2016-12-05 - Ordinance 2016-061 - ABATING TAXES LEVIED FOR THE VILLAGE OF BUFFALO GROVE ORDINANCE NO. 2016-061
AN ORDINANCE ABATING TAXES LEVIED FORT E
VILLAGE OF BUFFALO GROVE,COOK AND LAKE COUNTIES,ILLINOIS
WHEREAS, the Village did on the 5th day of December, 2016 pass and approve Ordinance No. 2016-060,
which ordinance provided for the levy of a direct tax on all property in the Village for the year 2016 for general
corporate, pension and debt service purposes in the Village of Buffalo Grove, in the amount of $16,248,473, a
certified copy of which will be 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. 2016-060 for the fiscal year commencing
January 1st, 2017.
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. 2016-060 provided for the levy of a direct tax on all property in the Village for
the year 2017 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- etra station) and
Series 1995 (street maintenance), in the Village of Buffalo Grove in an amount equal to $400,350 and the Village
has sufficient funds on hand to pay $204,250 of the amount of the tax levied for the fiscal year commencing
January 1st,and the levy of the entire$400,350 is unnecessary.
Therefore, the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties, Illinois to levy
only$196,100.00 and abate and not spread the sum of$204,250 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.
Section 10 of Ordinance No. 2016-060 provided for the levy of a direct tax on all property in the Village for
the year 2017 for the repayment of principal and interest on the Corporate Purpose General Obligation Bonds-
Series 2016 issued for the purpose of street maintenance in the Village of Buffalo Grove in an amount equal to
$862,831 and the Village has sufficient funds on hand to pay$450,000 of the amount of the tax levied for the fiscal
year commencing January 1st, and the levy of the entire$862,831 is unnecessary.
Therefore, the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties, Illinois to levy
only $412,831 and abate and not spread the sum of$450,000 hitherto provided for and levied in the ordinance
providing for the issuance of$6,125,000 of Corporate Purpose General Obligation Bonds-Series 2016 of the Village
of Buffalo Grove, being Ordinance No. 2016-24, passed and approved on April 18, 2016, 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 2016 as part of Village Ordinance No. 2016- .
Levy Section Levy Abatement Net Levy
Corporate Purpose 2 $8,645,479 $0 $8,645,479
Illinois Municipal Retirement Fund 3 $979,284 0 $979,284
Social Security Fund 4 $561,245 $0 $561,245
Police Pension 5 $2,525,647 $0 $2,525,647
Fire Pension 6 $1,862,674 0 $1,862,674
Corporate Purpose Bonds Series 2012 7 $137,525 $0 $137,525
Corporate Purpose Bonds Series 2010A 8 $400,350 $204,250 $196,100
Corporate Purpose Bonds Series 20108 9 $273,438 $0 $273,438
Corporate Purpose Bonds Series 2016 10 $862,831 $450,000 $412,831
Total $16,248,473 $654,250 $15,594,223
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.
AYES: 5—Trilli n&Stein,Ottenheimer,Weidenfeld,Johnson
NAYES: 0-None
ABSENT: 1-Berman
PASSED: December 5, 2016.
APPROVED: December 5,2016.
APPROVED:
6§41
Beverly Suss iIIage res,Uen
ATTEST:
Janet irabian,Village ClerkT