HomeMy WebLinkAboutOrd 4353 10/01/1991 ORDINANCE NO. 4353
AN ORDINANCE to close out certain Special Service
Area Bond and Interest Fund Accounts maintained
by the Village of Mount Prospect, Cook County,
Illinois, and to authorize the transfer of
excess funds on hand in said Accounts
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE lst DAY OF 0ctob~r , 1991
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois the
day of , 1991.
ORDINANCE NO. 4353
AN ORDINANC~ to close out certain Special Service
Area Bond and Interest Fund Accounts maintained
by the Village of Mount Prospect, Cook County,
Illinois, and to authorize the transfer of
excess funds on hand in said Accounts
WHEREAS, on September 15, 1981, this Board did establish
Special Service Area No. 3 for the purpose of improving a portion
of South Wille Street and did also establish Special Service Area
No. 4 for the purpose of improving portions of Busse Road and South
Wille Street, within the Village of Mount Prospect; and
WHEREAS, pursuant to the establishment of said Special Service
Areas No. 3 and 4, this Village did issue $25,000 and $50,000 in
Special Service Area bonds respectively, for the purpose of funding
said improvements, and did further establish a separate Bond and
Interest Fund Account for each designated Special Service Area, to
be used for the purpose of paying principal and interest on the
outstanding bonds; and
WHEREAS, this Village did further contribute the additional
sum of $58,920 in capital improvement funds toward payment of the
costs of the Special Service Area No. 3 improvement, and did
contribute the sum of $189,304 in capital improvement funds for
payment of the costs of the Special Service Area No. 4 improvement;
and
WHEREAS, the improvements in said Special Service Areas No. 3
and 4 have been completed and paid for in full, and the bonds
issued for the purpose of paying a portion of the costs of said
improvements in the amounts of $25,000 and $50,000 respectively
have been paid in full and cancelled, and there are no longer any
outstanding bonds or interest amounts due with respect to Special
Service Areas No. 3 and 4; and
WHEREAS, there remains on hand in the Special Service Area No.
3 Bond and Interest Fund Account the sum of $214.96 and in the
Special Service Area No. 4 Bond and Interest Fund Account the'sum
of $1,320.36, both of which amounts are less than the sums
contributed by the Village of Mount Prospect to each Special
Service Area for capital improvement purposes; and
WHEREAS, there is no longer any use for the amounts on hand in
said Bond and Interest Fund Accounts, and it is in the best
interest of the public that said accounts be closed and said
amounts on hand be transferred as hereinafter provided.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS,
AS FOLLOWS:
Section 1: This Board finds that the improvements
pertaining to Special Service Areas No. 3 and 4 have been
completed, and all costs and expenses pertaining thereto,
including the costs of payment for all bonds issued with
respect to said improvements, havebeen paid in full and there
are no outstanding bonds or other costs or expenses due and
owing with respect to either of said improvements.
Section 2: The Finance Director of this Village is
hereby authorized and directed to close out the separate Bond
and Interest Fund Accounts maintained by this Village with
respect to Special Service Areas No. 3 and 4 and to transfer
the fund balance on hand in the respective amounts of $214.96
remaining in Special Service Area No. 3 and $1,320.36
remaining in Special Service Area No. 4 to the Capital
Improvement Fund of this Village, in partial reimbursement of
capital improvement funds previously expended by the Village
on the above-designated improvements.
Section 3: This, Ordinance shall be in full force and
effect upon its passage, approval and publication, as provided
by law.
PASSED: this l~t day of 9ctebgr , 1991,
AYES: Busse, Corcoran, Clowes, Hoefert, Wilks
NAYS: None
ABSENT: None
APPROVED: this 1st day of 0ctober, 1991.
PUBLISHED: this 2nd day of October 1991
in pamphlet fo~qm.
VlLI~kGE PRESIDENT PRO
ATTEST:
VILI~GE CLERK
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