Title
Joint resolution authorizing an emergency appropriation of $21,815,896.70 in the 2011A Road Construction Bond fund for road improvements to public roads within the County, and designated as Section 11-00999-19-GB.
Staff Summary
· Lake County 2011A Road Construction Bond Fund: Construction Appropriation.
· Lake County Board, at its meeting of March 15, 2011, approved the issuance of General Obligation Bonds (Sales Tax Alternate Revenue Source).
· The County has issued the bonds to pay for road improvements to public roads within the County.
· It is now necessary to budget funds in a newly created Road Construction Bond Fund and also to budget for the revenues generated by the receipt of the bond proceeds.
Body
R E S O L U T I O N
WHEREAS, the Lake County Board, at its meeting of March 15, 2011, approved the issuance of General Obligation Bonds (Sales Tax Alternate Revenue Source); and
WHEREAS, Lake County has issued the $20,000,000 Taxable General Obligation Bonds (Sales Tax Alternate Revenue Source), 2011A Series to pay for road improvements to public roads within the County; and
WHEREAS, it is now necessary to budget funds for the expenditures associated with the construction of county highway road improvement projects; and
WHEREAS, it is also necessary to recognize the revenue from the bond proceeds to pay for these projects, including a premium of $1,815,896.70.
NOW, THEREFORE BE IT RESOLVED by this Lake County Board, that an emergency appropriation is approved for $21,673,796.70 in the 2011A Road Construction Bond fund expenditure budget, 404-4300030-85020-000-000-000-00000, for road improvements to public roads within the County; and $142,100 for closing costs and underwriters discount in 404-4300030-71150-000-000-000-00000; and designated as Section 11-00999-19-GB.
BE IT FURTHER RESOLVED that the 2011A Road Construction Bond fund revenue budget, is established; $20,000,000 in 404-4300030-48260-000-000-000-00000 and $1,815,896.70 in 404-4300030-48290-000-000-000-00000, for a total revenue budget of $21,815,896.70.
DATED at Waukegan, Illinois, on June 14, 2011.