HomeMy WebLinkAboutOrd 4006 12/06/1988ORDINANCE NO. 4006
AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED
FOR GENERAL OBLIGATION BONDS AND INTEREST FUND
PURPOSES OF SPECIAL SERVICE AREA NUMBER 5 OF THE
VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR
BEGINNING MAY 1, 1988 AND ENDING APRIL 30, 1989
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 6th day of December, 1988
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
7th day of December, 1988.
ORDINANCE NO. 4006
AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR
GENERAL OBLIGATION BONDS AND INTEREST FUND PURPOSES OF
SPECIAL SERVICE AREA NUMBER 5 OF THE VILLAGE OF MDUNT
PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING MAY 1,
198B AND ENDING APRIL 30, 1989
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT
PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: Thzs Board fznds as follows:
Ae
Be
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Ee
That pursuant to Vzllage Ordznance No. 3292, adopted
December 7 1982 and authorzzzng the issuance of Generai
Oblzgatzon Bonds of Speclai Servzce Area Number 5 of the
Vziiage of Mount Prospect, Cook County, Illzno~s, interest
earned on the money zn the Bond Fund and zn the Bond Reserve
Fund shaii be used for the abatement of taxes levzed for bond
prznczpaI and ~nterest payment purposes.
To determine the amount of abatement Ordznance No. 3292
requzres that the Bond Fund be depleted at least once annually
to an amount not greater than one-twelfth (1/12) of the then
current annual debt servzce on sazd Bonds,
Durzng the year ending December 1, 1988 there had been
aecumuIated zn the Bond Fund the sum of $394,288 derzved from
the coiiectzon of taxes Ievzed for sazd Bonds and from znterest
earned on the Bond Fund and 8ond Reserve Fund.
Durzng the year ending December 1, 1988 the sum of $303,438
was expended from the Bond Fund on bond prznczpai and ~nterest
payments leaving a baiance zn sazd Fund of $90,850 of whzch
amount the sum of $23,912 represents one-tweifth (1/12) of the
then current annuai debt servzce on the Bonds.
There thus remazns the sum of $66,938 zn the Bond Fund
avazIabIe for use zn abatzng taxes ievzed pursuant to VziIage
Ordznance No. 3292 adopted September 7, 1982 for a SpeczaI
Servzce Area Number 5 bond prznc~paI and ~nterest payment
purposes.
SECTION TWO: It zs hereby declared and determzned by the Preszdent and Board
of Trustees of thzs VziIage that the amount of $286,938 Iewed for G.O. Bond
and Interest payments of SpeczaI Servzce Area Number 5 of thzs VzIiage,
pursuant to V~Iiage Ordznance No. 3292 be and the same zs hereby abated zn the
amount of $66,938, Ieavzng a baiance of $220,000 as that amount ievzed for
such bond and znterest payment purposes for the fzscai year commenczng May 1,
1988 and ending AprzI 30, 1989.
ECTION THREE: Vzllage Ordznance 3975 entztled "An Ordinance Authorlzzng the
Levy and Collectzon of Taxes for the Munzczpal Purposes of Speczal Service
Area Number One, Speczal Service Area Number Two, Speczal Servzce Area Number
Three, Speczal Service Area Number Four, Speczal Servzce Area Number Five, and
Speczal Servlce Area Number Slx of the Vzllage of Mount Prospect for the
Fzscal Year Begznnzn~ May 1, 198B and Endzng Aprzl }D, 1989" adopted on
September 6, 1988 is hereby amended, with respect to the tax abatement
declared herezn, to reflect an amount levzed under Artzcle V, Special Servzee
Area Number Fzve, for construction purposes of $1,288,000 and an amount
levzed for General Oblzgatzon Bond and Interest Fund purposes of $220,000, for
a total tax levy of $1,508,000, excluszve of the provzszon for loss and cost
of collection.
SECTION FOUR: The Vzllage Clerk of this Vzllage zs hereby authorized and
directed to fzle a eertlfzed copy of thzs Ordinance wzth the County of Cook
County, Illznols wzthln the tzme speczfzed by law.
SECTION FIVE: This Ordznanee shall be zn full force and effect upon zts
passage, approval, publlcatzon in pamphlet form, and filing, as provided by
law.
PASSED and APPROVED thze 6th day of December , 1988.
AYES:
NAYS:
ABSENT:
Arthur, F~ley, Floros~ Van Geem, Wattenberg, Murauskis
None
None
ATTEST:
C~oIyn H. Krauae
V%llage Preszdent
Carol A. Fzelds
Village Clerk