HomeMy WebLinkAboutOrd 3164 12/01/1981 RDINA~NCE NO. 3164
AN ORDINANCE TO AMEND A~ ORDINANCE PROVIDING
FOR THE ISSUE OF A $25,000.00 UNLIMITED
AD VALOREM TAX .BOND OF SPECIAL SERVICE AREA
'NUMBER 3 OF THE VILLAGE OF MOUNT PROSPECT,
COOK COUNTY, ILLINOIS, AND THE LEVY OF A
DIRECT ANNUAL TAX SUFFICIENT TO PAY THE
PRINCIPAL AND INTEREST ON SAID BOND.
WHEREAS, the Village of Mount Prospect, pursuant to Village
Ordinance No. 3141 adopted on September 15, 1981, did establish a
Special Service Area known as .Special Service Area No. 3; and
WHEREAS, following the filing of a said Ordinance in the office
of the Clerk of Cook County steps were taken to establish said SpediaI[
Service Area for the year 1981; and ~
WHEREAS, on September 15, 1981 the Village of Mount prospect
adopted Ordinance No. 3143 entitled "An Ordinance Providing for the
issue of a $25,000.00 Unlimited Ad Valorem Tax Bond of Special Service
Area No. 3 of the Village of Mount Prospect, Cook County, Illinois,
and the levy of a direct annual tax sufficient to pay the principal
and interest on said Bond"; and
~'UHEREAS, said Ordinance was published in full in the Mount Prospect
Herald on September 22, 1981 and thereafter a certified copy thereof was
filed in the office of the Clerk of Cook County on October 1, 1981; and
WHEREAS, by virture of the establishment of Special Service Area
No. 3 of the Village of Mount Prospect in 1981 it becomes necessary to
am. end Sections 5 and 6 said Ordinance No. 3143, which Sections provide
for the le~t of the pertinent direct annual tax to meet the maturity
schedule of.~aid Bond, so as to bring said tax levy schedule into con-
formance with i~he maturity schedule of said Bonds for ~he tax years
from 1981 through 1988.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COU~JTY, ILLINOIS:
SECTION ONE: Ordinance No. 3143 entitled "An Ordinance Providing
for the issue of a $25,000.00 Unlimited Ad Valorem Tax Bond of Special
Service Area No. 3 of the Village of Mount Prospect, Cook County, Illinois,
and the levy of a direct annual tax sufficient to pay the principal and
interest on said Bond" -~i~D adopted on SeptemDer !5~ 1981, is hereby
amended by amending Section 5 and Section 6 thereof to read as follows:
SECTION 5: That for %he purpose of providing the funds required
to pay the interest on said bond as it falls due, and also to
pay and discharge the principal amounts thereof as they mature,
there be and there shall be levied upon all taxable property
within the Village of Mount Prospect Special Service Area Number
3, a direct annual tax for each of the years while said b<~nd is
outstanding in amounts sufficient for that purpose, and that
there be and there is levied upon all of the said %axable
property in said Special Service Area in addition to all other
taxes the following direct annual tax, to-wit:
For the Year
A Tax Sufficient %o Produce the Sum of:
1981
1982
1983
1984
1985
1986
1987
1988
$5,101.67 for interest and principal up
and including December 1-, 1982
4,685.00 for interest and principal
4,685.00 for interest and prmnclpal
~ 4,685.00 for interest and principal
4,685.00 for interest and principal
4,685.00 for interest and principal
4,685.00 for interest and prmncmpal
4,697.59 for interest and pr~nclpal
n the event that by reason of a delay in the collection
of taxes in said Village, proceeds of taxes hereby levied
are not available in time to meet any payments of principal
and interest upon said bonds, then the fiscal~ officers
of the Village are hereby directed to make such payments
from any current funds of the Village that are available
for this purpose in advancement of the collection of said
taxes herein levied and when the proceeds of such taxes
herein levied are received said funds shall be reimbursed.
SECTION 6: That forthwith as soon as this ordinance becomes
effective, the Village Clerk of said Village be and is hereby
directed to file a copy of said ordinance with the County
Clerk of Cook County, Illinois, and it shall be the duty of
said County Clerk to annually in and for each of the years
1981 to 1988, inclusive, ascertain the rate percent required
to produce the aggregate tax hereinabove levied, and extend
the same for collection on the tax books against all of the
taxable property within the said Village of Mount Prospect
Special Service Area Number 3 in addition to other taxes
levied in each of said years in said Special Service Area
in order to raise the respective amounts levied aforesaid,
and in each of said years such annual tax shall be computed,
extended and collected in the same manner as now or hereafter
provided by law for the computation, extension and collection
of taxes for general corporate purposes of said Village, and
when collected, the taxes hereby levied shall be placed to
the credit of a special fund to be designated "Village of
Mount Prospect Special S-~rvice Area Number ~ Unlimited Ad
Valorem Tax Bond and Interest Fund", which fund is hereby
irrevocably pledged to and shall be used only for the purpose
of paying the principal of and interest on said bond."
SECTION TWO: This Ordinance shall be published once within ten (10)
days after adoption in the Mount Prospect Herald, the same. being the news-
paper published in and with a general circulation within said Village,
and a certified copy of this Ordinance shall thereafter be filed in the
office of the Clerk of Cook County.
SECTION THREE: This Ordinance shall be in full ~orce and effect upon
its passage, approval and publication as provided by law.
PASSED: This 1st day of December. , 1981
APPROVED: This 1st day of December .,-1981.
AYES:
NAYS:
ABSENT:
Arthur, Farley, Floros, Miller, Murauskis
None
Wattenberg
V~ LLAGE PRESIDENT
ATTEST:
VILLAGE CLERK