HomeMy WebLinkAboutOrd 4828 10/01/1996 ORDINANCE NO. 4828
AN ORDINANCE TO CLOSE OUT VILLAGE OF MOUNT PROSPECT
SPECIAL SERVICE AREA NO. THREE BOND
AND INTEREST FUND ACCOUNT
Passed and approved by
the President and Board of Trustees
the 1st day of October ,1996
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
1st day of October , 1996.
CAF/
9/19/96
ORDINANCE NO. 4828
AN ORDINANCE TO CLOSE OUT VILLAGE OF MOUNT PROSPECT
.SPECIAL SERVICE AREA NO. THREE BOND AND INTEREST FUND ACCOUNT
WHEREAS, the corporate authorities of the Village of Mount Prospect did adopt
Ordinance No. 3141 entitled "An Ordinance Establishing Village of Mount Prospect
Special Service Area Number Three" on September 15, 1981, which Special Service
area was established for the Busse/Wille Street improvement; and
WHEREAS, Ordinance No. 3143 entitled "An Ordinance Providing for the Issue of
$25,000 Unlimited Ad Valorem Tax Bond of Special Service Area Number Three of
the Village of Mount Prospect, Cook County, Illinois, and the Levy of a Direct Annual
Tax Sufficient to Pay the Principal and Interest of Said Bond" was adopted by the
corporate authorities of the Village of Mount Prospect on September 15, 1981, which
Ordinance set forth the payment schedule for taxes to be levied in an amount
sufficient to repay the costs involved with the Busse/Wille Street improvement; and
WHEREAS, Ordinance No. 3164, amending Ordinance No. 3143, was adopted on
December 1, 1981; and
WHEREAS, the improvement being the subject.of Special Service Area No. Three has
been completed and paid for in full and the bonds issued for the purpose of paying for
this project have been paid in full and cencelled and there are no outstanding bonds
or interest amounts due with respect to Special Service Area Number Three; and
WHEREAS, if there is an excess of funds in the Special Service Area No. Three Fund
Account, it has been determined that the best interest of the Village would be served
to close said Account and transfer any such funds to the General Fund.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the President and Board of Trustees of the Village of Mount
Prospect have determined that the improvement being the subject of Special Service
Area Number Three has been completed and all costs and expenses pertaining
thereto, including the costs of payment for all bonds issued with respect to said
improvement, have been paid in full and there are not outstanding bonds or other
costs or expenses due or owing with respect thereto.
SECTION TWO: That inasmuch as the project.being the subject of Special Service
Area Number Three, the Busse/VVille Street improvement, has been completed, the
Director of Finance of the Village of Mount Prospect is hereby authorized and directed
to close out the Special Service Area Number Three Bond and Interest Fund Account.
.SECTION THREE: That the Director of Finance of the Village of Mount Prospect is
hereby authorized and directed to close out the Special Service Area No. Three Bond
and Interest Account and to transfer any account balance, if any, to the General Fund
Account of the Village in partial reimbursement of funds previously expended by the
Village on the improvement being the subject of Special Service Area No. Three.
.SECTION FOUR: The Village Clerk of the Village of Mount Prospect is hereby
pecial Service Area No. Three
Page 2 of 2
authorized and directed to file a certified copy of this Ordinance with the Cook County
Clerk.
,SECTION FIVE: That this Ordinance shall be in full force and effect from and after its
passage, approval and publication in pamphlet form in the manner provided by law.
AYES: Clowes, Corcoran, Hendricks, Hoefert, Skowron, Wilks
NAYS: None
ABSENT: None
PASSED and APPROVED this 1st day of October , 1996.
ATTEST:
Carol A. Fields, Village Clerk