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 June 24, 2004, the City of Chicago (the "City") issued its Taxable General Obligation Bonds (Emergency Telephone System), Series 2004 (the "Bonds") for the purpose of financing certain costs for capital improvements and working capital related to public safety; and
WHEREAS, the City provided by ordinance adopted on May 26, 2004, 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 $5,899,407.
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\2017 2004 911 Bonds.doc