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TO: Mayor Robert J. O'Connor
FROM: Brian W. Caputo, Chief Financial Officer/City Treasurer
DATE: November 29, 2016
SUBJECT:
An Ordinance Authorizing and Providing for the Abatement of Special Service Area Tax Levies, 2016 Tax Levy Extension.
PURPOSE:
To obtain the City Council's approval of a proposed ordinance that would serve to partially abate the 2016 SSA property tax levy for 34-series SSAs.
BACKGROUND:
From 1996 through 2000, the City of Aurora established seven SSAs in Kendall and Will Counties, SSAs 34A through 34G. (SSA 34C2 was added in 2001.) Initially, the SSA property taxes generated from these "34-series SSAs" served to provide resources to operate Fire Station #12 until the money generated from the corporate levy was sufficient to cover the station's operating costs. Since 2000 (with the 1999 tax levy), the revenues received from the corporate levy have been sufficient to cover those costs.
Under the enabling SSA ordinances, SSA property taxes from 34-series SSAs are to be used to provide for the construction of elementary schools to serve the children living in those SSAs once the corporate levy upon the SSAs has provided enough revenues to support the operation of Fire Station #12. In 2000, the city issued a series of installment contract certificates (ICCs) to finance the construction of one elementary school for the SSAs. A series of debt certificates was issued in 2002 to assist in financing the construction of a second elementary school. The schools are located in Oswego School District 308 and that school district built the school buildings as the city's agent.
On December 19, 2006, the city issued its Series 2006 Refunding Debt Certificates. These certificates refinanced the Series 2000 ICCs and resulted in a $344,489.77 net present value savings for the property owners in 34-series SSAs.
On September 11, 2012, the city issued its Series 2012D Refunding Debt Certificates. These certificates refinanced the Series 2002...
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