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2023-12-04 - Ordinance 2023-161 - ABATING TAXES LEVIED FOR THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS ORDINANCE NO.2023-161 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, 2023 pass and approve Ordinance No. 2023-160,which ordinance provided for the levy of a direct tax on all property in the Village for the year 2023 for general corporate, pension and debt service purposes in the Village of Buffalo Grove, in the amount of$21,187,752, 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. 2023-160 for the fiscal year commencing January 1st,2024. � 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 2023 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 Village of Buffalo Grove in an amount equal to $555,925 and the Village has sufficient funds on hand to pay$475,730 of the amount of the tax levied for the fiscal year commencing January 1st,and the levy of the entire$555,925 is unnecessary. Therefore,the Village hereby authorizes and directs the County Clerks of Cook and Lake Counties, Illinois to levy only$80,195 and abate and not spread the sum of$555,925 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 2023 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 $379,931 and the Village has sufficient funds on hand to pay $379,931 of the amount of the tax levied for the fiscal year commencing January 1st, and the levy of the entire$379,931 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$379,931 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.Section 10 of Ordinance No.2020-29 provided for the levy of a direct tax on all property in the Village for the year 2023 for the repayment of principal and interest on the Corporate Purpose General Obligation Bonds-Series 2020 issued for the purpose water, sanitary sewer system, roadway, and other capital projects in the Village of Buffalo Grove in an amount equal to $2,323,900 and the Village has sufficient funds on hand to pay$2,323,900 of.the amount of the tax levied for the f.iscal year commencing January 1st,and the levy of the entire$2,323,900 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 $2,323,900 hitherto provided for and levied in the ordinance providing for the issuance of $24,000,000 of Corporate Purpose General Obligation Bonds- Series 2020 of the Village of Buffalo Grove, being Ordinance No. 2020-29, passed and approved on May 18,2020,certified copies of which were filed with the County Clerks of Cook and Lake Counties, Illinois. SECTION 4.Section 10 of Ordinance No.2022-80 provided for the levy of a direct tax on all property in the Village for the year 2023 for the repayment of principal and interest on the Corporate Purpose General Obligation Bonds-Series 2023 issued for the purpose of purchasing and improving a building to serve as a public works facility and other capital projects in the Village of Buffalo Grove in an amount equal to $892,650 and the Village has sufficient funds on hand to pay$892,650 of the amount of the tax levied for the fiscal year commencing January 1st,and the levy of the entire$892,650 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 s read the sum of$892,650 hitherto provided for and levied in the ordinance providing for the issuance of�18,530,000 of Corporate Purpose General Obligation Bonds-Series 2022 of the Village of Buffalo Grove, being Ordinance No. 2022-80, passed and approved on August 15, 2022, certified copies of which were filed with the County Clerks of Cook and Lake Counties, Illinois. SECTION 5.The following represents a summary of the amounts levied and, if applicable, abated for the year 2023 as part of Village Ordinance No.2023-160: ' . � ,. Corporate Purpose 2 $9,171,988 $0 $9,171,988 Illinois Municipal Retirement Fund 3 $1,301,377 $0 $1,301,377 Social Security Fund 4 $488,745 $0 $488,745 Police Pension 5 $3,446,922 $0 $3,446,922 Fire Pension 6 $2,371,240 $0 $2,371,240 Corporate Purpose Bonds Series 2012 � $555,925 $475,730 $80,195 Corporate Purpose Bonds Series 8 $379,931 $379,931 $0 2016 Series 2019 GO Bonds 9 $255,074 $0 $255,074 Series 2020 GO Bonds 10 $2,323,900 $2,323,900 $0 Series 2022 GO Bonds 11 $892,650 $892,650 $0 Total $21,187,752 $4,072,211 $17,115,541 SECTION 6. 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 7.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—Johnson,Cesario,Ottenheimer.Stein.Bocek.Weidenfeld NAYES: 0-None ABSENT: 0-None PASSED: December 4,2023 APPROVED: December 4. 2023 PUBLISHED: December 5.2023 ATTEST: APPROV : \`i L�,ti;;w=:;;);,;� ������� Jl!'J"���!��jJi �. � - ��� :��� � Jan�y; . irabia�i Vill�g_�rk Eric N.Smith,Village esident �f' -�-'�1.,'`'j���t � _ :` � 'jlll��""",��L�J��'et��`�`4�\ �;���.i� �