HomeMy WebLinkAbout7.2 2nd reading of 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, 2020 AND ENDING DECEMBER 31, 2020.Item Cover Page
wubject 2nd reading of 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. 2020 AND ENDING
DECEMBER ` 1' 1
Meeting - 2020 A' MEETING OF THE MOUNT
PROSPECT VILLAGE BOARD
Impact
-'
.• a Amount
$3,909,475
, w•w • from Property
• ,• _ Source
- _w Revenue Sources
Category OLD BUSINESS
Type Ordinance
Information
At the time of issuance of the bonds, a revenue source is defined for the
repayment of the debt services. Most of the Village Bonds are General Obligation
Bonds and are backed by Property Taxes. Many bonds are issued as a G.O. Bonds,
but havean alternativealternativeith
source do not need the property tax levy and the levy is then abated for the year.
With the attached ordinance, the Village is abating property taxes totaling
$31,909f475.
Bond Series
Series 2013
Series 2017
(TIF)
Series 2017
(WTR)
Series 2018a
(TIF)
Purpose of the Bonds Debt Service Revenue Source
Flood Control Project
TIF Capital Projects
Water/Sewer Capital
Projects
TIF Capital Projects
923,306.00
Home -rule Sales Tax
299,369.00
TIF Revenues
300,531.00
Water/Sewer Charges
453,369.00
TIF Revenues
1
Series 2018a
Water/Sewer Capital
(WTR)
Projects
Series 2018b
Police/Fire HQ Building
(new)
Series 2018b
Refinancing Bonds
(refi)
Series 2019a
Water/Sewer Capital
(WTR)
Projects
Series 2019B
(TIF)
TIF Capital Projects
Total Abatement
309,750.00Water/Sewer Charges
Debt Service Fund
722,125.00 Balance
Debt Service Fund
57,875.00 Balance
577,800.00Water/Sewer Charges
265,350.00
TIF Revenues
3,909,475.00
2018B - Police and Fire HQ Bond: The total debt service for the year is
$114441250. $722,125 will be paid from the capitalized interests and the
remainder of $722,,125 will be paid using the Debt Service Fund Reserves. TIF and
Capital Project Bonds will be paid from the TIF Revenues and Water/Sewer
Charges,, respectively. The Series 2013 Bond will have a debt service payment of
$923,,306 and will be paid from 1/4% of the home -rule sales tax allocated to flood
control r •
After the abatements, the net levy will be $2,,690,,171 and with 2% provision for
loss and costs,, the net levy will be in the amount of $2.,743,,975.
A first readingof - abatement ordinance , - the November2020
Village Board meeting. No changes to the ordinance were made since the
presentation on November 4th.
Alternatives
1. Village iauthorizing
totalingLevy
2. Action i ion of Village Board.
Staff Recommendation
Approve the attached ordinance abating the portion of the 2020 Property Tax Debt
Service .
ATTACH M E NTS:
Levy Abatement Sched u le. pdf
General Village Levy Abatement Ordinance - Nov 17 2020.pdf
2
Total Operating Levy 27,021,298 - 17,030,506 633,419 261387,879 527,758 26,915,637 27,061,315 (145,678) -0.54%
Total Debt Service Levy 8,898,071 722,125 6,599,646 3,909,475 4,266,471 85,330 4,351,801 4,206,582 145,219 3.45%
35,919,369 722,125 23,630,152 4,542,894 30,654,350 613,088 31,267,438 31,267,897 (459) 0.00%
VILLAGE OF MOUNT PROSPECT
Property Tax Levy - 2020
2%
2019 Tax Extension
Gross
Levy After
Net
Provision
Total
Total
2020
Capitalized
Capitalized
Subsidy/
2020
Loss and
2020
2019
$
%
Levy
Interest
Interest
Abatements
Levy
Costs
Extension
Extension
Inc/ Dec.
Inc/ Dec.
