T13-98 Ordinance No. T13-98
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 1997 FOR
GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 1996A
WHEREAS, the City of Elgin will have sufficient funds on
hand to pay a portion of the tax levied by Ordinance S14-96 , An
Ordinance Providing for the Issuance of $21, 640, 000 General
Obligation Corporate Purpose Bonds, Series 1996A, 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, the levy of the tax for the year 1997 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 $1,731, 791 for the year 1997 as provided and
levied in the ordinance providing for the issuance of
$21, 640,000 General Obligation Corporate Purpose Bonds , Series
1996A, passed December 4 , 1996 , a copy of which was filed with
each of said county clerks; said tax shall be abated by
elk reducing said sum $1,286, 170 and extending a tax for the year
1997 in the amount of $445, 621 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 27,
1998 .
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 25, 1998
Adopted: March 25, 1998
Omnibus Vote: Yeas 5 Nays 0
Attest:
tom
Dolonna Mecum, 'City Clerk