Record #: O2017-7064   
Type: Ordinance Status: Passed
Intro date: 10/11/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 11/8/2017
Title: Abatement of Year 2017 property tax levy for payment of General Obligation Bonds (City Colleges of Chicago Capital Improvement Project), Series 1999
Sponsors: Emanuel, Rahm
Topic: TAXES/TAX LEVIES - Abatements - 2017
Attachments: 1. O2017-7064.pdf

OFFICE  OF  THE MAYOR

CITY OF CHICAGO

RAHM EMANUEL MAYOR

October 11,2017

 

 

 

 

 

 

 

 

 

 

TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO

 

 

Ladies and Gentlemen:

 

At the request of the Chief Financial Officer, I transmit herewith ordinances authorizing an abatement of the 2017 property tax levies.

 

Your favorable consideration of these ordinances will be appreciated.

Mayor

 

 

Very truly yours,

 

ORDINANCE

 

WHEREAS, on November 30, 1999, the City of Chicago (the "City") issued its General Obligation Bonds (City Colleges of Chicago Capital Improvement Project), Series 1999 (the "Bonds") for the purpose of funding the acquisition, construction, renovation, revitalization and equipping of community college facilities operated by Community College District No. 508, Cook County, Illinois; and

 

WHEREAS, the City provided by ordinance adopted on September 29, 1999, 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 2017 Annual Appropriation Ordinance provided for a reduction in the 2017 tax levy on certain long-term bonds and notes; and

 

WHEREAS, it is now appropriate and in the best interests of the City that a portion of the 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 2017 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 $520,000.

 

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 of this 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.

 

 

 

 

 

 

 

 

 

 

 

 

S:\SHARED\Finance\MONROE\Abatements\Abatement Bonds 2017 19992007CCC Bonds.docx