HomeMy WebLinkAbout5. New Business 12/04/2012NOTICE OF PROPOSED PROPERTY
TAX LEVY FOR THE VILLAGE OF
MOUNT PROSPECT
A public hearing to approve a proposed property tax
levy for the Village of Mount Prospect for the fiscal year
beginning January 1, 2012 and ending December 31,
2012 will be held on December 4, 2012 at
7,00 p.m. at the Mount Prospect Village Board Room,
50 South Emerson Street, Mount Prospect, Illinois. Any
person desiring to appear at the public hearing and
present testimony to the taxing district may contact
David 0. Erb, Finance Director, 50 South Emerson Street;
Mount Prospect, Illinois (847} 392 -6000.
The corporate and special purpose property taxes
extended or abated for the fiscal year beginning
January 1, 2011 and ended December 31, 2011 were
$22,317,215.
The proposed corporate and special purpose property
taxes to be levied for the fiscal year beginning Janua' 1„
2012 and ending December 31, 2012 are $23,223,95
This represents a 4.06% increase over the previous year
III. The property taxes extended for debt service for the
fiscal year beginning January 1, 2011 and ended
December 31, 2011 were $3,389,882. .
The estimated property taxes to be levied for debt
service for the fiscal year beginning January 1, 2012
and ending December 31, 2012 are $3,379,673. This
represents a 0.3% decrease from the previous year.'
The total property taxes extended or abated for the fiscal
year beginning January 1, 2011 and ended December 31;
2011 were $25,707,097.
The estimated total property taxes to be levied for
the fiscal year beginning January 1, 2012 and ending
December 31, 2012 are $26,603,623. This represents a
3.49% increase over the previous year.
Dated this 23rd day of November 2012.
/s/ M. Lisa Angell
Village Clerk
Village of Mount Prospect
Mount Prospect, Illinois \1��
INTEROFFICE MEMORANDUM
TO: MICHAEL E. JANONIS, VILLAGE MANAGER T
FROM: FINANCE DIRECTOR I?.
DATE: NOVEMBER 16, 2012
SUBJECT: 2012 GENERAL CORPORATE AND SPECIAL SERVICE AREA PRQP
jV
AND ABATEMENT ORDINANCES .4
PURPOSE:
To obtain approval of the attached three ordinances related to the tax levies of theV the Mount
Prospect Public Library, and the Village's Special Service Area.
BACKGROUND:
Prior to December 25, 2012 the Village must have on file with the County Clerk its 2012 tax levy ordinances.
The Village will receive proceeds from the 2012 tax levy in 2013.
The Village Board first discussed the proposed 2012 tax levy at its October 23rd Committee of the Whole
meeting. Staff recommends a net Village tax levy of $16,477,872, an increase of 3.95% from the prior year.
The Mount Prospect Library Board approved their tax levy request at its meeting on October 18, 2012. They
are asking for a total levy, inclusive of a 2.0% provision for loss and cost, of $10,125,752. This represents
an increase of 2.75% over the 2011 levy.
DISCUSSION:
The following table compares the proposed 2012 levy to the 2011 levy for the Village and Library. The
amounts presented in the table are net of abatements and are inclusive of the 2% provision for loss and
cost.
Library
Operations
2011 Lew
2012 Lew
Increase
% Change
Village
1,607,637
1,601,233
6( ' 404)
0( 40 %)
General
7,521,422
7,854,269
332,847
4.43%
Refuse
1,838,550
1,893,707
55,157
3.00%
Debt Service
1,782,245
1,778,451
(3,794)
(0.21 %)
Police Pension
2,484,780
2,612,079
127,299
5.12%
Ftire Pension
2,225,356
2,339,366
114,010
5.12%
Total Village
15,852,353
16,477,872
625,519
3.95%
Library
Operations
8,247,107
8,524,529
277,422
3.36%
Debt Service
1,607,637
1,601,233
6( ' 404)
0( 40 %)
Total Library
9,854,744
10,125,762
271,018
2.75%
Total
25.707.097
26.603,634
$2 537
3.49° o
A detailed spreadsheet of all proposed levies, including detailed levies for each outstanding bond issue, is
also attached.
2012 Property Tax Levy
November 16, 2012
Page 2
The Village's 2011 equalized assessed valuation (EAV) is $1,694,952,801. Our 2012 EAV is estimated to
decrease approximately 0.60% from the prior year based on historical trends. This projection is subject to
change based on the significant adjustments made by the Cook County Assessor for the 2011 values. The
final 2012 EAV will not be available until August 2013. The Village's 2012 tax rate is expected to increase to
$0.978 from the 2011 rate of $0.935. This is due to the decrease in the estimated EAV from the prior year
(0.6 %) with a levy increase to 3.95 %. The Library's 2012 tax rate is estimated at $0.597, compared to the
2011 rate of $0.581.
For illustration purposes only, a home with an EAV of $103,541 (a market value of approximately $350,000)
in 2012 will pay taxes of $953 to the Village of Mount Prospect and $586 to the Library for the levy extended
in 2012. Assuming valuations do not change, the Village portion of the levy for a typical home will increase
$36 while the increase in the Library levy is $16 from the levy extended in 2011. These amounts will vary
based on eligible tax reductions for homeowner or senior exemptions or senior assessment freezes.
Special Service Area No. 5 was created in the mid4ghties to help fund the delivery of Lake Michigan water
to the Village's water system. It is recommended the 2012 levy remain the same as the 2011 levy
($1,545,773).
The Village Board is being asked to consider three ordinances related to the 2012 tax levy. Two of the
ordinances establish the initial levy of the Village (including the Library) and the Village's special service
area. The third is an abatement ordinance that reduces a portion of the Series 2009C debt service tax levy
established by its bond ordinance. The abatement is the result of issuing these bonds as Build America
Bonds (BAB). The BAB's provide a federal subsidy of 35% of the interest paid on the bonds to the issuer
which lowers the overall cost of borrowing. The subsidy is used to abate a portion of the tax levy for debt
service. The BAB subsidy for 2012 is $47,258.
RECOMMENDATION:
It is recommended the Village Board approve the attached 2012 property tax levy ordinances.
David O. Erb
Finance Director
Attachment
DOE/
I: \Property Taxes\2012 Levy \Levy Ordinance Cover Memo to Board - 2012.docx
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR
THE CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT
PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2012 AND ENDING
DECEMBER 31, 2012
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the day of , 2012
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois
the day of , 2012.
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR
THE CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT
PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2012 AND ENDING
DECEMBER 31, 2012
NOW, THEREFORE, BE IT ORDAINED BY THE President and Board of Trustees of the
Village of Mount Prospect, Cook County, Illinois, as follows:
Section 1 : That the sum of Twenty -Six Million Eighty -One Thousand Nine Hundred
Eighty -Three Dollars ($26,081,983), the same being the total amount to be levied of budget
appropriations heretofore made for the corporate and municipal purposes for the fiscal year
beginning January 1, 2012 and ending December 31, 2012 as approved by the President and
Board of Trustees of the Village of Mount Prospect, be and the same is hereby levied on all
taxable property within the Village of Mount Prospect according to the valuation of said
property as is, or shall be assessed or equalized by the State and County purposes for the
current year 2012.
Section 2: The budgetary appropriations having been made by the President and
Board of Trustees of the Village of Mount Prospect were passed and approved by
Ordinance No. 5891 at a meeting hereof regularly convened and held in said Village of
Mount Prospect, Illinois, on the 20"' day of December, 2011, and amended by Ordinance
No. 6001 passed and approved on the 3 rd day of April, 2012 and further amended by
Ordinance No. 6036 passed and approved on the 7 1 day of November 2012 and thereafter
duly published according to law, the various objects and purposes for said budgetary
appropriations are heretofore made and set forth under the column entitled "Amount
Budgeted ", and the specific amount herein levied for each object and purpose is set forth
under the column entitled "Amount Levied ", in Articles I through VI.
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2012 TAX LEVY
ARTICLE I -GENERAL FUND
10 Public Representation
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities & Supplies
Other Expenditures
Total Mayor and Board of Trustees
20 Village Administration
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Corrunodities & Supplies
Office Equipment
Other Equipment
Total Village Adnnistration
30 Finance Department
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Insurance
Commodities & Supplies
Office Equipment
Total Finance Department
40 Community Development Department
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities & Supplies
Office Equipment
Total Community Development Department
K
Amount Amount
Budgeted Levied
156,137 0
44,983 0
1,950 0
251,216 0
455 0
66,784 0
7,000 0
528,525 0
1,176,248 0
533,533 0
26,510 0
1,023,626 0
12,856 0
17,700 0
23,370 0
6,600 0
2,820,443 0
785,207 0
311,535 0
10,750 0
206,955 0
4,720 0
159,712 0
37,150 0
1,000 0
1,517,029 0
1,120,015 0
475,724 0
25,709 0
499,903 0
21,217 0
18,900 0
3,614 0
2,165,082 0
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2012 TAX LEVY
3
Amount
Amount
Budgeted
Levied
50 Human Services Department
Personal Services
650,484
0
Employee Benefits
242,758
0
Other Employee Costs
7,938
0
Contractual Services
87,900
0
Utilities
13,080
0
Commodities & Supplies
19,844
0
Building Improvements
95,000
0
Office Equipment
2,090
0
Total Human Services Department
1,119,094
0
60 Police Department
Personal Services
9,083,904
3,850,132
Employee Benefits
4,498,808
0
Other Employee Costs
138,200
0
Contractual Services
1,458,242
0
Utilities
33,800
0
Commodities & Supplies
153,720
0
Office Equipment
10,150
0
Other Equipment
13,600
0
Total Police Department
15,390,424
3,850,132
70 Fire Department
Personal Services
7,208,502
3,850,132
Employee Benefits
3,603,776
0
Other Employee Costs
138,925
0
Contractual Services
799,549
0
Utilities
35,000
0
Commodities & Supplies
62,995
0
Building Improvements
10,000
0
Office Equipment
12,656
0
Other Equipment
70,750
0
Total Fire Department
11,942,153
3,850,132
3
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2012 TAX LEVY
80 Public Works
89 Emergency Events
00 Retiree Pensions
Amount Amount
Budgeted Levied
Personal Services
2,767,194 0
Employee Benefits
1,008,783 0
Other Employee Costs
33,016 0
Contractual Services
2,243,721 0
Utilities
143,663 0
Commodities & Supplies
310,026 0
Other Expenditures
4,000 0
Office Equipment
1,746 0
Other Equipment
56,393 0
Infrastructure
112,347 0
Total Public Works Department
6,680,889 0
Personal Services
Employee Benefits
Contractual Services
Commodities & Supplies
Total Emergency Events
Pension Benefits
Total Retiree Pensions
TOTAL BUDGET FOR GENERAL FUND
AMOUNT TO BE RAISED BY TAX LEVY
ADD 2% FOR LOSS & COST OF COLLECTION
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR GENERAL FUND
0 0
0 0
6,505 0
0 0
6,505 0
46,005 0
46,005 0
42,216,149
7,700,264
154,005
7,854,269
4
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2012 TAX LEVY
Amount Amount
Budgeted Levied
ARTICLE II - DEBT SERVICE FUND
00 Debt Service
00 00 510 G.O. Bonds - Series 2009
Bond Principal 0 0
Interest Expense 417,262 417,262
Bank and Fiscal Fees 428 0
Total G.O. Bonds - Series 2009 417,690 417,262
00 00 511 G.O. Bonds - Series 2009B
Bond Principal 285,000 285,000
Interest Expense 92,850 92,850
Bank and Fiscal Fees 428 0
Total G.O. Bonds - Series 2009B 378,278 377,850
00 00 512 G.O. Bonds - Series 2009C
Bond Principal 0 0
Interest Expense 135,023 87,765
Bar and Fiscal Fees 428 0
Total G.O. Bonds - Series 2009C 135,451 87,765
00 00 514 G.O. Bonds - Series 201113
Bond Principal 40,000 40,000
Interest Expense 127,386 127,386
Bank and Fiscal Fees 0 0
Total G.O. Bonds - Series 201 IB 167,386 167,386
00 00 515 G.O. Bonds - Series 2012
Bond Principal 620,000 620,000
Interest Expense 73,316 73,316
Bank and Fiscal Fees 0 0
Total G.O. Bonds - Series 2012 693,316 693,316
00 00 650 IEPA Loans
Loan Principal 567,311 0
Loan Expense 46,045 0
Bank and Fiscal Fees 0 0
Total IEPA Loans 613,356 0
TOTAL BUDGET FOR DEBT SERVICE FUND 2,405,477
AMOUNT TO BE RAISED BY TAX LEVY 1,743,579
ADD 2% FOR LOSS & COST OF COLLECTION 34,872
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
DEBT SERVICE FUND 1,778,451
5
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2012 TAX LEVY
ARTICLE III - REFUSE DISPOSAL FUND
80 Public Works - Refuse Disposal
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Insurance
Commodities & Supplies
Total Refuse Disposal
TOTAL BUDGET FOR REFUSE DISPOSAL FUND
AMOUNT TO BE RAISED BY TAX LEVY
ADD 2% FOR LOSS & COST OF COLLECTION
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR REFUSE DISPOSAL FUND
ARTICLE IV - POLICE PENSION FUND
00 Police Pensions
Pension Benefits
Contractual Services
Insurance
Corrunodities & Supplies
Other Expenditures
Total Police Pensions
TOTAL BUDGET FOR POLICE PENSION FUND
AMOUNT TO BE RAISED BY TAX LEVY
ADD 2` %o FOR LOSS & COST OF COLLECTION
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR POLICE PENSION FUND
Amount Amount
Budgeted Levied
237,856
0
94,834
0
1,200
0
4,017,873
1,856,575
572
0
27,331
0
38,537
0
4,418,203 1,856,575
4,418,203
1,856,575
37,132
1,893,707
3,646,470
2,560,862
125,500
0
10,000
0
500
0
12,000
0
3,794,470 2,560,862
3,794,470
2,560,862
51,217
2,612,079
6
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2012 TAX LEVY
Amount Amount
Budgeted Levied
ARTICLE V - FIREFIGHTERS' PENSION FUND
00 Fire Pensions
Pension Benefits
3,112,073
2,293,496
Contractual Services
133,000
0
Insurance
11,000
0
Commodities & Supplies
1,000
0
Other Expenditures
12,000
0
Total Firefighters' Pensions
3,269,073
2,293,496
TOTAL BUDGET FOR FIREFIGHTERS' PENSION FUND 3,269,073
AMOUNT TO BE RAISED BY TAX LEVY 2,293,496
ADD 2% FOR LOSS & COST OF COLLECTION 45,870
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
FIREFIGHTERS' PENSION FUND 2,339,366
ARTICLE VI - MOUNT PROSPECT LIBRARY FUND
90 Mount Prospect Library
Component Unit Expenditures
8,179,500
8,357,381
Bond Principal
1,115,000
1,115,000
Interest Expense
454,826
454,826
Total Library Services
9,749,326
9,927,207
TOTAL BUDGET FOR MOUNT PROSPECT LIBRARY FUND 9,749,326
AMOUNT TO BE RAISED BY TAX LEVY - Component Unit Expenditures 8,357,381
AMOUNT TO BE RAISED BY TAX LEVY - Bond Principal and Interest 1,569,826
ADD 2 0 /o FOR LOSS & COST OF COLLECTION 198,545
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
MOUNT PROSPECT LIBRARY FUND 10,125,752
7
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2012 TAX LEVY SUMMARY
Article
Fund
Amount
to be Raised
Amount by
Budgeted Tax Levy
$ 42,216,149
7,700,264
2,405,477
1,743,579
4,418,203
1,856,575
3,794,470
2,560,862
3,269,073
2,293,496
I General
II Debt Service
III Refuse Disposal
IV Police Pension Fund
V Firefighters' Pension Fund
Village Totals
VI Mount Prospect Library
Library Services
Library Debt Service
Library Totals
Village and Library Totals
56,103,372 16,154,776
8,179,500
8,357,381
1,569,826
1,569,826
9,749,326
9,927,207
$ 65,852,698 26,081,983
Total
Amount Tax Levy
for Loss Incl. Loss
and Cost and Cost
154,005
7,854,269
34,872
1,778,451
37,132
1,893,707
51,217
2,612,079
45,870 2,339,366
323,096 16,477,872
167,148
8,524,529
31,397
1,601,223
198,545
10,125,752
521,641 26,603,624
E:3
Section 3 : The sum of $382,500 is budgeted to be received from personal property
replacement tax revenue during the fiscal year commencing January 1, 2012 and ending
December 31, 2012 and has been included herein as funds to be derived from sources other
than property taxes for general obligation bonds and interest, pensions, library services and
general corporate purposes.
