A
NNUAL
A
BATEMENT
O
RDINANCE
O
RDINANCE
N
O
. 786
O
RDINANCE
abating the tax hereto levied for the year 2014
to pay the principal of and interest on $450,000 General
ObligationBonds (AlternateRevenue Source), Series 2010,
of theCityofMomence, KankakeeCounty, Illinois.
W
HEREAS
the City Council (the
“City Council”
) of the City of Momence,
Kankakee County, Illinois (the
“City”
), byOrdinance Number 696, 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 principal of and interest on theBonds; and
W
HEREAS
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 in the Ordinance) in the next succeeding
bond year (December 1 of the current year and June 1 of the following calendar year);
and
W
HEREAS
it is necessary and in the best interests of the City that the tax
heretofore levied for the year 2014 to pay the principal of and interest on the Bonds be
abated;
N
OW
T
HEREFORE
Be It Ordained by the City Council of the City of Momence,
KankakeeCounty, Illinois, as follows:
Section 1. Abatement of Tax
. The tax heretofore levied for the year 2014 in the
Ordinance is hereby abated in its entirety.
Section 2. Filing of Ordinance
. Forthwith upon the adoption of this ordinance,
the City Clerk shall file a certified copy hereof with The County of Kankakee, Illinois,
