Title
Joint resolution expressing official intent regarding certain capital expenditures to be reimbursed from proceeds of a bond obligation.
Staff Summary
· 2013 Bond Reimbursement Resolution.
· This reimbursement ordinance is for $52 million covering road improvements at various locations throughout the County.
· The County is undertaking road improvements at various locations throughout the County, and currently has sufficient funds from existing sources to begin construction.
· By passing this resolution, the County has the authority to begin the construction with existing funds, and later to issue bonds that will provide the additional revenue required to reimburse existing funds used and complete the projects.
Body
RESOLUTION NUMBER ___________
RESOLUTION OF NOVEMBER, 2012, of The County of Lake, Illinois, expressing official intent regarding certain capital expenditures to be reimbursed from proceeds of an obligation.
Whereas, The County of Lake, Illinois (the "County"), by its County Board, has determined it to be necessary or advisable for the public health, safety, welfare, and convenience to undertake the projects or purposes described as follows:
road improvements at various locations throughout the County including, but not limited to, the intersection of Rollins Road (County Highway 31) with IL Route 83 as well as grade separation of Rollins Road and the rail line of CN Railroad at such intersection, the intersection of Fairfield Road (County Highway 49) with IL Route 176 and Washington Street (County Highway 45) from Hainesville Road to Lake Street; and which work may include, but not be limited to, site improvements including demolition and remediation, rehabilitation, and public infrastructure improvements such as roadway improvements, grade separations (rail to road or pedestrian to road or other), bridges, intersections, sidewalks, curb and gutter, traffic signalization, landscaping, drainage and storm sewer improvements, pumping stations and the accommodation of utilities improvements and relocations
(collectively the "County Road and Related Improvement Projects"); and
WHEREAS, all or a portion of the expenditures (the "Expenditures") relating to the County Road and Related Improvement Projects have been paid within the sixty days prior to the passage of this Resolution or will be paid on or after the passage of this Resolution; and
WHEREAS, the County reasonably expects to reimburse itself or pay for the Expenditures with the proceeds of an obligation, which the County now intends to be a tax-exempt obligation under Section 103 of the Internal Revenue Code of 1986, as amended;
NOW THEREFORE, Be It and It is Hereby Resolved by the County Board of The County of Lake, Illinois, as follows:
Section 1. Reimburse. The County reasonably expects to reimburse or pay the Expenditures with proceeds of an obligation.
Section 2. Amount. The maximum principal amount of the obligations expected to be issued for the County Road and Related Improvement Projects is $52,000,000.
Section 3. Further Actions. All actions of the officers, agents, and employees of the County that are in conformity with the purposes and intent of this Resolution, whether taken before or after the adoption hereof, are hereby ratified, confirmed and adopted.
Section 4. Effective Immediately. This Resolution shall be in full force and effect immediately upon its adoption.
Ayes: _____________________________________________________________________
Nays: _____________________________________________________________________
Absent: ___________________________________________________________________
Adopted: ____________, 2012
Signed: ______________, 2012
____________________________________
Chair, County Board
The County of Lake, Illinois
Recorded In County Records: _____________, 2012.
Attest:
________________________________________
County Clerk
The County of Lake, Illinois
State of Illinois )
) SS
County of Lake )
CERTIFICATION OF RESOLUTION
I, the undersigned, do hereby certify that I am the duly qualified and acting County Clerk of The County of Lake, Illinois (the "County"), and as such official I am the keeper of the official journal of proceedings, books, records, minutes, and files of the County and of the County Board (the "County Board") thereof. I do further certify that the foregoing is a full, true and complete copy of a resolution numbered and entitled:
RESOLUTION NUMBER ______________
RESOLUTION OF NOVEMBER, 2012, of The County of Lake, Illinois, expressing official intent regarding certain capital expenditures to be reimbursed from proceeds of an obligation.
(the "Resolution").
I do further certify that the Resolution was adopted at a legally convened meeting of the County Board held on the ____ day of ____________ 2012 (the "Meeting"); that a quorum of the County Board duly convened and remained present throughout the Meeting; that the deliberations of the County Board on the adoption of the Resolution were taken openly; that the vote on the adoption of the Resolution was taken openly; that the Meeting was held at a specified time and place convenient to the public; that notice of the Meeting was duly given to all newspapers, radio or television stations, and other news media requesting such notice; that an agenda (the "Agenda") for the Meeting, which Agenda contained a separate specific item concerning the proposed adoption of the Resolution, was posted at the location where the Meeting was held and at the principal office of the County Board (both such locations being at the County Building) at least 48 hours in advance of the Meeting and also not later than the hour of 5:00 o'clock p.m. on the Friday which preceded the Meeting, and remained continuously so posted until the date and hour of adjournment of the Meeting; that attached hereto is a true, correct and complete copy of the subject Agenda; that the Meeting was called and held in strict compliance with the provisions of the Open Meetings Act of the State of Illinois, as amended; and the Illinois Counties Code, as amended; and that the County Board has complied with all of the provisions of such act and code and with all of the procedural rules of the County Board in the adoption of the Resolution.
IN WITNESS WHEREOF I hereunto affix my official signature and the seal of the County this ______ day of ____________ 2012.
____________________________________
County Clerk
[Seal]
[Attachments: Resolution, Agenda]
DATED at Waukegan, Illinois, on November 20, 2012