T14-86 Ordinance No. T14-86
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1 986 FOR GENERAL OBLIGATION
CORPORATE PURPOSE 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, a portion of the levy of the tax for the year 1986 provided in the
ordinance 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 $528,875 for the year 1986 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
$115,430 and extending a tax for the year 1986 in the amount of $413,445 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, 1986.
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, 1 986
Passed: December 22, 1986
Vote: Yeas 6 Nays 0
Recorded:
Published:
Attest:
s/ Marie Year man
Marie Yearman, City Clerk
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