HomeMy WebLinkAboutOrdinances - ORD-10-1524 - 11/29/2010 - ABATE RE TAXES SSSA #1S SHAMROCK INTERSECTIONORDINANCE NO. ORD-10-1524
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL ESTATE TAXES
LEVIED FOR THE 2010 TAX LEVY YEAR PURSUANT TO AN ORDINANCE
ADOPTED BY THE CITY COUNCIL OF THE CITY OF MCHENRY, ILLINOIS, ON
DECEMBER 13,1999, AUTHORIZING AND PROVIDING FOR THE CREATION
OF SPECIAL SERVICE AREA #1A, FOR THE PURPOSE OF UNDERWRITING
THE COST OF INSTALLING TRAFFIC LANE IMPROVEMENTS AND TRAFFIC
SIGNALIZATION AT THE INTERSECTION OF SHAMROCK LANE AND ILLINOIS
STATE ROUTE 31.
WHEREAS, an ordinance was adopted by the City Council of the City of McHenry, Illinois on
December 13, 1999 Authorizing the Creation of Special Service Area #1A in the City of McHenry, Illinois for
the purpose of defraying the cost of installing traffic lane improvements and traffic signalization at the
intersection of Shamrock Lane and Illinois State Route 31 for the City of McHenry, McHenry, Illinois.
WHEREAS, it has hereby been estimated that the cost of providing the services identified in the
ordinance will not be more than $800,000;
WHEREAS, it is in the public interest that bonds in an amount not -to -exceed $800,000 be issued for
the purpose of paying the cost of providing the services identified in the ordinance establishing Special
Service Area #1A; and
WHEREAS, the bonds shall be retired by the levy of a direct annual tax sufficient to pay the interest
on the bonds and to discharge the principal thereof at maturity; and
WHEREAS, the City of McHenry has agreed to pay its fair share of the annual debt service cost on
these bonds and it has been determined the City's annual public benefit portion for the debt service cost to
be $25,000.
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 2010 Tax Levy Year pursuant to the
ordinance adopted by the City Council of the City of McHenry, Illinois on December 13,1999, authorizing and
providing for the creation of a Special Service Area #1A in the City of McHenry, Illinois, be and they are
hereby abated in the amount of $25,000.
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 29T" day of November, 2010.
Voting Aye: Santa, Glab, Blake, Wimmer, Peterson, Condon
Voting Nay: None
Not Voting: None
Abstaining: None
Absent: Schaefer
2 ;;?�-
Mayor
ATTEST:
City Clerk