HomeMy WebLinkAboutT4-87 r"* Ordinance No. T4-87
AN ORDINANCE
ABATING THE ANNUAL TAX FOR 1987 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 EI'gin, Kane and Cook Counties, Illinois, to the Amount of $3,300,000
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 1987 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 $105,700 for the year 1987 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, 1987.
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 Van De Voorde
George VanDeVoorde, Mayor
Presented: December 9, 1987
Passed: December 9 , 1987
Vote: Yeas 7 Nays 0
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk