Lake County Illinois - File #: 09-1865

• File #: 09-1865
• Version: 1
• Name: First Amendment between Lake County and U.S. Bank National Association
• Type: resolution
• Status: Passed
• File created: 8/14/2009
• In control: Health and Community Services Committee
• Final action: 9/8/2009
• Title: Joint resolution authorizing the execution and delivery of a First Amendment to an indenture between The County of Lake, U.S. Bank National Association, a national banking association, as successor to Firststar Bank Milwaukee, N.A. (the “Trustee”) and U.S. National Bank Association, a national banking association, as successor to Firststar bank, N.A. (the “Bondholder”).

Date	Ver.	Action By	Action	Result
9/8/2009	1	Lake County Board	adopted	Pass
9/2/2009	1	Financial & Administrative Committee	recommended for adoption to the consent agenda	Pass
9/1/2009	1	Health and Community Services Committee	approved and referred on to the Financial and Administrative Committee	Pass

Title
Joint resolution authorizing the execution and delivery of a First Amendment to an indenture between The County of Lake, U.S. Bank National Association, a national banking association, as successor to Firststar Bank Milwaukee, N.A. (the “Trustee”) and U.S. National Bank Association, a national banking association, as successor to Firststar bank, N.A. (the “Bondholder”).
Staff Summary
· In 1999 the Lake County Board authorized the issuance of $3,000,000 Industrial Development Revenue Bond for Montessori School of Lake Forest, the proceeds of which were used to construct and renovate a Montessori school and day care center located at 13700 W. Laurel Drive, Lake Forest, IL. 60045.
· The Bonds were purchased by U.S. Bank National Association, a national banking association, as successor to Firststar Bank, N.A. (the “Bondholder”) pursuant to the terms of that certain Financial Covenants Agreement between the Bondholder and the Borrower dated as of June 1, 1999 (the “financial Covenants Agreement”). The initial interest rate on the Bonds was fixed at 5.75% until September 14, 2009.
· The Bondholder and Borrower have agreed to amend certain provisions of the Bond, the Loan Agreement, the Bond Issuance Agreement, the Financial Covenants Agreement and other Bond Documents (as defined in the Financial Covenants Agreement) to provide that a new interest rate will be established on September 15, 2009 and will continue for a three (3) year interest rate period until September 15, 2012.
Body
WHEREAS, The County of Lake, Illinois (the "Issuer") adopted a resolution on June 8, 1999 (the "Initial Resolution") authorizing the issuance and sale of its $3,000,000 original principal amount Revenue Bond Series 1999 (Montessori School of Lake Forest Project) (the "Bond"); and

WHEREAS, the proceeds of the Bond were loaned to Montessori School of Lake Forest, an Illinois not for profit corporation (the "Borrower"), to (i) finance, refinance or obtain reimbursement for all or ...