Coversheet

Item:	Ordinance - Tax Abatement - 2016
Department:	Finance/Legal

BACKGROUND

Attached is the 2016 Tax Abatement Ordinance which was discussed at the November 14, 2016, Committee-of-the-Whole meeting.

The Village is abating tax debt service levies in the amount of $281,550 because revenue is available from other sources to pay the debt service. A schedule of the individual bond issues with the amounts levied and abated starts on page 30 of the tax levy ordinance.

RECOMMENDATION

It is recommended that the Village Board approve an Ordinance Abating Taxes Levied for the year 2016 heretofore levied to pay principal and interest on the $2,855,000 general obligation bonds, series 2010.


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ATTACHMENTS:
Description	Type
$2,855,000 General Obligation Bonds	Ordinance