Title
Resolution authorizing the Chair of the Board to execute an Intergovernmental Cooperation Agreement with the Lake Bluff Park District for the purchase and sale of Tax Anticipation Warrants against taxes as levied by the District for the year 2009.
Staff Summary
· Lake Bluff Park District has a need for funds for ordinary and necessary expenditures to pay liabilities and expenses of its operations until the receipt of property taxes.
· Lake County may provide such funds through the purchase of tax anticipation warrants to be issued by the District.
· The County will be paid back in full from future tax collections.
· An Intergovernmental Cooperation Agreement is required for this transaction.
Body
Resolution authorizing and directing the execution of an Intergovernmental Cooperation Agreement by and between the Lake Bluff Park District, Lake County, Illinois, and The County of Lake, Illinois, pertaining to the purchase and sale of Tax Anticipation Warrants against Taxes as Levied by the District for the year 2009.
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Whereas, Lake Bluff Park District, Lake County, Illinois (the “District”), has a need for funds for ordinary and necessary expenditures to pay liabilities and expenses of its operations; and
Whereas, The County of Lake, Illinois (the “County”), has offered to provide such funds through the purchase of tax anticipation warrants (the “Warrants”) to be issued by the District; and
Whereas, there has been presented to and there is before the Board of Park Commissioners (the “Board”) the form of an Intergovernmental Cooperation Agreement (the “Cooperation Agreement”) to be entered into by and between the District and the County in connection with the Warrants purchase and sale and payment; and
Whereas, it is necessary that the Board authorize the form of Cooperation Agreement and direct the execution of such Cooperation Agreement by officers of the District and, further, the issuance of the Warrants;
Now Therefore Be It and It Is Hereby Resolve...
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