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2012-060ORDINANCE NO. 2012 -60 AN ORDINANCE FOR THE LEVY AND COLLECTION OF TAXES FOR THE FISCAL YEAR COMMENCING ON THE 1ST DAY OF JANUARY, 2013 AND ENDING ON THE 31ST DAY OF DECEMBER, 2013 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 MUNICIPALITY: 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 Seven Hundred Eighty - Six Thousand Two Hundred Thirty -Two Dollars and Sixty Cents ($14,786,232.60) for the following specific purposes and for the fiscal year commencing January 1, 2013 and ending December 31, 2013. SECTION 2. General Corporate Tax. A tax is hereby imposed for the General Corporate purposes in this Village in the amount of Seven Million Six Hundred Forty -Three Thousand Fifty -One Dollars and Fifty Cents ($7,643,051.50) 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 Eighty -Five Thousand One Hundred Eighty -One Dollars and Sixty -Four Cents ($885,181.64) spread equally over the value, as assessed and equalized by the Department of Revenue of all taxable property therein, all in accordance with the provisions of Chapter 40, Section 5/7 -171 of the Illinois Pension Code. SECTION 4. Social Security Fund. A further tax is hereby imposed for the purpose of Village retirement in this Village in the amount of Seven Hundred Fifteen Thousand Six Hundred Eleven Dollars and Forty -Six Cents ($715,611.46) 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 One Hundred Ninety -Eight Thousand Six Hundred Ninety Dollars ($2,198,690.00) 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 Twenty -Two Thousand Three Hundred Ninety - Seven Dollars ($2,022,397.00) 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 provisions of Chapter 40, Section 5/4 -118 of the Illinois Pension Code. SECTION 7. Corporate Purpose General Obligation Bonds — Series 2012. A further tax is hereby imposed for the retirement of Corporate Purpose General Obligation Bonds, bond principal and interest, in the amount of One Hundred Eighty -Four Thousand Five Hundred Thirteen Dollars ($184,513.00) 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. Corporate Purpose General Obligation Bonds - Series 2010 -A. A further tax is hereby imposed for the retirement of Corporate Purpose General Obligation Bonds, bond principal and interest, in the amount of Seven Hundred Eighteen Thousand One Hundred Twenty -Five Dollars ($718,125.00) 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, in the amount of Eighty - Eight Thousand Two Hundred Sixty -Three Dollars ($88,263.00) 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 10. Corporate Purpose General Obligation Bonds - Series 2003. A further tax is hereby imposed for the retirement of Corporate Purpose General Obligation Bonds, bond principal and interest, in the amount of Three Hundred Thirty Thousand Four Hundred Dollars ($330,400.00) 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. 2003 -023. SECTION 11. A recapitulation of the foregoing levied funds is as follows: LEVIED FUNDS General Corporate $ 7,643,051.50 Illinois Municipal Retirement Fund 885,181.64 Social Security Fund 715,611.46 Police Pension Fund 2,198,690.00 Firefighter's Pension Fund 2,022,397.00 Facilities Development Debt Service - Series 2012 184,513.00 Facilities Development Debt Service - Series 2010 -A 718,125.00 Facilities Development Debt Service - Series 2010 -B 88,263.00 Facilities Development Debt Service - Series 2003 330,400.00 Grand Total Tax Levy $14,786,232.60 SECTION 12. The Village Clerk is hereby authorized to file a copy of this Ordinance, duly certified, along with any statutory representations or certifications, with the County Clerk of Cook County, Illinois, and the County Clerk of Lake County, Illinois, within the time limit prescribed by law. SECTION 13. If any item or portion of this Ordinance is for any reason held invalid, such decision shall not affect the validity of the remaining portion of such item or the remaining portion of this Ordinance. SECTION 14. Detailed Appropriations by line item for the fiscal year commencing on the 1st day of January 2013 and ending on the 31st day of December 2013, along with corresponding levy by Fund are attached as Exhibit "A" to this Ordinance. SECTION 15. That this Ordinance shall be in full force and effect from and after its passage and approval. This Ordinance shall not be codified. AYES: 6 — Berman, Trilling, Sussman, Terson, ,Stein, Ottenheimgr NAYES: 0 - None ABSENT: 0 - None PASSED this 3rd day of December 2012.