HomeMy WebLinkAboutOrd 5602 12/19/2006
ORDINANCE NO. 5602
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 1,2006 AND ENDING DECEMBER 31,2006
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 19ttUayof December, 2006
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the 20tijayof Decembe,YL006.
ORDINANCE NO. 5602
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 1,2006 AND ENDING DECEMBER 31,2006
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF
MOUNT PROSPECT, COOK COUNTY, ILLINOIS, ACTING IN THE EXERCISE OF THEIR
HOME RULE POWERS:
Section One: The President and Board of Trustees of the Village of Mount Prospect find as follows:
A. 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 2006 the sum
of $67,795.00 for bond principal and interest payments.
B. 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 2006 the sum of$152,975.00 for
bond principal and interest payments.
C. 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 2006 the sum of $915,500.00 for bond principal and interest payments.
D. 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 2006 the sum of$727, 143 .00 for
bond principal and interest payments.
E. That as of December 1, 2006 there has been collected, deposited to and on hand in
the Series 1998A General Obligation Bond and Interest Funds the sum of$67,795.00
for application to bond principal and interest payments for the bonds issued pursuant
to Village Ordinance No. 4917 adopted March 18, 1998.
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F. That as of December 1, 2006 there is available in the Village's Downtown
Redevelopment Fund the amount of$152,975.00 for application to bond principal
and interest payments for the bonds issued pursuant to Village Ordinance No. 4977
adopted December 1, 1998.
G. That as of December 1, 2006 there is available in the Village's Downtown
Redevelopment Fund the amount of$915,500.00 for application to bond principal
and interest payments for the bonds issued pursuant to Village Ordinance No. 4999
adopted March 2, 1999.
H. That as of December 1,2006 there is available in the Village's Series 2000 General
Obligation Bond and Interest Fund the sum of$727,143.00 for application to bond
principal and interest payments for the bonds issued pursuant to Village Ordinance
No. 5114 adopted June 6, 2000.
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 $67,795.00 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$67,795.00 being
the entire amount levied for such bond and interest payment purposes for the fiscal year commencing
January 1, 2006 and ending December 31, 2006.
Section Three: It is hereby declared by the President and Board of Trustees ofthe Village of Mount
Prospect that the amount of $152,975.00 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 $152,975.00 being the entire amount levied for such bond and
interest payment purposes for the fiscal year commencing January 1, 2006 and ending December 31,
2006.
Section Four: It is hereby declared by the President and Board of Trustees ofthe Village of Mount
Prospect that the amount of $915 ,500.00 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
$915,500.00 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing January 1, 2006 and ending December 31, 2006.
Section Five: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $727,143.00 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$727,143.00 being the entire amount levied for such
bond and interest payment purposes for the fiscal year commencing January 1, 2006 and ending
December 31, 2006.
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Section Six: Village Ordinance Nos. 4917,4977,4999, and 5114 are and each is hereby amended
with respect to the tax abatements declared herein and set forth in Sections Two through Five of this
Ordinance.
Section Seven: 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:
Section Eight: 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:
Corcroan, Hoefert, Korn, Lohrstorfer, Skowron, Zadel
NAYS:
None
ABSENT:
None
PASSED and APPROVED this 19th day of December, 2006.
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Irvtll1a . Wilks
Mayor
ATTEST:
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M.~ll f
Village Clerk
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