T14-14 Ordinance No. T14-14
AN ORDINANCE
ABATING A PORTION OF THE ANNUAL TAX FOR 2013 FOR
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2010C
WHEREAS, the City of Elgin will have sufficient funds on hand to pay a portion of the
tax levied by Ordinance S5-10, An Ordinance Providing for the Issuance of$4,755,000 General
Obligation Refunding Bonds, Series 2010C, 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 2013 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$1,050,125 for the year 2013 as provided and levied
in the ordinance providing for the issuance of$4,755,000 General Obligation Refunding Bonds,
Series 2010C, passed October 13, 2010, a copy of which was filed with each of said county
clerks, said tax shall be abated by reducing said sum $711,380 and extending a tax for the year
2013 in the amount of$338,745 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 March 15, 2014.
Section 3. That this ordinance shall be in full force and effect from and after its
passage in the manner provided by law.
.0./4411/L--
David J. Ka.ain, MC or
Presented: February 26, 2014
Passed: February 26, 2014
Omnibus Vote: Yeas: 8 Nays: 0
Recorded: February 26, 2014
Published: February 27, 2014
Attest:
v� r
Kimberly Dewis, City lerk