HomeMy WebLinkAboutOrd 4261 12/04/1990 ORDINANCE NO. 4261
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, 1990 AND ENDING APRIL 30, 1991
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 4th day of December , 1990
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
5th day of December , 1990.
ORDINANCE NO. 4261
AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR
CORPORATE ANDMUNICIPALPURPOSES OF THE VILLAGE OF MOUNT
PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING MAY 1,
1990 AND ENDING APRIL 30, 1991
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. 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. 1, there was levied
for the year 1990 the sum of $657,710 for bond p~incipal and interest
payments.
B. 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 outstanding principal amount of General
Obligation Bonds, Series 1985, there was levied for the year 1990 the
sum of $113,872.50 for bond principal and interest payments.
C. That pursuant to Village Ordinance No. 3951 adopted June 21, 1988 and
authorizing the issuance of general obligation bonds for 1988 sewer
system improvement purposes there was levied for the year 1990 the sum
of $119,925 for bond principal and interest payments.
D. That as of December 1, 1990 there has been collected, deposited to and
on hand in the Article XVI - General Obligation Bond and Interest Fund
the sum of $287,420 for application to bond and interest payments for
the bonds issued pursuant to Village Ordinance No. 3788 adopted June 2,
1987; the sum of $113,872.50 for application to bond and interest
payments for the bonds issued pursuant to Village Ordinance No. 3839
adopted September 15, 1987; and the sum of $119,925 for application to
bond and interest payments for the bonds issued pursuant to Village
Ordinance No. 3951 adopted June 21, 1988.
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 $657,710 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 $287,420 leaving a balance of $370,290 as
that amount levied for such bond and interest payment purposes for the fiscal year
commencing May 1, 1990 and ending April 30, 1991.
ection Three: It is hereby declared and determined by the President and Board of
Trustees of the Village of Mount Prospect that the amount of $113,872.50 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 $113,872.50 being the entire amount
levied for such bond and interest payment purposes for the fiscal year commencing
May 1, 1990 and ending April 30, 1991.
Section Four: It is hereby declared and determined by the President and Board of
Trustees of the Village of Mount Prospect the amount of $119,925 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 $119,925 being the entire amount levied for such bond and interest payment purposes
for the fiscal year commencing May 1, 1990 and ending April 30, 1991.
Section Five: Village Ordinance Nos. 3788, 3839, amd 3951 are and each is hereby
amended with respect to the tax abatements declared herein and set forth in Sections
Two through Four of this Ordinance.
Section Six: 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 Seven: 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: Arthur, Corc0ran, Floros, Van Geem
NAYS: None
ABSENT: Busse
PASSED and APPROVED this 4th day of December, 1990.
ATTEST: '~e ra 1 d~~L ~~e Pre/~nt
Carol A. Fields, Village Clerk