To the President and Members of the City Council:
Your Committee on Finance having had under consideration Ordinance authorizing the approval of the abatement of 2018 property taxes for the payment of City of Chicago General Obligation Bonds, Library Series 2008D.
02018-8061
Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith.
This recommendation was concurred in by (a M\a voce vote")
of members of the committee with dissenting vote(s)7
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 31, 2018
TO THE HONORABLE, THE CI TY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe Chief Financial Officer, I transmit herewith four ordinances abating 2018 Tax Levies.
Your favorable consideration of these ordinances will be appreciated.
Mayor
Very truly yours,
ORDINANCE
WHEREAS, on January 28, 2009, the City of Chicago (the "City") issued its General Obligation Bonds, Library Series 2008D (the "Bonds") for the purpose of paying a portion ofthe cost of constructing, equipping, altering, and repairing various municipal facilities including libraries, capitalized interest on and cost of issuance of the Bonds; and
WHEREAS, the City provided by ordinance adopted on November 5, 2008 for the levy and collection of a direct annual tax sufficient to pay the principal of and interest on the Bonds as and when the same became due and payable, said tax levy ordinance having been filed with the County Clerks of Cook and DuPage Counties; and
WHEREAS, the 2018 Annual Appropriation Ordinance provided for a reduction in the 2018 tax levy on certain long-term bonds and notes; and
WHEREAS, it is now appropriate and in the best interests ofthe City that a portion ofthe amount of taxes levied for the Bonds should be abated; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The County Clerks of Cook and DuPage Counties, Illinois, are hereby authorized and directed to reduce the total amount of 2018 taxes to be extended for the purpose of providing revenue for the payment of principal of and interest on the Bonds by the sum of $99,000.
SECTION 2. The City Clerk is hereby directed to present to and file with the County Clerks of Cook and DuPage Counties, Illinois, a copy ofthis ordinance duly certified by said City Clerk.
SECTION 3. This ordinance shall take effect and be in full force from and after its passage and approval.
Abatement 2018 Library Series 2008DBonds.doc