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HomeMy WebLinkAboutOrdinances - ORD-05-1274 - 12/12/2005 - ABATE SERIES 2005 BONDS $152 316.26ORDINANCE NO. ORD-05-1274 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 JULY 11, 2005, PROVIDING FOR THE ISSUANCE OF $2,560,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2005 OF THE CITY OF MCHENRY, ILLINOIS, FOR THE PURPOSE OF REFUNDING THE OUTSTANDING GENERAL OBLIGATION BONDS (SALES TAX ALTERNATE REVENUE SOURCE), SERIES 1997A AND A PORTION OF THE OUTSTANDING GENERAL OBLIGATION BONDS (ALTERNATE REVENUE SOURCE), SERIES 2002. WHEREAS, an ordinance was adopted by the City Council of the City of McHenry, Illinois on July 11. 2005 providing for the issuance of $2,560,000 General Obligation Bonds, Series 2005 of the City of McHenry, Illinois, for the purpose of refunding the outstanding General Obligation Bonds (Sales Tax Alternate Revenue Source) Series 1997A and a portion of the outstand General Obligation Bonds (Alternate Revenue Source) Series 2002; and WHEREAS, the Series 2005 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 2005 Tax Levy Year in the amount of $152,316.26 for the payment of the principal and interest due in the year 2006 on the Series 2005 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 2005 Bonds otherwise payable from such levy for the 2005 tax levy year are on deposit in the Series 2005 Debt Service fund established by Section 13 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 July 11, 2005, providing for the issuance of $2,560,000 General Obligation Refunding Bonds, Series 2005 of the City of McHenry, Illinois, for the purpose of refunding the outstanding General Obligation Bonds (Sales Tax Alternate Revenue Source) Series 1997A and a portion of the outstanding General Obligation Bonds (Alternate Revenue Source), Series 2002, 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,SCHAERER,MURGATROYD,WIMMER,PETERSON,CONDON NAYS: NONE NOT VOTING: NONE ABSTAINED: NONE ABSENT: NONE ATTEST: C. City -2- Mayor