HomeMy WebLinkAboutOrd 3487 12/18/1984 RDINANCE NUMBER 3487
AN ORDINANCE TO ABATE A PART OF THE TAXES
LEVIED FOR GENERAL OBLIGATION BOND AND
INTEREST FUND PURPOSES AND FOR CONSTRUCTION
COST PURPOSES FO SPECIAL SERVICE AREA
NUMBER 5 OF THE VILLAGE OF MOUNT PROSPECT,
ILLINOIS FOR THE FISCAL YEAR BEGINNING
~;~Y 1, 1984 AND ENDING APRIL 30, 1985
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE 18th of December, 1984
Published an pamphlet form by
authority of the corporate
authorities of the village of
Mount Prospect, Illinois, the
18th day of December, 1984
RDINANCE NO. ~4R7
AN ORDINANCE TO ABATE A PART OF THE TAXES
LEVIED FOR GENERAL OBLIGATION BOND AND
INTEREST FUND PURPOSES AND FOR CONSTRUCTION
COST PURPOSES OF SPECIAL SERVICE AREA
NUMBER 5 OF THE VILLAGE OF MOUNT PROSPECT,
ILLINOIS FOR THE FISCAL YEAR' BEGINNING
MAY 1, 1984 AND ENDING APRIL~30, 1985
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION 1: This Board finds as follows:
A#
That pursuant to Village Ordinance No. 3292, adopted
December 7, 1982 and authorizing the issuance of
General Obligation 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 shall
be used for the abatement of taxes levied for bond
principal and interest payment purposes.
To determine the amount of abatement Ordinance
Number 3292 requires 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 service on said Bonds.
Ce
During the year ending December 1, 1984 there has
been collected, deposited to and otherwise on hand
in the Bond Fund the sum of $385,912.00 derived
from the collection taxes levied for said Bonds and
from interest earned on the Bond Fund and Bond
Reserve Fund.
Do
On December 1, 1984 the sum of $284,337.00 was
expended from the Bond Fund on Bond principal and
interest and interest payments leaving a balance
in said Fund of $101,575.00 of which amount the
sum of $24,737.00 represents one-twelfth (1/12) of
the then current annual debt service 6n the Bonds.
There thus remains the sum of $76,838.00 in the Bond
Fund available for use in abating taxes levied pursuant
to Village Ordinance Number 3292 for Special Service
Area Number 5 Bond principal and interest payment
purposes.
In addition, on December 1, 1984 there was on hand in
the Construction Fund for application to the Construc-
tion costs the sum of $105,5 00.00 derived from sources
other than taxes, which amount is available for use in
abating taxes levied pursuant to Village Ordinance
Number 3456 adopted September 4, 1984 for Special
Service Area Number 5 Construction Cost purposes.
SECTION 2: It is hereby declared and determined by the
President and Board of Trustees of this village that the amount
of $296,838.00 levied for G.O. Bond and Interest payments of
Special Service Area Number 5 of this Village, pursuant to
Village Ordinance Number 3292 be and the same is hereby abated in
the amount of $76,838.00, leaving a balance of $220,000.00 as that
amount levied for such Bond and Interest payment purposes for
the fiscal year commencing May 1~ 1984 and ending April. 30, 1985.
SECTION 3: It is hereby declared and determined by the
President add Board of Trustees of this Village that the amount
of $905,500.00 levied for Construction Cost payments of Special
Service Area Number 5 of this Village~ pursuant to Village
Ordinance Numlber 3456 be and the same is hereby abated in the
amount $105,500.00, leaving a balance of $800,000.00 as that
amount levied for such Construction Cost payment purposes for
the fiscal year commencing May 1, 1984 and ending April 30, 1985.
SECTION 4: Village Ordinance Number 3456 entitled "An
Ordinance Aurthorizing the Levy and Collection of Taxes for the
Municipal Purposes of Special Service Area Number 5 of the
Village of Mount Prospect for the Fiscal Year Beginning May 1,
1984 and ending April 30, 1985" adopted on September 4, 1984
is hereby amended, with respect to the tax abatement declared
herein, to reflect (without a loss and cost of collection factor)
an amount levied for construction purposes of $800,000.00
and an amount levied for General Obligation Bond and interest
fund purposes of $220,000o00~ for a total tax levy of $1,020,000.00.
SECTION 5: The Village Clerk of this Village 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 6: 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 18th day of December, 1984.
AYES: Arthur,
NAYS: None
ABSENT: None
Farley,
Floros, Murauskis, Van Geem,
Wattenberg
PRES IDENT
ATTEST:
VILLAGE CLERK