HomeMy WebLinkAboutOrd 4121 12/05/1989ORDINANCE NO. 4121
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 F~AY 1, 1989 AND ENDING APRIL 30, 1990
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 5th day of December , 1989
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
6th day of December ,
1989.
ORDINANCE NO. 4121
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
MAY 1, 1989 AND ENDING APRIL 30, 1990
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT
PROSPECT, COOK COUNTY, ILLINOIS:
SECTION
Prospect
A.
ONE: The Preszdent and Board of Trustees of the Vzllage of Mount
fznd as follows:
That pursuant to Vzllage Ordinance No. 2541 adopted November 19, 1974
and authorzzlng the ~ssuance of general oblzgatzon bonds for Library
and Vzllage Hail zmprovement purposes there was levzed for the year
1989 the sum of $270,000 for bond prznczpal and znterest payments.
That pursuant to Vzllage Ordznance No. 3788 adopted 3une 2, 1987 and
authorzzzng the zssuance of generai oblzgat~on bonds for the con-
structzon of a new pubIle works faclizty, purchase of certazn
equzpment, and acqulsztzon of iand and constructing ~mprovements zn
the VziIage's Tax Inerementai Fznanczng D~str~ct No. 1, there was
Ievzed for the year 1989 the sum of $547,450 for bond prznezpai and
znterest payments.
That pursuant to VzlIage Ordznance No. 3839 adopted September 15,
1987 and authorzzzng the zssuance of general oblzgatzon bonds for the
purpose of refunding $1,570,000 outstandzng pr~nczpal amount of
General Oblzgat~on Bonds, Serzes 1985, there was levzed for the year
1989 the sum of $113,872.50 for bond prznczpal and znterest payments.
That pursuant to Vzllage Ordznance No. 3951 adopted 3une 21, 1988 and
authorzzzng the zssuanee of general oblzgatzon bonds for 1988 sewer
system zmprovement purposes there was levzed for the year 1989 the
sum of $125,725 for~ond prznczpal and znterest payments.
That as of December 1, 1989 there has been collected, deposzted to
and on hand zn the Artzele XIII -GeneraI Obizgatzon Bond and
Interest Fund the sum of $50,000 for applzcatzon to bond and znterest
payments for the bonds ~ssued pursuant to V~llage Ordinance No. 2541
adopted November 19, 1974; the sum of $237,110 for appllcatzon to
bond and znterest payments for the bonds zssued pursuant to V~llage
Ordznance No. 3788 adopted 3une 2, 1987; the sum of $113,872.50 for
applzcatzon to bond and znterest payments for the bonds zssued
pursuant to Vzllage Ordznance No. 3839 adopted September 15, 1987;
and the sum of $125,725 for applzcatzon to bond and znterest payments
for the bonds zssued pursuant to Vzllage O~dznance No. 3951 adopted
3une 21, 1988.
SECTION TWO: It is hereby declared and determined by the Preszdent and Board
of Trustees of the Vzllage of Mount Prospect that the amount of $270,000
ievzed for G. O. Bond and Interest payments for 1974 Lzbrary and Vzllage Hali
zmprovement purposes pursuant to Vzllage Ordinance No. 2541 be and the same zs
hereby abated zn the amount of $50,000 leavzng a balance of $220,000 as that
amount levzed for such bond and znterest payment purposes for the f~scal year
commenczng May 1, 1989 and endzng Aprzl 30, 1990.
SECTION THREE: It zs hereby deciared and determzned by the Preszdent and
Board of Trustees of the Vziiage of Mount Prospect that the amount of $547,450
ievzed for G. O. Bond and Interest payments for constructzon of a publze works
fac~Izty, purchase of equzpment, and acquzsztzon of iand and constructzng
zmprovements zn the Vzllage's Tax Incremental Fznanczng Dzstrzct No. 1,
pursuant to Vziiage Ordznance No. 3788 be and the same zs hereby abated zn the
amount of $237,110 leavzng a balance of $310,340 as that amount levzed for
such bond and znterest payment purposes for the fzscal year commenczng May 1,
1989 and end~ng Aprzi 30, 1990.
ECtION FOUR: It zs hereby declared and determined by the President and Board
of lrustees of the Village o¢ Mount Prospect that the amount of $113,872.50
levied for G. O. Bond and Interest payments for the purpose o¢ refunding the
principal amount of General Obligation Bonds, Series 1985 purposes pursuant to
Village Ordinance No. ~839 be and the same zs hereby abated zn the amount of
$113,872.50 being the entire amount levied for such bond and interest payment
purposes for the fiscal year commencing May 1, 1989 and ending April }0, 1990.
SECTION FIVE: It zs hereby declared and determined by the Preszdent and Board
of Trustees of the Village of Mount Prospect the amount of $125,725 levied for
G. O. 8ond and Interest payments for the purpose of 1988 Sewer System Improve-
ment Purposes pursuant to Vzllage Ordznance No. 3951 be and the same zs hereby
abated zn the amount of $125,725 being the entzre amount levzed for such bond
and interest payment purposes for the fzscal year commenczng May 1, 1989 and
endznq Aprzl 30, 1990.
SECTION SIX: Village Ordinance Nos. 2541, 3788, ~8~9, and 3951 are and each
zs hereby amended with respect to the tax abatements declared herein and set
forth zn Sections Two through Five of this Ordinance.
SECTION SEVEN: 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 EIGHT: This Ordinance shall be zn full force and effect upon its
passage, approval and publication zn pamphlet form and filing as provided by
law.
AYES:
NAYS:
ABSENT:
Arthur, Busse, Corcoran, Van Geem
None
Floros, Wattenberg
PASSED and APPROVED this 5th day of December, 1989.
ATTEST:
Village Clerk