Section 4 : That the County Clerk is directed to add 2% to the requested tax levy as a
provision for loss and cost.
Section 5 : That the Village Clerk of the Village of Mount Prospect is hereby directed to
certify a copy of this Ordinance and is hereby authorized and directed to file a copy of the
same with the County Clerk of Cook County, Illinois, within the time specified by law.
Section 6 : That, if any part or parts of this Ordinance shall be held to be unconstitutional
or otherwise invalid, such constitutionality or invalidity, shall not affect the validity of the
remaining parts of this Ordinance. The President and Board of Trustees of the Village of
Mount Prospect hereby declares that they would have passed the remaining parts of the
Ordinance of they had known that such parts or parts thereof would be declared
unconstitutional or otherwise invalid.
Section 7 : That this Ordinance shall be in full force and effect from and after its passage,
approval, publication in pamphlet form and recording, as provided by law.
AYES:
NAYES:
ABSENT:
PASSED and APPROVED this day of December, 2012.
Irvana K. Wilks, Mayor
ATTEST:
M. Lisa Angell, Village Clerk
9
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR
THE MUNICIPAL PURPOSES OF SPECIAL SERVICE AREA NUMBER FIVE OF
THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING
JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the day of , 2012
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois
the _ day of 2 2012.
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR
THE MUNICIPAL PURPOSES OF SPECIAL SERVICE AREA NUMBER FIVE OF
THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING
JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012
NOW THEREFORE, BE IT ORDAINED BY THE President and Board of Trustees of the
Village of Mount Prospect, Cook County, Illinois:
Section 1 : That the sum of One Million Five Hundred Fifteen Thousand Four Hundred
Sixty -Four Dollars ($1,515,464), the same being the total amount to be levied of budget
appropriations heretofore made for the municipal purposes for the fiscal year beginning January
1, 2012, and ending December 31, 2012, as approved by the President and Board of Trustees of
the Village of Mount Prospect, be and the same is hereby levied on all taxable property within
the Special Service Area Number 5 of the Village of Mount Prospect according to the valuation
of said property as is, or shall be, assessed or equalized by State and County purposes for the
current year 2012. The budgetary appropriations having been made heretofore by the President
and Board of Trustees of the Village of Mount Prospect were passed and approved by Ordinance
No. 5891 at a meeting hereof regularly convened and held in said Village of Mount Prospect,
Illinois on the 20` day of December, 2011, and as amended by Ordinance No. 6001 passed and
approved on the 5`' day of April, 2012, and further amended by Ordinance No. 6036 passed
and approved on the 8` day of November, 2012 and thereafter duly published according to law,
the various objects and purposes for said budgetary appropriations were heretofore made are set
forth under the column entitled "Amount Budgeted," and the specific amount herein levied for
each object and purpose is set forth under the column entitled "Amount Levied" in Article I.
Section 2 : That the County Clerk is directed to add 2% to the requested tax levy as a provision
for loss and cost.
Section 3 : That the Village Clerk of the Village of Mount Prospect is hereby directed to certify
a copy of this Ordinance and is hereby authorized and directed to file a copy of the same with the
County Clerk of Cook County, Illinois, within the time specified by law.
Section 4 : That, if any part of this Ordinance shall be held to be unconstitutional or otherwise
invalid, such unconstitutionality or invalidity, shall not affect the validity of the remaining parts
of this Ordinance. The President and Board of Trustees of the Village of Mount Prospect hereby
declares that they would have passed the remaining parts of the Ordinance if they had known that
such part or parts thereof would be declared unconstitutional or otherwise invalid.
Section 5 : That this Ordinance shall be in full force and effect from and after its passage,
approval, publication in pamphlet form and recording, as provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this day of , 2012
Irvana K. Wilks, Mayor
ATTEST:
M. Lisa Angell, Village Clerk
2
ARTICLE 1 - SPECIAL SERVICE AREA NO.5
050 Lake Water Acquisition
570.001 SSA #5 JAWA Water
570.004 SSA #5 JAWA Fixed Costs
TOTAL APPROPRIATED FOR SPECIAL SERVICE AREA NO.5
LAKE WATER ACQUISITION
AMOUNT TO BE RAISED BY TAX LEVY
ADD 2% FOR LOSS AND COST OF COLLECTION
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
SPECIAL SERVICE AREA NO. 5
SUMMARY
Amount Amount to
Article Budgeted be Levied
I Special Service Area No. 5 3,411,000 1,515,464
Amount Amount
Budgeted Levied
2,720,000 874,464
691,000 641,000
3,411,000
1,515,464
30,309
1,545,773
Amount for Total Tax
Loss & Cost Lew
30,309 1,545,773
ORDINANCE NO.
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, 2012 AND ENDING DECEMBER 31, 2012
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the day of , 2012
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the _ day of , 2012.
F
ORDINANCE NO.
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, 2012 AND ENDING DECEMBER 31, 2012
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE
OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
Section One The President and Board of Trustees of the Village of Mount Prospect find as
follows:
A. That pursuant to Village Ordinance No. 5772 adopted December 1, 2009
authorizing the issuance of general obligation bonds for financing a portion of the
costs of constructing a replacement fire station, emergency operations center and
public works expansion there was levied for the year 2012 the sum of
$135,022.50 for bond interest payments.
Section Two It is hereby declared by the President and Board of Trustees of the Village of
Mount Prospect that the amount of $135,022.50 levied for G.O. Bond Interest payments for the
purpose of funding a portion of the costs of constructing a replacement fire station, emergency
operations center and public works expansion pursuant to Ordinance No. 5772 be and the same is
hereby abated in the amount of $47,257.88 leaving a balance of $87,764.62 as that amount levied
for such bond and interest payments for the fiscal year commencing January 1, 2012 and ending
December 31, 2012.
Section Three Village Ordinance No. 5772 is hereby amended with respect to the tax
abatements declared herein and set forth in Section Two of this Ordinance.
Section Four 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 Five 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:
NAYS:
ABSENT:
PASSED and APPROVED this day of 7 2012.
Irvana K. Wilks, Mayor
ATTEST:
M. Lisa Angell, Village Clerk
LI
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: MICHAEL E. JANONIS, VILLAGE MANAGER
FROM: FINANCE DIRECTOR I tZ
DATE: NOVEMBER 16, 2012 ..
SUBJECT: PROPOSED 2013 BUDGET
PURPOSE:
To present for the Village Board's consideration an ordinance adopting the annual
year beginning January 1, 2013 and ending December 31, 2013.
BACKGROUND:
The Village Manager released his proposed budget on October 12, 2012. Over the past two months the
Finance Commission met three times to review the document. The Village Board, meeting as a
Committee of the Whole (COW), reviewed the document on October 23 and November 13.
DISCUSSION:
Departmental presentations on the 2013 budget were made before both the Finance Commission and
Village Board with various staff on hand to facilitate discussion. The proposed budget incorporates all of
the policies and directives established by the Mayor, Board of Trustees and Finance Commission during
the August 2012 mid -year budget review.
The General Fund budget, as presented, is balanced. The proposed budget provides for a 3.95%
increase in the property tax levy and a 9.5% water rate increase. No other tax or fee increases are
proposed. Estimates of other revenue sources are, for the most part, showing modest growth from 2012.
A public hearing on the proposed budget has been scheduled for December 18, 2012. Notice of the
public hearing will be published in the Daily Herald on December 7, 2012. The ordinance included with
this memo will officially adopt the budget for the Village of Mount Prospect. Once the ordinance is
passed, the Finance Department will begin work on the final budget document. We hope to have the
approved budget document produced no later than January 1, 2013.
RECOMMENDATION:
It is recommended the Village Board pass the accompanying ordinance adopting the 2013 annual budget.
David 0. Erb
Finance Director
DOE/
Attachment
I: \Budget 2013 \Ordinance Cover Memo - 2013 Budget.docx
ORDINANCE NO.
AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT
PROSPECT FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2013 AND ENDING
DECEMBER 31, 2013 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the day of , 2012
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois
the _ day of 2012.
ORDINANCE NO.
AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT
PROSPECT FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2013 AND ENDING
DECEMBER 31, 2013 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE
WHEREAS, the President and Board of Trustees of the Village of Mount Prospect in accordance with State Statutes, have
provided for the preparation and adoption of an Annual Budget in lieu of passage of an Appropriation Ordinance; and
WHEREAS, the tentative Annual Budget for the Village of Mount Prospect for the fiscal year beginning January 1, 2013 and
ending December 31, 2013, as prepared by the Budget Officer for the Village and submitted to the President and Board of
Trustees, was placed on file in the Office of the Village Clerk on October 12, 2012 for public inspection, as provided by
Statute; and
WHEREAS, pursuant to notice duly published on December 7, 2012, a public hearing was held by the President and Board
of Trustees on said tentative annual budget on December 18, 2012, as provided by Statute; and
WHEREAS, following said public hearing, said tentative Annual Budget was reviewed by the President and Board of
Trustees and a copy of said tentative Annual Budget is attached hereto and hereby made a part hereof.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF
MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE The Annual Budget for the Village of Mount Prospect for the fiscal year beginning January 1, 2013 and
ending December 31, 2013, a copy of which is attached hereto and made a part hereof, is hereby approved and adopted as the
Annual Budget for the Village of Mount Prospect for said fiscal year.
