T6-11 Ordinance No. T6-11
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 2010 FOR
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2003
WHEREAS,the City of Elgin will have sufficient funds on hand to pay a portion of the tax
levied by Ordinance S1-03, an Ordinance providing for the issuance of $15,625,000 General
Obligation Refunding Bonds, Series 2003, 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 2010 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$2,132,063 for the year 2010 as provided and levied in the
ordinance providing for the issuance of$15,625,000 General Obligation Refunding Bonds, Series
2003, passed January 22, 2003, a copy of which was filed with each of said county clerks; said tax
shall be abated by reducing said sum$1,740,057 and extending a tax for the year 2010 in the amount
r of$392,006 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 15,2011.
Section 3. That this ordinance shall be in full force and effect from and after its passage in
the manner provided by law.
rime/
d Schock, Mayor
Presented: February 23, 2011
Passed: February 23, 2011
Omnibus Vote: Yeas: 7 Nays: 0
Recorded: February 23, 2011
Published: February 25, 2011
Attest:
rDiane Robertson, City C rk