HomeMy WebLinkAboutT8-92 Ordinance No. T8-92
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1992 FOR
CORPORATE PURPOSE BONDS, SERIES 1990
WHEREAS, the City of Elgin will have sufficient funds on
hand to pay a portion of the tax levied by Ordinance S12-90,
An Ordinance Providing for the Issuance of $7, 720,000 General
Obligation Corporate Purpose Bonds, Series 1990, 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 $762,805 for the year 1992 as provided
and levied in the ordinance providing for the issuance of
$7,720,000 Corporate Purpose Bonds, Series 1990, passed
July 25, 1990, a copy of which was filed with each of said
county clerks; said tax shall be abated by reducing said sum
$556,950 and extending a tax for the year 1992 in the amount
of $205, 855 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.
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GeorgO/VanDeVoorde, 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
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