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Abating the Taxes Heretofore Levied for the Year 2024 to Pay Debt Service on $7,670,000 General Obligation Alternate Bonds (Riverboat Revenue Alternate Revenue Source) Series 2010 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.10-373 adopted on December 14, 2010 (the "Ordinance"), did provide for the issue of $7,670,000 General Obligation Alternate Bonds (Riverboat Revenue Alternate Revenue Source), Series 2010 (the"Bonds") and the levy of a direct annual tax sufficient to pay the debt service on the Bonds; and
WHEREAS, the County Treasurer has determined that the Pledged Revenues ( as defined in the Ordinance) for the calendar year 2024 provide an amount equal to 1.25 times the debt service on the 2010 Bonds up to and including December 15, 2025, pursuant to the Ordinance; and
WHEREAS, the County has sufficient Pledged Revenues on deposit in the Pledged Revenues Subaccount of the Principal and Interest Account established pursuant to the 2010 Ordinance for the purpose of paying debt service on the 2010 Bonds up to and including 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 it...
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