village of pingree grove ordinance no. 2016-0-25 an ordinance levying and abating special service

98 Pages·2016·3.33 MB·English

VILLAGE OF PINGREE GROVE
ORDINANCE NO. 2016-0-25
AN ORDINANCE LEVYING AND ABATING SPECIAL SERVICE AREA TAXES
FOR SPECIAL SERVICE AREA NUMBER Two
SPECIAL TAX BONDS, SERIES 2005-2
CAMBRIDGE LAKES PROJECT
PASSED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF PINGREE GROVE, KANE COUNTY, ILLINOIS
THIS 5rn DAY OF DECEMBER, 2016.
PUBLISHED IN PAMPHLET FORM BY AUTHORITY
OF THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF PINGREE GROVE, KANE COUNTY, ILLINOIS
ILLINOIS, THIS 5TH DAY OF DECEMBER, 2016.
Ordinance NO. 2016-0-25
AN ORDINANCE LEVYING AND ABATING SPECIAL SERVICE AREA TAXES
FOR SPECIAL SERVICE AREA NUMBER Two
SPECIAL TAX BONDS, SERIES 2005-2
CAMBRIDGE LAKES PROJECT
ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE BOARD OF PINGREE
GROVE, ILLINOIS THIS 5™ OF DECEMBER, 2016.
PUBLISHED IN PAMPHLET FORM BY THE BOARD OF TRUSTEES OF THE VILLAGE OF PINGREE
GROVE, KANE COUNTY, ILLINOIS THIS 5™ OF DECEMBER, 2016
WHEREAS, the Village of Pingree Grove is not a home rule municipality within Article
VII, Section 6A of the Illinois Constitution and, pursuant to the powers granted to it under 65
ILCS 5/1-1 et seq.; and,
WHEREAS, the Village of Pingree Grove did, prior to the approval of this Ordinance,
conduct a public hearing pursuant to the applicable provisions of the Property Tax Extension
Limitation Law, following the publication and issuance of all required public notices in the form
contemplated by statute; and,
WHEREAS, the Village of Pingree Grove has heretofore complied with all relevant
provisions of all other applicable statutes, ordinances and regulations as required by law;
NOW, THEREFORE, BE IT ORDAINED by the corporate authorities of the Village
of Pingree Grove:
SECTION ONE:
It is found and declared by the Mayor and Board of Trustees of the Village of Pingree Grove,
Kane County, Illinois ("the Village") as follows:
(a) The Mayor and Board of Trustees of the Village adopted Ordinance No. 2005-22
on June 20, 2005 (the "Bond Ordinance") which: (i) provided for the issuance of $23,400,000 of
Special Service Area Number Two Special Tax Bonds, Series 2005-2 (Cambridge Lakes Project)
(the "Bonds"), of the Village of Pingree Grove, for the purpose of paying for the costs of certain
improvements benefitting the Special Service Area Number Two (the "Special Service Area");
and, (ii) provided for the levy of a Special Tax upon all taxable property within the Special
Service Area sufficient to pay the principal of the Bonds for each year at maturity or mandatory
sinking fund redemption dates and to pay interest and Administrative Expenses of the Special
Service Area for each such year. The Bond Ordinance also authorized the Village to abate the
taxes levied pursuant to such Ordinance to the extent the taxes levied exceeded the Special Tax
Requirement (as defined in the Bond Ordinance) as calculated pursuant to the Special Tax Roll
and Report for the Special Service Area (the "Special Tax Roll"). The Village subsequently
refinanced the bonds authorized under the Bond Ordinance, and the Amended Special Tax Roll
contemplated herein is based upon the most current bonds at issue, Special Service Area Number
Two Special Tax Refunding Bonds, Series 2015 and the underlying Series 2005-2 bonds.
(b) Pursuant to the Special Service Area Number 2 2016 Annual Administration
Report prepared by David Taussig & Associates, Inc., ("the Consultant"), which includes as
Exhibit H the Amended Special Tax Roll, the Consultant of the Village has determined that the
Special Tax Requirement for 2016 for the Bonds is $1,511,000.17 and the 2016 Levy for Special
Taxes is 1,511,000.17 (which complies with the Kane County tax billing requirement of
rounding the per parcel special tax up to the nearest even cent on single family property).
SECTION TWO:
Of the $2,088, 707 .00 to be levied for calendar year 2016 pursuant to Section 6 of the Bond
Ordinance, $577,706.83 of such special taxes is hereby abated resulting in a 2016 levy, to be
collected in 2017, for the fiscal year of 2018, in the amount of $1,511,000.17.
SECTION THREE:
It is the duty of the County Clerk of Kane County to extend and abate those taxes as provided in
Section 2 of this Ordinance and in accordance with the Amended Special Tax Roll attached
hereto as Exhibit G.
SECTION FOUR:
That the Village Clerk shall make and file with the County Clerk of said County of Kane, on or
before the last Tuesday in December, a duly certified copy of this ordinance. A copy shall also
be filed with the Recorder of Deeds of Kane County.
SECTION THREE: GENERAL PROVISIONS
REPEALER: All ordinances or portions thereof in conflict with this ordinance are hereby
repealed, amended to be consistent with this requirement, or superseded by this requirement.
SEVERABILITY: Should any provision of this Ordinance be declared invalid by a court of
competent jurisdiction, the remaining provisions will remain in full force and effect the same as
if the invalid provision had not been a part of this Ordinance.
EFFECTIVE DA TE: This Ordinance shall take effect as provided for under Illinois law. The
Village Clerk shall cause this Ordinance to be published in Pamphlet Form.
PASSED AND APPROVE by the President and Board of Trustees of the Village of Pingree
Grov K e Cou y, Illin s, on the 5th day of December, 2016 by roll call vote.
Steve iedmeyer, Presi
of the Village of Pin e Grove
Aye Nay Absent Abstain
President Steve Wiedmeyer
Trustee Bob Spieker
Trustee Brian Paszkiewicz
Trustee Bernie Thomas
Trustee Ray LaMarca
Trustee Charles Pearson
Trustee Nick Campbell
ecernber, 2016.
Steve Wiedrneyer, Presi t of the Board of Trustees
of the Village of Pingree Grove
Dawn Grivetti, Clerk of the Village of Pingree Grove
Truth in Taxation Certificate
I, Steve Wiedmeyer, presiding officer of the Village of Pingree Grove, hereby certify that I am
the presiding officer of the Village of Pingree Grove and as such presiding officer I hereby
certify that the levy ordinance, a copy of which is appended hereto, was adopted pursuant to and
in all respects in compliance with the applicable provisions of the Truth in Taxation Act.
---
Steve Wiedmeyer, Preside of the Board of Trustees
of the Village of Pingree rove
Certificate
I, Dawn Grivetti, certify that I am the Village Clerk of the Village of Pingree Grove, Kane
County, Illinois. I further certify that on December 5, 2016, the Village President and Village
Board of Trustees adopted Ordinance 2016-0-25, Levying and Abating Special Service Area
Taxes for Special Service Area Number Two. I hereby certify that the attached Ordinance is a
true and accurate copy of the ordinance that was duly adopted by the Village of Pingree Grove
Board of Trustees at a meeting which was held on December 5, 2016 at 7:00pm, at which
meeting a quorum was present and acting throughout and that said copy has been compared by
me with the original ordinance which was signed by the Village President on December 5, 2016.
Dated at Pingree Grove, Illinois this 5th day of December, 2016.
In witness whereof, I have hereunto set my hand and affixed the seal of the Village, this 5th day
of December, 2016.
�
Dawn Grivetti, Clerk of the Village of Pingree Grove
Tax Year: 2016 Levy Summary Sheet 09/27/2016 11 :03:08 AM
Kane County
District: 258 • PINGREE GRV SBA 2
Levy Filed On: December 6, 2016
Fund Amount To Be Levied
I
023 - SPECIAL SERVICE AREA $1,511,000.17
District Fund Count: 1 Total Amount To Be Levied: $1 511 000.17
WALTER. TOM
14N042 REINKING RD
PINGREE GROVE, IL 60140
Copyright (Cl 1997-2016 DEVNET Incorporated TEXSME
DAVID
TAUSSIG

