Title
Joint resolution authorizing an emergency appropriation to the Fiscal Year 2014 budget in the amount of $7,004,045 in the Special Service Area (SSA) Number 16 Bond fund.
Staff Summary
· The County Board approved the issuance of $7,000,000 of SSA bonds at the board meeting of December 10, 2013 for the purpose of funding the construction of improvements and extensions to the delivery system of the CLCJAWA to provide Lake Michigan water to the SSA area.
· The County has issued the bonds to pay for the improvements and extensions to the CLCJAWA system.
· It is now necessary to appropriate the budget funds for the expenditures and also to budget for the revenues generated by the receipt of the bond proceeds.
· This resolution authorizes an emergency appropriation as modifications to the Fiscal Year 2014 budget in the amount of $7,004,045 for improvements and extensions to the delivery system of the CLCJAWA to provide Lake Michigan water to SSA Number 16.
Body
R E S O L U T I O N
WHEREAS, the Lake County Board authorized the issuance of $7,000,000 in Special Service Area (SSA) bonds at their Board Meeting on December 10, 2013; and
WHEREAS, the County has issued bonds in the amount of $7,000,000 to fund the improvements and extensions to the delivery system of the Central Lake County Joint Action Water Agency (CLCJAWA) to provide Lake Michigan water to the SSA Number 16 service area; and
WHEREAS, the County of Lake (County) and the Central Lake County Joint Action Water Agency (CLCJAWA) executed an admissions agreement (agreement) on November 12, 2013, for the purpose of constructing improvements and extensions to the delivery system of the CLCJAWA to provide Lake Michigan water to the SSA Number 16 service area; and
WHEREAS, in accordance with the agreement, the County established Special Service Area Number Sixteen to obtain financing to pay for the design and other costs related to the Special Service Area; and
WHEREAS, the agreement further stipulate...
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