2017-12-04 - Ordinance 2017-051 - LEVY AND COLLECTION OF TAXES FOR FISCAL YEAR 2018ORDINANCE NO. 2017 - 051
AN ORDINANCE FOR THE LEVY AND COLLECTION OF TAXES FOR
THE FISCAL YEAR COMMENCING ON THE 1ST DAY OF JANUARY, 2018
AND ENDING ON THE 31ST DAY OF DECEMBER, 2018
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 Sixteen Million Seven Hundred Thirty
Thousand Seventy -Four Dollars ($16,730,074) for the following specific purposes and for the fiscal year
commencing January 1, 2018 and ending December 31, 2018.
SECTION 2. General Corporate Tax. A tax is hereby imposed for the General Corporate purposes in this Village in
the amount of Eight Million Nine Hundred Four Thousand Eight Hundred Forty -Three Dollars ($8,904,843) 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 One Million Ten Thousand Ninety -Four Dollars ($1,010,094) 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 Five Hundred Sixty -One Thousand Two Hundred Forty -Five Dollars ($561,245) 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 Six Hundred Seventy -Three Thousand Two Hundred Fifty -
Six Dollars ($2,673,256) 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
Firefighter's Pension Fund in this Village in the amount of One Million Eight Hundred Ninety -Seven Thousand Nine
Hundred Forty -Two Dollars ($1,897,942) 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 Two
Hundred Thirty -Seven Thousand Five Hundred Twenty -Five Dollars ($237,525) 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 Four
Hundred Five Thousand Dollars ($405,000) 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 Two
Hundred Seventy -One Thousand Nine Hundred Thirty -Eight Dollars ($271,938) 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 2016.. 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 Sixty -Eight Thousand Two Hundred Thirty -One Dollars ($768,231) 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. 2016-024.
SECTION 11. A recapitulation of the foregoing levied funds is as follows:
LEVIED FUNDS
General Corporate
$ 8,904,843
Illinois Municipal Retirement Fund
1,010,094
Social Security Fund
561,245
Police Pension Fund
2,673,256
Firefighters Pension Fund
1,897,942
Facilities Development Debt Service -Series 2012
237,525
Facilities Development Debt Service -Series 2010-A
405,000
Facilities Development Debt Service -Series 2010-B
271,938
Facilities Development Debt Service -Series 2016
768,231
Grand Total Tax Levy $ 16,730,074
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 Budget Appropriations by cost category for the fiscal year commencing on the 1st day of
January 2018 and ending on the 31st day of December 2018, 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:
5 — Stein, Ottenheimer, Weidenfeld, Johnson, Smith
NAYES:
1- Berman
ABSENT:
0 - None
PASSED:
December 4, 2017.
APPROVED: December 4, 2017.
APPROVED:
mdentBeverly Suss
ATTEST:
Janet M. Sirabian, Village Clerk
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