HomeMy WebLinkAboutOrd 4505 12/15/1992 ORDINANCE NO. 4505
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, 1992 AND ENDING
APRIL 30, 1993
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 15th day of December, 1992
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the 15th day of December, 1992.
ORDINANCE NO. 4 5 0 5
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, 1992 AND ENDING
APRIL 30, 1993
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 1992 the sum of $163,500.00 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 1992 the sum of $232,600.00 for bond principal and interest
payments.
C. That pursuant to Village Ordinance No. 3788 adopted June 2, 1987 and 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. i, there was levied for the year 1992
the sum of $654,135.00 for bond principal and interest payments.
D. That pursuant to Village Ordinance No. 3839 adopted September 15, 1987 and authorizing
the issuance of general obligation bonds for the purpose of refunding $1,570,000.00
outstanding principal amount of General Obligation Bonds, Series 1985, there was levied
for the year 1992 the sum of $128,872.50 for bond principal and interest payments.
E. That pursuant to Village Ordinance No. 3951 adopted June 21, 1988 and authorizing the
issuance of general obligation bonds for I988 sewer system improvement purposes there
was levied for the year 1992 the sum of $132,625.00 for bond principal and interest
payments.
F. That pursuant to Village Ordinance No. 4307 adopted May 7, 1991 and 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 there
was levied for the year 1992 the sum of $798,310.00 for bond principal and interest
payments.
G. 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 1992 the sum of $1,058,764.58
for bond principal and interest payments.
H. That as of December 1, 1992 there has been collected, deposited to and on hand in the
Article XVII - General Obligation Bond and Interest Fund the sum of $163,500.00 for
application to bond pnncipal and interest payments for the bonds issued pursuant to Village
Ordinance No. 2478 adopted December 4, 1973.
I. That as of December 1, 1992 there has been collected, deposited to and on hand in the
Article XVII - General Obligation Bond and Interest Fund the sum of $57,600.00 for
application to bond pnncipal and interest payments for the bonds issued pursuant to Village
Ordinance No. 2541 adopted November 19, 1974.
J. That as of December 1, 1992 there has been collected, deposited to and on hand in the
Article XVII - General Obligation Bond and Interest Fund the sum of $304,135.00 for
application to bond pnncipal and interest payments for the bonds issued pursuant to Village
Ordinance No. 3788 adopted June 2, 1987.
K. That as of December 1, 1992 there has been collected, deposited to and on hand in the
Article XVII - General Obligation Bond and Interest Fund the sum of $128,872.50 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, 1992 there has been collected, deposited to and on hand in the
Article XVII - General Obligation Bond and Interest Fund the sum of $132,625.00 for
application to bond principal and interest payments for the bonds issued pursuant to Village
Ordinance No. 3951 adopted June 21, 1988.
M. That as of December 1, 1992 there has been collected, deposited to and on hand in the
Article XVII - General Obligation Bond and Interest Fund the sum of $388,310.00 for
application to bond principal and interest payments for the bonds issued pursuant to Village
Ordinance No. 4307 adopted May 7, 1991.
N. That as of December 1, 1992 there has been collected, deposited to and on hand in the
Article XVII - General Obligation Bond and Interest Fund the sum of $1,058,764.58 for
application to bond pnncipal and interest payments for the bonds issued pursuant to Village
Ordinance No. 4397 adopted February 4, 1992.
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 $163,500.00 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 $163,500.00 being the entire amount levied for such bond and interest
payment purposes for the fiscal year commencing May 1, 1992 and ending April 30, 1993.
2
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 $232,600.00 levied for G.O. Bond and Interest payments for 1974
Library and Village Hall improvement purposes pursuant to Village Ordinance No. 2541 be and the same
is hereby abated in the amount of $57,600.00 leaving a balance of $175,000.00 as that amount levied for
such bond and interest payment purposes for the fiscal year commencing May 1, 1992 and ending
April 30, 1993.
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 $654,135 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 be and the same is hereby abated in the amount of $304,135.00 leaving a balance of
$350,000.00 as that amount levied for such bond and interest payment purposes for the fiscal year
commencing May 1, 1992 and ending April 30, 1993.
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 $128,872.50 levied for G. 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 be and the same is hereby abated in the amount of $128,872.50 being the
entire amount levied for such bond and interest payment purposes for the fiscal year commencing May 1,
1992 and ending April 30, 1993.
Section Six: It is hereby declared and determined by the President and Board of Trustees of the Village
of Mount Prospect the amount of $132,625.00 levied for G. O. Bond and Interest payments for the
purpose of 1988 Sewer System Improvement Purposes pursuant to Village Ordinance No. 3951 be and the
same is hereby abated in the amount of $132,625.00 being the entire amount levied for such bond and
interest payment purposes for the fiscal year commencing May 1, 1992 and ending April 30, 1993.
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 $798,310.00 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 be and the same is hereby abated in the amount of
$388,310.00 leaving a balance of $410,000.00 as that amount levied for such bond and interest payment
purposes for the fiscal year commencing May 1, 1992 and ending April 30, 1993.
Section Eight:It is hereby declared and determined by the President and Board of Trustees of the Village
of Mount Prospect that the amount of $1,058,764.58 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 $1,058,764.58 being the entire amount levied for
such bond and interest payment purposes for the fiscal year commencing May 1, 1992 and ending
April 30, 1993.
3
ection Nine: Village Ordinance Nos. 2478, 2541, 3788, 3839, 3951, 4307, and 4397, are and each
is hereby mended 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: Busse, Clowes, Corcoran, Hoefert
NAYS: None
ABSENT: Wilks, Floros
PASSED and APPROVED this 15th day of December, 1992.
ATTEST: Gerald L.' Farley, Vi~/President
/
Carol A. Fields, Vfllage~lerk