Village of Woodridge
Illinois

Ordinance
ORD-2017-80

An Ordinance Abating Portions of the Tax Levy of the Village of Woodridge, DuPage, Will and Cook Counties, Illinois, for the Fiscal Year Beginning January 1, 2018, and Ending December 31, 2018 , for the Village of Woodridge $9,075,000 General Obligation Refunding Bonds, Series 2014, Dated December 30, 2014

Information

Department:FinanceSponsors:
Category:Tax Levy

Attachments

  1. Printout

Body

WHEREAS, the Village of Woodridge, DuPage, Will and Cook Counties, Illinois, has elected by referendum to become a home rule unit, pursuant to the provisions of the 1970 Constitution of the State of Illinois, and particularly Article VII, Section 6(a) thereof, and as such, may exercise any power or perform any function pertaining to its government and affairs including, but not limited to, the power to tax and to incur debt; and,

 

              WHEREAS, pursuant to the provisions of Sections 6(d) and 6(k) of said Article VII of said 1970 Constitution, the Village of Woodridge has the power to incur debt payable from ad valorem property tax receipts maturing within forty (40) years from the time it is incurred and without prior referendum approval; and,

 

              WHEREAS, pursuant to the authority cited hereinabove, the Mayor and Board of Trustees of the Village of Woodridge did, on or about December 4, 2014, pass Ordinance No. 2014-78, being an Ordinance providing for the issuance of a not to exceed $10,000,000 in General Obligation Refunding Bonds, Series 2014, of the Village of Woodridge, DuPage, Will and Cook Counties, Illinois, and providing for the levy and collection of a direct annual tax for the payment of the principal and interest on said Bonds; and,

 

              WHEREAS, pursuant to Ordinance No. 2014-78 of the Village of Woodridge, as supplemented by that certain Bond Order dated December 11, 2014, the County Clerks of DuPage, Will and Cook Counties are required to extend and collect a direct annual tax on all of the taxable property situated within the Village of Woodridge sufficient to produce the sum necessary to pay the interest and principal on said Bonds as the same falls due; and,

 

              WHEREAS, pursuant to Ordinance No. 2014-78 of the Village of Woodridge, the County Clerks of DuPage, Will and Cook Counties are required to extend and collect taxes for the purposes hereinabove stated, the sum of $384,350 in the year 2017 (the “2017 levy”); and

 

              WHEREAS, the anticipated revenues from the General Fund and other sources have been determined to be sufficient to produce the sum necessary to pay the interest and principal on said Bonds that was to be paid from the 2017 levy; and

 

              WHEREAS, the Village of Woodridge is desirous of abating the tax levy for the Debt Service Fund for said Bond Issue in the amount of $384,350.

 

              NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF WOODRIDGE, DU PAGE, WILL AND COOK COUNTIES, ILLINOIS, a home rule municipality, in the exercise of its home rule powers, as follows:

 

              SECTION 1:              That the tax levy in the amount of $384,350 for the Debt Service Fund for the Village of Woodridge $9,075,000 General Obligation Refunding Bonds, Series 2014, dated December 30, 2014, levied pursuant to Ordinance No. 2014-78 of the Village of Woodridge, as supplemented by that certain Bond Order dated December 11, 2014, in the year 2017, is hereby abated in the amount of $384,350 thereby reducing said tax levy for the Debt Service Fund to zero dollars ($0.00).

 

              SECTION 2:              That the Village Clerk of the Village of Woodridge is hereby authorized and directed to file a certified copy of this Ordinance with the County Clerks of DuPage, Will and Cook Counties, Illinois.

 

              SECTION 3:              That all ordinances and resolutions, or parts thereof, in conflict with the provisions of this Ordinance are, to the extent of such conflict, expressly repealed.

 

              SECTION 4:              That this Ordinance shall be in full force and effect from and after its passage, approval and publication as provided by law.

 

 

Meeting History

Dec 7, 2017 7:30 PM Video Mayor and Board of Trustees Regular Board Meeting

Motion to approve Ordinance 2017-80 - An Ordinance Abating Portions of the Tax Levy of the Village of Woodridge, DuPage, Will and Cook Counties, Illinois, for the Fiscal Year Beginning January 1, 2018, and Ending December 31, 2018 , for the Village of Woodridge $9,075,000 General Obligation Refunding Bonds, Series 2014, Dated December 30, 2014.

RESULT:ADOPTED [UNANIMOUS]
MOVER:Cameron Hendricks, Trustee
SECONDER:Kay Page, Trustee
AYES:Gregory Abbott, Mary Anne Blair, Mike Martinez, Mike Krucek, Kay Page, Cameron Hendricks