HomeMy WebLinkAboutOrdinances - O-89-521 - 12/20/1989 - AUTHORIZE ISSUANCEN$3M GO BONDS FINANCE NEW MUNICIORDINANCE NO. 0-89-521
ORDINANCE AUTHORIZING THE ISSUANCE OF $3,000,000
GENERAL OBLIGATION BONDS OF THE CITY OF McHENRY,
ILLINOIS, FOR THE PURPOSE OF FINANCING A NEW
MUNICIPAL BUILDING
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
McHENRY, ILLINOIS, AS FOLLOWS:
Section 1. Authority and Purpose. This ordinance is
adopted pursuant to the Local Government Debt Reform Act, consti-
tuting Public Act 85-1419 of the General Assembly of the State of
Illinois, for the purpose of financing the construction of a new
municipal building for the City (the "Project").
Section 2. Authorization of Bonds. To meet part of the
$3,000,000 estimated total cost of the Project, including the cost
of issuance of the bonds herein authorized, the City is hereby
authorized to issue bonds of the City (the "Bonds") in one or more
series and in the maximum aggregate principal amount of
$3,000,000. The Bonds shall constitute "Alternate Bonds" under
Section 15 of the Local Government Debt Reform Act.
Section 3. General Obligations. The full faith and
credit of the City are hereby irrevocably pledged to the punctual
payment of the principal of and interest on the Bonds. Such Bonds
shall be direct and general obligations of the City, and, unless
paid from other sources, the City shall be obligated to levy ad
valorem taxes upon all the taxable property in the City for the
payment of the Bonds and the interest thereon, without limitation
as to rate or amount.
Section 4. Alternate Revenue Source. The Bonds shall
be payable from the City's distributive share of sales and use
taxes imposed by the State of Illinois and derived from transac-
tions at places of business located within the boundaries of the
City, including any moneys paid by the State in replacement of the
City's distributive share of such taxes. Such distributive share
of sales and use taxes and such replacement revenues, if any, con-
stitute a "Revenue Source" within the meaning of Section 15 of the
Local Government Debt Reform Act.
All moneys derived by the City from the Revenue Source
described above are hereby pledged for the payment of the Bonds.
The City Council covenants to provide for, collect and apply such
Revenue Source to the payment of the Bonds and the provision of
not less than an additional .25 times the annual debt service on
the Bonds.
Section S. Supplemental Proceedings. If no petition
meeting the requirements specified in Section 15 of the Local
Government Debt Reform Act 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.
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Section 6. Publication. This ordinance shall be pub-
lished in the "Northwest Herald", being a newspaper of general
circulation in the City. The publication of this ordinance shall
be accompanied by the publication of the notice required by
Section 15 of the Local Government Debt Reform Act.
For a period of 21 days after such publication, a peti-
tion may be filed with the City Clerk signed by electors numbering
fifteen percent (15%) of the registered voters in the City asking
that the issuance of the Bonds be submitted to referendum. If no
petition is filed within such 21 day period, then the Bonds shall
be authorized to be issued.
Section 7. Effective Date. This ordinance shall take
effect in the manner provided by law.
Adopted this 20th day of December, 1989, by roll call
vote, as follows:
Ayes: Bolger, Donahue, Lieder, Patterson, McClatchey,
Serritella, Smith, Teta
Nays: None
Absent: None
( SEAL]
Attest: `
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