&

A ssociates, Inc.

VILLAG E OF

PINGREE GROVE

SPECIAL SERVIC E AREA NO. 2

ANNUAL ADMINISTRATION REPORT

LEVY YEAR 2016

November 28, 2016

Public Finance

Facilities Plan ning

Urban Economics

Newport Beach

Riverside

San Francisco
San Jose
Dallas
V P G
ILLAGE OF INGREE ROVE
S S A N . 2
PECIAL ERVICE REA O

A A R
NNUAL DMINISTRATION EPORT
L Y 2016
EVY EAR

PREPARED FOR

VILLAGE OF PINGREE GROVE
14N042 Reinking Road
Pingree Grove, IL 60140

PREPARED BY

DAVID TAUSSIG & ASSOCIATES, INC.

Corporate Office
5000 Birch Street, Suite 6000
Newport Beach, California 92660

Division Offices
Riverside, California
San Francisco, California
San Jose, California
Dallas, Texas
Table of Contents

Section Page

INTRODUCTION ................................................................................................................................1
AUTHORIZED SPECIAL SERVICES .................................................................................................................................... 1
BONDED INDEBTEDNESS................................................................................................................................................. 1
SPECIAL TAXES .............................................................................................................................................................. 2

I. SPECIAL TAX REQUIREMENT ......................................................................................................3

II. ACCOUNT ACTIVITY SUMMARY .................................................................................................4

III. MAXIMUM, ABATED, AND EXTENDED SPECIAL TAXES ...........................................................7

IV. PRIOR YEAR SPECIAL TAX COLLECTIONS .............................................................................10
LEVY YEAR 2015 SPECIAL TAX RECEIPTS ................................................................................................................... 10
TAX SALES AND FORECLOSURES .................................................................................................................................. 10

V. DEVELOPMENT STATUS ............................................................................................................11
EQUALIZED ASSESSED VALUE ..................................................................................................................................... 11

VI. OUTSTANDING BONDS .............................................................................................................12
BOND REDEMPTIONS FROM SPECIAL TAX PREPAYMENTS ............................................................................................ 12
SPECIAL TAX PREPAYMENTS ........................................................................................................................................ 13

VII. EQUALIZED ASSESSED VALUE AND VALUE TO LIEN RATIO ................................................14

VIII. AD VALOREM PROPERTY TAX RATES ................................................................................15

EXHIBIT A FUNDS AND ACCOUNTS
EXHIBIT B APPLICATION OF SPECIAL TAX
EXHIBIT C APPLICATION OF EARNINGS
EXHIBIT D CURRENT DEBT SERVICE SCHEDULE
EXHIBIT E AERIAL EXHIBIT OF SSA BOUNDARIES
EXHIBIT F SPECIAL TAX ROLL AND REPORT
EXHIBIT G 2016 AMENDED SPECIAL TAX ROLL