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Home My WebLink About9.2 2nd reading and approval 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, 2021 AND ENDING DECEMBER 31, 2021IL Mr�GauC'd'+rt;�iect Item Cover Page Subject 2nd reading and approval of AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT• • • THE FISCAL YEAR BEGINNING JANUARY1 AND ENDINGDECEMBER 31,, 2021 Meeting November 16, 2021 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - Fiscal Impact Dollar Amount Budget Source Category OLD BUSINESS Type Ordinance Information This ordinance reduces the debt service levy for the series 2013, 2017, 2018 and 2019 bonds established by the original bond ordinance. There are enough revenues available to pay for these bonds and does not warrant a debt service levy at this time. Hence, it is recommended to abate the debt service levy. In absence of the abatement ordinance, the debt service levy will be levied by the County Clerk's Office and will increase the total Village property tax burden by 22.0 percent. The total debt service levy for the Village is $7,121,711. Of this amount, the ordinance is abating $4,293,025 herewith. The balance of $2,828,686 will be levied as a debt service levy. Mount Prospect Library also has a debt service levy of $1,581,000, which is not abated and will be levied in the full amount. The details for interest and principal payments due for the year 2022 is attached herewith. The first reading of this ordinance was held on November 2, 2021. Principal Interest Total Due Abatement Payment Payment Village of Mount Prospect Series 2012 885,000 271436 9121436 - 1 Alternatives 1. Village Board approval the attached ordinance abating portions of the 2021 Property Tax Debt Service Levy. 2. Action at discretion of the Village Board Staff Recommendation Approve an ordinance abating portions of the 2021 property tax levy. ATTACHMENTS: Levy_Abatement_Ordinance_-_Final_Nov_16_2021.pdf 2 Series 2013 585,000 336,206 9211206 9211206 Series 2014 1,125,000 71,700 1,196,700 - Series 2016 - 265,800 265,800 - Series 2017 (TIF) 155,000 153,769 308,769 308,769 Series 2017 (WTR) 160,000 144,531 304,531 304,531 Series 2018a (TIF) 205,000 264,369 469,369 469,369 Series 2018a (WTR) 150,000 168,000 318,000 318,000 Series 2018b (new) - 11444,250 1,444,250 1,115,000 Series 2018b (refi) - 124,500 124,500 - Series 2019a (WTR) 2651000 325,800 5901800 5901800 Series 2019B (TIF) - 265,350 265,3501 265,350 Total Village of Mount Prospect 3,530,000 3,591,711 7,121,711 4,293,025 Alternatives 1. Village Board approval the attached ordinance abating portions of the 2021 Property Tax Debt Service Levy. 2. Action at discretion of the Village Board Staff Recommendation Approve an ordinance abating portions of the 2021 property tax levy. ATTACHMENTS: Levy_Abatement_Ordinance_-_Final_Nov_16_2021.pdf 2 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, 2021 AND ENDING DECEMBER 31, 2021 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of 12021 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the day of , 2021. 3 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, 2021 AND ENDING DECEMBER 31, 2021 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 series 2013 for financing the construction of various flood control projects throughout the village there was levied for the year 2021 the sum of $921,206.00 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 series 2017 for financing the costs of certain water and sewer capital projects in the Village, there was levied for the year 2021 the sum of $304,531.26 for bond interest payments. C. That pursuant to Village Ordinance No. 6347 adopted November 7, 2017 authorizing the issuance of general obligation series 2017 bonds for financing the costs of certain capital projects in the Village (TIF), there was levied for the year 2021 the sum of $308,768.76 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 series 2018A for financing the costs of certain water and sewer capital projects in the Village, there was levied for the year 2021 the sum of $318,000.00 for bond interest payments. E. That pursuant to Village Ordinance No. 6385 adopted April 17, 2018 authorizing the issuance of general obligation bonds series 2018A for financing the costs of certain capital projects in the Village (TIF), there was levied for the year 2021 the sum of $469,369.00 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 series 2018B for financing the construction of Police and Fire HQ projects and refunding of certain bonds of the village there was levied for the year 2021 the sum of $1,568,750.00 for bond interest payments. 4 G. That pursuant to Village Ordinance No. 6449 adopted April 16, 2019 authorizing the issuance of general obligation bonds series 2019A for financing the costs of certain water and sewer capital projects in the Village, there was levied for the year 2021 the sum of $590,800.00 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 series 2019B 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 2021 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 $921,206 levied for G.O. Bond series 2013 interest and principal 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 $921,206 being the entire amount levied for such bond interest payment purposes for the fiscal year commencing January 1, 2021 and ending December 31, 2021. Section 3: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $304,531.26 levied for G.O. Bond series 2017 interest and principal payments for the purpose of funding water and sewer construction projects throughout the village pursuant to Ordinance No. 6347 be and the same is hereby abated in the amount of $304,531.26 being the entire amount levied for such bond interest payment purposes for the fiscal year commencing January 1, 2021 and ending December 31, 2021. Section 4: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $308,768.76 levied for G.O. Bond series 2017 principal and interest payments for the purpose of funding construction projects throughout the village (TIF) pursuant to Ordinance No. 6347 be and the same is hereby abated in the amount of $308,768.76 being the entire amount levied for such bond principal and interest payment purposes for the fiscal year commencing January 1, 2021 and ending December 31, 2021. Section 5: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $318,000.00 levied for G.O. Bond series 2018A interest and principal payments for the purpose of funding water and sewer construction projects throughout the village pursuant to Ordinance No. 6385 be and the same is hereby abated in the amount of $318,000.00 being the entire amount levied for such bond interest payment purposes for the fiscal year commencing January 1, 2021 and ending December 31, 2021. Section 6: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $469,369.00 levied for G.O. Bond series 2018A principal and interest payments for the purpose of funding construction projects throughout the village (TIF) pursuant to Ordinance No. 6385 be and the same is hereby abated in the amount of $469,369.00 being the entire amount levied for such bond principal and interest payment purposes for the fiscal year commencing January 1, 2021 and ending December 31, 2021. Section 7: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $1,568,750.00 levied for G.O. Bond series 2018 B interest payments 5 for the purpose of funding construction projects throughout the village pursuant to Ordinance No. 6403 be and hereby partially abated in the amount of $1,115,000 levied for such bond interest payment purposes for the fiscal year commencing January 1, 2021 and ending December 31, 2021. Section 8: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $590,800.00 levied for G.O. Bond series 2019A principal and interest payments for the purpose of funding water and sewer construction projects throughout the village pursuant to Ordinance No. 6449 be and the same is hereby abated in the amount of $590,800 being the entire amount levied for such bond principal and interest payment purposes for the fiscal year commencing January 1, 2021 and ending December 31, 2021. 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 series 2019B 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, 2021 and ending December 31, 2021. Section 10: 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 Nine of this Ordinance. Section 11: 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 12: 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 November 2021. Paul Wm. Hoefert, Mayor ATTEST: Karen Agoranos, Village Clerk 6 Village of Mount Prospect Debt Service Levy Abatement Levy Year 2021 (Payable 2022) Village of Mount Prospect Series 2012 885,000 27,436 912,436 912,436 18,249 930,685 Series 2013 585,000 336,206 921,206 921,206 - - - Series 2014 1,125,000 71,700 1,196,700 - 1,196,700 23,934 1,220,634 Series 2016 - 265,800 265,800 - 265,800 5,316 271,116 Series 2017 (TIF) 155,000 153,769 308,769 308,769 - - - Series 2017 (WTR) 160,000 144,531 304,531 304,531 Series 2018a (TIF) 205,000 264,369 469,369 469,369 Series 2018a (WTR) 150,000 168,000 318,000 318,000 - - - Series 2018b (new) - 1,444,250 1,444,250 1,115,000 329,250 6,585 335,835 Series 2018b (refi) - 124,500 124,500 - 124,500 2,490 126,990 Series 2019a (WTR) 265,000 325,800 590,800 590,800 - - - Series 20196 (TIF) - 265,350 265,350 265,350 uuuuuulllllu�m i�u�u uuma: uuuuuVuuu uuuu uuuua uu uum uum uul.0 uum uuuu uum u uum uuuVuuuuuum uuuuuuuV uuuuuuuuuuuu uuuuu uuuVuuuu uum uuuuuuuuuuuu uVlllluul uum.0 uuuuuuuuuuuu Total Debt Service Levy 8,702,711 Total Debt Service Levy Abated 4,293,025 Net Debt Service Levy 4,409,686 2% LOSS & Costs 88,194 Net Levy 4,497,880