HomeMy WebLinkAboutT19-12 • Ordinance No. T19-12
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 2011 FOR
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2010C
WHEREAS, the City of Elgin will have sufficient funds on hand to pay the tax levied by
Ordinance S5-10, An Ordinance Providing for the Issuance of $4,755,000 General Obligation
Refunding Bonds, Series 2010C, 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 2011 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$1,045,775 for the year 2011 as provided and levied in the
ordinance providing for the issuance of$4,755,000 General Obligation Refunding Bonds, Series
2010C,passed October 13, 2010, a copy of which was filed with each of said county clerks,said tax
shall be abated by reducing said sum $713,225 and extending a tax for the year 2011 in the amount
• of$332,550 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, prior to April 1, 2012.
Section 3. That this ordinance shall be in full force and effect from and after its passage
in the manner provided by law.
Ot.GL
David J. Kapt K. M yor
Presented: February 22, 2012
Passed: February 22, 2012
Omnibus Vote: Yeas: 6 Nays: 0
Recorded: February 22, 2012 •
Published: February 24, 2012 auraip�
Attest: \
• Kimberly Dewis, City Clerk ,