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HomeMy WebLinkAboutOrdinances - ORD-15-1759 - 12/07/2015 - ABATEMENT OF GO BONDS SERIES 2010CORDINANCE NO. ORD-15-1759 AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL ESTATE TAXES LEVIED FOR THE 2015 TAX LEVY YEAR PURSUANT TO AN ORDINANCE ADOPTED BY THE CITY COUNCIL OF THE CITY OF MCHENRY, ILLINOIS, ON AUGUST 30, 2010, PROVIDING FOR THE ISSUANCE OF $5,665,000 GENERAL OBLIGATION BONDS (ALTERNATE) SERIES 2010C 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 August 30, 2010 providing for the issuance of $5,665,000 General Obligation (Alternate) Bonds, Series 2010C 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 2010C 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 2015 Tax Levy Year in the amount of $445,812.50 for the payment of the principal and interest due in the year 2016 on the Series 2010C 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 2010C Bonds otherwise payable from such levy for the 2015 Tax Levy Year are on deposit in the Series 2010C Project Fund established by Section 14 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 2015 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 2015 Tax Levy Year pursuant to the ordinance adopted by the City Council of the City of McHenry, Illinois on August 30, 2010, providing for the issuance of $5,665,000 General Obligation Bonds (Alternate) Series 2010C 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 7th day of December, 2015. Voting Aye: Condon, Peterson, Wimmer, Curry, Schaefer, Glab, Santi Voting Nay: None Not Voting: None Abstaining: None Absent: None Mayor ATTEST: City:Clerl< McHenry Municipal Center 333 Green Street McHenry, Illinois 60050 Phone: (815) 363-2100 Fax: (815) 363-2119 www.ci.mchenry.il.us CERTIFICATION I, Marcia M. Geraghty, Deputy City Clerk in and for the City of McHenry, Illinois, do hereby certify that the attached document is a true and correct copy of the McHenry City Ordinance No. ORD-15-1759 providing for an abatement of real estate taxes in the amount of $5,665,000 levied for the 2015 Tax Levy Year for repayment of Series 2010C General Obligation Bonds (Alternate). Said ordinance was passed and approved at a regular City Council Meeting held on the 7th day of December 2015 and was signed by the Mayor on December 11, 2015. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of the City of McHenry, Illinois this 1 lth day of December 2015. (SEAL) Marcia M. Geraghty, Duty Oity Clerk City of McHenry, Illinois