T5-87 1
Ordinance No. T5-87
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1987 FOR
CORPORATE PURPOSE BONDS, SERIES 1976
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 1987 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 $210,400 for the year 1987 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 $100,000 and extending
a tax for the year 1987 in the amount of $1 10,400 against all taxable property situated in
rt. 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 , 1987.
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 Van De Voorde
George VanDeVoorde, Mayor
Presented: December 9, 1987
Passed: December 9 , 1987
Vote: Yeas 7 Nays p
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk