Title
Ordinance authorizing the issuance of General Obligation County Courts Construction Bonds (Sales Tax Alternate Revenue Source) of The County of Lake, Illinois, in the aggregate principal amount of not to exceed $90,000,000, for the purpose of defraying the costs of court system building and related improvements.
.Staff Summary
· Lake County wishes to undertake certain projects including but not limited to the acquisition, construction and equipping of a new criminal courts building, the repair, rehabilitation, remodeling and equipping of the existing criminal courts buildings and facilities, and the construction and equipping of an addition to the existing juvenile justice center
· Lake County has determined it is in its best interest to issue bonds in an amount not to exceed $90 million for these projects.
· The County has sufficient funds from existing sources to begin this project.
· 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.
· At the time of the proposed bond sale further action will be brought to the County Board for final approval.
Body
• Preambles •
Whereas
A. The County of Lake, State of Illinois (the "County"), is a duly organized and existing county created under the provisions of the laws of the State of Illinois, and is now operating under the township form of county government and the provisions of the Counties Code, as supplemented and amended (the "Counties Code").
B. The County Board of the County (the "County Board") has heretofore determined and does hereby determine that it is advisable, necessary and in the best interests of the County and its residents, in order to promote the public health, safety, welfare and convenience, to provide court facilities improvements in and for the County, including but not limited to the acquisition, construction and equipping of a new criminal courts building, the repair, rehabilitation, remodeling and equipping of the existing criminal courts buildings and facilities, and the construction and equipping of an addition to the existing juvenile justice center; which work may include, without limitation, costs of studies and administration, land acquisition and assembly, site improvement including demolition and remediation, rehabilitation, and public infrastructure improvements such as roadway improvements, sidewalks, landscaping, traffic signals, and utilities improvements (the "County Courts Construction Project").
C. The County Board estimates the current costs of the County Courts Construction Project, including legal, financial, accounting and other services related to the accomplishment of said work and the issuance of bonds therefor; bond discount; capitalized bond interest; bond registrar, paying agent, escrow agent and other related banking fees; and printing and publication costs; and other miscellaneous costs (all being the "County Courts Construction Project Costs") to be $110,000,000.
D. There are insufficient funds currently or expected to be on hand and available to pay the County Courts Construction Project Costs, and it will be necessary to borrow $90,000,000 to pay the County Courts Construction Project Costs.
E. Such borrowing may be through the means of bonds (the "County Courts Construction Bonds") (i) issued pursuant to the provisions of the Local Government Debt Reform Act of the State of Illinois, as amended (the "Alternate Bond Act"); (ii) payable from the receipts of certain taxes and revenues as more particularly described in the following paragraph; and (iii) if such revenue sources shall be insufficient to pay such bonds, then payable from the levy and collection of ad valorem property taxes upon all taxable property in the County without limitation as to rate or amount ("Unlimited Real Property Taxes"); and it is now necessary and advisable to proceed to authorize such amount of County Courts Construction Bonds.
F. There exists a source of funds (to-wit, sales taxes received by the County 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 by the General Assembly of the State of Illinois, or substitute taxes for such taxes which may be provided by the State in the future [collectively, the "Sales Taxes"]), other than enterprise revenues, received or available to be received by the County and available for any such purposes, and, as provided in the Alternate Bond Act, the County is authorized to issue the County Courts Construction Bonds payable from the Sales Taxes to pay the County Courts Construction Project Costs.
G. All or a portion of the expenditures (the "Expenditures") relating to the County Courts Construction Projects have been paid within the sixty days prior to the passage of this Ordinance or will be paid on or after the passage of this Ordinance.
H. The County reasonably expects to reimburse itself or pay for the Expenditures with the proceeds of the County Courts Construction Bonds, as herein provided, which the County now intends to be tax-exempt obligations under Section 103 of the Internal Revenue Code of 1986, as amended.
Now Therefore It Is Hereby Ordained by the County Board of The County of Lake, Illinois, as follows:
Section 1. Incorporation of Preambles. The County Board hereby finds that all of the recitals contained in the preambles to this ordinance ("Ordinance") are true, correct and complete and does incorporate them into this Ordinance by this reference.
