06-273 Resolution No. 06-273
RESOLUTION
ESTIMATING AMOUNT NECESSARY TO BE RAISED BY
TAXATION FOR THE YEAR 2006 UPON TAXABLE PROPERTY
IN THE CITY OF ELGIN
WHEREAS, the Truth in Taxation Law at 35 ILCS 200/18-55, et seq.,provides in part that
prior to the adoption of its aggregate levy,hereinafter referred to as"levy",the corporate authority of
each taxing district shall determine the amounts of money, exclusive of any portion of that levy
attributable to costs of conducting an election required by the general election law, hereinafter
referred to as"Election Costs"estimated to be necessary to be raised by taxation for that year upon
the taxable property in its district; and
WHEREAS, the Truth in Taxation Law further provides in part that if the estimate of the
corporate authority is more than 105%of the amount extended or estimated to be extended,plus any
amount abated by the corporate authority prior to extension, upon the final aggregate levy of the
preceding year, exclusive of Election Costs, the corporate authority shall give public notice of and
hold a public hearing of its intent to adopt an aggregate levy in an amount which is more than 105%
of the amount extended or estimated to be extended upon the final aggregate levy extensions,plus
any amount abated, exclusive of Election Costs, for the preceding year.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS:
1. That the city council of the City of Elgin being the corporate authority of the City of
Elgin hereby deteiniines that the amount of money, exclusive of any portion of the 2006 levy
attributable to Election Costs, estimated to be necessary to be raised by taxation for the year 2006
upon the taxable property in the City of Elgin is in the amount of$40,054,000.
2. That the amount estimated to be necessary to be raised by taxation for the year 2006
upon taxable property in the City of Elgin being more than 105%of the amount of the 2005 property
tax levy, a truth in taxation hearing pursuant to 35 ILCS 200/18-70 shall be held by the city council
of the City of Elgin on Wednesday,December 6, 2006, at 7:00 p.m. in the city council chambers at
city hall at 150 Dexter Court, Elgin, Illinois. The city's fiscal services group director shall cause
notice of such public hearing to be published at a time and in form and manner as required by law.
3. That this resolution shall be in full force and effect upon its passage.
s/Ed Schock
Ed Schock, Mayor
Presented: November 8, 2006
Adopted: November 8, 2006
Vote: Yeas: 7 Nays: 0
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk