Loading...
HomeMy WebLinkAboutOrdinances - O-96-800 - 09/04/1996 - AUTHORIZE ISSUE W/S REV BONDS $3.6MORDINANCE NO. 0-96-800 AN ORDINANCE authorizing the issuance of Waterworks and Sewerage Revenue Bonds of the City of McHenry, McHenry County, Illinois, in an aggregate principal amount not to exceed $3,600,000 or in lieu thereof, General Obligation Bonds (Alternate Revenue Bonds), in an aggregate principal amount not to exceed $3,600,000. WHEREAS, the City of McHenry, McHenry County, Illinois (the "City"), is a duly organized and existing municipality incorporated and existing under the provisions of the laws of the State of Illinois, is now operating under the provisions of the Illinois Municipal Code, as amended (the "Code"), and for many years has owned and operated a municipally - owned waterworks and sewerage system as a combined utility (the "System") as set forth in Division 139 of Article 11 of the Code; and WHEREAS, the City Council of the City (the "Corporate Authorities") has determined that it is advisable, necessary and in the best interests- of the public health, safety and welfare to improve the System, including the expansion and improvement of the south wastewater treatment plant consisting of aerobic digestive tanks and equipment, sludge handling equipment and additional pumping equipment to provide for an increase in treatment plant capacity of 5,000 PE (500,000 gallons per day), together with any land and related appurtenances and all electrical, mechanical or other services necessary, useful or advisable to such design and construction (the "Project"), all in accordance with the plans and specifications and estimate of costs therefor, which have been prepared for the City by Baxter and Woodman, Consulting Engineers, Crystal Lake, Illinois; and WHEREAS, the estimated cost of constructing and installing the Project, including engineering, legal, finarfchl, bond discount, printing and publication costs and other expenses is $3,600,000, and there are insufficient funds on hand and lawfully available to pay such costs; and WHEREAS, it is necessary and for the best interests of the City that the Project be undertaken and in order to finance the costs thereof it will be necessary for the City to issue up to $3,600,000 bonds payable from the revenues of the System as authorized to be issued at this time pursuant to Division 139 of Article 11 of the Code and Division 4 of Article 8 of the Code (the "Revenue Bonds"), or in lieu thereof, up to $3,600,000 alternate bonds, being general obligation bonds payable from the revenues of the System (the "Alternate Bonds") as authorized to be issued at this time pursuant to the Local Government Debt Reform Act of the State of Illinois, as amended (the "Act"); and WHEREAS, the Revenue Bonds, or in lieu thereof, the Alternate Bonds, will be in addition to the $4,575,000 presently outstanding waterworks and sewerage revenue bonds that are also payable from the revenues of the System: NOW, THEREFORE, Be It Ordained by the City Council of the City of McHenry, McHenry County, Illinois, as follows: Section J. Incorporation of Preambles. The Corporate Authorities hereby find that all of the recitals contained in the preambles to this ordinance are full, true and correct and do incorporate them into this ordinance by this reference. Section 2. Determination to Issue Bonds. It is necessary and in the best interests of the City to construct the Project for the public health, safety and welfare, in accordance with the plans and specifications and estimate of costs as hereinabove described, that the System continue to be operated as a combined utility in accordance with the provisions of Division it 139 of Article 11 of the bode, and that for such purpose, there are hereby authorized to be issued and sold the Revenue Bonds in an aggregate principal amount not to exceed -2- $3,600,000 or in lieu thereof, the Alternate Bonds in an aggregate principal amount not to exceed $3,600,000. Section 3. Publication. This ordinance, together with a notice in the statutory form (the "Notice"), shall be published once within ten (10) days after passage hereof by the Corporate Authorities in the Northwest Herald, the same being a newspaper published in and of general circulation in the City, and if no petition, signed by 968 electors, being equal to ten percent (10%) of the number of registered voters in the City, asking that the question of improving the System, as provided in this ordinance, and the issuance of the Revenue Bonds therefor, be submitted to the electors of the City is filed with the City Clerk within thirty (30) days after the date of the publication of this ordinance and the Notice, then this ordinance shall be in full force and effect. If no petition, signed by 726 electors, the same being equal to the greater of (i) 7.5% of the registered voters in the City or (ii) 200 of those registered voters or 15% of those registered voters, whichever is less, asking that the issuance of the Alternate Bonds be submitted to referendum is filed with the City Clerk within thirty (30) days after the date of the publication of this ordinance and the Notice, then the Alternate Bonds shall be authorized to be issued. It is expressly provided that in the event that there shall be filed with the City Clerk in a timely manner a petition, asking that the issuance of the Revenue Bonds be submitted to referendum, the Alternate Bonds necessary for the Project shall not be authorized to be issued until such time as the question of improving and extending the System and the issuance of Revenue Bonds therefor shall have been submitted to the electors of the City and Ir a majority of the votes cast on such question shall have been in favor thereof. 192 Section 4. Additional Ordinances. If no petition meeting the requirements of applicable law is filed during the petition periods hereinabove referred to, then the Corporate Authorities may adopt additional ordinances or proceedings supplementing or amending this ordinance providing for the issuance and sale of the Revenue Bonds or in lieu thereof, the Alternate Bonds, prescribing all the details of the Revenue Bonds or in lieu thereof, the Alternate Bonds, and providing for the collection, segregation and distribution of the revenues of the System, so long as the maximum amount of the Revenue Bonds or in lieu thereof, the Alternate Bonds, as set forth in this ordinance is not exceeded and there is no material change in the Project or other purposes described herein. Such additional ordinances or proceedings shall in all instances become effective immediately without publication or posting or any further act or requirement. This ordinance, together with such additional ordinances or proceedings, shall constitute complete authority for the issuance of the Revenue Bonds or in lieu thereof, the Alternate Bonds, under applicable law. Section S. Severability. If any section, paragraph, clause or provision of this ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this ordinance. In Section 6. Repealer. All ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this ordinance are to the extent of such conflict hereby repealed. ADOPTED by the Corporate Authorities on September 4, 1996. NAYS: None ABSENT: None APPROVED on September 4, 1996. yor, City of McHenry, McHenry County, Illinois PUBLISHED in the Northwest Herald on September _M 1996. RECORDED in the City Records on September 4, 1996. Attest: City Clerk, City of McHenr, McHenry County, Illinois trIL -5- Alderman Baird moved and Alderman --Law. seconded the motion that said ordinance as presented and read by the City Clerk be adopted. After a full and complete discussion thereof, including a public recital of the nature of the matter being considered and other information that informed the public of the business being conducted, the Mayor directed that the roll be called for a vote upon the motion to adopt the ordinance as read. Upon the roll being called, the following Aldermen voted AYE: Bolger, Locke, Bates, Lawson, Baird NAY: None Whereupon the Mayor declared the motion carried and the ordinance adopted, and henceforth did approve and sign the same in open meeting and did direct the City Clerk to record the same in full in the records of the City Council of the City of McHenry, McHenry County, Illinois, which was done. Other business not pertinent to the adoption of said ordinance was duly transacted at said meeting. Upon motion duly made and seconded, the meeting was adjourned. Citj Clerk W