Lake County Illinois - File #: 14-0395

• File #: 14-0395
• Version: 1
• Name: Ordinance authorizing the issue of $7,000,000 subordinated water and sewer system bonds, IEPA third lien for the RLSD Excess Flow Improvements
• Type: ordinance
• Status: Passed
• File created: 4/22/2014
• In control: Public Works and Transportation Committee
• Final action: 5/13/2014
• Title: Ordinance authorizing and providing for the issuance of $7,000,000 in subordinated water and sewer system revenue bonds for the Excess Flow Sewer Project at the Round Lake Sanitary District (RLSD) site.

Date	Ver.	Action By	Action	Result
5/13/2014	1	Lake County Board	adopted	Pass
5/7/2014	1	Financial & Administrative Committee	recommended for adoption to the regular agenda	Pass
5/7/2014	1	Public Works and Transportation Committee	recommended for adoption to the consent agenda	Pass

Title

Ordinance authorizing and providing for the issuance of $7,000,000 in subordinated water and sewer system revenue bonds for the Excess Flow Sewer Project at the Round Lake Sanitary District (RLSD) site.

Staff Summary

·      This ordinance proposes the issuance of up to $7,000,000 in third lien water and sewer revenue bonds to fund the construction of improvements to the Excess Flow Sewer Project at the RLSD site.

·      The County has submitted application to the Illinois Environmental Protection Agency (IEPA) for revolving loan funds, currently at 1.93 percent interest, to fund the excess flow improvements at the RLSD site in Round Lake Beach.

·      The ordinance establishes an IEPA Series Excess Flow Project bond in the maximum bond amount of $7,000,000 for a period not to exceed 35 years with a maximum interest rate not to exceed 3% per annum.