HomeMy WebLinkAboutOrdinances - O-93-616 - 01/13/1993 - ABATE RE TAXES GO BONDS SERIES 1990 $310 0000-93-616
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL
ESTATE TAXES LEVIED FOR THE 1992 TAR LEVY YEAR
PURSUANT TO AN ORDINANCE ADOPTED BY THE CITY COUNCIL
OF THE CITY OF MCHENRY, ILLINOIS ON JULY 18, 1990
ENTITLED "SUPPLEMENTAL ORDINANCE PROVIDING FOR THE
ISSUANCE OF $3,000,000.00 GENERAL OBLIGATION BONDS,
SERIES 1990, OF THE CITY OF MCHENRY, ILLINOIS"
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 1992 Tax Levy Year in the amount of
$310,600.00 for the payment of the principal and interest due in the
year 1993 on the 1990 Bonds authorized by said ordinance; and,
WHEREAS, 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 which
have been pledged for the payment of the principal and interest on the
1990 Bonds otherwise payable from such levy for the 1992 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 1992
pursuant to said Supplemental Ordinance shall be abated.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF MCHENRY, MCHENRY COUNTY, ILLINOIS, as follows:
SECTION 1. All real estate taxes authorized to be levied for the
1991 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 authority 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 January , 1993.
AYES:Lieder, Locke, Donahue, Bolger, Serritella, Patterson, Adams, Smith
NAYS: None
ABSENT: None
NOT VOTING: None
ABSTAINED: None
APPROVED this 13th day of January , 1993.
ATTEST:
City Clerk
-2-
Mayor