Title
Resolution authorizing the adoption and execution of an Intergovernmental Agreement (IGA) Regarding Loans for LakeComm Transition and Startup Expenses.
Staff Summary
* On June 10, 2024, the County approved the IGA with a consortium of public agencies to establish a consolidated public safety answering point (PSAP) and emergency dispatch agency in the form of Lake Consolidated Emergency Communications (LakeComm).
* The Village of Vernon Hills, the Village of Gurnee, and the County agree that the establishment of a loan agreement to supply funds for LakeComm's transition and startup expenses would eliminate the requirement for a separate initial "buy-in" for each individual LakeComm Member Agency.
* A total of up to $2,000,000 is preapproved from each local government Lender (Vernon Hills, Gurnee, Lake County) with a combined maximum amount to be borrowed of no more than $6,000,000 in $1,000,000 increments.
* There is no interest associated with the borrowed money and payments will be deferred until April 30, 2027, and paid in full by April 30, 2034.
* The sequence of loans in $1,000,000 increments is: (1) Vernon Hills, (2) Gurnee, (3) Vernon Hills, (4) Gurnee, (5) Lake County, (6) Lake County.
* Gurnee approved the IGA on August 5, 2024. Vernon Hills is planning to take action on the IGA on August 13, 2024.
Body
RESOLUTION
WHEREAS, the Parties have the authority to enter into this Intergovernmental Agreement (IGA) under the Intergovernmental Cooperation Act, 5 ILCS 220/1 et seq., and Article VII, Section 10 of the 1970 Constitution of the State of Illinois, and other applicable law; and
WHEREAS, the County of Lake is a unit of local government established and operating under the authority of the Illinois Counties Code, 55 ILCS 5/1-1001 et seq.; and
WHEREAS, the Villages of Gurnee and Vernon Hills are units of local government and Illinois municipal corporations established and operating under the authority of the Illinois Municipal Code, 65 ILCS 5...
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