HomeMy WebLinkAboutT18-04 Ordinance No. T18-04
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 2003 FOR
GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2002
WHEREAS, the City of Elgin will have sufficient funds on hand to pay a portion of the tax
levied by Ordinance S10-02, an Ordinance providing for the issuance of $8,775,000 General
Obligation Corporate Purpose Bonds, Series 2002, 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 2003 provided in the ordinance is unnecessary.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS:
Section 1. That Ordinance No. T12-04 entitled An Ordinance Abating a Portion of the
Annual Tax for 2003 for General Obligation Corporate Purpose Bonds,Series 2002 passed April 14,
2004 be and is hereby repealed.
Section 2. That the County Clerks of Kane and Cook Counties,are hereby authorized and
directed to abate a portion of the tax of$721,244 for the year 2003 as provided and levied in the
ordinance providing for the issuance of$8,775,000 General Obligation Corporate Purpose Bonds,
Series 2002, passed April 24, 2002, a copy of which was filed with each of said county clerks, said
tax shall be abated by reducing said sum $213,638 and extending a tax for the year 2003 in the
amount of $507,606 against all taxable property situated in the City of Elgin, Kane and Cook
Counties, Illinois.
Section 3. 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 29,2004.
Section 4. 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 28, 2004
Passed: April 28, 2004
Omnibus Vote: Yeas: 6 Nays: 0
Recorded: April 29, 2004
Published: April 29, 2004
rk Attest:
Dolonna Mecum, City Clerk