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ORDINANCE ABATING TAXES HERETOFORE LEVIED TO PAY INTEREST AND PRINCIPAL ON $9,500,000 GENERAL OBLIGATION BONDS, SERIES 2002B
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WHEREAS, Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois provides that any municipality which has a population of more than 25,000 is, therefore, a home rule unit and the Village of Orland Park, Cook and Will Counties, Illinois (the “Village”), with a population in excess of 25,000 is, therefore, a home rule unit and, pursuant to the provisions of Section 6(a) of Article VII, may exercise any power and perform any function pertaining to its government and affairs, including, but not limited to, the power to tax and to incur debt; and
WHEREAS, the President and Board of Trustees of the Village, did on the 4th day of November, 2002 adopt Ordinance No. 3705 entitled:
AN ORDINANCE providing for the issuance of General Obligation Bonds, Series 2002B, of the Village of Orland Park, Cook and Will Counties, Illinois, and providing for the levy and collection of a direct annual tax for the payment of the principal of and interest on said bonds. (the “2002B Bond Ordinance”). The 2002B Bond Ordinance authorized the issuance of $9,500,000 General Obligation Bonds, Series 2002B (the “Prior Bonds”), of the Village; and
WHEREAS, the President and Board of Trustees of the Village, did on the 1st day of February, 2010 adopt Ordinance No. _____________ entitled:
AN ORDINANCE providing for the issuance of General Obligation Refunding Bonds, Series 2010 (the “Bonds”), of the Village of Orland Park, Counties of Cook and Will, Illinois, and providing for the levy and collection of a direct annual tax for the payment of the principal of and interest on said Bonds all for the purpose of advance refunding a portion of the Village’s General Obligation Bonds, Series 2002A (the “Series 2002A Bonds”) and a portion of the Village’s General Obligation Bonds, Series 2002B (the “Series 2002B Bonds” and, together with the...
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