2018-12-03 - Ordinance 2018-053 - ABATING TAXES LEVIEDORDINANCE NO. 2018 - 053
AN ORDINANCE ABATING TAXES LEVIED FORT HE
VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS
WHEREAS, the Village did on the 3rd day of December, 2018 pass and approve Ordinance No.
2018 - 052, which ordinance provided for the levy of a direct tax on all property in the Village for the
year 2018 for general corporate, pension and debt service purposes in the Village of Buffalo Grove, in the
amount of $17,143,330, 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. 2018 - 052 for the fiscal year
commencing January 1 st, 2019.
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. 2018 - 052 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 $400,600 and the Village has sufficient funds on hand to pay $204,600 of the amount of
the tax levied for the fiscal year commencing January 1st, and the levy of the entire $400,600 is
unnecessary.
Therefore, the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties,
Illinois to levy only $196,000 and abate and not spread the sum of $204,600 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. 2018 - 052 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 $635,231 and the Village has sufficient funds on hand to pay $464,000 of
the amount of the tax levied for the fiscal year commencing January 1 st, and the levy of the entire
$635,231 is unnecessary.
Therefore, the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties,
Illinois to levy only $171,231 and abate and not spread the sum of $464,000 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 2018 as part of Village Ordinance No. 2018 - 052:
Levy
Section
Levy
Abatement
Net Levy
Corporate Purpose
2
$9,171,988
$0
$9,171,988
Illinois Municipal Retirement Fund
3
$1,010,094
$0
$1,010,094
Social Security Fund
4
$561,245
$0
$561,245
Police Pension
5
$2,925,672
$0
$2,925,672
Fire Pension
6
$1,933,212
$0
$1,933,212
Corporate Purpose Bonds Series 2012
7
$235,525
$0
$235,525
Corporate Purpose Bonds Series 2010A
8
$400,600
$204,600
$196,000
Corporate Purpose Bonds Series 2010B
9
$269,763
$0
$269,763
Corporate Purpose Bonds Series 2016
p p
10
$635,231
$464 0
$171,231
Total
$17,143,330
.............000
$668,600
$16,474,730
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 — Berman Ottenheimer, Weidenfeld Johnson Smith
NAYS: 0 - None
ABSENT: 1 - Stein
PASSED: December 3, 2018.
APPROVED: December 3 2018.
everly Sussma Village President
ATTEST:
Janet uabian, Village Clerk