O-53-23 Abating the tax heretofore levied for the year 2023 to pay Debt Service on $4,160,000 General Obligation Refunding Bonds (Alternate Revenue Source), Series 2017A and $1,940,000 General Obligation Refunding Bonds (Alternate Revenue Source), Series�EIVIONT
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 $4,160,000 General Obligation Refunding Bonds
(Alternate Revenue Source), Series 2017A and $1,940,000 General
Obligation Refunding Bonds (Alternate Revenue Source), Series 2017B,
and $890,000 General Obligation Refunding Bonds (Alternate Revenue
Source), Series 2017C of the 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
$4,160,000 General Obligation Refunding Bonds (Alternate Revenue Source), Series 2017A
and $1,940,000 General Obligation Refunding Bonds (Alternate Revenue Source), Series
2017B, and $890,000 General Obligation Refunding Bonds (Alternate Revenue Source),
Series 2017C of the Village of Lemont, Cook, DuPage, and Will Counties, Illinois.
BOARD ACTION REQUESTED
Pass the attached Ordinance.
ATTACHMENTS
Abate 2017 A B C FINAL.pdf
VILLAGE OF LEMONT
ORDINANCE
AN ORDINANCE ABATING THE TAX HERETOFORE LEVIED
FOR THE YEAR 2023 TO PAY DEBT SERVICE ON $4,160,000 GENERAL
OBLIGATION REFUNDING BONDS (ALTERNATE REVENUE
SOURCE), SERIES 2017A
AND
$1,940,000 GENERAL OBLIGATION REFUNDING BONDS (ALTERNATE REVENUE
SOURCE), SERIES 2017B
AND
$890,000 GENERAL OBLIGATION REFUNDING BONDS (WATERWORKS AND
SEWERAGE ALTERNATE REVENUE SOURCE), SERIES 2017C OF THE VILLAGE
OF LEMONT, COOK, DU PAGE AND WILL COUNTIES, ILLINOIS
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
This II" 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 llt" day
of December , 2023
ORDINANCE `) -,5 3 2
AN ORDINANCE ABATING THE TAX HERETOFORE LEVIED FOR THE YEAR 2023
TO PAY DEBT SERVICE ON $4,160,000 GENERAL OBLIGATION REFUNDING
BONDS (ALTERNATE REVENUE SOURCE), SERIES 2017A
AND
$1,940,000 GENERAL OBLIGATION REFUNDING BONDS (ALTERNATE REVENUE
SOURCE), SERIES 2017B
AND
$890,000 GENERAL OBLIGATION REFUNDING BONDS (WATERWORKS AND
SEWERAGE ALTERNATE REVENUE SOURCE), SERIES 2017C OF THE 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 0-61-17 adopted
the 23rd day of October, 2017 (the "Ordinance"), did provide for the issue of $4,160,000
General Obligation Refunding Bonds (Alternate Revenue Source), Series 2017A,
$1,940,000 General Obligation Refunding Bonds (Alternate Revenue Source), Series 2017B and
$890,000 General Obligation Refunding Bonds (Waterworks and Sewerage Alternate Revenue
Source), Series 2017C (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 0-61-17 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 f
Ken McClafferty
Kevin Shaughnessy
Ron Stapleton 1J
Rick Sniegowski
JOHN EGOFSKE, i age President
Attest:
CHARLENE SMOLLEN, Village Clerk