HomeMy WebLinkAboutOrdinances - ORD-10-1522 - 11/29/2010 - Abatemen Recovery Zone BondORDINANCE NO. ORD-10-1522
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, ILLINOIS1 ON
FEBRUARY 1, 2010, PROVIDING FOR THE ISSUANCE OF $3,5101000
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 ofthe City of McHenry, Illinois on February
11 2010, providing for the issuance of $3,510,000 General Obligation Bonds (Recovery Zone & Build America),
Series 2010E of the City of McHenry, Illinois, for the levy and collection of a direct annual tax forthe payment
of the principal of and interest on said bonds.
WHEREAS, the Series 20106 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
2010 Tax Levy Year in the amount of 5490,979.13 for the payment of the principal and interest due in the
year 2011 on the Series 2010E 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 2010 Tax Levy Year are on deposit in the Series 2010E 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 2010 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 2010 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 $3,510,000 General Obligation Bonds (Recovery Zone & Build America), Series 2010E 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 roman after its passage,
approval and publication, as provided by law.
Passed and approved this 29T" day of November, 2010.
Voting Aye: Santi, Glab, Blake, Wimmer, Peterson, Condon
Voting Nay: None
Not Voting: None
Abstaining: None
Absent: Schaefer
Mayor
ATTEST:
City Clerk