HomeMy WebLinkAboutOrd 5671 12/18/2007
ORDINANCE NO. 5671
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, 2007 AND ENDING DECEMBER 31,2007
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 18thdayof December , 2007
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the 19thiay of December2007.
ORDINANCE NO. 5671
AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR
CORPORA TE AND MUNICIPAL PURPOSES OF THE VILLAGE OF
MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING
JANUARY 1, 2007 AND ENDING DECEMBER 31,2007
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES 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. 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 2007 the sum of$l, 754,300.00 for bond principal and interest payments.
B. 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 2007 the sum of$998,925.00 for
bond principal and interest payments.
F. That as of December 1, 2007 there is available in the Village's Downtown
Redevelopment Fund the amount of $1,754,300.00 for application to bond principal
and interest payments for the bonds issued pursuant to Village Ordinance No. 4999
adopted March 2, 1999.
G. That as of December 1,2007 there is available in the Village's Series 2000 General
Obligation Bond and Interest Fund the sum of$998,925.00 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 by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $1,754,300.00 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 $1,754,300.00 being the entire amount levied for such bond and interest payment
purposes for the fiscal year commencing January 1, 2007 and ending December 31, 2007.
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Section Three: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $998,925.00 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$998,925.00 being the entire amount levied for such
bond and interest payment purposes for the fiscal year commencing January 1,2007 and ending
December 31, 2007.
Section Six: Village Ordinance Nos. 4999 and 5114 are and each is hereby amended with respect
to the tax abatements declared herein and set forth in Sections Two and Three 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:
Corcoran, Juracek, Korn, Lohrstorfer, Zadel
NAYS:
None
ABSENT:
Hoefert
PASSED and APPROVED this 18th day of December, 2007.
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Irvana K. Wilks
Mayor
ATTEST:
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M. Lisa Angell
Village Clerk
H:ICLKOlfilesIWINIORDINANCIGeneral Village Levy Abatement Ordinance - 2007.doc
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