SECTION TWO Within thirty (30) days following the adoption of this Ordinance there shall be filed with the County Clerk
of Cook County a copy thereof duly certified by the Village Clerk and Estimate of Revenues by source anticipated to be
received by the Village in the fiscal year beginning January 1, 2013 and ending December 31, 2013, duly certified by the
Chief Fiscal Office
SECTION THREE This Ordinance shall be in full force and effect from and after its passage, approval and publication in
pamphlet form in the manner provided by law.
AYES:
NAYS:
ABSENT:
PASSED AND APPROVED this day of ) 2012.
ATTEST:
M. Lisa Angell, Village Clerk
Irvana K. Wilks, Mayor
4.,
RESOLUTION NO. 2012
A RESOLUTION APPROVING AND CERTIFYING
THE 2013 BUDGET AND 2012 TAX LEVY DETERMINATION
WHEREAS, heretofore the Board of Trustees of the Mount Prospect Public Library, Mount Prospect, Illinois, at
open and public meetings have considered the financing requirements of the Mount Prospect Library for the year
commencing January 1, 2013; and
WHEREAS, the Board of Trustees of the Mount Prospect Public Library has determined the financial
requirements of the Mount Prospect Public Library for the ensuing year and has caused to be made, a statement
thereof, a copy of which is attached hereto and marked "Exhibit A," for inclusion in the 2013 budget of the Village
of Mount Prospect; and
WHEREAS, the Board of Trustees of the Mount Prospect Public Library has further determined the amount of
money which in its judgment, it will be necessary to levy for library purposes in the 2012 tax levy ordinance to be
adopted by the President and Board of Trustees of the Village of Mount Prospect;
WHEREAS, expenditures from the LIBRARY FUND shall be under the direction of the Board of Trustees of the
Mount Prospect Public Library.
WHEREAS, that the amount of money hereby determined by the Board of Trustees of the Mount Prospect Public
Library to be necessary for library purposes and to be included in the 2012 Tax Levy Ordinance of the Village of
Mount Prospect (taking into consideration other income from accumulations from the prior year, anticipated tax
shrinkage, fines, non - resident fees, and maintenance, repairs, and alterations of library buildings and equipment)
and for the collection and deposit to the LIBRARY FUND, which includes funds for the Illinois Municipal
Retirement Fund pursuant to Section 5/7 -171, Chapter 40 of the Illinois Compiled Statutes; and for the
maintenance repairs, and alterations of the library buildings and equipment, pursuant to Section 5/3-4 of Chapter
75 of the Illinois Compiled Statutes; and for insurance and audit fees pursuant to Section 5/4-14 of Chapter 75 of
the Illinois Compiled Statutes.
WHEREAS, in accordance with Chapter 75, Section 5/3 -5 of the Illinois Compiled Statutes it is requested that the
amount so determined be levied and collected in like manner with the other general taxes of the Village of Mount
Prospect and that such taxes be paid directly by the County Collector to the Library fund.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE MOUNT PROSPECT
PUBLIC LIBRARY, VILLAGE OF MOUNT PROSPECT:
SECTION ONE: That the financial requirements for library purposes of the Mount Prospect Public Library require
the budget for the year commencing January 1, 2013, and ending December 31, 2013, the sum of $10,139,456
such to be included within the 2013 Budget of the Village of Mount Prospect, Illinois.
SECTION TWO: That the amount of money hereby determined by the Board of Trustees of the Mount Prospect
Public Library to be necessary for library purposes and to be included in the 2012 tax levy and to be levied and
collected in like manner with the other general taxes of the Village of Mount Prospect and that such taxes to be
paid directly by the County Collector to the Library Fund: $9,927,207. Expenditures from the Library Fund shall
be under the direction of the Board of Trustees of the Mount Prospect Public Library.
SECTION THREE: That the Secretary of the Board of Trustees of the Mount Prospect Public Library file a copy
of this Resolution, with the Village Clerk of the Village of Mount Prospect, for transmittal to the President and
Board of Trustees of the Village of Mount Prospect.
SECTION FOUR: That if any part or parts of this Resolution shall be held to be unconstitutional, such
unconstitutionality shall not affect the validity of the remaining parts of this Resolution. The Board of Trustees of
the Mount Prospect Public Library hereby declares that it would have passed the remaining parts of this
Resolution if it had known that such part or parts thereof would be declared unconstitutional.
SECTION FIVE: That this Resolution shall be in full force and effect as of October 18, 2012.
Resolution No. 2012 - Page 1 of 2
AYES: Barbara Bums, Dale Draznin, Jane Everett, Brian Gilligan, Sylvia Haas, Dick Tani, John Zulaski
NAYS: None
ABSENT: None
PASSED THIS 18th day of October, 2012.
The undersigned, President of the Board of Trustees of the Mount Prospect Public Library, Village of Mount
Prospect, Illinois, does certify that the foregoing Resolution was duly adopted by the vote specified at a legally
convened meeting of the Board of Trustees of the Mount Prospect Public Library held at the Mount Prospect
Public Library building on the 18th day of October, 2012.
Jane W. Everett, President
Resolution No. 2012 - Page 2 of 2
MOUNT PROSPECT PUBLIC LIBRARY
2013 Budget and 2012 Tax Levy
EXHIBIT A
2013 Budget 2012 Tax Levy
Fund Amount Request
LIBRARY GENERAL FUND
Salaries & Benefits
4110
Salaries
5,061,629
$ 4,992,379
4120
I M R F Pension
524,645
514,358
4130
FICA & MIC
386,021
378,452
4140
Medical Insurance
614,500
602,451
4150
Unemployment Comp
12,000
11,765
4250
Totals
6,598,795
$ 6,499,405
Management Expense
4210
Audit
4,300
$
4,216
4220
Legal Fees
40,000
4430
39,216
4230
Printing
32,000
Janitorial
31,373
4240
Marketing
62,611
125,800
62,168
4250
Resources
15,999
55,970
15,236
4260
Professional Dues
6,829
6,695
4270
Board
4,000
3,922
4280
Human Resources
66,890
65,568
4290
Other Operating Expense
9,800
9,608
Totals
242,429
$
238,002
Operating Expenses
4310
Telecommunications
45,345
$
44,456
4320
Insurance
79,500
77,941
4340
Office Supplies
27,000
26,471
4350
Library Supplies
20,000
19,608
4360
Postage
18,600
18,235
4380
Contract Services
25,092
24,600
4390
Computer Services
49,402
48,433
Totals
264,939
$
259,744
Building Maintenance Costs
4410
Building Maintenance
91,289
$ 89,499
4420
Equipment Maintenance
93,182
91,355
4430
Equipment Rental
24,638
24,155
4440
Janitorial
52,776
51,741
4450
Equipment
125,800
123,333
4460
Utilities
57,089
55,970
Totals
444,774
$ 436,053
Library Services
4610
Adult Print
229,750
$ 225,245
4620
Adult AV
79,450
77,892
4630
Youth Print
140,400
137,647
4640
Youth AV
42,600
41,765
4650
Subscriptions
20,400
20,000
4660
Electronic Resources
148,137
$ 144,930
(Continued On the Next Page)
MOUNT PROSPECT PUBLIC LIBRARY
2013 Budget and 2012 Tax Levy
2013 Budget 2012 Tax Levy
Fund Amount Request
LIBRARY GENERAL FUND (Continued)
Library Services (Continued)
4661 Electronic Media
16,718
16,390
4662 Electronic Services
23,337
22,879
4670 Microform
10,500
10,294
4680 Processing Supplies
42,000
41,176
4690 Programs
40,400
38,900
Totals
793,692
$ 777,118
GENERAL FUND TOTALS
8,344,630
$ 8,210,322
BUILDING & EQUIPMENT FUND
7705 Equipment & Building
111,700
$ 109,510
7730 Other Building Projects
38,300
37,549
7735 Trans to Library Operating
0
-
1,569,826
0
_
BUILDING FUND TOTALS
150,000
$ 147,059
TOTAL GENERAL FUND & BUILDING FUND
8,494,630
$ 8,357,381
DEBT SERVICE FUND
3701•Interest Payments 454,826 454,826
3711 Principal Payments 1,115,000 1,115,000
0 _
DEBT SERVICE FUND TOTALS 1,569,826 $ 1,569,826
GIFT FUND
8740 Library Special Projects 50,000 $ _
8990 Contingencies 25,000
GIFT FUND TOTALS 75,000 $ -
ALL FUNDS - TOTALS 10,139,456 $ 9,927,207
2012 TAX LEVY SUMMARY
Library Fund Levy (General Fund & Building Fund)
Library Bonds & Interest Levy
TOTAL LIBRARY TAX LEVY
Levy
Total
Request
2% Loss
Tax Levy
8,357,381
$ 167,148
$ 8,524,529
1,569,826
$ 31,397
1,601,223
9,927,207
$ 198,545
$ 10,125,752
VILLAGE OF MOUNT PROSPECT
an BUDGET SUMMARY
TOTAL VILLAGE BUDGET
2011 2012 2012 2013 2014
Actual Budget Estimate Budget Forecast
REVENUES AND OTHER SOURCES
Property Taxes
19,622,916
19,882,500
19,877,112
20,653,068
21,404,774
Other Taxes
11,813,090
12,828,800
12,693,100
12,784,000
13,189,000
Licenses, Permits & Fees
2,670,733
2,751,000
2,739,000
2,720,000
2,595,000
Intergovernmental Revenue
19,020,799
19,258,627
19,159,319
19,658,091
20,070,189
Charges for Services
20,640,059
22,289,597
22,147,995
24,246,914
25,337,091
Fines & Forfeits
749,999
587,000
647,000
686,750
686,750
Investment Income
1,464,065
5,202,600
3,276,500
4,578,500
4,762,500
Reimbursements
231,000
253,500
250,021
305,000
308,000
Other Revenue
8,065,323
7,990,742
7,892,012
9,060,268
9,376,374
Other Financing Sources
5,304,570
988,000
50,000
50,000
50,000
Village Revenues & Other Sources
89,582,554
92,032,366
88,732,059
94,742,591
97,779,678
Mount Prospect Library Revenues
14,125,745
9,926,514
9,926,514
10,139,456
(a)
Total Revenues & Other Sources
103,708,299
101,958,880
98,658,573
104,882,047
97,779,678
BUDGET EXPENDITURES
Village Operating Budget
54,874,543
57,317,333
57,315,218
60,198,648
62,394,994
Village Capital Budget
10,649,704
14,458,626
12,578,251
12,248,178
20,115,007
Debt Services Budget
7,574,747
2,409,795
2,409,798
2,405,477
2,245,581
Pension Systems Budget
7,454,216
7,635,544
7,584,893
7,988,558
8,174,891
Internal Services Budget (b)
9,297,182
9,059,848
9,108,511
9,804,666
10,277,105
Business District Fund
-
414,587
414,587
496,521
671,000
Village Expenditures
89,850,392
91,295,733
89,411,258
93,142,048
103,878,578
Mount Prospect Library Expenditures
13,470,776
9,926,514
9,926,514
10,139,456
(a)
Total Expenditures
103,321,168
101,222,247
99,337,772
103,281,504
103,878,578
CHANGES IN FUND BALANCE
Excess (Deficiency) of Revenues &
Other Sources Over Expenditures (c)
Fund Balance
Start of Budget Year
End of Budget Year
Less:_.P_ension Fund Balances (d)
Mt Prospect Library Fund Balance
Available Fund Balance
387,131 736,633 (679,199) 1,600,543
125,329,555 125,716,686 125, 716,686 125,037,487 126, 638,030
125,716,686 126,453,319 125,037,487 126,638,030 120,539,130
(88,642,124) (92,291,885) (90,469,448) (93,405,009) (96,
(5,381,931) (5,381,931) (5,381,931) (5,381,931) (5,
1 28,779,503 29,186,108 27,851,090 18,448,710
(a) Not available as of December 18, 2012.
(b) Internal Service Budget includes Vehicle Maintenance Fund and Risk Management Fund. The Motor Equipment
Replacement Fund and Computer Replacement Funds are included in the Village Capital Budget.
(c) Does not include the results of operation of the Mount Prospect Library for the 2014 Forecast.
(d) Pension Fund Balances are reserved for pension benefits and not available for appropriation.
