HomeMy WebLinkAboutOrdinances - ORD-18-1910 - 12/03/2018 - Abatement series 2010CCity of McHenry
McHenry County
State of Illinois
ORDINANCE NUMBER ORD-18-1910
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL
ESTATE TAXES LEVIED FOR THE 2018 TAX LEVY YEAR
PURSUANT TO AN ORDINANCE ADOPTED BY THE CITY
COUNCIL OF THE CITY OF MCHENRY, ILLINOIS, ON AUGUST 30,
2010, PROVIDING FOR THE ISSUANCE OF $5,665,000 GENERAL
OBLIGATION BONDS (ALTERNATE) SERIES 2010C OF THE CITY
OF MCHENRY, ILLINOIS, FOR THE LEVY AND COLLECTION OF A
DIRECT ANNUAL TAX FOR THE PAYMENT OF THE PRINCIPAL OF
AND INTEREST ON SAID BONDS.
ADOPTED BY THE
CITY COUNCIL
OF THE
CITY OF MCHENRY
MCHENRY COUNTY
STATE OF ILLINOIS
December 3, 2018
Published in pamphlet form by authority of the City Council of the City of
McHenry, McHenry County, Illinois this 3rd day of December, 2018
ORDINANCE NO. ORD-18-1910
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL ESTATE
TAXES LEVIED FOR THE 2018 TAX LEVY YEAR PURSUANT TO AN
ORDINANCE ADOPTED BY THE CITY COUNCIL OF THE CITY OF
MCHENRY, ILLINOIS, ON AUGUST 30, 2010, PROVIDING FOR THE
ISSUANCE OF $5,665,000 GENERAL OBLIGATION BONDS (ALTERNATE)
SERIES 2010C OF THE CITY OF MCHENRY, ILLINOIS, FOR THE LEVY AND
COLLECTION OF A DIRECT ANNUAL TAX FOR THE PAYMENT OF THE
PRINCIPAL OF AND INTEREST ON SAID BONDS.
WHEREAS, an ordinance was adopted by the City Council of the City of McHenry, Illinois on
August 30, 2010 providing for the issuance of $5,665,000 General Obligation (Alternate) Bonds, Series
2010C of the City of McHenry, Illinois, for the levy and collection of a direct annual tax for the payment
of the principal of and interest on said bonds.
WHEREAS, the Series 2010C Bonds are payable from, and are secured by a pledge of, the City's
distributive share of sales and use taxes imposed by the State of Illinois and derived from transactions at
places of business located within the boundaries of the City, including monies paid by the State in
replacement of the City's distributive share of such taxes; and
WHEREAS, pursuant to the aforesaid Supplemental Ordinance a direct tax has been levied for
the 2018 Tax Levy Year in the amount of $448,440.00 for the payment of the principal and interest due
in the year 2019 on the Series 2010C Bonds authorized by said ordinance; and
WHEREAS, the City's distributive share of sales and use taxes imposed by the State of Illinois and
derived from transactions at places of business located within the boundaries of the City which have
been pledged for the payment of the principal and interest on the Series 2010C Bonds otherwise
payable from such levy for the 2018 Tax Levy Year are on deposit in the Series 2010C Project Fund
established by Section 14 of the aforesaid Ordinance and it is therefore the determination of the
Corporate Authorities of the City of McHenry, Illinois that the real estate taxed levied for the Tax Levy
Year 2018 pursuant to said Ordinance shall be abated.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MCHENRY,
MCHENRY COUNTY, ILLINOIS, as follows:
SECTION 1. All real estate taxes authorized to be levied for the 2018 Tax Levy Year pursuant to
the ordinance adopted by the City Council of the City of McHenry, Illinois on August 30, 2010, providing
for the issuance of $5,665,000 General Obligation Bonds (Alternate) Series 2010C of the City of
McHenry, Illinois, for the levy and collection of a direct annual tax for the payment of the principal of
and interest on said bonds.
SECTION 2. The City Clerk shall file a certified copy of this Ordinance in the Offices of the Clerk
of the County of McHenry, Illinois after the effective date of this ordinance.
SECTION 3. All ordinances or parts thereof in conflict with the terms and provisions hereof be
and the same hereby repealed to the extent of such conflict.
SECTION 4. This ordinance shall be published in pamphlet form by and under the authority of
the Corporate Authorities of the City of McHenry, Illinois.
SECTION 5. This ordinance shall be in full force and effect immediately from and after its
passage, approval and publication, as provided by law.
Passed and approved this 3rd day of December, 2018.
VOTING AYE: Alderman Santi, Alderman Glab, Alderman Schaefer, Alderman Curry, Alderman Mihevc,
Alderman Devine and Alderwoman Condon
VOTING NAY: 0
ABSTAINED: 0
NOT VOTING: 0
ABSENT: 0
ATT ST:
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Deputy City Clerk, Debra Meadows