S-768 - 02/22/1994 - BOND - Ordinances ORDINANCE NO. 94-TX-AB-SC-S-768
AN ORDINANCE PROVIDING FOR THE PARTIAL ABATEI{ENT OF THE 1993
TAX LEVY OF THE $10,270,000 GENERAL OBLIGATION RECREATION BONDS OF
THE V LAGE OF OAK BROOK, ILLINOIS DATED SEPTEMBER 1, 1977
WHEREAS, the Village of Oak Brook, DuPage and Cook Counties, Illinois
has heretofore issued General Obligation Recreational Bonds, dated September 1,
1977, in the total amount of $10,270,000 pursuant to Ordinance S-385, certified
copies of which ordinance were duly filed with the County Clerks of Cook County
and DuPage County, respectively, as required by law;
WHEREAS, the Village of Oak Brook has allocated revenues for the purpose
of paying a portion of the principal and interest on the bonds, aforesaid, that was
to be paid from the proceeds of the 1993 tax levy, said principal and interest
together totalling $922,050.00;
WHEREAS, on December 14, 1993, the Village of Oak Brook previously
abated One Hundred Eighty Thousand Dollars and No Cents ($180,000.00), thus
reducing the said 1993 tax levy to $742,050.00; and
WHEREAS, the Village Board wishes to abate additional funds.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES,
ILLINOIS as follows:
Section 1: That the tax levy of the Village of Oak Brook, DuPage and Cook
Counties, Illinois, to be extended for the year 1993 for the purpose of paying the
principal and interest on the $10,270,000 General Obligation Recreation Bonds,
dated September 1, 1977, be and the same is reduced and abated in the additional
amount of One Hundred Ten Thousand Dollars and No Cents ($110,000.00), thus
reducing the said 1993 tax levy to $632,050.00.
Section 2: That the abatement herein made in Section 1 hereof shall be in
addition to any other reductions in said levy legally required to be made pursuant
to the provisions of Chapter 30 of the Illinois Compiled Statutes, Section 115/12,
relative to the Personal Property Tax Replacement Fund.
Section 3: That a certified copy of this Ordinance be filed forthwith with
the County Clerk of DuPage County and with the County Clerk of Cook County.
Section 4: That this Ordinance shall be in full force and effect from and
after its passage and approval as provided by law.
Ordinance No. 94-TX-AB-SC-S-768
Partial Abatement of 1993 Tax Levy
of the $10,270,000 General Obligation
Recreation Bonds
Page 2
PASSED this 22nd day of February 1994.
Ayes: Trustees Bartecki, Kenny, McInerney, Payovich, Shumate and Skinner
Nays: None
Absent• None
Abstain•None
APPROVED this 22nd day of February 1994.
'Village President
ATTEST:
(�4illag Clerk
Approved as to Form:
J
Village Attorney
Published
Date Paper
Not Published xx
Village of Oak Brook
Debt Service Fund
December 31, 1993
92-93 1993 1994
Actual Actual Estimated
REVENUES
Real Estate Tax 840,312 846,501 651,850
Replacement Tax 122,813 88,808 137,000
Interest 15,272 13,799 13,000
Total Revenues 978,397 949,108 801,850
EXPENDITURES
Bond Collection Fee 775 720 630
G.O. Bonds 850,000 900,000 900,000
G.O. Bonds Interest 108,600 44,100 44,100
Total Expenditures 959,375 944,820 944,730
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 19,022 4,288 (142,880)
FUND BALANCES
Beginning of year 242,137 261,159 265,447
End of year 261,159 265,447 122,567