HomeMy WebLinkAboutOrdinances - O-94-650 - 01/19/1994 - ABATE TAXES GO BONDS SERIES 1990 $324 6000-94-650
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL
ESTATE TARES LEVIED FOR THE 1993 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 1993 Tax Levy Year in the amount of
$324,600.00 for the payment of the principal and interest due in the
year 1994 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 1993 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 1993
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
1993 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 19th day of January , 1994.
AYES: Bolger, Bates, Lawson, Baird _
NAYS: None _
ABSENT: Locke
NOT VOTING: None _
ABSTAINED:
APPROVED this 19t4 day of January , 1994.
ATTEST: ,
City Cler
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