HomeMy Public PortalAboutResolution 1244RESOLUTION NO. 12 4 4
RESOLUTION ABATING THE 1999 TAX LEVIES FOR THE GENERAL REFUNDING
OBLIGATION BONDS, SERIES 1999B, OF THE VILLAGE OF PLAINFIELD,
ILLINOIS.
WHEREAS, there was ordained by the President and Board of Trustees of Plainfield,
Illinois on November 15, 1999 Ordinance No. 1895 entitled "Ordinance Authorizing the Issuance
of $1,420,000 General Obligation Bonds, Series 1999A and $5,600,000 General Obligation
Bonds, Series 1999B, of the Village of Plainfield, Illinois"; and
WHEREAS, the Village Treasurer has certified to the Board of Trustees that there are
sufficient funds on hand in Enterprise Revenue to meet the requirements of the Debt Service
Fund described in Section 18 of Ordinance No. 1$95 to pay the principal of and interest on the
1999B Series bonds authorized by said Ordinance (s) as the same become due during the period
far which. the 1999 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 1999 under said Ordinance No. 1895 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 thaugh fully
reprinted.
Section 2: That the levy set faith in Ordinance No. 1895 Section 12 (B) for
the 1999 Tax Levy Year in the amount of $454,762.50 for series 1999B Bonds is herewith
abated.
Section 3: That operating revenue of the waterworks, and sewerage system of
the Village sufficient to pay the principal and interest on the Bonds when due during the period
far which the taxes are abated hereunder (through January 1, 2000) are herewith pledge to said
payments of principal and interest and the Debt Service Funds in compliance with Ordinance No.
1895 Section 1$, as it applies to Series 1999B 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 adopted, shall be filed with the County Clerk of Will County, Illinois, who is hereby
directed to abate said taxes for the 1999 tax Levy Year and not to extend the same for 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 2 2 day of February, 2000 by a roll call vote as follows:
AYES: O' Conner , Smol.ich NAYS:
Calabrese, Rock 0
APPROVED: Feb . 2 2, 2 0 0 0
VILLAGE P T
VILLAGE CLERK
ATTEST:
VILLAGE CLERK
(SEAL)
CERTIFICATE REGARDING THE SUFFICIENCY OF
FUNDS AVAILABLE TO PAY THE PRINCIPAL
AND INTEREST WHEN DUE ON
THE GENERAL REFUNDING OBLIGATION BONDS, SERIES
1999B, OF THE VILLAGE OF FLAINFIELD.
I, KAREN IVLOW, the duly appointed and acting Village Treasurer of the Village of
Plainfield, Illinois, do herewith certify as follows:
1. That I am acquainted with the terms and provisions of Ordinance No. 1895
adapted by the President and Board of Trustees of the Village of Plainfield on November 15,
1999 and that I have knowledge of the financial records of the Village and it's Waterworks and
Sewerage System.
2. That the assets in the Debt Service Fund created by said Ordinance (s) and the
Enterprise Fund, being the total operating revenues of the Waterworks and Sewerage System of
the Village (the "Enterprise") (exclusive of the projected costs of operation and maintenance of
the Enterprise and not including depreciation), are available fox the payment of debt service on
1999 Series B Bonds authorized by said Ordinance(s) according to the ratio established by
Section 18 of Ordinance No. 1895.
3) That the assets in the Debt Service Fund and the Enterprise Fund created by said
Ordinance contain sufficient assets to pay debt service on the Bonds when due through and
including January 1, 2000.
IN WITNESS WHEREOF, I have hereunto set my hand this ~~day of
~~ , 2000.
_~~~~
VIL AGE TREASURER
STATE OF ILLINOIS )
)SS.
COUNTY OF WILL )
I, Susan Janik, duly appointed Village Clerk of the Village of Plainfield, Will County,
Illinois, do hereby certify that the above and foregoing is true and correct copy of Resolution No.
r~ `~ , A resolution abating the 1999 Tax Levies for the General Refunding Obligation Bonds,
Series 1999B, of the Village of Plainfield, Illinois, adopted and approved at a meeting of the
President and Board of Trustees held on January 18,1999; and the original Resolution is now on file
in my office.
IN WITNESS WHEREOF, I have hereunto set my hand as Village Clerk and attached the
seal of said Village this ~~day of ~,.c..~A" > ~ , 2Qp0.
r~
SUSAN JANIK, LLAGE CLERK
SEAL
STATE OF ILLINOIS )
SS.
COUNTY OF WILL )
I, JAN GOULD, County Clerk of Will County, Illinois, do hereby certify that on the ~ ~~day
of ~~~~-- ~ , 2000, there was filed in my office, Village of Plainfield Certified copy of
Resolution C a 4 abating $454,762.50 from 1999 Levy for the 1999B Series General
Obligation Bonds.
Given under my hand and the Seal of Will County, Illinois, this °Z7` day of "~` ~' ,
2000. ~~_
(~ v "~ C'
JA GOULD
County Clerk of Will County, Illinois
Richard A. Rock
PRESIDENT
TRUSTEES
Stephen J. Calaf7rese
VILLAGE 4F PLAINFIELD John H. Cherry
Michael Collins
WILL COUNTY'S OLDEST COMMUNITY KathyO'Conneu
Steven L. Rathbun
Raymond Smolich
Susan Janik
VILLAGE CLERK
February 12, 2000
To: Mayor Rock and the Board of Trustees
From: Chris Minick, Finance Director
Subject: Abatement of Taxes-Alternate Revenue Bonds
Enclosed in the packet tonight is a resolution to abate the property tax levy on the 1999 B
Bonds.
The Series 1999 B Bonds have been issued to refund the Series 1993 B Bonds. These
bonds are alternate revenue bonds secured by revenues of the water and sewer system.
We have been abating the property tax levy on the 1993 B Bonds, and plax~raed to abate
the taxes on the 1999 B Bonds. The principal and interest payments on the 1999 B Bonds
would then be paid from water and sewer revenues, including tap-on fees.
Staff is proposing to abate the tax levy on the 1999 B Bonds in the amount of
$454,762.50.
Recommended Action:
A motion to approve Resolution abating the 1999 tax levy for Bond Series
1999 B of the Village of Plainfield in the amount of $454,762.50.
530 W. LOCKPORT STREET, SUITE 206 -PLAINFIELD, ILLINOIS 60544 (815) 436-7093 -Fax (815) 436-1950