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HomeMy WebLinkAboutT5-07 Ordinance No. T5-07 AN ORDINANCE ABATING THE ANNUAL TAX FOR 2006 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 S4-99, 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 2006 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$396,423 for the year 2006 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. 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 11,2007. 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, ayor Presented: March 21, 2007 Passed: March 21, 2007 Vote: Yeas: 7 Nays: 0 Recorded: March 22, 2007 Published: Attest: Dolonna Mecum, City Clerk