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7.4 1st reading of AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR CORPORATE AND
MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR
BEGINNING JANUARY 1, 2018 AND ENDING DECEMBER 31, 2018
Public
Action
Nov 07, 2018
Nov 07, 2018
Yes
Yes
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IF 11
Information
This ordinance reduces the debt service tax levies for the Series 2013, 2017f 2018A and 2018B bonds established by thc
original bond ordinance approved at the time of issuance. The subsidy for the public safety pension levies are not included in
this ordinance as there is not the formal levy requirement established for the pension levies as there is with debt service.
The source of funds for abatement of debt service comes from the home rules sales tax ($369,956), Water/Sewer funds
($559,500), capitalized interest from TIF bonds ($456,319), and a combination of General Fund reserves and capitalized
interest from Police/Fire HQ bonds ($1,624,791). It is important to note that the pension levies are being reduced by $420fOOO
using General Fund reserves. This is the third year of a four-year phase-in of the levy requirement established by the pension
actuary at the end of 2015. The abatement in the final year is $210,000. The phase-in allowed for more moderate increases bf,
the tax levy rather than the significant increase (20.0 percent) that would have been realized had the entire amount been
added to the levy.
The net levy for the Village is reduced by $3,430,556 as a result of the pension subsidy and debt service abatements.
After adding the Cook County 2.0 percent provision for loss and cost the total Village levy for 2018 is $19,403,718. This is
1.66 percent increase from the prior year.
Alternatives
1. Village Board approval of an ordinance authorizing the abatement of all or portions of the Series 2013, 2017, 2018A and
2018B bonds.
2. Action at discretion of Village Board.
Staff Recommendation
It is recommended that the Village Board pass an ordinance abating portions of the 2018 property tax levy.
-iibit.pdf (1.9 KB)
Go neral Village 1....evy Abatemeint Or&n&nce - 201.8.pdf (22 KB) Proposed 201.8 [_..evyEx[
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https://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login 11/9/2018
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https://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login 11/9/2018
ORDINANCE NO.
AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR
CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF
MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING
JANUARY 1, 2018 AND ENDING DECEMBER 31, 2018
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE
OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
Section 1: The President and Board of Trustees of the Village of Mount Prospect find as follows:
A. That pursuant to Village Ordinance No. 6090 adopted August 20, 2013 authorizing
the issuance of general obligation bonds for financing the construction of various
flood control projects throughout the village there was levied for the year 2018 the
sum of $369,956.26 for bond interest payments.
B. That pursuant to Village Ordinance No. 6347 adopted November 7, 2017
authorizing the issuance of general obligation bonds for financing the costs of
certain capital projects in the Village, there was levied for the year 2018 the sum of
$159,368.76 for bond interest payments.
C. That pursuant to Village Ordinance No. 6347 adopted November 7, 2017
authorizing the issuance of general obligation bonds for financing the costs of
certain capital projects in the Village, there was levied for the year 2018 the sum of
$286,131.26 for bond principal and interest payments.
D. That pursuant to Village Ordinance No. 6385 adopted April 17. 2018 authorizing
the issuance of general obligation bonds for financing the costs of certain capital
projects in the Village, there was levied for the year 2018 the sum of $273,368.76
for bond interest payments.
E. That pursuant to Village Ordinance No. 6385 adopted April 17, 2018 authorizing
the issuance of general obligation bonds for financing the costs of certain capital
projects in the Village, there was levied for the year 2018 the sum of $296,950.00
for bond principal and interest payments.
F. That pursuant to Village Ordinance No. 6403 adopted September 4, 2018
authorizing the issuance of general obligation bonds for financing the construction
of various flood control projects throughout the village there was levied for the year
2018 the sum of $1,624,781 for bond interest payments.
Section 2: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $369,956.26 levied for G.O. Bond interest payments for the purpose
of funding the construction of various flood control projects throughout the village pursuant to
Ordinance No. 6090 be and the same is hereby abated in the amount of $369,956.26 being the
entire amount levied for such bond interest payment purposes for the fiscal year commencing
January 1, 2018 and ending December 31, 2018.
Section 3: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $159,368.76 levied for G.O. Bond interest payments for the purpose
of funding construction projects throughout the village pursuant to Ordinance No. 6347 be and the
same is hereby abated in the amount of $159,368.76 being the entire amount levied for such bond
interest payment purposes for the fiscal year commencing January 1, 2018 and ending December
31, 2018.