Section 2. Determination To Issue Bonds. It is necessary and in the best interests of the County for the public health, welfare, safety and convenience, all as described above, to provide the County Courts Construction Project and to provide for the issuance of general obligation bonds payable from the Sales Taxes and the Unlimited Real Property Taxes, all as stated in the foregoing preambles.
Section 3. Publication. This Ordinance, including the notice in statutory form set forth herein in Section 4 (the "Notice"), shall be published by the County Board in the News-Sun, being a newspaper of general circulation in the County. Electors numbering seven and one-half percent (7.5%) of the registered voters in the County (said 7.5% being 30,629 electors) shall have the right to petition that the question of issuing the County Courts Construction Bonds, as provided in this Ordinance, be submitted to referendum. The time for filing of any of such petitions with the County Clerk is within thirty (30) days after the date of the publication of this Ordinance and the Notice. If no such petition is filed, then the County Courts Construction Bonds shall be authorized to be issued, sold and delivered by the County. Petition forms shall be provided by the County Clerk, to any individual requesting one.
Section 4. Notice. The County Board hereby determines that the Notice is in the proper statutory form and is made a part hereof, and notice is hereby given as follows:
Notice of Intent to Issue General Obligation County Courts Construction Bonds
and Right to File Petitions
Notice Is Hereby Given that pursuant to an Ordinance, numbered _______________, duly adopted by the County Board on November 20, 2012 (the "Ordinance"), The County of Lake, Illinois (the "County"), intends to issue General Obligation County Courts Construction Bonds (the "County Courts Construction Bonds") in the aggregate principal amount of $90,000,000 for the purpose of defraying the costs of providing court facilities improvements in and for the County, including but not limited to the acquisition, construction and equipping of a new criminal courts building, the repair, rehabilitation, remodeling and equipping of the existing criminal courts buildings and facilities, and the construction and equipping of an addition to the existing juvenile justice center; which work may include, without limitation, costs of studies and administration, land acquisition and assembly, site improvement including demolition and remediation, rehabilitation, and public infrastructure improvements such as roadway improvements, sidewalks, landscaping, traffic signals, and utilities improvements.
The County Courts Construction Bonds shall bear interest at a rate or rates per annum not to exceed the maximum rate authorized by law at the time such bonds (or any part thereof) are sold. The revenue sources to pay the County Courts Construction Bonds shall be the sales taxes received by the County 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 by the General Assembly of the State of Illinois, or substitute taxes for such taxes which may be provided by the State in the future; and, if such stated revenue sources shall be insufficient to pay the County Courts Construction Bonds, then ad valorem property taxes levied upon all taxable property in the County without limitation as to rate or amount.
Notice Is Hereby Further Given that any 30,629 or more electors of the County (being equal to seven and one-half percent (7.5%) of the registered voters in the County) shall have the right to petition that the question of issuing the County Courts Construction Bonds be submitted to referendum. The time for the filing of any of such petitions with the County Clerk is within 30 days after the date of publication of the Ordinance and this Notice. If any such petition is so filed, the question of the issuance of the County Courts Construction Bonds shall be submitted to the electors of the County at the Consolidated Election to be held on Tuesday, April 9, 2013, for the purpose of voting upon such question. Forms of petitions for such purposes are available to any individual requesting one from the office of the County Clerk.
Dated this 20th day of November 2012.
Willard R. Helander
County Clerk
The County of Lake, Illinois
Section 5. Additional Ordinances. If no petition with respect to the County Courts Construction Bonds and meeting the requirements of applicable law is filed during the petition period hereinabove referred to, then the County Board may adopt additional ordinances, resolutions, or other proceedings supplementing or amending this Ordinance providing for the issuance and sale of such bonds, and prescribing all the details of such bonds, so long as the maximum aggregate principal amount of such bonds as set forth in this Ordinance is not exceeded, and there is no material change in the purposes described herein for such bonds, and as further provided in the Alternate Bond Act. Such additional ordinances, resolutions, or other proceedings shall in all instances become effective in accordance with law. This Ordinance, together with such additional ordinances, resolutions, or other proceedings, shall constitute complete authority for the County to issue the County Courts Construction Bonds so authorized in accordance with applicable law.
Section 6. Reimburse. The County reasonably expects to reimburse or pay the Expenditures with proceeds of the County Courts Construction Bonds when issued.
