HomeMy WebLinkAboutOrdinances - n/a - 03/24/1927 - Bonds �.:
AN ORL`INANCE REPEALING A CERTAIN ORDINANCE
. OF THE CITY OF MCHENRY, ILLII�TOIS, ENTITLED "AN ORDINANCE
PROV7DIUG FOR THE BORRO;NING OF MONEY AND ISSUING OF
GENERAL INDEBTFDN��SS BONDS OF THE CITY OF MCHENRY, MCHENRY
COUNTY ILLINOIS, TO. THE AMOUNT OF �20,OOD.00 AND PROVIDING
FOR THE COI,LECTION OF A DIRECT ANNUAL TAX FOR THE PAYMENT
QF THE PRINCIPAL AND IIJTFR�'ST OF SAID BONDS. "
&e it ordained by the City Council of th e City
of DdcHenry, Illinois, as follows:
Section 1. that "An Ordfnance providin� for
the borrowing of money and issuing of general indebted—
� nesa Bonds of the City of McHenry, McHenry Qounty, Illinois,
to the amount of Teventy thousand (�20,000. 00} dollars , and
providing for the collection oP a direct annual tax for the
payment of the principal and interest of said $onds" , as
passed by the City Council of said City of YcKenrp, on
March 21st, A,D, I927, and approved by the Mayor of said
City on the 21st day of Yarch, A.D. 1927, be and the same
is hPreby repealed.
Section 2. That all Ordinances or parts of
Ordinances in conflicat herewith be and the same are
hereby renealed.
Section 3. That the City Clerk of the City
of McHenry, Illinois, be and he is hereby directed to
forthwith file with the County Clerk of McHenry County,
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Illinois, a certifiPd copy of this Ordinance.
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�fiat the fnterest and grincigal falTing due at any tfine wIlen
. there are insufficient funds QII �ud to g�y same, b� gafd gromgtly
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�hen due from current funde on hand fn advancement of th� collec�tion
Qf taxes, at�rd whea said taxae shall have been oolTectedr reimbursement
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sh�Il ba made to the satd fnnds in the amount thas adeanced .
3a�ctioa 4. Zhat aII ordinancea, reeolntion� ar� orders or garts
thereof in oonflict herewith, be and the same are hereby re�a�ed.
Sectiaa 5. That this ordfna.nce shall be fn full force and
effect ngan its �T8988g6� approval, aad guBlieations and its agprava2
by a ma�arf tg of the vot er� of the Cf t y vot ing on the que stf an a� aa
eleetion at whi�h it shalI b� eubmit�ed.
�ection 6. That a certiffed coP9 of thie ordfnance together
with a statement of the resulte oi tha elactioa oa the qaes�ion of
appronal shall be filed with the County Clerk of �to�enry County,
�- Illfnofs, after and a� the same sball be apgroved by a m��oritq af
the voters of the said City voting an the question o� its approval,
and the said County Clerk ehall ascertain in and for eaah of the
year� I927 to Ig37 faclu�tive the rate ger cent required ta groduce
the aggregate tax herein provided to be Ievied for each of said
pears respectively, and extend the same for collectioa on the tax
books in connection aith a,nd additional tv the Qther taxes Ievied
fn each o�f satd �ears for general corporate gtxrgosea, and when such
taxes are collPcted: same shall be used for the purpose of gaying
principal of and interest on said bonds when same mature.
Pgssed this 2lst da� of �arcth A.D. Ig27,
Apgroved by the Ysyor ot the safd City thi� 21st day of l�ass�ch,
A.D., I927.
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Seatioa 3. Ttiat for tae purpase of pranidfng the funds re—
quired to gay the interest of the said bond promptly v�hen and as �Ghe
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same falls due, and to �ay and discharge the grfncfgal thereof at
tbeir maturityt there be and thers fs hereby Ievied on S1I the taxable
groperty Within the said city in addition to aII other taxes, the
tallowing direct annusl taxr to—rvit:
For the year I927, � tax sufficient to groduce the �nm of Two
Thousand Dollar8 ($2000.00� to pag interest;
For the year I928, � ta� sufficient to produce the sum of Three
Thausand IIollars (�3000.OQ� ta pay interest and principal;
For the gear I929! a tax suffioient to produce the sum of Twent�r—
nine Sundred IIolIare (�29�0.00) to pay interest and grincipal; ..
�or the year I930t a tax suff icient to produce the sum of T�►en��r—
eight Hundred Dollars ($28QO.p0) to g�.y interest and prinoipa2;
'`.- For the year I93I, a tax sufficient ta produce the sum ot Twenty—
seven Fiundred Dollarff �$2700.Q0) to ga� interest aad princtpsS;
gor the year 1932t s tax sufficient to produce the sum of Twenty—
six Hundred Dollar8 ($26Oa.00� to �p interest s,nd princigal;
For the year 1933r a tax sufficient to produce the atum of Twenty—
five Fiundred Dollars (�2500.00) to pay interest, and principal;
P�or the year I934, a tax euff ici ent to groduoe the sum of Twenty—�
four Hundred Dollars ($2400.Q0� to pay interes� and grincipal;
For the year 1935, a tax sufficient to produce the sum of Twenty—
three FIundxed DolTars ($236�Ct.0o� for interest and principal;
For the year 1936, a tax aufficient to groduce the eum-:of Twenty—
tvro Htindred DoTlars (�22QQ.00� to pay interest and princigal;
'� Fot the year 2937r a tax sufficient to produce the anm of Twentp—
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one Hursdred Dollars (�2I0�.00� to pay interest and principal.
and been performed in re�ular a.nd due form atid .time es required Wr
by Iaw, and that the indebtedness of said City, inoluding this bond,
4'�-\ doe� not exceed snp constitutional or statutory Timitation; aad t2�at
grovision has been made for the collection of a direct annual tax,
in addition to a1T other taxee, on alZ the taxable groperty in safd
City to pay the interest hereQn as the same falls due and also to
pay and dis�harge the principal hereof at maturity.
IN lITNESS V�AEREOF, the said City o! YeF�enr�, by fts �ouncil�
has caused its corporate seal to be hereto affixed, and this bond
to be signed by its Mayor and attested by its Clerk,_ and the aoupone
hereto attached ta be signed and attasted by said officials by �heir
respective f acsimile signatnres appearing on said coagoas, alI a,s
oP the f irst day of January,, I927.
M�yor.
� Att est::
Cfty Clerk.
(Form of Coupon1:
No.. . �
On the firat day of � A.D. 19 the Cftq of YoHanry
3n the �ounty ot McHenry, State of ITlinoi$,. �ill pa�r to the bearer
Twentp five DolIar� ��25.00) at �the �test McHenry �tate B�,. �est Yc :
Henry, ITlfnofs, for in'terest due that day on its General Indebte�—
ness Bond, dated Januarg Ist, I927.
�[ayor.
Attest•.
City CIerk. ,
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Pt�blished the 24th day o! ��rcth, A..�.! I927.
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. �'. H. Rattles, �Cayor
�ttest; 8. F. Gonway, Cfty Cler�
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