2012-065ORDINANCE NO. 2012- 65
AN ORDINANCE ABATING TAXES LEVIED FOR THE
VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS
WHEREAS, the Village did on the 3rd day of December, 2012 pass and approve Ordinance No. 2012 -60,
which ordinance provided for the levy of a direct tax on all property in the Village for the year 2013 for general
corporate, pension and debt service purposes in the Village of Buffalo Grove, in the amount of $14;401,796, 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. 2012 -60 for the fiscal year commencing
January 1st, 2013.
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 7 provided for the levy of a direct tax on all property in the Village for the year 2013 for the
repayment of principal and interest on the Corporate Purpose General Obligation Bonds - Series 2012 issued for the
purpose of funding certain road improvements as part of the annual street maintenance program in the amount of
$184,513.00 and the Village has sufficient funds on hand to pay $184,513.00 of the amount of the tax levied for the
fiscal year commencing January 1St, and the entire levy of the entire $184,513.00 is unnecessary.
Therefore, the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties, Illinois
to levy only $0.00 and abate and not spread the sum of $184,513.00 hitherto provided for and levied in the ordinance
providing for the issuance of $6,000,000 of Corporate Purpose General Obligation Bonds - Series 2012 of the Village
of Buffalo Grove, being Ordinance No. 2012 -36, passed and approved on August 6, 2012 , certified copies of which
were filed with the County Clerks of Cook and Lake Counties, Illinois.
Section 8 provided for the levy of a direct tax on all property in the Village for the year 2013 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 $718,125.00 and the Village has sufficient funds on hand to pay
$234,487.00 of the amount of the tax levied for the fiscal year commencing Januarylst, and the levy of the entire
$718,125.00 is unnecessary.
Therefore, the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties, Illinois to levy
only $483,638.00 and abate and not spread the sum of $234,487.00 hitherto provided for and levied in the ordinance
providing for the issuance of $5,160,000 of Corporate Purpose General Obligation Bonds - Series 2010A 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 2. The following represents a summary of the amounts levied and, if applicable, abated for the year
2013 as part of Village Ordinance No. 2012 -60:
Levy
Section
Levy
Abatement
Net Levy
Corporate Purpose
2
$7,643,051.50
$0.00
$7,643,051.50
Illinois Municipal Retirement Fund
3
$885,181.64
$0.00
$885,181.64
Social Security Fund
4
$715,611.46
$0.00
$715,611.46
Police Pension
5
$2,198,690.00
$0.00
$2,198,690.00
Fire Pension
6
$2,022,397.00
$0.00
$2,022,397.00
Corporate Purpose Bonds Series 2012
7
$184,513.00
$184,513.00
$0.00
Corporate Purpose Bonds Series 2010A
8
$718,125.00
$234,487.00
$483,638.00
Corporate Purpose Bonds Series 2010B
9
$88,263.00
$0.00
$88,263.00
Corporate Purpose Bonds Series 2003
10
$330,400.00
$0.00
$330,400.00
Total
$14,786,232.60
$419,000.00
$14,367,232.60
Section 3. 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 4. 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.
AYES: 6 — Berman, Trilling, Sussman, Terson, Stein, Ottenheimer
NAYES: 0 - None
ABSENT: 0 -None
PASSED: December 17, 2012 APPROV
ATTEST:
9 tom" M , - �ac�3'rv�t
Village