T14 -02 F Ordinance No. T14-02
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 2001 FOR
GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2001B
WHEREAS, the City of Elgin will have sufficient funds on
hand to pay a portion of the tax levied by Ordinance S5-01, an
Ordinance providing for the issuance of $13 , 715, 000 General
Obligation Refunding Bonds, Series 2001B, 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 2001 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 $668, 443 for the year 2001 as provided and levied
in the ordinance providing for the issuance of $13 , 715, 000
General Obligation Refunding Bonds, Series 2001B, passed April
25, 2001, a copy of which was filed with each of said county
tow clerks, said tax shall be abated by reducing said sum $439, 493
and extending a tax for the year 2001 in the amount of $228, 950
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, on or before April 15, 2002 .
Section 3 . That this ordinance shall be in full force and
effect from and after its passage in s - m_ - er provided by law.
'JdZ
Ed c , Mayor
Presented: March 27, 2002
Passed: March 27, 2002
Omnibus Vote : Yeas : 5 Nays : 2
Recorded: March 28 , 2002
Published: March 29, 2002
Attest :
va
Do onna Mecum, ity Clerk