HomeMy WebLinkAboutOrd 5527 12/20/2005
ORDINANCE NO. 5527
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 1,2005 AND ENDING DECEMBER 31, 2005
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 20th day of December, 2005
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the 21 st day of December, 2005.
ORDINANCE NO. 5527
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, 2005 AND ENDING DECEMBER 31, 2005
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF
MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
Section One:
A.
The President and Board of Trustees ofthe Village of Mount Prospect find as follows:
That pursuant to Village Ordinance No.4 780 adopted March 6, 1996 and authorizing
issuance of general obligation bonds for financing flood control capital improvement
projects within the Village there was levied for the year 2005 the sum of$213,815.00
for bond principal and interest payments.
B.
That pursuant to Village Ordinance No. 4917 adopted March 18, 1998 and
authorizing issuance of general obligation bonds for financing flood control capital
improvement projects within the Village there was levied for the year 2005 the sum
of $65,345.00 for bond principal and interest payments.
c.
That pursuant to Village Ordinance No. 4977 adopted December 1, 1998 and
authorizing issuance of general obligation bonds for financing land acquisition costs
and other redevelopment costs within the Village's District No.1 Tax Increment
Redevelopment Project Area there was levied for 2005 the sum of$155,675.00 for
bond principal and interest payments.
D.
That pursuant to Village Ordinance No. 4999 adopted March 2, 1999 and authorizing
issuance of general obligation bonds for financing the acquisition ofland within the
Village's District No.1 Tax Increment Redevelopment Project Area there was levied
for the year 2005 the sum of$839,800.00 for bond principal and interest payments.
E.
That pursuant to Village Ordinance No. 5114 adopted June 6, 2000 and authorizing
issuance of general obligation bonds for financing various flood control capital
improvement projects there was levied for the year 2005 the sum of$492,228.00 for
bond principal and interest payments.
F.
That pursuant to Village Ordinance No. 5301 adopted January 21, 2003 and
authorizing issuance of general obligation bonds for financing a portion ofthe costs
of constructing a new village hall and community center as well as a multi-level
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parking deck there was levied for the year 2005 the sum of $911,708.00 for bond
principal and interest payments.
G. That as of December 1,2005 there has been collected, deposited to and on hand in
the Series 1996A General Obligation Bond and Interest Funds the sum of
$213,815.00 for application to bond principal and interest payments for the bonds
issued pursuant to Village Ordinance No. 4780 adopted March 6, 1996.
H. That as of December 1,2005 there has been collected, deposited to and on hand in
the Series 1998A General Obligation Bond and Interest Funds the sum of$65,345.00
for application to bond principal and interest payments for the bonds issued pursuant
to Village Ordinance No. 4917 adopted March 18, 1998.
1. That as of December 1, 2005 there is available in the Village's Downtown
Redevelopment Fund the amount of$155,675.00 for application to bond principal
and interest payments for the bonds issued pursuant to Village Ordinance No. 4977
adopted December 1, 1998.
J. That as of December 1, 2005 there is available in the Village's Downtown
Redevelopment Fund the amount of $839,800.00 for application to bond principal
and interest payments for the bonds issued pursuant to Village Ordinance No. 4999
adopted March 2, 1999.
K. That as of December 1, 2005 there is available in the Village's Series 2000 General
Obligation Bond and Interest Fund the sum of $492,228.00 for application to bond
principal and interest payments for the bonds issued pursuant to Village Ordinance
No. 5114 adopted June 6, 2000.
L. That as of December 1, 2005 there has been collected, deposited to and on hand in
the General Fund the sum of $315,000 for application to bond principal and interest
payments for the bonds issued pursuant to Village Ordinance No. 5301 adopted
January 21,2003.
Section Two: It is hereby declared and determined by the President and Board of Trustees of the
Village of Mount Prospect that the amount of $213,815.00 levied for G.O. Bond and Interest
payments for the purpose of financing flood control capital improvement proj ects within the Village
pursuant to Village Ordinance No. 4780 be and the same is hereby abated in the amount of
$213;815.00 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing January 1, 2005 and ending December 31, 2005.
Section Three: It is hereby declared and determined by the President and Board of Trustees of the
Village of Mount Prospect that the amount of $65,345.00 levied for G.O. Bond and Interest
payments for the purpose of financing flood control capital improvement projects within the Village
pursuant to Ordinance No. 4917 be and the same is hereby abated in the amount of$65,345.00 being
the entire amount levied for such bond and interest payment purposes for the fiscal year commencing
January 1,2005 and ending December 31,2005.
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Section Four: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of$15 5 ,67 5.00 levied for G. O. Bond and Interest payments for the purpose
of funding property acquisition and other redevelopment costs within the Village's District No.1
Tax Increment Redevelopment Project Area pursuant to Ordinance No. 4977 be and the same is
hereby abated in the amount of $155,675.00 being the entire amount levied for such bond and
interest payment purposes for the fiscal year commencing January 1, 2005 and ending December 31,
2005.
Section Five: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of$839,800.00 levied for G.O. Bond and Interest payments for the purpose
of funding property acquisition within the Village's District No.1 Tax Increment Redevelopment
Project Area pursuant to Ordinance No. 4999 be and the same is hereby abated in the amount of
$839,800.00 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing January 1, 2005 and ending December 31, 2005.
Section Six: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of$492,228.00 levied for G.O. Bond and Interest payments for the purpose
of funding various flood control capital improvement projects pursuant to Ordinance No. 5114 be
and the same is hereby abated in the amount of$492,228.00 being the entire amount levied for such
bond and interest payment purposes for the fiscal year commencing January 1, 2005 and ending
December 31, 2005.
Section Seven: It is hereby declared and determined by the President and Board of Trustees ofthe
Village of Mount Prospect that the amount of $911,708.00 levied for G.O. Bond and Interest
payments for the purpose of financing a portion of the costs of constructing a new village hall and
community center and parking deck pursuant to Ordinance No. 5301 be and the same is hereby
abated in the amount of$3l5,000.00 leaving a balance of$596,708.00 as that amount levied for such
bond and interest payments for the fiscal year commencing January 1, 2005 and ending December
31,2005.
Section Eight: Village Ordinance Nos. 4780,4917,4977,4999, 5114, and 5301 are and each is
hereby amended with respect to the tax abatements declared herein and set forth in Sections Two
through Seven of this Ordinance.
Section Nine: 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:
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Section Eleven: 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:
Corcoran, Hoefert, Kom, Lohrstorfer, Skowron, Zadel
NAYS:
None
ABSENT:
None
PASSED and APPROVED this 20th day of December, 2005.
,
Irv~la~ffm~
ATTEST:
7? ddZf:r.r-c:/iJ
M. Lisa Angell, Vil ge Clerk
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