Title
Tax Abatement Ordinance for Special Service Area Number (SSA #) 16 tax levy.
Staff Summary
* SSAs are created to allow improvements to be made and debt to be issued to pay for these improvements. The debt service is then paid for by a special tax levy.
* Each year, a separate tax is levied on the properties within the designated area to pay the debt service issued to pay for the improvements.
* This SSA provides funds for the repayment of bonds issued for construction of water supply improvements and extensions to provide access to Lake Michigan Water through the existing system of the Central Lake County Joint Action Water Agency (CLCJAWA).
* In FY 2023, the Lake County Board approved the early redemption of the $7,000,000 Special Service Area Number #16 bonds, fifteen years ahead of schedule, resulting in approximately $3,565,500 in interest savings to property taxpayers within this Special Service Area. The three members of the Northern Lake County Special Service Area Planning Group (Lake County, Lake Villa and Lindenhurst) recommend to the Lake County Board to reduce the tax levy for this SSA to the amount of the remaining, annual debt service (IEPA loans).
Body
Ordinance reducing the tax heretofore levied for the tax year 2023 and collected in Fiscal Year (FY) 2024 to pay debt service for Special Service Area number 16 Series 2016 bonds of the County of Lake, Illinois.
WHEREAS, the County Board of Lake County, Illinois, by ordinance adopted and filed with the Lake County Clerk on the 12th day of July, 2016, did provide for the levy of a direct and annual tax sufficient to pay principal and interest on Special Service Area Number 16 Series 2016 bonds and IEPA loans; and
WHEREAS, the early redemption and resulting savings for the SSA #16 bonds can be applied to the payment of debt service for the remaining Illinois Environmental Protection Agency (IEPA) loans and thereby reduce the tax to be levied to pay the debt service; and
WHEREAS, it is...
Click here for full text