HomeMy WebLinkAbout03-322 Resolution No. 03-322
RESOLUTION
DETERMINING AMOUNTS OF MONEY ESTIMATED TO BE NECESSARY
TO BE RAISED BY TAXATION UPON TAXABLE PROPERTY IN THE
CITY OF ELGIN AND PROVIDING FOR NOTICE AND A
PUBLIC HEARING THEREON
WHEREAS, the Truth in Taxation Law, 35 ILCS 200/18-15, et
seq. , requires the corporate authorities to determine the amounts
of money estimated to be necessary to be raised by taxation upon
taxable property not less than 20 days prior to the adoption of the
aggregate levy for a year; and
WHEREAS, the Truth in Taxation Law further requires taxing
districts to hold a hearing on their intention to adopt an
aggregate levy of more than 105% of the amount of property taxes
extended upon the final aggregate levy of the preceding year.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ELGIN, ILLINOIS :
1 . That it hereby finds and determines that the 2002 ad
valorem property tax levy excluding debt service as extended was
$23 , 977, 554 against taxable property in the City of Elgin.
2 . That it hereby finds and determines that the amounts of
money extended estimated to be necessary to be raised by ad valorem
taxation excluding debt service upon taxable property in the City
of Elgin for the year 2003 is $26, 489, 000 .
3 . That it hereby finds and determines that the amounts of
money estimated to be necessary to be raised by taxation excluding
debt service upon taxable property for the year 2003 is in excess
of 105% of the amount of ad valorem property tax excluding debt
service extended for the year 2002 against taxable property in the
City of Elgin.
4 . That a public hearing shall be held on December 3 , 2003
at 7 : 00 p.m. in the City Council Chambers, 150 Dexter Court, Elgin,
Illinois concerning the 2003 property tax levy.
5 . That the City Clerk shall cause publication of a notice
of said public hearing to be made in a newspaper of general
circulation published in the Counties of Cook and Kane in the
manner provided by law.
s/ Ed Schock
Ed Schock, Mayor
Presented: November 19, 2003
Adopted: November 19, 2003
Omnibus Vote: Yeas : 6 Nays : 0
Attest :
s/ Dolonna Mecum
Dolonna Mecum, City Clerk