Champaign County Ordinance No. 2015-12-119, approved on Dec. 18 and filed Wednesday, directs the County Clerk to abate a portion of the 2015 tax levy related to two general obligation series of bonds.
The ordinance applies to the fiscal year starting July 1, 2015 and ending June 30, 2016. On Dec. 17, 2012 and June 16, 2014, two previous ordinances authorized a real estate tax in the amount of $924,891.25 and $305,273.75, respectively, in advance of and for the current fiscal year.
The Corporate Authorities have now determined that because available funds are sufficient enough to abate the tax levies, the funds shall be redirected towards General Obligation Bonds, Series 2012 and Series 2014.
The City Clerk will be directed to file a certified copy of the Ordinance no later than Tuesday.
The ordinance was passed on Dec. 14 by five affirmative votes from attendees and Mayor Laurel Prussing, and subsequently approved by Prussing on Dec. 18.
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