HomeMy WebLinkAboutOrdinances - ORD-01-1047 - 12/03/2001 - ABATE SSA #1 $25 000ORDINANCE NO. ORD-01- 1047
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL
ESTATE TAXES LEVIED FOR THE 2001 TAX LEVY YEAR
PURSUANT TO AN ORDINANCE ADOPTED BY THE CITY COUNCIL
OF THE CITY OF MCHENRY, ILLINOIS, ON DECEMBER 13, 1999,
AUTHORIZING AND PROVIDING FOR THE CREATION OF
SPECIAL SERVICE AREA #1A, FOR THE PURPOSE OF
UNDERWRITING THE COST OF INSTALLING TRAFFIC LANE
IMPROVEMENTS AND TRAFFIC SIGNALIZATION AT THE
INTERSECTION OF SHAMROCK LANE AND ILLINOIS STATE
ROUTE 31.
WHEREAS, an ordinance was adopted by the City Council of the City of
McHenry, Illinois on December 13, 1999 Authorizing the Creation of Special
Service Area #1A in the City of McHenry, Illinois for the purpose of defraying
the cost of installing traffic lane improvements and traffic signalization at the
intersection of Shamrock Lane and Illinois State Route 31 for the City of
McHenry, McHenry, Illinois.
WHEREAS, it has hereby been estimated that the cost of providing the
services identified in the ordinance will not be more than $800,000;
WHEREAS, it is in the public interest that bonds in an amount not -to -
exceed $800,000 be issued for the purpose of paying the cost of providing the
services identified in the ordinance establishing Special Service Area #1A; and
WHEREAS, the bonds shall be retired by the levy of a direct annual tax
sufficient to pay the interest on the bonds and to discharge the principal
thereof at maturity; and
WHEREAS, the City of McHenry has agreed to pay its fair share of the
annual debt service cost on these bonds and it has been determined the City's
annual public benefit portion for the debt service cost to be $25,000.
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 2001
Tax Levy Year pursuant to the ordinance adopted by the City Council of the
City of McHenry, Illinois on December 13, 1999, authorizing and providing for
the creation of a Special Service Area #1A in the City of McHenry, Illinois, be
and they are hereby abated in the amount of $25,000.
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.
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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 3RD day of December, 2001.
AYES: BOLGER, GLAB, LOW, MURGATROYD, WIMMER
NAYS:
NONE
NONE
NOT VOTING:
ABSTAINED: NONE
ABSENT: NONE
ATTEST:
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Mayor