T5 -02 Ordinance No. T5-02
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 2001 FOR
GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 1996
WHEREAS, the City of Elgin will have sufficient funds on
hand to pay a portion of the tax levied by Ordinance S4-96, An
Ordinance Providing for the Issuance of $13 , 990 , 000 General
Obligation Corporate Purpose Bonds, Series 1996 , 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 $700, 536 for the year 2001 as provided and levied
in the ordinance providing for the issuance of $13 , 990, 000
General Obligation Corporate Purpose Bonds, Series 1996, passed
March 27, 1996, a copy of which was filed with each of said
emik county clerks; said tax shall be abated by reducing said sum
$471, 154 and extending a tax for the year 2001 in the amount of
$229, 382 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 the m. -ne pro ided by law.
`
d Schock, Mayor
Presented: March 27, 2002
Passed: March 27, 2002
Omnibus Vote : Yeas : 5 Nays : 2
Recorded: March 28, 2002
Published: March 29, 2002
Attest :
rm.
Dolonna Mecum, City Clerk