HomeMy WebLinkAboutOrd 3860 10/20/1987ORDINANCE NO. 3860
AN ORDINANCE TO AMEND SECTION 4.507
ENTITLED "SPECIAL ASSESSMENT FUNDS"
OF ARTICLE V, CHAPTER 4 OF THE VILLAGE
CODE OF MOUNT PROSPECT, ILLINOIS
PASSED AND APPROVED BY
T~E PRESIDENT AND BOARD OF TRUSTEES
THE 20th DAY OF October , 1987.
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
21st day of October , 1987.
RDINANCE NO~860
AN ORDINANCE TO AMEND SECTION 4.507
ENTITLED "SPECIAL ASSESSMENT FUNDS" OF
ARTICLE V, CHAPTER 4 OF THE VILLAGE CODE
OF MOUNT PROSPECT, ILLINOIS
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: Section 4.507 entitled "Special Assessment
Funds" of Article V, Chapter 4 of the Village Code of Mount
Prospect, Illinois, 1981, as amended, is hereby further amended by
adding thereto a new Subsection C to read as follows:
"C. If, after full payment of the improvement and
all bonds, vouchers and interest coupons issued
therefor, there is a surplus remaining in any special
assessment, such surplus shall be first applied by the
Treasurer to reimburse the public benefit fund for any
amounts paid from such fund on account of the
improvement, if any, and any surplus amount remaining
thereafter shall constitute a rebate and shall be paid
by the Treasurer to the current owners of record of each
lot or parcel of land included in the special assessment
in the pro-rata proportion to which such properties were
originally assessed, after first deducting 5% of said
surplus amount to cover the costs and expenses incurred
by the Village in making said rebate. However, in the
event that the amount available for rebate is less than
$5,000.00, or the number of properties involved in the
special assessment is such that in dividing such
properties by the said amount, less Village expenses,
the resulting net rebate for each property would be less
than $10.00, then in lieu of such rebate, the Treasurer
shall instead transfer said amonnt to the public benefit
fund, if in existence, and if not, then to the general
corporate fund to be used for capital improvements."
SECTION TWO: This Ordinance shall be in full force and
effect upon its passage, approval and publication in pamphlet
form, in accordance with law
PASSED and APPROVED this20th day of
October , 1987.
AYES: Arthur, Farley, floros, Murauskis, Van Geem, Wattenberg
NAYS: None
ABSENT: None
VILLAGE PRESIDENT
ATTEST:
VILLAGE CLERK