Title
Resolution approving reallocation of Recovery Zone bond capacity and authorizing the Board Chairman to execute the related intergovernmental agreement governing the use of allocation.
staff summary
• On February 9, 2010, the County Board approved a program for distributing recovery zone bond allocations to cities, towns and villages within Lake County.
• On Friday, March 5, 2010, a lottery was held to determine allocations.
• On Tuesday, March 16, 2010, the County Board approved the award of allocations as determined by lottery, subsequently amended on April 7th, 2010.
• The Villages of Round Lake Park and Fox Lake have decided not to accept the approved allocation, allowing potential allocation to other applicants of the remaining $1,860,500.
• It is also necessary to authorize the execution of intergovernmental agreements to govern the allocation of this capacity.
body
WHEREAS, the County Board approved a program for distributing recovery zone bond allocations to cities, villages and towns within Lake County; and
WHEREAS, a lottery was held on Friday, March 5, 2010 to determine the allocations; and the results of the lottery are hereby attached; and
WHEREAS, on March 16, 2010, the County Board approved the award of allocations as determined by lottery and the execution of intergovernmental agreements related to these allocations; and
WHEREAS, the Villages of Round Lake Park and Fox Lake have decided not to accept the approved allocation, and it is now necessary to reallocate this capacity.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that the Recovery Zone bond allocation as amended is attached and is hereby approved by the County Board and the Board Chairman is authorized to execute the intergovernmental agreement substantially in the form attached to reflect these changes.
DATED, at Waukegan, Lake County, Illinois, on this 8h day of June, A.D., 2010.