VILLAGE OF MOUNT PROSPECT
Police Protection
4,346,500
-
4,346,500
-
4,346,500
86,930
4,433,430
4,433,430
-
-
Fire Protection
5,049,574
-
5,049,574
141,922
4,907,652
98,153
5,005,805
5,150,565
(144,760)
-
Police Pension Fund
3,985,302
-
3,985,302
218,246
3,767,056
75,341
3,842,397
3,842,397
-
0.00%
Firefighters' Pension
Fund
3,649,130
-
3,649,130
273,251
3,375,879
67,518
3,443,397
3,443,397
-
-
Total Operational Levy
17,030,506
-
17,030,506
633,419
16,397,087
327,942
16,725,029
16,869,789
144,760
0.86%
Debt Service Funds
Series 2011B
-
-
-
-
-
-
-
8101421
(810,421)
-100.00%
Series 2012
914,096
-
914,096
-
914,096
18,282
932,378
55,177
877,201
1589.79%
Series 2013
923,306
-
923,306
923,306
-
-
-
-
-
-
Series 2014
1,065,650
-
1,065,650
-
1,065,650
21,313
1,086,963
901,119
185,844
20.62%
Series 2016
265,800
-
265,800
-
265,800
5,316
271,116
271,116
-
-
Series 2017 (TIF)
299,369
-
299,369
299,369
-
-
-
-
-
-
Series 2017 (WTR)
300,531
-
300,531
300,531
-
-
-
-
-
-
Series 2018a (TIF)
453,369
-
453,369
453,369
-
-
-
-
-
-
Series 2018a (WTR)
309,750
-
309,750
309,750
-
-
-
-
-
-
Series 2018b (new)
1,444,250
722,125
722,125
722,125
-
-
-
-
-
-
Series 2018b (refi)
502,500
-
502,500
57,875
444,625
8,893
453,518
561,382
(107,864)
-19.21%
Series 2019a (WTR)
577,800
-
577,800
577,800
-
-
-
-
-
-
Series 2019B (TIF)
265,350
-
265,350
265,350
-
-
-
-
-
-
Total Debt Service Levy
7,321,771
722,125
6,599,646
3,909,475
2,690,171
53,804
2,743,975
2,599,215
(144,760)
-5.57%
Total Village Levy
24,352,277
722,125
23,630,152
4,542,894
19,087,258
381,746
19,469,004
19,469,004
-
0.00%
Mount Prospect Public Library
Library Levy Fund
9,990,792
-
-
-
9,990,792
199,816
10,190,608
10,191,526
(918)
-0.01%
Library Debt Service
1,576,300
-
-
-
1,576,300
31,526
1,607,826
1,607,367
459
0.03%
Total Library Levy
11,567,092
-
-
11,567,092
231,342
11,798,434
11,798,893
459
0.00%
Total Village and Library
Combined
35,919,369
722,125
23,630,152
4,542,894
30,654,350
613,088
31,267,438
31,267,897
(459)
0.00%
Total Operating Levy 27,021,298 - 17,030,506 633,419 261387,879 527,758 26,915,637 27,061,315 (145,678) -0.54%
Total Debt Service Levy 8,898,071 722,125 6,599,646 3,909,475 4,266,471 85,330 4,351,801 4,206,582 145,219 3.45%
35,919,369 722,125 23,630,152 4,542,894 30,654,350 613,088 31,267,438 31,267,897 (459) 0.00%
ORDINANCE NO.
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, 2020 AND ENDING DECEMBER 31, 2020
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE
OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
Section 1: The President and Board of Trustees of the Village of Mount Prospect find as follows:
A. That pursuant to Village Ordinance No. 6090 adopted August 20, 2013 authorizing
the issuance of general obligation bonds for financing the construction of various
flood control projects throughout the village there was levied for the year 2020 the
sum of $923,306.00 for bond principal and interest payments.
B. That pursuant to Village Ordinance No. 6347 adopted November 7, 2017
authorizing the issuance of general obligation bonds for financing the costs of
certain capital projects in the Village, there was levied for the year 2020 the sum of
$299,368.76 for bond interest payments.
C. That pursuant to Village Ordinance No. 6347 adopted November 7, 2017
authorizing the issuance of general obligation bonds for financing the costs of
certain capital projects in the Village, there was levied for the year 2020 the sum of
$300,531.26 for bond principal and interest payments.
D. That pursuant to Village Ordinance No. 6385 adopted April 17, 2018 authorizing
the issuance of general obligation bonds for financing the costs of certain capital
projects in the Village, there was levied for the year 2020 the sum of $453,369.00
for bond interest payments.
E. That pursuant to Village Ordinance No. 6385 adopted April 17, 2018 authorizing
the issuance of general obligation bonds for financing the costs of certain capital
projects in the Village, there was levied for the year 2020 the sum of $309,750.00
for bond principal and interest payments.
