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T6-10 Ordinance No. T6-10 AN ORDINANCE ABATING A PORTION OF THE ANNUAL TAX FOR 2009 FOR GENERAL OBLIGATION REFUNDING BONDS_ SERIES 2001B WHEREAS, the City of Elgin will have sufficient funds on hand to pay a portion of the tax levied by Ordinance S5-01, an Ordinance providing for the issuance of S13,715,000 General Obligation Refunding Bonds, Series 2001 B. of the City of Elgin. Kane and Cook Co1111t*es. 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 2009 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$1,555,819 for the year 2009 as provided and levied in the ordinance providing for the issuance of$13,71 5,000 General Obligation Refunding Bonds, Series 2001 B, passed April 25, 2001, a cop), of which was filed xwith each of said county clerks, said tax shall be abated by reducing said sum $1,046,719 and extending a tax for the year 2009 in the amount • of$509,100 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 14, 2010. 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: i\/larch 10, 2010 i Passed: March 10, 2010 Omnibus Vote: Yeas: 7 Nays: 0 Recorded: March 11. 2010 Published: March 12, 2010 a ` Attest: f, Diane Rob rt o, Cit} Clerk