HomeMy WebLinkAboutT7-98 Ordinance No. T7-98
few AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1997 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, 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 $4 , 113, 393 for the year 1997 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
$563, 643 and extending a tax for the year 1997 in the amount of
$3,549 , 750 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.
Kevin Kelly, Mayor
Presented: March 25, 1998
Adopted: March 25, 1998
Omnibus Vote: Yeas 5 Nays 0
Attest:
Dolonna Mecum, City Clerk