T6-89 Ordinance No. T6-89
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1 989 FOR GENERAL OBLIGATION
PARKING BONDS, SERIES 1980A
WHEREAS, the City of Elgin will have sufficient funds on hand to pay a portion of
the tax levied by Ordinance SI2-80, An Ordinance Providing for Borrowing Money and
Issuing Bonds of the City of Elgin, Kane and Cook Counties, Illinois, to the Amount of
$2,600,000 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 1989 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 $299,375 for the year 1989 as
provided and levied in the ordinance providing for the issuance of $2,600,000 General
Obligation Parking Bonds, Series 1980A, passed October 22, 1980, a copy of which was
filed with each of said county clerks; said tax shall be abated by reducing said sum
$50,000 and extending a tax for the year 1989 in the amount of $249,375 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, 1989.
Section 3. That this ordinance shall be in full force and effect from and after its
passage in the manner provided by law.
5/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: December 19, 1989
Passed: December 19, 1989
Vote: Yeas 7 Nays 0
Recorded:
Published:
Attest:
s/ Nancy Roll
Nancy Roll, Deputy Clerk