2021-12-06 - Ordinance 2021-096 - ABATING TAXES LEVIED FOR THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS ORDINANCE NO. 2021-96
AN ORDINANCE ABATING TAXES LEVIED FOR THE
VILLAGE OF BUFFALO GROVE COOK
t.� _COUNTIES ILLINOIS
WHEREAS, the Village did on the 611 day of December, 2021 pass and approve Ordinance No. 2021-
95, which ordinance provided for the levy of a direct tax on all property in the Village for the year 2021 for
eneral corporate, pension and debt service purposes in the Village of Buffalo Grove, in the amount of
20,452,044,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. 2021- for the fiscal year
commencing January 1st, 2021.
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 7 of Ordinance No.2012-36 provided for the levy of a direct tax on all property
in the Village for the year 2021 for the repayment of principal and interest on the Corporate Purpose
General Obligation Bonds-Series 2012 issued for the purpose of funding certain road improvements as
part of the annual street maintenance program, in the Villa e of Buffalo Grove in an amount equal to
$548,225 and the Village has sufficient funds on hand to pay 1470,372 of the amount of the tax levied for
the fiscal year commencing January 1st, and the levy of the entire$548,225 is unnecessary.
Therefore,the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties, Illinois
to levy only$77,853 and abate and not spread the sum of$548,225 hitherto provided for and levied in
the,ordinance providing for the issuance of$5,700,000 of Corporate Purpose General Obligation Bonds-
Series 2012 of the Village of Buffalo Grove, being Ordinance No.2012-36, passed and approved on August
6, 2012, certified copies of which were filed with the County Clerks of Cook and Lake Counties, Illinois.
Section 2. Section 10 of Ordinance No. 2016-24 provided for the levy of a direct tax on all
property in the Village for the year 2021 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 $382,231 and the Village has sufficient funds on hand to pay
$382,231 of the amount of the tax levied for the fiscal year commencing January 1st, and the levy of the
entire$382,231 is unnecessary.
Therefore,the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties, Illinois
to levy$0 and abate and not spread the sum of$382,231 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. 20,16,-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.Section 10 of Ordinance No.20121-291 provided for the levy of a direct tax on all property
in the Village forthe year 2021 for the repayment of principal and interest on the Corporate Purpose
General Obligation Bonds-Series 2021 issued for the Purpose water,sanitar sewer system,roadway,and
other capital projects in the Village of Buffalo Grove in an amount equal to_,Z2,483,900 and the Village has
sufficient funds on hand to pay$2,483,900 of the amount of the tax levied for the fiscal year commencing
January 1st,and the levy of the entire$2,483,900 is unnecessary.
Therefore,the Village hereby authorizes and directs the County Clerks of Cook and' Lake Counties, Illinois
to levy $0 and aibate and not spread the surn of $2,483,900 hitherto provided for and levied in the
ordinance providing for the issuance of $24,000,000 of Corporate Purpose General Obligation Bonds-
Series 2021 of the Village of Buffalo Grove, being Ordinance No. 2021-29, passed and approved on May
18, 2021, certified copies of which were filed with the County Clerks of Cook and Lake Counties, Illinois.
Section 4. The following represents a summary of the amounts levied and, if applicable, abated
for the year 2021 as part of Village Ordinance No. 2021-95:
Corporate Purpose
p 88 $ eeeeeee.. $ '.�........w'.w..w.. .a.....,u..... .. mm.mn.�...._.. �... .� $..�..... u9'1.71'9 �0 9 171 988
Illinois Municipal Retirement Fund 3 $1,020,392 $0 $1,020,392
....
Social Security Fund......_,...... 4. .. ....___„ . .. ._m
30 $0 $769,730
Police Pension 5 $3,394,077 $0 $3,394,077
---
Fire Pension ... .........._.ro_....... ......... _ __..._,,._ �.. ......... __. $2,424,085�.�.� .... ... ...._�$Oee— $2,424,085....
Corporate Purpose Bonds Series 2012 _ 7 ry $548,2„25 �$470,372FVA W �$77,853 m
Corporate Purpose Bonds Series 2016 8 $382,231 $382,231 $0
Series 2019 GO Bonds 9 $257,416 $0 $257,416
Series 2021 GO Bonds... . . 10 .. .. $2,483,900 .......... $2 483,900 mma. $0...
Total $20,452,044 $3,336,503 $17,115,541
Section 5. 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 6.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—Stein Ottenheimer Weidenfeld Johnson Smith Pike
NAYES: 0—None
ABSENT: 0—None
PASSED: December 6 2021
APPROVED: December 0�21
APPROVED:
Beverly Susm Y, 'Ilage President
ATTEST:
Janet M S,
.... —._ .�._...��
ira ian,Viilage Clerk