HomeMy WebLinkAboutOrdinances - ORD-06-1343 - 12/04/2006 - ABATE SERIES 2006 GO BONDS $221 490.24ORDINANCE NO. ORD-06-1343
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 AUGUST 14, 2006,
PROVIDING FOR THE ISSUANCE OF $2,995,000 GENERAL
OBLIGATION BONDS (ALTERNATE REVENUE SOURCE), SERIES
2006 OF THE CITY OF MCHENRY, ILLINOIS, FOR THE PURPOSE
OF FINANCING THE RIVERWALK PHASE I CONSTRUCTION.
WHEREAS, an ordinance was adopted by the City Council of the City of
McHenry, Illinois on August 14, 2006 providing for the issuance of $2,995,000
General Obligation Bonds (Alternate Revenue Source), Series 2006 of the City
of McHenry, Illinois, for the purpose of financing the Riverwalk Phase I
Construction; and
WHEREAS, the Series 2006 Bonds are payable from, and are secured by
a pledge of, the Tax Increment Financing Funds generated by a Tax Increment
Financing (TIF) District established for the purposes of downtown
redevelopment; and
WHEREAS, pursuant to the aforesaid Supplemental Ordinance a direct
tax has been levied for the 2006 Tax Levy Year in the amount of $221,490.24
for the payment of the principal and interest due in the year 2007 on the
Series 2006 Bonds authorized by said ordinance; and
WHEREAS, the Tax Increment Financing Funds have been pledged for
the payment of the principal and interest on the Series 2006 Bonds otherwise
payable frorn such levy for the 2006 tax levy year are on deposit in the Series
2006 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 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 August 14, 2006, providing for the issuance of
$2,995,000 General Obligation Refunding Bonds, Series 2006 of the City of
McHenry, Illinois, for the purpose of financing the Riverwalk Phase I
Construction Project; 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.
SECTIOJN 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 4ch day of December, 2006.
NAYS: NONE
NOT VOTING:
ABSTAINED:
ABSENT:�rHAFFFR
ATTEST:
City Clerk
NONE
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Mayor