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HomeMy WebLinkAboutOrdinances - ORD-07-1402 - 12/03/2007 - ABATE RE RAXES BONDS SERIES 2002ORDINANCE NO. ORD-07- 1 402 AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL ESTATE TAXES LEVIED FOR THE 2007 TAX LEVY YEAR PURSUANT TO AN ORDINANCE ADOPTED BY THE CITY COUNCIL OF THE CITY OF MCHENRY, ILLINOIS, ON MAY 20, 2002, PROVIDING FOR THE ISSUANCE OF $3,900,000 GENERAL OBLIGATION BONDS (ALTERNATE REVENUE SOURCE), SERIES 2002 OF THE CITY OF MCHENRY, ILLINOIS, FOR THE PURPOSE OF FINANCING THE EDGEBROOK DRAINAGE AND NORTH INTERCEPTOR SEWER PR03ECTS. WHEREAS, an ordinance was adopted by the City Council of the City of McHenry, Illinois on May 20, 2002 providing for the issuance of $3,900,000 General Obligation Bonds (Alternate Revenue Source), Series 2002 of the City of McHenry, Illinois, for the purpose of financing the Edgebrook Drainage and North Interceptor Sewer Projects; and WHEREAS, the Series 2002 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 2007 Tax Levy Year in the amount of $383,500 for the payment of the principal and interest due in the year 2008 on the Series 2002 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 2002 Bonds otherwise payable from such levy for the 2007 Tax Levy Year are on deposit in the Series 2002 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 2007 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 2007 Tax Levy Year pursuant to the ordinance adopted by the City Council of the City of McHenry, Illinois on May 20, 2002, providing for the issuance of $3,900,000 General Obligation Refunding Bonds, Series 2002 of the City of McHenry, Illinois, for the purpose of financing the Edgebrook Drainage and North Interceptor Sewer Projects; 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 3rd day of December, 2007. AYES: SANTI, GLAB, SCHAEFER, MURGATROYD, WIMMER, PETERSON,CONDON NAYS: NOT VOTING: ABSTAINED: ABSENT: NONE NONE NONE NONE Mayor ATTEST: � csi C City Cler