HomeMy WebLinkAboutOrdinances - ORD-08-1442 - 12/15/2008 - ABATE SERIES 2005 $170 966.26 2008 TAX YEAR333 South Green Street
McHenry, Illinois 60050-5495
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Mayor
Susan E Low
City Clerk
Janice C. Jones
Treasurer
David M. Welter
Aldermen
WARD I
Victor A Santa
WARD 2
Andrew A. Glab
WARD 3
Jeffrey A Schaefer
WARD 4 1
Steven C Murgatroyd
WARD 5
Richard W. Wimmer
WARD 6
Robert J. Peterson
WARD 7
Geri A Condon
City of McHenry
56C
C E R T I F I C A T I O N
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I, Kathleen M. Kunzer, Deputy City Clerk in and for the
City of McHenry, Illinois, do hereby certify that the attached
document is a true and correct copy of the McHenry City
Ordinance No. Ord-08-1442 providing for an abatement of real
estate taxes in the amount of $170,966.26 levied for the 2008
Tax ]Levy Year for repayment for the bonds for the Series 2005
General Obligation Bonds issued to defray the cost of
expanding and improving the South Wastewater Treatment Plant
for the City of McHenry. Said ordinance was passed and
approved at a regular City Council Meeting held on the 15th
day of December, 2008 and was signed by the Mayor on December
15, :2008.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the corporate seal of the City of McHenry, Illinois
this 16`h day of December, 2008.
( SEAL)
M Kathleen M. Kunzer, D�ety ity Clerk
of the City of McHenry, Illinois
ORDINANCE NO. ORD-08-1442
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL ESTATE TAXES
LEVIED FOR THE 2008 TAX LEVY YEAR PURSUANT TO AN 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 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 bythe 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
2008 Tax Levy Year in the amount of $170,966.26 for the payment of the principal and interest due in the year
2009 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 2008 Tay; 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 taxes levied for the Tax Levy Year 2008 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 2008 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 151h day of December, 2008.
NAYS: NONE
NOT VOTING: NONE
ABSTAINED: NONE
NONE
ABSENT:
—7
Mayor
ATTEST:
City Cier
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