HomeMy WebLinkAboutT5-24 Ordinance No. T5-24
AN ORDINANCE
ABATING THE ANNUAL TAX FOR 2023 FOR
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2020A
WHEREAS, the City of Elgin will have sufficient funds on hand to pay the tax levied by
Ordinance S7-19, an Ordinance providing for the issuance of $8,990,000 General Obligation
Refunding Bonds, Series 2020A, of the City of Elgin, Kane and Cook Counties, Illinois, and
providing for the Levy and Collection of a Direct Annual Tax for the payment of the Principal of
and Interest on said Bonds; and
WHEREAS,the levy of the tax for the year 2023 provided in the ordinance is unnecessary.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS:
Section 1. That the County Clerks of Kane and Cook Counties, are hereby authorized
and directed to abate the tax of $1,199,150 for the year 2023 as provided and levied in the
ordinance providing for the issuance of$8,990,000 General Obligation Refunding Bonds, Series
2020A, passed November 20, 2019, a copy of which was filed with each of said county clerks.
Section 2. That the City Clerk is authorized and directed to file a certified copy of this
ordinance with the County Clerks of Kane and Cook Counties, Illinois, on or before March 15,
2024.
Section 3. That this ordinance shall be in full force and effect from and after its passage
in the manner provided by law.
i -
David J. Kaptai , ayo
Presented: March 6, 2024
Passed: March 6, 2024
Omnibus Vote: Yeas: 9 Nays: 0
Recorded: March 6, 2024
Published: March 6, 2024
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Attest: . /`r
imberly Dewis, C er ',. ;. ifr , ,