HomeMy WebLinkAboutOrdinances - ORD-00-961 - 06/19/2000 - AUTHORIZE ISSUE GO BONDS $5M STREET IMPROVEMENT PRORDINANCE No. ORD-00-961
AN ORDINANCE authorizing the issuance of General Obligation
Bonds (Alternate Revenue Source) in an aggregate principal
amount not to exceed $5,000,000 for the purpose of financing a
street improvement program in and for the City of McHenry,
McHenry County, Illinois.
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, and is now operating under the provisions of the Illinois Municipal Code, as
amended (the "Code"); and
WHEREAS, the City Council of the City (the "Corporate Authorities") has determined
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that it is advisable, necessary and in the best interests of the City to finance a street improvement
program (the "Project"); and
WHEREAS, the estimated cost of providing the Project, including engineering, legal,
financial, bond discount, printing and publication costs, and other expenses, is $5,000,000, 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
$5,000,000 alternate bonds, being general obligation bonds payable from all collections
distributed to the City from those taxes imposed by the State of Illinois pursuant to the Motor
Fuel Tax Law, as supplemented and amended, or substitute taxes therefor as provided by
applicable law in the future (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"):
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 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 undertake the Project, in accordance with the estimates as hereinabove described, and
there are hereby authorized to be issued and sold the Alternate Bonds in an aggregate principal
amount not to exceed $5,000,000.
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 of general
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circulation in the City, and if no petition, signed by - electors of the City (being equal
to seven and one-half percent (7.5%) of the registered voters in the City) 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.
Section 4. Additional Ordinances. If no petition meeting the requirements of
applicable law is filed during the petition period 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 Alternate Bonds, prescribing all the details
of the Alternate Bonds, so long as the maximum amount of the Alternate Bonds, as set forih in
this ordinance is not exceeded and there is no material change in the Project or purposes
described herein. Such additional ordinances or proceedings shall in all instances become
effective in accordance with applicable law. This ordinance, together with such additional
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ordinances or proceedings, shall constitute complete authority for the issuance of the Alternate
Bonds, under applicable law.
Section 5. 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.
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Section 6 Repealer. All ordinance, resolutions or orders, or parts thereof, in conflict with
the provisions of this ordinance are to the extend of such conflict hereby repealed.
ADOPTED by the Corporate Authorities on June 19, 2000.
AYES: BOLGER, GLAB, MCCLATCHEY MURGATROYD.
NAYS:
ABSENT% BAIRD-
APPROVED June 19,2000.
ayor, 61tyy -of McHenry,
McHenry County, Illinois
PU13LISHF-D in the Northwest Herald on JUNE 20 52000.
RECORDED in the City Records on 92000.
ATTEST:
nry
City Clerk, �Cit of �McH�e
McHenry County, Illinois