T14-77 Ordinance No TI4-77
AN ORDINANCE
ABATING THE ANNUAL TAX FOR 1977 FOR
STREET IMPROVEMENT BONDS
WHEREAS, the City of Elgin will have sufficient funds on hand to pay
the tax levied by Ordinance T-1277, an ordinance providing for borrowing
money and issuing bonds of the City of Elgin, Kane and Cook Counties,
Illinois, in the amount of $2,000,000.00 for the purpose of paying the cost
of constructing improvements upon certain of the streets and intersections
within said city, including widening, repairing and resurfacing, and pro-
viding for the levy and collection of a direct annual tax for the payment
of the principal and interest of said bonds.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS:
Section 1. That the County Clerks of Kane and Cook Counties, are
hereby authorized and directed to abate the tax of $147,940 for the year
1977 as provided and levied in the ordinance providing for the issuance
of $2,000,000 Street Improvement Bonds, passed December 13, 1967, a copy
of which was filed with each of said county clerks.
Section 2. That the City Clerk is authorized and directed to file a
certified copy of this ordinance with the County Clerks of Kane and Cook
Counties, Illinois, prior to December 31, 1977.
Section 3. That this ordinance shall be in full force and effect from
and after its passage in the manner provided by law.
s/ Richard L. Verbic
Richard L. Verbic, Mayor
Presented: December 28, 1977
Passed: December 28, 1977
Vote: Yeas 7 Nays 0
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk