HomeMy WebLinkAboutOrdinances - ORD-11-1574 - 12/05/2011 - ABATE TAXES SERIES 2010B BONDSORDINANCE NO. ORD-10-1574
AN ORDINANCE PROVIDING FORAN ABATEMENTOF REAL ESTATE TAXES
LEVIED FOR THE 2011 TAX LEVY YEAR PURSUANT TO AN ORDINANCE
ADOPTED BYTHE CITY COUNCIL OF THE CITY OF MCHENRY, ILLINOIS, ON
FEBRUARY 1, 2010, PROVIDING FOR THE ISSUANCE OF $3,510,000
GENERAL OBLIGATION BONDS (RECOVERY ZONE & BUILD AMERICA)
SERIES 2010B 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 City of McHenry, Illinois on February
1, 2010, providing for the issuance of $3,510,000 General Obligation Bonds (Recovery Zone 64 Build America),
Series 2010B 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 2010B 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 $446,685.00 for the payment of the principal and interest due in the
year 2012 on the Series 2010B 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 2010B Bonds otherwise payable from
such levy for the 2011 Tax Levy Year are on deposit in the Series 2010B 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 MCHENRY, MCHENRY
COUNTY, ILLINOIS, as follows:
SECTION 1. All real estate taxes authorized to be levied for the 2011 Tax Levy YeaIr pursuant to the
ordinance adopted by the City Council of the City of McHenry, Illinois on February 1, 2010, providing for the
issuance of $3,510,000 General Obligation Bonds (RecoveryZone & Build America), Series 2010B 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 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.
Mayor
ATTEST:
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City Clerk () 0