Title
G.O. Refunding Bonds, Series 2021C Abatement - 2025 Levy - Ordinance
History
The 2021C bonds refunded outstanding MST TIF bonds. The debt for the 2021C bonds is being funded by MST TIF and related revenues, 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 $6,500,000 GENERAL OBLIGATION REFUNDING BONDS OF THE VILLAGE OF ORLAND PARK, COOK AND WILL COUNTIES, ILLINOIS, FOR THE PURPOSE OF REFUNDING CERTAIN OUTSTANDING BONDS OF SAID VILLAGE, PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX SUFFICIENT TO PAY THE PRINCIPAL AND INTEREST ON SAID BONDS, AUTHORIZING THE EXECUTION OF AN ESCROW AGREEMENT IN CONNECTION WITH THE ISSUE OF SAID BONDS AND AUTHORIZING THE SALE OF SAID BONDS TO THE PURCHASER THEREOF, BEING ORDINANCE NO. 5644 ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF ORLAND PARK, ILLINOIS ON THE 20TH DAY OF SEPTEMBER, 2021.