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HomeMy WebLinkAboutT3-98 Ordinance No. T3-98 C AN ORDINANCE ABATING ANNUAL TAX FOR 1997 FOR GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 1989A WHEREAS, the City of Elgin will have sufficient funds on hand to pay the tax levied by Ordinance T2-89 , An Ordinance Providing for the Issuance of $2 ,500, 000 General Obligation Bonds, Series 1989A, 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 $147 , 047 for the year 1997 as provided and levied in the ordinance providing for the issuance of $2 ,500, 000 Corporate Purpose Bonds, Series 1989A, passed September 27 , 1989, a copy of which was filed with each of said county clerks . low 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. )-4- eL__ 24 -- Kevin Kelly, Mayo Presented: March 25, 1998 Adopted: March 25, 1998 Omnibus Vote: Yeas 5 Nays 0 Attest: Dolonna Mecum, City Clerk