HomeMy WebLinkAboutOrdinances - ORD-07-1369 - 04/16/2007 - AUTHORIZE ISSUANCE GO BONDS FOR PURCHASE 1415 INDUILL�� rl `
ORDMANCE No. ORD--07-1369
An Ordinance authorizing the issuance of General Obligation
Bonds (Alternate Revenue Source) of the City of McHenry,
McHenry County, Illinois, in an aggregate principal amount
not to exceed $3,400,000 for the purpose of paying costs of
purchasing the building located at 1415 Industrial Drive for
the purpose of housing a public works garage for the Street
and Water Divisions and evidence storage for the Police
Department.
WHEREAS, the City of McHenry, McHenry County, Illinois (the "City"), is a duly
organized and existing municipality incorporated and existing under the provisions of the
laws of the State of Illinois, and is now operating under the provisions of the Illinois
Municipal Code, as amended (the "Code "); and
WHEREAS, the City Council of the City (the "Council') has determined that it is
advisable, necessary and in the best interests of the City to pay the costs of purchasing the
building located at 1415 Industrial Drive for the purpose of housing a public works
garage for the Street and Water Divisions and evidence storage for the Police Department
(the "Project'), in accordance with the preliminary estimate of costs heretofore approved
by the Council and now on file in the office of the City Clerk; and
WHEREAS, the estimated costs of the Project, including engineering, legal,
financial, bond discount, printing and publication costs, and other expenses, is
$3,400,000, and there are insufficient funds on hand and lawfully available to pay such
costs; and
WHEREAS, it is necessary and for the best interests of the City that the Project be
undertaken and in order to finance the costs thereof it will be necessary for the City to
issue up to $3,400,000 alternate bonds, being general obligation bonds payable from all
collections distributed to the City from those taxes imposed by the State of Illinois
pursuant to the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act
and the Retailer's Occupation Tax Act, each as supplemented and amended from time to
time, or substitute taxes therefor as provided by the State of Illinois in the future, as
authorized to be issued at this time pursuant to the Local Government Debt Reform Act
of the State of Illinois, as amended (the "Alternate Bonds'); and
WHEREAS, if the above -mentioned revenue source is insufficient to pay the
Alternate Bonds, ad valorem property taxes upon all taxable property in the City without
limitation as to rate or amount are authorized to be extended to pay the principal of and
interest on the Alternate Bonds:
Now, THEREFORE, Be It Ordained by the City Council of the City of McHenry,
McHenry County, Illinois, as follows:
Section 1. Incorporation of Preambles. The Council hereby finds that all of
the recitals contained in the preambles to this Ordinance are full, true and correct and
does incorporate them into this Ordinance by this reference.
Section 2. Determination to Issue Bonds. It is necessary and in the best
interests of the City to undertake the Project, in accordance with the estimates as
hereinabove described, and there are hereby authorized to be issued and sold the
Alternate Bonds in an aggregate principal amount not to exceed $3,400,000 therefore.
Section 3. Publication. This Ordinance, together with a notice in the statutory
form (the "Notice "), shall be published once within ten (10) days after passage hereof by
the Council in the Northwest Herald, being a newspaper of general circulation in the
City, and if no petition, signed by 1,188 electors of the City, the same being equal to
7.5% of the registered voters in the City, asking that the question of the issuance of the
portion of the Alternate Bonds to pay for the Project in the amount not to exceed
$3,400,000 be submitted to referendum is filed with the City Clerk within thirty (30) days
after the date of the publication of this Ordinance and the Notice, then said Alternate
Bonds shall be authorized to be issued for the Project.
Section 4. Additional Ordinances. If no petition meeting the requirements of
applicable law is filed during the petition period hereinabove referred to, then the Council
may adopt additional ordinances or proceedings supplementing or amending this
Ordinance providing for the issuance and sale of the Alternate Bonds, prescribing all the
details of the Alternate Bonds, so long as the maximum amount of the Alternate Bonds .as
set forth in this Ordinance is not exceeded and there is no material change in the Project
or purposes described herein. Such additional ordinances or proceedings shall in all
instances become effective in accordance with applicable law. This Ordinance, together
with such additional ordinances or proceedings, shall constitute complete authority for
the issuance of the Alternate Bonds, under applicable law.
Section S. Severability. If any section, paragraph, clause or provision of this
Ordinance shall be held invalid, the invalidity of such section, paragraph, clause or
provision shall not affect any of the other provisions of this Ordinance.
Section 6. Repealer. All ordinances, resolutions or orders, or parts thereof, in
conflict with the provisions of this Ordinance are to the extent of such conflict hereby
repealed.
PASSED and APPROVED by the City Council of the City on the 16'h day of
April, 2007.
AYES: Santi, Glab, Schaefer, Murgatroyd, Wimmer, Peterson, Condon
NAYS: None
NOT VOTING: None
ABSTAINED: None
ABSENT: None.
Mayor,
City of McHenry, McHenry County, Illinois
PUBLISHED in the Northwest Herald on April 18, 2007.
RECORDED in the City Records on April 16, 2007.
ATTEST:
Ci Cler
C' y of Mc enry, N (!�e County, Illinois