HomeMy Public PortalAboutResolution 1444RESOLUTION NO. ~'T ~"/
RESOLUTION ABATING THE 2004 TAX LEVIES FOR THE GENERAL REFUNDING
OBLIGATION BONDS, SERIES 2004B, OF THE VILLAGE OF PLAINFIELD,
ILLINOIS.
WHEREAS, there was ordained by the President and Board of Trustees of Plainfield,
Illinois on November 15, 2004 Ordinance No. 2442 entitled "Ordinance Authorizing the
Issuance of Not to Exceed $5,800,000 General. Obligation Refunding Bonds, Series 2004A and
Not to Exceed $4,200,000 General Obligation Refunding Bonds Series 2004B, ofthe Village of
Plainfield, Illinois"; and
WHEREAS, the Village Treasurer has certified to the Board of Trustees that there are
sufficient funds on hand in Revenue to meet the requirements of the Debt Service Fund described
in Section 15 of Ordinance No. 2442 to pay the principal of and interest on the 2004B Series
bonds authorized by said Ordinance as the same become due during the period for which the
2004 Tax Levy was made; and
WHEREAS, it is in the best interest of the Village of Plainfield that the taxes levied for
Tax Levy Year 2004 under said Ordinance No. 2442 be abated.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF PLAINFIELD, WILL COUNTY, ILLINOIS, AS
FOLLOWS:
Section 1: That the preamble hereto is herewith reinstated as though fully
reprinted.
Section 2: That the levy set forth in Ordinance No. 2442 Section 12 for the
2004 Tax Levy Year in the amount of $184,041.2b for series 2004B Bonds is herewith abated.
Section 3: That operating revenue of the Village sufficient to pay the principal
and interest on the Bonds when due during the period for which the taxes are abated hereunder
(through January 1, 2005) are herewith. pledged to said payments of principal and interest and the
Debt Service Funds in compliance with Ordinance No. 2442 Section 1 ~, as it applies to Series
2004B Account.
Section 4: That immediately upon. this Resolution becoming effective, a copy
thereof certified by the Village Clerk, which certificate shall recite that this Resolution has been
duly adapted, shall be filed with the County Clerks of Will and Kendall Counties, Illinois, who
are hereby directed to abate said taxes for the 2004 tax Levy Year and not to extend the same for
r
•.
collection.
Section 5: The Village Clerk is hereby authorized and directed to publish this
Resolution in pamphlet form and to file copies thereof for public inspection in her office.
This Resolution shall become effective in the manner provided by law.
ADOPTED this 3rd day of January, 2005 by a roll call vote as follows:
AYES: ~ NAYS:
V LAGE CLE
APPROVED:1/03/05
LAGE >~ItESIDENT
ATTEST:
,.
VI AGE CLE
(SEAL)
.J
Kathy O'Connell
ACTING PKLSIDF.NT
~ Susan Janik
VIi.LAGE CLBHK
TRLT5TIJF,5
Michael Collins
Jeffrey Dement
December 22, 2004 Paul Fay
Stephen Thomson
To: Mayor O'Connell and the Board. of Trustees James A. Waldorf
From: Chris Minick, Director of Management Servi es
Subject: 2004 Tax Levy Abatement Bonds Series 1999 , and Series 2000, Series 2003A,
2003B, Series 2004A and Series 2004B
Consistent with prior Board. direction and policy, enclosed are resolutions to abate (eliminate) the
2004 property tax. levy for several of the Village's outstanding bond issues, Series 1.999B, Series
2000, Series 2003A, Series 2003B, Series 2004A and Series 20048. We have traditionally abated
the property tax levies for these bond series and made the principal and interest payments from
water and sewer system revenues (rates charged to users and tap on fees) and development
revenues of the Village such as Impact and Municipal Facilities Fees charged to developers.
If these resolutions are not passed, the County Clerk's Office will extend the property tax levies
for these bond series. This action would result in significantly higher property tax bills far our
residents.
The resolutions are consistent with past Board direction and policy when these bonds
were issued., and Staff recommends approval..
Recommended Actions:
1. Motion to approve Resolution Number Abating the 2004 Tax bevies for the
General Obligation Refunding Bonds, Series 1999B.
2. Motion to approve Resolution Number Abating the 2004 Tax Levies for the General
Obligation Bands, Series 2000.
3. Motion to approve Resolution Number
General Obligation Bonds, Series 2003 A.
4. Motion to approve Resolution Number
General Obligation Bonds, Series 2003 B.
~. Mahon to appro~~e Resolution Number
General Obligation Bonds, Series 2004 A.
6. Motion to approve Resolution Number
General Obligation Bands, Series 2004 B.
Abating the 2004 Tax Levies for the
Abating the 200=# Tax Levies far the
Abating the 2004 Tax Levies for the
Abating the 2004 Tax Le~'ies for the
-'i000 ~~'. Lockport Street Plainfield, IL 604=1
Phone (SI5)=136-70)3 Fax (S17) 4t,-1)70 ~K'eb www.plainlield-il.org