HomeMy WebLinkAboutOrd 5305 02/04/2003ORDINANCE NO. 5 3 05
AN ORDINANCE TO ABATE THE TAXES LEVIED FOR DEBT SERVICE
ON THE $12,235,000 GENERAL OBLIGATION BONDS, SERIES 2003, 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 4thdayof February ,2003
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois}
the 5 th day of February 2003.
ORDINANCE NO. 5 3 0 5
AN ORDINANCE TO ABATE THE TAXES LEVIED FOR DEBT SERVICE
ON THE $12,235,000 GENERAL OBLIGATION BONDS, SERIES 2003, 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. 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 muItMevel
parking deck there was levied for the year 2002 the sum of $915,036.46 for bond
principal and interest payments.
That as of December 1, 2002 there has been collected, deposited to and on hand in
the Street Improvement Fund the sum of $915,036.46 for application to bond
principal and interest payments for the bonds issued pursuant to Village Ordinance
No. 5301 adopted January 21, 2003.
That the 2003 Approved Budget provides for a transfer of $926,677 from the Street
Improvement Fund to the G.O. Series 2003 Debt Service Fund to cover the
principal and interest payments to come due in calendar year 2003.
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 $915,036.46 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 $915,036.46 being the entire amount levied for such bond and interest
payment purposes for the fiscal year conunencing January 1, 2002 and ending December 31,
2002.
Section Two: Village Ordinance No. 5301 is hereby amended with respect to the tax
abatements declared herein and set forth in Section Two of this Ordinance.
ection Three: 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 Four: 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 4th day of February, 2003.
ATTEST:
· Farley, Villag~ident
Kimberly A. Dewis, Deputy Village Clerk
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