O-87-11 Ord Abating Tax Levied 2011 $5M Waterworks & Sewerage Bonds S2010AORDINANCE ~ ° ~'° J
AN ORDINANCE ABATING THE TAX HERETOFORE LEVIED FOR THE YEAR 2011
TO PAY DEBT SERVICE ON $5,000,000 GENERAL OBLIGATION WATERWORKS AND
SEWERAGE BONDS (ALTERNATE REVENUE SOURCE), SERIES 2010A AND BUILD
AMERICA BONDS (DIRECT PAYMENT) OF THE VILLAGE OF LEMONY, COOK,
WILL AND DU PAGE 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 0-103-10 adopted
on the 13TH day of December, 2010 (the "Ordinance"), did provide for the issue of $5,000,000
General Obligation Bonds Waterworks and Sewerage Bonds, Series 2010A (Alternate Revenue
Source), and Build America Bonds (Direct Payment) (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 2011 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 2011 in
Ordinance Number 0-103-10 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
Counties, Illinois, and it shall be the duty of said County Clerks to abate said tax levied for
the year 2011 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 LEMONY, COOK, WILL & DU PAGE COUNTIES, ILLINOIS on this
12th day of December , 2011.
Debby Blatzer
Paul Chialdikas
Clifford Miklos
Rick Sniegowski
Ronald Stapleton
Jeanette Virgilio
Attest:
AYES
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NAYS PASSED ABSENT
N K. REAV S, Village President
CHARLENE SMOLLEN, Village Clerk