HomeMy WebLinkAboutT9-04 e" Ordinance No. T9-04
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 2003 FOR
GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2000
WHEREAS, the City of Elgin will have sufficient funds on hand to pay a portion of the tax
levied by Ordinance S2-00, an Ordinance providing for the issuance of $24,810,000 General
Obligation Corporate Purpose Bonds, Series 2000, 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 the County Clerks of Kane and Cook Counties,are hereby authorized and
directed to abate a portion of the tax of$2,354,845 for the year 2003 as provided and levied in the
ordinance providing for the issuance of$24,810,000 General Obligation Corporate Purpose Bonds,
Series 2000,passed April 26, 2000, a copy of which was filed with each of said county clerks, said
tax shall be abated by reducing said sum $2,223,920 and extending a tax for the year 2003 in the
amount of $130,925 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 20,2004.
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 14, 2004
Passed: April 14, 2004
Omnibus Vote: Yeas: 5 Nays: 0
Recorded: April 15, 2004
Published:
Attest:
Dolonna Mecum, City Clerk