Title
AN ORDINANCE ABATING TAXES LEVIED FOR THE YEAR 2019 FOR THE PAYMENT OF PRINCIPAL AND INTEREST ON THE GENERAL OBLIGATION REFUNDING BONDS, SERIES 2013C, OF THE VILLAGE OF ORLAND PARK, COOK AND WILL COUNTIES, ILLINOIS.
Body
WHEREAS, the President and Board of Trustees of the Village of Orland Park, Cook and Will Counties, Illinois (the “Village”), on the 15th day of April, 2013, did adopt Ordinance No. 4813, authorizing the issuance of $9,430,000 General Obligation Refunding Bonds, Series 2013C, of the 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 (the “County Clerks”) on the 26th day of April, 2013, and the 25th day of April, 2013, respectively ; and
WHEREAS, the Ordinance did provide for the levy of a direct annual tax upon all taxable property within the Village in and for each of the years 2013 to 2025 inclusive, in an amount sufficient to pay the principal of and interest on the Bonds when due; and
WHEREAS, the President and Board of Trustees of the Village hereby find and determine that it is advisable and necessary to provide for abatement of a portion of the tax heretofore levied for the year 2019.
NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees of the Village of Orland Park, Cook and Will Counties, Illinois, as follows:
SECTION I
That it shall be and it is found and determined that the President and Board of Trustees of the Village of Orland Park, Cook and Will Counties, Illinois, have provided for the levy of a direct annual tax upon all taxable property within the Village in and for each for each of the years 2013 to 2025, inclusive, in an amount sufficient to provide the funds to pay when due the principal of and interest on the Bonds , heretofore issued by the Village, pursuant to authority contained in the Ordinance . It is further found and determined that the President and Board of Trustees deem it advisable and in the best interests of the Village to provide for abatement of a portion of the taxes heretofore levied for the year 2019 set forth in Section 12 of the Ordinance.
SECTION 2
That the taxes heretofore levied for the Bonds be and the same are hereby abated as follows:
Year of Levy - 2019
Tax Levied in Bond Ordinance - $1,328,056
Amount of Tax to be Abated - $1,328,056
Remainder of Tax Levied which is to be Extended - $-0-
SECTION 3
That forthwith as soon as this Ordinance becomes effective, a copy hereof, duly certified by the Village Clerk of said Village, which certificate shall recite that this Ordinance has been adopted by the President and Board of the Trustees of said Village and is in full force and effect, shall be filed with the County Clerks , and this Ordinance shall constitute authority for the County Clerks for the year 2019 to abate the said levy in the amount of $1,328,056 heretofore levied for said year and as shown hereinabove.
SECTION 4
That all Ordinances of parts thereof in conflict herewith be and the same are hereby repealed, and this Ordinance shall be in full force and effect forthwith upon its passage and approval.