T1-87 •
•GRDINANGt ko e) Yf-t7
AN OftINANCE Prot :a -' • for 'the issuance of
42,700,000 tenerai. biigatic n: Corporate Purpose
Bonds, Series 1987; of the city- of Elgin, Kane and
Cook Counties, Illinois, and. providing for the levy
and collection of a direct annual. tax' for the pay-
ment of the principal of and interest on said . -
bonds.
WHEREAS, the City of Elgin, Kane - and Cook Counties,
Illinois (the "City" ) has ` a population in excess of 25,000 as
determined by the last officral .census, and pursuant to the pro-
visions of Section 6 of Article VII of the Constitution of the
T
State of Illinois, the City is . a home rule unit and may exercise
any power or perform any function pertaining to its government
and affairs including, but not limited to, the power to tax and
to incur debt; and
WHEREAS, pursuant to the provisions of said Section 6,
the City has the power to incur debt payable from ad valorem
property tax receipts or from any other lawful source and matu-
ring within forty (40) years from the time it is incurred without
prior referendum approval; and
WHEREAS, on the 23rd day of April, 1975, the City
Council of the City did adopt an ordinance determining the
procedures to be followed in the borrowing of money for public
purposes of the City and in evidence of such borrowing the
M s
issuing of full faith and credit bonds of the City • without
referendum approval, such ordinance being entitled: