|
|
Type:
|
Ordinance
|
Status:
|
Passed
|
|
Title:
|
Property tax levy for Year 2018
|
|
Topic:
|
TAXES/TAX LEVIES - Levies - 2018
|
ORDINANCE
WHEREAS, the City of Chicago is a home rule unit of government as defined in Article VII, Section 6 (a) of the Illinois Constitution, and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the City has adopted its annual appropriation ordinance for the year 2018, pursuant to its powers granted by the constitution and laws of the State of Illinois; and
WHEREAS, it is now appropriate and in the best interests of the City of Chicago to enact its tax levy for the year 2018, to become effective as provided herein; and
WHEREAS, it is appropriate that the tax levy for the year 2018 receive expeditious consideration by the City Council; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION I. The sum of One Billion, Four Hundred Forty-Six Million, Three Hundred Sixty-Four Thousand Dollars ($1,446,364,000) ascertained by the City Council as the total amount of appropriations heretofore legally made for all corporate purposes to be provided for by the tax levy of the year 2018, is hereby levied for the year 2018 upon all property within the City of Chicago subject to taxation. The purposes for which appropriations have been made and the amounts appropriated for such purposes, respectively, are hereinafter specified in detail in the manner authorized for the annual appropriation ordinance for the year 2018, annexed to and made a part of this ordinance. The amounts appropriated and levied for each of said purposes, respectively, are set forth below in separate columns.
Appropriations for Expenditures and Amounts Levied for the Fiscal Year Beginning January 1, 2018, and Ending December 31, 2018
Description
Amounts to be levied in 2018 for the payment of bonds, notes and interest on bonds and notes
2005.0902 2005.0912
2005.0960
Bond Redemption and Interest Fund - 0510
For interest on first lien bonds
For payment of bonds
For loss in collection of taxes
$415,957,000 $199,440,000 $16,599,000
$398,399,000 $0
$16,599,000
Specific Purposes - Financial
Total from Bond Redemption and Interest Fund -
0510
Code Description
Library Bond Redemption Fund - 0516
2005.0902 For interest on first lien bonds 2005.0912 For payment of bonds 2005.0960 For loss in collection of taxes
$2,563,000 $1,605,000 $170,000
Amounts Appropriated Amounts Levied
$2,563,000 $1,506,000 $170,000
Specific Purposes - Financial
Total from Library Bond Redemption Fund -0516
Code Description
Library Note Redemption and Interest Fund Tender Notes Series B - 0521
2005.0961 For payment of term notes
2005.0960 For loss in collection of taxes
Amounts Appropriated Amounts Levied
$83,627,000 $3,437,000
Specific Purposes - Financial
Total from Library Note Redemption and Interest Fund Tender Notes Series B - 0521
City Colleges Bond Redemption and Interest Fund- 0549
2005.0902 l;or interest on first lien bonds
2005.0912 For payment of bonds
2005.0960 For loss in collection of taxes
$24,530,000 $10,674,000 $1,428,000
$24,530,000 $9,735,000 $1,428,000
Specific Purposes - Financial
Total from City Colleges Bond Redemption and Interest Fund -0549
:0 ■
Amounts Appropriated Amounts Levied
2005.0976 2005.0976
Municipal Employees' Annuity and Benefit Fund - 0681
For the city's contribution to employees' annuity and benefit fund
For the library's contribution to employees' annuity and benefit fund
Specific Purposes - Financial
Total from Municipal Employees' Annuity and Benefit Fund-0681
Amounts Appropriated Amounts Levied
Description
Laborers' and Retirement Board Employees' Annuity and Benefit Fund - 0682
For the city's contribution to employees' annuity and benefit fund
Specific Purposes - Financial
Total from Laborers' and Retirement Board Employees' Annuity and Benefit Fund- 0682
Amounts Appropriated Amounts Levied
Description
Policemen's Annuity and Benefit Fund - 0683
For the city's contribution to employees' annuity and benefit fund
Specific Purposes - Financial
Total from Policemen's Annuity and Benefit Fund- 0683
Amounts Appropriated Amounts Levied
Description
Firemen's Annuity and Benefit Fund - 0684
For the city's contribution to employees' annuity and benefit fund
Specific Purposes - Financial
Total from Firemen's Annuity and Benefit Fund-0684
SECTION 2. In no event shall the amount levied for any purpose, as set forth in Section 1 hereof, exceed the amount appropriated for such purpose as set forth in the annual appropriation ordinance adopted for the year 2018.
SECTION 3. No later than ten days after its effective date, the City Clerk shall file with the County Clerk of Cook County and the County Clerk of Du Page County certified copies of this ordinance together with copies of the annual appropriation ordinance for the year 2018.
SECTION 4. This ordinance shall be in full force and effect from and after its passage and approval.
CHICAGO November 15.2017
To the President and Members of the City Council:
Your Committee on Finance having had under consideration
An ordinance authorizing the approval of the levy of real estate taxes for the City of Chicago for the year 2018.
02017-7807 Amount of Tax Levy: $1,446,364,000
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 (awva voce vote^)
of members of the committee with dissenting vote(s)T~
Respectfully submitted
7
(signed^ ^
Chairman
OFFICE OF THE MAYOR
CITY OF CHICAGO
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Budget Director, I transmit herewith the Tax Levy for 2018. Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
|