HomeMy WebLinkAboutRes 05-53 04/21/1953 53
A RESOLUTION PROVIDING FOR A PROGRAM
FOR THE LIQUIDATION OF THE LIENS S OF
DEL INa UENT SPE CI AL ASSESSMENTS HELD
BY THE VILLAGE OF MOUNT PROSPECT,
COOK COUNTY, ILLINOIS
WHEREAS, the Village of Mount Prospect is the holder and
trustee of judgment liens on numerous installments of numerous
special assessment levied pursuant to the Local Improvement Act
of the State of Illinois, against certain parcels of real estate
within said Village, and
iEREAS, the liens of said installments of spe cial assess-
me nts are overdue and unpaid, and have be en eit her returned de-
linquent to the County Collector and forfeited to the State of
Illinois, or are past due and delinquent on the books of the
Village of' Mount Prospect, and
WHEREAS, the delinquency in the payment of said install-
ments of said special assessments deprives and has deprived the
holders of the bonds, coupons and vouchers issued to anticipate
the collection of said installments of payment of said coupons,
bonds and vouchers, deprives and has deprived the Village of Mount
Prospect of payment of the costs in connection therewith , and over
the years has necessitated the expenditures of large sums of money
by the Village of' Mount Prospect for the servicing of said special
assessment obligations, and
WHEREAS, there appears to be no prospect of the payment
of said installments of said special assessments within a reason -
able time, and
WHEREAS, in the collection of said liens for said install-
ments of spe cial assessments by legal proceedings the initiative
of the Village of Mount Prospect will necessitate the expenditure
by it of large amounts of money , to meet which no sources of
revenue are available, all funds received by the Village of Mount
from general tax levied, license fees, permits and other sources
of municipal revenue being needed to defray the cost of the
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essential go vernmental functions.
WHEREAS, a very large amount of such liens of certain
of the del inquent installments of spe ci al assessment le vied
11 against other parcels of property within the Village of Mount
Prospect have been eliminated along with liens of parity for de-
linquent general taxes against said properties by fore closure and
sale in equity in the suit of the People of the State of Illinois,
which has been productive of but mills on each dollar of liens
foreclosed, and has resulted in a situation characterized by an
extreme disparity between the total amount of special assessment
bonds together with costs and charges accrued thereunder on one
hand, and the remaining amount of assessments receivable wh ich
are limited out of the properties more particularly described in
the schedule hereinafter set forth, and
WHEREAS, in many instances the amount of equity in the
properties remaining as aforesaid are insufficient even to meet
the assessments re ceivable from said prop erties, and
WFiREAS, it is essential for carrying on the essential
governme ntal functions of the Village of Mount Prospe ct and the
other over - lapping tax bodies to whom taxes are due from real
estate situated in the Village of Mount Prospect, that the general
tax delinquency and the special assessment delinquency be cle ared
up so that said tax delinquent real estate will be on a current
1 basis, and
WERE AS, the cor ner ship of said delinquent properties
located in the Village of Mount Pro spe ct is he ld largely either
by persons not residing in the Village of Mount Prospect, or by
persons who have disappeared and cannot be found, except in certa n
instances where said delinquent properties have been purchased
by speculators hoping to realize large profits based upon inade-
quate bids at contemplated foreclosure sales, to the mutual
detriment of special assessment bondholders and the Village of
Mount Prospect, as well as County of Cook, Illinois, and
NOW, THEREFORE, :EFORE, BE IT RESOLVED by the President and
' Board of Trustees of the Village of Mount Prospect, as follows:
SECTION 1. That Leonard C. Mead, Attorney at Law, is
hereby appointed Special Attorney in matters related to special
assessments upon terms and conditions contained in letter dated,
!January 5, 1953.
SECTION 2. That under the direction of the aforesaid
attorney effort is to be made to contact all bondholders of record
to participate in a program of orderly liquidation of delinquent
special assessments so that the Village of Mount Prospect by this
r( orderly liquidation will be in a position of clearing up the
I assessment indebtedness to bondholders.
SECTION 3. That under the direction of the Special
Attorney a diligent program of general tax foreclosures will be
instituted so that all property shall be returned to the tax rolls,
thereby implementing an increase in general tax revenue.
SECTION 4. That the Special Attorney shall represent
the Village of Mount Prospect in all pending and future fore-
;
!closure suits filed, in which the Village of Mount Prospect is
defendant.
PASSED: this 21st day of April, 1953
APPROVED: this 21st day of April, 195 3.
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