99-267 - : . •
resolution No . 99-267
RESOLUTION
DETERMINING AMOUNTS OF MONEY ESTIMATED TO BE NECESSARY
TO BE RAISED BY TAXATION UPON TAXABLE PROPERTY IN THE
CITY OF ELGIN AND PROVIDING FOR 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 rased 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 more than 105% of the
amount extended upon the final aggrFgate levy for the
preceding year, a public hearing shall be held after notice in
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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 1998 ad
valorem property tax levy excluding debt services as extended
was $16, 750 , 488 against taxable property in the City of Elgin.
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2 . That it hereby finds and deterrrines that the amounts
of money extended estimated to be necess ry to be raised by ad
valorem taxation excluding debt service upon taxable property
in the City of Elgin for the year 1999 is $17 , 985 , 000 .
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 prop rty for the year 1999
is in excess of 105% of the amount of ac valorem property tax
excluding debt service extended for t e year 1998 against
taxable property in the City of Elgin.
4 . That a public hearing shall 14 held on November 3 ,
1999 at 7 : 00 p.m. in the City Councii Chambers, 150 Dexter
Court , Elgin, Illinois concerning the 199l9 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 Coupties of Cook and Kane
in the manner provided by law.
s/ Ed Schock
Ed Schodk, Mayor
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Presented: October 13 , 1999
Adopted: October 14 , 1999
Vote : Yeas 7 Nays 0
Attest :
s/ Dolonna Mecum
Dolonna Mecum, City Clerk