Lake County Illinois - File #: 10-0907

• File #: 10-0907
• Version: 1
• Name: Lake County General Obligation Bonds: Parameters Bond Ordinance
• Type: ordinance
• Status: Passed
• File created: 9/23/2010
• In control: Public Works and Transportation Committee
• Final action: 10/12/2010
• Title: Ordinance authorizing and providing for the issuance and sale of not to exceed $32,000,000 Taxable General Obligation Bonds, Sales Tax Alternate Revenue Source, Series 2010A, and providing the terms of and security for payment thereof.

Date	Ver.	Action By	Action	Result
10/12/2010	1	Lake County Board	adopted	Pass
9/29/2010	1	Financial & Administrative Committee	recommended for adoption to the regular agenda	Pass
9/29/2010	1	Public Works and Transportation Committee	recommended for adoption to the consent agenda	Pass

Title

Ordinance authorizing and providing for the issuance and sale of not to exceed $32,000,000 Taxable General Obligation Bonds, Sales Tax Alternate Revenue Source, Series 2010A, and providing the terms of and security for payment thereof.

Staff Summary

•                     Lake County General Obligation Bonds: Parameters Bond Ordinance

•                     The Federal Program for the Build America Bonds and Recovery Zone Bonds interest rebates will expire on December 31, 2010.

•                     Lake County, by and through its Division of Transportation, is proposing to issue $32 million in general obligation bonds to provide road improvements to public roads within the County.

•                     This will include the improvement of Illinois Route 21, from Illinois Route 137, in cooperation with the State of Illinois.

•                     We will be utilizing Build America Bonds and Recovery Zone Bonds for this issuance, which provide rebates of 35% and 45%, respectively, of the bond interest costs. This will allow us to receive an interest rebate of $12.7 million over the life of the bond debt service.

•                     This is a parameter ordinance, which establishes the terms, provisions and limitations of the bond sale and authorizes the issuance of not to exceed $32 million, Series 2010A Bonds.

•                     The bond sale is scheduled for October 26^th at which time designated officials are authorized to approve the sale. A report will be presented to the County Board at the November 16^th Board Meeting summarizing the bond sale results.

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