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An Ordinance Abating a Portion of the Taxes Heretofore Levied for the Year 2025 to Pay Debt Service on the General Obligation Limited Tax Bonds, Series 2025, of the Forest Preserve District of Kane County, Illinois.
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WHEREAS, the Board of Commissioners (the "Board") of the Forest Preserve District of Kane County, Illinois (the "District"), by an ordinance adopted on the 8th day of July, 2025 (as supplemented by a notification of sale, the "Bond Ordinance"), did provide for the issue of General Obligation Limited Tax Bonds, Series 2025 (the "Bonds"), and for the levy of a direct annual tax to pay the principal of and interest on the Bonds (the "Taxes"); and
WHEREAS, on the 31st day of July, 2025, a duly certified copy of the Bond Ordinance was filed in the office of the County Clerk of Kane County, Illinois (the "County Clerk"); and
WHEREAS, the Bonds were issued on August 5, 2025 (the "Closing Date"); and
WHEREAS, the aggregate debt service due on the Bonds on June 15, 2026, and December 15, 2026 (the "Levy Year 2025 Debt Service"), which debt service will be paid from Taxes levied for levy year 2025, is $3,194,527.78; and
WHEREAS, on the Closing Date, sale proceeds of the Bonds in the amount of $120,000.00 (the "Capitalized Interest Bond Proceeds") were deposited into the Bond Fund (as hereinafter defined) to pay a portion of the Levy Year 2025 Debt Service (the Levy Year 2025 Debt Service, reduced by the Capitalized Interest Bond Proceeds, being equal to $3,074,527.78 and referred to herein as "Net Debt Service"); and
WHEREAS, the Board has determined and does hereby determine that the District has additional funds on hand and lawfully available in the amount of $1,300,000.00 (the "Available Funds") to pay a portion of the Net Debt Service; and
WHEREAS, the Board has further determined and does hereby further determine that it is necessary and in the best interests ...
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