HomeMy WebLinkAboutOrdinances - ORD-08-1444 - 12/15/2008 - ABATE SERIES 2006 $238 830 2008 TAX YEARCity of McHenry
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McHenry, Illinois 60050-5495
Mayor's Office
(815) 363-2108
Fax (815) 363-2119
Clerk's Office C E R T I F I C A T I O N
(815) 363-2100
Fax (815)363-2128
I, Kathleen M. Kunzer, Deputy City Clerk in and for the
Administration
(915)363-2108
Fax (815) 363-2119 City of McHenry, Illinois, do hereby certify that the attached
Public Works document is a true and correct copy of the McHenry City
Community
Development
(815)363-2170 Ordinance No. Ord-08-1444 providing for an abatement of real
Fax (815) 363-2173
estate taxes in the amount of $238,830.00 levied for the 2008
Parks and Recreation
(815)363-2160
Fax (815) 363-3186 Tax Levy Year for repayment of Series 2006 General Obligation
Police Non -Emergency Bonds issued to defray the cost of financing the RIverwalk
(315)363-2200
Fay. (815) 363-2149
Phase I Construction Project for the City of McHenry. Said
Mayor ordinance was passed and approved at a regular City Council
Susan E. Low
City Clerk Meeting held on the 15th day of December, 2008 and was signed
Janice C Jones
by the Mayor on December 15, 2008.
Treasurer
David M Welter IN WITNESS WHEREOF, I have hereunto set my hand and
Aldermen
affixed the corporate seal of the City of McHenry, :Illinois
WARD 1 � '
Victor A Sanu this 16th day of December, 2008.
W ARI) 2
Andrew A Glab (SEMI) l _
WARD 3. rh
K
Jeffrey A. Schaefer a Teen M. Kunzer, Depu City Clerk
of the City of McHenry, Illinois
WARD 4
Steven C. Murgatroyd
WARD 5
Richard W. Wimmer
WARD 6
Robert 1. Peterson
WARD 7
Geri A. Condon
ORDINANCE NO.ORD-08-1444
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
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 Cityof 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
2008 Tax Levy Year in the amount of $238,830 for the payment of the principal and interest due in the year
2009 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 2008 Tax Levy gear 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 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 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. 'rhis 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.
AYES: SANT!, GLAB, SCHAEFER, MURGATROYD, Wi
NAYS: NONE
NOTVOTING: NONE
NONE
ABSTAINED:
NONE
ABSENT:
ATTEST:
City Cier
Mayor