HomeMy WebLinkAboutOrd 4004 12/06/1988ORDINANCE NO. 4004
AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED
FOR CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE
OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING
MAY 1, 1988 AND ENDING APRIL 30, 1989
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 6th day of December, 1988
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
7th day of December, 1988.
ORDINANCE NO. 4004
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, 1988 AND ENDING APRIL 30, 1989
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT
PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: The Preszdent and Board of Trustees of the Village of Mount
Rrospect find as follows:
De
Fe
That pursuant to Vzllage Ordznance No. 2478 adopted December 4, 1973
and authorzzzng the zssuance of general oblzgatzon bonds for sewer
system zmprovement purposes, there was levzed for the year 1988 the
sum of $160,000 for bond prznc~pal and znterest payments.
That pursuant to Vzllage Ordznance No. 2541 adopted November 19, 1974
and authorzz~ng the zssuance of generai obizgatzon bonds for Lzbrary
and VzIIage Haii zmprovement purposes there was ievzed for the year
1988 the sum of $282,200 for bond prznczpai and znterest payments.
That pursuant to V~llage Ordznance No. 3788 adopted Dune 2, 1987 and
authorzzzng the zssuance of general oblzgatzon bonds for the
constructzon of a new publzc works faczlzty, purchase of certain
equzpment, and acqu~sztzon of land and constructzng zmprovements ~n
the Vzllage's Tax Incremental Fznanczng Dlstrzct No. 1, there was
levzed for the year 1988 the sum of $599,535 for bond pr~nczpal and
znterest payments.
That pursuant to Vzllage Ordznance No. 3839 adopted September 15,
1987 and authorzzzng the zssuance of general oblzgatzon bonds for the
purpose of refundzng $1,570,000 outstandzng prznczpal amount of
General Oblzgatzon Bonds, Serzes 1985, there was levzed for the year
1988 the sum of $113,873 for bond prznc~pal and znterest payments.
That pursuant to Vzllage Ordznance No. 3661 adopted 3une 3, 1986 and
authorzzzng the zssuance of a generai obizgatlon note for the purpose
of estabIzshzng a reserve for the VziIage of Mount Prospect seif-
insured lzabzizty ~nsurance fund there was levzed for the year 1988
the sum of $111,950 for interest and prznczpaI payments.
That as of December 1, 1988 there has been collected, deposzted to
and on hand zn the Artzcie XIV -Generai ObI~gatzon Bond and Interest
Fund the sum of $40,000 for appIzcatzon to bond and ~nterest payments
for the bonds zssued pursuant to V~liage Ordinance No. 2478 adopted
December 4, 1973; the sum of $62,200 for appIzcatzon to bond and
znterest payments for the bonds issued pursuant to V~llage Ordznance
No. 2541 adopted November 19, 1974~ the sum of $113,873 for
applzcatzon to bond and znterest payments for the bonds zssued
pursuant to Vzllage Ordznance No. 3839 adopted September 15, 1987;
and for the bonds zssued pursuant to Vzllage Ordznance No. 3788
adopted 3une 2, 1987, the sum of $192,565. Further, that as of
December 1, 1988, there has been collected, deposited to and on hand
zn the Article XV Purchase Agreement Debt Servzce Fund the sum of
$11,950 for applzcatzon to znterest and prznczpal payments for the
note zssued pursuant to Vzllage Ordznance No. 3661 adopted 3une 3,
1986.
ECTION TWO: It is hereby declared and determined by the President and Board
of Trustees of the Vlilage of Mount Prospect that the amount of $160,000
levied for G. O. Bond and Interest payments for 1973 sewer system improve-
ments, pursuant to Village Ordinance No. 2478 be and the same is hereby abated
in the amount of $40,000, leaving a balance of $120,000 as that amount levied
for such bond and interest payment purposes for the fiscal year commencing
May 1, 1988 and ending April 30, 1989.
SECTION THREE: It is hereby declared and determined by the President and
Board of Trustees of the Village of Mount Prospect that the amount of $282,200
levied for G. O. Bond and Interest payments for 1974 Library and Village Hall
improvement purposes pursuant to Village Ordinance No. 2541 be and the same is
hereby abated in the amount of $62,200 leaving a balance of $220,000 as that
amount levied for such bond and interest payment purposes for the fiscal year
commencing May 1, 1988 and ending April 30, 1989.
SECTION FOUR: It is hereby declared and determined by the President and Board
of Trustees of the Village of Mount Prospect that the amount of $599,535
levied for G. O. Bond and Interest payments for construction of a public works
facility, purchase of equipment, and acquisition of land and constructing
improvements in the Village's Tax Incremental Financing District No. 1,
pursuant to Village Ordinance No. 3788 be and the same is hereby abated in the
amount of $192,565 leaving a balance of $406,970 as that amount levied for
such bond and interest payment purposes for the fiscal year commencing May 1,
1988 and ending April 30, 1989.
SECTION FIVE: It is hereby declared and determined by the President and Board
of Trustees of the Village of Mount Prospect that the amount of $113,873
ievied for G. O. Bond and Interest payments for the purpose of refunding the
principal amount of General Obligation Bonds, Series 1985 purposes pursuant to
Village Ordinance No. 3839 be and the same is hereby abated in the amount of
$113,873 being the entire amount ievied for such bond and interest payment
purposes for the fiscal year commencing May 1, 1988 and ending ApriI 30, 1989.
SECTION SIX: It is hereby declared and determined by the President and Board
of Trustees of the Village of Mount Prospect the amount of $111,950 levied for
general obligation note interest and principal payments for the purpose of
establishing a reserve for the Village of Mount Prospect self-insured
liability insurance fund pursuant to Village Ordinance No. 3661 be and the
same is hereby abated in the amount of $11,950 Ieaving a balance of $100,000
as that amount levied such interest and principal payment purposes for the
fiscal year commencing May 1, 1988 and ending April 30, 1989.
SECTION SEVEN: Village Ordinance Nos. 2478, 2541, 3788, 3839, and 3661, are
and each is hereby amended with respect to the tax abatements declared herein
and set forth in Sections Two through Six of this Ordinance.
SECTION EIGHT: The Village Clerk of the Village of Mount Prospect is hereby
authorized and directed to file a certified copy of this Drdinance with the
County Clerk of Cook County, Illinois within the time specified by law:
SECTION NINE: 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: None
ABSENT: None
PASSED and APPROVED this
Arthur, Farley, Floros, Murauskis, Van Geem, Wattenberg
6th day of December, 1988.
ATTEST:
Carol A. Fields
Village Clerk
Village President