VI LLAGE OF MOUNT PROSPE
2013 BUDGET SUMMARY
REVENUES AND OTHER SOURCES BY REVENUE TYPE
2011 2012 2012 2013 2014
Actual Budget Estimate Budget Forecast
VILLAGE REVENUES BY TYPE:
Property Taxes
19,622,916
19,882,500
19,877,112
20,653,068
21,404,774
Other Taxes
11,813,090
12,828,800
12,693,100
12,784,000
13,189,000
Licenses, Permits & Fees
2,670,733
2,751,000
2,739,000
2,720,000
2,595,000
Intergovernmental Revenue
19,020,799
19,258,627
19,159,319
19,658,091
20,070,189
Charges For Services
20,640,059
22,289,597
22,147,995
24,246,914
25,337,091
Fines & Forfeits
749,999
587,000
647,000
686,750
686,750
Investment Income
1,464,065
5,202,600
3,276,500
4,578,500
4,762,500
Reimbursements
231,000
253,500
250,021
305,000
308,000
Other Revenue
8,065,323
7,990,742
7,892,012
9,060,268
9,376,374
84,277,984
91,044,366
88,682,059
94,692,591
97,729,678
OTHER FINANCING SOURCES
Other Financing Sources 5,304,570 988,000 50,000 50,000 50,000
5,304,570 988,000 50,000 50,000 50,000
OTAL VILLAGE REVENUES AND OTHER
SOURCES 89,582,554 92,032,366 88,732,059 94,742,591 97,779,678
MOUNT PROSPECT LIBRARY REVENUES 14,125,745 9,926,514 9,926,514 10,139,456 (a)
TOTAL REVENUES AND OTHER SOURCES
VILLAGE AND LIBRARY (b) 103,708,299 101,958,880 98,658,573 104,882,047 97,779,678
CHANGES IN FUND BALANCE
Total Revenues & Other Sources 103,708,299 101,958,880 98,658,573 104,882,047 97,779,678
Total Expenditures 103,321,168 101,222,247 99,337,772 103,281,504 103,878,578
Additions to(Use of) Fund Balances 387,131 736,633 (679,199) 1,600,543 (6,098,900)
ANALYSIS OF CHANGES IN FUND BALANCE
Additions to (Use of) Pension Fund 240,837 3,649,761 1,827,324 2,935,561 3,303,480
Balances
Additions to (Use of) Other Fund Balances 146,294 (2,913,128) (2,506,523) (1,335,018) (9
387,131 736,633 (679,199) 1,600,543 (6,098,900)
(a) Figures not available as of December 18, 2012.
(b) Does not include the Mount Prospect Public Library 2014 Forecast.
VILLAGE OF MOUNT PROSPECT
2l 1"UDOET
BUDGET EXPENDITURES
2011 2012 2012 2013 2014
Actual Budget Estimate Budget Forecast
VILLAGE OPERATING BUDGET
PUBLIC REPRESENTATION 454,867 528,525 554,113 556,686 562,949
VILLAGE ADMINISTRATION 2,939,727 2,801,543 2,772,157 2,849,840 2,926,852
FINANCE DEPARTMENT 1,561,763 1,517,029 1,497,184 1,733,417 1,779,013
COMMUNITY DEVELOPMENT
Community Development Department 2,110,344 2,166,082 2,203,161 2,234,275 2,297,873
CDBG 354,577 502,750 406,111 290,203 296,331
2,464,921 2,668,832 2,609,272 2,524,478 2,594,204
HUMAN SERVICES DEPARTMENT 981,385 1,119,094 1,092,320 1,062,725 1,093,283
PUBLIC SAFETY AND PROTECTION
Police Department 14,691,051 15,429,753 15,339,668 15,868,202 16,389,222
Fire Department 11,452,139 11,970,653 11,858,054 12,605,442 13,018,037
26,143,190 27AOOA06 27,197,722 28,473,644 29,407,259
PUBLIC WORKS DEPARTMENT
Administration
1,190,702
1,290,014
1,294,746
1,482,775
1,499,186
Streets /Buildings
2,315,457
2,554,360
2,485,388
2,653,909
2,783,680
Forestry and Grounds
1,681,249
1,893,237
1,962,677
1,789,742
1,811,152
Engineering
1,294,164
1,378,733
1,394,818
1,450,900
1,490,532
Refuse Disposal
4,149,304
4,418,203
4,406,172
4,474,769
4,643,274
Water and Sewer Division
8,821,513
9,260,802
9,689,914
10,604,161
11,469,066
Parking
327,224
480,050
358,735
541,602
334,544
19,779,613
21,275,399
21,592,450
22,997,858
24,031,434
EMERGENCY EVENTS 549,077 6,505 - - -
TOTAL OPERATING BUDGET 54,874,543 57,317,333 57,315,218 60,198,648 62,394,994
VI LLAG E OF MOUNT PROSPECT
2013 BUDGET SUMMARY
BUDGET EXPENDITURES
2011 2012 2012 2013 2014
Actual Budget Estimate Budget Forecast
VILLAGE CAPITAL BUDGET
Capital Improvement Plan 5,205,038 10,011,836 8,240,051 8,444,297 15,041,025
Other Capital Fund Expenditures 5,444,666 4,446,790 4,338,200 3,803,881 5,073,982
10,649,704 14,458,626 12,578,251 12,248,178 20,115,007
DEBT SERVICE BUDGET 7,574,747 2,409,795 2,409,798 2,405,477 2,245,581
PENSION SYSTEMS BUDGET
Miscellaneous Pensions
45,861
46,005
46,005
46,151
46,297
Police Pensions
3,741,549
3,794,470
3,770,428
3,993,416
4,085,351
Fire Pensions
3,666,806
3,795,069
3,768,460
3,948,991
4,043,243
7,454,216
7,635,544
7,584,893
7,988,558
8,174,891
VILLAGE INTERNAL SERVICES BUDGET
Vehicle Maintenance 1,952,872 2,115,393 2,078,918 2,153,304 2,210,114
Risk Management 7,344,310 6,944,455 7,029,593 7,651,362 8,066,991
9,297,182 9,059,848 9,108,511 9,804,666 10,277,105
BUSINESS DISTRICT FUND - 414,587 414,587 496,521 671,000
TOTAL VILLAGE EXPENDITURES 89,850,392 91,295,733 89,411,258 93,142,048 103,878,578
MOUNT PROSPECT LIBRARY BUDGET 13,470,776 9,926,514 9,926,514 10,139,456 (a)
TOTAL - BUDGET EXPENDITURES (b) 103,321,168 101,222,247 99,337,772 103,281,504 103,878,578
(a) Figures not available as of December 18, 2012.
(b) Does not include the Mount Prospect Public Library 2014 Forecast.
VILLAGE OF MOUNT PRO SPECT
- 2013-BUDGET - SUMMARY -
REVENUES AND OTHER SOURCES BY FUND
2011 2012 2012 2013 2014
Actual Budget Estimate Budget Forecast
I GENERALFUND 41,172,986 42,435,544 42,381,362 44,321,998 45,633,574
DEBT SERVICE FUND 7,784,962 2,410,212 2,407,612 2,406,614 2,253,671
CAPITAL PROJECT FUNDS
Capital Improvement Fund
1,472,475
2,068,000
1,141,500
1,140,500
1,205,500
Series 2009 Construction Fund
27,165
-
-
-
-
Downtown Redevelopment Construct
2,821,541
2,605,000
2,606,000
2,682,000
2,761,000
Street Improvement Construc Fund
1,562,574
1,555,500
1,525,100
1,550,500
1,620,500
Flood Control Construction Fund
534,482
665,646
665,667
685,644
918,187
DUI Fine Fund
6,418,237
6,894,146
5,938,267
6,058,644
6,505,187
SPECIAL REVENUE FUNDS
Refuse Disposal Fund
4,033,821
4,469,150
4,398,700
4,458,500
4,530,500
Motor Fuel Tax Fund
1,660,794
1,711,000
1,702,500
1,705,100
1,460,100
Cmmty Development Block Grant
415,132
502,750
406,111
290,203
296,331
Asset Seizure Fund
4,261
3,500
3,000
3,100
3,100
DEA Shared Funds Fund
35
3,000
100
1,100
1,100
DUI Fine Fund
21,887
9,500
18,000
20,100
20,100
Foreign Fire Tax Board Fund
62,745
55,500
55,000
55,000
55,000
Justice Assistance Grant Fund
10,203
-
-
-
-
Business District Fund
77,195
630,800
630,800
671,000
689,000
6,286,073
7,385,200
7,214,211
7,204,103
7,055,231
ENTERPRISE FUNDS
Water and Sewer Fund
10,683,253
11,627,000
11,538,800
12,220,000
12,839,000
Village Parking System Fund
156,611
157,100
157,300
126,100
126,100
Parking System Revenue Fund
170,007
163,500
167,000
200,500
200,500
Risk Management Fund
11,009,871
11,947, 600
11,863,100
12,546,600
13,165, 600
INTERNAL SERVICE FUNDS
Vehicle Maintenance Fund
1,903,537
2,011,205
2,010,205
2,193,313
2,210,114
Vehicle Replacement Fund
751,830
1,267,800
1,252,300
1,462,850
1,462,850
Computer Replacement Fund
267,714
1,000
500
1,000
1,000
Risk Management Fund
6,338,152
6,440,359
6,298,290
7,669,501
8,060,377
9,261,233
9,720,364
9,561,295
11,326,664
11,734,341
VILLAGE OF MOUNT PROSPECT
- 20i313UDGET SUMMARY
REVENUES AND OTHER SOURCES BY FUND
2011 2012 2012 2013 2014
Actual Budget Estimate Budget Forecast
FIDUCIARY FUNDS
Police Pension Fund 3,978,388 5,867,000 4,867,586 5,690,721 5,970,832
Fire Pension Fund 3,670,804 5,372,300 4,498,626 5,187,247 5,461,242
7,649,192 11,239,300 9,366,212 10,877,968 11,432,074
TOTAL REVENUES & OTHER SOURCES - 89,582,554 92,032,366 88,732,059 94,742,591 97,779,678
VILLAGE FUNDS
MOUNT PROSPECT LIBRARY FUND 14,125,745 9,926,514 9,926,514 10,139,456 (a)
TOTAL REVENUES & OTHER SOURCES - 103,708,299 101,958,880 98,658,573 10082,047 97,779,678
VILLAGE & LIBRARY FUNDS (b)
(a) Figures not available as of December 18, 2012.
(b) Does not include the Mount Prospect Public Library 2014 Forecast.
VILLAGE OF MOUNT PROSPECT
-- - 2013- BUDGET-SUMMARY
EXPENDITURES BY FUND
2011 2012 2012 2013 2014
Actual Budget Estimate Budget Forecast
GENERAL FUND 40,786,102 42,216,149 42,087,707 44,321,998 45,957,474
DEBT SERVICE FUND 7,574,747 2,409,795 2,409,798 2,405,477 2,245,581
CAPITAL PROJECT FUNDS
Capital Improvement Fund
Series 2009 Construction Fund
Downtown Redevelopment Construct
Street Improvement Construc Fund
Flood Control Construction Fund
839,523
2,759,399
1,677,742
1,674,747
4,249,986
148,139
-
-
-
-
4,343,358
2,781,300
2,792,860
3,292,521
3,176,502
2,001,296
1,788,239
1,655,339
1,495,500
2,693,100
57,241
730,710
228,000
757,150
482,190
7,389,557
8,059,648
6,353,941
7,219,918
10,601,778
SPECIAL REVENUE FUNDS
Refuse Disposal Fund
Motor Fuel Tax Fund
Cmmty Development Block Grant
Asset Seizure Fund
DEA Shared Funds Fund
DUI Fine Fund
Foreign Fire Tax Board Fund
Justice Assistance Grant Fund
Business District Fund
4,149,304
4,418,203
4,406,172
4,474,769
4,653,274
1,094,105
1,597,463
1,527,854
1,764,366
2,021,351
415,132
502,750
406,111
290,203
296,331
10,466
17,008
15,500
17,500
17,500
11,875
3,000
1,100
5,000
1,000
19,057
15,925
10,000
11,000
11,000
7,849
28,500
8,170
28,500
28,500
-
13,599
10,203
-
-
-
414,587
414,587
496,521
671,000
5,707,788
7,011,035
6,799,697
7,087,859
7,699,956
ENTERPRISE FUNDS
Water and Sewer Fund
Village Parking System Fund
Parking System Revenue Fund
10,444,248
12,836,158
13,235, 270
12,842,921
16,388,816
114,406
254,402
182,507
296,350
185,391
212,818
275,648
226,228
295,252
199,153
10,771,472
13,366,208
13,644,005
13,434,523
16,773,360
INTERNAL SERVICE FUNDS
Vehicle Maintenance Fund
Vehicle Replacement Fund
Computer Replacement Fund
Risk Management Fund
1,952,872
2,115,393
2,078,918
2,153,304
2,210,114
855,193
1,338,111
1,229,611
664,000
1,940,500
51,404
233,900
233,900
246,200
239,230
7,352,902
6,955,955
7,034,793
7,666,362
8,081,991
10,212,371
10,643,359
10,577,222
10,729,866
12,471,835
VILLAGE OF MOUNT P R O SPECT
2013 BUDGET SUMMARY
EXPENDITURES BY FUND
2011 2012 2012 2013 2014
Actual Budget Estimate Budget Forecast
FIDUCIARY FUNDS
Police Pension Fund 3,741,549 3,794,470 3,770,428 3,993,416 4,085,351
Fire Pension Fund 3,666,806 3,795,069 3,768,460 3,948,991 4,043,243
7,408,355 7,589,539 7,538,888 7,942,407 8,128,594
TOTAL EXPENDITURES - VILLAGE FUNDS 89,850,392 91,295,733 89,411,258 93,142,048 103,878,S78
MOUNT PROSPECT LIBRARY FUND 13,470,776 9,926,514 9,926,514 10,139,456 (a)
TOTAL EXPENDITURES - VILLAGE AND 103,321,168 101,222,247 99,337,772 103,281,504 103,878,578
LIBRARY FUNDS (b)
(a) Figures not available as of December 18, 2012.
