HomeMy WebLinkAboutOrd 4902 12/16/1997 ORDINANCE NO. , 4902
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
IANUARY 1, 1997 AND ENDING DECEMB~ 31, 1997
. PASSF. D AND APPROVED BY
THE PRESIDF2/'T AND BOARD OF TRUSTEES
the lith day of December. 1997
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the 16th day of December. 1997.
ORDINANCE NO. 4902
AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR
CORPORATE AND MUNICIPAL PURPOSES OF TH2E VILLAGE OF
MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING
JANUARY 1, 1997 AND ENDING DECEMBER 31, 1997
BE IT ORDAINED BY TH2E PRESIDENT AND BOARD OF TRUSTI~.NS OF THE VILLAGE
OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
Section One: The President and Board of Trustees of the Village of Mount Prospect find as
follows:
A. That pursuant to Village Ordinance No. 4397 adopted Februaxy 4, 1992 and
authorizing issuance of general obligation bonds for financing flood control
improvements, capital improvements and the acquisition of land within the
Village's District No. I Tax Increment Redevelopment Project Area there was
levied for the year 1997 the sum of $875,412.50 for bond principal and interest
payments.
B. That pursuant to Village Ordinance No. 4539 adopted April 21, 1993 and
authorizing issuance of general obligation bonds for financing water system
improvements, the construction of public improvements within the Village's
District No. I Tax Increment Redevelopment Project Area, and the refunding of
certain of the Village's General Obligation Bonds, Series 1987B, Series 1987D,
Series 1991A and Series 1991B there was levied for the year 1997 the sum of
$1,614,015.50 for bond principal and interest payments.
C. That pursuant to Village Ordinance No. 4624 adopted March 1, 1994 and
authorizing issuance of general obligation bonds for financing the fourth phase of
the Village's flo~d control project, the reconstruction of streets in the Village, and
the demolition of buildings and public improvements within Target Area G of the
Village's District No. 1 Tax Increment Redevelopment Project Area there was
levied for the year 1997 the sum of $887,537.50 for bond principal and interest
payments.
D. That pursuant to Village Ordinance No. 4780 adopted March 6, 1996 and
authorizing issuance of general obligation bonds for financing flood control
projects, capital projects, and certain public improvements within the Village's
District No. 1 Tax Increment Redevelopment Project Area there was levied for
the year 1997 the sum of $495,586.26 for bond and interest payments.
E. That as of December 1, 1997 there has been collected, deposited to and on hand
in the Series 1992A and 1992B General Obligation Bond and Interest Funds the
sum of $875,412.50 for application to bond principal and interest payments for
the bonds issued pursuant to Village Ordinance No. 4397 adopted February 4,
1992.
F. That as of December 1, 1997 there has been collected, deposited to and on hand
in the Series 1993A and 1993B General Obligation Bond and Interest Funds the
sum of $970,792.90 for application to bend principal and interest payments for
the bonds issued pursuant to Village Ordinance No. 4539 adopted April 21, 1993.
G. That as of December 1, 1997 there has been collected, deposited to and on hand
in the Series 1994A and 1994B General Obligation Bond and Interest Funds the
sum of $887,537.50 for application to bond principal and interest payments for
the bonds issued pursuant to Village Ordinance No. 4624 adopted March 1, 1994.
H. That as of December 1, 1997 there has been collected, deposited to and on hand
in the Series 1996A and 1996B General Obligation Bond and Interest Funds the
sum of $495,586.26 for application to bond principal and interest payments for
the bonds issued pursuant to Village Ordinance No. 4780 adopted March 6, 1996.
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 $875,412.50 levied for G.O, Bond and Interest
payments for the purpose of financing flood control improvements, capital improvements and
the acquisition of land within the Village's District No. 1 Tax Increment Redevelopment Project
Area pursuant to Village Ordinance No. 4397 be and the same is hereby abated in the amount
of $875,412.50 being the entire amount levied for such bond and interest payment pu~oses for
the fiscal year commencing Januaxy 1, 1997 and ending December 31, 1997.
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 $1,614,015.50 levied for G. O. Bond and
Interest payments for the purpose of financing water system improvements, the construction of
public improvements within the Village's District No. 1 Tax Increment Redevelopment Project
Area, and the refunding of certain of the Village's General Obligation Bonds, Series 1987B,
Series 1987D, Series 1991A, and Series 1991B pursuant to Village Ordinance No. 4539 be and
the same is hereby abated in the amount of $970,792.90 leaving a balance of $6~3,222.60 as that
amount levied for such bond and interest payment purposes for the fiscal year commencing
January 1, 1997 and ending December 31, 1997.
Section Four: It is hereby declared and determined by the President and Board of Trustees of
the Village of Mount Prospect that the amount of $887,537.50 levied for G.O. Bond and Interest .
payments for the purpose of financing the fourth phase of the Village's flood control project, the
reconstruction of streets in the Village, and the demolition of buildings and public improvements
within Target Area G of the Village's District No. 1 Tax Increment Redevelopment Project Area
pursuant to Village Ordinance No. 4624 be and the same is hereby abated in the amount of
$887,537.50 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing January 1, 1997 and ending December 31, 1997.
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ection Five: It is hereby declared and determined by the President and Board of Trustees of
the Village of Mount Prospect that the amount of $495,586.26 levied for G.O. Bond and Interest
payments for the purpose of financing flood control projects, capital projects, and certain public
improvements within the Village's District No. I Tax Increment Redevelopment Project Area
pursuant to Village Ordinance No. 4780 be and the same is hereby abated in the amount of
$495,586.26 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing lanuary 1, 1997 and ending December 31, 1997.
Section Six: Village Ordinance Nos. 4397, 4539, 4624, and 4780, are and each is hereby
amended with respect to the tax abatements declared herein and set forth in Sections Two of this
Section Seven: The Village Clerk of the Village of Mount Prospect is hereby authorized and
directed to file a certified copy of ~his Ordinance with the County Clerk of Cook County, llllnois
within the time specified by law:
Section Ei~ht: 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: Clowes, {orcoran, Hoefert, Lohrstorfer, Nocchi, Wilks
NAYS: None
ABSF_2qT: None
PASSED and APPROVED this 16th day of December, 1997.
c~- - Ger~ald I]. Farley, Villa~ President
ATTEST: /
Carol A. Fields, Village Clerk
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