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HomeMy WebLinkAboutOrd 4122 12/05/1989© ORDINANCE NO. 4122 AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR UNLIMITED TAX BONDS AND INTEREST PURPOSES OF SPECIAL SERVICE AREA NUMBER 5 OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING MAY 1, 1989 AND ENDING APRIL 30, 1990 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the 5th day of December , 1989 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 6th day of 1989. ORDINANCE NO. 4122 AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR UNLIMITED TAX BONDS AND INTEREST PURPOSES OF SPECIAL SERVICE AREA NUMBER 5 OF THE VILLAGE OF MOUNT ~ROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING MAY 1, 1989 AND ENDING APRIL 30, 1990 BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: This Board finds as follows: That pursuant to Village Ordinance No. 3292, adopted December 7, 1982 and authorizing the issuance of Unlimited Tax Bonds of Special Service Area Number 5 of the Village of Mount Prospect, Cook County, Illinois, interest earned on the money in the Bond Fund and in the Bond Reserve Fund in excess of the amounts required for bond principal and interest payments shall be used for the abatement of taxes levied for bond principal and interest payment purposes. That the sum of $44,937.50 is available in the Bond Fund for use in abating taxes levied pursuant to Village Ordinance No. 3292 adopted September 7, 1982 for a Special Service Area Number 5 bond principal and interest payment purposes. SECTION TWO: It is hereby declared and determined by the President and Board of Trustees of this Village that the amount of $294,937.50 levied for Unlimited Tax Bond and Interest payments of Special Service Area Number 5 of this Village, pursuant to Village Ordinance No. 3292 be and the same is hereby abated in the amount of $44,937.50, leaving a balance of $250,000 as that amount levied for such bond and interest payment purposes for the fiscal year commencing May 1, 1989 and ending April 30, 1990. SECTION THREE: Village Ordinance 4125 entitled "An Ordinance Authorizing the Levy and Collection of Taxes for the Municipal Purposes of Special Service Area Number One, Special Service Area Number Two, Special Service Area Number Five, and Special Service Area Number Six of the Village of Mount Prospect for the Fiscal Year Beginning May 1, 1989 and Ending April 30, 1990" adopted on December 5, 1989 is hereby amended, with respect to the tax abatement declared herein, to reflect an amount levied under Article III, Special Service Area Number Five, for Lake Water Acquisition purposes of $1,325,000 and an amount levied for Unlimited Tax Bond and Interest purposes of $250,000, for a total tax levy of $1,575,000, exclusive of the provision for loss and cost of collection. SECTION FOUR: The Village Clerk of this Village is hereby authorized and directed to file a certified copy of this Ordinance with the County of Cook County, Illinois within the time specified by law. ECTION FIVE: This Ordinance shall be in full force and effect upon its passage, approval, publication in pamphlet form, and filing, as provided by law. PASSED and APPROVED this 5th day of December, 1989. AYES: Arthur, Busse, Corcoran, Van Geem NAYS: None ABSENT: Floros, Wattenberg ATTEST: Carol ~. Fields Village Clerk Village Preside~