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HomeMy WebLinkAboutOrdinances - ORD-01-1038 - 10/01/2001 - AUTHOR ISSUANCE GO BONDS $2 8M NORTH INTERCEPTOR SM0►- IQ3y ORDINANCE NO. ORD-01-1038 AN ORDINANCE authorizing the issuance of General Obligation Bonds (Alternate Revenue Source) for the City of McHenry, McHenry County, Illinois in an aggregate principal amount not to exceed $2,800,000 for the purpose of funding the extension of the north interceptor sewer. 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, 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 that it is advisable, necessary and in the best interests of the City to fund the extension of the north interceptor sewer from Illinois Route 31 to a point of connection with the Riverside interceptor leading to the central wastewater treatment plant (the "Project"), in accordance with the preliminary estimate of costs heretofore approved by the Corporate Authorities and now on file in the office of the City Clerk; and WHEREAS, the estimated cost of the Project, including legal, financial, bond discount, printing and publication costs, and other expenses, is $2,800,000, 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 $2,800,000 alternate bonds, being general obligation bonds payable from the collections of those taxes imposed by the State of Illinois pursuant to the Use. Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailer's Occupation Tax Act, each as supplemented and amended from time to time, or substitute taxes therefor as provided by the State of Illinois 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; and WHEREAS, if the above -mentioned revenue source is insufficient to pay the Alternate Bonds, ad valorem property taxes upon all taxable property in the City without limitation as to rate or amount are authorized to be extended to pay the principal of and interest on the Alternate Bonds: 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 Alternate 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 $2,800,000. 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 circulation in the City, and if no petition, signed by 998 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. -2- 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 forth 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 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. -3- Section 6. Repealer. All ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this ordinance are to the extent of such conflict hereby repealed. ADOPTED by the Corporate Authorities on October 1, 2001. AYES: BOLGER, GLAB, LOW, MURGATROYD, WIMMER NAYS: NONE ABSENT: NONE APPROVED on October 1, 2001 Mayor, City of McHenry, McHenry County, Illinois PUBLISHED in the Northwest Herald on 0- . ��, 2001. RECORDED in the City Records on October 1, 2001. ATTEST: S/kilc\E C JO TE City le , City of enry, McHenry County, Illinois m NOTICE OF INTENT TO ISSUE BONDS AND RIGHT TO FILE PETITIONS /08 Notice is hereby given that pursuant to Ordinance No.(JRn-pl-dopted the 1st day of October, 2001 (the "Ordinance"), the City of McHenry, McHenry County, Illinois (the "City"), intends to issue its General Obligation Bonds (Alternate Revenue Source) in an aggregate principal amount not to exceed $2,800,000 (the "Bonds"), for the purpose of paying the costs of funding the extension of the north interceptor sewer, as more fully described in the Ordinance. The revenue source that will be pledged to the payment of the principal of and interest on the Bonds will be the collections of those taxes imposed by the State of Illinois pursuant to the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailer's Occupation Tax Act, each as supplemented and amended from time to time, or substitute taxes therefor as provided by the State of Illinois in the future. If this revenue source is insufficient to pay the Bonds, ad valorem property taxes upon all taxable property in the City without limitation as to rate or amount are authorized to be extended to pay the principal of and interest on the Bonds. A complete copy of the Ordinance follows this notice. Notice is hereby further given that if a petition, signed by 998 or more electors of the City (being equal to 7.5% of the registered voters in the City) asking that the issuance of the Bonds be submitted to referendum is filed with the City Clerk within 30 days after the publication of the Ordinance and this notice, the question of the issuance of the Bonds shall be submitted to the electors of the City at the general primary election to be held March 19, 2002. The Circuit Court may declare that an emergency referendum should be held prior to said election date pursuant to the provisions of Section 2A-1.4 of the Election Code of the State of Illinois, as amended. By order of the City Council of the City. Dated this 1 st day of October, 2001. /s/ Xan-n Jones Citj Cle , City o Henry, Mc en County, Illinois Note to Publisher: Please be certain that this notice appears over the name of the City Clerk.