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HomeMy WebLinkAboutOrdinances - O-96-797 - 08/14/1996 - AUTHORIZE ISSUE GO BONDS $3.6M SANITARY SEWER EASTORDINANCE NO. 0_96_797 AN ORDINANCE authorizing the issuance of General Obligation Bonds (Alternate Revenue Source) in an aggregate principal amount not to exceed $3,600,000 for the purpose of defraying the cost of construction of sanitary sewers to serve the annexed area east of the Fox River in and for the City of McHenry, McHenry County, Illinois. WHEREAS, the City of McHenry, McHenry County, Illinois (the "City"), is a. duly organized and existing municipality incorporated and existing under the provisions of the laws of the State of Illinois, is now operating under the provisions of the Illinois Municipal Code, as amended (the "Code"); and WHEREAS, the City Council of the City (the "Corporate Authorities") has determined that it is advisable, necessary and in the best interests of the public health, safety and welfare to undertake the construction of sanitary sewers to serve the annexed area east of the Fox River, consisting of sewer mains, two force mains for both a river and creek crossing and three sewage lift stations, together with any land and incidental construction and all electrical, mechanical or other services necessary, useful or advisable to such construction (the "Project"), all in accordance with the plans, specifications and estimate of costs, 'which have prepared for the City by Baxter and Woodman, Consulting Engineers, Crystal Lake, Illinois; and WHEREAS, the estimated cost of constructing the Project, including engineering, legal, financial, bond discount, printing and publication costs, and other expenses, is $3,600,000, and there are insufficient funds on hand and lawfully available to pay such costs; and WHEREAS, it is necessary and for the best interests of the City that the Project be x1. undertaken and in order to finance the costs thereof it will be necessary for the City to issue up to $3,600,000 alternate bonds, being general obligation bonds payable from all collections distributed to the City from those taxes imposed by the State of Illinois pursuant to the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act and the Retailer's Occupation Tax Act, each as supplemented and amended from time to time, or substitute taxes therefor as provided by the State of Illinois in the future (the "Alternate Bonds"), as authorized to be issued at this time pursuant to the Local Government Debt Reform Act of the State of Illinois, as amended (the "Act"): NOW, THEREFORE, Be It Ordained by the City Council of the City of McHenry, McHenry County, Illinois, as follows: Section 1. Incorporation of Preambles. The Corporate Authorities hereby find that all of the recitals contained in the preambles to this ordinance are full, true and correct and do incorporate them into this ordinance by this reference. Section 2. Determination to Issue Bonds. It is necessary and in the best interests of the City to construct the Project for the public health, safety and welfare, in accordance with the plans, specifications and estimates as hereinabove described, and there are hereby authorized to be issued and sold the Alternate Bonds in an aggregate principal amount not to exceed $3,600,000. Section 3. Publication. This ordinance, together with a notice in the statutory form (the "Notice"), shall be published once within ten (10) days after passage hereof by the Corporate Authorities in the Northwest Herald, the same being a newspaper of general circulation in the City, and if no petition, signed by 726 electors of the City (being equal to seven and one-half percent (7.5%) of the registered voters in the City) asking that the issuance of the Alternate Bonds be submitted to referendum is filed with the City Clerk within thirty (30) days after the date of the publication of this ordinance and the Notice, then the Alternate Bonds shall be authorized to be issued. -2- Section 4. Additional Ordinances. If no petition meeting the requirements of applicable law is filed during the petition period hereinabove referred to, then the Corporate Authorities may adopt additional ordinances or proceedings supplementing or amending, this ordinance providing for the issuance and sale of the Alternate Bonds, prescribing all the details of the Alternate Bonds, so long as the maximum amount of the Alternate Bonds, as set forth in this ordinance is not exceeded and there is no material change in the Project or purposes described herein. Such additional ordinances or proceedings shall in all instances become effective in accordance with applicable law. This ordinance, together with such additional ordinances or proceedings, shall constitute complete authority for the issuance of the Alternate Bonds, under applicable law. Section S. Severability. If any section, paragraph, clause or provision of this ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this ordinance. 192 Section 6. Repealer. All ordinances, resolutions or orders, or parts thereof', in conflict with the provisions of this ordinance are to the extent of such conflict hereby repealed. ADOPTED by the Corporate Authorities on August 14, 1996. NAYS: None ABSENT: None APPROVED on August 14, 1996 a or, City of McHenry, McHenry County, Illinois PUBLISHED in the Northwest Herald on August 19 , 1996. RECORDED in the City Records on August 15 , 1996. ATTEST: City Clerk, City of cHenry, McHenry County, Illinois -4- Alderman Baird moved and Alderman Lawson seconded the motion that said ordinance as presented and read by the City Clerk be adopted. After a full and complete discussion thereof, the Mayor directed that the roll be called for a vote upon the motion to adopt the ordinance as read. Upon the roll being called, the following Aldermen voted AYE: Bolger, Locke, Bates, Lawson, Baird NAY: None Whereupon the Mayor declared the motion carried and the ordinance adopted, and henceforth did approve and sign the same in open meeting and did direct the City Clerk to record the same in full in the records of the City Council of the City of McHenry, McHenry County, Illinois, which was done. Other business not pertinent to the adoption of said ordinance was duly transacted at said meeting. Upon motion duly made and seconded, the meeting was adjourned. City Clerk