94-301 r • '
Resolution No. 94-301
RESOLUTION
DETERMINING AMOUNTS OF MONEY ESTIMATED TO BE NECESSARY
TO BE RAISED BY TAXATION UPON TAXABLE PROPERTY IN THE
CITY OF ELGIN AND PROVIDING FO NOTICE AND A
PUBLIC HEARING THEREON
WHEREAS, the Truth in Taxation Act, 35 ILCS 215/1,
requires the corporate authorities to determine the amounts of
money estimated to be necessary to be raised by taxation upon
taxable property not less than 20 days prior to the adoption
of the aggregate levy for a year; and
WHEREAS, the Truth in Taxation Act further provides that
an ad valorem property tax which is ore than 105% of the
amount extended upon the final agg egate . levy for the
preceding year, a public hearing shall a held after notice in
the manner required by the Act.
•
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS:
1 . That it hereby finds and determines that the 1993 ad
valorem property tax levy including debt services as extended
was $13, 468, 645 against taxable property in the City of Elgin.
2 . That it hereby finds and deterfnines that the amounts
of money extended estimated to be necessary to be raised by ad
valorem taxation including debt service upon taxable property
in the City of Elgin for the year 1994 i $19 ,942,825 .
3 . That it hereby finds and determines that the amounts
of money estimated to be necessary to be raised by taxation
excluding debt service upon taxable property for the year 1994
is in excess of 105% of the amount of aid valorem property tax
excluding debt service extended for the year 1993 against
taxable property in the City of Elgin.
4 . That a public hearing shall a held on December 7 ,
1994 at 8 : 00 p.m. in the City Counci Chambers, 150 Dexter
Court, Elgin, Illinois concerning the 19 4 property tax levy.
5 . That the City Clerk shall cause publication of a
notice of said public hearing to be Made in a newspaper of
general circulation published in the Coiinties of Cook and Kane
in the manner provided by law.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: November 16, 1994
16, 1994
Adopted: November
P
Vote: Yeas 6 Nays 0
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk