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Record #: O2018-8060   
Type: Ordinance Status: Passed
Intro date: 10/31/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 12/12/2018
Title: Abatement of Year 2018 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 - 2018
Attachments: 1. O2018-8060.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 31, 2018










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


Ladies and Gentlemen:

At the request ofthe Chief Financial Officer, I transmit herewith four ordinances abating 2018 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 2018 Annual Appropriation Ordinance provided for a reduction in the 2018 tax levy on certain long-term bonds and notes; and

WHEREAS, it is now appropriate and in the best interests ofthe 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 2018 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 $939,000.

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 ofthis ordinance duly certified by said City Clerk.

SECTION 3. This ordinance shall take effect and be in full force from an...

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