HomeMy WebLinkAboutOrdinances - O-88-456 - 06/01/1988 - AUTHORIZE ISSUE $2.7M W/S REV BONDSORDINANCE NO. 0-88-456
ORDINANCE AUTHORIZING THE ISSUANCE OF $2,700,000
WATERWORKS AND SEWERAGE REVENUE BONDS OF THE CITY
OF McHENRY, ILLINOIS
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
McHENRY, ILLINOIS, AS FOLLOWS:
Sections 1. Authority and Purpose. This ordinance is
adopted pursuant to the Municipal Bond Reform Act, constituting
Division 4.1 of Article 8 of the Illinois Municipal Code, and
Division 139 of Article 11 of the Illinois Municipal Code for the
purpose of financing the improvement of the combined waterworks
and sewerage system (the "System") owned and operated by the City
of McHenry by the construction of a sewerage collection system in
the McHenry Shores (Units 1 through 5) and the Idly Dell subdivi-
sions and property adjacent thereto, including sewer mains, lift
stations, manholes and service connections, all as more fully
described in the plans and specifications prepared by Baxter and
Woodman, Inc., Environmental Engineers (the "Project").
Section 2. Authorization of Bonds. To meet part of the
$3,460,000 estimated total costs of the financing of the Project,
including the cost of issuance of the bonds herein authorized, the
City is hereby authorized to issue waterworks and sewerage revenue
bonds in the maximum principal amount of $2,700,000. The bonds
herein authorized shall be limited obligations of the City payable
from the revenues of the System, special assessments to be col-
lected with respect to the Project and the other funds or sources
pledged to such payment under this ordinance or any ordinance
supplemental hereto. Neither the full faith and credit nor the
general taxing power of the City shall be pledged for the payment
of the principal of or interest on the bonds.
Section 3. Supplemental Ordinance. If no petition
meeting the requirements specified in Section 11-139-6 of the
Illinois Municipal Code is filed during the applicable petition
period, then the City Council may adopt additional ordinances and
proceedings supplementing or amending this ordinance so long as
the maximum amount of bonds herein authorized is not exceeded and
there is no material change in the Project and the purpose
described in this ordinance. Such additional ordinances or
proceedings shall in all instances become effective immediately
without publication or posting or any further act or requirement.
Section 4. Publication and Effective Date. This
ordinance, within ten days after its passage, shall be published
in the "Northwest Herald", being a newspaper published and of gen-
eral circulation in the City. The publication of this ordinance
shall be accompanied by the publication of the notice required by
Section 11-139-6 of the Illinois Municipal Code.
For a period of 21 days after such publication, a
petition may be filed with the City Clerk signed by electors num-
bering fifteen percent (15%) of the number of electors voting for
the Mayor at the last preceding general municipal election at
which the Mayor was elected, asking that the question of acquir-
ing, constructing, extending or improving the System, as provided
in this ordinance, and the issuance of revenue bonds therefor be
submitted to the electors of the City. If no such petition is
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filed within such 21 day period, then this ordinance shall be in
full force and effect.
Adopted thislst day of June, 1988, by roll call vote,
as follows:
[SEAL]
Attest:
Ayers: William J. Bolger, Gary W. Lieder, Frank McClatchey, Elizabeth Nolan
Randy Patterson, Cecilia Serritella, Raymond Smith, Michael R. Teta
Nays: None
Absent: None
s
CO ,
City Clerk
Approved:
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