T5-98 Ordinance No. T5-98
AN ORDINANCE
ABATING THE ANNUAL TAX FOR 1997 FOR
CORPORATE PURPOSE BONDS, SERIES 1991
WHEREAS, the City of Elgin will have sufficient funds on
hand to pay a portion of the tax levied by Ordinance S10-91, An
Ordinance Providing for the Issuance of $11,560, 000 General
Obligation Corporate Purpose Bonds, Series 1991 , 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 the tax
of $829, 675 for the year 1997 as provided and levied in the
ordinance providing for the issuance of $11, 560,000 Corporate
Purpose Bonds, Series 1991 , passed June 26 , 1991, a copy of
which was filed with each of said county clerks .
eft. 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, Ma -
Presented: March 25, 1998
Adopted: March 25, 1998
Omnibus Vote: Yeas 5 Nays 0
Attest:
C"11,--.^4 Dolonna Mecum, C ty Clerk