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Home My WebLink AboutRes 46-82 08/03/1982 /' RESOLUTION NO. 46-82 A RESOLUTION TO DETERMINE THE AMOUNTS OF MONEY ESTIMATED TO BE NECESSARY TO BE RAISED BY TAXATION BY THE VILLAGE OF MOUNT PROSPECT UPON ALL THE TAXABLE PROPERTY WITHIN THE VILLAGE FOR THE YEAR COMMENCING MAY 1, 1982 AND ENDING APRIL 30, 1983 WHEREAS, pursuant to Public Act 82-102 there has been enacted into law, effective July 29, 1981, certain legislation entitled "The Truth In Taxation Act"; and WHEREAS, pursuant to said Act any taxing body which proposes to adopt a tax levy in an aggregate amount of more than 105% of the amount of taxes extended on the tax levy in the preceding year on all taxable property within such taxing body is required to make a determination as to such amounts to be levied, not less than twenty (20) days prior to the adoption of the tax levy, and is further required t.o hold a public hearing regarding the proposed tax levy, pursuant to the publication of a proper notice of hearing; and WHEREAS, on April 20, 1982 the Village of Mount Prospect adopted Resolution Number 38-82, approving the Annual Budget appropriations for the fiscal year from May 1, 1982 to April 30, 1983, covering the cost, expenses and liabilities of all general .. - corporate and special municipal purposes and activities to be undertaken during the said fiscal year; and WHEREAS, pursuant to said Annual Budget, the Village of Mount Prospect anticipates and determines that it shall require an aggregate tax levy exclusive of election and general obliga- tion bond and interest costs of $4,739,636.00'upon all the taxable property within the Village, which proposed tax levy is a decrease over the tax levy for the preceding fiscal year as extended of $132,324.00 and WHEREAS, such proposed tax levy for the year beginning May 1, 1982 and ending April 30, 1983 constitutes a tax decrease of approximately 3%, but it is deemed to be in the public interest that a public hearing be held with respect to the various aggre- gate tax levy amounts, as hereinafter set forth. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: This Board does hereby determine that the aggregate amount of money to be levied (exclusive of any amounts levied for election cost purposes and for general obligation bond and interest purposes) as necessary to be raised by taxation upon all the taxable property within this Village for the year commencing May 1,1982 and ending April 30, 1983, for general corporate and special municipal purposes, is estimated to be $4,739,636.00 The levy for general corporate fund purposes and the levies for separate special fund purposes are set forth and designated in the attached Exhibit A which is made a part of this Resolution by reference. SECTION TWO: The amounts herein above determined to be the aggregate tax levy for the year commencing May 1,1982 and ending April 30, 1983 constitute a proposed tax levy of approx- imately 97% of the property taxes extended upon the tax levy for the preceding year ending April 30, 1982; an aggregate tax levy decrease of approximately 3%. A public hearing with respect to the intent' SECTION THREE: of the President and Board of Trustees of this yillage to adopt a tax levy ordinance to establish and levy the amounts determined herein to be raised by taxation, shall be held in the second floor Board Room in the Public Safety Building, 112 East Northwest Highway, Mount Prospect, Illinois, at 8:00 p.m. o'clock C.D.T., on Tuesday, August 17, 1982. SECTION FOUR: The Village Clerk is herein authorized and directed to publish a notice of said public hearing in the Mount Prospect Herald newspaper by no sooner than August 3, 1982 nor later than August 10, 1982, which notice shall state -2- .' ~. in plain and simple language (1) the amount of property taxes, exclusive of election and bond and interest costs, extended or estimated to be extended on behalf of the Village for the preceding year ending April 30, 198Zj (2) the amount of the proposed levy, exclusive of election and bond and interest costs, for the current year beginning May 1, 1982; (3) the percentage increase or decrease in the amount of taxes to be levied; and (4) the date, time and place of the public hearing concerning the proposed tax levy. The form of notice shall be no less than 1/8th page in size and the smallest type used shall be eleven point and shall be enclosed in a black border no less than 1/4th inch wide. The notice shall not be placed in that portion of the newspaper where legal notices and classified advertisements appear. SECTION FIV~: This Resolution shall be in full force and effect upon its passage and approval in accordance with law. PASSED AND APPROVED this 3rd day of August, 1982. AYES: Arthur Floros Miller Murauskis Wattenberg NAYS: None ABSENT: Farley ~,'UL~ II ~ -V MAYOR ATTEST: .£~y ~ VILLAGE CLERK -3- ~'. . , . ~..... ARTICLE I -~ i-RAL CORPORATE PURPOSES " ¡, j . '. "" " (3lJdgeted for Police Department Operations Levied for the Foregoing Expenses in Addition to Other Village Taxes Budgeted for Garbage Collection Service Levied for the Foregoing Expense ARTICLE II - CAPITAL EQUIPMENT REPAIR AND REPLACEMENT 41-042-06 - Fire Department Capital Outlay 8961 - Capital Outlay ARTICLE III - LIBRARY FUND 100000 - For Library Purposes Operation and Maintenance Building Reserve TOTAL - LIBRARY FUND ARTICLE IV - GENERAL OBLIGATION BOND AND INTEREST FUND 090400 - G. O. Bond & Interest Fire Equipment Bonds Issue of 1964 and Interest thereon Public Works Building Bonds Issue of 1964 . and Interest thereon Fire Station Building Bqnds Issue of 1964 and Interest thereon' Corporate Purposes Bonds Issue of 1973 . and Interest thereon - Corporate Purposes Bonds Issue of 1974 and Interest thereon . losses in Collection TOTAL - GENERAL OBLIGATION BOND AND INTEREST FUND ARTICLE V - POLICE PENSION FUND 090100 - Police Pension Fund To be paid out of proceeds as- provided by law for setting apart, formation and disbursements of a Police Pension Fund ARTICLE VI - FIREMEN'S PENSION FUND Firemen's Pension Fund To be paid out of proceeds as provided by law for setting apart, formation and disbursements of a Firemen's Pension Fund .¡"t~NT Ar-10UNT APP'~~ATED LEVIED ,- ö3 $ 2,275,161 $ 1,500,000 $ 1,050,000 <- 1,050,000 $ 124,000 $ 100,QOO $ 911,500 30,000 $ 941,500 911,500 30,000 $ - 94.1,500 $ $ 10,660 $ 10,330 37,310 36,155 26,485 25?825 165,000 160,750 365~200 353,000 29,960 29,304 $ 634,615 $ 615,364 $ 375,000 $ 360..635 $ ; "$ 467 , 501 530,000 . ARTICLE VII 090300 - .INOIS MUNICIPAL RETIREMENT FUND : '\. ¡,'. . -, Illinois Municipal Retir~ment Fund for General & Related Funds For Library Purposes $ 250,000 70,000 320,000 $ 250,000 70,000 320,000 TOTAL - ILLINOIS MUNICIPAL RETIREMENT FUND , $ $ GRAND SUMMARY Appropriated from Tax for General Corporate Purposes Appropriated from Special Taxes $2,550,000 $.2,815.000 T - - - - --- --_.._------~-~--"-----_._,,~....._=--Äw--";"...........,.-,--.":~,,,~~--ii " .. - , .. ... . l -' .'.. .