HomeMy WebLinkAboutOrdinances - O-96-765 - 01/31/1996 - ABATE GO BONDS SERIES 1990 $324 600ORDINANCE NO. 0-96-765
AN ORDINANCE PROVIDING FOR AN ABATEMEEKNT OF REAL ESTATE
TAXES LEVIED FOR THE 1995 TAX LEVY YEAR PURSUANT TO AN
ORDINANCE ADOPTED BY THE CITY COUNCIL OF THE CITY OF
MCHENRY, ILLINOIS ON JURY 18, 1990 ENTITLED
'SUPPLEMENTAL ORDINANCE PROVIDING FOR THE ISSUANCE OF
$3,000,000.00 GENERAL OBLIGATION BONDS, SERIES 1990 OF
THE CITY OF MCHENRY, ILLINOIS'
WHEREAS, an ordinance was adopted by the City Council of the City of
McHenry, Illinois on December 20, 1989 entitled "Ordinance Authorizing
the Issuance of $3,000,000.00 General Obligation Bonds of the City of
McHenry, Illinois for the Purpose of Financing a New Municipal Building,"
and was supplemented by an ordinance adopted by said City Council on July
18, 1990 and entitled "Supplemental Ordinance Providing for the Issuance
of $3,000,000.00 General Obligation Bonds, Series 1990 of the City of
McHenry, Illinois"; and,
WHEREAS, the 1990 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 1995 Tax Levy year in the amount of $324,600.00
for the payment of the principal and interest due in the year 1996 on the
1990 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 1990 Bonds
otherwise payable from such levy for the 1995 tax levy year are on
deposit in the 1990 Debt Service fund established by Section 12 of the
aforesaid Supplemental Ordinance and it is therefore the determination
of the Corporate Authorities of the City of McHenry, Illinois that the
real estate taxes levied for the Tax Levy Year 1995 pursuant to said
Supplemental 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 1995
Tax Levy Year pursuant to the ordinance adopted by the City Council of
the city of McHenry, Illinois on July 18, 1990 and entitled "Supplemental
Ordinance Providing for the Issuance of $3,000,000.00 General Obligation
Bonds, Series 1990, of the City of McHenry, Illinois, be and they are
hereby abated in the amount of 100% thereof.
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 are 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 this 31st day of January, 1996.
AYES: Bolger. I nrkP, Rat -PG, T.ma--nn , FL--4j,rd
NAYS: None
ABSENT: None
ABSTAINED: Non.
NOT VOTING:
APPROVED this 31st day of January, 1996.
d' C "f'z
Mayor
city dierk
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