The URL can be used to link to this page

Home My WebLink About070-R-23 Abating Taxes Levied for the Year 2023 Heretofore Levied to Pay Principal and Interest on Not to Exceed 18,500,000 General Obligations Corporate Purpose Bonds, Series 2021, of the City of Evanston Cook County, Illinois 11/06/2023 70-R-23 A RESOLUTION Abating Taxes Levied for the Year 2023 Heretofore Levied to Pay Principal and Interest on Not to Exceed 18,500,000 General Obligations Corporate Purpose Bonds, Series 2021, of the City of Evanston Cook County, Illinois WHEREAS,on the 9th day of August, 2021, the City Council of the City of Evanston, Cook County, Illinois, did adopt Ordinance 80-O-21 entitled: AN ORDINANCE providing for the issuance of not to exceed $18,500,000 General Obligation Corporate Purpose Bonds, Series 2021, of the City of Evanston, Cook County, Illinois, to finance capital improvements and refund certain outstanding bonds of said City, authorizing the execution of a bond order in connection therewith, providing for the levy and collection of a direct annual tax for the payment of the principal of and interest on said bonds, authorizing and directing the execution of an escrow agreement in connection with said bonds, and authorizing and directing the sale of said bonds at public competitive sale. . WHEREAS,the Series 2021 bond total is Fourteen Million Four Hundred Twenty Thousand Dollars ($14,420,000) there is available from other sources the amount of Four Hundred Eighty-Three Thousand, Nine Hundred Ninety-Five Dollars ($483,995.00) which may lawfully be utilized to pay sums due on said series 2021 bonds for which taxes were heretofore levied; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL, OF THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS: SECTION 1:That the taxes heretofore levied and provided for in the Ordinance and in the accompanying Bond Order providing for the issuance of not ~1~ Page 1 of 6 Doc ID: 8f7b8b433b2778d7dfd5c02bb88552b750d22a5c 70-R-23 ~2~ to exceed Eighteen Million Five Hundred Thousand Dollars ($18,500,000), General Obligation Bonds, Series 2021, of the City of Evanston, Cook County, Illinois, passed August 9, 2021, as Ordinance 80-O-21, be and the same hereby are abated for the year 2023 under the Series 2021 bonds by the amount of Four Hundred Eighty-Three Thousand, Nine Hundred Ninety-Five Dollars ($483,995.00). SECTION 2: That the City Manager, upon passage of this Resolution 70-R-23, shall cause to be filed with the County Clerk of Cook County, Illinois, a certified copy hereof and shall direct said County Clerk to abate the taxes heretofore levied under said Ordinance 80-O-21 and the accompanying Bond Order for the year 2023 in the amount of Four Hundred Eighty-Three Thousand, Nine Hundred Ninety-Five Dollars ($483,995.00). SECTION 3: That the foregoing recitals are hereby found as fact and made a part hereof. SECTION 4: That this Resolution 70-R-23 shall be in full force and effect from and after the date of its passage and approval in the manner provided by law. Page 2 of 6 Doc ID: 8f7b8b433b2778d7dfd5c02bb88552b750d22a5c 70-R-23 ~3~ Page 3 of 6 Doc ID: 8f7b8b433b2778d7dfd5c02bb88552b750d22a5c Attachment A General Obligation Debt Summary --- Property Tax Supported Debt 2023 Tax Levy (2024 Budget) Bond Series and amount not to exceed per ordinance Total Principal Interest Series 2013A $12,700,000 995,795 685,000 310,795 Series 2013B $30,000,000 949,450 895,000 54,450 