HomeMy WebLinkAboutOrdinances - ORD-16-1819 - 12/05/2016 - ABATEMENT OF REAL ESTATE TAXES GO BOND SERIES 2010ORDINANCE NO. ORD-16-1819
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL ESTATE TAXES
LEVIED FOR THE 2016 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 $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 & 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 2016 Tax Levy Year in the amount of $427,157.50 for the payment of the principal
and interest due in the year 2017 on the Series 201013 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 2016 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 2016 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 2016 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 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 Sth day of December, 2016.
VOTING AYE: CONDON, CURRY, GLAB, SANTI , PETERSON
VOTING NAY: NONE
NOT VOTING: NONE
ABSTAINED: NONE
ABSENT: SCHAEFER, WINNER
Mayor
ATTEST: