HomeMy WebLinkAboutT10-26 Ordinance No. T10-26
AN ORDINANCE
ABATING THE ANNUAL TAX FOR 2025 FOR
GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2025
WHEREAS, the City of Elgin will have sufficient funds on hand to pay the tax levied by
Ordinance S4-25, An Ordinance Providing for the Issuance of$15,770,000 General Obligation
Corporate Purpose Bonds, Series 2025,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 the tax of $1,593,500 for the year 2025 as provided and levied in the
ordinance providing for the issuance of$15,770,000 General Obligation Corporate Purpose Bonds,
Series 2025,passed April 23, 2025, 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, 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.
David J. Kapta' , May r
Presented: March 11, 2026
Passed: March 11, 2026
Omnibus Vote: Yeas: 8 Nays: 0
Recorded: March 11, 2026
Published: March 11. 2026
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