T16-06 ,., Ordinance No. T16-06
AN ORDINANCE
REGARDING ABATING A PORTION OF THE ANNUAL TAX FOR 2005 FOR
REFUNDING AND CORPORATE PURPOSE BONDS
WHEREAS,the City Council has adopted Ordinance Numbers T11-06,T13-06,T14-06 and
T15-06 providing for abating a portion of the annual tax for 2005 for refunding and corporate
purpose bonds for the series bonds referred to in such ordinances; and
WHEREAS,depending upon the 2005 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 2005 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 2005 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 Numbers Ti 1-06,TI3-06,T14-06 and T15-06 so as to attempt to arrive at a 2005 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 Numbers T11-06,T13-06,T 14-06 and T15-06 with the County Clerks of Kane and Cook
Counties, Illinois,whereupon the amount of the abatement and tax levy in Section 1 of Ordinance
Numbers T11-06, T13-06, T 14-06 and T15-06 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 22, 2006
Passed: March 22, 2006
Omnibus Vote: Yeas: 7 Nays: 0
Recorded: March 23, 2006
Published:
Attest:
Dolonna Mecum, City Clerk