T17-86 Ordinance No. T17-86
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1986 FOR
CORPORATE PURPOSE BONDS, SERIES 1 976
WHEREAS, the City of Elgin will have sufficient funds on hand to pay a portion of
the tax levied by Ordinance S4-76, An Ordinance Providing for Borrowing Money and
Issuing Bonds of the City of Elgin, Kane and Cook Counties, Illinois, to the Amount of
$3,075,000 for Paying the Cost of Constructing Public Improvements in said 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 $483,350 for the year 1986 as
provided and levied in the ordinance providing for the issuance of $3,075,000 Corporate
Purpose Bonds, Series 1976, passed April 28, 1976, a copy of which was filed with each of
said county clerks; said tax shall be abated by reducing said sum $362,750 and extending
a tax for the year 1986 in the amount of $120,600 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, 1986
Passed: December 22, 1986
Vote: Yeas 6 Nays 0
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk
December 17, 1986
MEMORANDUM
TO: Mayor and Members of the City Council
FROM: City Manager
SUBJECT: Ordinance Adopting 1987 Budget
PURPOSE: The purpose of this memorandum is to request Council approval of the 1987
budget as amended.
BACKGROUND: The tentative 1987 annual budget was placed on file on November 24,
1986 and a public hearing held on December 10, 1986. Three other public meetings were
held with the last occurring on December 17, 1986.
The amendments to the 1987 budget, as approved at the Committee of the Whole
meeting on December 17th, will be delivered to you in ordinance form as soon as
prepared. Changes may then be discussed at the Committee of the Whole meeting on
rDecember 22nd. The ordinance is also included on your regular council agenda.
RECOMMENDATION: Adoption of the 1987 Budget Ordinance at the City Council
meeting of December 22, 1986.
dity mes J. Coo Manager
JJC/daw
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