Section 4: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $286,131.26 levied for G.O. Bond principal and interest payments for
the purpose of funding construction projects throughout the village pursuant to Ordinance No.
6347 be and the same is hereby abated in the amount of $286,131.26 being the entire amount levied
for such bond principal and interest payment purposes for the fiscal year commencing January 1,
2018 and ending December 31, 2018.
Section 5: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $273,368.76 levied for G.O. Bond interest payments for the purpose
of funding construction projects throughout the village pursuant to Ordinance No. 6385 be and the
same is hereby abated in the amount of $273,368.76 being the entire amount levied for such bond
interest payment purposes for the fiscal year commencing January 1, 2018 and ending December
31, 2018.
Section 6: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $296,950.00 levied for G.O. Bond principal and interest payments for
the purpose of funding construction projects throughout the village pursuant to Ordinance No.
6385 be and the same is hereby abated in the amount of $296,950.00 being the entire amount levied
for such bond principal and interest payment purposes for the fiscal year commencing January 1,
2018 and ending December 31, 2018.
Section 7: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $1,624,781.00 levied for G.O. Bond interest payments for the purpose
of funding construction projects throughout the village pursuant to Ordinance No. 6403 be and the
same is hereby abated in the amount of $1,624,781.00 being the entire amount levied for such
bond interest payment purposes for the fiscal year commencing January 1, 2018 and ending
December 31, 2018.
Section 8: Village Ordinance Nos. 6090, 6347, 6385, and 6403 are hereby amended with respect
to the tax abatements declared herein and set forth in Sections Two through Seven of this
Ordinance.
2
Section 9: The Village Clerk of the Village of Mount Prospect 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 10: This Ordinance shall be in full force and effect upon its passage, approval and
publication in pamphlet form and filing as provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this day of , 2018.
ATTEST:
Karen Agoranos, Village Clerk
3
Arlene A. Juracek, Mayor
ORDINANCE NO.
AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR
CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF
MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING
JANUARY 1, 2018 AND ENDING DECEMBER 31, 2018
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the day of , 2018
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the day of , 2018.
VILLAGE OF MOUNT PROSPECT AND THE
MOUNT PROSPECT PUBLIC LIBRARY
PROPOSED 2018 TAX LEVY
2017 2018
Total Levy Amount 19,087,265 19,403,718
Increase Over Prior Year 316,453
1.66%
2%
Gross
Net
Provision
Total
2018
Subsidy/
2018
Loss and
2018
Levy
Abatements
Levy
Costs
Extension
VILLAGE OF MOUNT PROSPECT
Police Protection
4,931,686
0
4,931,686
98,634
5,030,320
Fire Protection
5,105,686
0
5,105,686
102,114
5,207,800
Police Pension Fund
3,607,934
195,000
3,412,934
68,259
3,481,193
Firefighters' Pension Fund
3,375,839
225,000
3,150,839
63,017
3,213,856
Debt Service Funds
Series 2011 B
793,556
0
793,556
15,871
809,427
Series 2012
54,095
0
54,095
1,082
55,177
Series 2013
369,956
369,956
0
0
0
Series 2014
700,250
0
700,250
14,005
714,255
Series 2016
265,800
0
265,800
5,316
271,116
Series 2017 (TIF)
159,369
159,369
0
0
0
Series 2017 (WTR)
286,131
286,131
0
0
0
Series 2018a (TIF)
273,369
273,369
0
0
0
Series 2018a (WTR)
296,950
296,950
0
0
0
Series 2018b (new)
1,624,781
1,624,781
0
0
0
Series 2018b (refi)
608,406
0
608,406
12,168
620,574
Total Village
22,453,808
3,430,556
19,023,252
380,466
19,403,718
MOUNT PROSPECT PUBLIC LIBRARY
Library Operations
9,817,775
0
9,817,775
196,355
10,014,130
Library Debt Service
1,573,600
0
1,573,600
31,472
1,605,072
Total Library
11,391,375
0
11,391,375
227,827
11,619,202
TOTAL - VILLAGE OF MOUNT PROSPECT
AND PUBLIC LIBRARY
33,845,183
3,430,556
30,414,627
608,293
31,022,920
2017 2018
Total Levy Amount 19,087,265 19,403,718
Increase Over Prior Year 316,453
1.66%