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HomeMy WebLinkAboutResolutions - R-08-003 - 02/01/2008 - PROVIDE FOR RETIREMENT BONDS MFT SERIES 2000aIllinois Department of Transportation Obligation Retirement Resolution Resolution No R- 08-003 A resolution providing for the retirement of certain municipal indebtedness by the use of motor fuel tax funds WHEREAS, the City of McHenry has outstanding indebtedness described as follows: 3 500,000 General Obligation Bonds (Motor Fuel Tax Alternative Revenue Source) Series 2000A Sec 00- Indebtedness in the amount of $463, 050 and; WHEREAS, in the opinion of this body, the indebtedness described in the preceding paragraph may be retired with funds allotted to the municipality under the Motor Fuel Tax Law; and WHEREAS, it appears that sufficient motor fuel tax funds are or will be available when the above indebtedness is due; and WHEREAS, the McHenry City Council has, by resolution adopted, directed the McHenry City Clerk to cancel the 2007 tax levy for taxes collectible in 2008 which would have produced funds to pay this indebtedness. (Not applicable to special assessment projects.) NOW, THEREFORE, BE IT RESOLVED, that there is hereby appropriated the sum of Four Hundred Sixty Three thousand, fifty dollars ($463,050) from funds allotted to the City of McHenry under the Motor Fuel Tax Law for the payment of the above -described indebtedness; and BE IT FURTHER RESOLVED, that the City Clerk shall immediately transmit three certified copies of this resolution to the Regional Engineer, Illinois Department of Transportation in Schaumburg, Illinois I, Janice C. Jones, City Clerk in and for the City of McHenry, do hereby certify for foregoing to be a true, perfect and complete copy of a resolution adopted by -the McHenry City Council at a meeting held on _, 200_. IN TESTIMONY WHEREOF, I have hereunto set my hand and seal this day of , 200_ Signed (SEAL) McHenry City Clerk