HomeMy WebLinkAboutT11-92 Ordinance No. T11-92
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AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1992 FOR
CORPORATE PURPOSE BONDS, SERIES 1992
WHEREAS, the City of Elgin will have sufficient funds on
hand to pay a portion of the tax levied by Ordinance S4-92 An
Ordinance Providing for the Issuance of $28,410,000 General
Obligation Corporate Purpose Bonds, Series 1992, 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
1992 provided in the ordinance is unnecessary.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS:
Section 1 . That the County Clerks of Kane and Cook
Counties, are hereby authorized and directed to abate a
portion of the tax of $2, 765,876 . 06 for the year 1992 as
provided and levied in the ordinance providing for the
issuance of $28,410,000 Corporate Purpose Bonds, Series
1992, passed June 17 , 1992, a copy of which was filed with
each of said county clerks; said tax shall be abated by
reducing said sum $1, 165,876 . 06 and extending a tax for the
year 1992 in the amount of $1,600,000 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, 1992 .
Section 3 . That this ordinance shall be in full force
and effect from and after its passage in the manner provided
by law.
George 9annDeVoorde, Mayor
Presented: December 16 , 1992
Passed: December 16, 1992
Omnibus Vote: Yeas 7 Nays 0
Recorded: December 17, 1992
Published:
Attest:
Dolonna Mecum, City Clerk