T15-77 Ordinance No. T15-77
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1977 FOR
CORPORATE PURPOSE BONDS, SERIES 1975
WHEREAS, the City of Elgin will have sufficient funds on hand to pay
a portion of the tax levied by Ordinance S5-75, an ordinance providing
for borrowing money and issuing bonds of the City of Elgin, Kane and Cook
Counties, Illinois, to the amount of$3,300,.000 for paying the cost of con-
structing public improvements in said city, and providing for the levy and
collection of a direct annual tax for the payment of the principal and
interest of said bonds; and
WHEREAS, the total of the levy of the tax for the year 1977 provided
in the ordinance is unnecessary.
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 a portion of the tax of $651,900
for the year 1977 as provided and levied in the ordinance providing for
the issuance of $3,300,000 Corporate Purpose Bonds, Series 1975, passed
June 11, 1975, a copy of which was filed with each of said county clerks;
said tax shall be abated by reducing said sum $109,250 and extending a
tax for the year 1977 in the amount of $542,650 against all taxable
property situated in the City of Elgin, Kane and Cook Counties, Illinois.
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
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