HomeMy WebLinkAboutT11-03 E Ordinance No. T11-03
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 2002 FOR
GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2001A
WHEREAS, the City of Elgin will have sufficient funds on hand
to pay a portion of the tax levied by Ordinance S4-01, an Ordinance
providing for the issuance of $5, 525, 000 General Obligation
Refunding Bonds, Series 2001A, 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 2002 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
$715, 206 for the year 2002 as provided and levied in the ordinance
providing for the issuance of $5, 525, 000 General Obligation
Refunding Bonds, Series 2001A, passed April 25 , 2001, a copy of
which was filed with each of said county clerks; said tax shall be
abated by reducing said sum $500, 061 and extending a tax for the
year 2002 in the amount of $215, 145 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, on or before April 15, 2003 .
Section 3 . That this ordinance shall be in full force and
effect from and after its passage in the manner provided by law.
Ed Schock, Mayor
Presented: April 2 , 2003
Passed: April 2 , 2003
Omnibus Vote : Yeas : 5 Nays : 0
Recorded: April 3 , 2003
Published: April 3 , 2003
Attest :
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Dolonna Mecum, City Clerk