HomeMy WebLinkAboutOrd 5225 12/18/2001ORDINANCE NO. 5225
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,
2001 AND ENDING DECEMBER 31,2001
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the j~5_~lay of December ,2001
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
thelgthday of Decembe, r2001.
ORDINANCE NO. 5 2 2 5
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,
2001 AND ENDING DECEMBER 31,2001
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE
OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
Section One:
follows:
A.
The President and Board of Trustees of the Village of Mount Prospect find as
That pursuant to Village Ordinance No. 3782 adopted May 19, 1987 and
authorizing issuance of general obligation bonds for a portion of the cost of
constructing a new public works facility there was levied for the year 2001 the sum
of $112,000.00 for bond principal and interest payments.
That pursuant to Village Ordinance No. 4539 adopted April 21, 1993 and
authorizing issuance of general obligation bonds for financing water system
improvements, the construction of public improvements within the Village's
District No. 1 Tax Increment Redevelopment Project Area, and the refunding of
certain of the Village's General Obligation Bonds, Series 1987B, Series 1987D,
Series 1991A and Series 1991B there was levied for the year 2001 the sum of
$i ,484,265.00 for bond principal and interest payments.
That pursuant to Village Ordinance No. 4624 adopted March 1, 1994 and
authorizing issuance of general obligation bonds for financing the fourth phase of
the Village's flood control project, the reconstruction of streets in the Village, and
the demolition of buildings and public improvements within Target Area G of the
Village's District No. 1 Tax Increment Redevelopment Project Area there was
levied for the year 2001 the sum of $796,437.50 for bond principal and interest
payments.
That pursuant to Village Ordinance No. 4780 adopted March 6, 1996 and
authorizing issuance of general obligation bonds for financing flood control
projects, capital projects, and certain public improvements within the Village's
District No. 1 Tax Increment Redevelopment Project Area there was levied for the
year 2001 the sum of $366,180.00 for bond and interest payments.
That pursuant to Village Ordinance No. 4917 adopted March 18, 1998 and
authorizing issuance of general obligation bonds for financing flood control
improvement projects, street improvements and the acquisition of land within the
Village's District No. 1 Tax Increment Redevelopment Project Area there was
levied for the year 2001 the sum of $1,008,645.00 for bond principal and interest
payments.
That pursuant to Village Ordinance No. 4977 adopted December 1, 1998 and
authorizing issuance of general obligation bonds for financing land acquisition
costs and other redevelopment costs within the Village's District No. 1 Tax
Increment Redevelopment Project Area there was levied for 2001 the sum of
$151,325.00 for bond principal and interest payments.
That pursuant to Village Ordinance No. 4999 adopted March 2, 1999 and
authorizing issuance of general obligation bonds for financing the acquisition of
land within the Village's District No. 1 Tax Increment Redevelopment Project
Area there was levied for the year 2001 the sum of $517,300.00 for bond principal
and interest payments.
That pursuant to Village Ordinance No. 5114 adopted June 6, 2000 and authorizing
issuance of general obligation bonds for financing various flood control capital
improvements there was levied for the year 2001 the sum of $111,497.50 for bond
principal and interest payments.
That pursuant to Village Ordinance No. 5212 adopted October 2, 2001 and
authorizing issuance of general obligation bonds for financing a portion of the
construction costs of a new village hall and parking structure there was levied for
the year 2001 the sum of $402,573.75 for bond principal and interest payments.
That as of December 1, 2001 there has been collected, deposited to and on hand in
the Series 1987A General Obligation Bond and Interest Fund the sum of $2,988.00
for application to bond principal and interest payments for the bonds issued
pursuant to Village Ordinance No. 3782 adopted May 19, 1987.
That as of December 1, 2001 there has been collected, deposited to and on hand in
the Series 1993A and 1993B General Obligation Bond and Interest Funds the sum
of $941,547.00 for application to bond principal and interest payments for the
bonds issued pursuant to Village Ordinance No. 4539 adopted April 21, 1993.
That as of December I, 2001 there has been collected, deposited to and on hand in
the Series 1994A and 1994B General Obligation Bond and Interest Funds the sum
of $796,437.50 for application to bond principal and interest payments for the
bonds issued pursuant to Village Ordinance No. 4624 adopted March 1, 1994.
That as of December 1, 2001 there has been collected, deposited to and on hand in
the Series 1996A and 1996B General Obligation Bond and Interest Funds the sum
of $366,180.00 for application to bond principal and interest payments for the
bonds issued pursuant to Village Ordinance No. 4780 adopted March 6, 1996.
That as of December 1, 2001 there has been collected, deposited to and on hand in
the Series 1998A and 1998B General Obligation Bond and Interest Funds the sum
of $1,008,645.00 for application to bond principal and interest payments for the
bonds issued pursuant to Village Ordinance No. 49~7 adopted March 18, 1998.
That as of December 1, 2001 there is available in the Village's Downtown
Redevelopment Fund the amount of $151,325.00 for application to bond principal
and interest payments for the bonds issued pursuant to Village Ordinance No. 4977
adopted December 1, 1998.
That as of December 1, 2001 there is available in the Village's Downtown
Redevelopment Fund the mount of $517,300.00 for application to bond principal
and interest payments for the bonds issued pursuant to Village Ordinance No. 4999
adopted March 2, 1999.
That as of December 1, 2001 there is available in the Village's Series 2000
General Obligation Bond and Interest Fund the sum of $111,497.50 for application
to bond principal and interest payments for the bonds issued pursuant to Village
Ordinance No. 5114 adopted June 6, 2000.
That as of December 1, 2001 there is available in the Village's Series 2001
General Obligation Bond and Interest Fund and the Village's General Fund the sum
of $381,023.75 for application to bond principal and interest payments for the
bonds issued pursuant to Village Ordinance No. 5212 adopted October 2, 2001.
Section Two: It is hereby declared and determined by the President and Board of Trustees of the
Village of Mount Prospect that the amount of $112,000.00 levied for G.O. Bond and Interest
payments for the purpose of funding a portion of the construction of a public works pursuant to
Village Ordinance No. 3782 be and the same is hereby abated in the amount of $2,988.00 leaving
a balance of $109,012 as that amount levied for such bond and interest payment purposes for the
fiscal year commencing January 1, 2001 and ending December 31, 2001.
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 $1,484,265.00 levied for G. O. Bond and
Interest payments for the purpose of financing water system improvements, the construction of
public improvements within the Village's District No. 1 Tax Increment Redevelopment Project
Area, and the refunding of certain of the Village's General Obligation Bonds, Series 1987B,
Series 1987D, Series 1991A, and Series 1991B pursuant to Village Ordinance No. 4539 be and
the same is hereby abated in the amount of $941,547.00 leaving a balance of $542,718.00 as that
amount levied for such bond and interest payment purposes for the fiscal year commencing
January 1, 2001 and ending December 31, 2001.
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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 $796,437.50 levied for G.O. Bond and Interest
payments for the purpose of financing the fourth phase of the Village's flood control project, the
reconstruction of streets in the Village, and the demolition of buildings and public improvements
within Target Area G of the Village's District No. 1 Tax Increment Redevelopment Project Area
pursuant to Village Ordinance No. 4624 be and the same is hereby abated in the amount of
$796,437.50 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing January i, 2001 and ending December 31, 2001.
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 $366,180.00 levied for G.O. Bond and Interest
payments for the purpose of financing flood control projects, capital projects, and certain public
improvements within the Village's District No. I Tax Increment Redevelopment Project Area
pursuant to Village Ordinance No. 4780 be and the same is hereby abated in the amount of
$366,180.00 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing January 1, 2001 and ending December 31, 2001.
Section Six: It is hereby declared and determined by the President and Board of Trustees of the
Village of Mount Prospect that the amount of $1,008,645.00 levied for G.O. Bond and Interest
payments for the purpose of financing flood control projects, street improvements and the
acquisition of land within the Village's District No. 1 Tax Increment Redevelopment Project Area
pursuant to Ordinance No. 4917 be and the same is hereby abated in the amount of $1,008,645.00
being the entire amount levied for such bond and interest payment purposes for the fiscal year
commencing January 1, 2001 and ending December 31, 2001.
Section Seven: It is hereby declared by the President and Board of Trustees of the Village of
Mount Prospect that the amount of $151,325.00 levied for G.O. Bond and Interest payments for
the purpose of funding property acquisition within the Village's District No. 1 Tax Increment
Redevelopment Project Area pursuant to Ordinance No. 4977 be and the same is hereby abated in
the amount of $151,325.00 being the entire amount levied for such bond and interest payment
purposes for the fiscal year commencing January 1, 2001 and ending December 31, 2001.
Section Eight: It is hereby declared by the President and Board of Trustees of the Village of
Mount Prospect that the amount of $517,300.00 levied for G.O. Bond and Interest payments for
the purpose of funding property acquisition within the Village's District No. 1 Tax Increment
Redevelopment Project Area pursuant to Ordinance No. 4999 be and the same is hereby abated in
the amount of $517,300.00 being the entire amount levied for such bond and interest payment
purposes for the fiscal year commencing January 1, 2001 and ending December 31, 2001.
Section Nine: It is hereby declared by the President and Board of Trustees of the Village of
Mount Prospect that the amount of $111,497.50 levied for G.O. Bond and Interest payments for
the purpose of funding various flood control capital improvements pursuant to Ordinance No.
5114 be and the same is hereby abated in the amount of $111,497.50 being the entire amount
levied for such bond and interest payment purposes for the fiscal year commencing January 1,
2001 and ending December 31, 2001.
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ection Ten: It is hereby declared by the President and Board of Trustees of the Village of
Mount Prospect that the amount of $402,573.75 levied for G.O. Bond and Interest payments for
the purpose of funding a portion of the construction costs of a new village hall and parking
structure pursuant to Ordinance No. 5212 be and the same is hereby abated in the amount of
$381,023.75, leaving a balance of $21,550.00 as that amount levied for such bond and interest
payments for the fiscal year commencing lanuary 1, 2001 and ending December 31, 20011
Section Eleven: Village Ordinance Nos. 3782, 4539, 4624, 4780, 4917, 4977, 4999, 5114 and
5212 are and each is hereby amended with respect to the tax abatements declared herein and set
forth in Sections Two through Ten of this Ordinance.
Section Twelve: 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 Thkteen: 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: Corcoran, Hoefert, Lohrstor£er, Skowron, Wilks, Zadel
NAYS: None
ABSENT: None
PASSED and APPROVED this 18th: day of December ,2001.
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