97-259 Resolution No. 97-259
RESOLUTION
DETERMINING AMOUNTS OF MONEY ESTIMATED TO BE NECESSARY
TO BE RAISED BY TAXATION UPON TAXABL PROPERTY IN THE
CITY OF ELGIN AND PROVIDING FOR OTICE AND A
PUBLIC HEARING THEREO
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 moke than 105% of the
amount extended upon the final aggregate levy for the preceding
year, a public hearing shall be 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 determihes that the 1996 ad
valorem property tax levy excluding debt services as extended
was $14 , 655, 363 against taxable property in the City of Elgin.
2 . That it hereby finds and determines that the amounts
of money extended estimated to be necessa y to be raised by ad
valorem taxation excluding debt service ipon taxable property
in the City of Elgin for the year 1997 is 16 , 195, 000 .
3 . That it hereby finds and determines that the amounts
of money estimated to be necessary to b0 raised by taxation
excluding debt service upon taxable propeirty for the year 1997
Is in excess of 105% of the amount of ad valorem property tax
excluding debt service extended for tfT year 1996 against
taxable property in the City of Elgin.
4 . That a public hearing shall be ileld on November 19 ,
1997 at 8 : 00 p.m. in the City Council Chambers, 150 Dexter
Court, Elgin, Illinois concerning the 1997 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 Counties of Cook and Kane
in the manner provided by law.
s/ Kevirf Kelly
Kevin Ke1ly, Mayor
Presented: November 5, 1997
Adopted : November 5 , 1997
Vote: Yeas 7 Nays 0
Attest :
s/ Dolonna Mecum
Dolonna Mecum, City Clerk