Lake County Illinois - File #: 23-1328

• File #: 23-1328
• Version: 1
• Name: SSA16 GO Series 2013 Defeasance
• Type: ordinance
• Status: Passed
• File created: 9/18/2023
• In control: Public Works and Transportation Committee
• Final action: 10/10/2023
• Title: Ordinance providing for the payment of certain outstanding bonds of The County of Lake, Illinois, and authorizing and directing the execution of Escrow Agreement in connection therewith.

Date	Ver.	Action By	Action	Result
10/10/2023	1	Lake County Board	adopted	Pass
9/28/2023	1	Financial & Administrative Committee	recommended for adoption to the regular agenda	Pass
9/27/2023	1	Public Works and Transportation Committee	approved and referred on to the Financial and Administrative Committee	Pass

Title
Ordinance providing for the payment of certain outstanding bonds of The County of Lake, Illinois, and authorizing and directing the execution of Escrow Agreement in connection therewith.

Staff Summary
* In 2013, the County water systems of Fox Lake Hills and Grandwood Park and the Villages of Lake Villa and Lindenhurst joined together to obtain Lake Michigan water from the Central Lake County Joint Action Water Agency (CLCJAWA). The County and Villages established working groups (SSA Planning Group) to manage the project and the construction of the necessary water system improvements to bring CLCJAWA to these four water systems.
* Special Service Area (SSA) Number 16 was created by the County with both Villages' consent, and included the territory served by the County's Fox Lake Hills and Grandwood Park water systems and territory in Lake Villa and Lindenhurst. It was anticipated that a total principal amount of bonds up to $46,000,000 could be required to complete the improvements. Two sets of bonds were approved: the Series 2013 Bonds ($7,000,000), which provided an initial infusion of capital for the design of improvements, land acquisition and other related costs; and four "drawdown" bonds, four low-interest loans from the IEPA's water revolving fund (a total of approximately $32,000,000).
* Of the original $7,000,000 borrowed via the Series 2013 Bonds, $4,750,000 remains outstanding at an interest rate of 5.0%, payable December 1, 2037, and December 1, 2038. There is an opportunity to redeem (or defease) these Bonds and pay off that balance commencing December 30, 2023.
* The SSA Planning Group recommends that the County (1) redeem the balance of these Bonds as of December 30, 2023; (2) approve the proposed Ordinance authorizing the County to enter into an Escrow Agreement with Amalgamated Bank (trustee of the bonds) to deposit the necessary funds to redeem the outstanding Bonds and accrued interest ($4,815,729.62) and pay the associated transaction ...