O-51-24 Abating The Tax Heretofore Levied For The Year 2024 To Pay Debt Service on $2,625,000 General Refunding Bonds (Alternative Revenue Source), Series 2020 of the Village of Lemont Cook, DuPage, And Will Counties, IllinoisVILLAGE OF
MMONT
TO: Village Board Meeting
FROM: Darshana Prakash, Finance
THROUGH: George Schafer, Village Administrator
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418 Main Street I Lemont, IL 60439
SUBJECT: An Ordinance Abating The Tax Heretofore Levied For The Year 2024 To
Pay Debt Service on $2,625,000 General Refunding Bonds (Alternative
Revenue Source), Series 2020 of the Village of Lemont Cook, DuPage,
And Will Counties, Illinois
DATE: December 9, 2024
SUMMARY/BACKGROUND
ANALYSIS
Consistency with Village Policy
Budget (if applicable)
STAFF RECOMMENDATION
Approve an Ordinance abating the tax heretofore levied for the year 2024 to pay Debt Service
on $2,625,000 General Obligation Refunding Bonds (Alternate Revenue Source), Series 2020
of the Village of Lemont, Cook, DuPage and Will Counties.
BOARD ACTION REQUESTED
Approve the attached Ordinance.
ATTACHMENTS
Abate 2020 FINAL.pdf
VILLAGE OF LEMONT
ORDINANCE
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AN ORDINANCE ABATING THE TAX HERETOFORE LEVIED
FOR THE YEAR 2024 TO PAY DEBT SERVICE ON $2,625,000 GENERAL
OBLIGATION REFUNDING BONDS (ALTERNATE REVENUE SOURCE),
SERIES 2020 OF THE VILLAGE OF LEMONT,
COOK, DUPAGE, AND WILL COUNTIES, ILLINOIS
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
This 91" day of December, 2024
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 9th day
of December 12024
ORDINANCE
AN ORDINANCE ABATING THE TAX HERETOFORE LEVIED
FOR THE YEAR 2024 TO PAY DEBT SERVICE ON $2,625,000 GENERAL
OBLIGATION REFUNDING BONDS (ALTERNATE REVENUE SOURCE),
SERIES 2020 OF THE VILLAGE OF LEMONT,
COOK, DUPAGE, 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 0-53-20 adopted
the 24th day of August 2020 (the "Ordinance"), did provide for the issue of $2,625,000
General Obligation Refunding Bonds (Alternate Revenue Source), Series 2020,
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 2024 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 2024 in
Ordinance Number 0-53-20 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 2024 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 9th day of December , 2024.
AYES
Janelle Kittridge
Dave Maher
Ken McClafferty
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Kevin Shaughnessy
Rick Sniegowski
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Ronald Stapleton
Attest:
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CHARL NE SMOLLEN, Village Clerk
NAYS ABSENT ABSTAIN
JOHN EGOFSKE, Village President