Title
Joint resolution authorizing an amendment to the Collar County Transportation Empowerment Funding Policy to include interest rebates from any transportation bond issuance to be treated as additional funding for principal and interest payments for transportation bond debt reduction purposes.
Staff Summary
· Transportation Empowerment Funding Policy Amendment
· The Lake County Board, at its meeting of April 8, 2008, adopted a funding policy for the Transportation Empowerment Funds received from P.A. 95-0708.
· This legislation includes provisions for an additional 0.25 percent in the sales tax paid in the collar counties to go to the Collar County Transportation Empowerment Fund.
· The funds collected through this additional sales tax are distributed to the county of origin to be used by the County Board for local road, transit or public safety projects.
· Transportation is the County Board’s top strategic priority and the priority of the additional funding, as set forth by the Lake County Board’s “Collar County Transportation Empowerment Funding Policy” is for transportation and transit purposes.
· The Lake County Board, at its meeting of August 10, 2010, approved the issuance of General Obligation Bonds (Sales Tax Alternate Revenue Source) with an interest rebate from the federal government.
· The Collar County Transportation Empowerment Funding Policy for Lake County is amended to add having any interest rebates from any transportation bond issuance to be treated as additional funding for principal and interest payments for transportation bond debt reduction purposes.
Body
R E S O L U T I O N
WHEREAS, legislation amending the Regional Transportation Authority (RTA) Act has been enacted into law as P.A. 95-0708 with an effective date of January 18, 2008; and
WHEREAS, contained within the new law are provisions which provide additional revenue including the imposition of a 0.25 percent increase in the sales tax paid in the collar counties, includ...
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