T17-08 Ordinance No. T17-08
AN ORDINANCE
REGARDING ABATING A PORTION OF THE ANNUAL TAX FOR 2007 FOR
REFUNDING AND CORPORATE PURPOSE BONDS
WHEREAS,the City Council has adopted Ordinance Numbers T1-08,T2-08,T3-08,T5-08,
T6-08, T7-08, T8-08, and T13-08 providing for abating a portion of the annual tax for 2007 for
refunding and corporate purpose bonds for the series bonds referred to in such ordinances; and
WHEREAS,depending upon the 2007 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 2007 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 2007 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-08,T2-08,T3-08,T5-08,T6-08,T7-08,T8-08,and T13-08 so as to attempt
to arrive at a 2007 tax rate for the City of Elgin not to exceed $1.9299 per $100 of assessed
valuation. The city's Fiscal Services Director shall make such adjustments,if any,prior to the filing
of a certified copy of Ordinance Numbers TI-08, T2-08, T3-08, T5-08, T6-08, T7-08, T8-08, and
T13-08 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 Ti-08,T2-08,T3-08,T5-08,T6-08,T7-
08, T8-08, and T13-08 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 Sc ock, Mayor
Presented: March 26, 2008
Passed: March 26, 2008
Omnibus Vote: Yeas: 4 Nays: 0
Recorded: March 27, 2008
Published: March 28, 2008
c.t OF 6-4 Ci
Attest:
Diane Robertson, C ty Clerk