HomeMy WebLinkAboutOrd 3880 12/15/1987 RDINANCE NO. 3~80
AN ORDINANCE TO ABATE A PART OF THE TAXES
LEVIED FOR GENERAL OBLIGATION BONDS AND INTEREST
FUNDS PURPOSES OF SPECIAL SERVICE AREA NUMBER 5 OF
THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL
YEAR BEGINNING MAY 1, 1987 AND ENDING APRIL 30, 1988
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE 15th DAY OF December , 1987.
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
16th day of December , 1987.
RDINANCE NO. 3880
AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR
GENERAL OBLIGATION BONDS AND INTEREST FUND PURPOSES OF
SPECIAL SERVICE AREA NUMBER 5 OF THE VILLAGE OF MOUNT
PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING MAY 1,
1987 AND ENDING APRIL 30, 1988
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT
PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: This Board finds as follows:
That pursuant to Village Ordinance No. 3292, adopted
December 7 1982 and authorizing the issuance of General
Obligation Bonds of Special Service Area Number 5 of the
Village of Mount Rrospect, Cook County, Illinois, interest
earned on the money in the Bond Fund and in the Bond Reserve
Fund shall be used for the abatement of taxes levied for bond
principal and interest payment purposes.
To determine the amount of abatement Ordinance No. 3292
requires that the Bond Fund be depleted at least once annually
to an amount not greater than one-twelfth (1/12) of the then
current annual debt service on said Bonds.
During the year ending December 1, 1987 there had been
accumulated in the 8ond Fund the sum of $371,161 derived from
the collection of taxes levied for said Bonds and from interest
earned on the Bond Fund and Bond Reserve Fund.
During the year ending December 1, 1987 the sum of $292,~38
was expended from the Bond Fund on bond principal and interest
payments leaving a balance in said Fund of $78,723 of which
amount the sum of $25,286 represents one-twelfth (1/12) of the
then current annual debt service on the Bonds.
There thus remains the sum of $53,437 in the Bond Fund
available for use in abating taxes levied pursuant to Village
Ordinance No. 3292 adopted September 7, 1982 for a Special
Service Area Number 5 bond principal and interest payment
purposes.
SECTION TWO: It is hereby declared and determined by the President and Board
of Trustees of this Village that the amount of $303,437 levied for G.O. Bond
and Interest payments of Special Service Area Number 5 of this Village,
pursuant to Village Ordinance No. 3292 be and the same is hereby abated in the
amount of $53,437, leaving a balance of $250,000 as that amount levied for
such bond and interest payment purposes for the fiscal year commencing May 1,
1987 and ending April 30, 1988.
ECTION THREE: Village Ordinance 3835 entitled "An Ordinance Authorizing the
Levy and Collection of Taxes for the Municipal Purposes of Special Service
Area Number One, Special Service Area Number Two, Special Service Area Number
Three, Special Service Area Number Four, and Special Service Area Number Five
of the Village of Mount Prospect for the Fiscal Year Beginning May 1, 1987 and
Ending April 30, 1988" adopted on September 1, 1987 is hereby amended, with
respect to the tax abatement declared herein, to reflect an amount levied
under Article V, Special Service Area Number Five, for construction purposes
of $1,150,000 and an amount levied for General Obligation Bond and Interest
Fund purposes of $250,000, for a total tax levy of $1,400,000, exclusive of
the provision for loss and cost of collection.
SECTION FOUR: The Village Clerk of this Village is hereby authorized and
directed to file a certified copy of this Ordinance with the County of Cook
County, Illinois within the time specified by law.
SECTION FIVE: This Ordinance shall be in full force and effect upon its
passage, approval, publication in pamphlet form, and filing, as provided by
law.
PASSED and APPROVED this 15th day of December , 1987.
AYES: Arthur,
NAYS: None
ABSENT:None
Farley, Floros,
Murauskis, Van Geem, Wattenberg
C~rolyn H. Krause
Village President
ATTEST:
Carol A. Fields
Village Clerk