HomeMy WebLinkAboutT10-98 Ordinance No. T10-98
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AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1997 FOR
GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 1995
WHEREAS, the City of Elgin will have sufficient funds on
hand to pay a portion of the tax levied by Ordinance S5-95, An
Ordinance Providing for the Issuance of $16 ,455, 000 General
Obligation Corporate Purpose Bonds, Series 1995, 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, the levy of the tax for the year 1997 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 $1,287 , 072 for the year 1997 as provided and
levied in the ordinance providing for the issuance of
$16 , 455, 000 General Obligation Corporate Purpose Bonds, Series
1995, passed April 26, 1995, a copy of which was filed with
each of said county clerks; said tax shall be abated by
reducing said sum $862 , 972 and extending a tax for the year
1997 in the amount of $424 , 100 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 March 27 ,
1998 .
Section 3 . That this ordinance shall be in full force and
effect from and after its passage in the manner provided by
law.
A477--
Kevin Kelly, May
Presented: March 25, 1998
Adopted: March 25, 1998
Omnibus Vote: Yeas 5 Nays 0
Attest:
elk
Dolonna Mecum, Cit Clerk