Title
Joint resolution authorizing an emergency appropriation in the amount of $1,006,684.43 within the Lake County Public Works Department's Fund 610 for the initial interest payment on the Des Plaines River Water Reclamation Facility's (WRF) Illinois Environmental Protection Agency (IEPA) L17-5013 debt service loan.
Staff Summary
* The State of Illinois determines the debt service calculations and payment schedule for IEPA loans once a capital project reaches substantial completion. The Des Plaines WRF project reached substantial completion ahead of schedule in Fiscal year 2018, and therefore there is a need to recognize loan proceeds and payments in the FY 2018 budget.
* Due to these events occurring after the county's 2018 budget development and subsequent approval, there is insufficient authority in the Public Works Department's Fiscal Year (FY) 2018 operating budget; therefore, an emergency appropriation is required.
* This resolution authorizes an emergency appropriation in the amount of $1,006,684.43 to increase the debt service interest expense and offsetting loan proceeds revenue budgets during County FY 2018 within the Public Works fund 610.
Body
R E S O L U T I O N
WHEREAS, the Public Works Department's Des Plaines River Water Reclamation Facility has been undergoing significant capital infrastructure improvements since; and
WHEREAS, this capital construction project is being funded by way of the State of Illinois' Environmental Protection Agency's Clean Water SRF Loan #L175013; and
WHEREAS, the State of Illinois determines the debt service calculations and payment schedule for IEPA loans once a capital project reaches substantial completion; and
WHEREAS, The Des Plaines WRF project reached substantial completion and the debt service schedule was determined, after which the county's 2018 budget development and subsequent approval had been completed; and
WHEREAS, there is insufficient authority in the Public Works Department's FY 2018 fu...
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