2015-074 ORDINANCE N .2015-74
AN ORDINANCE ABATING TAXES LEVIED FORT
VILLAGE OF BUFFALO GROVE,COOK AND LAKE COUNTIES,ILLINOIS
WHEREAS, the Village did on the 7th day of December, 2015 pass and approve Ordinance No. 2015-72,
which ordinance provided for the levy of a direct tax on all property in the Village for the year 2015 for general
corporate, pension and debt service purposes in the Village of Buffalo Grove, in the amount of $15,400,849, 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. 2015-72 for the fiscal year commencing
January 1st,2016.
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 8 of Ordinance No. 2015-72 provided for the levy of a direct tax on all property in the Village for
the year 2016 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 $400,400.00 and the Village has
sufficient funds on hand to pay $208,000.00 of the amount of the tax levied for the fiscal year commencing
Januarylst,and the levy of the entire$400,400.00 is unnecessary.
Therefore, the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties, Illinois to levy
only$192,000.00 and abate and not spread the sum of$208,000.00 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
2015 as part of Village Ordinance No. 2015-72:
Levy Section Levy Abatement Net Levy
Corporate Purpose 2 $8,475,960.00 $0.00 $8,475,960.00
Illinois Municipal Retirement Fund 3 $826,557.00 $0.00 $826,557.00
Social Security Fund 4 $676,398.00 $0.00 $676,398.00
Police Pension 5 $2,440,239.00 $0.00 $2,440,239.00
Fire Pension 6 $2,174,632.00 $0.00 $2,174,632.00
Corporate Purpose Bonds Series 2012 7 $137,525.00 $0.00 $137,525.00
Corporate Purpose Bonds Series 2010A 8 $400,400.00 $208,000.00 $192,400.00
Corporate Purpose Bonds Series 20108 9 $269,138.00 $0.00 $269,138.00
Total $15,400,849.00 $208,000.00 $15,192,849.00
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.
1
AYES: 6 - Berman, Trilling, Stein, Ottefflich-ner, Weidenfeld,Johnson
NAYES: 0 -None
ABSENT: 0 -None
PASSED: December 21, 2015.
APPROVED: December 21, 2015.
APPROVE:
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Beverly SAI-nan, Village President
ATTEST:
Janet NV Sirabian, Village Clerk
2
CERTIFICATE OF COMPLIANCE
ILLINOIS TRUTH IN TAXATION ACT
1, Beverly Sussman, hereby certify that I am the presiding officer of the Village of Buffalo Grove, Cook
and Lake Counties, Illinois, and as such presiding officer, I do hereby certify that the 2015 Tax Levy
Ordinance of said Village of Buffalo Grove, a copy of which is attached, was adopted pursuant to, and in
all respects in compliance with the provisions of Sections 200118-60 through 200118-85 of the Illinois Truth
In Taxation Act,as amended.
The Village published a notice as required and conducted a hearing meeting the
requirements of the Truth in Taxation Act.
X The Village's aggregate levy did not exceed a 5% increase over the prior year's
extension. Therefore,a notice and hearing were not necessary.
The proposed aggregate levy did not exceed a 5%increase over the prior year's extension
and therefore a hearing was not held. The adopted aggregate tax levy exceeded 5% of the prior year's
extension and notice was published within 15 days of its adoption in accordance with the Truth in Taxation
Act.
The adopted levy exceeded the amount stated in the published notice. A second notice
was published within 15 days of the adoption in accordance with the Truth in Taxation Act.
In Witness,Whereof,I have placed my official signature on this the 22nd day of December,2015.
everl y Sussm,
Village 11resid4en
ATTEST:
Village'Clerk
CERTIFICATE OF COMPLIANCE
ILLINOIS TRUTH IN TAXATION ACT
1, Beverly Sussman, hereby certify that I am the presiding officer of the Village of Buffalo Grove, Cook
and Lake Counties, Illinois, and as such presiding officer, I do hereby certify that the 2015 Tax Levy
Ordinance of said Village of Buffalo Grove, a copy of which is attached, was adopted pursuant to, and in
all respects in compliance with the provisions of Sections 200/18-60 through 200/18-85 of the Illinois Truth
In Taxation Act,as amended.
The Village published a notice as required and conducted a hearing meeting the
requirements of the Truth in Taxation Act,
X - The Village's aggregate levy did not exceed a 5% increase over the prior year's
extension. Therefore,a notice and hearing were not necessary.
The proposed aggregate levy did not exceed a 5%increase over the prior year's extension
and therefore a hearing was not held. The adopted aggregate tax levy exceeded 5% of the prior year's
extension and notice was published within 15 days of its adoption in accordance with the Truth in Taxation
Act.
The adopted levy exceeded the amount stated in the published notice. A second notice
was published within 15 days of the adoption in accordance with the Truth in Taxation Act.
In Witness,Whereof,I have placed my official signature on this the 22nd day of December,2015.
Beverly SUN%maq
Village President
ATTEST:
Village Jerk