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HomeMy WebLinkAboutOrd 3589 12/03/1985 RDINANCE NO. 3589 AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR GENERAL OBLIGATION BONDS AND INTEREST FUND PURPOSED OF SPECIAL SERVICE AREA NUMBER 5 OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING MAY 1, 1985 AND ENDING APRIL 30, 1985 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 3~d DAY ©F December ,1985. Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 5th day of December , 1985. RDINANCE NO. 3589 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, ILLINOIS FOR THE FISCAL YEAR BEGINNING MAY 1, 1985 AND ENDING APRIL 30, 1986 BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: This 8card finds es follows: That pursuant to Village Ordinance No. 3292, adopted December ?, 1982 and authorizing the issuance of General Obligation Bonds of Special Service Area Numb'Jr 5 of the Village of Mount Rrospect, Cook County, Illinois, interest earned on the money in the Bond Fund and in the Bond Reserve Fund shall be used for the abatement of taxes levied for bond principal and interest payment purposes. To determine the amount of abatement Ordinance No. 3292 requires that the Bond Fund be depleted at least once annually to an amount not greater than one-twelfth (I/12) of the then current annual debt service on said Bonds. During the year ending-December 1, 1985 there had been collected and deposited to the Bond Fund the sum of $379,124 derived from t'he collection of taxes levied for said Bonds and from interest earned on the Bond Fund and Bond Reserve Fund. During the year ending December 1, 1985 the sum of $296,838 was expended from the Bond Fund on bond principal and interest payments leaving a balance in said Fund of $82,286 of which amount the sum of $23,486 represents one-twelfth (1/12) of the then current annual debt service on the Bonds. There thus remains the sum of $58,800 in the Bond Fund available for use in abating taxes levied pursuant to Village Ordinance No.3292 adopted September 7, 1982 for a Special Service Area Number 5 8ond principal and interest payment purposes as set forth in Village Ordinance No. 3559 adopted on September 5, 1985. SECTION TWO: It is hereby declared and determined by the President and 8oerd of Trustees of this Village that the amount of $281,838 levied For G.O. 8ond 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 $58,800, 'leaving a balance of $223,038 as that amount levied For such bond and interest payment purposes For the Fiscal year commencing May 1, 1985 and ending April 30, 1986. SECTION THREE: Village Ordinance 3559 entitled "An Ordinance Authorizing the Levy and Collection of Taxes for the Municipal Purpose of Special Service Area Number 5 of the Village of Mount Prospect for the Fiscal Year Beginning Hay 1, 1985 and ending April 30, 1986" adopted on September 3, 1985 is hereby amended, with respect to the tax abatement declared herein, to reflect an amount levied for construction purposes of $1,000,000 and an amount levied for General Obligation Bond and Interest Fund purposes of $223,038, for a total tax levy of $1,223,038. 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. SECTION FIVE: This Ordinance shall be in full foree and effect upon its passage, approval, publication in pamphlet form, and filing, as provided by law. PASSED and APPROVED this 3rd day of December , 1985. AYES: Arthur, Farley, Floros, Murauskis, NAYS: None ABSENT: None Van Geem, Wattenberg ATTEST: VILLAGE CLERK 2