T7-90 tow Ordinance No. T7-90
AN ORDINANCE
ABATING THE ANNUAL TAX FOR 1990 FOR GENERAL OBLIGATION
CORPORATE PURPOSE BONDS, SERIES 1982
WHEREAS, the City of Elgin will have sufficient funds on
hand to pay 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, the levy of the tax for the year 1990 provided
in the ordinance is unnecessary.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS:
Section 1 . That the County Clerks of Kane and Cook
Counties, are hereby authorized and directed to abate the tax
of $540,000 for the year 1990 as provided and levied in the
ordinance providing for the issuance of $2,950,000 General
rft Obligation Corporate Purpose Bonds, Series 1982, passed
August 12, 1982, a copy of which was filed with each of said
county clerks .
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, 1990.
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
Presented: December 12, 1990
Adopted: December 12, 1990
Vote: Yeas 7 Nays 0
Recorded:
Attest:
rft. s/ Dolonna Mecum
Dolonna Mecum, City Clerk