HomeMy WebLinkAboutOrdinances - ORD-09-1490 - 11/16/2009 - ABATE RE TAXES SERIES 2006 $238 705 2009 TAX YEARORDINANCE NO.ORD-09-1490
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
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 2009 Tax Levy Year in the amount of $238,705 for the payment of the principal and interest due in
the year 2010 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 2009 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 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 August 14, 2006, providing
for the issuance of 52,995,000 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 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:
City Cle