HomeMy WebLinkAboutOrdinances - ORD-05-1273 - 12/12/2005 - ABATE SERIES 2000A BONDS $440 937.50ORDINANCE NO. ORD-05-1273
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL
ESTATE TAXES LEVIED FOR THE 2005 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 2005 Tax Levy Year in the amount of $440,937.50
for the payment of the principal and interest due in the year 2006 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 2005 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 2005 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 2005 Tax
Levy Year pursuant to the 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 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 12th day of December, 2005.
AYES: SANTI,GLAB,SCHAEFER,MURGATROYD,WIMMER,PETERSON,CONDON
NAYS:
NOT VOTING: NONE
ABSTAINED:
ABSENT:
ATTEST:
City Jerk
-2-
Mayor