HomeMy WebLinkAboutOrdinances - ORD-08-1445 - 12/15/2008 - ABATE SERIES 2007 $245 995 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 ei
t
WARD 1
'Victor A. Santr
WARD 2
Andrew A Glab
WARD 3
Jeffrey A. Schaefer
WARD 4
Steven C. Murgatroyd
WARD 5
Richard W. Wimmer
WARD 6
Robert J. Peterson
WARD 7
Gen A Condon
City of McHenry
www.ci.mchenry.il.us
C E R T I F I C A T I O N
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-08-1445 providing for an abatement of real
estate taxes in the amount of $245,995 levied for the 2007 Tax
Levy Year for repayment of Series 2007 General Obligation
Bonds; (Alternate Revenue Source). 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)2.
Kathleen M. Kunzer, ep Ayci ty Clerk
�s of the City of McHenry, Illinois
a
ORDINANCE NO. ORD-08-1445
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
MAY 21, 2007, PROVIDING FOR THE ISSUANCE OF $3,275,000 GENERAL
OBLIGATION BONDS (ALTERNATE REVENUE SOURCE), SERIES 2007 OF THE
CITY OF MCHENRY, ILLINOIS, FOR THE PURPOSE OF FINANCING THE
PURCHASE OF PROPERTY TO HOUSE THE PUBLIC WORKS GARAGE.
WHEREAS, an ordinance was adopted by the City Council of the City of McHenry, Illinois on May 21,
2007 providing for the issuance of $3,275,000 General Obligation Bonds (Alternate Revenue Source), Series
2007 of the City of NlcHenry, Illinois, for the purpose of financing the purchase of property located at 1415
Industrial Drive to house the Public Works Garage; and
WHEREAS, the Series 2007 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
2008 Tax Levy Year in the amount of $245,995 for the payment of the principal and interest due in the year
2009 on the Series 2007 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 2007 Bonds otherwise payable from such
levy for the 2008 Tay: Levy Year are on deposit in the Series 2007 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 May 21, 2007, providing for the
issuance of $3,275,000 General Obligation Bonds, Series 2007 of the City of McHenry, Illinois, forthe purpose
of financing the purchase of the property located at 1415 Industrial Drive to house the Public Works Garage;
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 15"' day of December, 2008.
NAYS: NONE
NOT VOTINWN E
ABSTAINED: NONE
ABSENT
r�
�— Mayor
ATTEST:
City lerk