HomeMy WebLinkAboutOrdinances - ORD-06-1342 - 12/04/2006 - ABATE SERIES 2005 GO BONDS $165 516.26ORDINANCE NO. ORD-06-1342
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL
ESTATE TAXES LEVIED FOR THE 2006 TAX LEVY YEAR
PURSUANT TO AN ORDINANCE ADOPTED BY THE CITY COUNCIL
OF THE CITY OF MCHENRY, ILLINOIS, ON ]ULY 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 PORTON
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 outstanding
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 qupniementai Ordinance a dirart
tax has been levied for the 2006 Tax Levy Year in the amount of $165,51.6.26
for the payment of the principal and interest due in the year 2007 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 2006 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 2006
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 2006
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 4th day of December, 2006.
AYES: SANTI, GLAB, MURGATROYD, WIMMER, PETERSON. CONDON
NAYS: NONE
NOT VOTING: NONE
ABSTAINED: NONE
ABSENT: ;9
ATTEST:
City Clerk,
-2-
Mayor