T12-86 /• Ordinance No. T12-86
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1986 FOR
CORPORATE PURPOSE BONDS, SERIES 1984
WHEREAS, the City of Elgin will have sufficient funds on hand to pay a portion of
the tax levied by Ordinance T4-84, An Ordinance Providing for Borrowing Money and
Issuing Bonds of the City of Elgin, Kane and Cook Counties, Illinois, to the Amount of
$1,925,000 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 1986 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 $414,288 for the year 1986 as
provided and levied in the ordinance providing for the issuance of $1,925,000 Corporate
Purpose Bonds, Series 1984, passed August 27, 1984, a copy of which was filed with each
of said county clerks; said tax shall be abated by reducing said sum $170,030 and
extending a tax for the year 1986 in the amount of $244,258 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, 1 986.
Section 3. That this ordinance shall be in full force and effect from and after its
passage in the manner provided by law.
s/ George VanDeVoorde
George VanDeVoorde, Mayor Pro Tern
Presented: December 22, 1986
Passed: December 22, 1986
Vote: Yeas 6 Nays 0
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk