T19-84 Ordinance No. TI9-84
AN ORDINANCE
ABATING THE ANNUAL TAX FOR 1984 FOR GENERAL OBLIGATION
PARKING BONDS, SERIES 1980A
WHEREAS, the City of Elgin will have sufficient funds on hand to pay the tax
levied by Ordinance 512-80, An Ordinance Providing for Borrowiong Money and Issuing
Bonds of the City of Elgin, Kane and Cook Counties, Illinois, to the Amount of $2,600,000
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 the total of the levy of the tax for the year 1984 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 $299,625 for the year 1984 as
provided and levied in the ordinance providing for the issuance of $2,600,000 General
Obligation Parking Bonds, Series I980A, passed October 22, 1980, a copy of which was
filed with each of said county clerks; said tax shall be abated by reducing said sum
$124,625 and extending a tax for the year 1984 in the amount of $175,000 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, 1984.
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 20, 1984
Passed: December 20, 1984
Vote: Yeas 6 Nays 1
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk
r