T16-05 ► Ordinance No. T16-05
AN ORDINANCE
REGARDING ABATING A PORTION OF THE ANNUAL TAX FOR 2004 FOR
CORPORATE PURPOSE BONDS
WHEREAS,the City Council has adopted Ordinance Nos. T3-05, T7-05,T8-05,T9-05 and
T10-05 providing for abating a portion of the annual tax for 2004 for corporate purpose bonds for the
series bonds referred to in such ordinances; and
WHEREAS, depending upon the 2004 assessed valuation figures and the state multiplier it
may be necessary to further adjust the amounts of the abatement and resulting tax levy in Section 1
of such ordinances in order to arrive at a 2004 tax rate for the City of Elgin not to exceed$1.9299 per
$100.00 of assessed valuation.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS:
Section 1. That the city's Fiscal Services Director be and is hereby authorized and directed
that upon receipt of 2004 assessed valuation figures and the state multiplier to adjust,to the extent
reasonably practicable, the amount of the abatement and resulting tax levy in the Section 1 of
Ordinance Nos. T3-05,T7-05,T8-05, T9-05 and T10-05 so as to attempt to arrive at a 2004 tax rate
for the City of Elgin not to exceed $1.9299 per $100 of assessed valuation. The city's Fiscal
Services Manager shall make such adjustments, if any, prior to the filing of a certified copy of
Ordinance Nos. T3-05, T7-05,T8-05,T9-05 and T10-05 with the County Clerks of Kane and Cook
Counties, Illinois, whereupon the amount of the abatement and tax levy in Section 1 of Ordinance
Nos. T3-05, T7-05, T8-05, T9-05 and T10-05 shall be deemed final.
Section 2. That this ordinance shall be in full force and effect from and after its passage in
the manner provided by law.
Ed Schock, Mayor
Presented: March 23, 2005
Passed: March 23, 2005
Vote: Yeas: 6 Nays: 0
Recorded: March 24, 2005
Published: March 24, 2005
Attest:
Dolonna Mecum, City Clerk
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