HomeMy WebLinkAboutResolutions - R-83-6 - 03/07/1983 - Abate SSA 1 R-83-6
RESOLUTION PROVIDING FOR THE ABATEMENT
OF THE 1982 AD VALOREM TAXES LEVIED AGAINST
ALL TAXABLE PROPERTY IN SPECIAL SERVICE
AREA NO. ONE OF THE CITY OF McHENRY , ILLINOIS .
WHEREAS , it appears that the proceeds in Special
Service Area No . One Bond Funds will be sufficient to pay
the costs of the associated project and also the
$ 104, 890. 00 interest installment payable on Special
Service Area No. One Unlimited Ad Valorem Tax Bonds
payable on February 1 , 1984; and
WHEREAS , NIMED Corp. has requested the City of
McHenry to cause the abatement of the 1982 Ad Valorem
Taxes levied against the property in Special Service Area
No . One of the City of McHenry in connection with the
aforesaid bonds; and
WHEREAS , NIMED Corp. has furnished the City of
McHenry with a letter of credit in the amount of
$ 104 , 890. 00 to insure the sufficiency of funds to pay the
aforesaid levied interest.
NOW THEREFORE , BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF McHENRY , McHENRY COUNTY , ILLINOIS, AS
FOLLOWS :
SECTION 1 . That the County Clerk of McHenry County,
Illinois is hereby authorized and directed to abate the
1982 Ad Valorem Taxes which were levied against all
taxable property in Special Service Area No. One of the
City of McHenry, Illinois (which taxes are payable in
1983) to pay $ 104, 890. 00 interest, payable on February 1 ,
1984, on Special Service Area No . One Unlimited Ad Valorem
Tax Bonds of the City of McHenry, Illinois.
SECTION 2. That this Resolution shall be in full
force and effect immediately from and after its passage
and approval and shall be irrevocable .
PASSED this 7th day of March , 1983.
AYES : Pepping, Nolan, Smith, Gelwicks, Meurer, Serritella
NAYS : None
ABSTAINED : None
ABSENT: Datz
NOT VOTING : Busse
APPROVED this 7th day of March , 1983.
YOR
ATTEST:
CITY CLERK
-2-