Title
Joint resolution authorizing an emergency appropriation of $31,410,000 in the 2010A Road Construction Bond fund for road improvements to public roads within the County, including cooperation with the State of Illinois to provide for the improvement of Illinois Rte. 21 from Illinois Rte. 120 to Illinois Rte. 137 and designated as 10-00999-15-GB.
Staff Summary
· Lake County 2010A Road Construction Bond Fund: Construction Appropriation
· Lake County Board, at its meeting of August 10, 2010, approved the issuance of General Obligation Bonds (Sales Tax Alternate Revenue Source) with an interest rebate from the federal government.
· The County has issued the bonds to pay for road improvements to public roads within the County, including cooperation with the State of Illinois to provide for the improvement of Illinois Rte. 21 from Illinois Rte. 120 to Illinois Rte. 137.
· It is now necessary to budget funds in a newly created Road Construction Bond Fund and also to budget for the revenues generated by the receipt of the bond proceeds.
Body
R E S O L U T I O N
WHEREAS, the Lake County Board, at its meeting of August 10, 2010, approved the issuance of General Obligation Bonds (Sales Tax Alternate Revenue Source) with an interest rebate from the federal government; and
WHEREAS, Lake County has issued the $31,410,000 Taxable General Obligation Bonds (Sales Tax Alternate Revenue Source), 2010A Series to pay for road improvements to public roads within the County, including cooperation with the State of Illinois to provide for the improvement of Illinois Rte. 21 from Illinois Rte. 120 to Illinois Rte. 137; and
WHEREAS, it is now necessary to budget funds for the expenditures associated with the construction of county highway road improvement projects, including the improvement of Illinois Rte. 21, from Illinois Rte. 120 to Illinois Rte. 137; and
WHEREAS, it is also necessary to recognize the revenue from the bond proceeds to pay for these projects.
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