HomeMy WebLinkAbout93-14 Resolution No. 93-14
RESOLUTION
TRANSFERRING SURPLUS FUNDS INTO TAX REIMBURSEMENT ACCOUNT
WHEREAS, the City of Elgin has hereafter established
Special Service Area Number 4 and issued ad valorem tax bonds
and levied a tax in the sum of $1,500, 000 and levied a tax for
payment thereof for the purpose of providing certain public
improvements; and
WHEREAS, said public improvements have been constructed
and said bonds have been paid in full; and
WHEREAS, special services has on hand surplus funds from
the collection of taxes for said purposes .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS that surplus funds received for
Special Service Area Number Four be transferred into a tax
reimbursement account to be established by the city treasurer.
BE IT FURTHER RESOLED that the city treasurer, upon
further direction by the corporate authorities, shall disburse
amounts held in the tax reimbursement account to all owners of
taxable homestead real property within Special Service Area
Number Four in the manner prescribed by the Local Tax
Reimbursement Act ( Ill . Rev. Stat. , 1991, ch. 85, par. 751-1,
et seq. ) .
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: January 27 , 1993
Adopted: January 27 , 1993
Omnibus Vote: Yeas 6 Nays 0
Recorded:
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk