HomeMy WebLinkAboutOrd 3013 06/17/1980 RDINANCE NO. 3013
ORDINANCE ABATING A PORTION OF TAXES HERETOFORE
LEVIED TO PAY THE PRINCIPAL AND INTEREST ON
VILLAGE OF MOUNT PROSPECT SPECIAL SERVICE AREA
NUMBER TWO UNLIMITED AD VALOREM TAX BONDS
WHEREAS, the Village of Mount Prospect, Cook County,
Ellinois, by Ordinance No. 3009 adopted on the 3rd day of June,
1980, did provide for the issue of $335,000 Village of Mount
Prospect Special Service Area Number Two Unlimited Ad Valorem
!ax Bonds and the levy of a direct annual tax sufficient to
lay the principal and interest on said bonds; and
WHEREAS, a duly certified copy of said Ordinance No.
~009 will be filed in the office of the County Clerk of
ook County, Illinois when Ordinance No. 3009 becomes effective;
WHEREAS, the Village of Mount Prospect shall issue only
230,000 of said total authorized issue of $335,000, said bonds
ssued being numbered ! to 13, inclusive, and due on December
of the years and in the amounts as follows:
Year Amount
1982 $10,000
1983 10,000
1984 10,000
1985 15,000
1986 15,000
1987 15,000
1988 15,'000
1989 20,000
1990 20,000
1991 20,000
1992 25~000
1993 25,000
1994 30,000
and
WHEREAS, only such portion of said bonds shall be issued,
is necessary and in the best interests of said Village of
lnt Prospect that a part of the taxes heretofore levied to
~y the principal and interest on said bonds be abated.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD
OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY,
ILLIROIS AS FOLLOWS:
Section One: A part of the taxes heretofore levied in
Ordinance No. 3009 passed and approved by the President and BoaI
of Trustees of the Village of Mount Prospect, Cook County, Illin~
on the 3rd day of June 1980, be abated by that amount resulting
from the issue of only a portion of the bonds authorized in said
Ordinance No. 3009, the years for which taxes were levied in
Section Four of said Ordinance, the amount of the tax levied
in said Section Four for each of said years to pay principal
and interest on said bonds, the amount of the tax to be abated
for each of said years as a result of the issue of only a portioi
of the bonds authorized in said Ordinance and the remainder of
the tax levied which is to be extended for each of said years
to pay principal and interest on said bonds being as follows:
Year
Amount Levied
Amount to be Abated
Remainder of Ta
to be Extended
1980 $36,431.25 $11,418.75 $25,012.50
1981 34,287.50 7,612.50 26,675.00
1982 33,562.50 7,612.50 25,950.00
1983 32,837.50 7,612.50 25,225.00
1984 37,112.50 7,612.50 29,500.00
1985 36,025.00 7,612.50 28,412.50
1986 34,937.50 7,612.50 27,325.00
1987 33,850.00 7,612.50 26,237.50
988 37,762.50 7,612.50 30,150.00
989 36,312.50 7,612.50 28,700.00
1990 34,862.50 7,612.50 27,250.00
1991 38,412.50 7,612.50 30,800.00
1992 36,600.00 7,612.50 28,987.50
1993 39,787.50 7,612.50 32,175.00
1994 37,612.50 37,612.50. '0-
1995 40,437.50 40,437.50 -0-
1996 42,900.00 42,900.00 -0-
Section Two: Forthwith upon the passage, approval and
)ublication of this Ordinance, the village Clerk of the Village
f Mount Prospect shall file a certified copy hereof with the
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ounty Clerk of Cook County, Illinois, and it shall be the duty
of said County Clerk to annually in and for each of the years
1980 to 1993, inclusive, ascertain the rate necessary to produce
the remainder of the tax heretofore levied and as shown hereinabov~
in Section One hereof and to extend the same for collection on the
books against all of the taxable property situated within said
Village of Mount Prospect Special Service Area Number Two
and situated within said County in addition to all other
taxes levied in said Special Service Area Number Two in each of
said years for general corporate purposes of said Village,
and in each of sa'id 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
said Special Service Area and when collected such taxes shall
be placed to the credit of a special fund to be designated
"Village of Mount "Prospect Special Service Area Number Two Ad
Valorem Tax Bond and Interest Fund of 1980," which fnhd is
hereby irrevocably pledged to and shall be used only for the
purpose of paying principal and interest on said bonds.
Section Three: This Ordinance shall be in full force and
effect from and after its passage, approval and publication in
the manner provided by law.
Passed this 17th day of June , 1980.
AYES: Farley, ~loros. Miller, M~rauskis, Richardson, Wattenberg
NAYS: None
ABSENT: None
ABSTENTIONS: None
Approved this 17th June
Attest:
Village Clerk
day of
· 1980.
V~lla~e President
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