Section 7. 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.
Section 8. Superseder and Effective Date. All ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this Ordinance are to the extent of such conflict hereby superseded, and this Ordinance shall be in full force and effect forthwith upon its adoption as provided by law.
Adopted by the County Board on November 20, 2012.
Signed November __, 2012.
County Board Chair
The County of Lake, Illinois
Attest:
___________________________________
County Clerk
The County of Lake, Illinois
[Seal]
Ayes:
Nays:
Absent:
Recorded in the County Records on November __, 2012.
Published in the News-Sun on ________ __, 2012.
Minutes of a regular public meeting of the County Board of The County of Lake, Illinois, held in the County Board Chambers, County Building, 18 North County Street, Waukegan, Illinois, in said County at 9:00 a.m., on the 20th day of November 2012.
* * *
The meeting was called to order by the Chair, and upon the roll being called, David Stolman, the Chair, and the following members of the County Board answered present:
The following County Board Members were allowed by a majority of the County Board in accordance with and to the extent allowed by rules adopted by the County Board to attend the meeting by video or audio conference:
No Member was denied permission to attend the meeting by video or audio conference.
The following County Board Members were absent and did not participate in the meeting in any manner or to any extent whatsoever:
There being a quorum present, the County Board conducted various business.
* * * * * * *
The Chair announced that the next item for consideration on the agenda was the authorization of general obligation bonds for court system and related improvements and that the County Board would consider the adoption of an ordinance for such purpose.
Whereupon _________________________, the ________________________, presented and explained an ordinance which was before the County Board and entitled:
An Ordinance authorizing the issuance of General Obligation County Courts Construction Bonds (Sales Tax Alternate Revenue Source) of The County of Lake, Illinois, in the aggregate principal amount of not to exceed $90,000,000, for the purpose of defraying the costs of court system building and related improvements.
County Board Member ____________________________________ moved and County Board Member ____________________________________ seconded the motion that said ordinance as presented be adopted.
After a full discussion thereof, in the presence of a quorum at all times, including a public recital of the nature of the matter being considered and such other information as would advise the public of the business being conducted, the Chair directed that the roll be called for a vote upon the motion to adopt said ordinance as read.
Upon the roll being called, the following Members voted
Aye: ________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
Nay: ________________________________________________________________
Whereupon the Chair declared the motion carried and said ordinance adopted and directed the County Clerk to record the same in the records of the County Board of The County of Lake, Illinois, which was done.
* * *
Upon motion duly made, seconded and carried, the meeting was adjourned.
County Clerk
State of Illinois )
) SS
County of Lake )
Certification of Agenda, Ordinance and Minutes
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 officer I am the keeper of the books, records, files, and journal of proceedings of the County and of the County Board (the "County Board") thereof.
I do further certify that the foregoing constitutes a full, true and complete transcript of the minutes of the legally convened meeting (the "Meeting") of the County Board held on the 20th day of November 2012 insofar as same relates to the adoption of an ordinance numbered _________ and entitled:
An Ordinance authorizing the issuance of General Obligation County Courts Construction Bonds (Sales Tax Alternate Revenue Source) of The County of Lake, Illinois, in the aggregate principal amount of not to exceed $90,000,000, for the purpose of defraying the costs of court system building and related improvements.
(the "Ordinance") a true, correct and complete copy of which Ordinance as adopted at the Meeting appears in the foregoing transcript of the minutes of the Meeting.
I do further certify that the deliberations of the County Board on the adoption of the Ordinance were taken openly; that the vote on the adoption of the Ordinance 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 of the news media requesting notice of the Meeting; that an agenda (the "Agenda") for the Meeting was posted at the location where the Meeting was held and at the principal office of the County Board at least 48 hours in advance of the holding of the Meeting and, also, on or before 5:00 p.m. on the Friday preceding the Meeting, and remained continuously posted until after the adjournment of the Meeting; that the Agenda contained a separate specific item concerning the proposed adoption of the Ordinance; that a true, correct and complete copy of the Agenda is attached hereto; that the Meeting was called and held in strict accordance with the provisions of the Counties Code of the State of Illinois, as amended, and the Open Meetings Act of the State of Illinois, as amended; and that the County Board has complied with all of the applicable provisions of said Code and Act and its own procedural rules in the adoption of the Ordinance.
