HomeMy WebLinkAboutOrdinances - ORD-11-1571 - 12/05/2011 - ABATE TAXES SERIES 2006 BONDSORDINANCE NO. ORD-11-1571
AN ORDINANCE PROVIDING FORAN ABATEMENTOF REAL ESTATETAXES
LEVIED FOR THE 2011 TAX LEVY YEAR PURSUANT TO AN ORDINANCE
ADOPTED BYTHE CITY COUNCIL OF THE CITY OF MCHENRY, ILLINOIS, ON
AUGUST 14, 2006, PROVIDING FOR THE ISSUANCE OF $2,995,000
GENERAL OBLIGATION BONDS (ALTERNATE), SERIES 2006OF THE CITYOF
IVICHENRY, 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), Series 2006 of the
City of McHenry, Illinois, for the purpose of financing the Fiverwalk 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 bya Tax Increment Financing (11F) District established forthe purposes
of downtown redevelopment; and
WHEREAS, pursuant to the aforesaid Supplemental Ordinance a direct tax has been levied for the
2011 Tax Levy Year in the amount of $237,840.00 for the payment of the principal and interest due in the
year 2012 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 2011 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 2011 pursuant to said Ordinance shall be abated.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF IMCHENRY, MCHENRY
COUNTY, ILLINOIS, as follows:
SECTION 1. All real estate taxes authorized to be levied for the 2011 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 Bonds (Alternate), 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 sh a I I file a certified copy of this Ord in a nce 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 af ter its passage,
approval and publication, as provided by law.
Passed and approved this STH day of December, 2011.
VOTING AYE: SANTI, GLAB, SCHAEFER, BLAKE, WIMMER, PETERSON, CONDON.
VOTING NAY: NONE.
NOT VOTING: NONE.
ABSTAINED: NONE.
ABSENT: NONE.
Mayor
ATTEST:
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City Clerk