HomeMy WebLinkAboutOrd 6816 11/18/2025 To Abate 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, 2025ORDINANCE NO. 6816
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 18th day of November, 2025
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the _ day of , 2025.
ORDINANCE NO.6816
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
$520,100 for bond principal and interest payments.
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.
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 $1,961,350.00 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: Dante, DiPrima, Gens, Grossi, Matuszak, Saccotelli
NAYS: None
ABSENT: None
PASSED and APPROVED this 18th day of November 2025,
ATTEST:
Karen Agoranos Villas Clerk
Village of Mount Prospect
Tax Levy - 2025
Debt Service Abatement Summary
Series 2016
1,961,350
1,739,983 221,367 4,427 225,794
Series 2017 (TIF)
345,369
345,369 - - -
Series 2017 (WTR)
335,331
335,331 -
Series 2018a (TIF)
526,369
526,369 - - -
Series 2018a (WTR)
344,250
344,250 _ -
Series 2018b (new)
1,444,250
1,444,250 - -
Series 2018b (refi)
238,250
238,250 - - -
Series 2019a (WTR)
640,050
640,050 - - -
Series 2019B (TIF)
520,100
520,100 - - -
Series 2022 (WTR)
561,300
561,300 - - -
Series 2022A (Flood)
879,300
879,300 -
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