In Witness Whereof, I have hereunto affixed my official signature and the seal of the County this ____ day of _____________ 2012.
County Clerk
The County of Lake, Illinois
[Seal]
State of Illinois )
) SS
County of Lake )
County Courts Construction Bonds
No Petition Certificate
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 officer I am the keeper of the seal, books, records, files and journal of proceedings of the County and of the County Board of the County.
I do further certify that Ordinance Number ___________, being the ordinance entitled:
An Ordinance authorizing the issuance of General Obligation County Courts Construction Bonds (Sales Tax Alternate Revenue Source) of The County of Lake, Illinois, in the aggregate principal amount of not to exceed $90,000,000, for the purpose of defraying the costs of court system building and related improvements.
(the "Ordinance") was presented to and passed by the County Board of the County at its legally convened meeting held on the 20th day of November 2012 and signed by the Chair of the County Board on the ____ day of November 2012.
I do further certify that the Ordinance was duly and properly published in the News-Sun, a newspaper of general circulation within the County, on the ____ day of November 2012. I do further certify that included within the Ordinance was a notice of (1) the specific number of voters required to sign any petition requesting that the question of the issuance of alternate bonds, being general obligation bonds payable from such revenue source, as described in the petition form in the form attached hereto, be submitted to referendum; (2) the time in which such petition must have been filed; and (3) the date of the prospective referendum.
I do further certify that I did make available and provide to anyone so requesting a petition form, in the form as attached hereto, which petition form provided for submission to the electors of the County of the question as set forth therein. Such petition forms were available from me continuously from ________ __, 2012, up to and including ________ __, 2012.
I do further certify that no petition has been filed in my office within 30 days after publication of the Ordinance and said Notice or as of the time of the signing hereof as provided by statute requesting that the question of the issuance of said bonds be submitted to referendum.
In Witness Whereof I have hereunto affixed my official signature and the corporate seal of The County of Lake, Illinois, this ____ day of __________ 201_.
County Clerk
The County of Lake, Illinois
[Seal]
[Attach Petition Form]
Petition
To the County Clerk of The County of Lake, Illinois:
We, the undersigned, being electors of The County of Lake, Illinois, do hereby petition you to cause the following question to be certified to the County Clerk, as election authority, and submitted to the electors of said County at the Consolidated Election to be held on Tuesday, April 9, 2013:
Shall bonds be issued by The County of Lake, Illinois, in an aggregate principal amount not to exceed $90,000,000 for the purpose of providing for court facilities improvements in and for said county, including but not limited to the acquisition, construction and equipping of a new criminal courts building, the repair, rehabilitation, remodeling and equipping of the existing criminal courts buildings and facilities, and the construction and equipping of an addition to the existing juvenile justice center; which work may include, without limitation, costs of studies and administration, land acquisition and assembly, site improvement including demolition and remediation, rehabilitation, and public infrastructure improvements such as roadway improvements, sidewalks, landscaping, traffic signals, and utilities improvements, the revenue sources to be used to pay the principal of and interest on said bonds being the sales taxes received by the County 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 by the General Assembly of the State of Illinois, or substitute taxes for such taxes which may be provided by the State in the future or, if such revenue sources shall be insufficient, then from ad valorem property taxes levied upon all taxable property in the County without limitation as to rate or amount?
Name |
Address |
_________________________ |
________________________________, The County of Lake, Illinois |
_________________________ |
________________________________, The County of Lake, Illinois |
_________________________ |
________________________________, The County of Lake, Illinois |
_________________________ |
________________________________, The County of Lake, Illinois |
_________________________ |
________________________________, The County of Lake, Illinois |
_________________________ |
________________________________, The County of Lake, Illinois |
_________________________ |
________________________________, The County of Lake, Illinois |
I, _____________________, of ______________________________ (insert address), do hereby certify that the signatures on this petition were signed in my presence within said County and are genuine, and, to the best of my knowledge and belief, the persons so signing were at the time of signing this petition registered voters of said County, and that their respective addresses are correctly stated herein.
Signed and sworn to before me on this ____ day of ____________ 201_, by /s/______________.
Notary Public
[Notary Seal] My Commission expires: _________, 20__