T7-04 Ordinance No. T7-04
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 2003 FOR
GENERAL OBLIGATION REFUNDING BONDS, SERIES 1998B
WHEREAS,the City of Elgin will have sufficient funds on hand to pay a portion of the tax
levied by Ordinance S4-98, An Ordinance Providing for the Issuance of $40,775,000 General
Obligation Corporate Refunding Bonds, Series 1998B, 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 2003 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$5,898,088 for the year 2003 as provided and levied in the
ordinance providing for the issuance of$40,775,000 General Obligation Refunding Bonds, Series
1998B, passed April 8, 1998, a copy of which was filed with each of said county clerks; said tax
shall be abated by reducing said sum$2,978,338 and extending a tax for the year 2003 in the amount
of$2,919,750 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 20,2004.
Section 3. That this ordinance shall be in full force and effect from and after its passage in
the manner provided by law.
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Ed Schock, Mayor
Presented: April 14, 2004
Passed: April 14, 2004
Omnibus Vote: Yeas: 5 Nays: 0
Recorded: April 15, 2004
Published:
Attest:
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Dolonna Mecum, City Clerk