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Abating the Taxes Heretofore Levied for the Year 2024 to Pay Debt Service on $13,130,000 General Obligation Bonds (Alternate Revenue Source) Series 2020 of the County of Kane, Illinois
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WHEREAS, the County Board of the County of Kane, Illinois (the "County") by Ordinance No. 20-131 adopted on April 14, 2020 (the "Ordinance"), did provide for the issue of $13,130,000 General Obligation Bonds (Alternate Revenue Source), Series 2020 (the "Bonds") and the levy of a direct annual tax sufficient to pay the debt service on the Bonds; and
WHEREAS, the County has sufficient Pledged Revenues on deposit in the Pledged Revenues Subaccount of the Bond Fund established pursuant to the Ordinance for the purpose of paying debt service on the Bonds on June 15, 2025 and on December 15, 2025; and
WHEREAS, it is necessary and in the best interests of the County that the taxes heretofore levied for the year 2024 to pay the debt service on the Bonds be abated.
NOW, THEREFORE, BE IT ORDAINED by the County Board of the County of Kane, Illinois, as follows:
Section 1. Abatement of Tax. The tax heretofore levied for the year 2024 in the Ordinance is hereby abated in its entirety.
Section 2. Filing of the Ordinance. Forthwith upon the adoption of this Ordinance, the County Clerk of the County shall file a certified copy hereof in his office and it shall be the duty of said County Clerk to abate said tax levied for the year 2024 in accordance with provisions here
Section 3. Effective Date. This Ordinance shall be in full force and effect herewith upon its passage and approval, without publication or posting or any further act or requirement
Passed by the Kane County Board on December 10, 2024.
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John A. Cunningham, MBA, JD, JD Corinne M. Pierog MA, MBA
Clerk, County Board Chairman, County Board
Kane County, Illinois Kane County, Illinois
Vote: