T9-97 Ordinance No. T9-97
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1996 FOR
GENERAL OBLIGATION REFUNDING BONDS, SERIES 1991A
WHEREAS, the City of Elgin will have sufficient funds on
hand to pay a portion of the tax levied by Ordinance S13-91,
An Ordinance Providing for the Issuance of $5, 920, 000 General
Obligation Refunding Bonds, Series 1991A, 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 $692 ,598 for the year 1996 as provided
and levied in the ordinance providing for the issuance of
$5, 920, 000 General Obligation Refunding Bonds Series 1991A,
passed August 14 , 1991, a copy of which was filed with each of
said county clerks; said tax shall be abated by reducing said
sum $540, 330 and extending a tax for the year 1996 in the
amount of $152 ,268 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, Mayor
Presented: March 26, 1997
Passed: March 26 , 1997
Omnibus Vote: Yeas 7 Nays 0
Recorded: March 27 , 1997
Published:
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Attest:
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Dolonna Mecum, City Clerk