HomeMy WebLinkAboutOrd 3723 12/02/1986ORDINANCE NO. 3?23
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~ 1986 AND ENDING APRIL 30, 1987
PASSED AND APPROVED BY THE
PRESIDENT AND BOARD OF TRUSTEES
THE 2nd DAY OF December , 1986
Published in pamphlet form by authority
of the corporate authorities of the
Village of Mount Rrospect, Illinois~ the
3rd day of December ~ 1986.
ORDINANCE NO. 3723
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, 1986 AND ENDING APRIL 30, 1987
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:
A o
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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 Prospect, 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 st 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, 1986 there had been
collected and deposited to the Bond Fund the sum of
$373,593 derived from the collection of taxes levied
for said Bonds and from interest earned on the 8ond
Fund and Bond Reserve Fund.
During the year ending December 1, 1986 the sum of
$281,985 was expended from the Bond Fund on bond
principal and interest payments leaving e balance in
said Fund of $91,608 of which amount the sum of $24,370
represents one-twelfth (1/12) of the then current
annual debt service om the Bonds.
There thus remains the sum of $67,238 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 principai and
interest payment purposes as set forth in Village
Ordinance No. 3695 adopted on September 2, 1986.
SECTION TWO: It is hereby declared and determined by the
Rresident and Board of Trustees of this Village that the amount of
$292~438 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 $67,238, leaving a
balance of $225,200 as that amount levied for such bond and interest
payment purposes for the fiscal year commencing May 1, 1986 and ending
April 30, 1987.
SECTION THREE: Village Ordinance 3695 entitled "An Ordinance
Authorizing the Levy and Collection of Taxes for She Huni¢ipal Purpose
of Special Service Area Number 5 of the Village of Hount Prospeet for
the Fiaeal Year Beginning Hay 1, 1986 and ending April 30, 1987"
adopted on September 2, 1986 is hereby amended~ with respect to the
tax abatement deelared herein, to reflect an amount levied for
construction purposes of $1,075,000 and an amount levied for General
Obligation Bond and Interest Fund purposes of $225,200, for a total
tax levy of $1,300,200, exclusive of the provision for loss and cost
of collection.
SECTION FOUR: The Village Clerk of this Village is hereby
authorized and direeted to file a certified copy of this Ordinance
wish 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 2nd day of December , 1986.
AYES: Arthur, Farley, Floros, Murausk±s, Van Geem, Wattenberg
NAYS: ~one
ABSENT: None
ATTEST:
VILLAGE CLERK