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HomeMy WebLinkAboutOrdinances - O-91-572 - 02/13/1991 - ABATE RE TAXES GO BONDS SERIES 1990 $478 433.330-91-572 AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAk;,,: ESTATE TAXES LEVIED FOR THE 1990 TAX LEVY YEAR PURSUANT TO AN ORDINANCE ADOPTED BY THE CITY COUNCIL Y OF THE CITY OF MMCHENRY, ILLINOIS ON JULY 18, 1990 ENTITLED "SUPPLEMENTAL ORDINANCE PROVIDING F �;-, „ ISSUANCE OF $3,000,000.00 GENERAL OBLIGATION ,- SERIES 19909 OF THE CITY OF MMCHENRY, ILLINOISR--. - WHEREAS an ordinance was adopted by the City Council of the City of McHenry, Illinois on December 20, 1989 entitled "Ordinance Authorizing the issuance of $3,000,000.00 General Obligation Bonds of the City of McHenry, Illinois for the Purpose of Financing a New Municipal Building," and was supplemented by an ordinance adopted by said City Council on July 18, 1990 and entitled "Supplemental Ordinance Providing for the Issuance of $3,000,000.00 General Obligation Bonds, Series 1990 of the City of McHenry, Illinois"; and, WHEREAS, the 1990 Bonds are payable from, and are secured by a pledge of, the City's distributive share of sales and use taxes imposed by the State of Illinois and derived from transactions at places of business located within the boundaries of the City, including monies paid by the State in replacement of the City's distributive share of such taxes; and, WHEREAS, pursuant to the aforesaid Supplemental Ordinance a direct tax has been levied for the 1990 Tax Levy Year in the amount of $478,433.33 for the payment of the principal and interest due in the year 1991 on, the 1990 Bonds authorized by said ordinance; and, WHEREAS, the City's distributive share of sale and use taxes imposed by the State of Illinois and derived from transactions at places of business located within the boundaries of the City which have been pledged for the payment of the principal and interest on the 1990 Bonds otherwise payable from such levy for the 1990 tax levy year are on deposit in the 1990 Debt Service Fund established by Section 12 of the aforesaid Supplemental Ordinance and it is therefore the determination of the Corporate Authorities of the City of McHenry, Illinois that the real estate taxes levied for the Tax Levy Year 1990 pursuant to said Supplemental Ordinance shall be abated. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MMCHENRY, 14CHENRY COUNTY, ILLINOIS, as follows: SECTION 1. All real estate taxes authorized to be levied for the 1990 Tax Levy Year pursuant to the ordinance adopted by the City Council of the City of McHenry, Illinois on July 18, 1990 and entitled "Supplemental Ordinance Providing for the Issuance of $3,000,000.00 General Obligation Bonds, Series 1990, of the City of McHenry, Illinois, be and they are hereby abated in the amount of $100% thereof. SECTION 2. The City 'Clerk shall file a certified copy of this ordinance in the Offices of the Clerk of the County of McHenry, Illinois after the effective date of this ordinance. SECTION 3. All ordinances or parts thereof in conflict with the terms and provisions hereof be and the same are hereby repealed to the extent of such conflict. SECTION 4. This ordinance shall be published in pamphlet form by and under the autfibrity of the Corporate Authorities of the City of McHenry, Illinois. SECTION 5. This ordinance shall be in full force and effect immediately from and after its passage, approval and publication, as provided by law. . PASSED this 13th day of February, 1991. AYES: Bolger, Donahue, Lieder, McClatchey, Patterson, Serritella, Smith NAYS: None ABSENT: Teta NOT VOTING: None ABSTAINED: None APPROVED this 13th day of February, 1991. ATTEST: y e