HomeMy WebLinkAboutOrd 4609 12/21/1993 ORDINANCE NO. 4609
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 MAY 1, 1993 AND ENDING
APRIL 30, 1994
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 21st day of December, 1993
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the 21st day of December, 1993.
ORDINANCE NO. 4609
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 MAY 1, 1993 AND ENDING
APRIL 30, 1994
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. 2478 adopted December 4, 1973 and authorizing
the issuance of general obligation bonds for acquiring and constructing sewer improvements
there was levied for the year 1993 the sum of $156,000 for bond principal and interest
payments.
B. That pursuant to Village Ordinance No. 2541 adopted November 19, 1974 and authorizing
the issuance of general obligation bonds for Library and Village Hall improvements there
was levied for the year 1993 the sum of $220,000 for bond principal and interest payments.
C. That pursuant to Village Ordinance No. 3788 adopted June 2, 1987 authorizing the issuance
of general obligation bonds for the construction of a new public works facility, purchase
of certain equipment, and acquisition of land and constructing improvements in the
Village's Tax Incremental Financing District No. 1, and as amended by Village Ordinance
No. 4539 adopted April 21, 1993 and by Certificate of Partial Reduction of Taxes filed
November 19, 1993, there was levied for the year 1993 the sum of $509,655 for bond
principal and interest payments.
D. That pursuant to Village Ordinance No. 3839 adopted September 15, 1987 authorizing the
issuance of general obligation bonds for the purpose of refunding $1,570,000 outstanding
principal mount of General Obligation Bonds, Series 1985, and as amended by Village
Ordinance No. 4539 adopted April 21, 1993 and by Certificate of Partial Reduction of
Taxes filed November 19, 1993, there was levied for the year 1993 the sum of $64,080 for
bond principal and interest payments.
E. That pursuant to Village Ordinance No. 4307 adopted May 7, 1991 authorizing the issuance
of general obligation bonds for the construction of a new Police and Fire Building, the
construction of storm water improvements, and the acquisition of land and constructing
improvements in the Village's District No. 1 Tax Increment Redevelopment Project, and
as amended by Village Ordinance No. 4539 adopted April 21, 1993 and by Certificate of
Partial Reduction of Taxes filed November 19, 1993, there was levied for the year 1993
the sum of $515,225 for bond principal and interest payments.
F. That pursuant to Village Ordinance No. 4397 adopted February 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. 1 Tax Increment
Redevelopment Project Area there was levied for the year 1993 the sum of $846,963 for
bond principal and interest payments.
G. 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. 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 there was
levied for the year 1993 the sum of $643,495 for bond principal and interest payments.
H. That as of December 1, 1993 there has been collected, deposited to and on hand in the
Article XVIII - General Obligation Bond and Interest Fund the sum of $156,000 for
application to bond pnnc~pal and interest payments for the bonds issued pursuant to Village
Ordinance No. 2478 adopted December 4, 1973.
I. That as of December 1, 1993 there has been collected, deposited to and on hand in the
Article XVIII - General Obligation Bond and Interest Fund the sum of $75,000 for
application to bond principal and interest payments for the bonds issued pursuant to Village
ordinance No. 2541 adopted November 19, 1974.
J. That as of December 1, 1993 there has been collected, deposited to and on hand in the
Article XVIII - General Obligation Bond and Interest Fund the sum of $209,655 for
application to bond principal and interest payments for the bonds issued pursuant to Village
ordinance No. 3788 adopted June 2, 1987.
K. That as of December 1, 1993 there has been collected, deposited to and on hand in the
Article XVIII - General Obligation Bond and Interest Fund the sum of $64,080 for
application to bond principal and interest payments for the bonds issued pursuant to Village
ordinance No. 3839 adopted September 15, 1987.
L. That as of December 1, 1993 there has been collected, deposited to and on hand in the
Article XVIII - General Obligation Bond and Interest Fund the sum of $262,975 for
application to bond principal and interest payments for the bonds issued pursuant to Village
Ordinance No. 4307 adopted May 7, 1991.
M. That as of December 1, 1993 there has been collected, deposited to and on hand in the
Article XVIII - General Obligation Bond and Interest Fund the sum of $846,963 for
application to bond principal and interest payments for the bonds issued pursuant to Village
Ordinance No. 4397 adopted February 4, 1992.
