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Record #: O2018-8062   
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 (Emergency Telephone System), Refunding Series 1999
Sponsors: Emanuel, Rahm
Topic: TAXES/TAX LEVIES - Abatements - 2018
Attachments: 1. O2018-8062.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 of the Chief Financial Officer, I transmit herewith four ordinances abating 2018 Tax Levies.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours,


Mayor

















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CHICAGO December 12, 2018


To the President and Members of the City Council:

Your Committee on Finance having had under consideration a ordinance authorizing the approval of the abatement of 2018 property taxes for the payment of City of Chicago General Obligation Bonds (Emergency Telephone System), Refunding Series 1999.

02018-8062




















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
of members of the committee with


Respectfully submitted

Chairman

Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
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 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 of the City that a portion ofthe amount of taxes levied for the Bonds...

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