2014-12-01 - Ordinance 2014-076 - FOR THE LEVY AND COLLECTION OF TAXES FOR FISCAL YEAR 2015 ORDINANCE NO.2014-76
AN ORDINANCE FOR THE LEVY AND COLLECTION OF TAXES FOR
THE FISCAL YEAR COMMENCING ON THE 1ST DAY OF JANUARY,2015
AND ENDING ON THE 31ST DAY OF DECEMBER,2015
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF
BUFFALO GROVE, COUNTIES OF COOK AND LAKE, ILLINOIS, A HOME-RULE
MiJNICIl'ALITY:
SECTION 1. There is hereby levied upon all the taxable property within the corporate limits of said
Village of Buffalo Grove, Counties of Cook and Lake, State of Illinois,the total sum of Fourteen Million
Nine Hundred Twenty-One Thousand Six Hundred Twelve Dollars ($14,921,612) for the following
specific purposes and for the fiscal year commencing January l,2015 and ending December 31,2015.
SECTION 2. General Corporate Tax. A tax is hereby imposed for the General Corporate purposes in this
Village in the amount of Eight Million One Hundred Forty-Seven Thousand Eight Hundred Seventy-Five
Dollars ($8,147,875) spread equally over the value, as assessed and equalized by the Department of
Revenue of all the taxable property within the corporate limits therein.
SECTION 3. Illinois Municipal Retirement Fund Tax. A further tax is hereby imposed for the purpose of
Village retirement in this Village in the amount of Eight Hundred Forty-Two Thousand Thirty-One
Dollars ($842,031) spread equally over the value, as assessed and equalized by the Department of
Revenue of all taxable property therein, all in accordanee with the provisions of Chapter 40, Section 5/7-
171 of the Illinois Pension Code.
SECTION 4. Social Securitv Fund.A further tax is hereby imposed for the purpose of Village retirement
in this Village in the amount of Six Hundred Ninety-Five Thousand Five Hundred Eighty-Five Dollars
($695,585) spread equally over the value, as assessed and equalized by the Department of Revenue of all
property therein, all in accordance with the provisions of Chapter 40, Section 5/21-110 & 110.1 of the
Illinois Pension Code.
SECTION 5. Police Pension Fund. A further tax is hereby imposed for the purpose of continuing to
provide a Police Pension Fund in this Village in the amount of Two Million Two Hundred Fifty-Six
Thousand Six Hundred Seventy-Six Dollars ($2,256,676) spread equally over the value, as assessed and
equalized by the Department of Revenue of all the taxable property therein all in accordance with the
provision of Chapter 40, Section 5/3-125 of the Illinois Pension Code.
SECTION 6. Firefighter's Pension Fund.A further tax is hereby imposed for the purpose of continuing to
provide a Firemen's Pension Fund in this Village in the amount of Two Million One Hundred Seventy-
Four Thousand Six Hundred Thirty-Two Dollars ($2,174,632) spread equally over the value, as assessed
and equalized by the Department of Revenue of all the taxable property therem, all in accordance with the
provisions of Chapter 40, Section 5/4-118 of the Illinois Pension Code.
SECTION 7. Corporate Puroose General Obli�ation Bonds — Series 2012. A further tax is hereby
imposed for the retirement of Corp orate Purpose General Obligation Bonds, bond principal and interest,
in the amount of One Hundred Thirty-Seven Thousand Five Hundred Twenty-Five Dollars ($137,525)
spread equally over the value, assessed and equalized by the Department of Revenue of all taxable
property therein, all in accordance with Chapter 65, Section 5/8-4-25 of the Illinois Municipal Code and
by adoption of Ordinance No.2012-036.
SECTION 8. Co orate Pu ose General Obli ation Bonds-Series 2010-A. A further tax is hereby
imposed for the retirement o Corporate Purpose General Obligation Bonds, bond principal and interest,
in the amount of Three Hundred Ninety-Eight Thousand Five Hundred Twenty-Five Dollars ($398,525)
spread equally over the value, assessed and equalized by the Department of Revenue of all taxable
property therein, all in accordance with Chapter 65, Section 5/8-4-25 of the Illinois Municipal Code and
by adoption of Ordinance No.2010-023.
SECTION 9. Corporate Purpose General Obligation Bonds-Series 2010-B. A further tax is hereby
imposed for the retirement of Corporate Purpose General Obligation Bonds, bond principal and interest,
1
in the amount of"I'wo Hundred Sixty -Eight 'Thousand Seven Hundred Sixty - "Three Dollars ($268,763.00)
spread equally over the value, assessed and equalized by the Department of Revenue of all taxable
Froperty therein, all in accordance with Chapter 65, Section 518-4-25 ol'the Illinois Municipal Code and
�y adoption of Ordinance No. 2010-023.
General Corporate
7 '8
$ 8,147,8
Illinois Municipal Retirement Fund
842,0
Social Security Fund
695,5
Police Pension Fund
2,256,6
Firefighter's ■ d ension Fun
174,6
2,1]
Facilities Development Debt Service-Series 2012
37 , 5
Facilities Development Service-Series 2010-A
Debt
398 , 5
Facilities Development Debt Service-Series 2010-B
2687
Grand Total Tax Levy $14,921,612
AYES:
6 — Bennan, Trilling, Sussman, Terson, Stein, Otteigheimer
NAYES:
0 - None
ABSENT:
0 - one
PASSED:
December 1, 2014.
APPROVED:
December 1, 2014.
Village Clerk
0