HomeMy WebLinkAboutOrdinances - ORD-03-1184 - 12/01/2003 - ABATE SERIES 2002 BONDS $370 312.50r
ORDINANCE NO. ORD-03- 1184
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 $3,900,000 GENERAL
OBLIGATION BONDS (ALTERNATE REVENUE SOURCE), SERIES
2002 OF THE CITY OF MCHENRY, ILLINOIS, FOR THE PURPOSE
OF FINANCING THE EDGEBROOK DRAINAGE AND NORTH
INTERCEPTOR SEWER PRO3ECTS.
WHEREAS, an ordinance was adopted by the City Council of the City of
McHenry, Illinois on May 20, 2002 providing for the issuance of $3,900,000
General Obligation Bonds (Alternate Revenue Source), Series 2002 of the City
of McHenry, Illinois, for the purpose of financing the Edgebrook Drainage and
North Interceptor Sewer Projects; and
WHEREAS, the Series 2002 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 2003 Tax Levy Year in the amount of $370,312.50
for the payment of the principal and interest due in the year 2004 on the
Series 2002 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 2002 Bonds otherwise
payable from such levy for the 2003 tax levy year are on deposit in the Series
2002 Project 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 May 20, 2002, providing for the issuance of
$3,900,000 General Obligation Refunding Bonds, Series 2002 of the City of
McHenry, Illinois, for the purpose of financing the Edgebrook Drainage and
North Interceptor Sewer Projects; 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.
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NAYS: NONE
NOT VOTING: NONE
ABSTAINED:
ABSENT: NONE
Mayor
ATTEST:
City er