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HomeMy WebLinkAboutOrd 5297 12/17/2002ORDINANCE NO. 5 29 7 AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2002 AND ENDING DECEMBER 31, 2002 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the 17 ~hday of .~.~zeoz_, 2002 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 18thday of Decembe~Z002. ORDINANCE NO. 5 2 9 7 AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2002 AND ENDING DECEMBER 31, 2002 BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: Section One: follows: A. The President and Board of Trustees of the Village of Mount Prospect find as That pursuant to Village Ordinance No. 4780 adopted March 6, 1996 and authorizing issuance of general obligation bonds for financing flood control projects, capital projects, and certain public improvements within the Village's District No. 1 Tax Increment Redevelopment Project Area there was levied for the year 2002 the sum of $212,740.00 for bond principal and interest payments. 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 2002 the sum of $966,932.50 for bond principal and interest payments. 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 2002 the sum of $150,385.00 for bond principal and interest payments. That pursuant to Village Ordinance No. 4999 adopted March 2, 1999 and authorizing issuance of general obligation bonds for financing the acquisition of land within the Village's District No. 1 Tax Increment Redevelopment Project Area there was levied for the year 2002 the sum of $523,200.00 for bond principal and interest payments. That pursuant to Village Ordinance No. 5114 adopted June 6, 2000 and authorizing issuance of general obligation bonds for financing various flood control capital II. improvements there was levied for the year 2002 the sum of $ ! 11,497.50 for bond principal and interest payments. That pursuant to Village 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 2002 the sum of $389,615.00 for bond principal and interest payments. 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 2002 the sum of $1,915,075.00 for bond principal and interest payments. That as of December 1, 2002 there has been collected, deposited to and on hand in the Series 1996A and 1996B General Obligation Bond and Interest Funds the sum of $212,740.00 for application to bond principal and interest payments for the bonds issued pursuant to Village Ordinance No. 4780 adopted March 6, 1996. That as of December 1, 2002 there has been collected, deposited to and on hand in the Series 1998A and 1998B General Obligation Bond and Interest Funds the sum of $966,932.50 for application to bond principal and interest payments for the bonds issued pursuant to Village Ordinance No. 49~7 adopted March 18, 1998. That as of December 1, 2002 there is available in the Village's Downtown Redevelopment Fund the amount of $150,385.00 for application to bond principal and interest payments for the bonds issued pursuant to Village Ordinance No. 4977 adopted December 1, 1998. That as of December 1, 2002 there is available in the Village's Downtown Redevelopment Fund the amount of $523,200.00 for application to bond principal and interest payments for the bonds issued pursuant to Village Ordinance No. 4999 adopted March 2, 1999. That as of December 1, 2002 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. That as of December 1, 2002 there is available in the Village's Series 2001 General Obligation Bond and Interest Fund and the Village's General Fund the sum of $166,578.00 for application to bOnd principal and interest payments for the bonds issued pursuant to Village Ordinance No. 5212 adopted October 2, 2001. That as of December 1, 2002 there is available in the Village's Series 2002A and Series 2002B Debt Service Funds the' sum of $1,368,830 for application to bond principal and interest payments for the bonds issued pursuant to Village Ordinance No. 5236 adopted March 5, 2002. Section Two: It is hereby declared and determined by the President and Board of Trustees of the Village of Mount Prospect that the amount of $212,740.00 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 Tax Increment Redevelopment Project Area pursuant to Village Ordinance No. 4780 be and the same is hereby abated in the amount of $212,740.00 being the entire amount levied for such bond and interest payment purposes for the fiscal year commencing January 1, 2002 and ending December 31, 2002. Section Three: It is hereby declared and determined by the President and Board of Trustees of the Village of Mount Prospect that the amount of $966,932.50 levied for G.O. Bond and Interest payments for the purpose of financing flood control projects, street improvements and the acquisition of land 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 $966,932.50 being the entire amount levied for such bond and interest payment purposes for the fisca! year commencing January 1, 2002 and ending December 31, 2002. Section Four: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $150,385.00 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 $150,385.00 being the entire amount levied for such bond and interest payment purposes for the fiscal year commencing January 1, 2002 and ending December 31, 2002. Section Five: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $523,200.00 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. 4999 be and the same is hereby abated in the amount of $523,200.00 being the entire amount levied for such bond and interest payment purposes for the fiscal year commencing January 1, 2002 and ending December 31, 2002. Section Six: It is hereby declared by the President and Board of Trustees of the 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, 2002 and ending December 31, 2002. Section Seven: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $389,615.00 levied for G.O. Bond and Interest payments for the purpose of funding a portion of the 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 3 166,578.00, leaving a balance of $223,037.00 as that amount levied for such bond and interest payments for the fiscal year commencing January 1, 2002 and ending December 31, 2002. Section Eight: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $1,915,075.00 levied for G.O. Bond and Interest payments for the purpose of refunding a portion of the Series 1993A, Series 1993B and Series 1994A bonds pursuant to Ordinance No. 5236 be and the same is hereby abated in the amount of $1,368,830.00, leaving a balance of $546,245.00 as that amount levied for such bond and interest payments for the fiscal year commencing January 1, 2002 and ending December 31, 2002. Section Nine: Village Ordinance Nos. 4780, 4917, 4977, 4999, 5114, 5212 and 5236 are and each is hereby amended with respect to the tax abatements declared herein and set forth in Sections Two through Eight of this Ordinance. Section Ten: 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: Section Eleven: 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: Hoefert, Lohrstorfer, Skowron, Wilks, Zadel NAYS: None ABSENT: Corcoran PASSED and APPROVED this ~ 7 th day of De c emb er ,2002. ATTEST: Ggrald L. Farley, Vill~e President / 4