $210,000 levied for O.O. Bond and Interest
payments for 1974 Library and Village Hall improvement purposes pursuant to Village Ordinance
No. 2541 be and the same is hereby abated in the amount of $10,000 leaving a balance of
$200,000 as that amount levied for such bond and interest payment purposes for the fiscal year
commencing May 1, 1994 and ending April 30, 1995.
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Section Three: R is hereby declared and determined by the President and Board of Trustees of
the Village of Mount Prospect that the amount of $497,520 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 $235,600 leaving a balance of $261,920 as that amount
levied for such bond and interest payment purposes for the fiscal year commencing May 1, 1994
and ending April 30, 1995.
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 $86,360 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 filed November 19,
1993, be and the same is hereby abated in the amount of $86,360 being the entire amount levied
for such bond and interest payment purposes for the fiscal year commencing May 1, 1994 and
ending April 30, 1995.
Section Five: R is hereby declared and determined by the President and Board of Trustees of the
Village of Mount Prospect that the amount of $521,855 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.
I 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
$251,855 leaving a balance of $270,000 as that amount levied for such bond and interest payment
purposes for the fiscal year commencing May 1, 1994 and ending April 30, 1995.
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 $817,062.50 levied for (~.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
$817,062.50 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing May I, 1994 and ending April 30, 1995.
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 $664,675 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 $429,903 leaving a balance of $234,772 as that amount levied for
such bond and interest payment purpose for the fiscal year commencing May 1, 1994 and ending
April 30, 1995.
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 $893,162.50 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. I Tax Increment Redevelopment Project Area
pursuant to Village Ordinance No. 4624 be and the same is hereby abated in the amount of
$893,162.50 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing May 1, 1994 and ending April 30, 1995.
ection Nine: Village Ordinance Nos. 2541, 3788, 3839, 4307, 4397, 4539, and 4624, are and
each is hereby amended with respect to the tax abatements declared herein and set forth in Sections
Two through Eight of this Ordinance.
Section Ten: 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 Eleven: This Ordinance shall he in full force and effect upon its passage, approval and
publication in pamphlet form and filing as provided by law.
AYES: Clowes, Corcoran, Hendricks, Hoefert, Skowron, Wilks
NAYS: None
ABSENT: None
PASSED and APPROVED this 21st day of December, 1994.
~erald L. Farley~/~llage President
ATTEST: /,
Carol A. Fields, Village Clerk
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