HomeMy WebLinkAboutT9-88 Ordinance No. T9-88
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1 988 FOR
CORPORATE PURPOSE BONDS, SERIES 1 988
WHEREAS, the City of Elgin will have sufficient funds on hand to pay a portion of
the tax levied by Ordinance S5-88, An Ordinance Providing for the Issuance of $4,950,000
General Obligation Corporate Purpose Bonds, Series 1988, of the City of Elgin, Kane and
Cook Counties, Illinois, and Providing for the Levy and Collection of a Direct Annual Tax
for the Payment of the Principal of and Interest on said Bonds; and
WHEREAS, a portion of the levy of the tax for the year 1988 provided in the ordi-
nance 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 a portion of the tax of $694,700 for the year 1988 as
provided and levied in the ordinance providing for the issuance of $4,950,000 Corporate
Purpose Bonds, Series 1988, passed June 8, 1988, a copy of which was filed with each of
said county clerks; said tax shall be abated by reducing said sum $210,262 and extending
a tax for the year 1988 in the amount of $484,438 against all taxable property situated in
the City of Elgin, Kane and Cook Counties, Illinois.
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:
s/ Marie Yearman
Marie Yearman, City Clerk