T14-97 Ordinance No. T14-97
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1996 FOR
GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 1995
WHEREAS, the City of Elgin will have sufficient funds on
hand to pay a portion of the tax levied by Ordinance S9-95, An
Ordinance Providing for the Issuance of $16 ,455, 000 General
Obligation Corporate Purpose Bonds, Series 1995, of the City
of Elgin, Kane and Cook Counties, Illinois, and Providing for
the Levy and Collection of a Direct Annual Tax for the Payment
of the Principal of and Interest on said Bonds; and
WHEREAS, a portion of the levy of the tax for the year
1996 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 a
portion of the tax of $1,233, 767 for the year 1996 as provided
and levied in the ordinance providing for the issuance of
$16 , 455, 000 General Obligation Corporate Purpose Bonds Series
1995, passed April 26 , 1995, a copy of which was filed with
r each of said county clerks; said tax shall be abated by
reducing said sum $859 , 665 and extending a tax for the year
1996 in the amount of $374 , 102 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
March 28, 1997 .
Section 3 . That this ordinance shall be in full force
and effect from and after its passage in the manner provided
by law.
Kevin Kelly, Mayo
Presented: March 26 , 1997
Passed: March 26 , 1997
Omnibus Vote: Yeas 7 Nays 0
Recorded: March 27 , 1997
Published:
Attest:
*Ii IA r� Ii I
Dolonna Mecum, City Clerk