HomeMy WebLinkAboutT1-98 Ordinance No. T1-98
fow AN ORDINANCE
ABATING THE ANNUAL TAX FOR 1997 FOR GENERAL OBLIGATION
REFUNDING BONDS, SERIES 1986
WHEREAS, the City of Elgin will have sufficient funds on
hand to pay the tax levied by Ordinance T1-86 , An Ordinance
Providing for the Issuance of $2, 150,000 General Obligation
Corporate Purpose Bonds, Series 1986 , 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 the tax
of $267 , 750 for the year 1997 as provided and levied in the
ordinance providing for the issuance of $2, 150, 000 General
Obligation Refunding Bonds, Series 1986, passed May 12 , 1986 , a
copy of which was filed with each of said county clerks .
e'` 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.
Kevin Kelly, Ma r
Presented: March 25, 1998
Adopted: March 25, 1998
Omnibus Vote: Yeas 5 Nays 0
Attest:
C)C4-14-"-C
Dolonna Mecum, City Clerk