HomeMy WebLinkAboutOrdinances - ORD-00-998 - 12/13/2000 - ABATE 2000 TAXLEVY SERIES 2000A $364 000ORDINANCE NO. ORD-00- 998
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
OCTOBER 18, 2000, PROVIDING FOR THE ISSUANCE OF
$3,500,000 GENERAL OBLIGATION BONDS (MOTOR FUEL
TAX ALTERNATE REVENUE SOURCE), SERIES 2000A, OF
THE CITY OF MCHENRY, ILLINOIS."
WHEREAS, an ordinance was adopted by the City Council of the
City of McHenry, Illinois on October 18, 2000 providing for the
issuance of $3,500,000.00 General Obligation Bonds (Motor Fuel Tax
Alternate Revenue Source), Series 2000A, prescribing the details of
said bonds and providing for collection, segregation, and application of
certain motor fuel taxes to pay said bonds; and
WHEREAS, the Series 2000A 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
$364,400 for the payment of the principal and interest due in the year
2001 on the Series 2000A 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 2000A Bonds otherwise payable from such levy for the 2000 tax
levy year are on deposit in the Series 2000A Debt Service Fund
established by Section 12 of the aforesaid 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 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 October 18, 2000, providing
for the Issuance of $3,500,000.00 General Obligation Bonds, (Motor -
Fuel Tax Alternate Revenue Source), Series 2000A, 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 13th day of December, 2000.
AYES:
NAYS:
NOT
VOTING
ABSTAINED:
ABSENT:
City Clerk
Bolger. Glab. McClatchev. Baird
None
None
None
Murgatroyd
Mayor