Title
Joint resolution authorizing an emergency appropriation not to exceed $1,526,753.19 in the ¼% Sales Tax for Transportation and Public Safety Fund and the 2010A Taxable GO Bond Debt Service Fund with an inter-fund transfer between the two funds.
Staff Summary
· 2010A General Obligation Bonds: Emergency Appropriations and Inter-fund Transfer
· Lake County Board, at its meeting of August 10, 2010, approved the issuance of General Obligation Bonds (Sales Tax Alternate Revenue Source) with interest rebates 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 IL Rte. 120 to IL Rte. 137.
· It is now necessary to budget funds in the ¼% Sales Tax for Transportation and Public Safety Fund 269 and the newly created 2010A Taxable GO Bond Debt Service Fund to provide for payment of the interest on the bonds.
· The ¼% Sales Tax for Transportation and Public Safety Fund is the revenue source for the bond principal and interest payments.
· This resolution appropriates an amount not to exceed $1,526,753.19 in the ¼% Sales Tax for Transportation and Public Safety Fund, increasing line item 269-4300030-79920
· This resolution also appropriates an amount not to exceed $1,526,753.19 in the 2010A Taxable GO Bond Debt Service Fund, increasing line item 303-1102020-90020 with a corresponding revenue budget in line item 303-1102020-49920.
· This resolution appropriates $641,196.80 in the Federal Bond Interest Subsidy account 303-1102020-45345 for county fiscal year 2011, to be used to offset debt service expense.
· This resolution also authorizes an inter-fund transfer from the ¼% Sales Tax for Transportation and Public Safety Fund to the 2010A Taxable GO Bond Debt Service Fund by an amount not to exceed $1,526,753.19.
Body
R E S O L U T I O N
WHEREAS, the Lake County Board, at its meeting of Augu...
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