VILLAGE OF ORLAND PARK - File #: 2009-0224

• File #: 2009-0224
• Version: 1
• Name: General Obligation Bonds Series 2001 Abatement - Ordinance
• Type: ORDINANCE
• Status: PASSED
• File created: 5/5/2009
• In control: Board of Trustees
• On agenda: 5/4/2009
• Final action: 5/4/2009
• Title: ORDINANCE ABATING TAXES HERETOFORE LEVIED TO PAY INTEREST AND PRINCIPAL ON $10,000,000 GENERAL OBLIGATION BONDS, SERIES 2001

Date	Ver.	Action By	Action	Result
5/8/2009	1	Village Clerk	PUBLISHED
5/5/2009	0	Finance Department	INTRODUCED TO BOARD
5/4/2009	0	Board of Trustees	PASSED	Pass

Title
ORDINANCE ABATING TAXES HERETOFORE LEVIED TO PAY INTEREST AND PRINCIPAL ON $10,000,000 GENERAL OBLIGATION BONDS, SERIES 2001
Body
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 3rd day of December, 2001 adopt Ordinance No. 3568 entitled:

AN ORDINANCE providing for the issuance of General Obligation Bonds, Series 2001 (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.

(the “2001 Bond Ordinance”). The 2001 Bond Ordinance authorized the issuance of $10,000,000 General Obligation Bonds, Series 2001 (the “Prior Bonds”), of the Village; and

WHEREAS, the President and Board of Trustees of the Village, did on the 4th day of May, 2009 adopt Ordinance No. 4482, entitled:

AN ORDINANCE providing for the issuance of General Obligation Refunding Bonds, Series 2009 (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 to advance refund a portion of the Village’s General Obligation Bonds, Series 2001 (the “Prior Bonds”) and to pay the costs of issuing the Bonds.

(the “2009 Bond Ordinance”). The 2009 Bond Ordinance authorized the issuance of ...