Title
Ordinance abating the amount the Lake County clerk is directed to levy for the Series 2008 General Obligation Refunding Bonds (Sales Tax Alternate Revenue Source) for the 2008 assessment year as prescribed by an ordinance adopted by the Lake County Board on August 12, A.D. 2008.
Staff Summary
· When the County issued these bonds they were issued as alternative revenue bonds, which means that the taxes are paid from revenue other than property taxes.
· If the County has insufficient alternative revenue it must pay for the debt service with tax levy funds. For that reason there is actually a tax levy in the County clerk’s records for payment of principal and interest on these bonds.
· Each year the County must determine that it has sufficient funds to pay for the debt service and file a resolution with the County clerk that there is no need of a tax levy to pay debt service. This is called tax abatement and this resolution authorizes the abatement.
Body
AN ORDINANCE ABATING THE TAX HERETOFORE LEVIED FOR THE YEAR 2008 TO PAY DEBT SERVICE ON $35,360,000 GENERAL OBLIGATION REFUNDING BONDS SERIES 2008 (ALTERNATE REVENUE SOURCE) OF THE COUNTY OF LAKE, LAKE COUNTY, ILLINOIS.
WHEREAS, the County Board (the “Board”) of Lake County, Illinois (the “Issuer”), by ordinance adopted on the 12th day of August, 2008 (the “Ordinance”), did provide for the issue of $35,360,000 General Obligation Bonds, (Alternate Revenue Source) (the “Bonds”), and the levy of a direct annual tax sufficient to pay principal and interest on the Bonds; and
WHEREAS, the Issuer will have Pledged Revenues (as defined in the Ordinance) available for the purpose of paying the debt service due on the Bonds during the next succeeding bond year; and
WHEREAS, it is necessary and in the best interests of the Issuer that the tax heretofore levied for the year 2008 to pay such debt service on the Bonds be abated.
NOW, THEREFORE, BE IT ORDAINED, by this County Board of Lake County, Illinois, as fo...
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