Title
Joint resolution authorizing an emergency appropriation not to exceed $6,950,000 in the 1/4 percent sales tax for Transportation and Public Safety fund, and the 2013 Tax Exempt General Obligation (GO) Bond Debt Service fund with an inter-fund transfer between the two funds.
Staff Summary
· 2013 GO Bonds: Emergency Appropriations and Inter-fund Transfer.
· The Lake County Board, at its meeting of March 15, 2011, approved the issuance of GO Bonds, Sales Tax Alternate Revenue Source.
· The County is issuing the bonds to pay for road improvements to public roads within the County.
· It is now necessary to budget funds in the 1/4 percent sales tax for Transportation and Public Safety fund, and the newly created 2013 Tax Exempt GO Bond Debt Service fund to provide for payment of the interest on the bonds.
· The 1/4 percent sales tax for Transportation and Public Safety Fund is the revenue source for the bond principal and interest payments.
· This resolution appropriates an amount not to exceed $6,950,000 in the 1/4 percent sales tax for Transportation and Public Safety fund.
· This resolution also appropriates an amount not to exceed $6,950,000 in the 2013 Tax Exempt GO Bond Debt Service fund.
· This resolution also authorizes an inter-fund transfer from the 1/4 percent Sales Tax for Transportation and Public Safety Fund to the 2013 Tax Exempt GO Bond Debt Service Fund by an amount not to exceed $6,950,000.
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 Tax Exempt General Obligation Bonds, Sales Tax Alternate Revenue Source; and
WHEREAS, Lake County will issue $30,000,000 Tax Exempt General Obligation Bonds, Sales Tax Alternate Revenue Source, 2013 Series to pay for road improvements to public roads within the County; and
WHEREAS, Lake County will receive proceeds resulting from the bond issuance; and
WHEREAS, a new Debt Service fund, 2013 Tax Exempt GO Bond Debt Service fund, has been...
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