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 effec...
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