00-229 tZeso1ution No . 00-229
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 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 more than 105% of the
amount extended upon the final aggregate levy for the
preceding year, a public hearing shall beheld 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 1999 ad
valorem property tax levy excluding debt services as extended
was $17, 868 , 724 against taxable property in the City of Elgin.
2 . That it hereby finds and determines that the amounts
of money extended estimated to be necessary to be raised by ad
valorem taxation excluding debt service Upon taxable property
in the City of Elgin for the year 2000 is $19, 284 , 735 .
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 2000
is in excess of 105% of the amount of ad valorem property tax
excluding debt service extended for the year 1999 against
taxable property in the City of Elgin.
4 . That a public hearing shall be held on November 1,
2000 at 7 : 00 p.m. in the City Council Chambers, 150 Dexter
Court, Elgin, Illinois concerning the 2000 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/ Ed Schock
Ed Schock, Mayor
Presented: October 11, 2000
Adopted: October 11, 2000
Vote : Yeas 5 Nays 0
Attest :
s/ Dolonna Mecum
Dolonna Mecum, City Clerk