Title
Ordinance authorizing the issuance of General Obligation Bonds (Sales Tax Alternate Revenue Source) of the County of Lake, Illinois, in the aggregate principal amount of not to exceed $32,000,000, for the purpose of defraying the costs of road improvements.
Staff Summary
· Lake County General Obligation Bonds: Ordinance
· 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.
· This action is needed to issue the bonds and obligate the County to repay the bonds with all the terms set forth in the ordinance.
Body
Ordinance Number __________
An Ordinance authorizing the issuance of General Obligation Bonds (Sales Tax Alternate Revenue Source) of The County of Lake, Illinois, in the aggregate principal amount of not to exceed $32,000,000, for the purpose of defraying the costs of road improvements.
• Preambles •
Whereas
A. The County of Lake, State of Illinois (the “County”), is a duly organized and existing county created under the provisions of the laws of the State of Illinois, and is now operating under the township form of county government and the provisions of the Counties Code, as supplemented and amended (the “Counties Code”).
B. The County Board of the County (the “County Board”) has heretofore determined and does hereby determine that it is advisable, necessary and in the best interests of the County and its residents, in order to promote the public health, safety, welfare and convenience, to provide road improvements to public roads within the County, including to cooperate with the State of Illinois to provide for the improvement of Illinois Route 21 from Illinois Route 137 to Illinois Route 120; which work may include, without limitation, costs of studies and administration, land acquisi...
Click here for full text