(b) Does not include the Mount Prospect Public Library 2014 Forecast.
VILLAGE OF MOUNT PROSPECT
- 2013 BUDGET
AVAILABLE FUND BALANCES /NET ASSETS 12 -31 -2013
Estimated
2013
2013
Estimated
Recommended
Balance
Budget
Budget
Balance
Balance
1/1/2013
Revenues
Expenditures
12 /31/2013
12/31/2013
GENERAL FUND 10,997,937 44,321,998 44,321,998 10,997,937 9,191,495
DEBT SERVICE FUND 128,377 2,406,614 2,405,477 129,514 632,150
CAPITAL PROJECT FUNDS
Capital Improvement Fund
1,345,705
1,140,500
1,674,747
811,458
482,745
Series 2009 Construction Fund
36,858
-
-
36,858
-
Downtown Redevelopment Construct
1,108,028
2,682,000
3,292,521
497,507
67,350
Street Improvement Construc Fund
(135,168)
1,550,500
1,495,500
(80,168)
626,200
Flood Control Construction Fund
788,888
685,644
757,150
717,382
267,500
DUI Fine Fund
3,144,311
6,058,644
7,219,918
1,983,037
1,443,795
SPECIAL REVENUE FUNDS
Refuse Disposal Fund
1,993,422
4,458,500
4,474,769
1,977,153
465,327
Motor Fuel Tax Fund
511,040
1,705,100
1,764,366
451,774
202,135
Cmmty Development Block Grant
-
290,203
290,203
-
-
Asset Seizure Fund
41,500
3,100
17,500
27,100
27,100
DEA Shared Funds Fund
3,909
1,100
5,000
9
9
DUI Fine Fund
52,132
20,100
11,000
61,232
61,232
Foreign Fire Tax Board Fund
217,443
55,000
28,500
243,943
243,943
Business District Fund
293,408
671,000
496,521
467,887
467,887
3,112,854
7,204,103
7,087,859
3,229,098
1,467,633
.NTERPRISE FUNDS (a)
Water and Sewer Fund
3,351,884
12,220,000
12,842,921
2,728,963
1,915,334
Village Parking System Fund
295,244
126,100
296,350
124,994
22,610
Parking System Revenue Fund
(260,047)
200,500
295,252
(354,799)
33,259
Risk Management Fund
3,387,081
12,546,600
13,434,523
2,499,158
1,971,203
INTERNAL SERVICE FUNDS (a)
Vehicle Maintenance Fund
438,268
2,193,313
2,153,304
478,277
478,277
Vehicle Replacement Fund
6,162,844
1,462,850
664,000
6,961,694
6,961,694
Computer Replacement Fund
625,141
1,000
246,200
379,941
379,941
Risk Management Fund
1,189,295
7,669,501
7,666,362
1,192,434
1,713,795
8,415,548
11,326,664
10,729,866
9,012,346
9,533,707
(a) Estimated balances reflect unrestricted net assets only.
VIL LAGE OF MOUN P R OS PECT
2013 BUDGET SUMMARY
AVAILABLE FUND BALANCES /NET ASSETS 12 -31 -2013
Estimated
2013
2013
Estimated
Recommended
Balance
Budget
Budget
Balance
Balance
1/1/2013
Revenues
Expenditures
12/31/2013
12/31 /2013
FIDUCIARY FUNDS (b)
Police Pension Fund 45,874,305 5,690,721 3,993,416 47,571,610 84,199,556
Fire Pension Fund 44,595,143 5,187,247 3,948,991 45,833,399 76,710,720
90,469,448 10,877,968 7,942,407 93,405,009 160,910,276
TOTAL - VILLAGE FUNDS 119,655,556 94,742,591 93,142,048 121,256,099 185,150,259
Less: Fiduciary Funds (b) (90,469,448) (10,877,968) (7,942,407) (93,405,009) (160,910,276)
TOTAL AVAILABLE BALANCES VILLAGE 29 ,186,108 83,864,623 85,199,641 27,851,090 24,239,983
FUNDS
MOUNT PROSPECT LIBRARY FUND 5,381,931 10,139,456 10,139,456 5,381,931 5,381,931
TOTAL AVAILABLE BALANCES VILLAGE 8e
LIBRARY FUNDS 34,568,039 94,004,079 95,339,097 33,233,021 29,621,914
(b) Fiduciary Funds are restricted for future pension benefits and do not constitute "Available Fund Balances."
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: MICHAEL E. JANONIS, VILLAGE MANAGER
FROM: FINANCE DIRECTOR 0
DATE: NOVEMBER 27, 2012
SUBJECT: INSTALLMENT NOTE FINANCING FOR FUNDING OF VARIOU LO Ohd`T. OL
PROJECTS u
PURPOSE:
To present for the Village Board's consideration an ordinance authorizing the issuance of in ent
notes totaling $2,500,000. Note proceeds will be used to fund the construction of vario od control
projects.
BACKGROUND:
The final report of the 2011 Comprehensive Stormwater Study was presented to the Village Board at the
April 10, 2012 Committee of the Whole meeting. Included with the report were several recommendations
for dealing with the recurring flood problems. Solutions presented for consideration included both public
and private sector improvements. Additional meetings were held in May and September to recap
progress to -date and resume discussion on the report's recommendations.
At the conclusion of the May meeting, the Village Board remanded the matter to the Finance Commission
with a request to identify and evaluate sources of funding for recommended improvements. The Finance
Commission considered this charge at several meetings throughout the summer. Their final
recommendations were presented to the Village Board at the regular Board meeting of August 21, 2012.
During the summer, staff also devised a funding mechanism to support initial construction of
approximately $2.5 million of the recommended public sector improvements. The Village Board
authorized staff at the September meeting to move forward with a Request for Proposal (RFP) to solicit
rates for the issuance of short -term installment notes to be paid from the current' /4 cent home rule sales
tax dedicated for flood control.
The advantages to utilizing installment note financing rather than issuing GO Bonds for short -term
borrowings include:
• Many of the issuance fees (official statement publication, bond paying agent fees, legal fees) are
reduced or eliminated.
• Timeframe for issuing the installment notes is much shorter and requires less staff time to
administer.
• Competitive rates for this type of financing available from local financial institutions.
• Continuing disclosure with national repositories is not required.
DISCUSSION:
On November 19, 2012, an RFP was mailed to eight different banks soliciting quotes for bank qualified,
tax exempt note financing. Banks included in the mailing were First Merit, JP Morgan Chase, MB
Financial, Mount Prospect State Bank, Northern Trust, PNC, Village Bank & Trust, and Wintrust. The
installment note would be repaid over a seven -year period. The repayment schedule on the new note
was based on the amount of funds that become available as existing IEPA loans are paid off. A copy of
the cover letter and term sheet are included with this memo.
Installment Note Financing
November 27, 2012
Page 2
The cover letter stipulates terms of the loan including a statement that this borrowing would be bank
qualified and tax exempt as to federal and state income taxes. Bank qualified issuances typically receive
greater interest from lenders and a lower cost of borrowing. We asked for both a fixed and variable rate
to see if there is an interest cost advantage over the term of the loan by going with one over the other.
The letter also included a form for the financial institutions to submit their interest rate quote.
Proposals were due back to the Village on November 27 The Village received responses from five of
the eight banks that were mailed RFP packets. Below is a table containing results of the submittals.
Based on the quotes submitted we are recommending the fixed rate option from Mount Prospect State
Bank. Not only does their fixed rate quote come in below all other rates submitted, both fixed and
variable, but a fixed rate removes the uncertainty inherent with a variable rate loan. No additional terms
or conditions were presented by Mount Prospect State Bank as part of their interest rate quote.
The final attachment to this memo is the installment note ordinance prepared by our Bond Counsel,
Chapman & Cutler, authorizing the sale of short -term notes. This borrowing is not dependent on property
taxes for repayment and debt service on the notes will be excluded from the annual property tax levy.
RECOMMENDATION:
It is recommended that the Village Board adopt an ordinance approving the sale of $2,500,000 in short -
term notes to Mount Prospect State Bank at a fixed interest rate of 0.91 %.
David O. Erb
Finance Director
I:\RFP Information \Installment Note Financing - 2012 \Village Board Recommendation - MPSB.docx
MAYOR
Irvana K. Wilks
TRUSTEES
Paul Wm. Hoefert
Arlene A. Juracek
A. John Korn
John J. Matus
Steven S. Polit
Michael A. Zadel
Mount hrospec t VILLAGE MANAGER
Michael E. Janonis
VILLAGE CLERK
M. Lisa Angell
Phone: 847/392 -6000
Fax: 847/392 -6022
TDD: 847/392 -6064
mow,nioiintprospect.org
Village of Mount Prospect
50 South Emerson Street, Mount Prospect, Illinois 60056
November 19, 2012
«Title» <<First_Name>> «Middle_Initial» «Last_Name»
«Job Title»
«Company»
«Address_1»
«City», «State» «Zip»
Re: Request for Proposal — Bark Qualified, Tax Exempt Installment Note Financing for the Purpose
of Funding Various Flood Control Projects
Dear «Title» «Last Namew
The Village of Mount Prospect desires to obtain bank qualified, tax exempt installment note financing
for purpose of repairing various flood control projects within the Village. Projects include Hatlen
Heights Storm and Sanitary Sewer Improvements, Lonnquist Combined and Storm Sewer
Improvements, Glendale Heights Stormwater Improvements and Lawrence Lane Storm Sewer
Improvements. The total amount of financing requested is $2,500,000.
The purpose of this letter is to solicit interest rate quotes from your financial institution for the
financing of the above - mentioned purchase. The terms for repayment shall provide for one annual
payment per year over a seven -year period beginning in 2013. See Exhibit "A" for additional repayment
terms. It is desired that the note be dated when requested funds are received. Closing on the note is to
take place by December 31, 2012. We request both a fixed and a variable rate quotation with the
variable interest rate changing no more than once per year at the time the annual payment is made. The
quote must be in effect for forty -five (45) days from the proposal due date. Please use the enclosed form
to supply your response. Also, please provide any specific provisions you may require to execute this
transaction.
RFP — Installment Note Financing
November 19, 2012
Page 2
Please submit your proposal utilizing Exhibit A (attached) no later than 1:00 p.m. on Tuesday,
November 27, 2012. The interest rate quote must be good for forty -five (45) days from the proposal due
date. Board authorization for the financing is expected at the Village Board Meeting scheduled for
December 4, 2012.
Please address any specific questions regarding the request to:
David O. Erb, Finance Director
Village of Mount Prospect
50 South Emerson Street
Mount Prospect, IL 60056
I may also be reached at (847) 818 -5276. Thank you for your consideration in this matter.
Sincerely,
David O. Erb
Finance Director
Exhibit "A"
To: Village of Mount Prospect, Illinois
Terms:
Amount to be Financed:
Period to be Financed:
Repayment Terms:
Fixed Rate:
Variable Rate:
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
$2,500,000
7 Years
$25,000 Principal, plus Interest
$135,000 Principal, plus Interest
$400,000 Principal, plus Interest
$415,000 Principal, plus Interest
$420,000 Principal, plus Interest
$515,000 Principal, plus Interest
$590,000 Principal, plus Interest
% Based on % of Prime Rate.
Interest rate to change at
annual principal payment
date.
Note: Installment note can be prepaid in full at any time without penalty.
Please include the proposed amortization schedule that corresponds
to the quoted rate(s).
Additional Provisions /Comments:
Financial Institution
Authorized Official /Personnel
Signature of Authorized Official Date
Ordinance Number
AN ORDINANCE providing for the issuance of a $2,500,000 General
Obligation Installment Note, Series 2012, of the Village of Mount
Prospect, Cook County, Illinois, to pay costs of flood control
projects within the Village, and providing for the security for and
payment of said note.
PREAMBLES
A. The Village of Mount Prospect, Cook County, Illinois (the "Village"), is a duly
organized municipality under the laws of the State of Illinois, operating generally under the
Illinois Municipal Code, as amended; has a population in excess of 25,000 as determined by the
last official census; and pursuant to the provisions of Section 6 of Article VII of the Constitution
of the State of Illinois (the "Constitution "), the Village is a home rule unit and may exercise any
power or perform any function pertaining to its government and affairs, including, but not
limited to, the power to tax and to incur debt.
