HomeMy WebLinkAboutOrd 5438 05/18/2004
ORDINANCE NO. 5438
AN ORDINANCE PROVIDING FOR THE REPEAL OF ORDINANCE #5393
WHICH ABATED PARTS OF THE 2003 TAX LEVY AND RE-ESTABLISH
ABATEMENTS TO PARTS OF THE TAXES LEVŒD FOR CORPORATE AND
MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT,
ILLINOIS FOR THE FISCAL YEAR BEGINNING JANUARY 1,2003 AND
ENDING DECEMBER 31,2003
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 18th day of May, 2004
Published in pamphlet fonn by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the 19th day of May, 2004.
ORDINANCE NO. 5438
AN ORDINANCE PROVIDING FOR THE REPKt\L OF ORDINANCE NO. 5393
WHICH ABATED PARTS OF THE 2003 TAX LEVY AND RE-ESTABLISH
ABATEMENTS TO PARTS OF THE TAXES LEVŒDFORCORPORATEAND
MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT,
ILLINOIS FOR THE FISCAL YEAR BEGINNING JANUARY l, 2003 AND
ENDING DECEMBER 31, 2003
NOW, THEREFORE, BE IT ORDAINED BY THE President and Board of Trustees of the Village
of Mount Prospect, Cook County, Illinois as follows:
Section One: Ordinance 5393 approved by the President and Board of Trustees on December 16,
2003 is hereby repealed. The repeal provided for in this section does not impair the validity of any
tax levy or abatement passed prior to the enactment of this Ordinance.
Section Two:
A.
The President and Board of Trustees ofthe Village of Mount Prospect find as follows:
That pursuant to Village Ordinance No.4 780 adopted March 6, 1996 and authorizing
issuance of general obligation bonds for financing flood control projects, capital
projects, and certain pubHc improvements within the Village's District No.1 Tax
Increment Redevelopment Project Area there was levied for the year 2003 the sum of
$215,180.00 for bond principal and interest payments.
B.
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 2003 the sum of $960,426.25 for bond principal and interest payments.
c.
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 2003 the sum of$149,175.00 for
bond principal and interest payments.
D.
That pursuant to Village Ordinance No. 4999 adopted March 2, 1999 and authorizing
issuance of general obligation bonds for financing the acquisition orland within the
Village's District No.1 Tax Increment Redevelopment Project Area there was levied
for the year 2003 the sum of$707,900.00 for bond principal and interest payments.
E.
That pursuant to Village Ordinance No. 5114 adopted June 6, 2000 and authorizing
issuance 0 f general 0 bligation bonds for financing various flood control capital
improvements there was levied for the year 2003 the sum of $111 ,497.50 for bond
principal and interest payments.
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F.
That pursuant to Vïllage 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 2003 the sum of$387,178.00 for bond principal and interest payments.
G.
That pursuant to Village Ordinance No. 5236 adopted March 5, 2002 and authorizing
the issuance of general obligation refunding bonds, Series 2002A, and general
obligation refunding bonds, Series 2002B, to refund the Village's Series 1993A
bonds, Series 1993B bonds, and Series 1994A bonds, there was levied for the year
2003 the sum of$I,898,975.00 for bond principal and interest payments.
H.
That pursuant to Village Ordinance No. 5301 adopted January 21, 2003 and
authorizing issuance of general obligation bonds for financing a portion of the costs
of constructing a new village hall and community center as well as a multi-level
parking deck there was levied for the year 2003 the sum of $915,631.25 for bond
principal and interest payments.
I.
That as of December 1, 2003 there has been collected, deposited to and on hand in
the Series 1996A and 1996B General Obligation Bond and Interest Funds the sum of
$215,180.00 for application to bond principal and interest payments for the bonds
issued pursuant to Village Ordinance No.4 780 adopted March 6, 1996.
J.
That as of December 1, 2003 there has been collected, deposited to and on hand in
the Series 1998A and 1998B General Obligation Bond and Interest Funds the sum of
$960,426.25 for application to bond principal and interest payments for the bonds
issued pursuant to Village Ordinance No. 4917 adopted March 18, 1998.
K.
That as of December 1, 2003 there is available in the Village's Downtown
Redevelopment Fund the amount of$149,175.00 for application to bond principal
and interest payments for the bonds issued pursuant to Village Ordinance No. 4977
adopted December 1, 1998.