Series 2014A $13,000,000 876,175 600,000 276,175 Series 2015A $14,000,000 934,037 625,000 309,037 Series 2016A $14,000,000 931,037 670,000 261,037 Series 2016B $8,155,000 890,600 815,000 75,600 Series 2017A $14,500,000 998,325 645,000 353,325 Series 2017B $9,665,000 1,028,600 905,000 123,600 Series 2017C $5,000,000 409,337 270,000 139,337 Series 2018A $24,385,000 1,690,618 750,000 940,618 Series 2018B $16,545,000 1,436,550 770,000 666,550 Series 2018C $8,020,000 967,400 780,000 187,400 Series 2018D $3,570,000 288,512 160,000 128,512 Series 2019A $12,750,000 968,500 365,000 603,500 Series 2019B $12,400,000 1,026,000 470,000 556,000 Series 2020 $27,960,000 2,438,900 1,640,000 798,900 Series 2021 $18,500,000 1,484,338 1,120,000 364,338 Total 18,314,174 12,165,000 6,149,174 Abatements by Bond Issue Total Principal Interest Series 2013A 203,811 152,740 51,071 Series 2013B 38,500 35,000 3,500 Series 2014A 235,563 170,000 65,563 Series 2015A 413,131 280,000 133,131 Series 2016A 295,343 220,000 75,343 Series 2016B - - - Series 2017A 127,375 95,000 32,375 Series 2017B 59,177 52,066 7,111 Series 2017C 409,337 270,000 139,337 Series 2018A 365,618 - 365,618 Series 2018B 420,044 225,146 194,898 Series 2018C 197,138 158,950 38,188 Series 2018D 288,512 160,000 128,512 Series 2019A 253,500 - 253,500 Series 2019B 335,445 153,664 181,781 Series 2020 846,915 560,623 286,292 Series 2021 $18,500,000 483,995 416,017 67,978 Total Amount To Be Abated 2023 4,973,404 2,949,206 2,024,198 Property Tax Supported Levy after Abatement Total Principal Interest Series 2013A 791,984 532,260 259,724 Series 2013B 910,950 860,000 50,950 Series 2014A 640,612 430,000 210,612 Series 2015A 520,906 345,000 175,906 Series 2016A 635,694 450,000 185,694 Series 2016B 890,600 815,000 75,600 Series 2017A 870,950 550,000 320,950 Series 2017B 969,423 852,934 116,489 Series 2017C - - - Series 2018A 1,325,000 750,000 575,000 Series 2018B 1,016,506 544,854 471,652 Series 2018C 770,262 621,050 149,212 Series 2018D - - - Series 2019A 715,000 365,000 350,000 Series 2019B 690,555 316,336 374,219 Series 2020 1,591,985 1,079,377 512,608 Series 2021 $18,500,000 1,000,343 703,983 296,360 Total Property Tax Supported Levy - Year 2023 13,340,770 9,215,794 4,124,976 Library Debt Service Fund Levy - Year 2023 574,677 353,392 221,285 Page 4 of 6 Doc ID: 8f7b8b433b2778d7dfd5c02bb88552b750d22a5c City Debt Service Fund Levy - Year 2023 12,766,093 8,862,402 3,903,691 2022 City DS Levy 12,878,258 Increase (decrease) (112,165) Page 5 of 6 Doc ID: 8f7b8b433b2778d7dfd5c02bb88552b750d22a5c Attachment B Abatement Summary by Fund 2023 Tax Levy (2024 Budget) Series Year Water Fund Sewer Fund Dempster- Dodge TIF Chicago-Main TIF Howard-Ridge TIF Special Assessment Crown Construction Fund Parking Fund Total 2013A Bonds 151,071 52,740 - 203,811 2013B Bonds 38,500 38,500 2014A Bonds 193,563 42,000 235,563 2015A Bonds 386,131 27,000 413,131 2015B Bonds - 2016A Bonds 239,843 55,500 295,343 2017A Bonds 69,375 58,000 127,375 2017B Bonds 59,177 59,177 2017C Bonds 166,857 242,480 409,337 2018A Bonds 365,618 365,618 2018B Bonds 420,044 420,044 2018C Bonds 163,725 33,413 197,138 2018D Bonds 288,512 288,512 2019A Bonds 253,500 253,500 2019B Bonds 235,133 80,250 20,062 335,445 2020 Bonds 492,632 275,133 79,150 846,915 2021 Bonds 389,828 94,167 483,995 Total 2,577,620 666,015 166,857 242,480 288,512 333,652 619,118 79,150 4,973,404 Page 6 of 6 Doc ID: 8f7b8b433b2778d7dfd5c02bb88552b750d22a5c