HomeMy WebLinkAboutT7-03 Ordinance No. T7-03
AN ORDINANCE
ABATING THE ANNUAL TAX FOR 2002 FOR GENERAL OBLIGATION
CORPORATE PURPOSE BONDS, SERIES 1998A
WHEREAS, the City of Elgin will have sufficient funds on hand
to pay the tax levied by Ordinance S3-98, An Ordinance Providing
for the Issuance of $7 , 650, 000 General Obligation Bonds, Series
1998A, 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 the tax of $575, 704 for
the year 2002 as provided and levied in the ordinance providing for
the issuance of $7, 650, 000 Corporate Purpose Bonds, Series 1998A,
passed April 8 , 1998, a copy of which was filed with each of said
county clerks .
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 Schoc , Mayor
Presented: April 2 , 2003
Passed: April 2 , 2003
Omnibus Vote : Yeas : 5 Nays : 0
Recorded: April 3 , 2003
Published: April 3 , 2003
Attest :
Dolonna Mecum, City Clerk
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