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An Ordinance Providing for the Abatement of $74,975 Against the 2025 Tax Levy (2012A General Obligation Corporate Purpose Bonds)
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Introduction
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On an annual basis, Village staff recommends the abatement or cancellation of various tax levies that were originally pledged to pay the debt service of a specific bond issue. By default, whenever a general obligation (GO) bond is issued, the annual debt service is automatically levied by the County unless the Village direct the Cook County Clerk's Office to abate some or all of the levy amount. When other non-property tax Village revenues are available to pay all or a portion of the debt service, the Village abates the levy.
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Recommended Action
Adopt the Ordinance.
Prior Board Action
The Village Board last approved the annual abatements at its meeting held on December 3, 2024.
Background
Abatements come before the Village Board for review and approval annually as the Village sets its property tax levy necessary to pay annual debt service. This particular bond was issued for the benefit of the Water/Sewer Fund (29.3%) and Parking Fund (70.7%) which have budgeted and will pay the debt with user fees from the respective funds rather than general property taxes.
Timing Considerations
There are no specific timing considerations associated with this item.
Budget Impact
This ordinance will reduce the necessary property levy for debt service by $74,975 so that the final tax year levy for said bonds shall be $311,100, as recommended in the FY26 Budget.
Staffing Impact
There is no staffing impact associated with this item. The item aligns with the department's core service delivery.
DEI Impact
There is no DEI impact associated with this item.
Community Input
There has been no community input given in relation to this item.
Staff Recommendation
Adopt the Ordinance.
Advantages:
* This action will reduce the overall property tax burden on residents and businesses.
Disadva...
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