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HomeMy WebLinkAboutOrdinances - ORD-11-1573 - 12/05/2011 - ABATE TAXES SERIES 2010A BONDSORDINANCE NO. ORD-11-1573 AN ORDINANCE PROVIDING FORAN ABATEMENTOF REAL ESTATE TAXES LEVIED FOR THE 2011 TAX LEVY YEAR PURSUANT TO AN ORDINANCE ADOPTED BY THE CITY COUNCIL OF THE CITY OF MCHENRY, ILLINOIS, ON FEBRUARY 1, 2010, PROVIDING FOR THE ISSUANCE OF $2,030,000 GENERAL OBLIGATION (REFUNDING) BONDS SERIES 2010A OF THE CITY OF MCHENRY, ILLINOIS, FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS. WHEREAS, an ordinance was adopted by the City Council of the Cityof McHenry, Illinois on February 1, 2010, providing for the issuance of $2,030,000 General Obligation (Refunding) Bonds, Series 2010A of the City of McHenry, Illinois, for the levy and collection of a direct annual tax for the payment of the principal of and interest on said bonds. WHEREAS, the Series 2010A 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 $383,230.00 for the payment of the principal and interest due in the year 2012 on the Series 2010A 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 2010A Bonds otherwise payable from such levy for the 2011 Tax Levy Year are on deposit in the Series 2010A Project 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 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 MCHENRY, 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 February 1, 2010, providing for the issuance of $2,030,000 General Obligation (Refunding) Bonds, Series 2010A of the City of McHenry, Illinois, for the levy and collection of a direct annual tax for the payment of the principal of and interest on said bonds. SECTION 2. The City Clerk shall file a certified copy of this Ordinance in the Offices oi 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 aiuthority 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 5 TH 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: City CleL