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ORDINANCE NO. 480

 

                        AN ORDINANCE abating the tax heretofore levied for the year 2003

                        to pay the debt service on $220,000.00 General Obligation Bonds

                        (Alternate Revenue Source), Series 2000, of the Village of Cerro

                        Gordo, Piatt County, Illinois.

 

            WHEREAS, the President and Board of Trustees (the “Corporate Authorities”) of the Village of Cerro Gordo, Piatt County, Illinois (the “Village”), by ordinance adopted on the 7th day of February, 2000 (the “Ordinance”), did provide for the issue of $220,000 General Obligation Bonds (Alternate Revenue Source), Series 2000 (the “Bonds”), and the levy of a direct annual tax sufficient to pay the debt service on the Bonds; and

            WHEREAS, the Village has Pledged Revenues (as defined in the Ordinance) in the “Pledged Revenues Account” referred to Section 8 of the Ordinance for the purpose of paying the debt service on the Bonds up to and including June 1, 2004; and

            WHEREAS, it is necessary and in the best interests of the Village that the tax heretofore levied for the year 2003 to pay the debt service on the Bonds be abated:

            NOW, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village of Cerro Gordo, Piatt County, Illinois, as follows:

            Section 1.  Abatement of Tax.  The tax heretofore levied for the year 2003 in the Ordinance is hereby abated in its entirety.

            Section 2.  Filing of Ordinance.  Forthwith upon the adoption of this ordinance, the Village Clerk shall file a certified copy hereof with the County Clerk of Piatt County, Illinois, and it shall be the duty of said County Clerk to abate said tax levied for the year 2003 in accordance with the provisions hereof.

            Section 3.  Effective Date.  This ordinance shall be in full force and effect forthwith upon its passage by the Corporate Authorities and signing and approval by the President.

            Passed by the Corporate Authorities on December 15, 2003.

            Approved December 15, 2003.

 

                                                                        ____________________________________

                                                                                                President

 

AYES:             Jerry Morris, Ben Ozier, Brad Williams, Dick Seitz, Ted Shambaugh, Don                    Ritchie.

 

NAYS: 0

 

ABSENT:        0

 

Recorded in the Village Records on December 15, 2003.

 

 

ATTEST:

 

 

_________________________________

                 Village Clerk