HomeMy WebLinkAbout8.4 First Reading of 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, 2025, AND ENDING DECEMBER 31, 2025.All
Item Cover Page
Subject First Reading of 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, 2025, AND ENDING DECEMBER
31, 2025.
Meeting October 28, 2025 - SPECIAL MEETING - AMENDED 10-27-2028 OF
THE MOUNT PROSPECT VILLAGE BOARD
Category NEW BUSINESS
Type Ordinance
Information
The Village approves and files its levy and abatement ordinance each year with Cook County
before December. This ordinance abates part of the debt service levy to be used for general
obligation bonds. The Village has alternative revenue sources to pay for the debt service
obligation for the year 2026. In the absence of the attached abatement ordinance, the County
will levy on all the previously issued bonds, which could result in significant property tax
increases for the Village's portion. The second reading and the final approval of this ordinance
are expected on November 18, 2025.
Discussion
The proposed ordinance is a part of the annual budget process. The Village abates part of the
debt service property tax levy every year. Several general obligation bonds have been issued
in the past, and Cook County will levy debt service property tax levy unless the Village abates
part of the bond levies. There are certain debt service payments which the Village pays from
alternative revenue sources, and this eliminates the need to levy property taxes for such bond
principal and interest amounts. For the assessment year 2025 (payable in 2026), the Village
will be abating the following debt service payments.
Series 20116
196,11350,
L7391983 221367 411427 225794
Series 20117 JIF)
3451369
3451369 - - -
Series 20117 (WTR)
3351331
3351331 - - -
Series 2018a JIF)
526,1369
526,1369 - - -
Series 2018a (WTR)
34,41250,
34,41250, - - -
Series 2018b, (new)
1
1
Series 201 8b, (refi)
238,250
238,250 -
Series 20119a (WTR)
6401050
6401050 -
Series 2019B TIF )
52011100
52011100 -
Series 2022 (WTR)
56111300
56111300 -
Series 2022A (Flood)
8791300
8791300 -
The above table shows that the Village will levy only $221,367 in debt service levy, and the
remaining $7,574,552 will be abated using the following alternative revenue sources.
Debt, Service Id 4,523,150 2211,367 3,099,4331 879,300 323,0501
Bond PrincipM 2,6610,10,00 2,21,367 1,41,10,5183 705 '00110 3123"05,01
Interest Expense 1,863,150 1,6818,850 174,300
Prospect, and Main TIF District lo391,8,38 Io391,8318
Bond Principal 8,20,0100 820,0010
Interest Expense 571,8318 571,8318,
Waiter, and Sewer, and 1,880,9131 1,818,10,931
Bond Principat 1 "085 "1000 1,1085"0001
Interest Expense 795,931 795,93'1' ............... ................................ ................................ .
8 1300 1,A810101931 1;391w838 323#050
The total debt service payments due during the fiscal year 2026 are $7,795,919. The Village
will be abating $7,574,552 of this amount and levy only for one of the issued bonds in the
amount of $221,367. Series 2017, 2018A. and 2019B are TIF bonds and will be paid with TIF
increments from the Prospect & Main TIF District. Series 2017, Series 2018A, Series 2019A
and Series 2022 are Water/Sewer Bonds and will be paid from utility service charges. Series
2018B was issued in 2018 for the Police and Fire Headquarters, as well as for refunding 2009
Series Bonds. The Village is using the General Fund revenues to abate these bonds. The video
gaming tax and interest income totaling $323,050 are used to abate part of the 2018B and
2016 bonds. After all the abatements, series 2016 bonds will have a net levy of $221,367 and
with a 2% provision for loss and costs, the final levy amount would be $225,794.
A I A-,. a* R^ a-% 4- : In IF 10%, Ow
1. Hold the first reading of the ordinance abating $7,574,552 in 2025 debt service levy
payable in 2026.
2. Action at the discretion of the Village Board.
Staff Recommendation
Staff recommends holding the first reading of an ordinance abating $7,574,552 in 2025 debt
service levy payable in 2026.
Attachments
1. General Village Levy Abatement Ordinance - Nov 6 2024
ORDINANCE NO.
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, 2025 AND ENDING DECEMBER 31, 2025
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the day of , 2025
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the day of , 2025.
ORDINANCE NO.
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, 2025 AND ENDING DECEMBER 31, 2025
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 2025 the sum of $1,961,350 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 2025 the sum of $335,331 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 financing the
costs of certain capital projects in the Village (TIF), there was levied for the year
2025 the sum of $345,369 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
2025 the sum of $344,250 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 2025 the
sum of $526,369 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 2025 the sum of $1,682,500.00 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
2025 the sum of $640,050 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 2025 the sum of
$5201100 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 2025 the sum of $561,300 for bond principal and interest
payments.
J. 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 2025 the sum of
$879,300 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 $1,961,3 50.00 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 $1,739,983.00 being the
partial amount levied for such bond interest payment purposes for the fiscal year commencing
January 1, 2025 and ending December 31, 2025.
Section 3: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $335,331 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 $335,331 being
the entire amount levied for such bond interest payment purposes for the fiscal year commencing
January 1, 2025, and ending December 31, 2025.
Section 4: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $345,369 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 $345,369 being the
entire amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2025, and ending December 31, 2025.
Section 5: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $344,250 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 $344,250 being
the entire amount levied for such bond interest payment purposes for the fiscal year commencing
January 1, 2025 and ending December 31, 2025.
Section 6: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $526,369 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 $526,369 being the
entire amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2025 and ending December 31, 2025.
Section 7: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $1,682,500 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 $1,682,500 being the
entire amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2025 and ending December 31, 2025.
Section 8: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $640,050.00 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 $640,050 being
the entire amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2025 and ending December 31, 2025.
Section 9: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $520,100 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 $520,100 being the entire amount levied for such bond principal and interest
payment purposes for the fiscal year commencing January 1, 2025 and ending December 31, 2025.
Section 10: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $561,300.00 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 $561,300.00 being the entire amount levied for such bond interest payment purposes
for the fiscal year commencing January 1, 2025 and ending December 31, 2025.
Section 11: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $879,300 levied for G.O. Bond series 2022A interest and principal
payments for the purpose of refunding general obligation bonds series 2013 pursuant to Ordinance
No. 6622 be and the same is hereby abated in the amount of $879,300 being the entire amount
levied for such bond interest payment purposes for the fiscal year commencing January 1, 2025
and ending December 31, 2025.
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:
NAYS:
ABSENT:
PASSED and APPROVED this day of November 2025.
Paul Wm. Hoefert, Mayor
ATTEST:
Karen Agoranos, Village Clerk
Village of Mount Prospect
Tax Levy - 2025
Debt Service Abatement Summary
Series 2016
1,961,350
11739,983 221,367 41427 225,794
Series 2017 (TIF)
345,369
345,369 - - -
Series 2017 (WTR)
335,331
335,331 - - -
Series 2018a (TIF)
526,369
526,369 - - -
Series 2018a (WTR)
3441250
3441250 - - -
Series 2018b (new)
174447250
174443250 - - -
Series 2018b (refi)
2387250
238,250 - - -
Series 2019a (WTR)
6407050
6403050 - - -
Series 2019B (TIF)
5207100
5203100 - - -
Series 2022 (WTR)
5617300
561,300 - - -
Series 2022A (Flood)
879,300
8793300 - - -
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