HomeMy WebLinkAboutOrdinances - ORD-11-1572 - 12/05/2011 - ABATE TAXES SERIES 2007 BONDSORDINANCE NO. ORD-11-1572
AN ORDINANCE PROVIDING FORAN ABATEMENTOF REALESTATETAXES
LEVIED FOR THE 2011 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 $3,27S,000 GENERAL
OBLIGATION BONDS (ALTERNATE), 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), Series2007 of the City
of McHenry, 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
2011 Tax Levy Year in the amount of $246.595.00 for the payment of the principal and interest due in the
year 2012 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 2011 Tax 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 theTax LevyYear 2011 pursuant to said Ordinance shall
be abated.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF IVICHENRY, 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 May 21, 2007, providing for the
issuance of $3,275,000 General Obligation Bonds (Alternate), Series 2007 of the City of McHenry, Illinois, for
the 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.
SECTION2. 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 5TH day of December, 2011.
VOTING AYE: SANTI, GLAB, SCHAEFER, BLAKE, WIMMER, PETERSON, CONDON.
VOTING NAY: NONE.
NOT VOTING: NONE.
ABSTAINED: NONE -
ABSENT: NONE.
I / � 2 - -74'�'
Mayor
ATTEST:
I
J
City Clerk