N. That as of December 1, 1993 there has been collected, deposited to and on hand in the
Article XVIII - General Obligation Bond and Interest Fund the sum of $406,724 for
application to bond principal and interest payments for the bonds issued pursuant to Village
Ordinance No. 4539 adopted April 21, 1993.
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Section Two: It is hereby declared and determined by the President and Board of Trustexs of the Village
of Mount Prospect that the amount of $156,000 levied for G.O. Bond and Interest payments for acquiring
and constructing sewer improvements pursuant to Village Ordinance No. 2478 be and the same is hereby
abated in the amount of $156,000 being the entire amount levied for such bond and interest payment
purposes for the fiscal year commencing May 1, 1993 and ending April 30, 1994.
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 $220,000 levied for G.O. Bond and Interest payments for 1974
Librat3r and Village Hall improvement purposes pursuant to Village Ordinance No. 2541 be and the same
is hereby abated in the amount of $75,000 leaving a balance of $145,000 as that amount levied for such
bond and interest payment purposes for the fiscal year commencing May 1, 1993 and ending April 30,
1994.
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 $509,655 levied for G.O. Bond and Interest payments for
construction of a public works facility, purchase of equipment, and acquisition of land and constructing
improvements in the Village's Tax Incremental Financing District No. 1, pursuant to Village Ordinance
No. 3788, and as amended by Village Ordinance No. 4539 adopted April 21, 1993 and by Certificate of
Partial Reduction of Taxes filed November 19, 1993, be and the same is hereby abated in the amount of
$209,655 leaving a balance of $300,000 as that amount levied for such bond and interest payment purposes
for the fiscal year commencing May 1, 1993 and ending April 30, 1994.
Section Five: It is hereby declared and determined by the President and Board of Trustees of the Village
of Mount Prospect that the amount of $64,080 levied for 13. O. Bond and Interest payments for the
purpose of refunding the principal amount of General Obligation Bonds, Series 1985 purposes pursuant
to Village Ordinance No. 3839, and as amended by Village Ordinance No. 4539 adopted April 21, 1993
and by Certificate of Partial Reduction of Taxes filed November 19, 1993, be and the same is hereby
abated in the amount of $64,080 being the entire amount levied for such bond and interest payment
purposes for the fiscal year commencing May 1, 1993 and ending April 30, 1994.
Section Six: It is hereby declared and determined by the President and Board of Trustees of the Village
of Mount Prospect that the amount of $515,225 levied for G. O. Bond and Interest payments for
construction of a new Police and Fire Building, construction of storm sewer improvements, and acquisition
of land and constructing improvements in the Village's District No. 1 Tax Incremental Redevelopment
Project, pursuant to Village Ordinance No. 4307, and as amended by Village Ordinance No. 4539 adopted
April 21, 1993 and by Certificate of Partial Reduction of Taxes filed November 19, 1993, be and the same
is hereby abated in the amount of $262,975 leaving a balance of $252,250 as that amount levied for such
bond and interest payment purposes for the fiscal year commencing May 1, 1993 and ending April 30,
1994.
Section Seven: It is hereby declared and determined by the President and Board of Trustees of the
Village of Mount Prospect that the amount of $846,963 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 $846,963 being the entire amount
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evied for such bond and interest payment purposes for the fiscal year commencing May 1, 1993 and
ending April 30, 1994.
Section Ei~,ht: It is hereby declared and determined by the President and Board of Trustees of the Village
of Mount Prospect that the amount of $643,495 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 198715, Series 1987D, Series 1991A, and Series 1991B
pursuant to Village Ordinance No. 4539 be and the same is hereby abated in the amount of $406,724
leaving a balance of $236,771 as that amount levied for such bond and interest payment purpose for the
fiscal year commencing May 1, 1993 and ending April 30, 1994.
Section Nine: Village Ordinance Nos. 2478, 2541, 3788, 3839, 4307, 4397, and 4539, are and each is
hereby amended with respect to the tax abatements declared herein and set forth in Sections Two through
Eight of this Ordinance.
Section Ten: 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 Eleven: 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, Hoefert, Hendricks, Skowron, Wilks
NAYS: None
ABSENT: C1 owes
PASSED and APPROVED this 21st day of December, 1993.
Gerald L. FatCley~ _~ge Premdent
ATTEST:
Carol A. Fields, Village Clerk
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