HomeMy WebLinkAboutOrdinances - O-99-944 - 12/29/1999 - ABATE SERIES 1990 BONDS $297 500ORDINANCE NO. 0-99- 944
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL
ESTATE TAXES LEVIED FOR THE 1999 TAX LEVY YEAR
PURSUANT TO AN ORDINANCE ADOPTED BY THE CITY COUNCIL
OF THE CITY OF MCHENRY, ILLINOIS, ON DULY 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 1999 Tax Levy Year in the amount of $297,500 for
the payment of the principal and interest due in the year 2000 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 1999 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 taxed levied for the Tax Levy
Year 1999 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 1999
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 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 29th day of December, 1999.
AYES: BOLGER, GLAB, MCCLATCHEY, MURGATROYD, BAIRD.
NAYS: NONE.
NOT
VOTING: NONE.
ABSTAINED: NONE.
ABSENT: NONE.
ATTEST:
City Clerk
-2-
Mayor