Title
Tax Abatement Ordinance for Special Service Area Number (SSA #) 16 tax levy.
Staff Summary
* SSAs are created to allow improvements to be made and debt to be issued to pay for these improvements. The debt service is then paid for by a special tax levy.
* Each year, a separate tax is levied on the properties within the designated area to pay the debt service issued to pay for the improvements.
* This SSA provides funds for the repayment of bonds issued for construction of water supply improvements and extensions to provide access to Lake Michigan Water through the existing system of the Central Lake County Joint Action Water Agency (CLCJAWA).
Body
Ordinance reducing the tax heretofore levied for the tax year 2024 and collected in Fiscal Year (FY) 2025 to pay debt service for Special Service Area number 16 Series 2016 bonds of the County of Lake, Illinois.
WHEREAS, the County Board of Lake County, Illinois, by ordinance adopted and filed with the Lake County Clerk on the 12th day of July, 2016, did provide for the levy of a direct and annual tax sufficient to pay principal and interest on Special Service Area Number 16 Series 2016 bonds and IEPA loans; and
WHEREAS, the early redemption and resulting savings for the SSA #16 bonds can be applied to the payment of debt service for the remaining Illinois Environmental Protection Agency (IEPA) loans and thereby reduce the tax to be levied to pay the debt service; and
WHEREAS, it is in the best interests of the County that the tax heretofore levied for the tax year 2024 and collected in FY 2025 to pay such debt service on the bonds be reduced by the amount of $865,943.
NOW, THEREFORE, BE IT ORDAINED, by this County Board of Lake County, Illinois, as follows:
Section 1. Abatement of Tax. The tax heretofore levied of $2,800,000 for the tax year 2024 to be collected in FY 2025 is hereby reduced by the amount of $865,943 so that the resulting tax to be levied for the tax year 2024 and collected in FY 2025 ...
Click here for full text