HomeMy WebLinkAboutOrd 3389 12/20/1983ORDINANCE N0.3389
AN ORDINANCE TO ABATE A PART OF THE TAXES
LEVIED FOR GENERAL OBLIGATION BONH AND
INTEREST FUND PURPOSES OF SPECIAL SERVICES
AREA NUMBER 5 OF THE VILLAGE OF MOUNT
PROSPECT, ILLINOIS FOR THE FISCAL YEAR
BEGINNING MAY 1, 1983 AND ENDING APRIL 30,
1984
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE __2D_thDAY OF DECEMBER ,
1983.
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
22n~day of D~c~mb~r
, 1983.
ORDINANCE N0.3389
AN ORDINANCE TO ABATE A PART OF THE TAXES
LEVIED FOR GENERAL OBLIGATION BOND AND
INTEREST FUND PURPOSES OF SPECIAL SERVICES
AREA NUMBER 5 OF THE VILLAGE OF MOUNT
PROSPECT, ILLINOIS FOR THE FISCAL YEAR
BEGINNING MAY 1, 1983 AND ENDING APRIL 30,
1984
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 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 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, 1983
there had been collected and deposited to
the Bond Fund the sum of $346,394.00 derived
from the collection of taxes levied for said
Bonds and from interest earned on the Bond
Fund and Bond Reserve Fund.
On December 1, 1983 the sum of $296,838.00
was expended from the Bond Fund on Bond
principal and interest payments leaving a
balance in said Fund of $49,556.00 of which
amount the sum of $23~695.00 represents one-
twelfth (1/12) of the then current annual
debt service on the Bonds.
There thus remains the sum of $25,861.00 in
the Bond Fund available for use in abating
taxes levied pursuant to Village Ordinance No.
3356 adopted September 6, 1983 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 $299,304.00 levied for G.O. Bond and Interest payments of
Special Service Area Number 5 of this Village, pursuant to Village
Ordinance No. 3356 be and the same is ~ hereby abated in the
amount of $25,861.00, leaving a balance of $273,443.00 as that
amount levied for such Bond and interest payment purposes for
the fiscal year commencing May 1, 1983 and ending April 30, 1984.
SECTION THREE: Village Ordinance No. 3356 entitled "An
Ordinance Authorizing the Levy and Collection of Taxes for the
Municipal Purpose of Special Service Area Number 5 of the Village
of Mount Prospect for the Fiscal Year Beginning May 1, 1983 and
ending April 30, 1984" adopted on September 6, 1983 is hereby
amended, with respect to the tax abatement declared herein, to
reflect an amount levied for construction purposes of $651,028.00
and an amount levied for General Obligation Bond and interest
fund purposes of $273,443.U0~-f~ ~ to~al ~x levy 6f $924~71.00.
SECTION FOUR: The Village Clerk of this Village 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 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 20th day of December , 1983.
AYES: Arthur,
NAYS: None
ABSENT: None
Farley, Floros, Murauskis, Van Geem,
Wattenberg
ATTEST:
VILLAGE CLERK
VILLAGE PRESIDENT
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