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HomeMy WebLinkAboutOrdinances - ORD-00-996 - 12/13/2000 - ABATE 2000 TAX LEVY SERIES 1997B BONDS $120 525ORDINANCE NO. ORD-00- 996 AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL ESTATE TAXES LEVIED FOR THE 2000 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 1997E 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 2000 Tax Levy Year in the amount of $120,525 for the payment of the principal and interest due in the year 2001 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 2000 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 2000 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 2000 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 13`h day of December, 2000. AYES: Bolger, Glab, McClatchey, Baird NAYS: None NOT VOTING: None ABSTAINED: None ABSENT: Murgatroyd TTEST: City Clerk -2- Mayor