B. Pursuant to the provisions of said Section 6 of Article VII of the Constitution, the
Village has the power to incur debt payable from ad valorem tax receipts maturing within 40
years from the time it is incurred and without prior referendum approval.
c. The President and Board of Trustees of the Village (the "Corporate Authorities")
has considered the needs of the Village and has determined and does hereby determine that it is
advisable, necessary, and in the best interests of the Village to finance the costs of providing
various flood control projects within the Village, including Hatlen Heights Storm and Sanitary
Sewer Improvements, Lonnquist Combined and Storm Sewer Improvements, Glendale Heights
Stormwater Improvements and Lawrence Lane Storm Sewer Improvements (the "Project ").
D. The estimated cost to the Village of the Project to be payable out of the original
proceeds of the Note as provided in this Ordinance is the aggregate sum of not less than
$2,500,000.
E. While there are sufficient reserve funds on deposit, there are insufficient funds on
hand and available to pay the costs of the Project, and it is necessary for that purpose that a sum
to pay such costs be borrowed at this time; and, in evidence of such indebtedness, a general
obligation installment note of the Village be issued in the principal amount of $2,500,000 and
that such indebtedness be incurred and the Note be issued as described and defined below.
Now THEREFORE Be It Ordained by the President and Board of Trustees of the Village of
Mount Prospect, Cook County, Illinois, as follows:
Section 1. Definitions. Words and terms used in this Ordinance shall have the
meanings given them, unless the context or use clearly indicates another or different meaning is
intended. Words and terms defined in the singular may be used in the plural and vice - versa.
Reference to any gender shall be deemed to include the other and also inanimate persons such as
corporations, where applicable.
A. The following words and terms are as defined in the preambles.
Constitution
Corporate Authorities
Project
Village
B. The following words and terms are defined as set forth.
"Act" means the Illinois Municipal Code, as supplemented and amended, and the
home rule powers of the Village under Section 6 of Article VII of the Illinois
Constitution of 1970. In the event of conflict between the provisions of said code and
home rule powers, the home rule powers shall be deemed to supersede the provisions of
said code.
"Bank" means Mount Prospect State Bank, Mount Prospect, Illinois, as the
purchaser of the Note.
"Code " means the Internal Revenue Code of 1986, as amended.
"Debt Service Fund" means the Debt Service Fund established and defined in
Section 10 of this Ordinance.
r A
"Note" means the $2,500,000 General Obligation Installment Note, Series 2012,
authorized to be issued by this Ordinance.
"Note Register" means the books of the Village kept by the Note Registrar to
evidence the registration and transfer of the Note.
"Note Registrar" means the Treasurer of the Village or, as provided herein, a
successor bank with trust powers or a trust company, duly authorized to do business as a
note registrar and paying agent, as herein required.
"Ordinance " means this Ordinance, numbered as set forth on the title page
hereof, and passed by the Corporate Authorities on the 4th day of December, 2012.
"Tax-exempt" means, with respect to the Note, the status of interest paid and
received thereon as not includible in the gross income of the owners thereof under the
Code for federal income tax purposes except to the extent that such interest will be taken
into account in computing an adjustment used in determining the alternative minimum
tax for certain corporations.
"Treasurer" means the Treasurer of the Village.
"Village Clerk" means the Village Cleric of the Village.
C. Definitions also appear in the above preambles or in specific sections, as appearing
below. The headings in this Ordinance are for the convenience of the reader and are not a part of
this Ordinance.
Section 2. Incorporation of Preambles. The Corporate Authorities hereby find that all
of the recitals contained in the preambles to this Ordinance are true, correct, and complete and do
incorporate them into this Ordinance by this reference.
Section 3. Determination To Issue the Note. It is necessary and in the best interests of
the Village and for the public health, safety, welfare, and convenience to provide for the Project,
to pay all related costs and expenses incidental thereto, and to borrow money and issue the Note
for such purposes. It is hereby found and determined that such borrowing of money is for a
proper public purpose or purposes and is in the public interest, and is authorized by the Act.
Section 4. Note Details. There shall be issued and sold the Note in the aggregate
principal amount of $2,500,000. The Note shall be designated "General Obligation Installment
Note, Series 2012 "; be dated the date of actual delivery thereof (the "Dated Date"); and shall
also bear the date of authentication thereof. The Note shall be in fully registered form and shall
become due and payable on December 1, 2019, with annual installments of principal repayments
due and payable on December 1 of each of the years and in the amounts as follows:
2013
$ 25,000
2014
135,000
2015
400,000
2016
415,000
2017
420,000
2018
515,000
2019
590,000
The outstanding principal amount of the Note shall bear interest from time to time from
the later of its Dated Date as herein provided or from the most recent interest payment date to
which interest has been paid or duly provided for, until the full principal amount of the Note is
paid or duly provided for, such interest (computed on the basis of a 360 -day year of twelve 30-
day months) being payable on June 1 and December 1, commencing June 1, 2013, at the rate of
0.91 % per annum. The installments of principal of and interest on the Note are payable in lawful
money of the United States of America at the office of the Note Registrar; provided that payment
of interest on the Note shall be made to the owner thereof by check or draft mailed by the Note
Registrar to such owner at the address of such owner as it appears on the Note Register or at such
other address as is furnished to the Note Registrar in writing by such owner. At the option of the
owner of the Note, the installments of principal of and interest on the Note may be transferred by
electronic transfer of immediately available funds to such owner pursuant to a written agreement
between the owner and the Note Registrar.
The Note shall be prepayable prior to maturity at the option of the Village, in whole or in
part on any date, upon 15 days' prior written notice to the owner thereof, at a prepayment price
of par plus accrued interest to the date of prepayment.
Section S. Execution; Authentication. The Note shall be executed on behalf of the
Village by the President of the Village and attested by the Village Cleric, and shall have
impressed or imprinted thereon the corporate seal or facsimile thereof of the Village. In case any
such officer whose signature shall appear on the Note shall cease to be such officer before the
delivery of the Note, such signature shall nevertheless be valid and sufficient for all purposes, the
same as if such officer had remained in office until delivery. The Note shall have thereon a
certificate of authentication, substantially in the form hereinafter set forth, duly executed by the
Note Registrar as authenticating agent of the Village and showing the date of authentication.
The Note shall not be valid or obligatory for any purpose or be entitled to any security or benefit
under this Ordinance unless and until such certificate of authentication shall have been duly
executed by the Note Registrar by manual signature, and such certificate of authentication upon
the Note shall be conclusive evidence that the Note has been authenticated and delivered under
this Ordinance.
Section 6. Registration of the Note; Person Treated as Owner. The Village shall cause
a book (the "Note Register") for the registration and for the transfer of the Note as provided in
this Ordinance to be kept at the designated office of the Note Registrar, which shall be the
registrar of the Village for the Note. The Note may be transferred, but only in the manner,
subject to the limitations, and upon payment of the charges as set forth in this Ordinance. Upon
surrender for transfer of the Note at the designated office of the Note Registrar, duly endorsed by
or accompanied by a written instrument or instruments of transfer in form satisfactory to the
Note Registrar and duly executed by the registered owner or an attorney for such owner duly
authorized in writing, the Village shall execute and the Note Registrar shall authenticate, date,
and deliver in the name of the transferee, a new frilly registered Note of like tenor. The
execution by the Village of any fully registered Note shall constitute full and due authorization
of such Note, and the Note Registrar shall thereby be authorized to authenticate, date, and deliver
such Note. The person in whose name the Note shall be registered shall be deemed and regarded
as the absolute owner thereof for all purposes, and payment of the principal of or interest on the
Note shall be made only to or upon the order of the registered owner thereof or his legal
representative. All such payments shall be valid and effectual to satisfy and discharge the
liability upon the Note to the extent of the sum or sums so paid. No service charge shall be made
to any registered owner of the Note for any transfer of the Note, but the Village or the Note
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any such transfer.
Section 7. Form of Note. The Note shall be in substantially the form hereinafter set
forth; provided, however, that if the text of the Note is to be printed in its entirety on the front
side of the Note, then the second paragraph of the front side of the Note and the legend "See
Reverse Side for Additional Provisions" shall be omitted and paragraphs on the reverse side of
the Note shall be inserted immediately after the first paragraph on the front side.
[FORM OF BOND - FRONT SIDE]
REGISTERED REGISTERED
No. 1 $2,500,000
UNITED STATES OF AMERICA
STATE OF ILLINOIS
THE COUNTY OF COOK
VILLAGE OF MOUNT PROSPECT
GENERAL OBLIGATION INSTALLMENT NOTE, SERIES 2012
See Reverse Side for
Additional Provisions.
Interest Maturity Dated
Rate: 0.91% Date: December 1, 2019 Date: December 31, 2012
Registered Owner: MOUNT PROSPECT STATE BANK
Principal Amount: Two Million Five Hundred Thousand Dollars
KNOW ALL PERSONS BY THESE PRESENTS that the Village of Mount Prospect, Cook
County, Illinois, a municipality and political subdivision of the State of Illinois (the "Village"),
hereby acknowledges itself to owe and for value received promises to pay to the Registered
Owner identified above, or registered assigns as hereinafter provided, the Principal Amount
identified above, with annual installments of principal repayments due and payable on
December 1 of each of the years and in the amounts as follows:
2013
$ 25,000
2014
135,000
2015
400,000
2016
415,000
2017
420,000
2018
515,000
2019
590,000
and to pay interest (computed on the basis of a 360 -day year of twelve 30 -day months) on the
Outstanding Principal Amount of this Note from the later of the Dated Date of this Note
identified above or from the most recent interest payment date to which interest has been paid or
duly provided for, at the Interest Rate per annum identified above, on June 1 and December 1 of
each year, commencing June 1, 2013, until the entire principal amount is paid or provided for.
The installments of principal of and interest on the Note are payable in lawful money of the
United States of America at the office of the Treasure of the Village, as note registrar (the "Note
Registrar "); provided that payment of interest on the Note shall be made to the owner thereof by
check or draft mailed by the Note Registrar to such owner at the address of such owner as it
appears on the note register of the Village or at such other address as is furnished to the Note
Registrar in writing by such owner. At the option of the owner of the Note, the installments of
principal of and interest on the Note may be transferred by electronic transfer of immediately
available ftinds to such owner pursuant to a written agreement between the owner and the Note
Registrar.
This Note has been issued for the purpose of paying the costs of the Project as defined in
the Ordinance, and of paying expenses incidental thereto, all as described and defined in the
ordinance authorizing the Note (the "Ordinance"), pursuant to and in all respects in compliance
with the applicable provisions of the Illinois Municipal Code, as supplemented and amended,
and the home rule powers of the Village under Section 6 of Article VII of the Illinois
Constitution of 1970, and with the Ordinance, which Ordinance has been duly adopted by the
President and Board of Trustees of the Village on the 4th day of December, 2012, and approved
by the President of the Village.
This Note is subject to provisions relating to registration, prepayment and transfer; and
such other terms and provisions relating to security and payment as are set forth in the
Ordinance, to which reference is hereby expressly made, and to all the terms of which the
Registered Owner hereof is hereby notified and shall be subject.
The Village and the Note Registrar may deem and treat the Registered Owner hereof as
the absolute owner hereof for the purpose of receiving payment of or on account of principal
hereof and interest due hereon and for all other purposes, and neither the Village nor the Note
Registrar shall be affected by any notice to the contrary.
It is hereby certified and recited that all conditions, acts, and things required by the
Constitution and Laws of the State of Illinois to exist or to be done precedent to and in the
issuance of this Note, have existed and have been properly done, happened, and been perfonned
in regular and due form and time as required by law; that the indebtedness of the Village,
represented by the Note, and including all other indebtedness of the Village, howsoever
cv1denced or incurred, does not exceed any constitutional or statutory or other lawful limitation;
and that provision has been made for the security and payment for the Note.
This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Note Registrar.
The Village has designated this Note as a "qualified tax - exempt obligation" pursuant to
Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
IN WITNESS WHEREOF the Village of Mount Prospect, Cook County, Illinois, by its
President and Board of Trustees, has caused this Note to be executed by its President and attested
by its Village Cleric and its corporate seal or a facsimile thereof to be impressed or reproduced
hereon, all as appearing hereon and as of the Dated Date identified above.
ATTEST:
Village Clerk, Village of Mount Prospect,
Cools County, Illinois
[SEAL]
President, Village of Mount Prospect,
Cools County, Illinois
Date of Authentication: 20
CERTIFICATE
OF
AUTHENTICATION
This Note is described in the within -
mentioned Ordinance and is the General
Obligation Installment Note, Series 2012, of
the Village of Mount Prospect, Cook
County, Illinois.
Note Registrar and Paying Agent:
Treasurer, Village of Mount Prospect,
Cook County, Illinois
Treasurer, Village of Mount Prospect,
Cook County, Illinois, as Note Registrar
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
(Name and Address of Assignee)
the within Note and does hereby irrevocably constitute and appoint
as attorney to transfer the said Note on the books kept for registration thereof with full power of
substitution in the premises.
Dated:
Signature guaranteed:
NOTICE: The signature to this transfer and assignment must correspond with the name of the
Registered Owner as it appears upon the face of the within Note in every particular,
without alteration or enlargement or any change whatever.
Section 8. Security; Payment. The obligation to make the payments due under the
Note shall be a lawful direct general obligation of the Village payable from the general funds of
the Village and such other sources of payment as are otherwise lawfully available. THE VILLAGE
DOES NOT INTEND TO IMPOSE THE LEVY OF A SEPARATE TAX IN ADDITION TO OTHER TAXES OF THE
VILLAGE OR THE LEVY OF A SPECIAL TAX UNLIMITED AS TO RATE OR AMOUNT TO PAY ANY OF THE
AMOUNTS DUE ON THE NOTE.
Section 9. Sale of the Note. The Note hereby authorized shall be sold and executed as
in this Ordinance provided as soon after passage hereof as may be, and thereupon be deposited
with the Treasurer or Director of Finance of the Village, and be by said official delivered to the
Bank, upon payment of the purchase price agreed upon, the same being not less than par. The
offer for the sale of the Note to the Bank is hereby ratified, approved and confirmed (the
"Purchase Contract "), it being hereby found and determined that the Note has been sold at such
price and bears interest at such rate that neither the true interest cost (yield) nor the net interest
rate received upon such sale exceed the maximum rate otherwise authorized by Illinois law and
that the Purchase Contract is in the best interests of the Village and that no person holding any
office of the Village, either by election or appointment, is in any manner financially interested
directly in his own name or indirectly in the name of any other person, association, trust or
corporation, in the Purchase Contract.
Section 10. Creation of Funds and Appropriations. Funds are established and Note
proceeds and other funds of the Village are hereby appropriated as follows:
A. Any amounts designated from time to time to pay the Note are hereby
ordered to be deposited into the "General Obligation Installment Note, Series 2012, Debt
Service Fund" (the "Debt Service Fund"), hereby created, which shall be the fiend for the
payment of principal of and interest on the Note.
B. The principal proceeds of the Note shall be deposited into the "General
Obligation Installment Note, Series 2012, Project Fund" (the "Project Fund"), hereby
created. Moneys in such fund shall be withdrawn from time to time as needed for the
payment of costs of the Project and paying the fees and expenses incidental thereto.
C. Funds on deposit in the Note Fund or Project Fund may be invested at the
direction of the Treasurer in any lawful manner.
Section 11. General Arbitrage Covenants. The Village hereby covenants that it will not
take any action, omit to take any action or permit the taking or omission of any action within its
control (including, without limitation, making or permitting any use of the proceeds of the Note)
if taking, permitting or omitting to take such action would cause the Note to be an arbitrage bond
or a private activity bond within the meaning of the Code or would otherwise cause the interest
on the Note to be included in the gross income of the recipients thereof for federal income tax
purposes. The Village acknowledges that, in the event of an examination by the Internal
Revenue Service of the exemption from Federal income taxation for interest paid on the Note,
under present riles, the Village is treated as the "taxpayer" in such examination and agrees that it
will respond in a commercially reasonable manner to any inquiries from the Internal Revenue
Service in connection with such an examination.
The Village also agrees and covenants with the purchasers and holders of the Note from
time to time outstanding that, to the extent possible under Illinois law, it will comply with
whatever federal tax law is adopted in the future which applies to the Note and affects the tax -
exempt status of the Note.
The Corporate Authorities hereby authorize the officials of the Village responsible for
issuing the Note, the same being the President, the Village Clerk and Treasurer, to make such
further covenants and certifications as may be necessary to assure that the use thereof will not
cause the Note to be an arbitrage bond and to assure that the interest on the Note will be exempt
from federal income taxation. In connection therewith, the Village and the Corporate Authorities
further agree: (a) through their officers, to make such further specific covenants, representations
as shall be truthful, and assurances as may be necessary or advisable; (b) to consult with Bond
Counsel and to comply with such advice as may be given;. (c) to pay to the United States, as
necessary, such sums of money representing required rebates of excess arbitrage profits relating
to the Note; (d) to file such forms, statements, and supporting documents as may be required and
m a timely manner; and (e) if deemed necessary or advisable by their officers, to employ and pay
fiscal agents, financial advisors, attorneys, and other persons to assist the Village in such
compliance.
Section 12. Registered Form. The Village recognizes that Section 149(a) of the Code
requires the Note to be issued and to remain in fully registered form in order to be and remain
Tax- Exempt. In this connection, the Village agrees that it will not take any action to permit the
Note to be issued in, or converted into, bearer or coupon form.
Section 13, Qualified Tax - Exempt Obligations. The Village hereby designates the Note
as a "qualified tax - exempt obligation" for the purposes and within the meaning of
Section 265(b)(3) of the Code.
Section 14. Pertaining to the Note Registrar. If requested by the Note Registrar, either
the President or Treasurer is authorized to execute the Note Registrar's standard form of
agreement with respect to the obligations and duties of such parties hereunder. Subject to
modification by the express terms of any such agreement, the Note Registrar agrees as follows:
A. to act as registrar, authenticating agent, paying agent, and transfer agent as
provided herein;
B. to maintain a list of the Note owners as set forth herein and to furnish such
list to the Village upon request, but otherwise to keep such list confidential to the fullest
extent permitted by law;
C. to cancel and /or destroy any Note which has been prepaid, paid at maturity
or submitted for transfer; and
D. to furnish the Village at least annually an audit confirmation of amounts
paid, amounts outstanding, and payments made with respect to the Note.
The Village Clerk is hereby directed to file a copy of this Ordinance with the Note Registrar.
Section 15. Record- Keeping Policy and Post - Issuance Compliance Matters. It is
necessary and in the best interest of the Village to maintain sufficient records to demonstrate
compliance \with its covenants and expectations to ensure the appropriate federal tax status for
the Note and other debt obligations of the Village, the interest on which is excludable from
"gross income" for federal income tax purposes or which enable the Village or the holder to
receive federal tax benefits, including, but not limited to, qualified tax credit bonds and other
specified tax credit bonds (including the Note, the "Tax Advantaged Obligations "). Further, it is
necessary and in the best interest of the Village that (i) the Corporate Authorities adopt policies
\vith respect to record - keeping and post issuance compliance with the Village's covenants related
to its Tax Advantaged Obligations and (ii) the Compliance Officer (as hereinafter defined) at
least annually review the Village's Contracts (as hereinafter defined) to determine whether the
Tax Advantaged Obligations comply with the federal tax requirements applicable to each issue
of the Tax Advantaged Obligations. The Corporate Authorities and the Village hereby adopt the
lollowing Record - Keeping Policy and, in doing so, amend any similar Record - Keeping Policy or
Policies heretofore adopted.
(a) Compliance Officer Is Responsible for Records. The Finance Director of
the Village (the "Compliance Officer ") is hereby designated as the Keeper of all records
of the Village with respect to each issue of the Tax - Exempt Obligations, and such officer
shall report to the Corporate Authorities at least annually that he /she has all of the
required records in his /her possession, or is taking appropriate action to obtain or recover
such records.
(b) Closing Transcripts, For each issue of Tax- Exempt Obligations, the
Compliance Officer shall receive, and shall keep and maintain, a true, correct and
complete counterpart of each and every document and agreement delivered in connection
with the issuance of the Tax - Exempt Obligations, including without limitation (i) the
proceedings of the Village authorizing the Tax - Exempt Obligations, (ii) any offering
document with respect to the offer and sale of the Tax - Exempt Obligations, (iii) any legal
opinions with respect to the Tax - Exempt Obligations delivered by any lawyers, and
(iv) all written representations of any person delivered in connection with the issuance
and initial sale of the Tax - Exempt Obligations.
(c) Arbitrage Rebate Liability. The Compliance Officer shall review the
agreements of the Village with respect to each issue of Tax - Exempt Obligations and shall
prepare a report for the Corporate Authorities stating whether or not the Village has any
rebate liability to the U.S. Treasury, and setting forth any applicable exemptions that each
issue of Tax - Exempt Obligations may have from rebate liability. Such report shall be
updated annually and delivered to the Corporate Authorities.
(d) Recommended Records. The Compliance Officer shall review the records
related to each issue of Tax - Exempt Obligations and shall determine what requirements
the Village must meet in order to maintain the tax - exemption of interest paid on the
Tax - Exempt Obligations. The Compliance Officer shall then prepare a list of the
contracts, requisitions, invoices, receipts and other information that may be needed in
order to establish that the interest paid on the Tax - Exempt Obligations is entitled to be
excluded from "gross income" for federal income tax purposes. Notwithstanding any
other policy of the Village, such retained records shall be kept for as long as the
Tax- Exempt Obligations relating to such records (and any obligations issued to refund
the Tax - Exempt Obligations) are outstanding, plus three years, and shall at least include:
(i) complete copies of the bond transcripts delivered when any issue of
Tax- Exempt Obligations is initially issued and sold;
(ii) copies of account statements showing the disbursements of all bond
proceeds for their intended purposes;
(iii) copies of account statements showing all investment activity of any
and all accounts in which the proceeds of any issue of Tax - Exempt Obligations
has been held;
(iv) copies of all bid requests and bid responses used in the acquisition of
any special investments used for the proceeds of any issue of Tax - Exempt
Obligations, including any swaps, swaptions, or other financial derivatives
entered into in order to establish that such instruments were purchased at fair
market value;
(v) copies of any subscriptions to the U.S. Treasury for the purchase of
State and Local Government Series (SLGS) obligations;
(vi) any calculations of liability for arbitrage rebate that is or may
become due with respect to any issue of Tax - Exempt Obligations, and any
calculations prepared to show that no arbitrage rebate is due, together, if
applicable, with account statements or cancelled checks showing the payment of
any rebate amounts to the U.S. Treasury together with any applicable IRS
Form 8038 -T; and
(vii) copies of all contracts and agreements of the Village, including any
leases (the "Contracts "), with respect to the use of any property owned by the
Village and acquired or financed with the proceeds of the Tax - Exempt
Obligations, any part of which property is used by a private person at any time
when such Tax - Exempt Obligations are or have been outstanding.
(e) IRS Examination. hl the event the IRS commences an examination of any
issue of Tax - Exempt Obligations, the Compliance Officer shall inform the Corporate
Authorities of such event, and is authorized to respond to inquiries of the IRS, and to hire
outside, independent professional counsel to assist in the response to the examination.
(f) Annual Review. The Compliance Officer shall conduct an annual review of
the Contracts and other records to determine for each issue of Tax - Exempt Obligations
then outstanding whether each such issue complies with the federal tax requirements
applicable to such issue, including restrictions on private business use, private payments
and private loans. The Compliance Officer is expressly authorized, without further
official action of the Corporate Authorities, to hire outside, independent professional
counsel to assist in such review. To the extent that any violations or potential violations
of' federal tax requirements are discovered incidental to such review, the Compliance
Officer may make recommendations or take such actions as the Compliance Officer shall
reasonably deem necessary to assure the timely correction of such violations or potential
violations through remedial actions described in the United States Treasury Regulations,
or the Tax Exempt Bonds Voluntary Closing Agreement Program described in Treasury
Notice 2008 -31 or similar program instituted by the IRS.
(g) Training. The Compliance Officer shall undertake to maintain reasonable
levels of knowledge concerning the rules related to tax- exempt bonds (and build America
bonds and tax credit bonds to the extent the Village has outstanding build America bonds
or tax - credit bonds) so that such officer may fulfill the duties described in this Section.
The Compliance Officer may consult with counsel, attend conferences and presentations
of trade groups, read materials posted on various web sites, including the web site of the
Tax - Exempt Bond function of the IRS, and use other means to maintain such knowledge.
Recognizing that the Compliance Officer may not be frilly knowledgeable in this area, the
Compliance Officer may consult with outside counsel, consultants and experts to assist
him or her in exercising his or her duties hereunder. The Compliance Officer will
endeavor to make sure that the Village's staff is aware of the need for continuing
compliance. The Compliance Officer will provide copies of this Ordinance and the Tax
Exemption Certificate and Agreement or other applicable tax documents for each series
of Tax - Exempt Obligations then currently outstanding (the "Tax Agreements") to staff
members who may be responsible for taking actions described in such documents. The
Compliance Officer will review this Ordinance and each of the Tax Agreements
periodically to determine if there are portions that need further explanation and, if so, will
attempt to obtain such explanation from counsel or from other experts, consultants or
staff.
(h) Amendment and Waiver. The Village may amend this Section and any
provision of' this Section may be waived, without the consent of the holders of any
Tax - Exempt Obligations and as authorized by passage of an ordinance by the Corporate
Authorities.
Section 16. Superseder and Effective Date. All ordinances, resolutions, and orders, or
parts thereof, in conflict herewith, are to the extent of such conflict hereby superseded; and this
Ordinance shall be in full force and effect immediately upon its passage and approval.
