HomeMy WebLinkAboutOrd 6761 11/06/2024 To Abate A Part Of The Taxes Levied For Corporte And Municipal Purposes Of The Village Of Mount Prospect, Illinois For The Fiscal Year Beginning January 1, 2024 and Ending December 31, 2024ORDINANCE NO. 6761
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, 2024 AND ENDING DECEMBER 31, 2024
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 6th day of November, 2024
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the 7th day of _ 0� Lembgr, 2024.
ORDINANCE NO. 6761
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, 2024 AND ENDING DECEMBER 31, 2024
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. 6320 adopted May 2, 2017, authorizing the
issuance of general obligation bonds series 2016 for refunding previously issued
bonds in the Village, there was levied for the year 2024 the sum of $1,958,550.00
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 2024 the sum of $328,531.26 for bond principal and interest payments.
C. That pursuant to Village Ordinance No. 6347 adopted November 7, 2017,
authorizing the issuance of general obligation series 2017 bonds for fmancing the
costs of certain capital projects in the Village (TIF), there was levied for the year
2024 the sum of $333,368.76 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
2024 the sum of $333,750.00 for bond principal and 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 2024 the
sum of $510,369.00 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 2024 the sum of $1,685,250.00 for bond
principal and interest payments.
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
2024 the sum of $627,300 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 2024 the sum of
$503,100.00 for bond principal and interest payments.
I. That pursuant to Village Ordinance No. 6594 adopted December 7, 2021,
authorizing the issuance of general obligation bonds series 2022 for financing the
construction of various water and sewer projects throughout the village there was
levied for the year 2024 the sum of $549,050 for bond principal and interest
payments.
That pursuant to Village Ordinance No. 6622 adopted April 5, 2022, authorizing
the issuance of general obligation bonds series 2022A for refunding Series 2013
G.O. Bond of the Village of Mount Prospect, levied for the year 2024 the sum of
$878,480 for bond principal and interest payments.
Section 2: Section 11: It is hereby declared by the President and Board of Trustees of the Village
of Mount Prospect that the amount of $1,958,550.00 levied for G.O. Bond series 2016A interest
and principal payments for the purpose of refunding prior bonds throughout the village pursuant
to Ordinance No. 6320 be and the same is hereby abated in the amount of $1,737,183.00 being the
partial amount levied for such bond interest payment purposes for the fiscal year commencing
January 1, 2024 and ending December 31, 2024.
Section 3: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $328,531.26 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 $328,531.26
being the entire amount levied for such bond interest payment purposes for the fiscal year
commencing January 1, 2024, and ending December 31, 2024.
Sectiomi 4: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $333,368.76 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 $333,368.76 being the
entire amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2024, and ending December 31, 2024.
Section 5: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $333,750.00 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 $333,750.00
being the entire amount levied for such bond interest payment purposes for the fiscal year
commencing January 1, 2024 and ending December 31, 2024.
Section 6: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $510,369.00 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 $510,369.00 being the
entire amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2024 and ending December 31, 2024.
Section 7: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $1,685,250 levied for G.O. Bond series 2018 B interest payments for
the purpose of funding construction projects and refunding of 2009 bonds for the Village pursuant
to Ordinance No. 6403 be and the same is hereby abated in the amount of $1,685,250 being the
entire amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2024 and ending December 31, 2024.
Section 8: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $627,300.00 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 $627,300 being
the entire amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2024 and ending December 31, 2024.
Section 9: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $503,100 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 $503,100 being the entire amount levied for such bond principal and interest
payment purposes for the fiscal year commencing January 1, 2024 and ending December 31, 2024.
Section 10: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $549,050.00 levied for G.O. Bond series 2022 interest and principal
payments for the purpose of funding the construction of various water and sewer projects
throughout the village pursuant to Ordinance No. 6594 be and the same is hereby abated in the
amount of $549,050.00 being the entire amount levied for such bond interest payment purposes
for the fiscal year commencing January 1, 2024 and ending December 31, 2024.
Section 11: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $878,480 levied for G.O. Bond series 2022A interest and principal
payments for the purpose of funding the construction of various water and sewer projects
throughout the village pursuant to Ordinance No. 6622 be and the same is hereby abated in the
amount of $878,480.00 being the entire amount levied for such bond interest payment purposes
for the fiscal year commencing January 1, 2024 and ending December 31, 2024.
Section 10: Village Ordinance Nos. 6320, 6347, 6385, 6403, 6449, 6483, 6594 and 6622 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: Dante, Filippone, Gens, Grossi, Matuszak, Saccotelli
NAYS: None
ABSENT: None
PASSED and APPROVED this 6th day of November 2024.
ATTEST:
d
_,
_ 1. ila
. .............
Karen Aoranos
g ,VillaBerk
Wm. Hoefert, Mayor
Village of Mount Prospect
Tax Levy - 2024
Debt Service Abatement Summary
Series 2016
1,958,550
1,737,183 221,367 4,427 225,794
Series 2017 (TIF)
333,369
333,369 -
Series 2017 (WTR)
328,531
328,531 - - -
Series 2018a (TIF)
510,369
510,369
Series 2018a (WTR)
333,750
333,750
Series 2018b (new)
1,444,250
1,444,250 - - -
Series 2018b (refi)
241,000
241,000 -
Series 2019a (WTR)
627,300
627,300 - - -
Series 20196 (TIF)
503,100
503,100 -
Series 2022 (WTR)
549,050
549,050 - -
Series 2022A (Flood)
878,480
878,480 - - -
VILLAGE OF MOUNT PROSPECT
Property Tax Levy - 2024
VILLAGE OF MOUNT PR S EC
Police Protecti In
Fire P of ct on
Polc P ns Fu d
F f gh s' P n on Fund
tal per i evy
Deb Sery ce Fu d
-G a Gov m
2016-5 B d
2018B-Polc &F HQ
20188 - 2009 R f d g
2022B - Floo C (2013)
TN
Series 2017
Series 2018A
Series 2019B
Wa /S w
Series 2017
Series 2018A
Series 2019A
Series 2022
tal Deb S v c vy
tal V g vy
M U PR SP C PUB I BRARY
Lb y vy Fun
Lb yD vc
tal a y vy
tal V Ilag an a y C In
tal p vy
tall) tS vc vy
2%
2023 ax xt n
n
Gross
Net
Provision
Total
Total
20 4
Subsidyl
2024
Lossand
3
$
%
Levy
Abatements
Levy
Oosts,
Extension,.
Extension
Incl Dec.
Incl Dec.
4,346,500
4,346,5
8 9
4,433,430
4,433,430
0,00%
5,049,57
1,000,000
4,049,574
80,991
4,130,565
5,150,565
2 )
-19.80%
6,126,944
1,000,000
5,126,944
102,539
5,229,483
4,721,648
507,835
10.76%
133,242
i .i
1„000,000
iii i��
4433,242
.�
62.041,S
4,215.907
�i•
3;903,737
i• :�
n 2, 110
.. ..
8,00%
�.•'I
1,;737„ ,83
221,367
4,427,
225,794
1,259,624
(1,033,830)
-82.07%
1,444,250
1.,444,.2.50
..
•
0.00%
2.41,.0017
..
_
.
0,00%
8T8,480
.
000%
333,369
3133619
.
0.00%
510,369
SW 36'9
-
0,00%
503,100
5103,100
-
-
0.00%
328,531626,5:31
0.00%
333,750
333,750
-.
-
0.00%
627,300
62';7, M0
,.
,.
0.00%
549,050
54.9,050
•.
-
0,00%
11,070,060
•
11,070,060
221,401
11,291,461
11,070,060
221,401
2.00%
0.00%
31,7 6,3 0
3, 0
28,7 6 0
5 5 6
29 8
292 9 440
21,406
0.
D 49
4 9 2
221
442
225 94
12S9 24
0,033,8301
- 2.0