Title
G.O. Refunding Bonds, Series 2023 Abatement - 2025 Levy - Ordinance
History
The 2023 bonds issued new funds for Governmental and Water & Sewer Fund capital projects in 2023. The portion of bonds for governmental projects is funded by property tax levy and will remain on property tax bills. The portion of bonds for Water & Sewer Fund capital projects is paid for with Water & Sewer user fees, and therefore that portion of the bonds are being abated.
Financial Impact
The abatement of property taxes as described above.
Recommended Action/Motion
I move to adopt an Ordinance entitled: AN ORDINANCE ABATING TAXES LEVIED FOR THE YEAR 2025 BY AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED $12,100,000 GENERAL OBLIGATION BONDS, SERIES 2023, OF THE VILLAGE OF ORLAND PARK, COOK AND WILL COUNTIES, ILLINOIS, FOR THE PURPOSE OF FINANCING VARIOUS CAPITAL IMPROVEMENTS, PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX SUFFICIENT FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS AND PROVIDING FOR THE SALE OF SAID BONDS TO THE PURCHASER THEREOF., BEING ORDINANCE NO. 5840 ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF ORLAND PARK, ILLINOIS ON THE 16TH DAY OF OCTOBER, 2023.