HomeMy WebLinkAboutOrdinances - ORD-09-1489 - 11/16/2009 - ABATE RE TAXES SERIES 2002 $386 775 2009 TAX YEARORDINANCE NO. ORD-09-1489
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL ESTATE
TAXES LEVIED FOR THE 2009 TAX LEVY YEAR PURSUANT TO AN
ORDINANCE ADOPTED BY THE CITY COUNCIL OF THE CITY OF
MCIHENRY, 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.
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 2009 Tax Levy Year in the amount of $386,775 for the payment of the principal and interest due in
the year 2010 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 2009 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 2009 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 2009 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 16T" day of November, 2009.
Voting Aye: Santi, Glab, Schaefer, Blake, Wimmer, Peterson, Condon.
Voting Nay: None
Not Voting: None
Abstaining: None
Absent: None
Mayor
ATTEST:
C.
City CI rk