Title
AN ORDINANCE ABATING TAXES LEVIED FOR THE YEAR 2021 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.
Body
WHEREAS, the President and Board of Trustees of the Village of Orland Park, Cook and Will Counties, Illinois (the “Village”), on the 18th day of January, 2021 did adopt an Ordinance being Ordinance No. 5583, authorizing the issuance of $40,000,000 General Obligation Bonds, Series 2021A and $8,500,000 Taxable General Obligation Refunding Bonds, Series 2021B of said Village; and
WHEREAS, said Ordinance was in full force and effect forthwith upon its passage, approval and publication, and thereafter a certified copy thereof was duly filed in the Office of the County Clerk of the Counties of Cook and Will on the 18th day of January, 2021; and
WHEREAS, said Ordinance did authorize the issuance of General Obligation Bonds and Taxable General Obligation Refunding Bonds, and did provide for the levy of a direct annual tax upon all taxable property within the Village in and for each of the years 2020 to 2045 inclusive, in an amount sufficient to pay the principal of and interest on said bonds when due; and
WHEREAS, after the bond sale on February 16, 2021, a Direction for Abatement of Taxes was filed with the County Clerks of...
Click here for full text