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Record #: O2018-8061   
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, Library Series 2008D
Sponsors: Emanuel, Rahm
Topic: TAXES/TAX LEVIES - Abatements - 2018
Attachments: 1. O2018-8061.pdf
CHICAGO December 12, 2018


To the President and Members of the City Council:


Your Committee on Finance having had under consideration Ordinance authorizing the approval of the abatement of 2018 property taxes for the payment of City of Chicago General Obligation Bonds, Library Series 2008D.

02018-8061


















Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith.

This recommendation was concurred in by (a M\a voce vote")
of members of the committee with dissenting vote(s)7


Respectfully submitted

(signed|1010|
Chairman

Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO


OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 31, 2018










TO THE HONORABLE, THE CI TY 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 January 28, 2009, the City of Chicago (the "City") issued its General Obligation Bonds, Library Series 2008D (the "Bonds") for the purpose of paying a portion ofthe cost of constructing, equipping, altering, and repairing various municipal facilities including libraries, capitalized interest on and cost of issuance of the Bonds; and

WHEREAS, the City provided by ordinance adopted on November 5, 2008 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 po...

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