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HomeMy WebLinkAboutOrdinances - ORD-07-1404 - 12/03/2007 - ABATE RETAXES BONDS SERIES 2006ORDINANCE NO. ORD-07- 1404 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 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 2007 Tax Levy Year in the amount of $238,750 for the payment of the principal and interest due in the year 2008 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 from such levy for the 2007 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 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 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. 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, GLAH, SCHAEFER, MURGATROYD, INIMMER, PETERSON, CONDON _ NONE NAYS: NOT VOTING: ABSTAINED: NONE NONE ABSENT: NONE Mayor ATTEST: