T14-85 Ordinance No. T 14-85
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1985 FOR
CORPORATE PURPOSE BONDS, SERIES 1983
WHEREAS, the City of Elgin will have sufficient funds on hand to pay a portion of
the tax levied by Ordinance S5-83, An Ordinance Providing for Borrowing Money and
Issuing Bonds of the City of Elgin, Kane and Cook Counties, Illinois, to the Amount of
$2,180,000 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 said Bonds; and
WHEREAS, a portion of the levy of the tax for the year 1985 provided in the ordi-
nance is unnecessary.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS:
Section I. That the County Clerks of Kane and Cook Counties, are hereby
authorized and directed to abate a portion of the tax of $329,912 for the year 1985 as
provided and levied in the ordinance providing for the issuance of $2,180,000 Corporate
Purpose Bonds, Series 1983, passed October 24, 1983, a copy of which was filed with each
of said county clerks; said tax shall be abated by reducing said sum $21,542 and extending
a tax for the year 1985 in the amount of $308,370 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, 1985.
Section 3. That this ordinance shall be in full force and effect from and after its
passage in the manner provided by law.
Richard T,. Verbic
Richard L. Verbic, Mayor
Presented: December 23, 1985
Passed: December 23 , 1985
Vote: Yeas 7 Nays 0
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk
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