HomeMy WebLinkAboutOrd 6587 11/16/2021To abate a part of the taxes levied for corporate and municipal purposes of the Village of Mount Propsect, Illinois for the fiscal year beginning January 01, 2021 and ending December 31, 2021ORDINANCE NO. 6587
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, 2021 AND ENDING DECEMBER 31, 2021
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 16th day of November 2021
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois, the
17th day of November, 2021.
ORDINANCE NO. 6587
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, 2021 AND ENDING DECEMBER 31, 2021
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 series 2013 for financing the construction
of various flood control projects throughout the village there was levied for the year
2021 the sum of $921,206.00 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 series 2017 for financing the
costs of certain water and sewer capital projects in the Village, there was levied for
the year 2021 the sum of $304,531.26 for bond interest payments.
C. That pursuant to Village Ordinance No. 6347 adopted November 7, 2017
authorizing the issuance of general obligation series 2017 bonds for financing the
costs of certain capital projects in the Village (TIF), there was levied for the year
2021 the sum of $308,768.76 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 series 2018A for financing the costs of
certain water and sewer capital projects in the Village, there was levied for the year
2021 the sum of $318,000.00 for bond interest payments.
E. That pursuant to Village Ordinance No. 6385 adopted April 17, 2018 authorizing
the issuance of general obligation bonds series 2018A for financing the costs of
certain capital projects in the Village (TIF), there was levied for the year 2021 the
sum of $469,369.00 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 series 2018B for financing the
construction of Police and Fire HQ projects and refunding of certain bonds of the
village there was levied for the year 2021 the sum of $1,568,750.00 for bond
interest payments.
G. That pursuant to Village Ordinance No. 6449 adopted April 16, 2019 authorizing
the issuance of general obligation bonds series 2019A for financing the costs of
certain water and sewer capital projects in the Village, there was levied for the year
2021 the sum of $590,800.00 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 series 2019B 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 2021 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 $921,206 levied for G.O. Bond series 2013 interest and principal
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
$921,206 being the entire amount levied for such bond interest payment purposes for the fiscal
year commencing January 1, 2021 and ending December 31, 2021.
Section 3: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $304,531.26 levied for G.O. Bond series 2017 interest and principal
payments for the purpose of funding water and sewer construction projects throughout the village
pursuant to Ordinance No. 6347 be and the same is hereby abated in the amount of $304,531.26
being the entire amount levied for such bond interest payment purposes for the fiscal year
commencing January 1, 2021 and ending December 31, 2021.
Section 4: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $308,768.76 levied for G.O. Bond series 2017 principal and interest
payments for the purpose of funding construction projects throughout the village (TIF) pursuant
to Ordinance No. 6347 be and the same is hereby abated in the amount of $308,768.76 being the
entire amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2021 and ending December 31, 2021.
Section 5: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $318,000.00 levied for G.O. Bond series 2018A interest and principal
payments for the purpose of funding water and sewer construction projects throughout the village
pursuant to Ordinance No. 6385 be and the same is hereby abated in the amount of $318,000.00
being the entire amount levied for such bond interest payment purposes for the fiscal year
commencing January 1, 2021 and ending December 31, 2021.
Section 6: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $469,369.00 levied for G.O. Bond series 2018A principal and interest
payments for the purpose of funding construction projects throughout the village (TIF) pursuant
to Ordinance No. 6385 be and the same is hereby abated in the amount of $469,369.00 being the
entire amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2021 and ending December 31, 2021.
Section 7: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $1,568,750.00 levied for G.O. Bond series 2018 B 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 $1,115,000 levied for such bond interest
payment purposes for the fiscal year commencing January 1, 2021 and ending December 31, 2021.
Section 8: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $590,800.00 levied for G.O. Bond series 2019A principal and interest
payments for the purpose of funding water and sewer construction projects throughout the village
pursuant to Ordinance No. 6449 be and the same is hereby abated in the amount of $590,800 being
the entire amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2021 and ending December 31, 2021.
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 series 2019B 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, 2021 and ending December 31, 2021.
Section 10: 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 Nine of
this Ordinance.
Section 11: 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 12: 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: Filippone, Gens, Matuszak, Pissaneck, Rogers, Saccotelli
NAYS: None
ABSENT: None
PASSED and APPROVED this _ 17th day of November 2021.
ATTEST:
--Llt 1---l-1-11 - - ------ - -
Karen Agoranos, Village Jerk
Village of Mount Prospect
Debt Service Levy Abatement
Levy Year 2021 (Payable 2022)
Village of Mount Prospect
Series 2012
885,000
27,436
912,436
912,436
18,249
930,685
Series 2013
585,000
336,206
921,206
921,206 -
-
-
Series 2014
1,125,000
71,700
1,196,700
- 1,196,700
23,934
1,220,634
Series 2016
-
265,800
265,800
- 265,800
5,316
271,116
Series 2017 (TIF)
155,000
153,769
308,769
308,769 -
-
-
Series 2017 (WTR)
160,000
144,531
304,531
304,531
Series 2018a (TIF)
205,000
264,369
469,369
469,369
Series 2018a (WTR)
150,000
168,000
318,000
318,000 -
-
-
Series 2018b (new)
-
1,444,250
1,444,250
1,115,000 329,250
6,585
335,835
Series 2018b (refi)
-
124,500
124,500
- 124,500
2,490
126,990
Series 2019a (WTR)
265,000
325,800
590,800
590,800 -
-
-
Series 2019E (TIF)
-
265,350
265,350
265,350
Total Debt Service Levy 8,702,711
Total Debt Service Levy, Abated 4,293,025
Net Debt Service Levy 4,409,686
2% Loss & Costs 88,194
Net Levy 4,497,880