Loading...
HomeMy WebLinkAboutOrdinances - O-99-909 - 05/19/1999 - PROPOSE ESTABLISH SSA #1AORDINANCE 0-99 909 An Ordinance proposing the establishment of Special Service Area Number One of the City of McHenry, McHenry County, Illinois, and the issuance of bonds in an amount not -to -exceed $800,000 for the purpose of paying the cost of providing special services in and for such Area. WHEREAS, pursuant to the provisions of Section 7 of Article VII of the Constitution of the State of Illinois (the "Constitution"), the City of McHenry, McHenry County, Illinois (the "City") is authorized to create special service areas in and for the City; and WHEREAS, special service areas are established by non -home rule units pursuant to Section 7(6) of Article VII of the Constitution, which provides: Counties and municipalities which are not home rule units shall have only the powers granted to them by law and the powers ... to levy or impose additional taxes upon areas within their boundaries in the manner provided by law for the provision of special services to those areas and for the payment of debt incurred in order to provide those special services. And are established as required "in the manner provided by law" pursuant to the provisions of the Special Service Area Tax Law, as amended, and pursuant to the provisions of the Property Tax Code, as amended; and WHEREAS, it is in the public interest that the establishment of the area hereinafter described as a special service area for the purposes set forth herein and to be designated as Special Service Area Number One of the Ciity (the "Area") be considered; and WHEREAS, the Area is contiguous and consists entirely of territory within the corporate limits of the City, except for a certain number of parcels outside the corporate limits, and located within the County of McHenry, Illinois (the "County"); and WHEREAS, the County has consented to the creation of the Area; and WHEREAS, the creation of a special service area has not been proposed in the territory hereinafter described during the two (2) years preceding the adoption of this ordinance; and WHEREAS, the Area will benefit specially from the municipal services to be provided, namely, the construction of certain road improvements and a new traffic signal on State Route 31 at Shamrock Lane (the "Services") and the Services are unique and in addition to municipal services provided to the City as a whole and it is, therefore, in the best interests of the City that establishment of the Area be considered; and WHEREAS, it is hereby estimated that the cost of providing the Services will not be more than $800,000; and Page 2 Special Service Area Ordinance WHEREAS, it is in the public interest that bonds in an amount not -to -exceed $800,000 and secured by the full faith and credit of the Area be issued for the purpose of paying the cost of providing the Services (the "Bonds"); and WHEREAS, the Bonds shall be retired over a period not -to -exceed twenty (20) years from the issuance thereof and shall bear interest at an interest rate or rates not exceeding the greater of 9% per annum or 125% of the rate for the most recent date shown in the 20 G.O. Bonds Index of average municipal bond yields as published in the most recent edition of The Bond Buyer, published in New York, New York, at the time the contract is made for the sale of the Bonds; and WHEREAS, the Bonds shall be retired by the levy of a direct annual tax sufficient on all property subject to taxation for the Services located within the Area to pay the interest on the Bonds as the same comes due and to discharge the principal thereof at maturity; and WHEREAS, said direct annual tax shall be levied upon all taxable property within the Area for the entire period that the Bonds (or bonds to refund Bonds) shall be outstanding and shall be unlimited as to rate or amount and in addition to all other taxes permitted by law; and WHEREAS, said direct annual tax shall be exempt from the provisions of the Property Tax Extension Limitation Law, as amended. NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of McHenry, McHenry County, Illinois, as follows: SECTION 1: Incorporation of Preambles. The preambles of this ordinance are hereby incorporated into this text as if set out herein in full. SECTION 2: Hearing. A Public Hearing shall be held at 7:30 p.m. on the 14t' day of June, 1999, at the McHenry Municipal Building, 333 South Green Street, McHenry, Illinois (the "Hearing") to consider the establishment of the Area in the territory, and for the purpose of providing the Services, as fully described in the Notice of Public Hearing set forth in Section 4 hereof (the "Notice"), and to consider the issuance of the Bonds described in the Notice. SECTION 3: Notice. Notice of the Hearing shall be given by publication and mailing. Notice by publication shall be given by publication at least once not less than fifteen (15) days prior to the Hearing in the Northwest Herald, the same being a newspaper having a general circulation within the City. Notice by mailing shall