HomeMy WebLinkAboutOrdinances - ORD-02-1113 - 12/02/2002 - ABATE SERIES 1997A BONDS $328 750ORDINANCE NO. ORD-02- 1113
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL
ESTATE TAXES LEVIED FOR THE 2002 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 $3,600,000
GENERAL OBLIGATION BONDS, SERIES 1997A, FOR THE
PURPOSE OF DEFRAYING THE COST OF CONSTRUCTING
SANITARY SEWERS 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 $3,600,000.00
General Obligation Bonds Series 1997A, of the City of McHenry, Illinois for the
Purpose of Defraying the Cost of Constructing Sanitary Sewers for the City of
McHenry, McHenry, Illinois"; and
WHEREAS, the Series 1997A 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 2001 Tax Levy Year in the amount of $328,750 for
the payment of the principal and interest due in the year 2003 on the Series
1997A 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 1997A Bonds otherwise
payable from such levy for the 2001 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 2002
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 1997A, 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 2nd day of December, 2002.
AYES: BOLGER, GLAB, LOW, MURGATROYD, WIMMER
NAYS:
NOT VOTING:
ABSTAINED:
ABSENT:
ATTEST:
NONE
NONE
NONE
NONE
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