HomeMy WebLinkAboutT6-80 Ordinance No. T6-80
tow AN ORDINANCE
ABATING THE ANNUAL TAX FOR 1980 FOR GENERAL OBLIGATION
CORPORATE PURPOSE BONDS, SERIES 1975
WHEREAS, the City of Elgin will have sufficient funds on hand to pay
the tax levied by Ordinance S5-75, An Ordinance Providing for Borrowing
Money and Issuing Bonds of the City of Elgin, Kane and Cook Counties,
Illinois, to the Amount of $3,300,000.00 for Paying the Cost of Constructing
Public Improvements in said City, and Providing for the Levy and Collection
of a Direct Annual Tax for the Payment of the Principal and Interest of
Said Bonds; and
WHEREAS, the levy of the tax for the year 1980 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 $144,400 for the year
1980 as provided and levied in the ordinance providing for the issuance of
$3,300,000 General Obligation Corporate Purpose Bonds, Series 1975, passed
June 11, 1975, 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 December 31, 1980.
Section 3. That this ordinance shall be in full force and effect from
and after its passage in the manner provided by law.
s/ Richard L. Verbic
Richard L. Verbic, Mayor
Presented: December 10, 1980
Passed: December 10 , 1980
Vote: Yeas 7 Nays 0
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk