Title
G.O. Refunding Bonds, Series 2025 Abatement - 2025 Levy - Ordinance
History
The 2025 bonds issued new funds for Governmental and Water & Sewer Fund capital projects in 2025. The portion of bonds for governmental projects is funded by new tax revenue utilizing utility tax and an increase to Home Rule Sales Tax of .5% effective January 1st, 2024, and will be abated on property tax levies. 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 also 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 $42,000,000 GENERAL OBLIGATION BONDS, SERIES 2025, 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. 6044 ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF ORLAND PARK, ILLINOIS ON THE 6TH DAY OF OCTOBER, 2025.