HomeMy WebLinkAboutOrdinances - ORD-17-1856 - 12/04/2017 - ABATEMENT OF GO BONDS SERIES 2015 $576 978.76ORDINANCE NO.ORD-17-1856
AN ORDINANCE PROVIDING FOR AN ABATEMENT OF REAL ESTATE
TAXES LEVIED FOR THE 2017 TAX LEVY YEAR PURSUANT TO AN
ORDINANCE ADOPTED BY THE CITY COUNCIL OF THE CITY OF
MCHENRY, ILLINOIS, ON APRIL 20, 2015, PROVIDING FOR THE
ISSUANCE OF $6,375,000 GENERAL OBLIGATION (REFUNDING) BONDS
SERIES 2015 OF THE CITY OF MCHENRY, ILLINOIS, TO REFUND SERIES
2006 GENERAL OBLIGATION BONDS, ADVANCE REFUND SERIES 2007
GENERAL OBLIGATION BONDS AND ISSUE $2,015,000 FOR
CONSTRUCTION OF THE RECREATION CENTER AT 3636 MUNICPAL
DRIVE.
WHEREAS, an ordinance was adopted by the City Council of the City of McHenry, Illinois on April
20, 2015, providing for the issuance of $6,375,000 General Obligation (Refunding) Bonds, Series 2015 of
the City of McHenry, Illinois, to refund Series 2006 General Obligation Bonds, advance refund Series
2007 General Obligation Bonds, and issue $2,015,000 for construction of the Recreation Center at 3636
Municipal Drive.
WHEREAS, the Series 2015 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 2017 Tax Levy Year in the amount of $576,978.76 for the payment of the principal and interest due
in the year 2018 on the Series 2015 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 2015 Bonds otherwise payable
from such levy for the 2017 Tax Levy Year are on deposit in the Series 2015 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 2017 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 2017 Tax Levy Year pursuant to
the ordinance adopted by the City Council of the City of McHenry, Illinois on April 20, 2015, providing for
the issuance of $6,375,000 General Obligation (Refunding) Bonds, Series 2015 of the City of McHenry,
Illinois, to refund Series 2006 General Obligation Bonds, advance refund Series 2007 General Obligation
Bonds, and issue $2,015,000 for construction of the Recreation Center at 3636 Municipal 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.
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 4th day of December, 2017.
VOTING AYE: CONDON, DEVINE, MIHEVC, CURRY, SCHAEFER, SANTI, GLAB
VOTING NAY: NONE
ABSTAINED: NONE
NOT VOTING: NONE
ABSENT: NONE
yor Wayne S. Jett
ATTEST:
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City Urk zi Nevitt