L.
That as of December 1, 2003 there is available in the Village's Downtown
Redevelopment Fund the amount of $707,900.00 for application to bond principal
and interest payments for the bonds issued pursuant to Village Ordinance No. 4999
adopted March 2, 1999.
M. That as of December 1,2003 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.
N.
That as of December 1,2003 there is available in the Village's Series 2001 General
Obligation Bond and Interest Fund and the V illage's General Fund the sum 0 f
$21,072.00 for application to bond principal and interest payments for the bonds
issued pursuant to Village Ordinance No. 5212 adopted October 2,2001.
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o.
That as of December 1, 2003 there is available in the Village's Series 2002A and
Series 2002B Debt Service Funds the sum of $1,326,747 for application to bond
principal and interest payments for the bonds issued pursuant to Village Ordinance
No. 5236 adopted March 5, 2002.
P.
That as of December 1,2003 there has been collected, deposited to and on hand in
the General Fund the sum of $270,000 and Street Improvement Fund the sum of
$645,631.25 for application to bond principal and interest payments for the bonds
issued pursuant to Village Ordinance No. 5301 adopted January 21,20030
Section Three: It is hereby declared and determined by the President and Board of Trustees ofthe
Village of Mount Prospect that the amount of $215,180.00 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.1 T ax Increment Redevelopment Project A rea
pursuant to Village Ordinance No.4 780 be and the same is hereby abated in the amount of
$215,180.00 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing January 1, 2003 and ending December 31,2003.
Section Four: It is hereby declared and detennined by the President and Board of Trustees ofthe
Village 0 f Mount Prospect that the amount of $960,426.25 levied for G.O. Bond and Interest
payments for the purpose of financing flood control projects, street improvements and the acquisition
ofland 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$960,426.25 being the entire
amount levied for such bond and interest payment purposes for the fiscal year commencing January
1,2003 and ending December 31, 2003.
Section Five: It is hereby declared by the President and Board of Trustees ofthe Village of Mount
Prospect that the amount of$149,175.00 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
$149,175.00 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing January 1, 2003 and ending December 31,2003.
Section Six: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of$707,900.00 levied forG.O. Bond and Interest payments for the purpose
of funding property acquisition within the ViHage'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
$707,900.00 being the entire amount levied for such bond and interest payment purposes for the
fiscal year commencing January 1, 2003 and ending December 31,2003.
Section Seven: It is hereby declared by the President and Board of Trustees ofthe 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, 2003 and ending December
31,2003.
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Section Eight: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of$387,178.00 levied for G.O. Bond and Interest payments for the purpose
of funding a portion ofthe 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$21 ,072.00, leaving a balance
of $366,106.00 as t hat a mount levied for such bond and interest payments for the fiscal year
commencing January 1, 2003 and ending December 31,2003.
Section Nine: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $1,898,975.00 levied for G.O. Bond and Interest payments for the
purpose of refunding a portion ofthe Series 1993A, Series 1993B and Series 1994A bonds pursuant
to Ordinance No. 5236 be and the same is hereby abated in the amount of$1,326,747.00, leaving a
balance of$572,228.00 as that amount levied for such bond and interest payments for the fiscal year
commencing January 1, 2003 and ending December 31, 2003.
Section Ten: It is hereby declared and detennined by the President and Board of Trustees of the
Village of Mount Prospect that the amount of $915,63125 levied for G.O. Bond and Interest
payments for the purpose of financing a portion of the costs of constructing a new village hall and
community center and parking deck pursuant to Ordinance No. 5301 be and the same is hereby
abated in the amount of $915,631.25 being the entire amount levied for such bond and interest
payment purposes for the fiscal year commencing January 1, 2003 and ending December 31, 2003.
Section Eleven: Village Ordinance Nos. 4780, 4917, 4977, 4999,5114,5212,5236 and 5301 are
and each is hereby amended with respect to the tax abatements declared herein and set forth in
Sections Two through Nine 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:
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Section Thirteen: 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, Lohrstorfer, Skowron, Wilks, Zadel
NAYS: None
ABSENT: None
PASSED and APPROVED this 18th day of May, 2004.
ATTEST:
¡¿~- L~b ~~
Kimberly D is, Deputy Village Clerk
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