HomeMy WebLinkAboutOrdinances - MC-77-108 - 03/21/1977 - WS revenue bondsOrdinance No. MC 108 =
AN ORDINANCE Rd- / / - /O Q
WHEREAS, McHenry Savings & Loan Association, as owner of 100%
of the principal amount of all authorized Water Works and Sewerage
Revenue Bonds of the City of McHenry, series 1975, has consented
in writing to the amendment of the Ordinance of the City of McHenry
authorizing and providing for the issuance of the said bonds, for
the purpose of authorizing the surplus proceeds, remaining from said
bond issue to be used in connection with City of McHenry Well No. 6.
NOW, THEREFORE, be it ordained by the Mayor and City Council
of the City of McHenry, McHenry County, Illinois as follows:
SECTION 1. That Section 14 (b) of the City of McHenry Ordinance
No. , which authorized and provided for the issuance of
Water orks and Sewerage Revenue Bonds of the City of McHenry, series
1975, and which was passed and approved on August 4, 1975, be and
the same is hereby amended to authorize and permit the City of
McHenry to use any and all surplus funds remaining in said Water
Works and Sewerage System Construction Account to be used in connection
with the engineering, location, installation, and establishment of
Well No. 6 of the combined Sewerage and Water Works System of the
City of McHenry.
SECTION 2. All ordinances, or parts thereof, in conflict with
the terms and provisions of this Amendatory Ordinance be and the
same are hereby repealed to the extent of such conflict only.
SECTION 3. That this Ordinance shall be in full force and
effect from and after its passage, approval and publication as by
law required.
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.
PASSED this 21 st day of
March
1977.
AYES: Bolger, Pepping, Harker, DAtz, Smith, Hromec, Schaedel.
NAYS: None.
ABSENT: Wegener.
APPROVED this 21 st day of March , 1977.
Ma, e
ATTEST:
City Clerk
CONSENT
WHEREAS, it appears that after all costs of Well No. 5
have been paid there will remain approximately $16,000.00 in
the Water Works and Sewerage System Construction Fund Account
established by Water Works and Sewerage Revenue Bonds of the City
of McHenry, Illinois, series 1975; and,
WHEREAS, pursuant to the terms and provisions contained
in Section 14 (b) of the ordinance authorizing and providing for
the issuance of the aforesaid bonds (which ordinance was passed
and approved on August 4, 1975), such surplus funds shall be
credited to the Depreciation Account; and,
WHEREAS, the City of McHenry desires to use the aforesaid
surplus funds for the purpose of defraying and paying for part
of the costs and expenses associated with the engineering, location,
installation, and establishment of a new Well No. 6 of the com-
bined Water Works and Sewerage System of the City of McHenry, and
has requested McHenry Savings and Loan Association to furnish its
written consent to amend the aforesaid ordinance so as to allow
the use of the aforesaid surplus funds in the aforesaid manner
and for the aforesaid purposes; and,
WHEREAS, McHenry Savings and Loan Association represents
and warrants that it is the owner of 100 per cent of the principal
amount of all of the Water Works and Sewerage Revenue Bonds of
the City of McHenry, Illinois, Series 1975; and,
WHEREAS, the undersigned McHenry Savings and Loan Association,
as owner of 100 per cent of the principal amount of all of the
aforesaid bonds, acknowledges that the use of the Surplus Funds
from the aforesaid Construction Fund Account for Well No. 6 will
improve the combined sewer and water system of the City of McHenry
and will therefore enhance the ownership of the aforesaid bonds.
NOW, THEREFORE, for and in consideration of the sum of $1.00,
and other good, valuable and sufficient consideration, receipt of
all of which is hereby acknowledged, McHenry Savings and Loan
Association does hereby grant consent to the City of McHenry to
amend the aforesaid ordinance so as to allow the City of McHenry to
use the aforesaid surplus Well No. 5 proceeds for the purposes
hereinbefore stated.
Dated this �'�h day of
March, 1977.
Attest:
S cretry
McHenr vings and Loan Association
. BY
Its President