HomeMy WebLinkAboutOrd 4377 12/17/1991 ORDINANCE NO. %377
AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED
FOR CORPORATE AND MUNICIPAL PURPOSES OF T~E
VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR
THE FISCAL YEAR BEGINNING MAY 1, 1991 AND
ENDING APRIL 30, 1992
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the ~Tth day of December , 1991
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
19th day of ~, 1991.
O~IN~CE NO. 4377
AN ORDINANCE TO ABATE A PART OF THE TAXES ~LEVIED FOR
CORPORATEANDMUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT
PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING MAY 1,
1991 AND ENDING APRIL 30, 1992
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. 2478 adopted December 4, 1973
and authorizing the issuance of general obligation bonds for acquiring
and constructing sewer improvements there was levied for the year 1991
the sum of $165,750 for bond principal and interest payments.
B. 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 1991 the
sum of $245,200 for bond principal and interest payments.
C. That pursuant to Village Ordinance No. 3788 adopted June 2, 1987 and
authorizing the issuance of general obligation bonds for the construc-
tion of a new public works facility, purchase of certain equipment, and
acquisition of land snd constructing improvements in the Village's Tax
Incremental Financing District No. 1, there was levied for the year
1991 the sum of $669,595 for bond principal and interest payments.
D. That pursuant to Village Ordinance No. 3839 adopted September 15, 1987
and authorizing the issuance of general obligation bonds for the
purpose of refunding $1,570,000 outstanding principal amount of General
Obligation Bonds, Series 1985, there was levied for the year 1991 the
sum of $113,872.50 for bond principal and interest payments.
E. That pursuant to Village Ordinance No. 3951 adopted June 21, 1988 and
authorizing the issuance of general obligation bonds for 1988 sewer
system improvement purposes there was levied for the year 1991 the sum
of $113,525 for bond principal and interest payments
F. That pursuant to Village Ordinance No. 4307 adopted May 7, 1991 and
authorizing the issuance of general obligation bonds for the construc-
tion 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
there was levied for the year 1991 the sum of $912,040.83 for bond and
interest payments
G. That as of December 1, 1991 there has been collected, deposited to and
on hand in the Article XVI - General Obligation Bond and Interest Fund
the sum of $20,000 for application to bond and interest payments for
the bonds issued pursuant to Village Ordinance No. 2478 adopted
December 4, 1973; the sum of $40,000 for application to the bond and
interest payments for the bonds issued pursuant to Village Ordinance
No. 2541 adopted November 19, 1974;the sum of $319,595 for application
to bond and interest payments for the bonds issued pursuant to Village
Ordinance No. 3788 adopted June 2, 1987; the sum of $113,872.50 for
application to bond and interest payments for the bonds issued pursuant
to Village Ordinance No. 3839 adopted September 15, 1987; the sum of
$113,525 for application to bond and interest payments for the bonds
issued pursuant to Village Ordinance No. 3951 adopted June 21, 1988;
and the sum of $912,040.83 for application to bond and interest
payments for the bonds issued pursuant to Village Ordinance No. 4307
adopted May 7, 1991.
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 $165,750 levied for G.O.
Bond and Interest payments for acquiring and constructing sewer improvements pursuant
to Village Ordinance No. 2478 be and the same is hereby abated in the amount of
$20,000 leaving a balance of $145,750 as that amount levied for such bond and interest
payment purposes for the fiscal year commencing May 1, 1991 and ending April 30, 1992.
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 $245,200 levied for G.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 $40,000 leaving a balance of $205,200 as that amount levied for such bond and
interest payment purposes for the fiscal year commencing May 1, 1991 and ending
April 30, 1992.
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 $669,595 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 be and
the same is hereby abated in the amount of $319,595 leaving a balance of $350,000 as
that amount levied for such bond and interest payment purposes for the fiscal year
commencing May 1, 1991 and ending April 30, 1992.
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 $113,872.50 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
be and the same is hereby abated in the amount of $113,872.50 being the entire amount
levied for such bond and interest payment purposes for the fiscal year commencing
May 1, 1991 and ending April 30, 1992.
Section Six: It is hereby declared and determined by the President and Board of
Trustees of the Village of Mount Prospect the amount of $113,525 levied for G. O. Bond
nd Interest payments for the purpose of 1988 Sewer System Improvement Purposes
pursuant to Village Ordinance No. 3951 be and the same is hereby abated in the amount
of $113,525 being the entire amount levied for such bond and interest payment purposes
for the fiscal year commencing May t, 1991 and ending April 30, 1992.
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 $912,040.83 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 be and the same is hereby abated in the amount
of $912,040.83 being the entire amount levied for such bond and interest payment
purposes for the fiscal year commencing May 1, 1991 and ending April 30, 1992.
Section Eight: Village Ordinance Nos. 2478, 2541, 3788, 3839, 3951, and 4307, 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 Nine: 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 Ten: This Ordinance shall be in full force and effect upon its passage,
approval and publication in pamphlet form and filing as providedby law.
AYES: Busse, Clowes, Corcoran, Floros, Hoefert, Wilks
NAYS: None
ABSENT: None
PASSED and APPROVED this 17th day of December, 1991.
ATTEST: ~ Gerald L. ~arley, ~ill~esident
Carol A. Fields, Village Clerk