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HomeMy WebLinkAboutT8-82 Ordinance No. T8-82 AN ORDINANCE PROVIDING FOR PAYMENT OF DEFICIENCY IN THE CERTIFICATE OF FINAL COST AND COMPLETION OF CITY OF ELGIN SPECIAL ASSESSMENT NO. 77 TX 2747 BY ASSESSMENT FOR PUBLIC BENEFIT WHEREAS, the City of Elgin has passed an ordinance for the making of a local improvement, which is designated as City of Elgin Special Assessment No. 77 TX 2747; and WHEREAS, the Circuit Court of Kane County has confirmed said special assessment; and WHEREAS, the improvement has been completed by the contractors, Valley Engineering, Gluth Bros. & Wayne Zimmerman, a joint venture, and accepted by the Board of Local Improvements of the City of Elgin; and WHEREAS, the Board has approved the Certificate of Final Cost and Completion, which reflects a deficiency in the amount of $1,296,766.68; and WHEREAS, there will be a deficiency in the amount of assessment required to pay the cost of the work, cost of engineering and inspection, cost of levying, making and collecting the assessment, and the amount estimated to pay accruing interest on bonds and vouchers in the sum of $1,296,766.68, and the deficiency will benefit the public in said sum in addition to the public benefit previously assessed. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS: Section 1. That the City of Elgin, Kane County, Illinois, pay the deficiency of $1,296,766.68 in City of Elgin Special Assessment No. 77 TX 2747 and the same be assessed againt the City as public benefit in the sum of $1,296,766.68, payable out of the second to tenth install- ments inclusive, in addition to the amount already confirmed against the City for public benefit. Section 2. That this ordinance shall be in full force and effect from and after its passage and approval in the manner provided by law. s/ Richard L. Verbic Richard L. Verbic, Mayor Presented: November 23, 1982 Passed: November 23, 1982 Vote: Yeas 5 Nays 0 Recorded: Published: rAttest: s/ Marie Yearman Marie Yearman, City Clerk