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HomeMy WebLinkAboutOrd 3164 12/01/1981 RDINA~NCE NO. 3164 AN ORDINANCE TO AMEND A~ ORDINANCE PROVIDING FOR THE ISSUE OF A $25,000.00 UNLIMITED AD VALOREM TAX .BOND OF SPECIAL SERVICE AREA 'NUMBER 3 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. 3141 adopted on September 15, 1981, did establish a Special Service Area known as .Special Service Area No. 3; and WHEREAS, following the filing of a said Ordinance in the office of the Clerk of Cook County steps were taken to establish said SpediaI[ Service Area for the year 1981; and ~ WHEREAS, on September 15, 1981 the Village of Mount prospect adopted Ordinance No. 3143 entitled "An Ordinance Providing for the issue of a $25,000.00 Unlimited Ad Valorem Tax Bond of Special Service Area No. 3 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 ~'UHEREAS, 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. 3 of the Village of Mount Prospect in 1981 it becomes necessary to am. end Sections 5 and 6 said Ordinance No. 3143, which Sections provide for the le~t of the pertinent direct annual tax to meet the maturity schedule of.~aid Bond, so as to bring said tax levy schedule into con- formance with i~he maturity schedule of said Bonds for ~he 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 COU~JTY, ILLINOIS: SECTION ONE: Ordinance No. 3143 entitled "An Ordinance Providing for the issue of a $25,000.00 Unlimited Ad Valorem Tax Bond of Special Service Area No. 3 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" -~i~D adopted on SeptemDer !5~ 1981, is hereby amended by amending Section 5 and Section 6 thereof to read as follows: SECTION 5: That for %he purpose of providing the 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 3, a direct annual tax for each of the years while said b<~nd is outstanding in amounts sufficient for that purpose, and that there be and there is levied upon all of the said %axable property in said Special Service Area in addition to all other taxes the following direct annual tax, to-wit: For the Year A Tax Sufficient %o Produce the Sum of: 1981 1982 1983 1984 1985 1986 1987 1988 $5,101.67 for interest and principal up and including December 1-, 1982 4,685.00 for interest and principal 4,685.00 for interest and prmnclpal ~ 4,685.00 for interest and principal 4,685.00 for interest and principal 4,685.00 for interest and principal 4,685.00 for interest and prmncmpal 4,697.59 for interest and pr~nclpal n the event that by reason of a delay 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 and when 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 3 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-~rvice Area Number ~ 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 interest on said bond." SECTION TWO: This Ordinance shall be published once within ten (10) days after adoption in the Mount Prospect Herald, the same. being the news- paper published in and with a general circulation within said Village, and a certified copy of this Ordinance shall thereafter be filed in the office of the Clerk of Cook County. SECTION THREE: This Ordinance shall be in full ~orce and effect upon its passage, approval and publication as provided by law. PASSED: This 1st day of December. , 1981 APPROVED: This 1st day of December .,-1981. AYES: NAYS: ABSENT: Arthur, Farley, Floros, Miller, Murauskis None Wattenberg V~ LLAGE PRESIDENT ATTEST: VILLAGE CLERK