HomeMy WebLinkAboutOrd 3165 12/01/1981 RDINANCE NO. 3165
AN ORDINANCE TO AMEND AN ORDINANCE PROVIDING
FOR THE ISSUE OF A $50,000.00 UNLIMITED AD.
VALORE~ TAX BOND OF SPECIAL SERVICE AREA
NUMBER 4 OF THE VILLAGE OF MOUNT PROSPECT~
COOK COUNTY, ILLINOIS, AND THE LEVY OF A
DIRECT ANNUAL TAX SUFFICIENT TO PAY THE
PRINCIPAL AND INTEREST ON SAID BOND.
WHEREAS, the Village of Mount Prospect, pursuant to Village
Ordinance No. 3142 adopted on September 15, 1981, did establish a
Special Service Area known as Special Service Area No. 4; and
WHEREAS, following the filing of said Ordinance in the office
of the Clerk of Cook County steps were taken to establish said Special
Service Area for the year 1981; and
WHEREAS, on September 15, 1981 the Village of Mount Prospect
adopted Ordinance No. 3144 entitled "An Ordinance Providing for the
issue of a $50,000.00 Unlimited Ad Valorem Tax Bond of Special Service
Area No. 4 of the Village of Mount Prospect, Cook County, Illinois,
and the levy of a direct annual tax sufficient to pay the principal
and interest on said Bond"; and
WHEREAS, said Ordinance was published in full in the Mount Prospect
Herald on September 22, 1981 and thereafter a certified copy thereof was
filed in the office of the Clerk of Cook County on October 1, 1981; and
WHEREAS, by virture of the establishment of Special Service Area
No. 4 of the Village of Mount Prospect in 1981 it becomes necessary to
amend Sections 5 and 6 of said Ordinance No. 3144, which Sections provide
for the levy of the pertinent direct annual tax to meet the maturity
schedule of said Bond, so as to bring said tax levy schedule into con-
formance with the maturity schedule of said Bonds for the tax years
from 1981 through 1988.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: Ordinance No. 3144 entitled "An Ordinance Providing
for the issue of a $50,000.00 unlimited Ad Valorem Tax Bond of Special
Service Area No. 4 of the Village of Mount Prospect, Cook County, Illinois,
and the levy of a direct annual tax sufficient to pay the principal and
interest on said Bond" as adopted on September 15, 1981, is hereby
__.~mended by amending Section 5 and Section 6 thereof to read as follows:
"SECTION 5: That for the purpose of providing funds required
to pay the interest on said bond as it falls due, and also to
pay and discharge the principal amounts thereof as they mature,
there be and there shall be levied upon all taxable property
within the Village of Mount Prospect Special Service Area
Number 4, a direct annual tax for each of the years while said
bond is outstanding in amounts sufficient for that purpose,
and that there be and there is levied upon all of the said
taxable property in said Special Service Area in addition to
all other taxes the following direct annual tax, to-wit:
For the Year
A Tax Sufficent to Produce the Sum of:
1981
1982
1983
1984
1985
1986
1987
1988
$10,203.33 for interest and principal up to
and including December 1, 1982
9,370.00 for interest and principal
9,370.00 for interest and principal
9,370.00 for interest and principal
9,370.00 for interest and prlncmpal
9,370.00 for interest and principal
9,370.00 for interest and prmnc~pal
9,395.17 for interest and principal
n the event that by reason of a dela~ in the collection
of taxes in said Village, proceeds of taxes hereby levied
are not available in time to meet any payments of principal
and interest upon said bonds, then the fiscal officers
of the Village are hereby directed to make such payments
from any current funds of the Village that are available
for this purpose in advancement of the collection of said
taxes herein levied a~d ~hen the proceeds of.such taxes
herein levied are received said funds shall be reimbursed.
SECTION 6: That forthwith as soon as this ordinance becomes
effective, the Village Clerk of said Village be and is hereby
directed to file a copy of said ordinance with the County
Clerk of Cook County, illinois, and it shall be the duty of
said County Clerk to annually in and for each of the years
1981 to 1988,~inclusive, ascertain the rate percent required
to produce the aggregate tax hereinabove levied, and extend
the same for collection on the tax books against all of the
taxable property within the said Village of Mount Prospect
Special Service Area Number 4 in addition to other taxes
levied in each of said years in said Special Service Area
in order to raise the respective amounts levied aforesaid,
'and in each of said years such annual tax shall be computed,
extended and collected in the same manner as now or hereafter
provided by law for the computation, extension and collection
of taxes for general corporate purposes of said Village, and
when collected, the taxes hereby levied shall be placed to
the .credit of a special fund to be designated "Village of
Mount Prospect Special S-ervice Area Number 4 Unlimited Ad
Valorem Tax Bond and Interest Fund", which fund is hereby
irrevocably-pledged to and shall be used only for the purpose
of paying the principal of'and ink'rest on said bond."
SECTION TWO: This Ordinance shall be published once within ~en (10)
days after adoption in the Mount~Prospect Hera!~, the same. being the news-
paper published in and with a general circulation within said Village,
~nd a certified copy of this Ordinance shall thereafter be filed in ~he
office of the Clerk of Cook County.
$
SECTION THREE: This Ordinance shall be in full force and effect upon
its passage, approval and publication as Provided by law.
PASSED: This 1st day of December · , 1981
APPROVED: This !st day of December ·,~-1981.
AYES:
NAYS: None
ABSENT: Wattenberg
Arthur, Farley, Floros, Miller, ~urauskis
~I LLAGE PRE S I DEN'T
ATTEST: