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2011-022ORDINANCE NO. 2011- 22 AN ORDINANCE AMEDNING ORDINANCE NO. 2010-68 ABATING TAXES LEVIED FOR THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS WHEREAS, the Village did on the 6th day of December, 2010 pass and approve Ordinance No. 2010 -63, which ordinance provided for the levy of a direct tax on all property in the Village for the year 2010 for general corporate, pension and debt service purposes in the Village of Buffalo Grove, in the amount of $14,411,796, a certified copy of which was filed with the County Clerks of Cook and Lake Counties, Illinois, and; WHEREAS, the Village has sufficient funds on hand to pay either a portion, or the entire amount, of the taxes levied in certain sections, as identified below, of Ordinance No. 2010 -63 for the fiscal year commencing January 1st, 2011. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS the following: Section 1. Section 6 provided for the levy of a direct tax on all property in the Village for the year 2010 for the repayment of principal and interest on the Corporate Purpose General Obligation Bonds - Series 2010A issued for the purpose of advance refunding certain maturities of the Corporate Purpose General Obligation Bonds Series 1992 (facilities development), Series 1994 (facilities development -Metra station) and Series 1995 (street maintenance), in the Village of Buffalo Grove in an amount equal to $1,395,006.25 and the Village has sufficient funds on hand to pay $852,181.25.00 of the amount of the tax levied for the fiscal year commencing Januaryl st, and the levy of the entire $1,395,006.25 is unnecessary. Therefore, the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties, Illinois to levy only $542,825.00 and abate and not spread the sum of $852,181.25 hitherto provided for and levied in the ordinance providing for the issuance of $5,160,000 of Corporate Purpose General Obligation Bonds -Series 2010A ofthe Village of Buffalo Grove, being Ordinance No. 2010 -23, passed and approved on April 19, 2010, certified copies of which were filed with the County Clerks of Cook and Lake Counties, Illinois. Section 2. Section 7 provided for the levy of a direct tax on all property in the Village for the year 2010 for the repayment of principal and interest on the Corporate Purpose General Obligation Bonds - Series 2010B issued for the purpose of funding certain storm water drainage improvements throughout the Village in the an amount equal to $145,633.63 and the Village has sufficient funds on hand to pay $57,370.63 of the amount of the tax levied for the fiscal year commencing January Ist, and the levy of the entire $145,633.63 is unnecessary. Therefore, the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties, Illinois to levy only $88,263.00 and abate and not spread the sum of $57,370.63 hitherto provided for and levied in the ordinance providing for the issuance of $2,600,000 of Corporate Purpose General Obligation Bonds - Series 2010B of the Village of Buffalo Grove, being Ordinance No. 2010 -23, passed and approved on April 19, 2010, certified copies of which were filed with the County Clerks of Cook and Lake Counties, Illinois. Section 3. The following represents a summary of the amounts levied and, if applicable, abated for the year 2010 as part of Village Ordinance No. 2010 -63: Section 4. The Village Clerk is hereby authorized and directed to file a certified copy of this ordinance with the County Clerks of Cook and Lake Counties, Illinois. Section 5. This ordinance shall be in full force and effect from and after its passage and approval in the manner provided by law. This ordinance shall not be codified. Levy Section Levy Abatement Net Lev Corporate Purpose 2 $7,447,161.00 $0.00 $7,447,161.00 Illinois Municipal Retirement Fund 3 $1,546,972.00 $0.00 $1,546,972.00 Police Pension 4 $2,145,917.00 $0.00 $2,145,917.00 Fire Pension 5 $1,970,913.00 $0.00 $1,970,913.00 Corporate Purpose Bonds Series 2010A 6 $1,395,006.25 $852,181.25 $542,825.00 Corporate Purpose Bonds Series 2010B 7 $145,633.63 $57,370.63 $88,263.00 Corporate Purpose Bonds Series 2002B 8 $145,740.00 $0.00 $145,740.00 Corporate Purpose Bonds Series 2003 9 $324,005.00 $0.00 $324,005.00 Total $15,121,347.88 $909,551.88 $14,211,796.00 AYES: 6 — Berman, Trilling, Sussman, Terson,_ Stein Ottenheimer NAYES: 0 — None ABSENT: 0 — None PASSED: MAY 16 2011 APPROVED: /Ntw 16 .2011 ATTEST: Village r w. STATE OF ILLINOIS) ss. COUNTY OF COOK ) CERTIFICATE I, Janet M. Sirabian, certify that I am the duly elected and acting Village Clerk of the Village of Buffalo Grove, Cook and Lake Counties, Illinois. I further certify that on May 16, 2011, the Corporate Authorities of the Village passed and approved Ordinance No. 2011 -22, AN ORDINANCE AMENDING ORDINANCE NO. 210 -68 ABATING TAXES LEVIED FOR THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS was prepared, and a copy of such Ordinance was posted in and at the Village Hall, commencing on May 17, 2011 and continuing for at least ten days thereafter. Copies of such Ordinance were also available for public inspection upon request in the Office of Village Clerk. Dated at Buffalo Grove, Illinois, this 17th day of May, 2011. Village Cl r By ORDINANCE NO. 2011- 22 AN ORDINANCE AMEDNING ORDINANCE NO. 2010 -68 ABATING TAXES LEVIED FOR THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS WHEREAS, the Village did on the 6th day of December, 2010 pass and approve Ordinance No. 2010 -63, which ordinance provided for the levy of a direct tax on all property in the Village for the year 2010 for general corporate, pension and debt service purposes in the Village of Buffalo Grove, in the amount of $14,411,796, a certified copy of which was filed with the County Clerks of Cook and Lake Counties, Illinois, and; WHEREAS, the Village has sufficient funds on hand to pay either a portion, or the entire amount, of the taxes levied in certain sections, as identified below, of Ordinance No. 2010 -63 for the fiscal year commencing January 1 st, 2011. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS the following: Section 1. Section 6 provided for the levy of a direct tax on all property in the Village for the year 2010 for the repayment of principal and interest on the Corporate Purpose General Obligation Bonds - Series 2010A issued for the purpose of advance refunding certain maturities of the Corporate Purpose General Obligation Bonds Series 1992 (facilities development), Series 1994 (facilities development -Metra station) and Series 1995 (street maintenance), in the Village of Buffalo Grove in an amount equal to $1,395,006.25 and the Village has sufficient funds on hand to pay $852,181.25.00 of the amount of the tax levied for the fiscal year commencing January 1 st, and the levy of the entire $1,395,006.25 is unnecessary. Therefore, the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties, Illinois to levy only $542,825.00 and abate and not spread the sum of $852,181.25 hitherto provided for and levied in the ordinance providing for the issuance of $5,160,000 of Corporate Purpose General Obligation Bonds - Series 2010A ofthe Village of Buffalo Grove, being Ordinance No. 2010 -23, passed and approved on April 19, 2010, certified copies of which were filed with the County Clerks of Cook and Lake Counties, Illinois. Section 2. Section 7 provided for the levy of a direct tax on all property in the Village for the year 2010 for the repayment of principal and interest on the Corporate Purpose General Obligation Bonds - Series 2010B issued for the purpose of funding certain storm water drainage improvements throughout the Village in the an amount equal to $145,633.63 and the Village has sufficient funds on hand to pay $57,370.63 of the amount of the tax levied for the fiscal year commencing January Ist, and the levy of the entire $145,633.63 is unnecessary. Therefore, the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties, Illinois to levy only $88,263.00 and abate and not spread the sum of $57,370.63 hitherto provided for and levied in the ordinance providing for the issuance of $2,600,000 of Corporate Purpose General Obligation Bonds - Series 2010B of the Village of Buffalo Grove, being Ordinance No. 2010 -23, passed and approved on April 19,20 10, certified copies of which were filed with the County Clerks of Cook and Lake Counties, Illinois. Section 3. The following represents a summary of the amounts levied and, if applicable, abated for the year 2010 as part of Village Ordinance No. 2010 -63: Section 4. The Village Clerk is hereby authorized and directed to file a certified copy of this ordinance with the County Clerks of Cook and Lake Counties, Illinois. Section 5. This ordinance shall be in full force and effect from and after its passage and approval in the manner provided by law. This ordinance shall not be codified. Levy Section Levy Abatement Net Lev Corporate Purpose 2 $7,447,161.00 $0.00 $7,447,161.00 Illinois Municipal Retirement Fund 3 $1,546,972.00 $0.00 $1,546,972.00 Police Pension 4 $2,145,917.00 $0.00 $2,145,917.00 Fire Pension 5 $1,970,913.00 $0.00 $1,970,913.00 Corporate Purpose Bonds Series 2010A 6 $1,395,006.25 $852,181.25 $542,825.00 Corporate Purpose Bonds Series 2010B 7 $145,633.63 $57,370.63 $88,263.00 Corporate Purpose Bonds Series 2002B 8 $145,740.00 $0.00 $145,740.00 Corporate Purpose Bonds Series 2003 9 $324,005.00 $0.00 $324,005.00 Total $15,121,347.88 $909,551.88 $14,211,796.00 AYES: 6 — Berman, Trilling, Sussman, Terson, Stein, Ottenheimer NAYES: 0 — N ABSENT: 0 — N PASSED: MAY 16 2011 ATTEST: Village i