O-52-23 Abating The Tax Heretofore Levied For The Year 2023 To Pay Debt Service On $5,250,000 General Obligation Refunding Bonds (Waterworks And Sewerage Alternate Revenue Source), Series 2019A And $3,600,000 Taxable General Obligation Refunding Bonds (A990 AGE OF
FAr
j MONT 418 Main Street I Lemont, IL 60439
TO: Village Board Meeting
FROM: Darshana Prakash, Finance
THROUGH: George Schafer, Village Administrator
SUBJECT: An Ordinance Abating The Tax Heretofore Levied For The Year 2023 To
Pay Debt Service On $5,250,000 General Obligation Refunding Bonds
(Waterworks And Sewerage Alternate Revenue Source), Series 2019A
And $3,600,000 Taxable General Obligation Refunding Bonds (Alternate
Revenue Source), Series 2019B And $5,200,000 General Obligation
Bonds (Waterworks And Sewerage Alternate Revenue Source), Series
2019C Village Of Lemont, Cook, DuPage And Will Counties, Illinois
DATE: December 11, 2023
SUMMARY/BACKGROUND
ANALYSIS
Consistency with Village Policy
Budget (if applicable)
STAFF RECOMMENDATION
Pass an Ordinance abating the tax heretofore levied for the year 2023 to pay Debt Service on
$5,250,000 General Obligation Refunding Bonds (Waterworks and Sewerage Alternate
Revenue Source), Series 2019A and $3,600,000 Taxable General Obligation Refunding
Bonds (Alternate Revenue Source), Series 2019B, and $5,200,000 General Obligation Bonds
(Waterworks and Sewerage Alternate Revenue Source), Series 2019C Village of Lemont,
Cook, DuPage, and Will Counties, Illinois.
BOARD ACTION REQUESTED
Pass the attached Ordinance.
ATTACHMENTS
Abate 2019 A B C FINAL.pdf
VILLAGE OF LEMONT
ORDINANCE 52'2-3
AN ORDINANCE ABATING THE TAX HERETOFORE LEVIED
FOR THE YEAR 2023 TO PAY DEBT SERVICE ON $5,250,000 GENERAL
OBLIGATION REFUNDING BONDS (WATERWORKS AND
SEWERAGE ALTERNATE REVENUE SOURCE), SERIES 2019A
AND
$3,600,000 TAXABLE GENERAL OBLIGATION REFUNDING BONDS (ALTERNATE
REVENUE SOURCE), SERIES 2019B
AND
$5,200,000 GENERAL OBLIGATION BONDS (WATERWORKS AND SEWERAGE
ALTERNATE REVENUE SOURCE), SERIES 2019C
VILLAGE OF LEMONT COOK, DU PAGE AND WILL COUNTIES, ILLINOIS
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
This 1111 day of December, 2023
Published in pamphlet form by
authority of the President and
Board of Trustees of the Village of
Lemont, Counties of Cook, Will, and
DuPage, Illinois this 1Ith day
of December , 2023
ORDINANCE v 52 ",,7-3
AN ORDINANCE ABATING THE TAX HERETOFORE LEVIED
FOR THE YEAR 2023 TO PAY DEBT SERVICE ON $5,250,000 GENERAL
OBLIGATION REFUNDING BONDS (WATERWORKS AND SEWERAGE
ALTERNATE REVENUE SOURCE), SERIES 2019A
AND
$3,600,000 TAXABLE GENERAL OBLIGATION REFUNDING BONDS (ALTERNATE
REVENUE SOURCE), SERIES 2019B
AND
$5,200,000 GENERAL OBLIGATION BONDS (WATERWORKS AND SEWERAGE
ALTERNATE REVENUE SOURCE), SERIES 2019C
VILLAGE OF LEMONT, COOK, DU PAGE AND WILL COUNTIES, ILLINOIS
WHEREAS, the President and Board of Trustees (the 'Board") of the Village of
Lemont, Cook, DuPage and Will Counties, Illinois (the "Village"), by Ordinance 0-80-19 adopted
the 28th day of October, 2019 (the "Ordinance"), did provide for the issue of $5,250,000
General Obligation Refunding Bonds (Waterworks and Sewerage Alternate Revenue Source),
Series 2019A, and
$3,600,000 Taxable General Obligation Refunding Bonds (Alternate Revenue Source), Series
2019B and
$5,200,000 General Obligation Refunding Bonds (Waterworks and Sewerage Alternate Revenue
Source), Series 2019C (the "Bonds") and
the levy of a direct annual tax sufficient to pay principal and interest on the bonds; and
WHEREAS, the Village will have pledged revenues (as defined in the Ordinance)
available for the purpose of paying the debt service due on the Bonds during the next
succeeding bond year; and
WHEREAS, it is necessary and in the best interests of the Village that the tax
heretofore levied for the year 2023 to pay such debt service on the Bonds be abated;
NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees of
the Village of Lemont, Cook, DuPage and Will Counties, Illinois, as follows:
Section 1. Abatement of Tax. The tax heretofore levied for the year 2023 in
Ordinance Number 0-80-19 is hereby abated in its entirety.
Section 2. Filing of Ordinance. Forthwith upon the adoption of this ordinance, the
Village shall file a certified copy hereof with the County Clerks of Cook, DuPage and Will
Counties, Illinois, and it shall be the duty of said County Clerks to abate said tax levied for
the year 2023 in accordance with the provisions hereof.
Section 3. Effective Date. This Ordinance shall be in full force and effect forthwith
upon its adoption.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT, COOK, WILL & DU PAGE COUNTIES, ILLINOIS on
this 11th day of December , 2023.
AYES NAYS PASSED ABSENT
Janelle Kittridge
Dave Maher
Ken McClafferty
Kevin Shaughnessy
Ron Stapleton
Rick Sniegowski
Attest:
J014N EGOFSKE, Village -President
CHARLENE SMOLLEN, Village Clerk
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