G14-80 Ordinance No. G14-80
AN ORDINANCE
AMENDING ORDINANCE G22-75, ESTABLISHING PROCEDURES
TO BE FOLLOWED BY THE CITY OF ELGIN, KANE AND COOK COUNTIES, ILLINOIS,
IN ISSUING NON-REFERENDUM GENERAL OBLIGATION BONDS
WHEREAS, Section 6(a) of Article VII of the 1970 Constitution of
Illinois provides that "any municipality which has a population of more
than 25,000 is a Home Rule Unit", and the City of Elgin, Kane and Cook
Counties, Illinois, with a population in excess of 25,000 is therefore
a Home Rule Unit and may, under the power granted by Section 6(a) of
Article VII exercise any power and perform any function pertaining to its
government and affairs including, but not limited to, the power to tax
and to incur debt; and
WHEREAS, Sections 6(d) and 6(k) of Article VII of the 1970 Constitu-
tion of Illinois grant constitutional authority for the City of Elgin to
incur debt payable from ad valorem tax receipts maturing within 40 years
from the time it is incurred and without prior referendum approval; and
WHEREAS, the establishment of basic procedures for incurring municipal
debt and issuing bonds payable from ad valorem property tax receipts is
both necessary and desirable to provide clarity in law and direction for
subsequent action.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS:
Section 1. That Section 6 of Ordinance No. G22-75 passed on April 23,
1975, and entitled "An Ordinance Establishing Procedures to be Followed by
the City of Elgin, Kane and Cook Counties, Illinois, in Issuing Non-Referendum
General Obligation Bonds" be and is hereby amended to read as follows:
"Section 6. That the provisions of any Bond Ordinance shall
constitute an appropriation of the amounts required as therein referred
to and described and upon the delivery of the bonds therein authorized,
the proceeds thereof shall be used solely and only for the purposes for
which the bonds were authorized.
Upon the adoption of any Bond Ordinance by the City Council and
its approval by the Mayor, the same shall be published in a newspaper
published and of general circulation in the City, if there be one, and
if there is no such newspaper, then a newspaper published and of general
circulation in the county in which the City or the major portion thereof
is situated and said ordinances shall become effective upon publication."
Section 2. That this ordinance shall be in full force and effect from
and after its passage and approval.
s/ Harry Barnes
Harry Barnes, Mayor Pro Tem
Presented: January 28, 1980
Passed: January 28, 1980
Vote: Yeas 6 Nays 0
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk
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