F. That pursuant to Village Ordinance No. 6403 adopted September 4, 2018
authorizing the issuance of general obligation bonds for financing the construction
of Police and Fire HQ projects and refunding of certain bonds of the village there
was levied for the year 2020 the sum of $1,946,750.00 for bond interest payments.
Ell
G. That pursuant to Village Ordinance No. 6449 adopted April 16, 2019 authorizing
the issuance of general obligation bonds for financing the costs of certain capital
projects in the Village, there was levied for the year 2020 the sum of $577,800.00
for bond principal and interest payments.
H. That pursuant to Village Ordinance No. 6483 adopted October 15, 2019 authorizing
the issuance of general obligation bonds for financing the construction of various
capital projects with the TIF District of Prospect and Main of the Village of Mount
Prospect, there was levied for the year 2020 the sum of $265,350.00 for bond
principal and interest payments.
Section 2: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $923,306 levied for G.O. Bond interest payments for the purpose of
funding the construction of various flood control projects throughout the village pursuant to
Ordinance No. 6090 be and the same is hereby abated in the amount of $923,306 being the entire
amount levied for such bond interest payment purposes for the fiscal year commencing January 1,
2020 and ending December 31, 2020.
Section 3: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $299,368.76 levied for G.O. Bond interest payments for the purpose
of funding construction projects throughout the village pursuant to Ordinance No. 6347 be and the
same is hereby abated in the amount of $299,368.76 being the entire amount levied for such bond
interest payment purposes for the fiscal year commencing January 1, 2020 and ending December
31, 2020.
Section 4: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $300,531.26 levied for G.O. Bond principal and interest payments for
the purpose of funding construction projects throughout the village pursuant to Ordinance No.
6347 be and the same is hereby abated in the amount of $300,531.26 being the entire amount levied
for such bond principal and interest payment purposes for the fiscal year commencing January 1,
2020 and ending December 31, 2020.
Section 5: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $453,369.00 levied for G.O. Bond interest payments for the purpose
of funding construction projects throughout the village pursuant to Ordinance No. 6385 be and the
same is hereby abated in the amount of $453,369.00 being the entire amount levied for such bond
interest payment purposes for the fiscal year commencing January 1, 2020 and ending December
31, 2020.
Section 6: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $309,750 levied for G.O. Bond principal and interest payments for the
purpose of funding construction projects throughout the village pursuant to Ordinance No. 6385
be and the same is hereby abated in the amount of $309,750.00 being the entire amount levied for
such bond principal and interest payment purposes for the fiscal year commencing January 1, 2020
and ending December 31, 2020.
2
5
Section 7: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $1,946,750.00 levied for G.O. Bond interest payments for the purpose
of funding construction projects throughout the village pursuant to Ordinance No. 6403 be and
hereby partially abated in the amount of $780,000.00 levied for such bond interest payment
purposes for the fiscal year commencing January 1, 2020 and ending December 31, 2020.
Section 8: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $577,800.00 levied for G.O. Bond principal and interest payments for
the purpose of funding construction projects throughout the village pursuant to Ordinance No.
6449 be and the same is hereby abated in the amount of $577,800 being the entire amount levied
for such bond principal and interest payment purposes for the fiscal year commencing January 1,
2019 and ending December 31, 2019.
Section 9: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $265,350 levied for G.O. Bond principal and interest payment for the
purpose of funding construction projects in the area of Prospect & Main TIF of the Village of
Mount Prospect pursuant to Ordinance No. 6483 be and the same is hereby abated in the amount
of $265,350 being the entire amount levied for such bond principal and interest payment purposes
for the fiscal year commencing January 1, 2020 and ending December 31, 2020.
Section 9: Village Ordinance Nos. 6090, 6347, 6385, 6403, 6449 and 6483 are hereby amended
with respect to the tax abatements declared herein and set forth in Sections Two through Eight of
this Ordinance.
Section 9: 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 10: 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:
NAYS:
ABSENT:
PASSED and APPROVED this day of , 2020.
Arlene A. Juracek, Mayor
3
6
ATTEST:
Karen Agoranos, Village Clerk
ORDINANCE NO.
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, 2020 AND ENDING DECEMBER 31, 2020
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the day of , 2020
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the day of , 2020.