HomeMy WebLinkAboutT7-99 Ordinance No. T7-99
eft. AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1998 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 1998 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 $3, 050,555 for the year 1998 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 $209, 305
e"' and extending a tax for the year 1998 in the amount of
$2, 841, 250 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 25, 1999 .
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 24, 1999
Passed: March 24 , 1999
Omnibus Vote: Yeas 5 Nays 0
Recorded: March 25, 1999
Published:
Attest:
PV-0.-C.Wa-s-
Dolonna Mecum, City Clerk