City of Momence - 2013 Ordinances and Resolutions - page 76
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OnpwANCE abating the
tax
hereto
levied
for
the
year
2Ol3
,..
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ti-,'
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to
pay the principal
of
and interest
on
$450,000
General "
rl'l:lij'i'Y
Obligation
Bonds (Alternate
Revenue
Source),
Series
2010,
of
the
City of
Momence, Kankakee
County,Illinois.
WnnRees
the
City
Council
(the
"City
Council")
of
the
City
of
Momence,
Kankakee County,
Illinois
(the
"City"),
by
Ordinance
Number696,
adopted
on
the
18th
day
of
October, 2010
(the "Ordinance"),
did provide
for
the
issue
of
$450,000 General
Obligation
Bonds (Alternate
Revenue Source),
Series
2010
(the "Bonds"),
and
the levy
of
a
direct
annual
tax sufficient
to pay
the
prin'cipai
of
and
interest
on the
Bonds;
and
Wuunees
the
Pledged Revenues
(as
defined
in
the
Ordinance)
have
been
determined
by
the
City
Council
to
provide an
amount
not
less
than
1.25
times
debt
.
:.
service
of
all
outstanding
Bonds
(as
defined,iq the
Ordinance)
in
the next
succeeding
bond
year
(December 1
of
the cunent year
and June
1
of
the
following
calendar year);
and
:
WHeRERs
it
is
necesrury
und'
in
th""b"rt
interests
of
the
City
that the
tax
heretofore
levied
for
the
year
2013
to
pay
the
principal
of
and interest
on the Bonds
be
abated;
.:
Now
TneneroRe
Be
It
Ordained Uy
ttre
City
Council
of
the
City
of
Momence,
Kankakee
County,Illinois,
as
follows:
'
Section
L
Abatement
of
Tax.
The tax heretofore
levied for
the
year
2013
in
the
Ordinance is
hereby
abated
in
its entirety.
Section
2.
Filing
of
Ordinance.
Forthwith
upon the adoption
of this
ordinance,
1
the
City
Clerk
shall
file
a
certified copy hereof
with
The County
of
Kankakee,
Illinois,
1...,66,67,68,69,70,71,72,73,74,75
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