HomeMy WebLinkAboutOrd 4827 10/01/1996 ORDINANCE NO. 4827
AN ORDINANCE TO CLOSE OUT VILLAGE OF MOUNT PROSPECT
SPECIAL SERVICE AREA NO. TVVO 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. 4827
AN ORDINANCE TO CLOSE OUT VILLAGE OF MOUNT PROSPECT
SPECIAL SERVICE AREA NO. TWO BOND AND 'INTEREST FUND ACCOUNT
WHEREAS, the corporate authorities of the Village of Mount Prospect did adopt
Ordinance No. 3008 entitled "An Ordinance Establishing Village of Mount Prospect
Special Service Area Number Two" on June 3, '1980, which Special Service Area was
established for the purpose of installing a water main in the Blackhawk Subdivision in
the Village; and
WHEREAS, Ordinance No. 3009 entitled "An Ordinance Providing for the Issuance of
Bonds of the Village of Mount Prospect payable by an Ad Valorem Tax Levy in
Special Service Area No. Two" was adopted by the corporate authorities of the Village
of Mount Prospect on June 3, 1980, which Ordinance set forth the payment schedule
for taxes to be levied in an amount sufficient torepay the costs involved with the
Blackhawk water main improvement; and
WHEREAS, the improvement being the subject of Special Service Area No. Two 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 cancelled and there are no outstanding bonds
or interest amounts due with respect to Special Service Area Number Two; and
WHEREAS, if there is an excess of funds in the Special Service Area No. Two Bond
and Intesest 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 Two 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 water main improvement in the Blackhawk
Subdivision, being the subject of Special Service Area Number Two, 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 Two 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. Two 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. Two.
SECTION FOUR: The Village Clerk of the Village of Mount Prospect is hereby
pecial Service Area No. Two
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.
Gerhard L. Fa ey, illag~e P e~d~e~nt
ATTEST:
Carol A. Fields, Village Clerk