HomeMy WebLinkAboutT15-86 Ordinance No. TI5-86
AN ORDINANCE
ABATING THE ANNUAL TAX FOR 1986 GENERAL OBLIGATION
WATER BONDS, SERIES 1980
WHEREAS, the City of Elgin will have sufficient funds on hand to pay the tax
levied by Ordinance SI-80, An Ordinance Providing for Borrowing Money and Issuing
Bonds of the City of Elgin, Kane and Cook Counties, Illinois, to the Amount of
$18,900,000 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 1986 provided in the ordinance is
unnecessary.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS:
Section I. That the County Clerks of Kane and Cook Counties, are hereby
authorized and directed to abate the tax of $1,658,500 for the yearl986 as provided and
levied in the ordinance providing for the issuance of $18,900,000 General Obligation
Water Bonds, Series I980, passed January 28, 1980, a copy of which was filed with each
of said county clerks.
r 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, 1986.
Section 3.That this ordinance shall be in full force and effect from and after its
passage in the manner provided by law.
s/ George VanDeVoorde
George VanDeVoorde, Mayor Pro Tern
Presented: December 22, 1986
Passed: December 22, 1986
Vote: Yeas 6 Nays 0
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk
r