HomeMy WebLinkAboutOrdinances - ORD-15-1761 - 12/07/2015 - ABATEMENT OF GO BONDS SERIES 2013ORDINANCE NO. ORD-15-1761
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 MARCH 18, 2013, PROVIDING FOR THE
ISSUANCE OF $2,400,000 GENERAL OBLIGATION (REFUNDING) BONDS
SERIES 2013 OF THE CITY OF MCHENRY, ILLINOIS, TO REFUND SERIES
2005 GENERAL OBLIGATION BONDS AND ISSUE $415,000 FOR REPAIRS
TO THE PUBLIC WORKS BUILDING AT 1415 INDUSTRIAL DRIVE.
WHEREAS, an ordinance was adopted by the City Council of the City of McHenry, Illinois on
February 1, 2010, providing for the issuance of $2,400,000 General Obligation (Refunding) Bonds, Series
2013 of the City of McHenry, Illinois, to refund Series 2005 General Obligation Bonds and issue $415,000
for repairs to the Public Works Building at 1415 Industrial Drive.
WHEREAS, the Series 2013 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 $574,235.00 for the payment of the principal and interest due
in the year 2016 on the Series 2013 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 2013 Bonds otherwise payable
from such levy for the 2015 Tax Levy Year are on deposit in the Series 2013 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 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 March 18, 2013, providing
for the issuance of $2,400,000 General Obligation (Refunding) Bonds, Series 2013 of the City of
McHenry, Illinois, to refund Series 2005 General Obligation Bonds and issue $415,000 for repairs to the
Public Works Building at 1415 Industrial Drive.
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.
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:
Voting Nay:
Not Voting:
Abstaining:
Absent: None
ATTEST:
Clerk
Condon, Peterson, Wimmer, Curry, Schaefer, Glab, Santi
None
None
None
ORDINANCE NO. ORD-15-1761
/-ry-
Mayor
MlCRT OF TRC RIYC
CERTIFICATION
McHenry Municipal Center
333 Green Street
McHenry, Illinois 60050
Phone: (815) 363-2100
Fax: (815) 363-2119
www.ci.mchenry.il.us
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-15-1761 providing for an abatement of real estate taxes in the amount of
$2,400,000 levied for the 2015 Tax Levy Year for repayment of Series 2013 General Obligation
Bonds (Refunding). 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. Geraghtyl ep y City Clerk
City of McHenry, Illinois