HomeMy WebLinkAboutOrdinances - ORD-03-1182 - 12/01/2003 - ABATE SERIES 2000A BONDS $423 600ORDINANCE NO. ORD-03- 1182 r
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL
ESTATE TAXES LEVIED FOR THE 2003 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 REFUNDING 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
General Obligation Bonds (Motor Fuel Tax Alternate Revenue Source), Series
2000A of the City of McHenry, Illinois, 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 motor fuel taxes imposed by the
State of Illinois; and
WHEREAS, pursuant to the aforesaid Supplemental Ordinance a direct
tax has been levied for the 2003 Tax Levy Year in the amount of $423,600 for
the payment of the principal and interest due in the year 2004 on the Series
2000A Bonds authorized by said ordinance; and
WHEREAS, the City's distributive share of motor fuel taxes imposed by
the State of Illinois which have been pledged for the payment of the principal
and interest on the Series 2000A Bonds otherwise payable from such levy for
the 2003 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 2003 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 2003
Tax Levy Year pursuant to the ordinance adopted by the City Council of the
City of McHenry, Illinois on October, 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, 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 IST day of December, 2003.
AYES: BOLGER, GLAB, LOW, MURGATROYD, WIMMER,. P TERSON, CONCION
NAYS: NONE
NONE
NOT VOTING:
NONE
ABSTAINED:
ABSENT: NONE
Mayor
ATTEST:
G.
City lerk