HomeMy WebLinkAboutOrd 6871 11/04/2026 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, 2026 And Ending December 31, 2026ORDINANCE NO. 6871
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, 2026 AND ENDING DECEMBER 31, 2026
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 4111 day of Novenibei ?02f
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect,
Illinois, the 5th day of
November, 2026.
ORDINANCE NO. 6871
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, 2026 AND ENDING DECEMBER 31, 2026
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 2026 the sum of $1,957,500 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 2026 the sum of $338,731 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
2026 the sum of $353,769 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
2026 the sum of $348,750 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 2026 the
sum of $540,869 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 2026 the sum of $1,679,500.00 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
2026 the sum of $651,300 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 2026 the sum of
$535,600 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 2026 the sum of $572,300 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 2026 the sum of
$879,560 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 $1,957,500.00 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 $1,957,500.00 being the
entire amount levied for such bond interest payment purposes for the fiscal year commencing
January 1, 2026 and ending December 31, 2026.
Section 3: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $338,731 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 $338,731 being
the entire amount levied for such bond interest payment purposes for the fiscal year commencing
January 1, 2026, and ending December 31, 2026.
Section 4: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $353,769 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 $353,769 being the entire
amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2026, and ending December 31, 2026.
Section 5: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $348,750 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 $348,750 being
the entire amount levied for such bond interest payment purposes for the fiscal year commencing
January 1, 2026 and ending December 31, 2026.
Section 6: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $540,869 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 $540,869 being the entire
amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2026 and ending December 31, 2026.
Section 7: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $1,679,500 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 $1,679,500 being the
entire amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2026 and ending December 31, 2026.
Section 8: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $651,300.00 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 $651,300 being
the entire amount levied for such bond principal and interest payment purposes for the fiscal year
commencing January 1, 2026 and ending December 31, 2026.
Section 9: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $535,600 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 $535,600 being the entire amount levied for such bond principal and interest
payment purposes for the fiscal year commencing January 1, 2026 and ending December 31, 2026.
Section 10: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $572,300.00 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 $572,300.00 being the entire amount levied for such bond interest payment purposes
for the fiscal year commencing January 1, 2026 and ending December 31, 2026.
Section 11: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $879,560 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 $879,560 being the entire amount
levied for such bond interest payment purposes for the fiscal year commencing January 1, 2026
and ending December 31, 2026.
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.
Village of Mount Prospect
Tax Levy - 2026
Debt Service Abatement Summary
Series 2016
1,957,500
1,957,500 -
Series 2017 (TIF)
353,769
353,769 - - -
Series 2017 (WTR)
338,731
338,731 - - -
Series 2018a (TIF)
540,869
540,869 - - -
Series 2018a (WTR)
348,750
348,750 - - -
Series 2018b (new)
1,444,250
1,444,250 - - -
Series 2018b (refi)
235,250
235,250 -
Series 2019a (WTR)
651,300
651,300
Series 2019B (TIF)
535,600
535,600
Series 2022 (WTR)
572,300
572,300 -
Series 2022A (Flood')
879,560
879,560 -
VILLAGE OF MOUNT PROSPECT
Property Tax Levy - 2026
VILLAGE OF MOUNT PROSPECT
Police Protection
4,607,379
=
4,607,379
92,148
4,699,527
4,699,527
- 0.00%
Fire Protection
5,132,420
(1,100,000)
4,032,420
80,64E
4,113,068
4,215,068
(102,00)) -2A2%
Police Pension Fund
6,864,627
(1,820,629)
5,044,098
100,882
5.144,980
5,144,980
- 0,00%
Firefighters' Pension Fund
01JOSA1,11
3,.872.,363
71","7
1,040 910
3 91.+208101
Total Operational Levy
22,185,203
(41,628943)•'
351,125
17.907,3858
"' +
(102,000)'
Debt Service Funds
- General Government
2016-Series Bonds
1,957,500
(1,957,500)
225,794
1225,794)-10000%
2018E - Police & Fie HO
1,444,250
(1,444,250)
-
-
- 0.00%
2018B-2D09 Refunding
235,25D
(235,250)
_
-
-
- 0,00%
2022B- Flood Control(2013)
879,560
(879,560)
-
-
- 000%
TIF
Series 2017
353,769
(353,769)
•
•
• 000%
Series 2018A
540,869
(540,869)
_
^ 0,00%
Series 2019B
535,600
(535,600)
^
-
^ 000%
- Water/Sewer
Series 2017
338,731
(338,731)
^
-
• 0.00%
Series 201 BA
346.750
(348,750)
-
_
-
0.00%
Series 2019A
651,300
(651,300)-
_
-
-
0.00%
Series 2022
572,300
(572,300)
_
-
^
• 0.00%
Total Debt Service Levy
7,057,879
(7,857,879)•
'
9
Total Village Levy
30,043,082
(12,486,822).'
351,125
117,907,3115
,
MOUNT PROSPECT PUBLIC UBRARY
Library Levy Fund
S56,AfK'k
-
1'0,591",4Cy0
23192S
1'.'b.82B.3J.6
21 517,2w-
11102.T,0 ,
Total Library Levy
11,596,400
11,596,400
•'
' :_. '
Total Village and Library Combined
..
-
: = a
•
•
-.: •.
., ,
Total Operating Levy
33,781,603
(4,628,943)
29,152,660
583,053
29,735,713
29,526,675
209,038 0.71%
Total Debt Service Levy
1,BS7,B79
Il B,S7,870
-
-
22,�5'7D4
IZ25,794:y 100.00%
Section l 1: The Village Clerk of the Village of Mount Prospect is hereby authorized and directedto
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 4th day of November 2026.
ATTEST:
_ /4 ".
Karen gor mosVYlla H Clerk
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