HomeMy WebLinkAboutT2-26 Ordinance No. T2-26
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 2025 FOR
GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2016
WHEREAS,the City of Elgin will have sufficient funds on hand to pay a portion of the tax
levied by Ordinance S 1-16, An Ordinance Providing for the Issuance of $24,995,000 General
Obligation Corporate Purpose Bonds, Series 2016, 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 2025 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 a portion of the tax of$2,149,500 for the year 2025 as provided and levied
in the ordinance providing for the issuance of$24,995,000 General Obligation Corporate Purpose
Bonds, Series 2016, passed February 10, 2016,a copy of which was filed with each of said county
clerks, said tax shall be abated by reducing said sum $817,950 and extending a tax for the year
2025 in the amount of$1,331,550 against all taxable property situated in the City of Elgin, Kane
and Cook Counties, Illinois.
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, prior to March 15, 2026.
Section 3. That this ordinance shall be in full force and effect from and after its
passage in the manner provided by law.
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avid J. Ka n, yor
Presented: March 11, 2026
Passed: March 11, 2026
Omnibus Vote: Yeas: 8 Nays: 0
Recorded: March 11, 2026
Published: March 11, 2026
Att
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imberly Dewi , i Clerk