Title
Resolution declaring Lake County’s intent to make use of the remaining $19,860,500 of Lake County’s Recovery Zone bond allocations (and any unused portion previously allocated to municipal projects) to fund a portion of the County’s $31 million participation in the state improvement of the widening of IL Rte 21 from IL Rte 137 to south of IL Rte 120.
Staff Summary
· Recovery Zone Bonds: Designation of Use
· On August 11, 2009 the County designated Lake County a Recovery Zone for purposes of the federal American Recovery and Reinvestment Act of 2009.
· On February 9, 2010, the County Board approved a program for distributing one-half of Lake County’s recovery zone bond allocations to cities, towns and villages within Lake County in the amount of $19,860,500.
· The County wishes to use the remaining allocation of $19,860,500 to fund a portion of the County’s $31 million participation in the state improvement of the widening of IL Rte 21 from IL Rte 137 to south of IL Rte 120.
· If any amount remains unused of the allocation offered to municipalities, then said amount will also be allocated to the IL Rte 21improvement project.
Body
R E S O L U T I O N
WHEREAS, the County Board designated Lake County a Recovery Zone for purposes of the federal American Recovery and Reinvestment Act of 2009; and
WHEREAS, the County received a Recovery Zone Bond allocation of $39,721,000; and
WHEREAS, the County Board approved that ½ of this allocation would be made available for villages, towns and cities within Lake County, in the amount of $19,860,500; and
WHEREAS, the County Board on June 8, 2008 endorsed the “Plan for Using the Collar County Transportation Empowerment Funds”, which Plan includes proposed bond funding for the state improvement of the widening of IL Rte 21 from IL Rte 137 to south of IL Rte 120; and
WHEREAS, the County now wishes to designate the remaining $19,860,500 to fund a portion of the County’s $31 million participation in the state improveme...
Click here for full text