Title
G.O. Refunding Bonds, Series 2021A and 2021B Abatement - 2025 Levy - Ordinance
History
The 2021A bonds refunded Lines of Credit for capital, and issued new funds for governmental and proprietary capital projects in 2021. 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 proprietary capital projects (water mains, Tinley Creek stabilization) is paid for with Water & Sewer user fees, and therefore that portion of the bonds are being abated.
The 2021B bonds refunded a bullet maturity from previous MST TIF bonds. The debt for the 2021B bonds is being funded by MST TIF revenues which have been transferred to the Debt Service Fund upon termination of the MST TIF effective December 31, 2025, and therefore can be 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 $40,000,000 GENERAL OBLIGATION BONDS, SERIES 2021A, AND $8,500,000 TAXABLE GENERAL OBLIGATION REFUNDING BONDS, SERIES 2021B, OF THE VILLAGE OF ORLAND PARK, COOK AND WILL COUNTIES, ILLINOIS, FOR THE PURPOSE OF FINANCING VARIOUS CAPITAL IMPROVEMENTS AND REFUNDING CERTAIN OUTSTANDING OBLIGATIONS OF THE VILLAGE, PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX SUFFICIENT FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS, PROVIDING FOR THE SALE OF SAID BONDS TO THE PURCHASERS THEREOF, AND AUTHORIZING THE EXECUTION OF AN ESCROW AGREEMENT IN CONNECTION THEREWITH, BEING ORDINANCE NO. 5583 ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF ORLAND PARK, ILLINOIS ON THE 18TH DAY OF JANUARY, 2021.