T13-08 Ordinance No. T13-08
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 2007 FOR GENERAL OBLIGATION
CORPORATE PURPOSE BONDS, SERIES 2005A
WHEREAS, the City of Elgin will have sufficient funds on hand to pay the tax levied by
Ordinance S3-05, An Ordinance Providing for the Issuance of$11,365,000 General Obligation
Refunding Bonds, Series 2005A, 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 2007 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$582,406 for the year 2007 as provided and levied in the
ordinance providing for the issuance of$11,365,000 General Obligation Refunding Bonds, Series
2005A,passed January 12, 2005, a copy of which was filed with each of said county clerks said tax
shall be abated by reducing said sum$204,056 and extending a tax for the year 2007 in the amount
elk of$378,350 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, prior to April 9, 2008.
Section 3. 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 26, 2008 n r =,C
Passed: March 26, 2008
Omnibus Vote: Yeas: 4 Nays: 0 �� 1
Recorded: March 27, 2008
Published: March 28, 2008 11111'
Attest: �J4r`(' ��
Diane Robertson, City lerk