2024-12-02 - Ordinance 2024-0124 - ABATING TAXES LEVIED FOR THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS !
�� �i_ ORDINANCE 2024-0124
BUFFAISJ AN ORDINANCE ABATING TAXES LEVIED
FOR THE VILLACE OF BUFFALO GROVE,
��VE COOK AND LAKE COUNTIES, ILLINOIS
WHEREAS the Village of Buffalo Grove is a home rule unit pursuant to the
Illinois Constitution of 1970; and
NOW THEREFORE BE IT ORDAINED by the President and Board of Trustees of the
Village of Buffalo Grove, Cook and Lake Counties, Illinois, as follows:
SECTION 1. The foregoing recitals are hereby adopted and incorporated and made a
part of this Ordinance as if fully set forth herein.
SECTION 2. Section 7 of Ordinance No. 2012-36 provided for the levy of a direct tax on
all property in the Village for the year 2024 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 $566,925
and the Village has sufficient funds on hand to pay$566,925 of the amount of the tax
levied for the fiscal year commencing January lst, and the levy of the entire $566,925
is unnecessary.
Therefore, the Village hereby authorizes and directs the County Clerks of Cook and
Lake Counties, I Ilinois to levy$0 and abate and not spread the sum of$566,925 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 3. Section 10 of Ordinance No. 2016-24 provided for the levy of a direct tax
on all property in the Village for the year 2024 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
$383,631 and the Village has sufficient funds on hand to pay$383,631 of the amount of
the tax levied for the fiscal year commencing January lst, and the levy of the entire
$383,631 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$383,631 hitherto
provided for and levied in the ordinance providing for the issuance of $6,125,000 of
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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 4. Section 10 of Ordinance No. 2020-29 provided for the levy of a direct tax
on all property in the Village for the year 2024 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$2,243,900 and the Village has sufficient
funds on hand to pay $2,243,900 of the amount of the tax levied for the fiscal year
commencing January lst, and the levy of the entire $2,243,900 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 $2,243,900
hitherto provided for and levied in the ordinance providing for the issuance of
$24,000,000 of Corporate Purpose General Obligation Bonds-Series 2020 ofthe 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 5. Section 10 of Ordinance No. 2022-80 provided for the levy of a direct tax
on all property in the Village for the year 2024 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 $813,083 of the amount of the tax
levied for the fiscal year commencing January lst, 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 $79,567 and abate and not spread the sum of $813,083
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 6. The following represents a summary of the amounts levied and, if
applicable, abated for the year 2024 as part of Village Ordinance No. 2024- :
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Levy Section Levy Abatement Net Levy
�Corporate Purpose 2 $9,171,988 $0 $9,171,988
Illinois Municipal Retirement 3 500,000 0 500,000
Fund
Social Security Fund 4 1,290,122 0 1,290,122
Police Pension 5 3,446,922 0 3,446,922
Fire Pension 6 2,371,240 0 2,371,240
Corporate Purpose Bonds 7 566,925 566,925 0
Series 2012
Corporate Purpose Bonds 8 383,631 383,631 0
Series 2016
Series 2019 GO Bonds 9 255,702 0 255,702
Series 2020 GO Bonds 10 2,243,900 2,243,900 0
Series 2022 GO Bonds 11 892,650 813,083 79,567
Total $21,123,080 $4,007,539 $17,115,541
SECTION 7.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 8. 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 2. 2024
APPROVED: December 2, 2024
PUBLISHED: December 4. 2024
ATTEST: APPROVED:
`� .�,�,� ,
Janet _�i�.k�i�ri;,�/illage Clerk Eric N. Smith, ' lage President
�. _ , _
- . " _�- - -_
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smart.with heart.
50 Raupp Blvd, Buffalo Grove, IL 60089 � 847-459-2500/ vbg.org