T11-83 Ordinance No. T11-83
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1983 FOR GENERAL OBLIGATION
CORPORATE SERIES BONDS, SERIES 1982
WHEREAS, the City of Elgin will have sufficient funds on hand to pay
a portion of the tax levied by Ordinance T5-82, An Ordinance Providing for
Borrowing Money and Issuing Bonds of the City of Elgin, Kane and Cook
Counties, Illinois, to the Amount of $2,950,000 for Paying the Cost of
Constructing Public Improvements in the City, and Providing for the Levy
and Collection of a Direct Annual Tax for the Payment of the Principal and
Interest of the Bonds; and
WHEREAS, the total of the levy of the tax for the year 1983 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 $438,625
for the year 1983 as provided and levied in the ordinance providing for
the issuance of $2,950,000 General Obligation Corporate Series Bonds,
Series 1982, passed August 12, 1982, a copy of which was filed with each
of said county clerks; said tax shall be abated by reducing said sum
$90,430 and extending a tax for the year 1983 in the amount of $348,195
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, 1983.
Section 3. That this ordinance shall be in full force and effect
from and after its passage in the manner provided by law.
sl Richard L. Verbic
Richard L. Verbic, Mayor
Presented: December 19 1983
Passed: December 19, 1983
Vote: Yeas 6 Nays 0
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk