HomeMy WebLinkAboutOrd 3881 12/15/1987ORDINANCE NO. 3~81
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 MAY 1, 7987 AND ENDING APRIL 30, 1988
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE 15th DAY OF December , 1987.
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
16th day of December , 1987.
ORDINANCE NO. 3~81
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 BEGINNIN~
MAY 1, 1987 AND ENDING APRIL 30, 1988
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:
That pursuant to Village Ordinance No. 2478 adopted December 4, 1973
and authorizing the issuance of general obligation bonds for sewer
system improvement purposes, there was levied for the year 1987 the
sum of $160,750 for bond principal and interest payments.
That pursuant to Village Ordinance No. 2541 adopted November 19, 1974
and authorizing the issuance of general obligation bonds for Library
and Village Hall improvement purposes there was levied for the year
1987 the sum of $294,000 for bond principal and interest payments.
That pursuant to Village Ordinance No. 3788 adopted 3une 2, 1987 and
authorizing the issuance of general obligation bonds for the
construction of a new public works facility, purchase of certain
equipment, and acquisition of land and constructing improvements in
the Village's Tax Incremental Financing District No. 1, there was
levied for the year 1987 the sum of $655,964 for bond principal and
interest payments.
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
1987 the sum of $132,851 for bond principal and interest payments.
That as of December 1, 1987 there has been collected, deposited to
and on hand in the Article XV - General Obligation 8ond and Interest
Fund the sum of $25,750 for application to bond and interest payments
for the bonds issued pursuant to Village Ordinance No. 2478 adopted
December 4, 1973~ the sum of $94,000 for application to bond and
interest payments for the bonds issued pursuant to Village Ordinance
No. 2541 adopted November 19, 1974; the sum of $132,851 for
application to bond and interest payments for the bonds issued
pursuant to Village Ordinance No. 3839 adopted September 15, 1987~
and for the bonds issued pursuant to Village Ordinance No. 3788
adopted 3une 2, 1987, the sum of $268,994 has been collected,
deposited to and on band in 'the Article XV - General Obligation Bond
and Interest Fund as of December 1, 1987 and the Village pledges that
a total of $285~000 collected and on hand in other Village funds will
be deposited in the Article XV - General Obligation Bond and Interest
Fund prior to December 1, 1988.
That pursuant to the defeat of a referendum question on November 3,
1987 to increase the tax for maintenance and operation of the Mount
Prospect Public Library from .23% to .30% of the value as equalized
or assessed by the Department of Revenue, the tax for Library
Operations as set forth in Village Ordinance No. 3836, Article XVII
adopted September 1, 1987 should not exceed $1,353,445.
ECTION TWO: It is hereby declared and determined by the President and Board
of Trustees of the Village of Hount Prospect that the amount of $160,750
levied for G. O. Bond and Interest payments for 1973 sewer system improve-
ments, pursuant to Village Ordinance No. 2478 be and the same is hereby abated
in the amount of $25,750~ leaving a balance of $135,000 as that amount levied
for such bond and interest payment purposes for the fiscal year commencing May
1, 1987 and ending April 30, 1988.
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 $294,000
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 $94,000 leaving a balance of $200,000 as that
amount levied for such bond and interest payment purposes for the fiscal year
commencing May 1, 1987 and ending April 30, 1988.
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 $655,964
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 $553,994 leaving a balance of $101,970 as that amount levied for
such bond and interest payment purposes for the fiscal year commencing May 1,
1987 and ending April 30, 1978.
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 $132,851
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
$132,851 being the entire amount levied for such bond and interest payment
purposes for the fiscal year commencing May 1, 1987 and ending April 30, 1988.
SECTION SIX: It is hereby declared and determined by the President and Board
of Trostees of the Village of Mount Prospect that the amount of $1,659,433
levied for the maintenance and operation of the Mount Prospect Public Library
and the maintenence and repairs of library building and equipment pursuant to
Village Ordinance No. 3836 be and the same is hereby abated in the amount of
$305,988 leaving a balance of $1,353,445 as that amount levied for library
purposes for the fiscal year commencing May 1, 1987 and ending April 30, 1988.
SECTION SEVEN: Village Ordinance Nos. 2478, 2541, 3788, 3839, and 3836, are
and each is hereby amended with respect to the tax abatements declared herein
and set forth in Sections Two through Six of this Ordinance.
SECTION EIGHT: 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 NINE: 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: Arthur, Farley, Floros, Murauskis, Van Geem,
NAYS: None
ABSENT~o°e
PASSED and APPROVED this 15th day of December, 1987.
Wattenberg
ATTEST:
Carol A. Fields
Village Clerk
H. Krause
Vilrage President