HomeMy WebLinkAboutT5-88 Ordinance No. T5-88
AN ORDINANCE
ABATING THE ANNUAL TAX FOR 1988 FOR GENERAL OBLIGATION
CORPORATE PURPOSE BONDS, SERIES 1982
WHEREAS, the City of Elgin will have sufficient funds on hand to pay the tax
levied by Ordinance T5-82, An Ordinance Providing for Borrowing Money and Issuing
Bonds of the City of Elgin, Kane and Cook Counties, Illinois, to the Amount of $2,950,000
for Paying the Cost of Constructing Public Improvements in the City, and Providing for
the Levy and Collection of a Direct Annual Tax for the Payment of the Principal and
Interest of the Bonds; and
WHEREAS, the levy of the tax for the year 1988 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 $517,125 for the year 1988 as provided and
levied in the ordinance providing for the issuance of $2,950,000 General Obligation
Corporate Series Bonds, Series 1982, passed August 12, 1982, a copy of which was filed
with each of said county clerks.
F 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, 1988.
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
Presented: December 14, 1988
Passed: December 14, 1988
Vote: Yeas 7 Nays 0
Recorded:
Published:
Attest:
5/ Marie Yearman
Marie Yearman, City Clerk
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