HomeMy WebLinkAboutOrdinances - O-98-859 - 01/14/1998 - ABATE SERIES 1997B BONDS $127 675ORDINANCE NO. 0-98- 859
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL ESTATE TAXES
LEVIED FOR THE 1997 TAX LEVY YEAR PURSUANT TO AN ORDINANCE
ADOPTED BY THE CITY COUNCIL OF THE CITY OF MCHENRY, ILLINOIS,
ON APRIL 30, 1997, AUTHORIZING AND PROVIDING FOR THE ISSUE OF
$1,600,000 GENERAL OBLIGATION BONDS, SERIES 1997B, FOR THE
PURPOSE OF EXPANDING AND IMPROVING THE SOUTH WASTEWATER
TREATMENT PLANT FOR THE CITY OF MCHENRY, ILLINOIS.
WHEREAS, an ordinance was adopted by the City Council of the City of McHenry,
Illinois on April 30, 1997 Authorizing the Issuance of $1,600,000.00 General Obligation
Bonds Series 1997B, of the City of McHenry, Illinois for the Purpose of Defraying the Cost
of Expanding and Improving the South Wastewater Treatment Plant for the City of McHenry,
McHenry, Illinois"; and
WHEREAS, the Series 1997B 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 1997 Tax Levy Year in the amount of $127,675 for the payment of the
principal and interest due in the year 1998 on the Series 1997B 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
Series 1997B Bonds otherwise payable from such levy for the 1997 tax levy year are on
deposit in the Bond and Interest Fund and it is therefore the determination of the Corporate
Authorities of the City of McHenry, Illinois that the real estate taxed levied for the Tax Levy
Year 1997 pursuant to said 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 1997 Tax Levy Year
pursuant to the ordinance adopted by the City Council of the City of McHenry, Illinois on
April 30, 1997, authorizing and providing for the Issuance of General Obligation Bonds
Series 1997B, 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 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 and approved this 14th day of January, 1998.
AYES: Bolger, McClatchey, Murgatroyd, Baird.
NAYS: None.
NOT VOTING:
ABSTAINED: None.
ABSENT: G1 ab.
ATTEST:
City Clerk
-2-
Mayor