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Record #: O2014-8919   
Type: Ordinance Status: Passed
Intro date: 11/5/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 11/12/2014
Title: Abatement of Year 2014 property tax levy for payment of General Obligation Bonds (Emergency Telephone System), Refunding Series 1993
Sponsors: Emanuel, Rahm
Topic: TAXES/TAX LEVIES - Abatements - 2014
Attachments: 1. O2014-8919.pdf
 
 
 
 
 
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
 
November 5, 2014
 
 
 
 
 
 
 
 
 
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
 
 
Ladies and Gentlemen:
 
At the request of the City Comptroller, I transmit herewith ordinances authorizing an abatement of 2014 property tax levies.
 
Your favorable consideration of these ordinances will be appreciated.
 
Mayor
 
Very truly yours,
 
ORDINANCE
 
WHEREAS, on April 22, 1999, the City of Chicago (the "City") issued its General Obligation Bonds (Emergency Telephone System), Refunding Series 1999 (the "Bonds") for the purpose of refunding all or a portion of the City's General Obligation Bonds (Emergency Telephone System), Series1993; and
 
WHEREAS, the City provided by ordinance adopted on November 18, 1998, 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 2014 Annual Appropriation Ordinance provided for a reduction in the 2014 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 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 2014 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 $16,426,475.
 
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.