Title
Ordinance authorizing the issuance of General Obligation County Courts Construction Bonds (Sales Tax Alternate Revenue Source) of The County of Lake, Illinois, in the aggregate principal amount of not to exceed $90,000,000, for the purpose of defraying the costs of court system building and related improvements.
...Staff Summary
· Lake County wishes to undertake certain projects including but not limited to the acquisition, construction and equipping of a new criminal courts building, the repair, rehabilitation, remodeling and equipping of the existing criminal courts buildings and facilities, and the construction and equipping of an addition to the existing juvenile justice center
· Lake County has determined it is in its best interest to issue bonds in an amount not to exceed $90 million for these projects.
· The County has sufficient funds from existing sources to begin this project.
· By passing this resolution the County has the authority to begin the construction with existing funds and later to issue bonds that will provide the additional revenue required to reimburse existing funds used and complete the projects.
· At the time of the proposed bond sale further action will be brought to the County Board for final approval.
Body
• Preambles •
Whereas
A. The County of Lake, State of Illinois (the “County”), is a duly organized and existing county created under the provisions of the laws of the State of Illinois, and is now operating under the township form of county government and the provisions of the Counties Code, as supplemented and amended (the “Counties Code”).
B. The County Board of the County (the “County Board”) has heretofore determined and does hereby determine that it is advisable, necessary and in the best interests of the County and its residents, in order to promote the public health, safety, welfare and convenience, to provide court facilities improvements in and for the County, including but not limited to the acquisition, constru...
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