be given by depositing the Notice in the United States mail addressed to the person or persons in whose name the general taxes for the last preceding year were paid on each lot, block, tract, or parcel of land lying within the Area. The Notice shall be mailed not less than ten (10) days prior to the time set for the Hearing. In the Page 3 Special Service Area Ordinance event taxes for the last preceding year were not paid, the Notice shall be sent to the person last listed on the tax rolls prior to that year as the owner of said property. SECTION 4: Form of Notice. The Notice shall be in substantially the following form: Notice of Public Hearing City of McHenry, McHenry County, Illinois Special Service Area Number One NOTICE IS HEREBY GIVEN that at 7:30 p.m., on the 14`h day of June, 1999, at the McHenry Municipal Building, 333 South Green Street, McHenry, Illinois, a hearing (the "Hearing") will be held by the City Council of the City of McHenry, McHenry County, Illinois (the "City"), to consider the establishment of Special Service Area Number One of the City consisting of the following described territory (the "Area"): SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREWITH The Area is roughly bounded by Ridgeview Drive on the west; Hillside Subdivision on the east; Bull Valley Road on the north; and Prime Parkway on the south. An accurate map of said territory is on file in the office of the City Clerk of the City and is available for public inspection. The purpose of the establishment of the Area is to provide special municipal services (the "Services") to the Area, namely, to pay a portion of the cost of the construction of certain road improvements and a new traffic signal on State Route 31 at Shamrock Lane, all of the Services to be beneficial to the Area and all of the Services to be located on property now owned or to be acquired by the City, or property in which the City will obtain an interest sufficient for the provision of the Services. The City shall issue bonds (the "Bonds") in an amount not -to -exceed $800,000 and secured by the full faith and credit of the Areaa for the purpose of paying a portion of the cost of providing the Services. The Bonds shall be retired over a period not -to -exceed twenty (20) years from the issuance thereof and shall bear at an interest rate or rates not exceeding 9% per amium. The Bonds shall be retired by the levy of a direct annual tax sufficient on all property subject to taxation for the Services located within the Area to pay the interest on the Bonds as the same comes due and to discharge the principal thereof at maturity. Said direct annual tax shall be levied upon all taxable property within the Area for the entire period that the Bonds (or bonds to refund Bonds) shall be outstanding and shall be unlimited as to rate or amount and in addition to Page 4 Special Service Area Ordinance other taxes permitted by law. Said direct annual tax is exempt from the provisions of the Property Tax Extension Limitation Law, as amended. All interested persons affected by the establishment of the Area or the issuance of the Bonds, including all owners of real estate located within the Area, will be given an opportunity to be heard at the Hearing regarding the establishment of the Area and the issuance of the Bonds and an opportunity to file objections to the establishment of the Area or the issuance of the Bonds. At the Hearing, any interested persons affected by the Area may file with the City Clerk of the City written objections to and may be heard orally in respect to any issues embodied in this notice. The City Council of the City shall hear and determine all protests and objections at the Hearing, and the Hearing may be adjourned to another date without further notice other than a motion to be entered upon the minutes fixing the time and place of its adjournment. If a petition signed by at least 51 % of the electors residing within the Area and by at least 5 1 % of the owners of record of the land included within the boundaries of the Area is filed with the City Clerk of the City within sixty (60) days following the final adjournment of the Hearing objecting to the creation of the Area or the issuance of the Bonds for the provision of the Services to the Area, no such Area may be created and no such Bonds may be issued. By order of the City Council of the City of McHenry, McHenry County, Illinois. Dated this day of , 1999. /s/ City Clerk, City of McHenry McHenry County, Illinois Page 5 Special Service Area Ordinance SECTION 5: Superseder and Effective Rate. All ordinances, orders and resolsutions and parts thereof in conflict herewith be and the same are hereby superseded, and this ordinance shall be in full force and effect forthwith upon its adoption and approval.. PASSED and APPROVED this 19TH day of MAY , 1999. Voting Aye: BOLGER, GLAB, MCCLATCHEY, MURGATROYD. Voting Nay: NONE. Not Voting: NONE. Abstaining: NONE. Absent: BAIRD . ayor, City of AeVenry McHenry County, Illinois ATTEST: City Clerk, City of r cHenry McHenry County, Illinois /kmk