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Approval of an Ordinance Abating the Tax Heretofore Levied for the Year 2026 to Pay Debt Service on the Taxable General Obligation Refunding Bonds (Alternate Revenue Source), Series 2016B, of the Forest Preserve District of Kane County, Kane County, Illinois.
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WHEREAS, the Board of Commissioners (the “Board”) of the Forest Preserve District of Kane County, Kane County, Illinois (the “District”), by ordinance adopted on the 10th day of November 2015, did provide for the issue of $5,860,000 Taxable General Obligation Refunding Bonds (Alternate Revenue Source), Series 2016B (the “Bonds”), and the levy of a direct annual tax sufficient to pay principal and interest on the Bonds; and
WHEREAS, the District has irrevocably deposited Pledged Revenues or other available funds in the Bond Fund (as each is defined in the Bond Ordinance) sufficient to pay debt service on the Bonds on June 15, 2027 and December 15, 2027; and
WHEREAS, it is necessary and in the best interests of the District that the tax heretofore levied for the year 2026 to pay such debt service on the Bonds be abated.
NOW, THEREFORE, BE IT ORDAINED, by the Board of Commissioners of the Forest Preserve District of Kane County, Kane County, Illinois, as follows:
SECTION 1. Abatement of Tax. The tax heretofore levied for the year 2026 in the Bond Ordinance is hereby abated in its entirety (Actual amount $608,585.00).
SECTION 2. Filing of Ordinance. Forthwith upon the adoption of this ordinance, the Secretary of the Board shall file a certified copy hereof with the County Clerk of Kane County, Kane County, Illinois, and it shall be the duty of said County Clerk to abate said tax levied for the year 2026 in accordance with the provisions hereof.
SECTION 3. Effective Date. This ordinance shall be in full force and effect upon its adoption.
APPROVED AND PASSED on this10th day of November, 2026.
___________________________ ____________________________
Bill Lenert Mohammad Iqbal
President, Kane Forest Preserve Secretary, Kane Forest Preserve
Kane County, Illinois Kane County, Illinois