2017-12-04 - Ordinance 2017-052 - ABATINGS TAXES LEVIEDORDINANCE NO. 2017 - 052
AN ORDINANCE ABATING TAXES LEVIED FOR THE
VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS
WHEREAS, the Village did on the 4th day of December, 2017 pass and approve Ordinance No. 2017 - 051,
which ordinance provided for the levy of a direct tax on all property in the Village for the year 2017 for general
corporate, pension and debt service purposes in the Village of Buffalo Grove, in the amount of $16,730,074, 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. 2017 - 051 for the fiscal year commencing
January 1st, 2018.
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. 2017 — 051 provided for the levy of a direct tax on all property in the Village
for the year 2018 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 $405,000 and the Village
has sufficient funds on hand to pay $200,000 of the amount of the tax levied for the fiscal year commencing
January 1st, and the levy of the entire $405,000 is unnecessary.
Therefore, the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties, Illinois to levy
only $205,00.00 and abate and not spread the sum of $200,000 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. 2017 - 051 provided for the levy of a direct tax on all property in the Village
for the year 2018 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
$768,231 and the Village has sufficient funds on hand to pay $452,430 of the amount of the tax levied for the fiscal
year commencing January 1st, and the levy of the entire $768,231 is unnecessary.
Therefore, the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties, Illinois to levy
only $315,801 and abate and not spread the sum of $452,430 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 2017 as part of Village Ordinance No. 2017- 051:
Levy
Section
Levy
Abatement
Net Levy
Corporate Purpose
2
$8,904,843
$0
$8,904,843
Illinois Municipal Retirement Fund
3
$1,010,094
$0
$1,010,094
Social Security Fund
4
$561,245
$0
$561,245
Police Pension
5
$2,673,256
$0
$2,673,256
Fire Pension
6
$1,897,942
$0
$1,897,942
Corporate Purpose Bonds Series 2012
7
$237,525
$0
$237,525
Corporate Purpose Bonds Series 2010A
8
$405,000
$200,000
$205,000
Corporate Purpose Bonds Series 2010B
9
$271,938
$0
$271,938
Corporate Purpose Bonds Series 2016
10
$768,231
$452,430
$315,801
Total
$16,730,074
$652,430
$16,077,644
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: 6 — Berman, Stein, Ottenheimer, Weidenfeld, Johnson, Smith
NAYES: 0 — None
ABSENT: 0 - None
PASSED: December 4, 2017.
APPROVED: December 4, 2017.
APPROVED:
Beverly SussVillage President
ATTEST:
Janet MAirabian, Village Clerk