HomeMy WebLinkAboutT9-03 em. Ordinance No. T9-03
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 2002 FOR
GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 1999
WHEREAS, the City of Elgin will have sufficient funds on hand
to pay a portion of the tax levied by Ordinance 54-99, an Ordinance
providing for the issuance of $9, 750, 000 General Obligation
Corporate Purpose Bonds, Series 1999, 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
$1, 109, 634 for the year 2002 as provided and levied in the
ordinance providing for the issuance of $9, 750 , 000 General
Obligation Corporate Purpose Bonds, Series 1999, passed May 12 ,
1999, a copy of which was filed with each of said county clerks;
said tax shall be abated by reducing said sum $418 , 258 and
extending a tax for the year 2002 in the amount of $691, 376 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 :
rh.
Ate,44._
Dolonna M m, City Clerk