AYES:
NAYS:
ABSENT:
ADOPTED: December 4, 2012
APPROVED: December 4, 2012
President,
Village of Mount Prospect
Cools County, Illinois
RECORDED In Village Records: December 4, 2012.
Attest:
Village Cleric, Village of Mount Prospect
Cools County, Illinois
EXTRACT OF MINUTES of the regular public meeting of the
President and Board of Trustees of the Village of Mount Prospect,
Cook County, Illinois, held in the Village Board Room at the
Village Hall, 50 South Emerson Street, Mount Prospect, Illinois, in
said Village, at 7:00 p.m., on the 4th day of December, 2012.
The President called the meeting to order and directed the Village Clerk of the Village to
call the roll.
Upon the roll being called, the President and the following Trustees were physically
present at said location:
The following Trustees were allowed by a majority of the Trustees in accordance with
and to the extent allowed by rules adopted by the President and Board of Trustees to attend the
meeting by video or audio conference:
No Trustee was not permitted to attend the meeting by video or audio conference.
The following Trustees were absent and did not participate in the meeting in any manner
or to any extent whatsoever:
The President and Board of Trustees then considered an ordinance providing for the
issuance of a $2,500,000 General Obligation Installment Note, Series 2012, of the Village to pay
costs of flood control projects within the Village and providing for the security for and payment
of said note.
Thereupon, Trustee presented, the Village Attorney explained,
and there was incorporated into the record in full the following ordinance, which was laid before
each member of the President and Board of Trustees in words and figures as follows:
Installment Note Ordinance.doc
2203362/YPN/1 1/29/12
STATE OF ILLINOIS )
) SS
COUNTY OF COOK )
CERTIFICATION OF MINUTES AND ORDINANCE
I, the undersigned, do hereby certify that I am the duly qualified and acting Village Clerk
of the Village of Mount Prospect, Cook County, Illinois (the "Village"), and as such official I
am the keeper of the official journal of proceedings, books, records, minutes and files of the
Village and of the President and Board of Trustees (the "Corporate Authorities") thereof.
I do further certify that the foregoing is a frill, true and complete transcript of that portion
of the minutes of the meeting of the Corporate Authorities held on the 4th day of December,
2012, insofar as the same relates to the adoption of an ordinance entitled:
AN ORDINANCE providing for the issuance of a $2,500,000 General
Obligation Installment Note, Series 2012, of the Village of Mount
Prospect, Cook County, Illinois, to pay costs of flood control
projects within the Village, and providing for the security for and
payment of said note.
a true, correct and complete copy of which said ordinance as adopted at said meeting appears in
the foregoing transcript of the minutes of said meeting.
I do further certify that the deliberations of the Corporate Authorities on the adoption of
said ordinance were taken openly; that the vote on the adoption of said ordinance was taken
openly; that said meeting was held at a specified time and place convenient to the public; that
notice of said meeting was duly given to all newspapers, radio or television stations and other
news media requesting such notice; that an agenda for said meeting was posted at the location
where said meeting was held and at the principal office of the Corporate Authorities on a day
other than a Saturday, Sunday or holiday on which governmental entities in the State of Illinois
are closed and at least 96 hours in advance of the holding of said meeting, that said agenda
contained a separate specific item concerning the proposed adoption of said ordinance, a true,
correct and complete copy of said agenda as so posted being attached to this Certificate as
Exhibit A, that said meeting was called and held in strict compliance with the provisions of the
Open Meetings Act of the State of Illinois, as amended, and the Illinois Municipal Code, as
amended, except as said Act and said Code may be validly superseded by the home rule powers
ol'the Villagc, and that the Corporate Authorities have complied with all of the provisions of said
- \ct and said Code and with all of the procedural rules of the Corporate Authorities in the
adoption of said ordinance.
IN WITNESS WHEREOF I hereunto affix my official signature and the seal of the Village
this 4th day of December, 2012.
Village Clerk
[SEAL]
[Village Clerk to Attach Agenda]
RESOLUTION NO.
A RESOLUTION AUTHORIZING PAYMENT TO THE MOUNT PROSPECT PUBLIC LIBRARY
UNDER THE TERMS OF A GROUND LEASE AGREEMENT
WHEREAS, on November 6, 2002, the Village of Mount Prospect ( "the Village ") and the Mount
Prospect Public Library ( "the Library") entered into a Ground Lease Agreement (the "Lease ")
providing, among other things, for the Village to lease certain property ( "Property") from the Library;
and
WHEREAS, the Village has caused its attorney and staff to review the terms of the Lease and the
current status of the Property and its usage; and
WHEREAS, the attorney and staff have reported that both the Village and the Library are in
substantial compliance with all material terms of the Lease; and
WHEREAS, the President and Board of Trustees have determined that it is in the best interests of
the Village and its residents to assure that there is continued compliance with the Lease.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE That the parties are in substantial compliance with all material terms of the Lease.
SECTION TWO That the President and Board of Trustees authorize the Village Director of Finance
to pay the Library such sums as are due pursuant to the Lease.
SECTION THREE: That this Resolution shall be in full force and effect from and after its passage
and approval in the manner provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this 4 day of December 2012.
Irvana K. Wilks
Mayor
ATTEST:
M. Lisa Angell
Village Clerk
H: \CLKO\WIMRESOLUTIOMLease pymt, Library & VOMP,parking2013.doc
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE EXECUTION OF AN AGREEMENT
BETWEEN THE FOREST RIVER FIRE PROTECTION DISTRICT
AND THE VILLAGE OF MOUNT PROSPECT
WHEREAS, the Village of Mount Prospect and the Forest River Fire Protection District are
desirous of entering into an Intergovernmental Agreement; and
WHEREAS, the Intergovernmental Agreement being the subject of this Resolution
provides for the Village of Mount Prospect to provide for the fire protection, fire prevention
and emergency medical services for that area known as the Forest River Fire Protection
District.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS
ACTING IN THE EXERCISE OF THEIR HOME RULE POWERS:
SECTION ONE: The Board of Trustees of the Village of Mount Prospect do hereby
authorize the President to sign and the Clerk to attest his signature on the
Intergovernmental Agreement between the Forest River Fire Protection District and the
Village of Mount Prospect for the year 2013, a copy of which is attached hereto and hereby
made a part hereof as Exhibit "A ".
SECTION TWO: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this 4 day of December, 2012.
Irvana K. Wilks
Mayor
ATTEST:
M. Lisa Angell
Village Clerk
H: \CLKO \WIN \RESOLUTION \ForestRvrAgrmt, 2013doc
December 4, 2012
EXHIBIT "A"
INTERGOVERNMENTAL AGREEMENT
BETWEEN THE
VILLAGE OF MOUNT PROSPECT
FOREST RIVER FIRE PROTECTION DISTRICT
TO BE ATTACHED
Prospect
1 ?�
Mount Prospect Public Works Department
INTEROFFICE MEMORANDUM
TO: VILLAGE MANAGER MICHAEL E. JANONIS
FROM: PROJECT ENGINEER
DATE: NOVEMBER 8, 2012
SUBJECT: MFT STREET IMPROVEMENT RESOLUTION - 2013
Attached is the IDOT form,
Resolution for Improvement by Municipality Under the Illinois Highway Code
in the amount of $1,167,448.00 for the 2013 Resurfacing Program. The bid opening is
scheduled for February, 2013.
This resolution is required by the Illinois Department of Transportation before the Village
can expend Motor Fuel Tax funds. The $1,167,448.00 is the amount requested in the
proposed 2013 Budget.
I recommend that the Village Board adopt this resolution at the Village Board Meeting
on December 4, 2012.
"�
Jo I Michalik
I concur with the above recommendation.
Sean P. Dors6, PuOic Works Director
C: Village Clerk M. Lisa Angell
H:\ Engineering \Pavernent \ResurFacing\ 201.3\ correspondence \MJ- Bt.R091. 11.- 201.3.docx
(t Illinois De rtment Resolution for Improvement by
I Municipality Under the Illinois
of Transportation Highway Code.
BE IT RESOLVED, by the Mayor and Board of Trustees of the
Council or President and Board of Trustees
Village of Mount Prospect Illinois
City, Town or Village
that the following described street(s) be improved under the Illinois Highway Code:
Name of Thorou hfare Route
oute From To
2013 Resurfacing various locations
BE IT FURTHER RESOLVED,
1. That the proposed improvement shall consist of Removal of HMA surfaces, 1.5" HMA level binder course,
1.5" HMA surface course, curb and gutter replacement, HMA and PCC driveway repairs,
PCC sidewalk replacement, drainage structure repairs, parkway restoration and other appurtenant work.
and be designated as Section 13- 00159 -00 -RS
and shall be constructed (varies
2. That there is hereby appropriated the (additional ❑ Yes ® No) sum of
wide
One Million One Hundred Fifteen Thousand Dollars ( $1,167,448.00 ) for the
improvement of said section from the municipality's allotment of Motor Fuel Tax funds.
3. That work shall be done by Contract ; and,
Specify Contract or Day Labor
BE IT FURTHER RESOLVED, that the Clerk is hereby directed to transmit two certified copies of this resolution to the
district office of the Department of Transportation.
Approved
Date
Department of Transportation
Regional Engineer
day of
(SEAL)
Town, or Village Clerk
I, M. Lisa Angell Clerk in and for the
Village of Mount Prospect
City, Town or Village
County of Cook hereby certify the
foregoing to be a true, perfect and complete copy of a resolution adopted
by the Mayor and Board of Trustees
Council or President and Board of Trustees
at a meeting on December 4, 2012
Date
IN TESTIMONY WHEREOF, I have hereunto set my hand and seal this
Printed 11/9/2012 BLR 09111 (Rev. 11/06)
Prospect
1 li
Mount Prospect Public Works Department
INTEROFFICE MEMORANDUM
TO: VILLAGE MANAGER MICHAEL JANONIS
FROM: TRAFFIC ENGINEER
DATE: NOVEMBER 20, 2012
SUBJECT: MFT MAINTENANCE RESOLUTION
Attached is a Resolution for Maintenance of Streets and Highways by Municipality Under the Illinois
Highway Code (BLR 14230) in the amount of $599,366.00. Included in this resolution are the following:
Account No.
041.80.83.86.0.357.577.002
041.80.81.81.0.354.624.009
041.80.83.86.0.357.588.001
041.80.81.81.0.354.575.002
041.80.81.81.0.354.575.004
Item
Budget
Traffic Signal Maintenance
$86,870.00
Salt & Calcium Chloride
$263,064.00
Electricity
$150,000.00
Crack Filling
$52,448.00
Pavement Markings
$46,984.00
TOTAL
$599,366.00
This Resolution is required by the Illinois Department of Transportation before the Village can expend
Motor Fuel Tax funds.
It is Staff's recommendation that the Village Board of Trustees adopt this resolution. Please include this
item on the December 4 th Village Board Meeting Agenda.
Matthew P. Lawrie
I concur with the above recomrddndation.
Sean P
rofPu
Attachment: Resolution
h:\ engineering\ traffic\ signals\ 2013maintenance \vb_mft_memo.docx
Illinois Department Resolution for Maintenance of
Streets and Highways by Municipality
of Transportation Under the Illinois Highway Code
BE IT RESOLVED, by the Mayor and Board of Trustees of the
(Council or President and Board of Trustees)
Village of Mount Prospect Illinois, that there is hereby
(City, Town or Village) (Name)
appropriated the sum of $599,366.00 of Motor Fuel Tax funds for the purpose of maintaining
streets and highways under the applicable provisions of the Illinois Highway Code from January 1, 2013
(Date)
to December 31, 2013
(Date)
BE IT FURTHER RESOLVED, that only those streets, highways, and operations as listed and described on the
approved Municipal Estimate of Maintenance Costs, including supplemental or revised estimates approved in connection
with this resolution, are eligible for maintenance with Motor Fuel Tax funds during the period as specified above.
BE IT FURTHER RESOLVED, that the Clerk shall, as soon a practicable after the close of the period as given above,
submit to the Department of Transportation, on forms furnished by said Department, a certified statement showing
expenditures from and balances remaining in the account(s) for this period; and
BE IT FURTHER RESOLVED, that the Clerk shall immediately transmit two certified copies of this
resolution to the district office of the Department of Transportation, at Schaumburg Illinois.
I, M. Lisa Angell Clerk in and for the
of Mount Prospect , County of
Village
(City, Town or Village)
Cook
hereby certify the foregoing to be a true, perfect and complete copy of a resolution adopted by
the Mayor and Board of Trustees at a meeting on
(Council or President and Board of Trustees)
IN TESTIMONY WHEREOF, I have hereunto set my hand and seal this
(SEAL)
December 4, 2012
Date
day of
Village Clerk
(City, Town or Village)
Approved
Date
Department of Transportation
Regional Engineer
BLR 14230 (Rev. 11/06)